UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street,

Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2018

Item 1. Reports to Stockholders

SAVING : INVESTING : PLANNING

VALIC Company I

Annual Report, May 31, 2018

VALIC Company I

ANNUAL REPORT MAY 31, 2018

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	23
Broad Cap Value Income Fund	27
Capital Conservation Fund	30
Core Equity Fund	44
Dividend Value Fund	47
Dynamic Allocation Fund	51
Emerging Economies Fund	54
Foreign Value Fund	58
Global Real Estate Fund	62
Global Social Awareness Fund	65
Global Strategy Fund	76
Government Money Market I Fund	84
Government Securities Fund	86
Growth Fund	92
Growth & Income Fund	99
Health Sciences Fund	104
Inflation Protected Fund	109
International Equities Index Fund	116
International Government Bond Fund	128
International Growth Fund	137
Large Cap Core Fund	140
Large Capital Growth Fund	143
Mid Cap Index Fund	146
Mid Cap Strategic Growth Fund	155
Nasdaq-100® Index Fund	160
Science & Technology Fund	164
Small Cap Aggressive Growth Fund	170
Small Cap Fund	174
Small Cap Index Fund	187
Small Cap Special Values Fund	212
Small-Mid Growth Fund	216
Stock Index Fund	219
Value Fund	229
Statements of Assets and Liabilities	232
Statements of Operations	237
Statements of Changes in Net Assets	242
Notes to Financial Statements	251
Financial Highlights	277
Report of Independent Registered Public Accounting Firm	294
Approval of Advisory Agreements	295
Director and Officer Information	297
Shareholder Tax Information	299
Comparisons: Funds vs. Indexes	300
Supplements to the Prospectus	339

VALIC Company I

PRESIDENT’S LETTER (unaudited)

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ended May 31, 2018. We encourage you to carefully read this report and thank you for your investment.

Domestically, the total return for the S&P 500^® Index,* widely regarded as the best single gauge of the U.S. equity market, rose 14.38%. U.S. equity indexes marked historic highs in 2017, was notable for the fact that the S&P 500 posted positive returns in every month. In addition, the year ended with global equity markets delivering exceptionally strong returns and signs that synchronized global growth would continue into 2018. The passage of a tax cut and continued strength in both jobs numbers and U.S. economic readings provided optimism entering into 2018. However, after a tranquil 2017 in the equity markets, marked by low volatility and strong returns, 2018 came in with a vengeance. Strong equity performance in January was followed by negative returns in February and March, leaving the S&P 500 slightly negative at -0.76% for the quarter, its first quarterly loss since 2015. February was marked by a global equity sell-off triggered by concerns that U.S. interest rates and inflation might rise faster than previously anticipated. The S&P 500 has since picked up a bit of steam with a year to date return of 2.02% through May 31, 2018. The economic, political, and corporate news has been dizzying. The period has been marked by the introduction of a new Federal Reserve Chairman, uncertainty over the fate of NAFTA, and trade skirmishes with several of the United States’ trading partners. At this point, the U.S. economy seems relatively well positioned with robust consumer confidence and spending, stimulus from tax cuts, and increased federal spending.

Under new Chairman Powell, the Federal Reserve has maintained its policy of slow, steady tightening of monetary policy. At its March meeting, the Fed raised interest rates a quarter of a point to a range of 1.50% to 1.75%. The Federal Reserve’s policymaking committee met again at the beginning of May and kept the federal funds rate unchanged, as expected. In the minutes from the meeting, Fed officials signaled a high likelihood of another hike at the June meeting. Ten-year break-even spreads, a measure of investors’ inflation expectations, decreased somewhat in May after reaching a three-year high in April.

Fixed income markets were mixed over the reporting period. The Bloomberg Barclays U.S. Aggregate Bond Index**, a broad measure of the bond market, declined 0.37%. Long Treasuries, as measured by the Bloomberg Barclays Long U.S. Treasury Index,*** slightly rose 0.09%; however, this was an improvement from the lows experienced during the period. TIPS, as represented by the Bloomberg Barclays U.S. TIPS Index,† were up 0.74%. Risk assets, such as high yield assets, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index,†† gained little ground, rising 2.35%. Despite a recent spike to multiyear highs, the yield on the 10-Year Treasury note dropped at the period’s closing as political turmoil escalated, and the Federal Reserve’s meeting minutes revealed a preference for a gradual approach toward raising rates. The drop in yields at the end of the reporting period seems largely due to a risk-averse environment following international concerns including Italy’s troubles in forming a new government. Longer-maturity Treasuries benefited the most from the dip in yields, recouping some of their year to date losses. The diverging forces of the shrinking 10-Year yield along with the escalating 2-Year Treasury yield have narrowed the yield curve to a point of concern for many investors. In the past, an inverted yield curve (short-term rates higher than long-term rates) has been a precursor for several recessions. Close attention will be paid to these developments in the months ahead.

The MSCI EAFE Index (net),††† designed to measure the equity market performance of developed foreign markets (Europe, Australasia, Far East), excluding the U.S. and Canada, rose 7.97%. 2017 was a strong year for global equities, sustained by synchronized economic growth in many regions. Through 2018, however, there has been a divergence in growth across the globe. Europe and the Emerging Markets are facing rising political uncertainties and deteriorating economic forecasts. The Emerging Market slowdown could be further exacerbated by a rising dollar. Additionally, current trade tensions brought on by news that the U.S. was imposing tariffs on steel and aluminum imports from Mexico, Canada, and the European Union have caused anxiety, and the prospect of a trade war between the world’s two largest economies, the U.S. and China, remains a particular concern.

As always, we encourage you to maintain a well-diversified, long-term investment portfolio to help smooth the inevitable ups-and-downs of market performance. Your financial advisor can assist by reviewing your financial situation and developing a plan that utilizes diversification, asset allocation, tax planning and other investment strategies to better help you reach your long-term investment goals.

Sincerely,

John T. Genoy, President

VALIC Company I

Past performance is no guarantee of future results.

* 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 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 Bloomberg Barclays Long U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting.

† The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers.

†† The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded.

††† The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Indices are not managed and an investor cannot invest directly into an index. Past performance of an index does not guarantee the future performance of any investment.

1

VALIC Company I

EXPENSE EXAMPLE — May 31, 2018 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2017 and held until May 31, 2018. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2018” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2018” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2018” column would have been higher and the “Ending Account Value” column would have been lower.

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

2

VALIC Company I

EXPENSE EXAMPLE — May 31, 2018 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2017		Ending Account Value Using Actual Return at May 31, 2018		Expenses Paid During the Six Months Ended May 31, 2018		Beginning Account Value at December 1, 2017		Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2018		Expenses Paid During the Six Months Ended May 31, 2018		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	1,004.17	$	3.70	$	1,000.00	$	1,021.24	$	3.73		0.74	%
Blue Chip Growth	$	1,000.00	$	1,111.97	$	4.32	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Broad Cap Value Income#	$	1,000.00	$	994.64	$	4.23	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Capital Conservation	$	1,000.00	$	984.64	$	3.12	$	1,000.00	$	1,021.79	$	3.18		0.63	%
Core Equity#	$	1,000.00	$	1,020.21	$	3.83	$	1,000.00	$	1,021.14	$	3.83		0.76	%
Dividend Value	$	1,000.00	$	974.21	$	3.99	$	1,000.00	$	1,020.89	$	4.08		0.81	%
Dynamic Allocation#	$	1,000.00	$	1,000.72	$	1.55	$	1,000.00	$	1,023.39	$	1.56		0.31	%
Emerging Economies	$	1,000.00	$	976.41	$	4.53	$	1,000.00	$	1,020.34	$	4.63		0.92	%
Foreign Value	$	1,000.00	$	1,001.46	$	3.99	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Global Real Estate	$	1,000.00	$	1,005.25	$	4.20	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Global Social Awareness	$	1,000.00	$	1,023.82	$	3.13	$	1,000.00	$	1,021.84	$	3.13		0.62	%
Global Strategy	$	1,000.00	$	993.38	$	3.23	$	1,000.00	$	1,021.69	$	3.28		0.65	%
Government Money Market I	$	1,000.00	$	1,004.73	$	2.55	$	1,000.00	$	1,022.39	$	2.57		0.51	%
Government Securities	$	1,000.00	$	988.65	$	3.37	$	1,000.00	$	1,021.54	$	3.43		0.68	%
Growth#	$	1,000.00	$	1,074.83	$	3.83	$	1,000.00	$	1,021.24	$	3.73		0.74	%
Growth & Income#	$	1,000.00	$	1,017.94	$	4.28	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Health Sciences#	$	1,000.00	$	1,055.47	$	5.33	$	1,000.00	$	1,019.75	$	5.24		1.04	%
Inflation Protected	$	1,000.00	$	999.40	$	2.84	$	1,000.00	$	1,022.09	$	2.87		0.57	%
International Equities Index	$	1,000.00	$	999.40	$	2.09	$	1,000.00	$	1,022.84	$	2.12		0.42	%
International Government Bond	$	1,000.00	$	981.42	$	3.16	$	1,000.00	$	1,021.74	$	3.23		0.64	%
International Growth#	$	1,000.00	$	1,088.59	$	4.89	$	1,000.00	$	1,020.24	$	4.73		0.94	%
Large Cap Core	$	1,000.00	$	1,004.35	$	4.20	$	1,000.00	$	1,020.74	$	4.23		0.84	%
Large Capital Growth	$	1,000.00	$	1,057.10	$	3.80	$	1,000.00	$	1,021.24	$	3.73		0.74	%
Mid Cap Index	$	1,000.00	$	1,030.87	$	1.82	$	1,000.00	$	1,023.14	$	1.82		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	1,066.12	$	4.17	$	1,000.00	$	1,020.89	$	4.08		0.81	%
Nasdaq-100® Index#	$	1,000.00	$	1,097.10	$	2.77	$	1,000.00	$	1,022.29	$	2.67		0.53	%
Science & Technology	$	1,000.00	$	1,124.03	$	5.14	$	1,000.00	$	1,020.09	$	4.89		0.97	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,137.99	$	5.28	$	1,000.00	$	1,020.00	$	4.99		0.99	%
Small Cap#	$	1,000.00	$	1,062.17	$	4.78	$	1,000.00	$	1,020.29	$	4.68		0.93	%
Small Cap Index	$	1,000.00	$	1,063.33	$	2.06	$	1,000.00	$	1,022.94	$	2.02		0.40	%
Small Cap Special Values	$	1,000.00	$	1,024.71	$	4.39	$	1,000.00	$	1,020.59	$	4.38		0.87	%
Small-Mid Growth#	$	1,000.00	$	1,068.25	$	4.80	$	1,000.00	$	1,020.29	$	4.68		0.93	%
Stock Index	$	1,000.00	$	1,029.76	$	1.67	$	1,000.00	$	1,023.29	$	1.66		0.33	%
Value#	$	1,000.00	$	1,002.25	$	4.24	$	1,000.00	$	1,020.69	$	4.28		0.85	%

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

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2018” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2018” and the “Annualized Expense Ratio” would have been lower.

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	8.3	%
Diversified Banking Institutions	7.8
Diversified Financial Services	7.3
Exchange-Trade Funds	7.1
Registered Investment Companies	6.1
Banks — Super Regional	2.3
Diversified Minerals	1.9
Applications Software	1.8
Metal — Diversified	1.7
Telephone — Integrated	1.5
Computer Services	1.5
Finance — Credit Card	1.4
Sovereign	1.4
Auto — Cars/Light Trucks	1.4
U.S. Government Treasuries	1.3
Real Estate Investment Trusts	1.3
Enterprise Software/Service	1.3
Diversified Manufacturing Operations	1.3
Computers	1.2
Electronic Components — Misc.	1.1
Insurance — Property/Casualty	1.1
Electronic Components — Semiconductors	1.1
Soap & Cleaning Preparation	1.0
Food — Misc./Diversified	0.8
Medical — Drugs	0.8
Medical Instruments	0.8
Networking Products	0.7
Auto/Truck Parts & Equipment — Original	0.7
Aerospace/Defense	0.7
Web Portals/ISP	0.7
Oil Companies — Exploration & Production	0.7
Oil Companies — Integrated	0.7
Insurance — Multi-line	0.6
Insurance — Life/Health	0.6
Computer Data Security	0.6
Machinery — Electrical	0.6
Medical — Biomedical/Gene	0.6
Machinery — General Industrial	0.6
Banks — Fiduciary	0.6
Chemicals — Specialty	0.6
Real Estate Operations & Development	0.5
Telecom Services	0.5
Retail — Apparel/Shoe	0.5
Medical — HMO	0.5
Distribution/Wholesale	0.5
Retail — Automobile	0.5
Internet Application Software	0.5
Cosmetics & Toiletries	0.5
Industrial Automated/Robotic	0.5
Oil — Field Services	0.5
Software Tools	0.4
Semiconductor Components — Integrated Circuits	0.4
Tobacco	0.4
Electronic Measurement Instruments	0.4
Investment Companies	0.4
Web Hosting/Design	0.4
Investment Management/Advisor Services	0.4
Internet Content — Entertainment	0.4
Food — Retail	0.4
Chemicals — Diversified	0.4
Retail — Discount	0.4
Savings & Loans/Thrifts	0.4
Internet Security	0.3
Computers — Integrated Systems	0.3
Aerospace/Defense — Equipment	0.3
Machinery — Construction & Mining	0.3
Import/Export	0.3
Pharmacy Services	0.3
Human Resources	0.3

Semiconductor Equipment	0.3
Internet Content — Information/News	0.3
Medical Products	0.3
Transport — Truck	0.3
E-Commerce/Products	0.3
Entertainment Software	0.3
E-Commerce/Services	0.3
Airlines	0.3
Private Equity	0.3
Apparel Manufacturers	0.3
Commercial Services — Finance	0.3
Transport — Rail	0.3
Transactional Software	0.2
Television	0.2
Retail — Home Furnishings	0.2
Building & Construction Products — Misc.	0.2
Building Products — Air & Heating	0.2
Consulting Services	0.2
Finance — Consumer Loans	0.2
Agricultural Chemicals	0.2
Electric Products — Misc.	0.2
Audio/Video Products	0.2
Computer Software	0.2
Brewery	0.2
Retail — Drug Store	0.2
Toys	0.2
Retail — Restaurants	0.2
Building & Construction — Misc.	0.2
Metal Processors & Fabrication	0.2
Footwear & Related Apparel	0.2
Cruise Lines	0.2
Finance — Investment Banker/Broker	0.2
Commercial Services	0.2
Cellular Telecom	0.2
Multimedia	0.2
Transport — Services	0.2
Energy — Alternate Sources	0.2
Internet Infrastructure Software	0.2
Steel — Producers	0.2
Building — Residential/Commercial	0.2
Building — Heavy Construction	0.2
E-Services/Consulting	0.2
Telecommunication Equipment	0.2
Electric — Integrated	0.2
Medical Labs & Testing Services	0.2
Paper & Related Products	0.2
Diversified Operations	0.1
Engineering/R&D Services	0.1
Power Converter/Supply Equipment	0.1
Retail — Building Products	0.1
Oil Refining & Marketing	0.1
Travel Services	0.1
Finance — Mortgage Loan/Banker	0.1
Motorcycle/Motor Scooter	0.1
Chemicals — Plastics	0.1
Real Estate Management/Services	0.1
Containers — Paper/Plastic	0.1
Building Products — Wood	0.1
Coal	0.1
Finance — Leasing Companies	0.1
Building Products — Cement	0.1
Cable/Satellite TV	0.1
Food — Wholesale/Distribution	0.1
Electronic Forms	0.1
Computers — Periphery Equipment	0.1
Wire & Cable Products	0.1
Data Processing/Management	0.1
Instruments — Controls	0.1
Pastoral & Agricultural	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Metal — Aluminum	0.1	%
Rubber/Plastic Products	0.1
Schools	0.1
Telecom Equipment — Fiber Optics	0.1
Gas — Distribution	0.1
Non-Hazardous Waste Disposal	0.1
Venture Capital	0.1
Publishing — Books	0.1
Bicycle Manufacturing	0.1
Consumer Products — Misc.	0.1
Computers — Memory Devices	0.1
Satellite Telecom	0.1
Containers — Metal/Glass	0.1
Publishing — Newspapers	0.1
Finance — Other Services	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Airport Development/Maintenance	0.1
Retail — Major Department Stores	0.1
Machinery — Farming	0.1
Auto Repair Centers	0.1
Athletic Equipment	0.1
Funeral Services & Related Items	0.1
Machinery — Pumps	0.1
Miscellaneous Manufacturing	0.1
Beverages — Non-alcoholic	0.1
Hotels/Motels	0.1
Transport — Air Freight	0.1
Computer Aided Design	0.1
Beverages — Wine/Spirits	0.1
Computers — Other	0.1
Medical — Outpatient/Home Medical	0.1
Retail — Misc./Diversified	0.1
Medical — Hospitals	0.1
Food — Confectionery	0.1
Oil & Gas Drilling	0.1
Building — Maintenance & Services	0.1
Engines — Internal Combustion	0.1
Appliances	0.1
Circuit Boards	0.1
Electric — Distribution	0.1
Storage/Warehousing	0.1
Non-Ferrous Metals	0.1
Linen Supply & Related Items	0.1
Transport — Equipment & Leasing	0.1
Machinery — Material Handling	0.1
Environmental Consulting & Engineering	0.1
Firearms & Ammunition	0.1
Wireless Equipment	0.1
	103.0	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 71.5%
Advertising Agencies — 0.0%
Omnicom Group, Inc.#		1,064	$	76,693
Aerospace/Defense — 0.7%
AeroVironment, Inc.†#		271		15,680
BAE Systems PLC		11,944		101,548
Boeing Co.		1,771		623,675
Cubic Corp.		1,060		73,723
Dassault Aviation SA		35		68,144
General Dynamics Corp.		331		66,766
Kawasaki Heavy Industries, Ltd.		3,200		96,775
Lockheed Martin Corp.		166		52,214
Saab AB, Series B		1,027		42,435
				1,140,960
Aerospace/Defense - Equipment — 0.3%
AAR Corp.		2,183		97,558
Aerojet Rocketdyne Holdings, Inc.†		812		23,499
Kaman Corp.		1,815		128,448
L3 Technologies, Inc.		682		135,261
Moog, Inc., Class A		1,218		99,304
Triumph Group, Inc.#		3,116		66,059
				550,129
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		9,102		374,456
Monsanto Co.		20		2,549
				377,005
Agricultural Operations — 0.0%
Andersons, Inc.		1,966		63,502
Airlines — 0.3%
Air France-KLM†		4,343		34,672
Allegiant Travel Co.#		353		53,426
American Airlines Group, Inc.#		84		3,657
Copa Holdings SA, Class A		237		26,260
Delta Air Lines, Inc.		1,356		73,292
Hawaiian Holdings, Inc.		3,013		111,481
JetBlue Airways Corp.†		122		2,305
SkyWest, Inc.		2,990		170,430
				475,523
Airport Development/Maintenance — 0.1%
Flughafen Zurich AG		289		60,767
Fraport AG Frankfurt Airport Services Worldwide		571		53,450
				114,217
Apparel Manufacturers — 0.3%
Christian Dior SE		137		58,250
Matsuoka Corp.		3,700		144,698
Michael Kors Holdings, Ltd.†		231		13,257
Moncler SpA		2,678		123,557
Oxford Industries, Inc.		1,137		93,825
Ralph Lauren Corp.		95		12,785
				446,372
Appliances — 0.1%
iRobot Corp.†#		339		21,157
SEB SA		376		67,838
				88,995
Applications Software — 1.8%
CDK Global, Inc.		3,427		220,527
Ebix, Inc.#		237		17,680
Intuit, Inc.		2,558		515,693
Microsoft Corp.		2,839		280,607
Nihon Unisys, Ltd.		6,400		159,968

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Progress Software Corp.		503	$	19,054
PTC, Inc.†		738		63,645
Red Hat, Inc.†		434		70,490
salesforce.com, Inc.†		6,541		845,948
ServiceNow, Inc.†		4,191		744,364
Tableau Software, Inc., Class A†		1,205		119,138
				3,057,114
Athletic Equipment — 0.1%
Amer Sports Oyj		1,822		58,812
Vista Outdoor, Inc.†		2,889		48,940
				107,752
Audio/Video Products — 0.2%
Sony Corp.		6,900		325,340
Universal Electronics, Inc.†#		993		29,443
				354,783
Auto Repair Centers — 0.1%
Monro, Inc.#		1,923		107,880
Auto - Cars/Light Trucks — 0.6%
Fiat Chrysler Automobiles NV†		3,058		69,295
Suzuki Motor Corp.		6,300		361,131
Toyota Motor Corp.		7,600		481,045
				911,471
Auto - Heavy Duty Trucks — 0.0%
PACCAR, Inc.		366		22,776
Auto - Truck Trailers — 0.0%
Wabash National Corp.		2,429		48,604
Auto/Truck Parts & Equipment - Original — 0.7%
Allison Transmission Holdings, Inc.		5,255		217,084
American Axle & Manufacturing Holdings, Inc.†		5,701		90,190
Aptiv PLC		57		5,557
BorgWarner, Inc.		523		25,512
Cooper-Standard Holding, Inc.†		896		111,283
Gentherm, Inc.†		2,054		72,712
Hella KGaA Hueck & Co.		676		42,550
Koito Manufacturing Co., Ltd.		4,600		337,057
Lear Corp.		520		102,960
Plastic Omnium SA		984		45,750
Schaeffler AG (Preference Shares)		2,551		38,214
Superior Industries International, Inc.		2,027		35,472
Titan International, Inc.		2,618		30,395
Visteon Corp.†		129		16,120
				1,170,856
Auto/Truck Parts & Equipment - Replacement — 0.1%
Dorman Products, Inc.†		988		63,746
Standard Motor Products, Inc.		1,116		50,499
				114,245
B2B/E-Commerce — 0.0%
ePlus, Inc.†		184		16,735
Banks - Commercial — 7.0%
ABN AMRO Group NV CVA#*		5,254		136,642
Agricultural Bank of China, Ltd.		91,000		46,753
AIB Group PLC		34,353		187,736
Akbank Turk AS		58,338		103,405
Ameris Bancorp		1,243		69,235
Associated Banc-Corp.		1,376		37,978
Banco Bilbao Vizcaya Argentaria SA		47,989		327,611
Banco Bradesco SA ADR		6,557		51,472
Banco Comercial Portugues SA†#		138,452		40,557

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Banco de Sabadell SA		42,562	$	71,410
BancorpSouth Bank		378		12,663
Bank Central Asia Tbk PT		569,700		928,674
Bank Danamon Indonesia Tbk PT		209,800		87,782
Bank Mandiri Persero Tbk PT		1,075,800		543,941
Bank Negara Indonesia Persero Tbk PT		330,700		201,084
Bank of Hawaii Corp.#		353		29,980
Bank of Ireland Group PLC		14,630		121,099
Bank of Montreal		4,425		342,779
Bank of the Ozarks		563		26,765
Bank Rakyat Indonesia Persero Tbk PT		2,794,500		617,672
Banner Corp.		1,278		76,616
Barclays Africa Group, Ltd.		616		7,816
BB&T Corp.		8,755		459,638
BPER Banca		6,668		32,333
CaixaBank SA		19,055		81,005
Cathay General Bancorp, Class B		293		12,362
Central Pacific Financial Corp.		968		28,498
Chemical Financial Corp.		380		21,326
Chiba Bank, Ltd.		26,000		199,449
Citizens Financial Group, Inc.		8,557		349,553
City Holding Co.		32		2,377
Columbia Banking System, Inc.		2,393		101,750
Commerzbank AG†		3,431		35,096
Community Bank System, Inc.#		2,576		154,251
Cullen/Frost Bankers, Inc.		452		51,632
Customers Bancorp, Inc.†		1,872		56,740
CVB Financial Corp.		3,334		77,315
Danske Bank A/S		4,156		138,107
DNB ASA		6,665		119,112
East West Bancorp, Inc.		1,174		81,570
Erste Group Bank AG		1,836		76,017
Fidelity Southern Corp.		3,223		78,706
FinecoBank Banca Fineco SpA		6,035		60,257
First BanCorp./Puerto Rico†		12,647		98,014
First Commonwealth Financial Corp.		2,334		36,620
First Financial Bancorp		3,866		121,586
First Financial Bankshares, Inc.#		1,767		92,944
First Midwest Bancorp, Inc.		5,693		149,555
Fulton Financial Corp.		599		10,453
Glacier Bancorp, Inc.#		2,095		81,684
Great Western Bancorp, Inc.		3,361		146,506
Grupo Financiero Banorte SAB de CV, Class O		16,200		85,822
Hancock Holding Co.†		225		11,306
Hanmi Financial Corp.		1,020		30,549
Home BancShares, Inc.		976		22,468
HomeStreet, Inc.†		1,948		52,206
Hope Bancorp, Inc.		7,630		137,264
Independent Bank Corp.		876		68,635
ING Groep NV		33,169		482,020
International Bancshares Corp.		328		14,170
Intesa Sanpaolo SpA		119,557		354,730
Intesa Sanpaolo SpA RSP		24,270		73,074
Itau Unibanco Holding SA ADR		9,000		103,950
Jyske Bank A/S		1,093		59,616
KBC Group NV		2,643		204,565
Komercni Banka AS		1,156		46,817
LegacyTexas Financial Group, Inc.		594		24,942
M&T Bank Corp.		2,390		411,271
MB Financial, Inc.		490		24,201
NBT Bancorp, Inc.		2,903		110,604
Nordea Bank AB		16,566		159,409
OFG Bancorp		4,337		61,152
Old National Bancorp		9,070		162,807
Opus Bank		99		2,930

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
PacWest Bancorp		658	$	34,914
Raiffeisen Bank International AG†		780		24,426
Regions Financial Corp.		20,431		372,661
S&T Bancorp, Inc.		1,937		87,494
ServisFirst Bancshares, Inc.		748		31,424
Simmons First National Corp., Class A		4,177		133,664
Skandinaviska Enskilda Banken AB, Class A		17,247		155,481
Southside Bancshares, Inc.		2,772		94,664
SVB Financial Group†		438		136,713
Svenska Handelsbanken AB, Class A		12,197		133,695
Swedbank AB, Class A		4,130		85,897
Sydbank A/S		1,081		36,716
Synovus Financial Corp.		986		53,352
TCF Financial Corp.		8		211
Texas Capital Bancshares, Inc.†		352		33,915
Tompkins Financial Corp.#		79		6,657
TrustCo Bank Corp.		9,963		86,678
Trustmark Corp.		139		4,472
UMB Financial Corp.		222		17,105
Umpqua Holdings Corp.		964		22,693
Unione di Banche Italiane SpA		14,257		53,737
United Bankshares, Inc.#		631		23,000
United Community Banks, Inc.		2,275		73,847
Valley National Bancorp		1,915		24,340
Webster Financial Corp.		11		705
Westamerica Bancorporation		1,823		104,330
Wintrust Financial Corp.		186		17,132
				11,578,557
Banks - Fiduciary — 0.6%
Bank of New York Mellon Corp.		8,335		456,341
Boston Private Financial Holdings, Inc.		6,631		112,727
Northern Trust Corp.		715		73,302
State Street Corp.		2,906		279,296
				921,666
Banks - Mortgage — 0.0%
Aareal Bank AG		919		39,429
Walker & Dunlop, Inc.		522		29,295
				68,724
Banks - Super Regional — 2.3%
Capital One Financial Corp.		5		470
Comerica, Inc.		1,843		173,777
Fifth Third Bancorp		10,057		307,543
Huntington Bancshares, Inc.		8,866		131,837
KeyCorp		8,861		172,258
National Bank Holdings Corp., Class A		875		34,073
PNC Financial Services Group, Inc.		3,064		439,408
SunTrust Banks, Inc.		6,077		410,258
US Bancorp		16,417		820,686
Wells Fargo & Co.		25,079		1,354,015
				3,844,325
Beverages - Non-alcoholic — 0.1%
Coca-Cola Co.		688		29,584
Monster Beverage Corp.†		987		50,495
PepsiCo, Inc.		261		26,165
				106,244
Beverages - Wine/Spirits — 0.1%
Davide Campari-Milano SpA		6,943		51,822
Remy Cointreau SA		344		51,203
				103,025

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Bicycle Manufacturing — 0.1%
Fox Factory Holding Corp.†		478	$	19,001
Shimano, Inc.		800		112,876
				131,877
Brewery — 0.2%
Asahi Group Holdings, Ltd.		6,500		339,352
Building & Construction Products - Misc. — 0.2%
American Woodmark Corp.†		167		17,218
Gibraltar Industries, Inc.†		1,864		73,908
Imerys SA		501		42,992
Nichias Corp.		9,000		112,113
Patrick Industries, Inc.†		297		17,998
Quanex Building Products Corp.		893		15,002
Simpson Manufacturing Co., Inc.		404		25,577
Trex Co., Inc.†		307		36,174
Wienerberger AG		1,807		48,162
				389,144
Building & Construction - Misc. — 0.2%
Aegion Corp.†		2,789		71,677
Comfort Systems USA, Inc.		444		20,801
HOCHTIEF AG		279		51,306
Obayashi Corp.		4,100		41,256
Penta-Ocean Construction Co., Ltd.		13,900		90,195
TopBuild Corp.†		352		29,551
				304,786
Building Products - Air & Heating — 0.2%
Daikin Industries, Ltd.		2,900		333,761
Johnson Controls International PLC		35		1,175
Nibe Industrier AB, Class B		5,201		52,918
				387,854
Building Products - Cement — 0.1%
Indocement Tunggal Prakarsa Tbk PT		66,300		84,280
PT Semen Indonesia Persero Tbk		142,400		85,917
US Concrete, Inc.†#		274		16,700
				186,897
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.		407		17,766
Building Products - Wood — 0.1%
Boise Cascade Co.		2,573		122,732
Masco Corp.		186		6,932
Universal Forest Products, Inc.		1,925		70,802
				200,466
Building - Heavy Construction — 0.2%
Boskalis Westminster NV#		1,289		35,574
Jasa Marga Persero Tbk PT		242,200		77,390
PP Persero Tbk PT		514,300		95,071
Waskita Karya Persero Tbk PT		336,700		55,964
				263,999
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		3,169		90,190
Building - Mobile Home/Manufactured Housing — 0.0%
Cavco Industries, Inc.†		127		26,365
Winnebago Industries, Inc.		391		14,174
				40,539
Building - Residential/Commercial — 0.2%
Barratt Developments PLC		7,722		56,018
Installed Building Products, Inc.†		283		17,164
M/I Homes, Inc.†		1,550		43,059

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial (continued)
MDC Holdings, Inc.		1,963	$	61,992
Meritage Homes Corp.†		1,565		70,816
Toll Brothers, Inc.		463		18,284
				267,333
Cable/Satellite TV — 0.1%
Charter Communications, Inc., Class A†		40		10,442
Comcast Corp., Class A		3,967		123,691
DISH Network Corp., Class A†		283		8,363
Telenet Group Holding NV†		790		39,887
				182,383
Casino Hotels — 0.0%
Las Vegas Sands Corp.		51		4,111
Wynn Resorts, Ltd.		22		4,312
				8,423
Cellular Telecom — 0.2%
Drillisch AG†		725		50,177
Sprint Corp.†#		5,474		28,136
Sunrise Communications Group AG*		486		39,618
T-Mobile US, Inc.†		1,826		101,708
Tele2 AB, Class B		5,387		65,953
				285,592
Chemicals - Diversified — 0.4%
AdvanSix, Inc.†		1,478		53,962
Braskem SA ADR		400		9,580
DowDuPont, Inc.		290		18,592
Eastman Chemical Co.		415		43,288
Huntsman Corp.		3,600		115,092
Innophos Holdings, Inc.		1,174		55,800
Innospec, Inc.		792		60,746
Koppers Holdings, Inc.†		346		13,944
Kureha Corp.		700		46,704
LyondellBasell Industries NV, Class A		1,241		139,141
Quaker Chemical Corp.		152		23,233
Wacker Chemie AG		268		43,571
				623,653
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		3,431		61,449
Chemicals - Plastics — 0.1%
A. Schulman, Inc.		1,801		78,794
Sumitomo Bakelite Co., Ltd.		13,000		131,691
				210,485
Chemicals - Specialty — 0.6%
Balchem Corp.		1,039		100,191
FUCHS PETROLUB SE (Preference Shares)		1,067		55,970
H.B. Fuller Co.		2,012		103,718
Hawkins, Inc.		1,042		32,667
Ingevity Corp.†		441		33,578
Kraton Corp.†		400		19,408
Shin-Etsu Chemical Co., Ltd.		2,700		268,240
Stepan Co.		1,162		84,477
Toray Industries, Inc.		27,000		220,304
				918,553
Circuit Boards — 0.1%
Park Electrochemical Corp.		3,336		68,955
TTM Technologies, Inc.†		1,110		20,013
				88,968

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Coal — 0.1%
Adaro Energy Tbk PT		870,500	$	117,609
CONSOL Energy, Inc.†		334		14,716
SunCoke Energy, Inc.†		4,636		62,772
				195,097
Commercial Services — 0.2%
HMS Holdings Corp.†		3,524		76,224
Medifast, Inc.		118		17,286
Nielsen Holdings PLC		754		22,748
Nutrisystem, Inc.		426		15,890
ServiceMaster Global Holdings, Inc.†		176		10,057
Team, Inc.†#		2,038		43,307
Wirecard AG		682		105,459
				290,971
Commercial Services - Finance — 0.3%
Cardtronics PLC, Class A†		2,994		76,826
EVERTEC, Inc.		2,713		59,143
Experian PLC		4,048		99,122
Green Dot Corp., Class A†		459		32,713
S&P Global, Inc.		103		20,342
Travelport Worldwide, Ltd.		7,640		134,006
				422,152
Computer Aided Design — 0.1%
ANSYS, Inc.†		8		1,302
Autodesk, Inc.†		794		102,506
				103,808
Computer Data Security — 0.6%
Check Point Software Technologies, Ltd.†		1,752		170,575
Fortinet, Inc.†		11,132		681,056
Gemalto NV†		1,194		69,989
Qualys, Inc.†		331		25,470
				947,090
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		667		14,407
Computer Services — 1.5%
Accenture PLC, Class A		1,090		169,757
Atos SE		660		90,174
CACI International, Inc., Class A†		1,374		228,977
Capgemini SE#		1,053		139,550
Cognizant Technology Solutions Corp., Class A		2,800		210,980
Dell Technologies, Inc., Class V†		401		32,345
DXC Technology Co.		2,216		204,116
ExlService Holdings, Inc.†		367		20,805
Fujitsu, Ltd.		46,000		280,710
Insight Enterprises, Inc.†		2,366		110,965
International Business Machines Corp.		1,521		214,932
Leidos Holdings, Inc.		2,488		149,429
NEC Corp.		100		2,813
Nomura Research Institute, Ltd.		800		40,129
NTT Data Corp.		5,800		64,673
SCSK Corp.		7,100		325,383
Sopra Steria Group		253		50,356
Sykes Enterprises, Inc.†		2,926		82,367
Virtusa Corp.†		368		17,866
				2,436,327
Computer Software — 0.2%
Software AG		790		37,775
Splunk, Inc.†		1,846		204,555
TiVo Corp.		6,790		97,776
				340,106

Security Description	Shares		Value (Note 2)
Computers — 0.4%
Apple, Inc.		2,745	$	512,958
Hewlett Packard Enterprise Co.		87		1,326
HP, Inc.		9,166		201,927
				716,211
Computers - Integrated Systems — 0.3%
Agilysys, Inc.†		1,244		17,690
Cray, Inc.†		2,984		74,302
Ingenico Group SA		1,281		102,993
Mercury Systems, Inc.†		567		20,939
MTS Systems Corp.		1,121		58,740
OBIC Co., Ltd.		400		34,492
Otsuka Corp.		5,100		209,757
Super Micro Computer, Inc.†#		2,050		49,405
				568,318
Computers - Memory Devices — 0.1%
NetApp, Inc.		89		6,081
Western Digital Corp.		1,432		119,586
				125,667
Computers - Other — 0.1%
3D Systems Corp.†#		1,387		17,143
Lumentum Holdings, Inc.†#		1,456		85,540
				102,683
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		2,843		95,041
Ferrotec Holdings Corp.#		3,800		76,183
				171,224
Consulting Services — 0.2%
Booz Allen Hamilton Holding Corp.		1,471		66,328
FTI Consulting, Inc.†		2,185		135,448
Link And Motivation, Inc.		8,700		114,154
Navigant Consulting, Inc.†		2,778		67,672
				383,602
Consumer Products - Misc. — 0.1%
Central Garden & Pet Co., Class A†		618		23,490
Kimberly-Clark Corp.		837		84,412
WD-40 Co.#		138		18,982
				126,884
Containers - Metal/Glass — 0.1%
Crown Holdings, Inc.†		1,890		81,912
Gerresheimer AG		482		37,578
				119,490
Containers - Paper/Plastic — 0.1%
KapStone Paper and Packaging Corp.		5,145		176,988
Packaging Corp. of America		251		29,492
				206,480
Cosmetics & Toiletries — 0.5%
Colgate-Palmolive Co.		3,329		210,027
Estee Lauder Cos., Inc., Class A		3		448
Kao Corp.		1,600		123,751
Pola Orbis Holdings, Inc.		6,000		295,870
Procter & Gamble Co.		2,053		150,218
				780,314
Cruise Lines — 0.2%
Carnival Corp.		1,748		108,865
Carnival PLC		613		39,220
Royal Caribbean Cruises, Ltd.		1,368		143,613
				291,698

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.1%
Bottomline Technologies (DE), Inc.†#		454	$	21,593
Broadridge Financial Solutions, Inc.		329		37,983
CSG Systems International, Inc.		1,353		55,987
Fidelity National Information Services, Inc.		460		47,021
				162,584
Dental Supplies & Equipment — 0.0%
Lifco AB		750		26,791
Patterson Cos., Inc.#		632		13,221
				40,012
Diagnostic Equipment — 0.0%
BioTelemetry, Inc.†		439		18,548
Repligen Corp.†		500		21,840
				40,388
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		1,078		15,954
OraSure Technologies, Inc.†		846		14,391
				30,345
Dialysis Centers — 0.0%
Fresenius Medical Care AG & Co. KGaA		707		70,629
Fresenius SE & Co. KGaA		30		2,307
				72,936
Direct Marketing — 0.0%
DKSH Holding AG		486		38,681
Disposable Medical Products — 0.0%
Merit Medical Systems, Inc.†		563		28,882
Distribution/Wholesale — 0.5%
Ai Holdings Corp.		7,900		185,866
AKR Corporindo Tbk PT		76,600		27,044
Anixter International, Inc.†		1,681		102,961
Core-Mark Holding Co., Inc.		2,400		46,848
Essendant, Inc.		3,422		47,874
Fossil Group, Inc.†#		2,807		61,417
G-III Apparel Group, Ltd.†		2,610		109,359
IMCD NV		809		50,249
KAR Auction Services, Inc.		1,806		95,303
ScanSource, Inc.†		1,864		72,975
WW Grainger, Inc.		137		42,332
				842,228
Diversified Banking Institutions — 5.6%
Banco Santander SA		132,114		708,795
Bank of America Corp.		60,966		1,770,453
BNP Paribas SA#		9,356		583,344
Citigroup, Inc.		18,592		1,239,901
Credit Agricole SA#		6,804		93,811
Credit Suisse Group AG		14,562		221,213
Deutsche Bank AG		15,391		164,825
Goldman Sachs Group, Inc.		1,346		304,034
JPMorgan Chase & Co.		21,814		2,334,316
Mitsubishi UFJ Financial Group, Inc.		54,300		324,445
Morgan Stanley		8,137		407,989
Natixis SA		15,020		109,563
Societe Generale SA#		5,650		244,451
Sumitomo Mitsui Financial Group, Inc.		7,000		289,103
UBS Group AG		23,894		359,050
UniCredit SpA		11,891		198,675
				9,353,968
Diversified Financial Services — 0.0%
Cembra Money Bank AG		433		34,849

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 0.5%
3M Co.		70	$	13,806
Aalberts Industries NV		1,474		72,336
Actuant Corp., Class A		2,586		60,383
AZZ, Inc.		1,399		60,507
Barnes Group, Inc.		450		26,739
Carlisle Cos., Inc.		222		23,841
Dover Corp.		1,335		103,075
Eaton Corp. PLC		308		23,587
EnPro Industries, Inc.		215		15,837
Fabrinet†		2,412		84,733
Federal Signal Corp.		3,393		81,059
General Electric Co.		780		10,982
Harsco Corp.†		910		22,295
Ingersoll-Rand PLC		677		59,265
Lydall, Inc.†		317		13,282
Raven Industries, Inc.		493		18,635
Siemens AG		276		35,999
Standex International Corp.		188		18,753
Tredegar Corp.		2,085		49,727
				794,841
Diversified Minerals — 1.9%
Anglo American PLC		57,388		1,371,607
BHP Billiton PLC		60,620		1,393,831
Sumitomo Metal Mining Co., Ltd.		5,400		205,741
US Silica Holdings, Inc.#		4,689		145,031
				3,116,210
Diversified Operations — 0.1%
Ackermans & van Haaren NV		680		115,917
Bollore SA		13,889		68,802
Wendel SA		420		55,400
				240,119
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		319		16,875
E-Commerce/Products — 0.3%
Alibaba Group Holding, Ltd. ADR†#		668		132,271
Amazon.com, Inc.†		164		267,258
Delivery Hero AG†*		1,641		75,454
Rocket Internet SE†*		1,130		32,210
				507,193
E-Commerce/Services — 0.3%
Autohome, Inc. ADR		593		66,843
Booking Holdings, Inc.†		53		111,773
IAC/InterActiveCorp†		550		85,327
Scout24 AG*		1,492		76,472
Shutterfly, Inc.†		1,043		98,188
Stamps.com, Inc.†		161		40,379
				478,982
E-Marketing/Info — 0.0%
New Media Investment Group, Inc.		4,378		73,113
E-Services/Consulting — 0.2%
Perficient, Inc.†		3,554		92,795
SMS Co., Ltd.		4,400		164,535
				257,330
Electric Products - Misc. — 0.2%
AMETEK, Inc.		823		60,104
Casio Computer Co., Ltd.#		12,300		187,295
Mabuchi Motor Co., Ltd.		2,700		124,793
				372,192

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric - Distribution — 0.1%
CenterPoint Energy, Inc.		3,292	$	86,020
Electric - Generation — 0.0%
CEZ AS		2,499		62,464
Electric - Integrated — 0.2%
A2A SpA		24,075		40,832
AES Corp.		6,368		81,192
American Electric Power Co., Inc.		252		17,123
Entergy Corp.		327		26,458
FirstEnergy Corp.#		2,425		83,469
				249,074
Electronic Components - Misc. — 1.1%
Benchmark Electronics, Inc.		3,320		91,964
CTS Corp.		1,868		60,710
Garmin, Ltd.		77		4,627
Hoya Corp.		2,700		159,669
Knowles Corp.†		1,137		16,487
Koninklijke Philips NV		908		37,074
Methode Electronics, Inc.		1,433		57,535
Minebea Mitsumi, Inc.		18,000		339,873
Nidec Corp.		2,700		416,750
Omron Corp.		6,100		318,856
OSI Systems, Inc.†		873		59,870
Plexus Corp.†		2,148		124,906
Rogers Corp.†		195		22,222
Sanmina Corp.†		4,417		127,210
				1,837,753
Electronic Components - Semiconductors — 1.1%
Advanced Micro Devices, Inc.†#		4,728		64,915
Broadcom, Inc.		233		58,732
CEVA, Inc.†		393		13,244
Diodes, Inc.†		2,889		98,919
Intel Corp.		2,034		112,277
IPG Photonics Corp.†		416		100,368
Megachips Corp.#		2,200		63,704
Microchip Technology, Inc.#		102		9,933
Micron Technology, Inc.†		8,272		476,385
NVIDIA Corp.		487		122,817
ON Semiconductor Corp.†		4,760		119,619
Qorvo, Inc.†		720		57,780
Rambus, Inc.†		1,342		18,063
Semtech Corp.†		2,203		106,625
Skyworks Solutions, Inc.		1,341		132,236
STMicroelectronics NV#		2,250		53,625
Texas Instruments, Inc.		468		52,374
Xilinx, Inc.		984		67,020
Xperi Corp.		1,686		33,299
				1,761,935
Electronic Forms — 0.1%
Adobe Systems, Inc.†		699		174,247
Electronic Measurement Instruments — 0.4%
Badger Meter, Inc.		395		17,281
ESCO Technologies, Inc.		295		16,550
FARO Technologies, Inc.†		245		13,144
FLIR Systems, Inc.		1,133		61,069
Itron, Inc.†		1,291		73,716
National Instruments Corp.		3,373		140,384
Sartorius AG (Preference Shares)		524		76,772
Trimble, Inc.†		1,625		53,723
Yokogawa Electric Corp.		13,300		241,812
				694,451

Security Description	Shares		Value (Note 2)
Electronic Security Devices — 0.0%
dorma+kaba Holding AG		46	$	36,006
Energy - Alternate Sources — 0.2%
First Solar, Inc.†		1,735		117,303
Green Plains, Inc.#		2,405		51,347
REX American Resources Corp.†		436		33,145
Siemens Gamesa Renewable Energy SA		3,446		52,888
SolarEdge Technologies, Inc.†		363		20,273
				274,956
Engineering/R&D Services — 0.1%
Altran Technologies SA		2,641		39,320
COMSYS Holdings Corp.		6,500		172,222
Exponent, Inc.		255		25,067
Fluor Corp.		33		1,608
				238,217
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.		3,492		64,428
Cummins, Inc.		180		25,630
				90,058
Enterprise Software/Service — 1.3%
Black Knight, Inc.†		137		6,932
Donnelley Financial Solutions, Inc.†		2,247		34,514
Guidewire Software, Inc.†		2,784		258,467
LivePerson, Inc.†		720		13,932
ManTech International Corp., Class A		1,881		101,405
MicroStrategy, Inc., Class A†		463		59,991
Omnicell, Inc.†		449		20,901
Oracle Corp.		1,246		58,213
Oracle Corp. Japan†		700		53,106
SPS Commerce, Inc.†		263		19,575
Tyler Technologies, Inc.†		967		223,976
Ultimate Software Group, Inc.†#		1,225		321,134
Veeva Systems, Inc., Class A†		4,242		328,161
Workday, Inc., Class A†		4,754		622,584
				2,122,891
Entertainment Software — 0.3%
Activision Blizzard, Inc.		1,051		74,526
Capcom Co., Ltd.		18,000		421,592
				496,118
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		1,500		82,425
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†		59		20,828
Finance - Consumer Loans — 0.2%
Encore Capital Group, Inc.†#		1,060		41,817
Enova International, Inc.†		2,371		79,666
PRA Group, Inc.†#		2,746		105,996
Synchrony Financial		3,331		115,352
World Acceptance Corp.†		325		35,051
				377,882
Finance - Credit Card — 0.6%
Discover Financial Services		58		4,284
Mastercard, Inc., Class A		2,495		474,349
Visa, Inc., Class A		4,389		573,730
				1,052,363
Finance - Investment Banker/Broker — 0.2%
Brait SE†#		8,454		24,264
E*TRADE Financial Corp.†		1,295		82,038

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Investment Banker/Broker (continued)
Interactive Brokers Group, Inc., Class A		190	$	13,828
INTL. FCStone, Inc.†		1,291		64,550
Investment Technology Group, Inc.		2,821		61,893
Piper Jaffray Cos.		583		43,609
				290,182
Finance - Leasing Companies — 0.1%
GRENKE AG		391		44,173
Tokyo Century Corp.		2,500		149,885
				194,058
Finance - Mortgage Loan/Banker — 0.1%
FNF Group		56		2,070
LendingTree, Inc.†#		61		15,793
Zenkoku Hosho Co., Ltd.		4,100		196,885
				214,748
Finance - Other Services — 0.1%
Bolsas y Mercados Espanoles		1,130		38,180
CBOE Holdings, Inc.		27		2,634
Euronext NV*		818		52,351
WageWorks, Inc.†		462		21,922
				115,087
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc., Class A†		867		14,436
Firearms & Ammunition — 0.1%
Axon Enterprise, Inc.†		580		36,935
Sturm Ruger & Co., Inc.		709		43,426
				80,361
Food - Baking — 0.0%
Aryzta AG†#		1,429		21,259
Food - Confectionery — 0.1%
Barry Callebaut AG		35		61,191
Hershey Co.		323		29,083
J.M. Smucker Co.		13		1,397
				91,671
Food - Dairy Products — 0.0%
Dean Foods Co.		1,606		15,369
Glanbia PLC#		3,116		57,342
				72,711
Food - Misc./Diversified — 0.8%
B&G Foods, Inc.#		1,837		51,712
Cal-Maine Foods, Inc.†		1,446		69,480
Campbell Soup Co.#		5,133		172,674
Conagra Brands, Inc.		11,869		439,865
Darling Ingredients, Inc.†		5,893		110,729
General Mills, Inc.		1,343		56,795
Indofood CBP Sukses Makmur Tbk PT		97,000		60,493
Indofood Sukses Makmur Tbk PT		181,700		92,362
J&J Snack Foods Corp.		418		59,197
Kellogg Co.		230		14,810
Kenko Mayonnaise Co, Ltd.#		5,200		199,556
Kraft Heinz Co.		631		36,270
Viscofan SA		600		40,059
				1,404,002
Food - Retail — 0.4%
Colruyt SA		871		46,264
Distribuidora Internacional de Alimentacion SA		8,131		27,626
ICA Gruppen AB		5,932		183,098
Kesko Oyj, Class B		1,050		61,524

Security Description	Shares		Value (Note 2)
Food - Retail (continued)
Seven & i Holdings Co., Ltd.		6,800	$	300,343
SUPERVALU, Inc.†#		2,073		38,330
				657,185
Food - Wholesale/Distribution — 0.1%
Calavo Growers, Inc.#		161		14,168
SpartanNash Co.		2,869		71,036
Sysco Corp.		1,419		92,278
				177,482
Footwear & Related Apparel — 0.2%
Crocs, Inc.†		913		16,288
Steven Madden, Ltd.		1,733		91,589
Wolverine World Wide, Inc.		5,671		190,149
				298,026
Funeral Services & Related Items — 0.1%
Matthews International Corp., Class A		1,953		107,415
Gambling (Non-Hotel) — 0.0%
International Game Technology PLC		18		453
Garden Products — 0.0%
Toro Co.		488		28,304
Gas - Distribution — 0.1%
Italgas SpA		7,520		39,172
Perusahaan Gas Negara Persero Tbk PT		672,700		99,630
				138,802
Gold Mining — 0.0%
AngloGold Ashanti, Ltd.		4,056		34,759
Golf — 0.0%
Callaway Golf Co.		1,274		24,130
Hazardous Waste Disposal — 0.0%
US Ecology, Inc.		251		15,211
Health Care Cost Containment — 0.0%
HealthEquity, Inc.†		567		42,134
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		1,657		38,857
Sleep Number Corp.†#		529		14,796
				53,653
Hotels/Motels — 0.1%
Belmond, Ltd., Class A†		6,092		72,799
Hilton Grand Vacations, Inc.†		111		4,413
Hilton Worldwide Holdings, Inc.		212		17,111
Wyndham Worldwide Corp.		106		11,495
				105,818
Human Resources — 0.3%
AMN Healthcare Services, Inc.†		489		27,628
ASGN, Inc.†		500		38,500
Insperity, Inc.		381		35,052
Kelly Services, Inc., Class A		1,873		41,974
Korn/Ferry International		596		32,589
ManpowerGroup, Inc.		1,245		112,050
Recruit Holdings Co., Ltd.		5,800		160,718
Robert Half International, Inc.		148		9,425
TrueBlue, Inc.†		2,896		74,717
				532,653
Identification Systems — 0.0%
Brady Corp., Class A		1,710		66,690

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Import/Export — 0.3%
ITOCHU Corp.		19,100	$	357,633
Mitsui & Co., Ltd.		10,500		184,342
				541,975
Independent Power Producers — 0.0%
NRG Energy, Inc.		98		3,354
Vistra Energy Corp.†		18		442
				3,796
Industrial Automated/Robotic — 0.5%
Cognex Corp.		1,153		52,704
FANUC Corp.		300		63,824
Keyence Corp.		800		489,029
Rockwell Automation, Inc.		433		75,952
THK Co., Ltd.		1,000		35,322
Yaskawa Electric Corp.		800		32,130
				748,961
Instruments - Controls — 0.1%
Honeywell International, Inc.		576		85,196
Watts Water Technologies, Inc., Class A		966		74,334
				159,530
Instruments - Scientific — 0.0%
Waters Corp.†		92		17,721
Insurance - Life/Health — 0.6%
Aflac, Inc.		1,893		85,299
American Equity Investment Life Holding Co.		5,419		192,049
Athene Holding, Ltd., Class A†		4,028		179,931
Dai-ichi Life Holdings, Inc.		14,600		271,153
Legal & General Group PLC		1,566		5,618
Lincoln National Corp.		42		2,784
Poste Italiane SpA*		7,175		61,946
Principal Financial Group, Inc.		1,222		68,188
Prudential Financial, Inc.		1,203		116,498
Unum Group		925		35,899
				1,019,365
Insurance - Multi-line — 0.6%
Allianz SE		440		90,786
Allstate Corp.		3,744		349,989
American National Insurance Co.		65		7,735
ASR Nederland NV		2,260		95,835
Assicurazioni Generali SpA		4,281		72,856
Chubb, Ltd.		5		653
CNA Financial Corp.		103		4,839
Horace Mann Educators Corp.		2,646		116,953
Loews Corp.		1,837		89,774
Mapfre SA		15,284		46,499
MetLife, Inc.		175		8,048
Storebrand ASA		7,190		58,856
United Fire Group, Inc.		1,907		102,292
				1,045,115
Insurance - Property/Casualty — 1.1%
AMERISAFE, Inc.		319		19,028
Arch Capital Group, Ltd.†		299		23,457
Berkshire Hathaway, Inc., Class B†		575		110,130
Employers Holdings, Inc.		1,791		70,924
Fosun International, Ltd.		48,500		105,764
Gjensidige Forsikring ASA		2,902		44,840
Infinity Property & Casualty Corp.		830		120,101
MS&AD Insurance Group Holdings, Inc.		13,200		419,069
Navigators Group, Inc.		1,263		74,264
ProAssurance Corp.		1,933		74,227

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Progressive Corp.		715	$	44,394
RLI Corp.		1,337		87,814
Safety Insurance Group, Inc.		1,026		88,236
Selective Insurance Group, Inc.		1,617		91,927
Stewart Information Services Corp.		1,894		79,908
Tokio Marine Holdings, Inc.		5,500		263,914
Tryg A/S		1,857		42,764
Universal Insurance Holdings, Inc.		493		17,575
				1,778,336
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		13		2,929
Maiden Holdings, Ltd.		4,365		38,194
				41,123
Internet Application Software — 0.5%
Tencent Holdings, Ltd.		9,600		483,913
Tencent Holdings, Ltd. ADR#		6,037		308,295
				792,208
Internet Content - Entertainment — 0.4%
Facebook, Inc., Class A†		3,064		587,614
Netflix, Inc.†		27		9,493
Twitter, Inc.†		2,071		71,864
				668,971
Internet Content - Information/News — 0.3%
Kakaku.com, Inc.		600		12,990
SINA Corp.†		5,548		503,870
				516,860
Internet Gambling — 0.0%
Kindred Group PLC SDR		3,536		44,855
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		1,567		271,263
Internet Security — 0.3%
Palo Alto Networks, Inc.†		1,491		310,262
Symantec Corp.		5,545		115,225
Trend Micro, Inc.		2,600		146,645
				572,132
Internet Telephone — 0.0%
8x8, Inc.†		3,418		63,917
Investment Companies — 0.4%
Apollo Investment Corp.		2,771		15,767
Ares Capital Corp.		4,179		70,542
BlackRock Capital Investment Corp.		2,352		14,676
China Merchants China Direct Investments, Ltd.		10,000		15,404
FS Investment Corp.#		6,080		46,816
Goldman Sachs BDC, Inc.		810		16,597
Golub Capital BDC, Inc.		1,292		23,915
Jefferies Financial Group, Inc.		3,908		85,507
Kinnevik AB, Class B		130		4,533
L E Lundbergforetagen AB		1,144		36,975
Main Street Capital Corp.#		1,598		61,395
Medley Capital Corp.		2,168		7,675
Melrose Industries PLC		18,690		58,650
New Mountain Finance Corp.		1,625		22,588
Oaktree Specialty Lending Corp.#		4,208		20,703
Pargesa Holding SA		583		51,069
PennantPark Investment Corp.		3,046		22,144
Prospect Capital Corp.#		7,066		47,766
Solar Capital, Ltd.		1,651		35,678
Triangle Capital Corp.		770		8,724

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Companies (continued)
Zeder Investments, Ltd.		55,260	$	26,113
				693,237
Investment Management/Advisor Services — 0.4%
Affiliated Managers Group, Inc.		206		32,808
Ameriprise Financial, Inc.		731		101,338
Amundi SA*		756		55,739
Azimut Holding SpA		1,797		29,413
BlackRock, Inc.		28		14,958
Financial Engines, Inc.		2,272		101,445
Partners Group Holding AG		160		115,317
Virtus Investment Partners, Inc.		524		65,788
Waddell & Reed Financial, Inc., Class A#		5,290		102,626
WisdomTree Investments, Inc.		4,670		51,183
				670,615
Lasers - System/Components — 0.0%
II-VI, Inc.†		574		25,227
Leisure Products — 0.0%
Yamaha Corp.		1,000		52,081
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.#		56		6,622
Philips Lighting NV#*		1,560		44,641
				51,263
Linen Supply & Related Items — 0.1%
UniFirst Corp.		469		83,294
Machine Tools & Related Products — 0.0%
Lincoln Electric Holdings, Inc.		34		3,046
Machinery - Construction & Mining — 0.3%
Astec Industries, Inc.		1,152		67,404
Caterpillar, Inc.		96		14,583
Komatsu, Ltd.		7,700		251,886
United Tractors Tbk PT		85,700		215,478
				549,351
Machinery - Electrical — 0.6%
ABB, Ltd.		4,402		100,055
Disco Corp.		1,200		225,187
Franklin Electric Co., Inc.		1,399		64,704
Fuji Electric Co., Ltd.		47,000		333,627
Hitachi, Ltd.		10,000		72,854
Konecranes OYJ		1,031		43,023
Mitsubishi Electric Corp.		6,200		87,660
Regal Beloit Corp.		91		7,230
				934,340
Machinery - Farming — 0.1%
Husqvarna AB, Class B		6,366		62,605
Lindsay Corp.		489		48,127
				110,732
Machinery - General Industrial — 0.6%
Albany International Corp., Class A		308		18,942
Applied Industrial Technologies, Inc.		2,237		156,031
Bucher Industries AG		101		36,281
Chart Industries, Inc.†		1,836		118,293
Duerr AG		378		37,998
DXP Enterprises, Inc.†		1,049		40,932
Harmonic Drive Systems, Inc.#		1,300		61,564
Hexagon AB, Class B		1,732		97,635
Metso Oyj		1,647		57,037
OC Oerlikon Corp. AG		2,976		47,858
Roper Technologies, Inc.		9		2,482

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
Tennant Co.		837	$	65,956
Zebra Technologies Corp., Class A†		1,189		182,523
				923,532
Machinery - Material Handling — 0.1%
Daifuku Co., Ltd.		1,600		82,506
Machinery - Pumps — 0.1%
SPX FLOW, Inc.†		2,456		107,008
Medical Imaging Systems — 0.0%
Analogic Corp.		726		60,730
Medical Information Systems — 0.0%
Cerner Corp.†		391		23,335
Computer Programs & Systems, Inc.#		1,670		54,358
				77,693
Medical Instruments — 0.8%
Abaxis, Inc.		983		81,392
Ambu A/S, Class B		2,314		69,672
AngioDynamics, Inc.†		3,148		66,203
CONMED Corp.		1,338		91,854
Edwards Lifesciences Corp.†		74		10,161
Getinge AB, Class B		3,429		33,254
Integra LifeSciences Holdings Corp.†		1,816		117,205
Intuitive Surgical, Inc.†		472		216,964
Medtronic PLC		153		13,207
Natus Medical, Inc.†		489		18,044
Shimadzu Corp.		12,800		351,281
Sysmex Corp.		1,300		116,553
Topcon Corp.		7,500		129,500
				1,315,290
Medical Labs & Testing Services — 0.2%
BioMerieux		655		58,030
PeptiDream, Inc.†		4,400		190,188
				248,218
Medical Products — 0.3%
Abbott Laboratories		325		19,997
CYBERDYNE, Inc.†#		5,000		63,826
Haemonetics Corp.†		1,611		145,554
Inogen, Inc.†		184		33,615
Integer Holdings Corp.†		348		22,968
Invacare Corp.#		2,266		37,389
Luminex Corp.		788		22,316
Varian Medical Systems, Inc.†		876		103,254
William Demant Holding A/S†		1,670		60,761
				509,680
Medical - Biomedical/Gene — 0.6%
Ablynx NV†		1,153		60,603
Acorda Therapeutics, Inc.†		3,147		82,609
Alexion Pharmaceuticals, Inc.†		8		929
AMAG Pharmaceuticals, Inc.†#		2,426		59,316
Amgen, Inc.		1,164		209,077
Biogen, Inc.†		331		97,301
Cambrex Corp.†		1,107		50,147
Celgene Corp.†		134		10,543
Emergent BioSolutions, Inc.†		416		21,449
H. Lundbeck A/S		949		66,973
Ligand Pharmaceuticals, Inc.†#		230		44,213
Medicines Co.†#		2,652		89,797
Myriad Genetics, Inc.†#		766		27,966
Spectrum Pharmaceuticals, Inc.†		2,979		57,465
Swedish Orphan Biovitrum AB†		2,534		51,580
				929,968

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 0.8%
AbbVie, Inc.		1,583	$	156,622
Allergan PLC		16		2,413
Bayer AG		27		3,213
Bristol-Myers Squibb Co.		1,047		55,093
Corcept Therapeutics, Inc.†#		1,111		20,554
Eli Lilly & Co.		121		10,290
Enanta Pharmaceuticals, Inc.†		181		18,062
Galapagos NV†		678		68,686
Ipsen SA		702		112,146
Johnson & Johnson		1,242		148,568
Kalbe Farma Tbk PT		453,200		44,606
Merck & Co., Inc.		761		45,302
Pfizer, Inc.		5,079		182,488
Recordati SpA		1,566		58,068
Shionogi & Co., Ltd.		7,600		397,673
Supernus Pharmaceuticals, Inc.†		564		31,781
Zoetis, Inc.		74		6,194
				1,361,759
Medical - Generic Drugs — 0.0%
Amneal Pharmaceuticals, Inc.†		2,034		40,151
Momenta Pharmaceuticals, Inc.†		1,018		24,025
				64,176
Medical - HMO — 0.5%
Anthem, Inc.		162		35,870
Centene Corp.†		423		49,559
Cigna Corp.		580		98,235
Humana, Inc.		17		4,947
Magellan Health, Inc.†		1,389		127,024
Tivity Health, Inc.†		411		14,405
UnitedHealth Group, Inc.		843		203,593
WellCare Health Plans, Inc.†		1,505		333,613
				867,246
Medical - Hospitals — 0.1%
Community Health Systems, Inc.†#		6,474		26,479
Select Medical Holdings Corp.†		3,890		70,409
				96,888
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		656		24,016
Kindred Healthcare, Inc.†		4,622		41,367
				65,383
Medical - Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		326		24,890
Chemed Corp.		148		48,248
LHC Group, Inc.†		336		25,862
				99,000
Medical - Wholesale Drug Distribution — 0.0%
McKesson Corp.		34		4,826
Owens & Minor, Inc.		955		15,566
				20,392
Metal Processors & Fabrication — 0.2%
Aurubis AG		581		47,206
CIRCOR International, Inc.		1,270		61,125
Haynes International, Inc.		1,035		44,070
Mueller Industries, Inc.		3,470		104,794
VAT Group AG*		332		47,398
				304,593
Metal - Aluminum — 0.1%
Century Aluminum Co.†		2,449		43,396

Security Description	Shares		Value (Note 2)
Metal - Aluminum (continued)
Kaiser Aluminum Corp.		1,011	$	111,473
				154,869
Metal - Copper — 0.0%
Freeport-McMoRan, Inc.		654		11,053
Metal - Diversified — 1.7%
Glencore PLC		273,292		1,352,192
Rio Tinto PLC		24,628		1,388,629
				2,740,821
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,712		79,865
John Bean Technologies Corp.		304		26,843
				106,708
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		55		2,259
Yamaha Motor Co., Ltd.		7,300		210,374
				212,633
Multimedia — 0.2%
E.W. Scripps Co., Class A		1,947		24,318
Time Warner, Inc.		1,044		98,303
Twenty-First Century Fox, Inc., Class B		583		22,253
Walt Disney Co.		1,352		134,484
				279,358
Networking Products — 0.7%
Arista Networks, Inc.†		1,737		436,960
Cisco Systems, Inc.		9,350		399,338
Extreme Networks, Inc.†		1,461		12,579
LogMeIn, Inc.		2,134		230,259
NETGEAR, Inc.†		1,828		110,503
				1,189,639
Non-Ferrous Metals — 0.1%
Materion Corp.		1,539		83,952
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		2,014		135,804
Office Furnishings - Original — 0.0%
Interface, Inc.		754		17,116
Office Supplies & Forms — 0.0%
Societe BIC SA#		401		39,087
Oil & Gas Drilling — 0.1%
Noble Corp. PLC†#		16,254		90,372
Oil Companies - Exploration & Production — 0.7%
Apache Corp.#		334		13,360
Carrizo Oil & Gas, Inc.†#		4,482		113,215
CNX Resources Corp.†		1,103		17,825
ConocoPhillips		308		20,756
Denbury Resources, Inc.†		23,938		101,737
Det Norske Oljeselskap ASA		1,661		60,470
HighPoint Resources Corp.†		5,173		36,935
Inpex Corp.		12,300		136,399
Lundin Petroleum AB		2,839		90,074
Marathon Oil Corp.		80		1,714
PDC Energy, Inc.†		3,682		222,724
Ring Energy, Inc.†		1,824		25,189
SRC Energy, Inc.†#		13,511		174,832
Unit Corp.†		3,201		69,910
				1,085,140

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 0.5%
Chevron Corp.		2,161	$	268,612
China Petroleum & Chemical Corp.		340,000		331,659
Exxon Mobil Corp.		2,106		171,091
				771,362
Oil Field Machinery & Equipment — 0.0%
Exterran Corp.†		2,575		70,967
National Oilwell Varco, Inc.		61		2,527
				73,494
Oil Refining & Marketing — 0.1%
HollyFrontier Corp.		378		29,174
Marathon Petroleum Corp.		1,440		113,803
Valero Energy Corp.		665		80,598
				223,575
Oil - Field Services — 0.5%
Archrock, Inc.		5,103		58,940
Bristow Group, Inc.		1,696		20,064
C&J Energy Services, Inc.†		732		19,705
Halliburton Co.		232		11,540
Helix Energy Solutions Group, Inc.†		8,741		66,431
Matrix Service Co.†		2,196		42,602
McDermott International, Inc.†		4,444		96,568
Newpark Resources, Inc.†		5,756		62,453
Oil States International, Inc.†		3,103		109,846
ProPetro Holding Corp.†#		826		13,439
Saipem SpA†#		8,842		38,083
SBM Offshore NV		2,685		42,577
SEACOR Holdings, Inc.†		948		49,514
Subsea 7 SA		3,960		60,184
TGS NOPEC Geophysical Co. ASA		1,573		52,766
				744,712
Paper & Related Products — 0.2%
BillerudKorsnas AB		2,719		41,335
Clearwater Paper Corp.†		1,015		24,411
Domtar Corp.		145		6,970
International Paper Co.		638		34,133
Neenah, Inc.		200		16,230
P.H. Glatfelter Co.		2,577		45,072
Schweitzer-Mauduit International, Inc.		1,806		79,121
				247,272
Pastoral & Agricultural — 0.1%
Charoen Pokphand Indonesia Tbk PT		444,300		117,322
Phibro Animal Health Corp., Class A		324		14,645
Schouw & Co. A/S		300		26,984
				158,951
Pharmacy Services — 0.3%
CVS Health Corp.		5,518		349,786
Diplomat Pharmacy, Inc.†		3,033		71,397
Express Scripts Holding Co.†		1,475		111,820
				533,003
Photo Equipment & Supplies — 0.0%
FUJIFILM Holdings Corp.		1,300		49,764
Pipelines — 0.0%
Koninklijke Vopak NV		1,019		49,924
Williams Cos., Inc.		132		3,545
				53,469
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		404		26,474
Powell Industries, Inc.		412		13,930

Security Description	Shares		Value (Note 2)
Power Converter/Supply Equipment (continued)
Schneider Electric SE		1,168	$	101,408
SPX Corp.†		2,756		94,421
				236,233
Printing - Commercial — 0.0%
LSC Communications, Inc.		2,254		28,536
Private Equity — 0.3%
3i Group PLC		8,240		104,426
Alaris Royalty Corp.		1,310		15,822
Allied Minds PLC†#		9,480		14,712
Altamir		1,060		20,640
AURELIUS Equity Opportunities SE & Co. KGaA		560		37,345
Bure Equity AB		960		10,980
Deutsche Beteiligungs AG		520		20,963
Eurazeo SA		1,487		116,304
Gimv NV		260		15,457
Onex Corp.		1,230		88,289
Ratos AB, Class B		6,710		22,094
				467,032
Publishing - Books — 0.1%
Lagardere SCA		1,604		43,395
Scholastic Corp.		1,984		89,260
				132,655
Publishing - Newspapers — 0.1%
Gannett Co., Inc.		7,736		81,770
Schibsted ASA, Class A		1,226		34,554
				116,324
Publishing - Periodicals — 0.0%
Axel Springer SE		714		51,854
Racetracks — 0.0%
Penn National Gaming, Inc.†		919		31,320
Real Estate Investment Trusts — 1.3%
Acadia Realty Trust		4,874		125,505
Agree Realty Corp.		964		51,034
Apollo Commercial Real Estate Finance, Inc.#		3,010		55,956
Armada Hoffler Properties, Inc.		1,631		23,486
ARMOUR Residential REIT, Inc.#		1,622		37,582
AvalonBay Communities, Inc.		7		1,159
Capstead Mtg. Corp.		11,726		107,293
CareTrust REIT, Inc.		1,343		22,146
CBL & Associates Properties, Inc.#		11,848		59,951
Cedar Realty Trust, Inc.		4,099		17,995
Chatham Lodging Trust		3,986		82,869
Chesapeake Lodging Trust		3,466		111,709
Cofinimmo SA		317		39,291
CoreCivic, Inc.		233		5,014
DiamondRock Hospitality Co.		10,813		137,649
EastGroup Properties, Inc.		226		21,070
Essex Property Trust, Inc.		7		1,673
Extra Space Storage, Inc.		15		1,444
Fonciere Des Regions		530		55,447
Franklin Street Properties Corp.#		9,123		70,612
Government Properties Income Trust#		6,596		95,840
Hersha Hospitality Trust		3,946		83,931
Host Hotels & Resorts, Inc.		589		12,740
ICADE		484		44,935
Independence Realty Trust, Inc.		8,259		80,112
Invesco Mtg. Capital, Inc.		3,506		56,902
Kite Realty Group Trust		6,104		95,772
Lexington Realty Trust		2,333		20,134
LTC Properties, Inc.		1,348		55,457

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Merlin Properties Socimi SA		5,611	$	77,443
Pennsylvania Real Estate Investment Trust#		6,061		66,732
PennyMac Mtg. Investment Trust#		3,921		73,401
Prologis, Inc.		129		8,301
PS Business Parks, Inc.		76		9,315
Public Storage		4		847
Ramco-Gershenson Properties Trust#		1,350		16,605
Retail Opportunity Investments Corp.#		3,908		70,813
Simon Property Group, Inc.		774		124,010
Summit Hotel Properties, Inc.		1,404		21,467
Urstadt Biddle Properties, Inc., Class A		3,615		78,988
Weyerhaeuser Co.		38		1,419
Whitestone REIT#		1,515		18,544
				2,142,593
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		261		12,056
Fabege AB		4,305		50,808
Fastighets AB Balder†		1,507		39,122
HFF, Inc., Class A		414		13,960
RE/MAX Holdings, Inc., Class A		1,531		79,765
Realogy Holdings Corp.#		522		12,418
				208,129
Real Estate Operations & Development — 0.5%
Aroundtown SA		8,706		72,435
BUWOG AG		1,725		58,569
Castellum AB		4,199		67,458
China Vanke Co., Ltd.		1,600		5,690
Community Healthcare Trust, Inc.#		2,284		63,267
Mitsui Fudosan Co., Ltd.		12,000		300,200
NTT Urban Development Corp.		13,000		135,780
Summarecon Agung Tbk PT		894,800		63,296
Tokyo Tatemono Co., Ltd.		9,900		136,832
				903,527
Recreational Vehicles — 0.0%
BRP, Inc.		200		9,317
LCI Industries		263		23,065
				32,382
Rental Auto/Equipment — 0.0%
Rent-A-Center, Inc.#		3,265		30,985
United Rentals, Inc.†		48		7,659
				38,644
Resort/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.#		233		28,016
Retail - Apparel/Shoe — 0.5%
Abercrombie & Fitch Co., Class A		4,224		100,742
Buckle, Inc.#		1,853		46,788
Burlington Stores, Inc.†		318		46,508
Caleres, Inc.		3,090		109,571
Chico’s FAS, Inc.		8,809		74,524
Children’s Place, Inc.#		496		63,860
DSW, Inc., Class A#		4,743		113,263
Express, Inc.†		4,840		41,188
Finish Line, Inc., Class A		2,562		34,869
Gap, Inc.		24		672
Genesco, Inc.†		1,591		69,527
Guess?, Inc.		3,865		75,754
lululemon athletica, Inc.†		109		11,450
Ross Stores, Inc.		354		27,924
Tailored Brands, Inc.		2,069		67,884
				884,524

Security Description	Shares		Value (Note 2)
Retail - Auto Parts — 0.0%
AutoZone, Inc.†		5	$	3,247
Genuine Parts Co.		45		4,085
O’Reilly Automotive, Inc.†		8		2,155
				9,487
Retail - Automobile — 0.5%
Asbury Automotive Group, Inc.†		1,246		86,659
Astra International Tbk PT		1,159,200		573,865
Group 1 Automotive, Inc.		1,197		84,101
Lithia Motors, Inc., Class A#		898		87,780
				832,405
Retail - Building Products — 0.1%
Home Depot, Inc.		1,139		212,480
Lowe’s Cos., Inc.		166		15,772
				228,252
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		102		6,962
Retail - Discount — 0.4%
Costco Wholesale Corp.		336		66,608
Dollar General Corp.		18		1,575
Dollar Tree, Inc.†		38		3,138
Don Quijote Holdings Co., Ltd.		8,100		429,883
Ollie’s Bargain Outlet Holdings, Inc.†		492		34,784
Target Corp.		511		37,247
Walmart, Inc.		418		34,502
				607,737
Retail - Drug Store — 0.2%
Sundrug Co., Ltd.		4,400		199,364
Walgreens Boots Alliance, Inc.		1,938		120,912
				320,276
Retail - Hair Salons — 0.0%
Regis Corp.†		2,274		39,317
Retail - Home Furnishings — 0.2%
Haverty Furniture Cos., Inc.		1,980		39,600
La-Z-Boy, Inc.		2,049		63,929
Nitori Holdings Co., Ltd.		1,600		274,396
RH†#		215		21,012
				398,937
Retail - Major Department Stores — 0.1%
J.C. Penney Co., Inc.†#		20,297		49,119
Matahari Department Store Tbk PT		96,400		63,305
				112,424
Retail - Misc./Diversified — 0.1%
Sally Beauty Holdings, Inc.†#		6,500		98,410
Retail - Pawn Shops — 0.0%
EZCORP, Inc., Class A†#		2,153		26,697
FirstCash, Inc.		429		38,932
				65,629
Retail - Regional Department Stores — 0.0%
Kohl’s Corp.#		146		9,746
Retail - Restaurants — 0.2%
BJ’s Restaurants, Inc.		1,106		61,936
Dave & Buster’s Entertainment, Inc.†#		515		21,445
Dine Brands Global, Inc.#		812		51,521
Fiesta Restaurant Group, Inc.†		2,998		74,500
McDonald’s Corp.		46		7,360
Red Robin Gourmet Burgers, Inc.†		820		41,287

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Shake Shack, Inc., Class A†		264	$	15,740
Sonic Corp.#		679		16,486
Wingstop, Inc.		378		19,131
				309,406
Rubber/Plastic Products — 0.1%
Hexpol AB		3,917		41,434
Proto Labs, Inc.†		245		29,547
Sekisui Plastics Co., Ltd.†		7,000		81,527
				152,508
Satellite Telecom — 0.1%
Cellnex Telecom SA*		2,349		59,864
EchoStar Corp., Class A†		464		21,826
Eutelsat Communications SA		2,124		40,961
				122,651
Savings & Loans/Thrifts — 0.4%
Banc of California, Inc.#		3,052		59,209
BofI Holding, Inc.†		1,023		42,158
Brookline Bancorp, Inc.		1,118		20,348
Dime Community Bancshares, Inc.		1,233		25,092
New York Community Bancorp, Inc.#		13,026		150,971
Northfield Bancorp, Inc.		1,909		31,193
Northwest Bancshares, Inc.		5,431		93,630
Oritani Financial Corp.		269		4,277
People’s United Financial, Inc.		15		276
Provident Financial Services, Inc.		3,233		90,330
Sterling Bancorp		1,474		36,187
Washington Federal, Inc.		694		22,520
				576,191
Schools — 0.1%
American Public Education, Inc.†		1,318		56,147
Capella Education Co.		185		17,566
Career Education Corp.†		982		15,113
Strayer Education, Inc.		552		60,333
				149,159
Security Services — 0.0%
Loomis AB, Series B		1,105		42,255
Semiconductor Components - Integrated Circuits — 0.4%
Analog Devices, Inc.		89		8,649
Cypress Semiconductor Corp.		7,000		115,220
Marvell Technology Group, Ltd.		7,457		160,624
Maxim Integrated Products, Inc.		139		8,152
MaxLinear, Inc.†#		741		13,597
NXP Semiconductors NV†		2,199		250,686
Power Integrations, Inc.		971		72,971
QUALCOMM, Inc.		145		8,428
Renesas Electronics Corp.†		9,100		89,952
				728,279
Semiconductor Equipment — 0.3%
ASM International NV		721		42,098
ASM Pacific Technology, Ltd.		5,100		66,620
BE Semiconductor Industries NV		1,167		39,117
Brooks Automation, Inc.		776		25,360
Cabot Microelectronics Corp.		255		28,858
FormFactor, Inc.†		1,074		14,553
KLA-Tencor Corp.		109		12,342
Kulicke & Soffa Industries, Inc.†		811		19,529
Lam Research Corp.		81		16,053
Nanometrics, Inc.†		422		17,711
Siltronic AG		319		53,963

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
Teradyne, Inc.		3,561	$	134,997
Veeco Instruments, Inc.†		3,560		60,698
				531,899
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		88		19,454
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		239		11,221
Unilever Indonesia Tbk PT		90,600		296,925
				308,146
Software Tools — 0.4%
VMware, Inc., Class A†		5,331		732,906
Steel Pipe & Tube — 0.0%
TimkenSteel Corp.†#		2,433		42,651
Valmont Industries, Inc.		208		30,399
				73,050
Steel - Producers — 0.2%
AK Steel Holding Corp.†#		19,027		86,002
JFE Holdings, Inc.		8,800		181,388
				267,390
Steel - Specialty — 0.0%
Outokumpu Oyj		4,938		31,205
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		1,845		84,132
Telecom Equipment - Fiber Optics — 0.1%
Finisar Corp.†#		1,275		20,668
Oclaro, Inc.†		6,223		53,269
Viavi Solutions, Inc.†		7,556		71,857
				145,794
Telecom Services — 0.5%
China Telecom Corp., Ltd.		456,000		211,921
Telekomunikasi Indonesia Persero Tbk PT		2,198,200		549,463
Tower Bersama Infrastructure Tbk PT		254,600		92,737
XL Axiata Tbk PT†		209,300		31,564
				885,685
Telecommunication Equipment — 0.2%
Juniper Networks, Inc.		9,529		253,853
Nortel Networks Corp.†(1)(2)		62		0
				253,853
Telephone - Integrated — 0.9%
AT&T, Inc.		5,669		183,222
BT Group PLC		48,392		131,824
Freenet AG		1,968		56,492
GCI Liberty, Inc., Class A†		484		20,231
Nippon Telegraph & Telephone Corp.		14,000		655,587
SoftBank Group Corp.		5,500		390,377
Telefonica Deutschland Holding AG		9,746		41,206
Verizon Communications, Inc.		1,571		74,890
				1,553,829
Television — 0.2%
Cyfrowy Polsat SA		38,708		260,640
ION Media Networks, Inc.†(1)(2)		18		13,425
RTL Group SA		591		44,573
Surya Citra Media Tbk PT		245,300		43,280
TEGNA, Inc.		1,187		12,309
World Wrestling Entertainment, Inc., Class A#		446		25,819
				400,046

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tobacco — 0.4%
Altria Group, Inc.		5,957	$	332,043
Gudang Garam Tbk PT		23,000		113,142
Hanjaya Mandala Sampoerna Tbk PT		452,500		123,060
Philip Morris International, Inc.		229		18,215
Universal Corp.		1,661		109,875
				696,335
Tools - Hand Held — 0.0%
Snap-on, Inc.		3		443
Toys — 0.2%
Bandai Namco Holdings, Inc.		5,500		233,183
Nintendo Co., Ltd.		200		82,333
				315,516
Transactional Software — 0.2%
Amadeus IT Group SA		4,474		354,558
SimCorp A/S		626		50,753
				405,311
Transport - Air Freight — 0.1%
Atlas Air Worldwide Holdings, Inc.†		1,533		104,474
Transport - Equipment & Leasing — 0.1%
Greenbrier Cos., Inc.#		1,665		82,750
Transport - Rail — 0.3%
Central Japan Railway Co.		1,700		350,981
Kansas City Southern		274		29,359
Norfolk Southern Corp.		41		6,218
Union Pacific Corp.		241		34,405
				420,963
Transport - Services — 0.2%
bpost SA		1,505		26,593
C.H. Robinson Worldwide, Inc.		32		2,784
Echo Global Logistics, Inc.†		1,528		42,478
Expeditors International of Washington, Inc.		23		1,713
Hub Group, Inc., Class A†		2,124		106,094
Matson, Inc.		2,799		95,838
				275,500
Transport - Truck — 0.3%
ArcBest Corp.		1,706		80,950
Forward Air Corp.		333		19,753
Marten Transport, Ltd.		1,583		36,092
Old Dominion Freight Line, Inc.		83		12,945
Saia, Inc.†		754		62,130
Sankyu, Inc.†		5,400		295,816
				507,686
Travel Services — 0.1%
HIS Co., Ltd.		6,300		217,050
Venture Capital — 0.1%
Hercules Capital, Inc.#		2,747		34,035
IP Group PLC†		18,590		34,064
Jafco Co., Ltd.		1,000		40,930
Safeguard Scientifics, Inc.†		1,970		25,905
				134,934
Veterinary Diagnostics — 0.0%
Neogen Corp.†		551		41,716
Web Hosting/Design — 0.4%
GoDaddy, Inc., Class A†		5,071		363,033
NIC, Inc.		1,114		17,100
Shopify, Inc., Class A†#		2,103		311,433
				691,566

Security Description	Shares/ Principal Amount		Value (Note 2)
Web Portals/ISP — 0.7%
Alphabet, Inc., Class A†		97	$	106,700
Alphabet, Inc., Class C†		213		231,103
Baidu, Inc. ADR†		1,796		435,637
Blucora, Inc.†		3,241		122,996
United Internet AG		3,340		213,393
				1,109,829
Wire & Cable Products — 0.1%
Encore Wire Corp.		1,520		73,568
General Cable Corp.#		3,008		89,187
				162,755
Wireless Equipment — 0.1%
GN Store Nord A/S		2,078		79,288
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		1,578		58,323
Total Common Stocks
(cost $112,367,174)				118,450,195
EXCHANGE-TRADED FUNDS — 7.1%
iShares Core S&P Small-Cap ETF		1,180		97,751
iShares MSCI Brazil ETF#		154,700		5,510,414
iShares MSCI ACWI ETF#		381		27,558
iShares S&P SmallCap 600 Value ETF#		501		81,417
iShares Russell 1000 Growth ETF		515		73,352
iShares Russell 1000 Value ETF#		441		53,383
SPDR S&P 500 ETF Trust, Series 1#		121		32,784
SPDR Blackstone/GSO Senior Loan ETF#		125,200		5,918,204
				11,794,863
Total Exchange-Traded Funds
(cost $13,049,405)				11,794,863
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0%
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(1)(2) (cost $0)		45,000		5
CLOSED END INVESTMENT TRUST — 0.0%
BB Biotech AG# (cost $59,387)		851		56,293
ASSET BACKED SECURITIES — 7.3%
Diversified Financial Services — 7.3%
BMW Vehicle Lease Trust Series 2017-2, Class A3 2.07% due 10/20/2020		555,000		549,492
Capital One Multi-Asset Execution Trust Series 2016-A6, Class A6 1.82% due 09/15/2022		1,000,000		986,773
Citibank Credit Card Issuance Trust Series 2017-A8, Class A8 1.86% due 08/08/2022		200,000		195,533
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		1,400,000		1,379,687
Hyundai Auto Receivables Trust Series 2017-B, Class A3 1.77% due 01/18/2022		1,000,000		983,225
Kingsland VIII, Ltd. FRS Series 2018-8A, Class B 3.31% (3 ML+1.48%) due 04/20/2031(3)*		8,100,000		8,012,609
Toyota Auto Receivables Owner Trust Series 2018-A, Class A3 2.35% due 05/16/2022		75,000		74,310
Total Asset Backed Securities
(cost $12,330,772)				12,181,629

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 5.2%
Auto - Cars/Light Trucks — 0.8%
Ford Motor Credit Co. LLC FRS Senior Notes 3.29% (3 ML+0.93%) due 11/04/2019	$	1,270,000	$	1,279,321
Computers — 0.8%
Apple, Inc. FRS Senior Notes 2.44% (3 ML+0.08%) due 02/08/2019		1,290,000		1,290,859
Diversified Banking Institutions — 2.2%
Citigroup, Inc. FRS Senior Notes 3.24% (3 ML+0.88%) due 07/30/2018		1,285,000		1,286,838
Goldman Sachs Group, Inc. FRS Senior Notes 3.44% (3 ML+1.10%) due 11/15/2018		1,280,000		1,286,221
JPMorgan Chase & Co. FRS Senior Notes 3.26% (3 ML+0.90%) due 04/25/2023		1,100,000		1,111,906
				3,684,965
Finance - Credit Card — 0.8%
American Express Credit Corp. FRS Senior Notes 2.68% (3 ML+0.33%) due 05/03/2019		1,290,000		1,292,804
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		1,364
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(1)(2)†		71,000		7
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(1)(2)†		69,000		7
				1,378
Telephone - Integrated — 0.6%
AT&T, Inc. FRS Senior Notes 3.30% (3 ML+0.95%) due 07/15/2021		1,000,000		1,015,099
Total U.S. Corporate Bonds & Notes
(cost $8,563,589)				8,564,426
FOREIGN CORPORATE BONDS & NOTES — 3.1%
Banks - Commercial — 1.3%
Royal Bank of Canada FRS Senior Notes 2.70% (3ML + 0.38%) due 03/02/2020		1,100,000		1,102,525
Westpac Banking Corp. FRS Senior Notes 2.46% (3 ML+0.43%) due 03/06/2020		1,075,000		1,078,594
				2,181,119
Diversified Manufacturing Operations — 0.8%
Siemens Financieringsmaatschappij NV FRS Company Guar. Notes 2.41% (3 ML+0.32%) due 09/13/2019*		1,290,000		1,293,952
Oil Companies - Integrated — 0.2%
Shell International Finance BV FRS Company Guar. Notes 2.81% (3 ML+0.45%) due 05/11/2020		311,000		313,633

Security Description	Shares/ Principal Amount			Value (Note 2)
Soap & Cleaning Preparation — 0.8%
Reckitt Benckiser Treasury Services PLC FRS Company Guar. Notes 2.85% (3 ML+0.56%) due 06/24/2022#*	$	1,295,000		$	1,294,877
Total Foreign Corporate Bonds & Notes
(cost $5,089,861)					5,083,581
FOREIGN GOVERNMENT OBLIGATIONS — 1.4%
Sovereign — 1.4%
Republic of Indonesia Senior Notes 4.75% due 01/08/2026		375,000			383,973
Republic of Indonesia Senior Notes 4.88% due 05/05/2021		1,225,000			1,262,541
Republic of Indonesia Senior Notes 6.63% due 02/17/2037		590,000			691,935
Total Foreign Government Obligations
(cost $2,538,009)					2,338,449
Total Long-Term Investment Securities
(cost $153,998,197)					158,469,441
SHORT-TERM INVESTMENT SECURITIES — 7.4%
Registered Investment Companies — 6.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.67%(5)		4,700,541			4,700,541
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(4)(5)		5,301,092			5,301,092
					10,001,633
U.S. Government Treasuries — 1.3%
United States Treasury Bills
1.41% due 06/07/2018(6)		2,135,000			2,134,448
1.55% due 06/07/2018(6)		70,000			69,982
1.58% due 06/07/2018(6)		15,000			14,964
1.59% due 06/07/2018(6)		10,000			9,997
					2,229,391
Total Short-Term Investment Securities
(cost $12,231,078)					12,231,024
TOTAL INVESTMENTS
(cost $166,229,275) (7)		103.0	%		170,700,465
Liabilities in excess of other assets		(3.0	)		(5,035,106	)
NET ASSETS		100.0	%	$	165,665,359

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $11,283,773 representing 6.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(2) Illiquid security. At May 31, 2018, the aggregate value of these securities was $13,444 representing 0.0% of net assets.

(3) Collateralized Loan Obligation

(4) At May 31, 2018, the Fund had loaned securities with a total value of $10,790,906 This was secured by collateral of $5,301,092, which was received in cash and subsequently invested in short-term investments currently valued at $5,301,092 as reported in the

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Portfolio of Investments. Additional collateral of $5,876,389 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	2.75% to 4.00%	11/01/2034 to 04/01/2048	$	264,566
Federal National Mtg. Assoc.	3.00% to 4.46%	10/01/2032 to 05/01/2048		112,854
Government National Mtg. Assoc.	2.50% to 4.00%	08/20/2044 to 04/16/2059		78,311
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018		358,522
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		5,062,136

(5) The rate shown is the 7-day yield as of May 31, 2018.

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

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

ADR — American Depositary Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

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

SDR — Swedish Depositary Receipt

FRS — Floating Rate Security

The rates shown on the FRS is the current interest rates as of May 31, 2018, and unless noted otherwise, the dates shown are the original maturity date.

Index Legend

3ML—3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	29	Short	MSCI EAFE Index		June 2018	$	2,941,239	$	2,881,150	$	60,089
	20	Short	MSCI Emerging Markets Index		June 2018		1,217,674		1,121,700		95,974
	62	Short	Russell 1000 Growth Index		June 2018		4,464,576		4,430,520		34,056
	45	Long	Russell 1000 Value		June 2018		2,752,812		2,670,975		(81,837	)
	4	Long	Russell 2000 Mini Index		June 2018		323,164		326,840		3,676
	64	Short	S&P 500 E-Mini Index		June 2018		8,892,957		8,657,600		235,357
	335	Long	SGX Nifty 50 Index		June 2018		7,134,890		7,179,720		44,830
	1	Short	TOPIX Index		June 2018		158,887		159,471		(584	)
										$	391,561

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

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital Services, Inc.		GBP	4,300,000		USD	5,810,525		06/20/2018	$	89,875	$	–
		USD	9,645,510		EUR	7,820,000		06/20/2018		–		(492,566	)
		USD	2,314,420		IDR	32,020,000,000		06/20/2018		–		(15,567	)
		USD	7,117,313		INR	467,700,000		06/20/2018		–		(198,834	)
		USD	3,081,828		JPY	325,500,000		06/20/2018		–		(86,507	)
Net Unrealized Appreciation/(Depreciation)									$	89,875	$	(793,474	)

EUR—Euro Currency

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

GBP—British Pound

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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:
Telecommunications Equipment	$	253,853	$	—		$	0	$	253,853
Television		38,129		348,492	#		13,425		400,046
Other Industries		70,843,335		46,952,961	#		—		117,796,296
Exchange-Traded Funds		11,794,863		—			—		11,794,863
Preferred Securities/Capital Securities		—		—			5		5
Registered Investment Companies		—		56,293	#		—		56,293
Asset Backed Securities		—		12,181,629			—		12,181,629

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Corporate Bonds & Notes:
Finance - Investment Banker/Broker	$	—	$	1,364	$	14	$	1,378
Other Industries		—		8,563,048		—		8,563,048
Foreign Corporate Bonds & Notes		—		5,083,581		—		5,083,581
Foreign Government Obligations		—		2,338,449		—		2,338,449
Short-Term Investment Securities:
Registered Investment Companies		10,001,633		—		—		10,001,633
U.S. Government Treasuries		—		2,229,391		—		2,229,391
Total Investments at Value	$	92,931,813	$	77,755,208	$	13,444	$	170,700,465
Other Financial Instruments:†
Futures Contracts	$	473,982	$	—	$	—	$	473,982
Forward Foreign Currency Contracts		—		89,875		—		89,875
	$	473,982	$	89,875	$	—	$	563,857
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	81,837	$	584	$	—	$	82,421
Forward Foreign Currency Contracts		—		793,474		—		793,474
	$	81,837	$	794,058	$	—	$	875,895

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

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $21,366,603 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during 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.

See Notes to Financial Statements

22

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

E-Commerce/Products	14.2	%
Applications Software	10.9
Internet Content — Entertainment	6.9
Finance — Credit Card	6.1
Web Portals/ISP	5.7
Medical — HMO	5.6
E-Commerce/Services	4.3
Aerospace/Defense	4.0
Medical Products	3.5
Commercial Services — Finance	3.3
Diversified Banking Institutions	2.8
Medical — Biomedical/Gene	2.6
Finance — Investment Banker/Broker	2.6
Diagnostic Equipment	2.1
Internet Application Software	1.9
Airlines	1.8
Electronic Components — Semiconductors	1.8
Medical Instruments	1.5
Data Processing/Management	1.3
Hotels/Motels	1.3
Entertainment Software	1.0
Insurance Brokers	1.0
Banks — Fiduciary	0.9
Finance — Other Services	0.9
Auto — Cars/Light Trucks	0.8
Instruments — Controls	0.8
Retail — Apparel/Shoe	0.7
Cruise Lines	0.7
Enterprise Software/Service	0.7
Retail — Discount	0.6
Machinery — General Industrial	0.6
Computers	0.6
Registered Investment Companies	0.6
Transport — Rail	0.6
Retail — Building Products	0.6
Retail — Restaurants	0.6
Casino Hotels	0.5
Commercial Services	0.4
Electronic Measurement Instruments	0.4
Aerospace/Defense — Equipment	0.3
Semiconductor Components — Integrated Circuits	0.3
Insurance — Property/Casualty	0.3
Coatings/Paint	0.3
Auto/Truck Parts & Equipment — Original	0.3
Real Estate Investment Trusts	0.3
Electric — Integrated	0.2
Chemicals — Diversified	0.2
Tools — Hand Held	0.2
Semiconductor Equipment	0.2
Medical — Drugs	0.2
Insurance — Multi-line	0.1
Electric — Distribution	0.1
Beverages — Wine/Spirits	0.1
Retail — Perfume & Cosmetics	0.1
	100.4	%

* Calculated as a percentage of net assets

23

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.8%
Aerospace/Defense — 4.0%
Boeing Co.		76,934	$	27,093,078
Northrop Grumman Corp.		13,100		4,286,975
				31,380,053
Aerospace/Defense - Equipment — 0.3%
Harris Corp.		17,400		2,618,178
Airlines — 1.8%
Alaska Air Group, Inc.		27,028		1,643,573
American Airlines Group, Inc.#		184,393		8,028,471
Delta Air Lines, Inc.		59,100		3,194,355
United Continental Holdings, Inc.†		15,500		1,078,645
				13,945,044
Applications Software — 10.9%
Intuit, Inc.		55,647		11,218,435
Microsoft Corp.		376,837		37,246,569
Red Hat, Inc.†		46,233		7,509,164
salesforce.com, Inc.†		122,284		15,814,990
ServiceNow, Inc.†		73,023		12,969,615
				84,758,773
Auto - Cars/Light Trucks — 0.8%
Ferrari NV#		12,500		1,641,875
Tesla, Inc.†		16,527		4,705,733
				6,347,608
Auto/Truck Parts & Equipment - Original — 0.3%
Aptiv PLC		21,500		2,096,250
Banks - Fiduciary — 0.9%
Bank of New York Mellon Corp.		12,500		684,375
Northern Trust Corp.		3,600		369,072
State Street Corp.		63,349		6,088,472
				7,141,919
Beverages - Non-alcoholic — 0.0%
Monster Beverage Corp.†		2,000		102,320
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A		2,800		624,624
Casino Hotels — 0.5%
Wynn Resorts, Ltd.		21,602		4,234,208
Chemicals - Diversified — 0.2%
DowDuPont, Inc.		24,865		1,594,095
Coatings/Paint — 0.3%
Sherwin-Williams Co.		6,200		2,351,350
Commercial Services — 0.4%
Cintas Corp.		9,064		1,651,914
CoStar Group, Inc.†		3,667		1,397,934
				3,049,848
Commercial Services - Finance — 3.3%
FleetCor Technologies, Inc.†		14,300		2,850,705
Global Payments, Inc.		60,535		6,729,071
IHS Markit, Ltd.†		2,216		109,204
PayPal Holdings, Inc.†		124,833		10,245,044
S&P Global, Inc.		17,600		3,476,000
Worldpay, Inc., Class A†		31,850		2,531,120
				25,941,144
Computers — 0.6%
Apple, Inc.		25,400		4,746,498
Containers - Metal/Glass — 0.0%
Ball Corp.		9,054		334,545

Security Description	Shares		Value (Note 2)
Cruise Lines — 0.7%
Norwegian Cruise Line Holdings, Ltd.†		30,404	$	1,591,345
Royal Caribbean Cruises, Ltd.		33,704		3,538,246
				5,129,591
Data Processing/Management — 1.3%
Fidelity National Information Services, Inc.		35,600		3,639,032
Fiserv, Inc.†		93,288		6,772,709
				10,411,741
Diagnostic Equipment — 2.1%
Danaher Corp.		81,895		8,130,535
Thermo Fisher Scientific, Inc.		37,832		7,879,271
				16,009,806
Diversified Banking Institutions — 2.8%
Citigroup, Inc.		7,800		520,182
JPMorgan Chase & Co.		60,200		6,442,002
Morgan Stanley		288,597		14,470,254
				21,432,438
Diversified Manufacturing Operations — 0.0%
Textron, Inc.		5,500		366,190
E-Commerce/Products — 14.2%
Alibaba Group Holding, Ltd. ADR†#		150,822		29,864,264
Amazon.com, Inc.†		49,816		81,181,150
				111,045,414
E-Commerce/Services — 4.3%
Booking Holdings, Inc.†		15,611		32,922,350
Ctrip.com International, Ltd. ADR†		16,380		738,574
				33,660,924
Electric - Distribution — 0.1%
Sempra Energy		6,474		689,675
Electric - Integrated — 0.2%
NextEra Energy, Inc.		10,741		1,780,965
Electronic Components - Misc. — 0.0%
Corning, Inc.		4,400		119,548
Electronic Components - Semiconductors — 1.8%
Broadcom, Inc.		20,400		5,142,228
Microchip Technology, Inc.#		34,900		3,398,562
Texas Instruments, Inc.		47,000		5,259,770
Xilinx, Inc.		1,100		74,921
				13,875,481
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		1,600		99,072
Fortive Corp.		38,990		2,834,183
				2,933,255
Enterprise Software/Service — 0.7%
Workday, Inc., Class A†		38,900		5,094,344
Entertainment Software — 1.0%
Activision Blizzard, Inc.		34,400		2,439,304
Electronic Arts, Inc.†		40,000		5,236,400
				7,675,704
Finance - Credit Card — 6.1%
Mastercard, Inc., Class A		114,956		21,855,435
Visa, Inc., Class A#		197,136		25,769,618
				47,625,053

24

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Investment Banker/Broker — 2.6%
Charles Schwab Corp.		106,800	$	5,940,216
Raymond James Financial, Inc.		12,000		1,158,720
TD Ameritrade Holding Corp.		225,046		13,322,723
				20,421,659
Finance - Other Services — 0.9%
Intercontinental Exchange, Inc.		98,006		6,947,645
Hotels/Motels — 1.3%
Hilton Worldwide Holdings, Inc.		29,605		2,389,420
Marriott International, Inc., Class A		57,904		7,837,885
				10,227,305
Instruments - Controls — 0.8%
Honeywell International, Inc.		40,100		5,931,191
Insurance Brokers — 1.0%
Marsh & McLennan Cos., Inc.		21,018		1,689,217
Willis Towers Watson PLC		38,100		5,758,815
				7,448,032
Insurance - Multi-line — 0.1%
Chubb, Ltd.		7,300		954,037
Insurance - Property/Casualty — 0.3%
Progressive Corp.		39,670		2,463,110
Internet Application Software — 1.9%
Tencent Holdings, Ltd.		298,600		15,051,725
Internet Content - Entertainment — 6.9%
Facebook, Inc., Class A†		217,444		41,701,410
Netflix, Inc.†		33,951		11,937,172
				53,638,582
Internet Security — 0.0%
Symantec Corp.		3,600		74,808
Investment Management/Advisor Services — 0.0%
Ameriprise Financial, Inc.		840		116,449
Machinery - General Industrial — 0.6%
Roper Technologies, Inc.		17,400		4,798,746
Medical Instruments — 1.5%
Intuitive Surgical, Inc.†		24,948		11,467,847
Medical Products — 3.5%
Abbott Laboratories		15,100		929,103
Becton Dickinson and Co.		59,167		13,110,816
Stryker Corp.		75,256		13,096,049
				27,135,968
Medical - Biomedical/Gene — 2.6%
Alexion Pharmaceuticals, Inc.†		68,095		7,907,872
Biogen, Inc.†		107		31,454
Celgene Corp.†		1,255		98,744
Illumina, Inc.†		373		101,620
Vertex Pharmaceuticals, Inc.†		80,500		12,397,000
				20,536,690
Medical - Drugs — 0.2%
Merck & Co., Inc.		10,000		595,300
Zoetis, Inc.		7,700		644,490
				1,239,790
Medical - HMO — 5.6%
Aetna, Inc.		592		104,269
Anthem, Inc.		35,934		7,956,506

Security Description	Shares		Value (Note 2)
Medical - HMO (continued)
Centene Corp.†		15,846	$	1,856,517
Cigna Corp.		40,500		6,859,485
Humana, Inc.		16,240		4,725,515
UnitedHealth Group, Inc.		91,503		22,098,890
				43,601,182
Real Estate Investment Trusts — 0.3%
American Tower Corp.		13,702		1,895,946
Equinix, Inc.		256		101,593
				1,997,539
Retail - Apparel/Shoe — 0.7%
Ross Stores, Inc.		72,500		5,718,800
Retail - Auto Parts — 0.0%
O’Reilly Automotive, Inc.†		326		87,828
Retail - Building Products — 0.6%
Home Depot, Inc.		23,662		4,414,146
Retail - Discount — 0.6%
Costco Wholesale Corp.		900		178,416
Dollar General Corp.		54,523		4,769,672
				4,948,088
Retail - Perfume & Cosmetics — 0.1%
ULTA Beauty, Inc.†		2,100		518,511
Retail - Restaurants — 0.6%
McDonald’s Corp.		2,300		368,023
Yum! Brands, Inc.		49,506		4,026,323
				4,394,346
Semiconductor Components - Integrated Circuits — 0.3%
Maxim Integrated Products, Inc.		43,500		2,551,275
Semiconductor Equipment — 0.2%
ASML Holding NV		4,915		966,535
Lam Research Corp.		2,200		435,996
				1,402,531
Software Tools — 0.0%
VMware, Inc., Class A†		907		124,694
Tobacco — 0.0%
Philip Morris International, Inc.		1,000		79,540
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc.		11,200		1,559,488
Transport - Rail — 0.6%
Canadian Pacific Railway, Ltd.		8,400		1,619,436
CSX Corp.		38,200		2,469,630
Union Pacific Corp.		2,300		328,348
				4,417,414
Transport - Services — 0.0%
FedEx Corp.		500		124,560
Web Portals/ISP — 5.7%
Alphabet, Inc., Class A†		12,100		13,310,000
Alphabet, Inc., Class C†		28,634		31,067,605
				44,377,605
Total Long-Term Investment Securities
(cost $416,936,238)				777,887,717

25

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Institutional U.S. Government Money Market Fund Premier Class 1.67%(1)		749,278		$	749,278
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		328,350			328,350
T. Rowe Price Government Reserve Fund 1.78%(1)		3,615,005			3,615,005
Total Short-Term Investment Securities
(cost $4,692,633)					4,692,633
TOTAL INVESTMENTS
(cost $421,628,871)(3)		100.4	%		782,580,350
Liabilities in excess of other assets		(0.4	)		(3,244,351	)
NET ASSETS		100.0	%	$	779,335,999

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2018.

(2) At May 31, 2018, the Fund had loaned securities with a total value of $36,089,358. This was secured by collateral of $328,350, which was received in cash and subsequently invested in short-term investments currently valued at $328,350 as reported in the Portfolio of Investments. Additional collateral of $36,454,979 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	7,559,448
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		3,061,060
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		2,012,723
United States Treasury Bills	0.00%	06/14/2018 to 11/08/2018		999,092
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		22,822,656

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	762,835,992	$	15,051,725	**	$	—	$	777,887,717
Short-Term Investment Securities:		4,692,633		—			—		4,692,633
Total Investments at Value	$	767,528,625	$	15,051,725		$	—	$	782,580,350

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $15,051,725 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

26

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	8.3	%
Diversified Banking Institutions	6.8
Medical — HMO	5.3
Electronic Components — Semiconductors	4.6
Banks — Super Regional	4.2
Chemicals — Diversified	3.9
Medical — Drugs	3.9
Cruise Lines	3.9
Oil Companies — Integrated	3.4
Finance — Consumer Loans	2.9
Banks — Fiduciary	2.8
Pharmacy Services	2.7
Tobacco	2.3
Industrial Gases	2.1
Finance — Credit Card	1.9
Retail — Auto Parts	1.9
Finance — Investment Banker/Broker	1.9
Oil Refining & Marketing	1.9
Applications Software	1.8
Retail — Building Products	1.8
Medical Instruments	1.7
Retail — Discount	1.6
Aerospace/Defense	1.6
Beverages — Non-alcoholic	1.6
Insurance — Property/Casualty	1.5
Insurance Brokers	1.5
Aerospace/Defense — Equipment	1.5
Enterprise Software/Service	1.5
Computers	1.4
Diversified Manufacturing Operations	1.4
Tools — Hand Held	1.2
Cable/Satellite TV	1.2
Building & Construction Products — Misc.	1.2
Semiconductor Components — Integrated Circuits	1.1
Savings & Loans/Thrifts	1.1
Building Products — Air & Heating	1.1
Rental Auto/Equipment	1.1
Electric — Integrated	1.0
Finance — Mortgage Loan/Banker	0.9
Investment Companies	0.9
Medical — Wholesale Drug Distribution	0.9
Apparel Manufacturers	0.8
Multimedia	0.8
Chemicals — Specialty	0.7
Medical — Generic Drugs	0.7
Commercial Services	0.6
Time Deposits	0.5
Diversified Minerals	0.5
Registered Investment Companies	0.3
	100.2	%

* Calculated as a percentage of net assets

27

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Aerospace/Defense — 1.6%
Spirit AeroSystems Holdings, Inc., Class A		11,100	$	940,281
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		7,190		897,456
Apparel Manufacturers — 0.8%
Hanesbrands, Inc.#		26,200		477,626
Applications Software — 1.8%
Microsoft Corp.		11,135		1,100,583
Banks - Fiduciary — 2.8%
Bank of New York Mellon Corp.		13,729		751,663
State Street Corp.		9,810		942,839
				1,694,502
Banks - Super Regional — 4.2%
KeyCorp		42,000		816,480
PNC Financial Services Group, Inc.		4,425		634,589
Wells Fargo & Co.		18,945		1,022,841
				2,473,910
Beverages - Non-alcoholic — 1.6%
Coca-Cola European Partners PLC		24,400		926,468
Building & Construction Products - Misc. — 1.2%
Owens Corning		11,301		714,449
Building Products - Air & Heating — 1.1%
Johnson Controls International PLC		19,443		652,507
Cable/Satellite TV — 1.2%
Comcast Corp., Class A		23,206		723,563
Chemicals - Diversified — 3.9%
Celanese Corp., Series A		6,900		779,148
DowDuPont, Inc.		14,014		898,438
LyondellBasell Industries NV, Class A		5,700		639,084
				2,316,670
Chemicals - Specialty — 0.7%
Versum Materials, Inc.		10,200		407,694
Commercial Services — 0.6%
Nielsen Holdings PLC		12,800		386,176
Computers — 1.4%
Hewlett Packard Enterprise Co.		56,100		854,964
Cruise Lines — 3.9%
Carnival Corp.		8,800		548,064
Norwegian Cruise Line Holdings, Ltd.†		17,092		894,595
Royal Caribbean Cruises, Ltd.		8,149		855,482
				2,298,141
Diversified Banking Institutions — 6.8%
Bank of America Corp.		52,626		1,528,259
Citigroup, Inc.		20,319		1,355,074
JPMorgan Chase & Co.		10,944		1,171,118
				4,054,451
Diversified Manufacturing Operations — 1.4%
General Electric Co.		60,000		844,800
Diversified Minerals — 0.5%
Fairmount Santrol Holdings, Inc.†#		50,100		282,063
Electric - Integrated — 1.0%
Exelon Corp.		14,951		618,822
Electronic Components - Semiconductors — 4.6%
Broadcom, Inc.		2,583		651,097
Microchip Technology, Inc.#		11,400		1,110,132

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Texas Instruments, Inc.		8,620	$	964,664
				2,725,893
Enterprise Software/Service — 1.5%
Oracle Corp.		18,500		864,320
Finance - Consumer Loans — 2.9%
Navient Corp.		39,105		540,040
SLM Corp.†		102,505		1,171,632
				1,711,672
Finance - Credit Card — 1.9%
American Express Co.		11,455		1,126,026
Finance - Investment Banker/Broker — 1.9%
E*TRADE Financial Corp.†		17,700		1,121,295
Finance - Mortgage Loan/Banker — 0.9%
FNF Group		15,200		561,792
Industrial Gases — 2.1%
Air Products & Chemicals, Inc.		5,900		952,319
Praxair, Inc.		1,902		297,206
				1,249,525
Insurance Brokers — 1.5%
Willis Towers Watson PLC		6,010		908,411
Insurance - Property/Casualty — 1.5%
Berkshire Hathaway, Inc., Class B†		4,800		919,344
Investment Companies — 0.9%
Jefferies Financial Group, Inc.		24,717		540,808
Medical Instruments — 1.7%
Medtronic PLC		11,530		995,270
Medical - Drugs — 3.9%
Johnson & Johnson		5,485		656,116
Merck & Co., Inc.		12,900		767,937
Pfizer, Inc.		24,841		892,537
				2,316,590
Medical - Generic Drugs — 0.7%
Teva Pharmaceutical Industries, Ltd. ADR		18,000		387,000
Medical - HMO — 5.3%
Anthem, Inc.		4,715		1,043,995
Cigna Corp.		5,469		926,285
UnitedHealth Group, Inc.		5,020		1,212,380
				3,182,660
Medical - Wholesale Drug Distribution — 0.9%
Cardinal Health, Inc.		9,800		510,482
Multimedia — 0.8%
Twenty-First Century Fox, Inc., Class A		12,207		470,580
Oil Companies - Exploration & Production — 8.3%
ConocoPhillips		17,365		1,170,227
Hess Corp.#		20,200		1,220,484
Kosmos Energy, Ltd.†#		68,297		530,668
Occidental Petroleum Corp.		12,965		1,091,653
Vermilion Energy, Inc.#		26,789		939,490
				4,952,522
Oil Companies - Integrated — 3.4%
BP PLC ADR		23,235		1,064,628
Chevron Corp.		7,900		981,970
				2,046,598

28

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Refining & Marketing — 1.9%
Phillips 66		9,600	$	1,118,304
Pharmacy Services — 2.7%
CVS Health Corp.		13,644		864,893
Express Scripts Holding Co.†		9,400		712,614
				1,577,507
Rental Auto/Equipment — 1.1%
AMERCO		2,000		645,880
Retail - Auto Parts — 1.9%
Advance Auto Parts, Inc.		5,186		667,023
O’Reilly Automotive, Inc.†		1,692		455,842
				1,122,865
Retail - Building Products — 1.8%
Lowe’s Cos., Inc.		11,500		1,092,615
Retail - Discount — 1.6%
Dollar General Corp.		10,800		944,784
Savings & Loans/Thrifts — 1.1%
New York Community Bancorp, Inc.#		56,600		655,994
Semiconductor Components - Integrated Circuits — 1.1%
QUALCOMM, Inc.		11,713		680,760
Tobacco — 2.3%
Altria Group, Inc.		13,278		740,116
Philip Morris International, Inc.		8,000		636,320
				1,376,436
Tools - Hand Held — 1.2%
Stanley Black & Decker, Inc.		5,260		732,402
Total Long-Term Investment Securities
(cost $45,504,023)				59,203,461

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		154,712		$	154,712
Time Deposits — 0.5%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/18	$	306,000			306,000
Total Short-Term Investment Securities
(cost $460,712)					460,712
TOTAL INVESTMENTS
(cost $45,964,735)(3)		100.2	%		59,664,173
Liabilities in excess of other assets		(0.2	)		(132,627	)
NET ASSETS		100.0	%	$	59,531,546

† Non-income producing security

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

(1) At May 31, 2018, the Fund had loaned securities with a total value of $4,822,472. This was secured by collateral of $154,712, which was received in cash and subsequently invested in short-term investments currently valued at $154,712 as reported in the Portfolio of Investments. Additional collateral of $4,790,255 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018	$	296,750
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		4,493,505

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	59,203,461	$	—	$	—	$	59,203,461
Short-Term Investment Securities:
Registered Investment Companies		154,712		—		—		154,712
Time Deposits		—		306,000		—		306,000
Total Investments at Value	$	59,358,173	$	306,000	$	—	$	59,664,173

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

29

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — May 31, 2018

Industry Allocation*

Federal National Mtg. Assoc.	21.5	%
United States Treasury Notes	16.2
Federal Home Loan Mtg. Corp.	14.2
Diversified Banking Institutions	6.1
United States Treasury Bonds	5.6
Registered Investment Companies	3.5
Banks — Commercial	3.4
Diversified Financial Services	3.2
Government National Mtg. Assoc.	3.1
Electric — Integrated	2.2
Auto — Cars/Light Trucks	1.7
Telephone — Integrated	1.7
Banks — Super Regional	1.3
Pipelines	1.2
Oil Companies — Integrated	0.8
Savings & Loans/Thrifts	0.6
Medical Labs & Testing Services	0.6
Brewery	0.6
Oil Companies — Exploration & Production	0.6
Insurance — Life/Health	0.6
Insurance — Multi-line	0.6
Paper & Related Products	0.5
Computer Services	0.4
Medical — HMO	0.4
Enterprise Software/Service	0.4
Networking Products	0.4
Finance — Other Services	0.4
Computers	0.3
Cellular Telecom	0.3
Pharmacy Services	0.3
Agricultural Chemicals	0.3
Insurance — Mutual	0.3
Auto/Truck Parts & Equipment — Original	0.3
Sovereign	0.3
Retail — Discount	0.3
Cable/Satellite TV	0.3
Electronic Components — Semiconductors	0.2
Aerospace/Defense — Equipment	0.2
Diversified Manufacturing Operations	0.2
Insurance — Property/Casualty	0.2
Electric — Generation	0.2
Building Products — Cement	0.2
SupraNational Banks	0.2
Finance — Credit Card	0.2
Machinery — Construction & Mining	0.2
Machinery — Farming	0.2
Building & Construction Products — Misc.	0.2
Medical — Biomedical/Gene	0.2
Tools — Hand Held	0.2
Medical — Drugs	0.2
Machinery — Electrical	0.1
Trucking/Leasing	0.1
Medical — Generic Drugs	0.1
Federal Home Loan Bank	0.1
Finance — Investment Banker/Broker	0.1
Retail — Restaurants	0.1
Aerospace/Defense	0.1
Electric — Distribution	0.1
Chemicals — Diversified	0.1
Commercial Services	0.1
Food — Retail	0.1
Food — Misc./Diversified	0.1
Retail — Automobile	0.1
Gold Mining	0.1
Chemicals — Specialty	0.1
Building Societies	0.1
Building — Residential/Commercial	0.1
Real Estate Investment Trusts	0.1
Semiconductor Components — Integrated Circuits	0.1

Transport — Services	0.1
Transport — Marine	0.1
Beverages — Non-alcoholic	0.1
Petrochemicals	0.1
Transport — Equipment & Leasing	0.1
Diversified Minerals	0.1
Transport — Rail	0.1
Telecom Services	0.1
Machinery — Pumps	0.1
Retail — Auto Parts	0.1
Applications Software	0.1
Tennessee Valley Authority	0.1
Airlines	0.1
Electronic Components — Misc.	0.1
Building Products — Wood	0.1
	100.7	%

Credit Quality#†

Aaa	66.6	%
Aa	2.8
A	11.5
Baa	14.0
Ba	3.3
Not Rated@	1.8
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

30

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.9%
Diversified Financial Services — 2.9%
American Express Credit Account Master Trust Series 2018-4, Class A 2.99% due 12/15/2023	$	125,000	$	125,383
American Express Credit Account Master Trust Series 2018-5, Class A 3.42% due 12/15/2025		125,000		125,174
Avis Budget Rental Car Funding AESOP LLC Series 2015-1A, Class A 2.50% due 07/20/2021*		100,000		98,565
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		112,000		112,287
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		186,000		188,733
Capital One Multi-Asset Execution Trust Series 2016-A4, Class A4 1.33% due 06/15/2022		110,000		108,179
CarMax Auto Owner Trust Series 2016-4, Class A4 1.60% due 06/15/2022		230,000		222,988
Chase Mtg. Finance Trust VRS Series 2016-2, Class M2 3.75% due 12/25/2045*(2)(3)		270,788		268,923
Citibank Credit Card Issuance Trust Series 2017-A3, Class A3 1.92% due 04/07/2022		115,000		113,193
Citibank Credit Card Issuance Trust Series 2014-A6, Class A6 2.15% due 07/15/2021		128,000		127,282
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1 2.88% due 01/23/2023		333,000		333,009
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(3)		125,000		123,973
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,764,000		1,751,082
CSMC Trust Series 2015-GLPA, Class A 3.88% due 11/15/2037*(1)		467,000		476,922
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		350,000		344,922
Ford Credit Auto Owner Trust Series 2016-C, Class B 1.73% due 03/15/2022		125,000		121,737
Ford Credit Auto Owner Trust Series 2015-2, Class A 2.44% due 01/15/2027*		250,000		247,610
Ford Credit Floorplan Master Owner Trust Series 2017-1, Class A1 2.07% due 05/15/2022		287,000		282,483
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		195,194
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		240,000		240,043
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)		390,000		390,266
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		34,000		32,968

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
MSDB Trust VRS Series 2017-712F, Class A 3.32% due 07/11/2039*(1)(3)	$	790,000	$	773,521
Nissan Auto Receivables Owner Trust Series 2016-C, Class A3 1.18% due 01/15/2021		250,000		247,230
Synchrony Credit Card Master Note Trust Series 2016-2, Class A 2.21% due 05/15/2024		100,000		97,793
Toyota Auto Receivables Owner Trust Series 2018-A, Class A3 2.35% due 05/16/2022		225,000		222,930
Verizon Owner Trust Series 2018-1A, Class C 3.20% due 09/20/2022*		100,000		99,833
Total Asset Backed Securities
(cost $7,632,827)				7,472,223
U.S. CORPORATE BONDS & NOTES — 23.2%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		116,000		117,292
Aerospace/Defense — 0.1%
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		311,000		310,892
Aerospace/Defense-Equipment — 0.2%
Harris Corp. Senior Notes 4.40% due 06/15/2028		279,000		282,515
Spirit AeroSystems, Inc. Company Guar. Notes 4.60% due 06/15/2028		136,000		137,676
United Technologies Corp. Senior Notes 1.90% due 05/04/2020		213,000		209,199
				629,390
Agricultural Chemicals — 0.1%
Mosaic Co. Senior Notes 3.25% due 11/15/2022		141,000		137,625
Mosaic Co. Senior Notes 4.05% due 11/15/2027#		192,000		184,442
Mosaic Co. Senior Notes 4.88% due 11/15/2041		82,000		76,239
				398,306
Airlines — 0.1%
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		141,000		140,162
Applications Software — 0.1%
Microsoft Corp. Senior Notes 4.10% due 02/06/2037		148,000		155,609
Auto - Cars/Light Trucks — 1.6%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*#		490,000		489,396

31

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks (continued)
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*	$	192,000	$	184,567
Daimler Finance North America LLC Company Guar. Notes 2.30% due 01/06/2020*		253,000		250,219
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		413,000		408,317
Daimler Finance North America LLC Company Guar. Notes 3.10% due 05/04/2020*		734,000		734,523
Ford Motor Credit Co. LLC Senior Notes 2.34% due 11/02/2020		627,000		612,749
Nissan Motor Acceptance Corp. Senior Notes 2.15% due 09/28/2020*		445,000		435,099
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		333,000		322,574
Toyota Motor Credit Corp. Senior Notes 2.95% due 04/13/2021		749,000		748,222
				4,185,666
Banks - Commercial — 1.7%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		846,000		863,950
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		540,000		544,131
First Horizon National Corp. Senior Notes 3.50% due 12/15/2020		541,000		543,230
First Tennessee Bank NA Senior Notes 2.95% due 12/01/2019		258,000		256,910
Regions Financial Corp. Senior Notes 2.75% due 08/14/2022		304,000		294,644
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		869,000		1,148,021
Santander Holdings USA, Inc. Senior Notes 3.40% due 01/18/2023		490,000		476,147
Synovus Financial Corp. Senior Notes 3.13% due 11/01/2022		141,000		136,062
				4,263,095
Banks - Super Regional — 1.1%
Capital One Financial Corp. Sub. Notes 3.75% due 07/28/2026#		205,000		192,382
Citibank NA Senior Notes 2.13% due 10/20/2020		429,000		419,127
Huntington National Bank Senior Notes 2.38% due 03/10/2020		254,000		251,084
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		1,294,000		1,261,777

Security Description	Principal Amount		Value (Note 2)
Banks - Super Regional (continued)
Wells Fargo & Co. Sub. Notes 4.40% due 06/14/2046	$	33,000	$	30,856
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		335,000		330,880
Wells Fargo Bank NA Senior Notes 2.40% due 01/15/2020		359,000		356,248
				2,842,354
Beverages - Non-alcoholic — 0.1%
Maple Escrow Subsidiary, Inc. Company Guar. Notes 4.60% due 05/25/2028*		206,000		207,651
Brewery — 0.6%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 2.65% due 02/01/2021		403,000		399,241
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.70% due 02/01/2036		129,000		132,881
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.90% due 02/01/2046		737,000		767,698
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		185,000		185,382
				1,485,202
Broadcast Services/Program — 0.0%
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		103,000		99,704
Building & Construction Products - Misc. — 0.2%
Owens Corning Company Guar. Notes 4.30% due 07/15/2047		401,000		340,368
Owens Corning Company Guar. Notes 4.40% due 01/30/2048		121,000		104,556
				444,924
Building Products - Cement — 0.2%
CRH America Finance, Inc. Company Guar. Notes 3.95% due 04/04/2028*		215,000		208,273
Martin Marietta Materials, Inc. Senior Notes 4.25% due 12/15/2047		90,000		79,955
Vulcan Materials Co. Senior Notes 4.70% due 03/01/2048*		218,000		208,396
				496,624
Building Products - Wood — 0.1%
Masco Corp. Senior Notes 4.50% due 05/15/2047		147,000		136,088
Building - Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		250,000		225,250

32

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.75% due 02/15/2028	$	132,000	$	120,540
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		39,000		38,023
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		75,000		69,953
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		135,000		132,360
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		129,000		137,628
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		172,000		157,614
				656,118
Cellular Telecom — 0.2%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 03/20/2025*		580,000		576,404
Chemicals - Diversified — 0.0%
Westlake Chemical Corp. Company Guar. Notes 4.38% due 11/15/2047		108,000		101,878
Chemicals - Specialty — 0.1%
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		179,000		237,171
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		36,000		32,709
Commercial Services — 0.1%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		290,000		280,552
Computer Services — 0.4%
IBM Credit LLC Senior Notes 1.63% due 09/06/2019		351,000		346,626
IBM Credit LLC Senior Notes 2.65% due 02/05/2021		794,000		788,175
				1,134,801
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		238,000		238,500
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.10% due 07/15/2036*		510,000		599,378

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035	$	39,000	$	40,557
				878,435
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 4.25% due 05/15/2028		125,000		125,880
Diversified Banking Institutions — 3.3%
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		218,000		216,201
Bank of America Corp. Senior Bonds 3.95% due 01/23/2049		178,000		164,504
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		1,253,000		1,227,262
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		334,000		389,988
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		304,000		294,162
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		171,000		163,480
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		753,000		745,975
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		208,000		203,979
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		131,000		149,970
Goldman Sachs Group, Inc. Senior Notes 2.91% due 06/05/2023		444,000		430,353
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		348,000		321,956
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		308,000		359,467
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		514,000		618,988
JPMorgan Chase & Co. Senior Notes 2.55% due 03/01/2021		408,000		401,077
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		573,000		536,601
Morgan Stanley Senior Notes 2.75% due 05/19/2022		530,000		516,771
Morgan Stanley Senior Notes 3.59% due 07/22/2028		360,000		344,080
Morgan Stanley Senior Notes 3.97% due 07/22/2038		143,000		134,581

33

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Sub. Notes 4.10% due 05/22/2023	$	528,000	$	534,246
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		638,000		664,433
				8,418,074
Diversified Manufacturing Operations — 0.1%
Carlisle Cos., Inc. Senior Notes 3.75% due 12/01/2027		230,000		221,051
Electric - Distribution — 0.1%
Entergy Louisiana LLC Collateral Trust Bonds 4.00% due 03/15/2033		126,000		127,751
Electric - Generation — 0.2%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		451,000		478,353
Electric - Integrated — 1.6%
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		300,000		327,313
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		190,000		187,922
Edison International Senior Notes 4.13% due 03/15/2028#		359,000		357,410
Exelon Corp. Junior Sub. Notes 3.50% due 06/01/2022		267,000		264,754
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		165,000		164,705
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		242,000		237,566
FirstEnergy Corp. Senior Notes 4.85% due 07/15/2047		329,000		343,176
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		726,000		957,086
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		177,000		173,220
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		324,000		316,422
Nevada Power Co. General Ref. Mtg. 2.75% due 04/15/2020		207,000		206,841
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		439,000		445,685
				3,982,100
Electronic Components - Misc. — 0.1%
Jabil, Inc. Senior Notes 3.95% due 01/12/2028		145,000		138,307

Security Description	Principal Amount		Value (Note 2)
Electronic Components - Semiconductors — 0.2%
Intel Corp. Senior Notes 2.45% due 07/29/2020#	$	378,000	$	376,103
Texas Instruments, Inc. Senior Notes 4.15% due 05/15/2048		245,000		255,908
				632,011
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.95% due 11/15/2024		640,000		621,771
Oracle Corp. Senior Notes 3.80% due 11/15/2037#		176,000		172,059
Oracle Corp. Senior Notes 3.85% due 07/15/2036		94,000		92,642
Oracle Corp. Senior Notes 3.90% due 05/15/2035		75,000		74,475
				960,947
Finance - Credit Card — 0.2%
American Express Co. Senior Notes 2.50% due 08/01/2022		499,000		479,839
Finance - Investment Banker/Broker — 0.1%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.15% due 01/23/2030		174,000		157,267
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000		2,759
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(4)(5)†		87,000		9
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(4)(5)†		112,000		11
TD Ameritrade Holding Corp. Senior Notes 2.95% due 04/01/2022		162,000		160,315
				320,361
Finance - Other Services — 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		352,000		346,328
National Rural Utilities Cooperative Finance Corp. Senior Notes 2.30% due 09/15/2022		192,000		184,854
National Rural Utilities Cooperative Finance Corp. Collateral Trust Notes 2.40% due 04/25/2022		146,000		141,742
				672,924
Food - Meat Products — 0.0%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		111,000		106,206
Food - Misc./Diversified — 0.1%
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		254,000		263,733

34

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food - Retail — 0.1%
Kroger Co. Senior Notes 4.65% due 01/15/2048#	$	291,000	$	275,200
Gas - Distribution — 0.0%
NiSource, Inc. Senior Notes 4.38% due 05/15/2047		94,000		92,666
Insurance - Life/Health — 0.1%
AXA Equitable Holdings, Inc. Senior Notes 5.00% due 04/20/2048*		94,000		89,986
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		80,000		69,868
				159,854
Insurance - Multi-line — 0.4%
Assurant, Inc. Senior Notes 4.90% due 03/27/2028#		263,000		265,732
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		165,000		195,254
Metropolitan Life Global Funding I Sec. Notes 2.30% due 04/10/2019*		485,000		483,731
				944,717
Insurance - Mutual — 0.3%
Massachusetts Mutual Life Insurance Co. Sub. Notes 4.50% due 04/15/2065*		102,000		98,944
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		200,000		192,045
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		498,000		487,179
				778,168
Insurance - Property/Casualty — 0.1%
Berkshire Hathaway, Inc. Senior Notes 1.15% due 08/15/2018#		171,000		170,607
Markel Corp. Senior Notes 4.30% due 11/01/2047		168,000		155,700
				326,307
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		198,000		192,233
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023#		286,000		287,193
				479,426
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		341,000		341,660

Security Description	Principal Amount		Value (Note 2)
Machinery - Farming — 0.1%
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021	$	238,000	$	234,697
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		322,000		312,506
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		404,000		386,037
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		548,000		544,683
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		268,000		266,926
				1,510,152
Medical - Biomedical/Gene — 0.2%
Celgene Corp. Senior Notes 3.63% due 05/15/2024		175,000		171,689
Celgene Corp. Senior Notes 4.55% due 02/20/2048		270,000		251,505
				423,194
Medical - Drugs — 0.1%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		215,000		215,637
Medical - Generic Drugs — 0.1%
Actavis, Inc. Company Guar. Notes 3.25% due 10/01/2022		156,000		152,103
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048*		189,000		183,003
				335,106
Medical - HMO — 0.4%
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		957,000		923,709
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		172,000		172,956
				1,096,665
Metal - Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 3.88% due 10/27/2027*#		122,000		114,758
Multimedia — 0.0%
Time Warner, Inc. Company Guar. Notes 4.85% due 07/15/2045		24,000		23,228
Networking Products — 0.4%
Cisco Systems, Inc. Senior Notes 2.20% due 02/28/2021		933,000		916,363

35

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 0.6%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036	$	377,000	$	445,728
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		252,000		251,603
Hess Corp. Senior Notes 5.60% due 02/15/2041		234,000		238,672
Marathon Oil Corp. Senior Notes 4.40% due 07/15/2027		211,000		214,038
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		267,000		325,395
				1,475,436
Oil Companies - Integrated — 0.3%
Chevron Corp. Senior Notes 3.19% due 06/24/2023		720,000		720,173
Oil - Field Services — 0.0%
Halliburton Co. Senior Notes 4.85% due 11/15/2035		73,000		76,945
Paper & Related Products — 0.5%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		380,000		404,263
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*#		202,000		202,321
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		368,000		371,609
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		235,000		247,477
International Paper Co. Senior Notes 5.00% due 09/15/2035		106,000		110,106
				1,335,776
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		202,000		202,052
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		283,000		282,317
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		181,000		185,631
CVS Pass-Through Trust Pass-Through Certs. 4.70% due 01/10/2036*		119,914		118,199
CVS Pass-Through Trust Pass-Through Certs. 5.77% due 01/10/2033*		126,040		134,426
CVS Pass-Through Trust Pass-Through Certs. 5.93% due 01/10/2034*		124,477		135,423
				855,996

Security Description	Principal Amount		Value (Note 2)
Pipelines — 0.9%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 5.20% due 12/01/2047#	$	386,000	$	385,372
Energy Transfer Partners LP Company Guar. Notes 4.90% due 03/15/2035		98,000		91,062
Energy Transfer Partners LP Company Guar. Notes 6.05% due 06/01/2041		29,000		29,346
Energy Transfer Partners LP Company Guar. Notes 6.63% due 10/15/2036		341,000		373,919
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026#		170,000		170,417
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		179,000		161,166
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		249,000		235,709
MPLX LP Senior Notes 4.13% due 03/01/2027		88,000		85,975
MPLX LP Senior Notes 4.70% due 04/15/2048		180,000		172,302
ONEOK, Inc. Company Guar. Notes 4.00% due 07/13/2027#		236,000		230,811
Phillips 66 Partners LP Senior Notes 4.90% due 10/01/2046		78,000		77,199
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026		183,000		184,583
				2,197,861
Real Estate Investment Trusts — 0.1%
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		89,000		86,646
Washington Prime Group LP Senior Notes 5.95% due 08/15/2024#		135,000		130,879
				217,525
Retail - Auto Parts — 0.1%
O’Reilly Automotive, Inc. Senior Notes 3.60% due 09/01/2027		171,000		163,343
Retail - Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 3.80% due 11/15/2027		265,000		249,790
Retail - Discount — 0.3%
Dollar Tree, Inc. Senior Notes 3.70% due 05/15/2023		204,000		203,052
Wal-Mart Stores, Inc. Senior Bonds 1.90% due 12/15/2020		496,000		487,454
				690,506

36

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Restaurants — 0.1%
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048	$	48,000	$	44,431
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		270,000		272,805
				317,236
Savings & Loans/Thrifts — 0.6%
Astoria Financial Corp. Senior Notes 3.50% due 06/08/2020		393,000		392,638
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		658,000		696,924
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021#		400,000		447,450
				1,537,012
Semiconductor Components - Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 2.10% due 05/20/2020#		218,000		217,478
Telephone - Integrated — 1.1%
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		174,000		151,875
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		780,000		739,583
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		100,000		92,496
AT&T, Inc. Senior Notes 4.90% due 08/15/2037*		889,000		870,545
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		96,000		92,602
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		801,000		836,225
				2,783,326
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 3.25% due 09/15/2026		169,000		157,078
GATX Corp. Senior Notes 3.85% due 03/30/2027		42,000		40,434
				197,512
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		211,000		208,772
Transport - Services — 0.1%
CH Robinson Worldwide, Inc. Senior Notes 4.20% due 04/15/2028		214,000		212,315

Security Description	Principal Amount		Value (Note 2)
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*	$	338,000	$	336,702
Total U.S. Corporate Bonds & Notes
(cost $59,886,922)				59,227,368
FOREIGN CORPORATE BONDS & NOTES — 7.6%
Agricultural Chemicals — 0.2%
Syngenta Finance NV Company Guar. Notes 4.44% due 04/24/2023*		240,000		239,745
Syngenta Finance NV Company Guar. Notes 5.18% due 04/24/2028*		211,000		206,916
				446,661
Auto - Cars/Light Trucks — 0.1%
Hyundai Capital Services, Inc. Senior Notes 3.00% due 08/29/2022*		239,000		230,987
Auto/Truck Parts & Equipment - Original — 0.3%
Toyota Industries Corp. Senior Notes 3.24% due 03/16/2023*		740,000		735,865
Banks - Commercial — 1.4%
Australia & New Zealand Banking Group, Ltd. Senior Notes 1.60% due 07/15/2019		253,000		249,839
Bank of Nova Scotia Senior Notes 2.50% due 01/08/2021		298,000		293,657
BPCE SA Bank Guar. Notes 2.75% due 12/02/2021		260,000		253,895
BPCE SA Sub. Notes 4.50% due 03/15/2025*		341,000		335,612
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		486,000		475,409
Credit Suisse AG Senior Notes 3.00% due 10/29/2021		705,000		698,623
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		336,000		333,085
Intesa Sanpaolo SpA Senior Notes 3.88% due 01/12/2028*		206,000		179,817
Toronto-Dominion Bank Senior Notes 1.85% due 09/11/2020		296,000		289,050
United Overseas Bank, Ltd. Senior Notes 3.20% due 04/23/2021*		206,000		205,950
Westpac Banking Corp. Senior Notes 3.05% due 05/15/2020#		203,000		203,562
				3,518,499
Building Societies — 0.1%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		250,000		230,709

37

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.1%
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*	$	200,000	$	199,572
Vodafone Group PLC Senior Notes 3.75% due 01/16/2024		100,000		99,475
				299,047
Chemicals - Diversified — 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		209,000		195,655
Diversified Banking Institutions — 2.2%
Banco Santander SA Senior Notes 3.85% due 04/12/2023		200,000		197,943
Barclays PLC Sub. Notes 4.84% due 05/09/2028#		200,000		189,536
BNP Paribas SA Senior Notes 3.80% due 01/10/2024*		276,000		271,827
Credit Agricole SA Senior Notes 3.25% due 10/04/2024*		251,000		237,692
Credit Agricole SA Senior Notes 4.13% due 01/10/2027*#		262,000		256,310
HSBC Holdings PLC Senior Notes 3.26% due 03/13/2023		224,000		220,506
HSBC Holdings PLC Senior Notes 4.04% due 03/13/2028		201,000		197,195
Lloyds Banking Group PLC Senior Notes 4.38% due 03/22/2028#		211,000		208,482
Lloyds Banking Group PLC Sub. Notes 4.58% due 12/10/2025		262,000		258,044
Macquarie Group, Ltd. Senior Notes 3.76% due 11/28/2028*		100,000		92,601
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.67% due 07/25/2022		244,000		236,270
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.78% due 03/02/2025		100,000		100,133
Mizuho Financial Group, Inc. Senior Notes 2.27% due 09/13/2021		297,000		286,260
Mizuho Financial Group, Inc. Senior Notes 3.55% due 03/05/2023#		858,000		854,132
Royal Bank of Scotland Group PLC Senior Notes 3.50% due 05/15/2023		200,000		195,121
Royal Bank of Scotland Group PLC Senior Notes 3.88% due 09/12/2023		201,000		196,658
Royal Bank of Scotland Group PLC Senior Notes 4.89% due 05/18/2029		400,000		399,948

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*	$	625,000	$	615,925
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		746,000		679,646
				5,694,229
Diversified Financial Services — 0.3%
GE Capital International Funding Co. ULC Company Guar. Notes 2.34% due 11/15/2020		469,000		459,293
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		449,000		432,662
				891,955
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.20% due 03/16/2020*#		398,000		393,532
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		207,000		194,545
Electric - Generation — 0.0%
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		122,000		126,657
Electric - Integrated — 0.5%
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		393,000		383,197
Enel Finance International NV Company Guar. Notes 3.50% due 04/06/2028*		600,000		538,938
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		416,000		381,071
				1,303,206
Gold Mining — 0.1%
Goldcorp, Inc. Senior Notes 3.70% due 03/15/2023		101,000		99,933
Kinross Gold Corp. Company Guar. Notes 4.50% due 07/15/2027*		156,000		143,130
				243,063
Insurance - Life/Health — 0.2%
Athene Holding, Ltd. Senior Bonds 4.13% due 01/12/2028		525,000		495,779
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		183,000		193,756
Insurance - Property/Casualty — 0.0%
Enstar Group, Ltd. Senior Notes 4.50% due 03/10/2022		97,000		97,113

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Machinery - Farming — 0.1%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027#	$	250,000	$	238,241
Machinery - Pumps — 0.1%
Nvent Finance SARL Company Guar. Notes 4.55% due 04/15/2028*		175,000		172,426
Medical - Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		192,000		181,329
Oil Companies - Integrated — 0.5%
BP Capital Markets PLC Company Guar. Notes 3.25% due 05/06/2022		335,000		335,240
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		270,000		259,995
Cenovus Energy, Inc. Senior Bonds 5.40% due 06/15/2047#		192,000		191,837
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		478,000		451,662
				1,238,734
SupraNational Banks — 0.2%
European Investment Bank Senior Notes 1.63% due 08/14/2020#		498,000		487,322
Telephone - Integrated — 0.6%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		972,000		1,076,490
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		362,000		347,195
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		204,000		204,989
				1,628,674
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115#		140,000		172,919
Total Foreign Corporate Bonds & Notes
(cost $20,065,113)				19,410,903
U.S. GOVERNMENT AGENCIES — 39.0%
Federal Home Loan Bank — 0.1%
5.50% due 07/15/2036		250,000		328,476
Federal Home Loan Mtg. Corp. — 14.2%
2.50% due 01/01/2028		224,655		220,494
2.50% due 04/01/2028		552,629		542,396
2.50% due 03/01/2031		716,346		698,246
2.50% due 10/01/2032		933,729		910,022
3.00% due 08/01/2027		144,923		145,255
3.00% due 10/01/2042		489,638		479,525
3.00% due 11/01/2042		621,547		608,642
3.00% due 04/01/2043		703,817		688,599
3.00% due 05/01/2043		832,805		814,924
3.00% due 08/01/2043		655,152		640,986

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
3.00% due 07/01/2045	$	881,564	$	858,374
3.00% due 10/01/2045		435,096		423,181
3.00% due 08/01/2046		2,614,307		2,540,621
3.50% due 01/01/2032		1,631,554		1,656,864
3.50% due 11/01/2041		594,587		597,961
3.50% due 03/01/2042		198,903		200,036
3.50% due 04/01/2042		1,113,985		1,120,325
3.50% due 06/01/2042		1,362,623		1,370,380
3.50% due 08/01/2042		261,159		262,644
3.50% due 03/01/2045		955,195		957,243
3.50% due 07/01/2045		1,187,910		1,190,255
3.50% due 08/01/2045		703,401		704,789
3.50% due 11/01/2045		459,315		460,221
3.50% due 12/01/2046		884,477		883,871
3.50% due 11/01/2047		6,546,803		6,536,338
4.00% due 09/01/2040		293,437		302,585
4.00% due 10/01/2045		855,263		878,007
4.00% due 11/01/2045		987,492		1,013,742
4.50% due 04/01/2044		164,462		171,951
4.50% due 09/01/2044		1,325,584		1,385,943
4.50% due 03/01/2046		249,885		261,064
5.00% due 10/01/2033		564		603
5.00% due 06/01/2039		380,373		408,256
5.00% due 11/01/2043		486,555		521,134
5.50% due 11/01/2018		733		734
5.50% due 02/01/2035		70,260		75,351
6.00% due 10/01/2033		96,928		106,677
6.00% due 03/01/2040		597		663
6.50% due 02/01/2035		1,855		2,087
6.50% due 01/01/2036		12,326		13,873
6.75% due 09/15/2029		500,000		669,298
6.75% due 03/15/2031		250,000		343,268
Federal Home Loan Mtg. Corp. FRS 3.11% (6 ML+1.49%) due 02/01/2037		50,593		52,192
3.93% (12 ML+1.89%) due 11/01/2037		432,001		454,708
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		779,865		769,681
Series 3820, Class DA 4.00% due 11/15/2035(2)		691,806		699,716
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.88% (6.80%-1 ML) due 09/15/2039(2)(6)(7)		236,581		24,078
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2017-HQA1, Class M1 3.16% (1 ML+1.20%) due 08/25/2029(2)		805,062		810,932
Series 2015-DNA1, Class M2 3.81% (1 ML+1.85%) due 10/25/2027(2)		300,000		306,006
Series 2014-DN1, Class M2 4.16% (1 ML+2.20%) due 02/25/2024(2)		457,578		471,343
Series 2014-HQ2, Class M2 4.16% (1 ML+2.20%) due 09/25/2024(2)		614,402		631,708
Series 2016-HQA1, Class M2 4.71% (1 ML+2.75%) due 09/25/2028(2)		381,143		389,984

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 2015-HQA2, Class M2 4.76% (1 ML+2.80%) due 05/25/2028(2)	$	28,278	$	29,084
				36,306,860
Federal National Mtg. Assoc. — 21.5%
2.50% due 04/01/2028		325,217		319,424
2.50% due 01/01/2032		749,701		731,239
3.00% due 10/01/2027		87,061		87,179
3.00% due 12/01/2027		742,261		743,041
3.00% due 01/01/2028		637,596		638,458
3.00% due 10/01/2030		533,712		533,120
3.00% due 07/01/2032		356,754		355,259
3.00% due 10/01/2032		2,408,088		2,398,734
3.00% due 03/01/2042		708,409		694,072
3.00% due 12/01/2042		698,090		683,916
3.00% due 02/01/2045		603,073		588,140
3.00% due 09/01/2046		100,902		98,090
3.00% due 01/01/2047		1,424,519		1,384,758
3.00% due 02/01/2048		4,296,817		4,175,981
3.50% due 08/01/2026		145,484		147,605
3.50% due 09/01/2026		42,400		43,024
3.50% due 08/01/2027		44,793		45,446
3.50% due 10/01/2028		456,203		463,247
3.50% due 03/01/2033		1,566,360		1,589,930
3.50% due 12/01/2041		416,974		419,039
3.50% due 08/01/2042		1,284,744		1,287,296
3.50% due 07/01/2045		473,883		474,168
3.50% due 08/01/2045		545,382		545,715
3.50% due 09/01/2045		467,591		467,877
3.50% due 10/01/2045		725,497		726,165
3.50% due 11/01/2045		352,721		352,990
3.50% due 12/01/2045		2,577,502		2,579,076
3.50% due 02/01/2046		767,445		767,913
3.50% due 03/01/2046		416,999		417,254
3.50% due 07/01/2046		1,772,871		1,774,356
3.50% due 01/01/2047		2,679,844		2,681,482
4.00% due 07/01/2040		167,225		171,572
4.00% due 10/01/2040		79,805		82,179
4.00% due 12/01/2040		1,127,115		1,160,771
4.00% due 10/01/2041		503,335		518,368
4.00% due 11/01/2041		520,110		535,634
4.00% due 01/01/2043		598,387		616,465
4.00% due 10/01/2043		781,699		804,161
4.00% due 10/01/2044		1,056,259		1,082,215
4.00% due 02/01/2045		1,220,964		1,255,587
4.00% due 06/01/2046		355,855		364,004
4.00% due 01/01/2047		706,727		723,094
4.00% due 05/01/2047		907,505		928,766
4.00% due 07/01/2047		2,699,231		2,762,610
4.00% due 08/01/2047		1,777,035		1,819,036
4.50% due 11/01/2022		61,366		62,126
4.50% due 10/01/2024		190,684		197,547
4.50% due 11/01/2040		170,007		179,357
4.50% due 12/01/2040		309,806		326,832
4.50% due 05/01/2041		238,301		251,330
4.50% due 08/01/2045		2,306,846		2,444,152
4.50% due 04/01/2047		771,140		806,165
4.50% due 11/01/2047		2,983,730		3,122,655
5.00% due 10/01/2033		2,591		2,778
5.00% due 03/01/2034		41,708		44,671
5.00% due 05/01/2040		96,145		103,209
5.00% due 06/01/2040		60,033		64,433
5.00% due 02/01/2045		325,983		350,604
5.50% due 12/01/2029		68,531		73,569

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.50% due 04/01/2033	$	57,955	$	63,074
5.50% due 12/01/2033		49,696		53,995
5.50% due 07/01/2037		264,318		286,149
5.50% due 08/01/2037		194,813		211,395
5.50% due 06/01/2038		26,225		28,462
6.00% due 12/01/2020		2,048		2,087
6.00% due 12/01/2036		342,106		378,951
6.00% due 11/01/2038		96,556		106,975
6.00% due 06/01/2040		73,107		81,015
6.50% due 10/01/2037		27,373		30,450
Federal National Mtg. Assoc. FRS 3.41% (6 ML+1.54%) due 09/01/2035		345,909		358,254
3.43% (12 ML+1.57%) due 05/01/2037		70,481		73,615
3.44% (1 Yr USTYCR+2.19%) due 10/01/2035		395,120		417,422
3.57% (12 ML+1.82%) due 10/01/2040		78,312		82,348
3.58% (12 ML+1.83%) due 10/01/2040		230,542		242,399
3.58% (12 ML+1.77%) due 05/01/2040		414,547		434,573
3.58% (1 Yr USTYCR+2.26%) due 11/01/2036		166,371		175,766
3.70% (12 ML+1.66%) due 07/01/2039		298,824		313,272
3.79% (12 ML+1.91%) due 08/01/2035		212,973		225,264
Federal National Mtg. Assoc. REMIC Series 2017-94, Class DA 3.00% due 06/25/2045(2)		483,284		478,098
Series 2017-100, Class NP 3.00% due 12/25/2047(2)		297,381		286,980
Series 2018-27, Class EA 3.00% due 05/25/2048(2)		1,389,743		1,350,124
				54,748,552
Government National Mtg. Assoc. — 3.1%
3.00% due 02/20/2045		574,682		568,523
3.00% due 05/20/2045		444,024		437,617
3.00% due 07/20/2045		73,465		72,405
3.00% due 11/20/2045		1,487,479		1,466,015
3.00% due 12/20/2045		697,307		687,244
3.00% due 09/20/2047		2,155,436		2,114,163
3.50% due 03/20/2045		389,962		393,304
3.50% due 04/20/2045		747,236		753,640
3.50% due 07/20/2045		162,788		164,183
3.50% due 03/20/2047		604,804		608,911
4.00% due 07/20/2045		232,684		240,839
4.00% due 10/20/2045		100,692		104,214
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(3)		200,000		188,279
				7,799,337
Tennessee Valley Authority — 0.1%
1.75% due 10/15/2018		143,000		142,859
Total U.S. Government Agencies
(cost $101,583,451)				99,326,084

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 21.8%
United States Treasury Bonds — 5.6%
2.25% due 08/15/2046	$	450,000	$	387,176
2.75% due 11/15/2042		423,000		406,906
2.75% due 08/15/2047		1,000,000		953,750
2.75% due 11/15/2047#		41,000		39,099
2.88% due 08/15/2045#		57,000		55,871
2.88% due 11/15/2046#		748,000		732,017
3.00% due 05/15/2045		1,500,000		1,506,035
3.00% due 11/15/2045		2,800,000		2,809,844
3.00% due 05/15/2047		1,500,000		1,503,867
3.13% due 11/15/2041		2,398,000		2,464,788
3.13% due 02/15/2042		408,000		419,348
3.63% due 02/15/2044		700,000		781,375
3.88% due 08/15/2040		174,000		200,481
4.25% due 05/15/2039		267,000		322,580
4.38% due 05/15/2040		200,000		246,484
4.75% due 02/15/2037		587,000		745,765
5.00% due 05/15/2037		159,000		208,073
5.25% due 11/15/2028		404,000		492,059
8.13% due 08/15/2019		92,000		98,329
				14,373,847
United States Treasury Notes — 16.2%
0.75% due 10/31/2018		1,635,000		1,626,186
1.13% due 02/28/2021		160,000		154,113
1.38% due 07/31/2018		809,000		808,407
1.38% due 02/28/2019		8,412,000		8,359,425
1.38% due 01/31/2020		996,000		979,854
1.38% due 08/31/2020		1,000,000		976,328
1.63% due 08/15/2022		2,390,000		2,294,213
1.63% due 08/31/2022		2,000,000		1,919,062
1.63% due 05/15/2026		427,000		390,955
1.75% due 09/30/2022		5,287,000		5,094,314
2.00% due 02/15/2025		1,800,000		1,715,836
2.00% due 11/15/2026		3,840,000		3,601,950
2.13% due 02/29/2024		2,500,000		2,421,191
2.13% due 07/31/2024		1,882,000		1,816,277
2.25% due 11/15/2024#		620,000		601,473
2.25% due 08/15/2027#		1,200,000		1,143,281
2.25% due 11/15/2027		1,520,000		1,446,375
2.38% due 04/30/2020		1,000,000		999,336
2.38% due 01/31/2023		450,000		444,445
2.50% due 05/15/2024		3,000,000		2,961,680
3.13% due 05/15/2019		11,000		11,088
3.63% due 08/15/2019		27,000		27,420
4.00% due 08/15/2018		1,403,000		1,409,016
				41,202,225
Total U.S. Government Treasuries
(cost $56,587,701)				55,576,072
FOREIGN GOVERNMENT OBLIGATIONS — 0.3%
Sovereign — 0.3%
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		130,000		125,125
Republic of Chile Senior Notes 3.24% due 02/06/2028		217,000		207,886
Republic of Panama Senior Notes 4.50% due 04/16/2050		200,000		193,500
United Mexican States Senior Notes 4.35% due 01/15/2047		215,000		187,695
Total Foreign Government Obligations
(cost $758,791)				714,206

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES — 0.1%
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%#	$	7,100	$	169,903
Telecom Services — 0.1%
Qwest Corp. 6.13%#		8,425		172,460
Total Preferred Securities
(cost $388,087)				342,363
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.3%
Banks - Commercial — 0.3%
Bank of Nova Scotia 4.65% due 10/12/2022#(8)		560,000		516,712
Cooperatieve Rabobank UA 11.00% due 06/30/2019*(8)		196,000		209,965
				726,677
Banks - Super Regional — 0.2%
Huntington Bancshares, Inc. Series E 5.70% due 04/15/2023(8)		192,000		190,181
SunTrust Banks, Inc. 5.05% due 06/15/2022#(8)		376,000		369,890
Wells Fargo Capital X 5.95% due 12/01/2086		89,000		94,762
				654,833
Diversified Banking Institutions — 0.6%
HSBC Holdings PLC 6.00% due 05/22/2027(8)		351,000		336,082
HSBC Holdings PLC 6.25% due 03/23/2023(8)		597,000		597,597
JPMorgan Chase & Co. Series CC 4.63% due 11/01/2022#(8)		450,000		417,960
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(8)		271,000		279,808
				1,631,447
Electric - Integrated — 0.1%
Dominion Resources, Inc. 5.75% due 10/01/2054		142,000		150,340
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(4)(5)		78,000		8
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		199,000		202,939
Insurance - Life/Health — 0.3%
Hanwha Life Insurance Co., Ltd. 4.70% due 04/23/2048*		447,000		432,478
Prudential Financial, Inc. 4.50% due 09/15/2047#		118,000		110,478
Prudential Financial, Inc. 5.63% due 06/15/2043		260,000		270,400
				813,356
Insurance - Multi-line — 0.1%
MetLife, Inc. 6.40% due 12/15/2066		261,000		281,097
Insurance - Property/Casualty — 0.1%
Progressive Corp. Series B 5.38% due 03/15/2023(8)		183,000		183,000

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount/Shares			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Pipelines — 0.3%
Enbridge, Inc. 5.50% due 07/15/2077	$	321,000		$	296,524
Enterprise Products Operating LLC 4.88% due 08/16/2077		159,000			151,845
Enterprise Products Operating LLC 5.25% due 08/16/2077		140,000			131,950
TransCanada Trust 5.30% due 03/15/2077		141,000			134,037
TransCanada Trust 5.63% due 05/20/2075		108,000			105,840
					820,196
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc. 5.75% due 12/15/2053		396,000			399,960
Total Preferred Securities/Capital Securities (cost $5,981,445)					5,863,853
Total Long-Term Investment Securities (cost $252,884,337)					247,933,072
SHORT-TERM INVESTMENT SECURITIES — 3.5%
Registered Investment Companies — 3.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.67%(10)		5,358,025			5,358,024
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(9)(10)		3,577,298			3,577,298
Total Short-Term Investment Securities
(cost $8,935,322)					8,935,322
TOTAL INVESTMENTS
(cost $261,819,659)(11)		100.7	%		256,868,394
Liabilities in excess of other assets		(0.7	)		(1,784,111	)
NET ASSETS		100.0	%	$	255,084,283

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $22,341,050 representing 8.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

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

(5) Illiquid security. At May 31, 2018, the aggregate value of these securities was $28 representing 0.0% of net assets.

(6) Interest Only

(7) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2018.

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

(9) At May 31, 2018, the Fund had loaned securities with a total value of $10,232,245. This was secured by collateral of $3,577,298, which was received in cash and subsequently invested in short-term investments currently valued at $3,577,298 as reported in the Portfolio of Investments. Additional collateral of $6,928,277 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	2.00% to 25.72%	06/15/2018 to 05/01/2048	$	649,869
Federal National Mtg. Assoc.	1.25% to 16.32%	06/25/2018 to 06/25/2048		852,939
Government National Mtg. Assoc.	1.11% to 27.85%	11/20/2026 to 11/20/2067		1,201,716
United States Treasury Bills	0.00%	07/05/2018 to 08/30/2018		174,427
United States Treasury Notes/Bonds	0.13% to 4.38%	10/15/2018 to 02/15/2047		4,049,326

(10) The rate shown is the 7-day yield as of May 31, 2018.

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

FRS—Floating Rate Security

REMIC—Real Estate Mortgage Investment Conduit

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of May 31, 2018, and unless noted otherwise, the dates shown are the original maturity date.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	7,472,223	$	—	$	7,472,223
U.S Corporate Bonds & Notes:
Finance - Investment Banker/Broker				320,341		20		320,361
Other Industries		—		58,907,007		—		58,907,007
Foreign Corporate Bonds & Notes		—		19,410,903		—		19,410,903
U.S. Government Agencies		—		99,326,084		—		99,326,084
U.S. Government Treasuries		—		55,576,072		—		55,576,072
Foreign Government Obligations		—		714,206		—		714,206
Preferred Securities		342,363		—		—		342,363

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
Preferred Securities/Capital Securities:
Finance - Investment Banker/Broker	$	—	$	—	$	8	$	8
Other Industries		—		5,863,845		—		5,863,845
Short-Term Investment Securities		8,935,322		—		—		8,935,322
Total Investments at Value	$	9,277,685	$	247,590,681	$	28	$	256,868,394

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during 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.

See Notes to Financial Statements

43

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Diversified Banking Institutions	6.7	%
Medical — HMO	6.0
Oil Companies — Integrated	5.9
Computers	5.6
Applications Software	4.9
Web Portals/ISP	4.6
Computer Services	4.4
Medical — Drugs	4.1
Retail — Building Products	4.0
Banks — Super Regional	3.7
Medical — Biomedical/Gene	3.5
Electric — Integrated	2.9
Building — Residential/Commercial	2.8
Networking Products	2.7
Cable/Satellite TV	2.3
Enterprise Software/Service	2.2
Tobacco	2.1
Transport — Rail	2.1
Retail — Discount	2.1
Chemicals — Diversified	2.1
Medical Labs & Testing Services	1.9
E-Services/Consulting	1.8
Retail — Apparel/Shoe	1.7
Airlines	1.5
Electronic Measurement Instruments	1.4
Medical Products	1.4
Finance — Investment Banker/Broker	1.3
Food — Confectionery	1.2
Cruise Lines	1.1
Containers — Paper/Plastic	1.1
Pharmacy Services	1.0
Insurance — Multi-line	0.9
Distribution/Wholesale	0.9
Finance — Consumer Loans	0.9
Diversified Manufacturing Operations	0.9
Electronic Components — Misc.	0.8
Banks — Commercial	0.8
Metal — Copper	0.8
Metal — Diversified	0.7
Auto/Truck Parts & Equipment — Original	0.7
Finance — Auto Loans	0.6
Oil Companies — Exploration & Production	0.6
Financial Guarantee Insurance	0.5
Batteries/Battery Systems	0.2
	99.4	%

* Calculated as a percentage of net assets

44

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Airlines — 1.5%
Delta Air Lines, Inc.		69,925	$	3,779,446
Applications Software — 4.9%
Microsoft Corp.		125,575		12,411,833
Auto/Truck Parts & Equipment - Original — 0.7%
Allison Transmission Holdings, Inc.		40,337		1,666,321
Banks - Commercial — 0.8%
Regions Financial Corp.		113,120		2,063,309
Banks - Super Regional — 3.7%
SunTrust Banks, Inc.		70,962		4,790,644
US Bancorp		89,121		4,455,159
				9,245,803
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.#		10,491		637,223
Building - Residential/Commercial — 2.8%
D.R. Horton, Inc.		113,908		4,808,057
Lennar Corp., Class A		18,947		980,318
NVR, Inc.†		421		1,259,017
				7,047,392
Cable/Satellite TV — 2.3%
Comcast Corp., Class A		186,373		5,811,110
Chemicals - Diversified — 2.1%
DowDuPont, Inc.		81,606		5,231,761
Computer Services — 4.4%
Amdocs, Ltd.		30,881		2,083,232
Cognizant Technology Solutions Corp., Class A		72,169		5,437,934
Dell Technologies, Inc., Class V†		44,658		3,602,115
				11,123,281
Computers — 5.6%
Apple, Inc.		75,692		14,144,564
Containers - Paper/Plastic — 1.1%
Packaging Corp. of America		24,155		2,838,213
Cruise Lines — 1.1%
Carnival Corp.		46,081		2,869,925
Distribution/Wholesale — 0.9%
KAR Auction Services, Inc.		44,419		2,343,991
Diversified Banking Institutions — 6.7%
Bank of America Corp.		234,494		6,809,706
Citigroup, Inc.		25,511		1,701,328
JPMorgan Chase & Co.		78,762		8,428,322
				16,939,356
Diversified Manufacturing Operations — 0.9%
General Electric Co.		154,979		2,182,104
E-Services/Consulting — 1.8%
CDW Corp.		55,975		4,480,799
Electric - Integrated — 2.9%
FirstEnergy Corp.#		122,748		4,224,986
PG&E Corp.		70,371		3,049,176
				7,274,162
Electronic Components - Misc. — 0.8%
Flex, Ltd.†		150,408		2,089,167
Electronic Measurement Instruments — 1.4%
Fortive Corp.		50,489		3,670,045
Enterprise Software/Service — 2.2%
Oracle Corp.		117,159		5,473,668

Security Description	Shares		Value (Note 2)
Finance - Auto Loans — 0.6%
Ally Financial, Inc.		64,335	$	1,650,193
Finance - Consumer Loans — 0.9%
SLM Corp.†		194,179		2,219,466
Finance - Investment Banker/Broker — 1.3%
E*TRADE Financial Corp.†		53,011		3,358,247
Financial Guarantee Insurance — 0.5%
Assured Guaranty, Ltd.		37,084		1,316,111
Food - Confectionery — 1.2%
J.M. Smucker Co.		27,791		2,987,533
Insurance - Multi-line — 0.9%
Hartford Financial Services Group, Inc.		46,090		2,411,890
Medical Labs & Testing Services — 1.9%
Laboratory Corp. of America Holdings†		26,685		4,819,044
Medical Products — 1.4%
Baxter International, Inc.		51,535		3,650,739
Medical - Biomedical/Gene — 3.5%
Biogen, Inc.†		19,103		5,615,518
Gilead Sciences, Inc.		47,892		3,227,921
				8,843,439
Medical - Drugs — 4.1%
Novo Nordisk A/S ADR		64,020		3,043,511
Pfizer, Inc.		203,237		7,302,305
				10,345,816
Medical - HMO — 6.0%
Centene Corp.†		27,613		3,235,139
Humana, Inc.		19,593		5,701,171
UnitedHealth Group, Inc.		25,579		6,177,585
				15,113,895
Metal - Copper — 0.8%
Freeport-McMoRan, Inc.		114,986		1,943,263
Metal - Diversified — 0.7%
Rio Tinto PLC ADR		30,283		1,717,046
Networking Products — 2.7%
Cisco Systems, Inc.		159,577		6,815,534
Oil Companies - Exploration & Production — 0.6%
Marathon Oil Corp.		67,961		1,456,404
Oil Companies - Integrated — 5.9%
BP PLC ADR		69,997		3,207,262
Chevron Corp.		43,986		5,467,460
Suncor Energy, Inc.		138,800		5,521,464
TOTAL SA ADR		11,352		688,499
				14,884,685
Pharmacy Services — 1.0%
CVS Health Corp.		41,996		2,662,126
Retail - Apparel/Shoe — 1.7%
Urban Outfitters, Inc.†		101,626		4,221,544
Retail - Building Products — 4.0%
Home Depot, Inc.		19,621		3,660,298
Lowe’s Cos., Inc.		68,214		6,481,012
				10,141,310
Retail - Discount — 2.1%
Walmart, Inc.		63,969		5,280,001
Tobacco — 2.1%
Altria Group, Inc.		96,985		5,405,944

45

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Transport - Rail — 2.1%
Norfolk Southern Corp.		35,285		$	5,350,970
Web Portals/ISP — 4.6%
Alphabet, Inc., Class A†		5,242			5,766,200
Alphabet, Inc., Class C†		5,324			5,776,487
					11,542,687
Total Long-Term Investment Securities
(cost $197,801,982)					251,461,360
TOTAL INVESTMENTS
(cost $197,801,982)(1)		99.4	%		251,461,360
Other assets less liabilities		0.6			1,499,153
NET ASSETS		100.0	%	$	252,960,513

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

At May 31, 2018, the Fund had loaned securities with total value of $4,190,624. This was secured by collateral of $4,270,929 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	2,037,455
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		825,030
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		542,478
United States Treasury Bills	0.00%	07/26/2018 to 11/08/2018		18,495
United States Treasury Notes/Bonds	zero coupon to 6.63%	07/15/2018 to 11/15/2046		847,471

† Non-income producing security

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	251,461,360	$	—	$	—	$	251,461,360
Total Investments at Value	$	251,461,360	$	—	$	—	$	251,461,360

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

46

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Diversified Banking Institutions	8.8	%
Medical — Drugs	7.7
Oil Companies — Integrated	7.3
Retail — Apparel/Shoe	4.6
Food — Misc./Diversified	4.0
Banks — Super Regional	3.5
Enterprise Software/Service	3.5
Medical — HMO	3.3
Time Deposits	3.1
Electric — Integrated	3.0
Tobacco	2.8
Telephone — Integrated	2.7
Chemicals — Diversified	2.2
Diversified Manufacturing Operations	2.1
Cosmetics & Toiletries	2.0
Networking Products	1.9
Medical — Wholesale Drug Distribution	1.9
Commercial Services — Finance	1.8
Beverages — Non-alcoholic	1.8
Oil Companies — Exploration & Production	1.8
Insurance — Multi-line	1.7
Advertising Agencies	1.6
Applications Software	1.6
Multimedia	1.6
Computers	1.5
Pharmacy Services	1.5
Computer Services	1.4
Commercial Services	1.3
Consumer Products — Misc.	1.2
Medical — Biomedical/Gene	1.1
Semiconductor Components — Integrated Circuits	1.1
Electronic Components — Misc.	1.0
Cable/Satellite TV	0.9
Retail — Misc./Diversified	0.9
Medical Instruments	0.9
Beverages — Wine/Spirits	0.8
Insurance — Life/Health	0.8
Instruments — Controls	0.7
Aerospace/Defense	0.7
Pipelines	0.7
Insurance — Property/Casualty	0.7
Registered Investment Companies	0.7
Wireless Equipment	0.5
Oil Refining & Marketing	0.5
Building Products — Cement	0.5
Insurance Brokers	0.5
E-Services/Consulting	0.4
Retail — Building Products	0.4
Transport — Rail	0.4
Food — Retail	0.4
Electronic Components — Semiconductors	0.3
Finance — Investment Banker/Broker	0.3
Toys	0.3
Repurchase Agreements	0.3
Medical Labs & Testing Services	0.3
Paper & Related Products	0.2
Investment Management/Advisor Services	0.2
Retail — Discount	0.2
Telecom Services	0.2
Food — Dairy Products	0.2
Building & Construction — Misc.	0.1
Advertising Services	0.1
	100.5	%

* Calculated as a percentage of net assets

47

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Advertising Agencies — 1.6%
Interpublic Group of Cos., Inc.		119,110	$	2,691,886
Omnicom Group, Inc.#		165,200		11,907,616
				14,599,502
Advertising Services — 0.1%
Publicis Groupe SA		12,480		871,877
Aerospace/Defense — 0.7%
Lockheed Martin Corp.		6,230		1,959,584
Northrop Grumman Corp.		13,745		4,498,051
				6,457,635
Applications Software — 1.6%
Microsoft Corp.		143,095		14,143,510
Banks - Super Regional — 3.5%
KeyCorp		130,460		2,536,142
SunTrust Banks, Inc.		87,723		5,922,180
US Bancorp		139,610		6,979,104
Wells Fargo & Co.		294,995		15,926,780
				31,364,206
Beverages - Non-alcoholic — 1.8%
Coca-Cola Co.		250,438		10,768,834
Dr Pepper Snapple Group, Inc.		23,680		2,825,024
PepsiCo, Inc.		25,030		2,509,257
				16,103,115
Beverages - Wine/Spirits — 0.8%
Diageo PLC		200,845		7,377,316
Building & Construction - Misc. — 0.1%
nVent Electric PLC†		33,020		894,182
Building Products - Cement — 0.5%
CRH PLC		112,910		4,151,231
Cable/Satellite TV — 0.9%
Comcast Corp., Class A		251,720		7,848,630
Chemicals - Diversified — 2.2%
DowDuPont, Inc.		94,955		6,087,565
LyondellBasell Industries NV, Class A		115,613		12,962,530
				19,050,095
Commercial Services — 1.3%
Nielsen Holdings PLC		391,730		11,818,494
Commercial Services - Finance — 1.8%
Experian PLC		161,850		3,963,156
H&R Block, Inc.#		444,590		12,203,996
				16,167,152
Computer Services — 1.4%
Cognizant Technology Solutions Corp., Class A		24,950		1,879,982
International Business Machines Corp.		75,131		10,616,762
				12,496,744
Computers — 1.5%
HP, Inc.		532,197		11,724,300
Lenovo Group, Ltd.#		3,458,000		1,826,601
				13,550,901
Consumer Products - Misc. — 1.2%
Kimberly-Clark Corp.		102,602		10,347,412
Cosmetics & Toiletries — 2.0%
Procter & Gamble Co.		187,588		13,725,814
Unilever NV		72,075		4,019,623
				17,745,437

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions — 8.8%
Bank of America Corp.		753,950	$	21,894,708
Citigroup, Inc.		271,190		18,085,661
Goldman Sachs Group, Inc.		28,430		6,421,768
JPMorgan Chase & Co.		210,105		22,483,336
Morgan Stanley		182,540		9,152,556
				78,038,029
Diversified Manufacturing Operations — 2.1%
3M Co.		13,495		2,661,619
General Electric Co.		997,229		14,040,984
Pentair PLC		33,020		1,440,993
				18,143,596
E-Services/Consulting — 0.4%
CDW Corp.		48,610		3,891,231
Electric - Integrated — 3.0%
Edison International		23,946		1,488,483
FirstEnergy Corp.#		187,550		6,455,471
NextEra Energy, Inc.		35,068		5,814,625
PG&E Corp.		140,820		6,101,731
Public Service Enterprise Group, Inc.		119,543		6,333,388
				26,193,698
Electronic Components - Misc. — 1.0%
Koninklijke Philips NV		208,790		8,524,900
Electronic Components - Semiconductors — 0.3%
Samsung Electronics Co., Ltd. GDR		2,411		2,859,812
Enterprise Software/Service — 3.5%
CA, Inc.		337,904		12,076,689
Constellation Software, Inc.		4,422		3,482,828
Oracle Corp.		337,030		15,746,042
				31,305,559
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		48,960		2,723,155
Food - Dairy Products — 0.2%
Danone SA		17,590		1,342,151
Food - Misc./Diversified — 4.0%
Campbell Soup Co.#		249,571		8,395,568
General Mills, Inc.		280,515		11,862,979
Kellogg Co.#		238,735		15,372,147
				35,630,694
Food - Retail — 0.4%
Kroger Co.		131,870		3,208,397
Instruments - Controls — 0.7%
Honeywell International, Inc.		44,205		6,538,362
Insurance Brokers — 0.5%
Marsh & McLennan Cos., Inc.		49,910		4,011,267
Insurance - Life/Health — 0.8%
Brighthouse Financial, Inc.†#		11,850		558,254
Lincoln National Corp.		23,880		1,583,005
Prudential Financial, Inc.		46,930		4,544,701
				6,685,960
Insurance - Multi-line — 1.7%
MetLife, Inc.		320,803		14,753,730
Insurance - Property/Casualty — 0.7%
Travelers Cos., Inc.		47,150		6,059,718
Investment Management/Advisor Services — 0.2%
AXA Equitable Holdings, Inc.†		82,670		1,765,831

48

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments — 0.9%
Medtronic PLC		87,780	$	7,577,170
Medical Labs & Testing Services — 0.3%
Quest Diagnostics, Inc.		23,065		2,457,114
Medical - Biomedical/Gene — 1.1%
Gilead Sciences, Inc.		144,356		9,729,594
Medical - Drugs — 7.7%
AstraZeneca PLC		140,990		10,291,200
Bayer AG		23,650		2,814,518
Merck & Co., Inc.		323,854		19,279,029
Novo Nordisk A/S ADR		86,690		4,121,242
Pfizer, Inc.		880,211		31,625,981
				68,131,970
Medical - HMO — 3.3%
Aetna, Inc.		48,723		8,581,582
Anthem, Inc.		53,827		11,918,374
Humana, Inc.		8,320		2,420,954
UnitedHealth Group, Inc.		26,943		6,507,004
				29,427,914
Medical - Wholesale Drug Distribution — 1.9%
Cardinal Health, Inc.		221,409		11,533,195
McKesson Corp.		34,110		4,841,573
				16,374,768
Multimedia — 1.6%
Time Warner, Inc.		17,230		1,622,377
Viacom, Inc., Class B		452,617		12,265,921
				13,888,298
Networking Products — 1.9%
Cisco Systems, Inc.		401,190		17,134,825
Oil Companies - Exploration & Production — 1.8%
Anadarko Petroleum Corp.		15,690		1,095,162
Devon Energy Corp.		161,920		6,731,014
Hess Corp.#		109,575		6,620,522
Marathon Oil Corp.		51,540		1,104,502
				15,551,200
Oil Companies - Integrated — 7.3%
BP PLC		814,290		6,240,291
Chevron Corp.		132,839		16,511,888
Exxon Mobil Corp.		138,662		11,264,901
Royal Dutch Shell PLC, Class A ADR#		133,826		9,311,613
Suncor Energy, Inc.		343,246		13,654,326
TOTAL SA ADR		121,524		7,370,430
				64,353,449
Oil Refining & Marketing — 0.5%
Marathon Petroleum Corp.		59,060		4,667,512
Paper & Related Products — 0.2%
International Paper Co.		34,700		1,856,450
Pharmacy Services — 1.5%
CVS Health Corp.		210,517		13,344,673
Pipelines — 0.7%
Enterprise Products Partners LP		116,146		3,356,620
ONEOK, Inc.		19,990		1,362,518
Williams Cos., Inc.		61,320		1,647,055
				6,366,193
Retail - Apparel/Shoe — 4.6%
Foot Locker, Inc.		368,574		19,891,939
Gap, Inc.		425,404		11,902,804

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Apparel/Shoe (continued)
L Brands, Inc.		260,389		$	8,829,791
					40,624,534
Retail - Building Products — 0.4%
Lowe’s Cos., Inc.		39,710			3,772,847
Retail - Discount — 0.2%
Dollar General Corp.		16,501			1,443,507
Retail - Misc./Diversified — 0.9%
GameStop Corp., Class A#		588,102			7,762,946
Semiconductor Components - Integrated Circuits — 1.1%
QUALCOMM, Inc.		117,020			6,801,202
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		74,050			2,865,735
					9,666,937
Telecom Services — 0.2%
BCE, Inc.		32,570			1,357,192
Telephone - Integrated — 2.7%
Verizon Communications, Inc.		501,074			23,886,198
Tobacco — 2.8%
Altria Group, Inc.		263,836			14,706,219
British American Tobacco PLC		31,940			1,643,070
Philip Morris International, Inc.		107,780			8,572,821
					24,922,110
Toys — 0.3%
Mattel, Inc.#		168,248			2,611,209
Transport - Rail — 0.4%
Union Pacific Corp.		25,157			3,591,413
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		44,650			4,792,731
Total Long-Term Investment Securities
(cost $799,099,503)					851,956,283
SHORT-TERM INVESTMENT SECURITIES — 3.8%
Registered Investment Companies — 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		5,843,635			5,843,635
Time Deposits — 3.1%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018	$	27,886,000			27,886,000
Total Short-Term Investment Securities
(cost $33,729,635)					33,729,635
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,580,020 collateralized by $2,810,000 of United States Treasury Notes, bearing interest at 2.00% due 11/25/2026 and having an approximate value of $2,633,939 (cost $2,580,000)		2,580,000			2,580,000
TOTAL INVESTMENTS
(cost $835,409,138)(3)		100.5	%		888,265,918
Liabilities in excess of other assets		(0.5	)		(4,085,632	)
NET ASSETS		100.0	%	$	884,180,286

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

† Non-income producing security

(1) At May 31, 2018, the Fund had loaned securities with a total value of $56,887,045. This was secured by collateral of $5,843,635, which was received in cash and subsequently invested in short-term investments currently valued at $5,843,635 as reported in the

49

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Portfolio of Investments. Additional collateral of $53,159,227 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,908,508
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		772,815
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		508,145
United States Treasury Bills	0.00%	07/05/2018 to 11/08/2018		1,130,385
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		48,839,374

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	800,050,160	$	51,906,123	**	$	—	$	851,956,283
Short-Term Investment Securities:
Registered Investment Companies		5,843,635		—			—		5,843,635
Time Deposits		—		27,886,000			—		27,886,000
Repurchase Agreements		—		2,580,000			—		2,580,000
Total Investments at Value	$	805,893,795	$	82,372,123		$	—	$	888,265,918

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $35,714,863 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

50

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	50.0	%
Domestic Fixed Income Investment Companies	20.0
United States Treasury Notes	14.3
International Equity Investment Companies	11.3
Registered Investment Companies	3.6
United States Treasury Bonds	0.7
International Fixed Income Investment Companies	0.4
Options — Purchased	0.4
	100.7	%

* Calculated as a percentage of net assets

51

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares/ Principal Amount		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.7%(1)@
Domestic Equity Investment Companies — 50.0%
VALIC Co. I Blue Chip Growth Fund		337,425	$	7,031,944
VALIC Co. I Broad Cap Value Income Fund		611,097		9,722,551
VALIC Co. I Dividend Value Fund		713,527		8,840,596
VALIC Co. I Growth & Income Fund		180,413		4,010,587
VALIC Co. I Growth Fund		520,960		9,043,859
VALIC Co. I Large Cap Core Fund		669,625		7,841,315
VALIC Co. I Large Capital Growth Fund		538,731		8,086,358
VALIC Co. I Mid Cap Index Fund		144,949		4,064,365
VALIC Co. I Stock Index Fund		760,964		30,027,657
VALIC Co. I Value Fund		550,644		9,840,019
VALIC Co. II Capital Appreciation Fund†		375,638		7,189,706
VALIC Co. II Large Cap Value Fund†		175,465		3,984,804
VALIC Co. II Mid Cap Growth Fund†		169,769		2,020,250
VALIC Co. II Mid Cap Value Fund†		86,887		2,011,436
VALIC Co. II Small Cap Growth Fund†		187,213		4,120,557
VALIC Co. II Small Cap Value Fund†		250,783		4,125,380
Total Domestic Equity Investment Companies
(cost $105,430,077)				121,961,384
Domestic Fixed Income Investment Companies — 20.0%
VALIC Co. I Capital Conservation Fund		1,687,767		16,101,298
VALIC Co. I Government Securities Fund		899,479		9,183,677
VALIC Co. I Inflation Protected Fund		360,414		3,921,304
VALIC Co. II Core Bond Fund†		1,283,100		14,049,943
VALIC Co. II High Yield Bond Fund†		254,659		1,993,983
VALIC Co. II Strategic Bond Fund†		309,671		3,474,509
Total Domestic Fixed Income Investment Companies
(cost $49,655,618)				48,724,714
International Equity Investment Companies — 11.3%
VALIC Co. I Emerging Economies Fund		320,373		2,848,116
VALIC Co. I Foreign Value Fund		735,022		7,842,680
VALIC Co. I Global Real Estate Fund		246,181		1,890,673
VALIC Co. I International Equities Index Fund		652,305		4,833,579
VALIC Co. I International Growth Fund		542,456		8,142,261
VALIC Co. II International Opportunities Fund†		91,832		2,001,015
Total International Equity Investment Companies
(cost $24,697,674)				27,558,324
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund (cost $974,680)		83,250		969,025
Total Affiliated Registered Investment Companies
(cost $180,758,049)				199,213,447
U.S. GOVERNMENT TREASURIES — 15.0%
United States Treasury Bonds — 0.7%
6.00% due 02/15/2026		318,000		388,680
6.13% due 11/15/2027		316,000		402,308

Security Description	Principal Amount			Value (Note 2)
United States Treasury Bonds (continued)
6.38% due 08/15/2027	$	358,000		$	461,107
6.63% due 02/15/2027		125,000			161,914
6.75% due 08/15/2026		140,000			180,649
					1,594,658
United States Treasury Notes — 14.3%
1.50% due 08/15/2026		3,196,000			2,888,010
1.63% due 02/15/2026		3,137,000			2,881,506
1.63% due 05/15/2026#		2,791,000			2,555,400
2.00% due 08/15/2025#		3,090,000			2,932,965
2.00% due 11/15/2026		3,404,600			3,193,541
2.25% due 11/15/2025		3,879,500			3,738,414
2.25% due 02/15/2027		3,744,000			3,576,982
2.25% due 08/15/2027		2,709,500			2,581,434
2.25% due 11/15/2027		2,867,000			2,728,130
2.38% due 05/15/2027		3,436,000			3,313,056
2.75% due 02/15/2028		2,495,000			2,477,360
2.88% due 05/15/2028		2,123,000			2,132,371
					34,999,169
Total U.S. Government Treasuries
(cost $37,853,258)					36,593,827
OPTIONS PURCHASED — 0.4%
Options - Purchased(2) (cost $1,055,013)		61,000			1,065,174
Total Long-Term Investment Securities
(cost $219,666,320)					236,872,448
SHORT-TERM INVESTMENT SECURITIES — 3.6%
Registered Investment Companies — 3.6%
AllianceBernstein Government STIF Portfolio 1.81%(3) (cost $8,748,950)		8,748,950			8,748,950
TOTAL INVESTMENTS
(cost $228,415,270)(4)		100.7	%		245,621,398
Liabilities in excess of other assets		(0.7	)		(1,789,413	)
NET ASSETS		100.0	%	$	243,831,985

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

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

† Non-income producing security

(1) See Note 3

(2) Options — Purchased

Over the Counter Purchased Put Options
Issue	Counterparty	Expiration Month	Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at May 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	Bank of America NA	August 2018	$	2,475		9,000	$	24,347,430	$	141,847	$	157,157	$	15,310
S&P 500 Index	Citibank NA	August 2018		2,475		11,000		29,757,970		193,600		192,080		(1,520	)
S&P 500 Index	Deutsch Bank	August 2018		2,475		18,000		48,694,860		324,000		314,314		(9,686	)
S&P 500 Index	Goldman Sachs International	August 2018		2,475		15,000		40,579,050		270,690		261,928		(8,762	)
S&P 500 Index	UBS AG	August 2018		2,475		8,000		21,642,160		124,876		139,695		14,818
						61,000	$	165,021,470	$	1,055,013	$	1,065,174	$	10,161

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

52

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

(3) The rate shown is the 7-day yield as of May 31, 2018.

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

STIF—Short Term Investment Fund

Over the Counter Written Call Options
Issue	Counterparty	Expiration Month	Strike Price		No. of Contracts		Notional Amount*		Premiums Received		Value at May 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	Bank of America NA	August 2018	$	2,875		9,000	$	24,347,430	$	57,600	$	36,901	$	20,699
S&P 500 Index	Citibank NA	August 2018		2,875		11,000		29,757,970		65,563		45,102		20,461
S&P 500 Index	Deutsch Bank	August 2018		2,875		18,000		48,694,860		120,798		73,802		46,996
S&P 500 Index	Goldman Sachs International	August 2018		2,875		15,000		40,579,050		102,916		61,502		41,414
S&P 500 Index	UBS AG	August 2018		2,875		8,000		21,642,160		40,000		32,801		7,199
						61,000	$	165,021,470	$	386,877	$	250,108	$	136,769

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	670	Long	S&P 500 E-Mini Index		June 2018	$	91,233,456	$	90,634,250	$	(599,206	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	199,213,447	$	—	$	—	$	199,213,447
U.S. Government Treasuries		—		36,593,827		—		36,593,827
Options Purchased		—		1,065,174		—		1,065,174
Short-Term Investment Securities		8,748,950		—		—		8,748,950
Total Investments at Value	$	207,962,397	$	37,659,001	$	—	$	245,621,398
Other Financial Instruments:†
Over the Counter Written Call Options	$	—	$	136,769	$	—	$	136,769
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	599,206	$	—	$	—	$	599,206

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

53

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	17.6	%
Electronic Components — Semiconductors	8.7
Internet Application Software	5.8
Semiconductor Components — Integrated Circuits	4.8
Oil Companies — Integrated	4.8
Diversified Financial Services	4.6
Time Deposits	4.2
E-Commerce/Products	3.5
Oil Refining & Marketing	2.4
Registered Investment Companies	2.3
Insurance — Property/Casualty	2.2
Metal — Iron	2.1
Insurance — Multi-line	2.1
Steel — Producers	2.0
Computer Services	1.8
Airlines	1.8
Finance — Mortgage Loan/Banker	1.6
Diversified Minerals	1.6
Cellular Telecom	1.3
Chemicals — Diversified	1.2
Coal	1.2
Real Estate Operations & Development	1.2
Metal — Copper	1.1
Tobacco	1.1
Web Portals/ISP	1.1
Metal — Diversified	1.0
Entertainment Software	1.0
Building Products — Cement	1.0
Food — Meat Products	1.0
Applications Software	1.0
Audio/Video Products	1.0
Schools	0.9
Multimedia	0.8
Diamonds/Precious Stones	0.8
Internet Content — Entertainment	0.7
Metal Processors & Fabrication	0.7
Banks — Special Purpose	0.7
Electronic Components — Misc.	0.7
Semiconductor Equipment	0.7
Diversified Operations	0.6
Chemicals — Specialty	0.6
Petrochemicals	0.6
Oil Companies — Exploration & Production	0.6
Appliances	0.5
Computers — Other	0.5
Building — Residential/Commercial	0.4
Distribution/Wholesale	0.4
Circuit Boards	0.4
Building Products — Doors & Windows	0.4
Auto/Truck Parts & Equipment — Replacement	0.4
Advertising Agencies	0.3
Food — Confectionery	0.3
Miscellaneous Manufacturing	0.3
Public Thoroughfares	0.3
Retail — Automobile	0.3
Chemicals — Other	0.2
Insurance — Reinsurance	0.2
Industrial Automated/Robotic	0.2
Auto/Truck Parts & Equipment — Original	0.2
Telecom Equipment — Fiber Optics	0.2
Energy — Alternate Sources	0.2
Electric — Integrated	0.2
Consulting Services	0.2
Food — Misc./Diversified	0.2
Finance — Consumer Loans	0.1
	102.9	%

Country Allocation*

Cayman Islands	17.1	%
South Korea	15.7
China	12.1
Taiwan	10.3
Russia	7.8
Brazil	7.6
United States	7.5
Thailand	4.2
Turkey	3.6
India	3.6
South Africa	3.0
United Kingdom	2.5
Malaysia	1.6
Hungary	1.5
Indonesia	1.2
Hong Kong	1.0
Panama	0.8
Poland	0.8
Bermuda	0.5
Vietnam	0.3
Cyprus	0.2
	102.9	%

* Calculated as a percentage of net assets

54

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Bermuda — 0.5%
Haier Electronics Group Co., Ltd.		1,217,000	$	4,368,442
Brazil — 7.6%
Banco do Brasil SA		912,263		7,398,641
Banco Santander Brasil SA		693,280		6,234,438
Cia de Saneamento de Minas Gerais-COPASA		3,870		44,784
Estacio Participacoes SA		463,410		3,114,483
IRB Brasil Resseguros S/A		129,100		1,671,376
Itau Unibanco Holding SA ADR		1,137,493		13,138,044
Kroton Educacional SA		1,478,528		4,287,455
Metalurgica Gerdau SA (Preference Shares)		1,208,275		2,192,075
MRV Engenharia e Participacoes SA		1,029,069		3,714,945
Petroleo Brasileiro SA (preference shares)		973,030		4,948,906
Qualicorp SA		255,143		1,300,135
Vale SA ADR#		1,051,234		14,296,782
				62,342,064
Cayman Islands — 17.1%
Alibaba Group Holding, Ltd. ADR†#		146,052		28,919,757
Baidu, Inc. ADR†		37,550		9,108,128
Country Garden Holdings Co., Ltd.		4,880,000		9,483,082
Dali Foods Group Co., Ltd.*		2,025,000		1,558,429
Daqo New Energy Corp. ADR†		53,580		3,089,423
General Interface Solution Holding, Ltd.		676,000		4,286,579
IGG, Inc.#		5,291,000		8,250,149
Kingboard Chemical Holdings, Ltd.		450,500		1,786,702
Kingboard Laminates Holdings, Ltd.		1,533,500		2,018,498
Nexteer Automotive Group, Ltd.		963,000		1,574,366
Tencent Holdings, Ltd.		935,300		47,146,277
Want Want China Holdings, Ltd.		906,000		895,516
WH Group, Ltd.*		7,650,500		7,838,830
Xinyi Glass Holdings, Ltd.		2,362,000		3,238,874
Xinyi Solar Holdings, Ltd.		3,756,000		1,547,543
Yirendai, Ltd. ADR#		36,010		844,795
YY, Inc., ADR†		52,660		6,136,470
Zhongsheng Group Holdings, Ltd.		708,500		2,264,199
				139,987,617
China — 12.1%
Anhui Conch Cement Co., Ltd.		1,348,500		8,248,371
China Construction Bank Corp.		22,353,000		22,514,546
China Merchants Bank Co., Ltd.		2,313,500		9,502,009
China Shenhua Energy Co., Ltd., Class H		1,559,000		4,066,385
Focus Media Information Technology Co., Ltd., Class A		1,354,400		2,641,657
Industrial & Commercial Bank of China, Ltd.		20,146,000		16,573,617
PICC Property & Casualty Co., Ltd.		3,924,000		6,898,347
Ping An Insurance Group Co. of China, Ltd.#		1,723,000		16,766,039
Shenzhen Expressway Co., Ltd.		2,222,000		2,324,605
Weichai Power Co., Ltd.		2,357,000		3,144,951
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co.†*		380,000		1,550,138
Yanzhou Coal Mining Co., Ltd.		3,022,000		4,318,228
				98,548,893
Cyprus — 0.2%
Ros Agro PLC GDR		114,458		1,277,351
Hong Kong — 1.0%
Fosun International, Ltd.		3,663,000		7,987,912
Hungary — 1.5%
MOL Hungarian Oil & Gas PLC		395,374		3,725,145
OTP Bank PLC		231,075		8,265,768
				11,990,913
India — 3.6%
HCL Technologies, Ltd.		578,340		7,769,762
Housing Development Finance Corp., Ltd.		489,721		13,245,366

Security Description	Shares		Value (Note 2)
India (continued)
NIIT Technologies, Ltd.		257,100	$	4,257,096
Vedanta, Ltd.		1,004,509		3,672,834
				28,945,058
Indonesia — 1.2%
Bank Negara Indonesia Persero Tbk PT		7,515,800		4,570,019
Bank Rakyat Indonesia Persero Tbk PT		24,563,600		5,429,327
				9,999,346
Malaysia — 1.6%
AirAsia Bhd		5,032,800		3,854,850
CIMB Group Holdings Bhd		3,406,200		4,997,812
Malayan Banking Bhd		1,569,600		3,793,925
				12,646,587
Panama — 0.8%
Copa Holdings SA, Class A		61,882		6,856,526
Poland — 0.8%
Jastrzebska Spolka Weglowa SA†		59,830		1,347,806
Polski Koncern Naftowy Orlen SA		226,362		4,981,158
				6,328,964
Russia — 7.8%
Aeroflot PJSC†		647,951		1,448,799
Alrosa PJSC†		4,629,881		6,597,724
Lukoil PJSC ADR		136,880		9,124,421
Magnitogorsk Iron & Steel Works PJSC†		3,356,264		2,609,911
MMC Norilsk Nickel PJSC ADR#		479,134		8,528,585
Mobile TeleSystems PJSC ADR		557,891		5,344,596
Novatek PJSC GDR		33,680		4,853,288
Novolipetsk Steel GDR		68,720		1,807,336
RusHydro PJSC†		131,568,906		1,521,857
Sberbank of Russia PJSC ADR		860,674		12,350,672
Severstal PJSC GDR		220,994		3,513,805
Tatneft PJSC ADR#		100,326		6,305,489
				64,006,483
South Africa — 3.0%
Kumba Iron Ore, Ltd.#		78,729		1,789,688
Naspers, Ltd., Class N		28,538		6,791,135
Sasol, Ltd.		111,970		4,056,787
Standard Bank Group, Ltd.		718,534		11,697,373
				24,334,983
South Korea — 15.7%
Hana Financial Group, Inc.		220,368		8,480,545
Hyundai Marine & Fire Insurance Co., Ltd.		94,883		2,993,773
Industrial Bank of Korea		408,248		5,892,958
KT&G Corp.		103,784		9,238,712
LG Chem, Ltd.		10,490		3,285,984
LG Corp.†		51,490		3,499,172
LG Electronics, Inc.		89,720		7,678,148
Lotte Chemical Corp.		4,800		1,638,590
PSK, Inc.		58,740		1,615,865
Samsung Electronics Co., Ltd.		1,062,850		49,891,311
SFA Engineering Corp.		46,824		1,577,281
Shinhan Financial Group Co., Ltd.		223,531		9,050,549
Silicon Works Co, Ltd.		28,480		1,025,782
SK Holdings Co Ltd		8,970		2,298,913
SK Hynix, Inc.		122,007		10,518,153
SK Innovation Co., Ltd.		44,092		8,409,207
TES Co, Ltd.		42,010		1,172,661
				128,267,604

55

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan — 10.3%
Catcher Technology Co., Ltd.		516,000	$	5,972,211
Compeq Manufacturing Co., Ltd.†		1,088,000		1,213,751
CTBC Financial Holding Co., Ltd.		12,242,000		8,796,759
FLEXium Interconnect, Inc.		707,072		2,037,938
Fubon Financial Holding Co., Ltd.		4,998,000		8,657,614
Globalwafers Co., Ltd.		128,000		2,514,610
Macronix International†		3,520,000		5,762,653
Nanya Technology Corp.		816,000		2,701,843
Sino-American Silicon Products, Inc.		866,000		4,044,868
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		916,194		35,456,708
Winbond Electronics Corp.†		2,724,000		1,809,769
Yageo Corp.		172,000		5,417,729
				84,386,453
Thailand — 4.2%
Kiatnakin Bank PCL		1,417,900		3,047,222
Krung Thai Bank PCL		7,044,300		3,853,556
PTT Global Chemical PCL		2,740,400		7,645,536
PTT PCL		6,659,000		10,876,297
Star Petroleum Refining PCL†		4,647,700		2,251,933
Thai Oil PCL		1,393,100		4,006,415
Tisco Financial Group PCL		1,096,000		2,843,639
				34,524,598
Turkey — 3.6%
Akbank Turk AS		1,385,638		2,456,069
Eregli Demir ve Celik Fabrikalari TAS		2,360,752		5,852,025
KOC Holding AS		858,850		2,649,103
Petkim Petrokimya Holding AS		2,275,200		2,366,178
Tekfen Holding AS		848,307		2,835,532
Turk Hava Yollari AO†		679,580		2,497,654
Turkcell Iletisim Hizmetleri AS		1,686,680		4,475,827
Turkiye Garanti Bankasi AS		1,608,700		3,163,780
Turkiye Halk Bankasi AS		1,996,953		3,385,122
				29,681,290
United Kingdom — 2.5%
Anglo American PLC#		359,420		8,590,352
Antofagasta PLC		469,050		6,559,370
Evraz PLC		389,080		2,642,710
KAZ Minerals PLC†		212,820		2,866,891
				20,659,323
United States — 1.0%
Cognizant Technology Solutions Corp., Class A		109,740		8,268,909
Vietnam — 0.3%
Hoa Phat Group JSC†		981,930		2,401,412
Total Long-Term Investment Securities
(cost $646,648,852)				787,810,728

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 6.5%
Registered Investment Companies — 2.3%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		18,758,752		$	18,758,752
Time Deposits — 4.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018(2)	$	34,500,000			34,500,000
Total Short-Term Investment Securities
(cost $53,258,752)					53,258,752
TOTAL INVESTMENTS —
(cost $699,907,604)(3)		102.9	%		841,069,480
Liabilities in excess of other assets		(2.9	)		(23,837,174	)
NET ASSETS —		100.0	%	$	817,232,306

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $10,947,397 representing 1.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At May 31, 2018, the Fund had loaned securities with a total value of $86,453,286. This was secured by collateral of $18,758,752, which was received in cash and subsequently invested in short-term investments currently valued at $18,758,752 as reported in the Portfolio of Investments. Additional collateral of $70,862,502 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	11,341,879
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		4,592,686
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		3,019,806
United States Treasury Bills	0.00%	06/07/2018 to 01/31/2019		7,625,901
United States Treasury Notes/Bonds	zero coupon to 8.00%	06/30/2018 to 02/15/2048		44,282,230

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

56

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Russia	$	51,828,192	$	12,178,291		$	—	$	64,006,483
Other Countries		161,917,490		561,886,755	**		—		723,804,245
Short-Term Investment Securities:
Registered Investment Companies		18,758,752		—			—		18,758,752
Time Deposits		—		34,500,000			—		34,500,000
Total Investments at Value	$	232,504,434	$	608,565,046		$	—	$	841,069,480

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $384,576,538 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

57

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Oil Companies — Integrated	10.6	%
Medical — Drugs	7.2
Diversified Banking Institutions	5.7
Banks — Commercial	5.7
Registered Investment Companies	4.3
Electronic Components — Semiconductors	4.1
U.S. Government Agencies	3.3
Telecom Services	2.9
Telephone — Integrated	2.8
Diversified Financial Services	2.4
Insurance — Multi-line	2.4
Precious Metals	2.3
Medical — Generic Drugs	2.3
Medical — Biomedical/Gene	2.3
Aerospace/Defense	2.2
Building Products — Cement	2.0
Web Portals/ISP	2.0
Gold Mining	1.8
Oil — Field Services	1.7
Rubber — Tires	1.6
Diversified Operations	1.5
Diagnostic Kits	1.5
Satellite Telecom	1.5
Chemicals — Diversified	1.4
Insurance — Life/Health	1.4
Distribution/Wholesale	1.4
Retail — Building Products	1.3
Cellular Telecom	1.3
Energy — Alternate Sources	1.2
Brewery	1.2
Water	1.1
Diversified Manufacturing Operations	1.0
Finance — Investment Banker/Broker	1.0
Retail — Drug Store	1.0
Electric — Generation	1.0
Oil Companies — Exploration & Production	1.0
Beverages — Non-alcoholic	1.0
Medical — Wholesale Drug Distribution	1.0
Real Estate Operations & Development	0.9
Semiconductor Components — Integrated Circuits	0.9
Food — Retail	0.9
Containers — Metal/Glass	0.7
Entertainment Software	0.6
Metal Processors & Fabrication	0.6
Computers	0.6
Disposable Medical Products	0.6
Diversified Minerals	0.6
Food — Confectionery	0.6
Electric — Distribution	0.5
Cable/Satellite TV	0.5
Aerospace/Defense — Equipment	0.5
Petrochemicals	0.5
Audio/Video Products	0.5
Motorcycle/Motor Scooter	0.5
Transport — Marine	0.5
Medical Instruments	0.5
Electronic Components — Misc.	0.5
Investment Management/Advisor Services	0.4
Rubber/Plastic Products	0.3
Time Deposits	0.2
Insurance — Property/Casualty	0.1
	103.9	%

Country Allocation*

United Kingdom	19.0	%
Japan	11.4
United States	7.8
South Korea	7.1
Germany	7.0
France	6.6
Canada	5.8
China	5.4
Netherlands	5.3
Cayman Islands	5.0
Switzerland	3.8
Taiwan	2.6
Israel	2.3
Italy	1.9
Ireland	1.8
Denmark	1.7
Thailand	1.6
Singapore	1.6
Jersey	1.5
Luxembourg	1.5
Hong Kong	1.0
India	0.8
New Zealand	0.5
Sweden	0.5
Bermuda	0.4
	103.9	%

* Calculated as a percentage of net assets

58

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.1%
Bermuda — 0.4%
Kunlun Energy Co., Ltd.		3,448,000	$	3,125,540
Canada — 5.8%
Alamos Gold, Inc., Class A#		1,783,840		9,882,474
Barrick Gold Corp.		471,410		6,217,898
Cenovus Energy, Inc.		630,764		6,654,984
Husky Energy, Inc.		527,900		7,617,622
Wheaton Precious Metals Corp.		925,491		20,228,609
				50,601,587
Cayman Islands — 5.0%
Baidu, Inc. ADR†		69,970		16,971,923
CK Asset Holdings, Ltd.		526,500		4,390,364
CK Hutchison Holdings, Ltd.		1,194,000		13,405,405
NetEase, Inc. ADR		24,800		5,662,336
Value Partners Group, Ltd.#		3,554,500		3,158,225
				43,588,253
China — 5.4%
China Life Insurance Co., Ltd.		2,257,000		6,263,968
China Telecom Corp., Ltd.		25,815,823		11,997,633
Shandong Weigao Group Medical Polymer Co., Ltd.		6,192,000		5,316,509
Shanghai Pharmaceuticals Holding Co., Ltd.		2,852,500		8,781,067
Sinopec Engineering Group Co., Ltd.		5,880,000		6,271,383
Sinopharm Group Co., Ltd.		1,816,400		8,068,485
				46,699,045
Denmark — 1.7%
AP Moller - Maersk A/S, Series B		2,843		4,249,943
Orsted A/S*		79,272		4,755,964
Vestas Wind Systems A/S		92,742		6,086,194
				15,092,101
France — 6.6%
AXA SA		372,232		9,321,866
BNP Paribas SA#		258,457		16,114,735
Cie Generale des Etablissements Michelin SCA#		45,062		5,864,988
Sanofi		131,269		10,070,257
TOTAL SA		108,829		6,613,999
Veolia Environnement SA		411,474		9,384,136
				57,369,981
Germany — 7.0%
Bayer AG		104,571		12,444,690
E.ON SE		817,188		8,669,816
Gerresheimer AG		78,750		6,139,497
HeidelbergCement AG		43,660		3,870,018
Merck KGaA		77,902		7,956,759
MorphoSys AG†		65,080		6,781,935
Siemens AG		69,145		9,018,633
Telefonica Deutschland Holding AG		1,470,878		6,218,843
				61,100,191
Hong Kong — 1.0%
China Mobile, Ltd.		917,000		8,220,554
India — 0.8%
Hero MotoCorp, Ltd.		81,301		4,272,380
Jain Irrigation Systems, Ltd.		1,609,577		2,451,157
				6,723,537
Ireland — 1.8%
Bank of Ireland Group PLC		1,235,455		10,226,369
CRH PLC		157,292		5,811,418
				16,037,787

Security Description	Shares		Value (Note 2)
Israel — 2.3%
Teva Pharmaceutical Industries, Ltd. ADR#		934,006	$	20,081,129
Italy — 1.9%
Eni SpA#		904,304		16,521,056
Japan — 11.4%
Astellas Pharma, Inc.		987,500		15,071,290
Ezaki Glico Co., Ltd.		98,300		5,093,879
Inpex Corp.		499,300		5,536,892
Kirin Holdings Co., Ltd.		361,300		10,225,385
Mitsui Fudosan Co., Ltd.		139,500		3,489,827
Panasonic Corp.		324,600		4,421,950
Seven & i Holdings Co., Ltd.		172,900		7,636,663
SoftBank Group Corp.		250,400		17,772,810
Sumitomo Metal Mining Co., Ltd.		136,700		5,208,290
Sumitomo Rubber Industries, Ltd.		472,700		7,899,195
Suntory Beverage & Food, Ltd.		186,800		8,270,682
Taiheiyo Cement Corp.		221,800		8,177,640
				98,804,503
Jersey — 1.5%
Shire PLC		241,546		13,208,899
Luxembourg — 1.5%
SES SA FDR		749,852		12,952,892
Netherlands — 5.3%
Aegon NV		1,732,923		10,762,357
Flow Traders*		208,600		8,866,450
ING Groep NV CVA		290,811		4,226,135
QIAGEN NV†		367,644		13,336,332
SBM Offshore NV		541,485		8,586,529
				45,777,803
New Zealand — 0.5%
Sky Network Television, Ltd.		2,839,200		4,586,425
Singapore — 1.6%
Singapore Telecommunications, Ltd.		5,342,900		13,060,991
Singapore Telecommunications, Ltd. ADR		4,600		112,424
United Overseas Bank, Ltd.		34,900		730,516
				13,903,931
South Korea — 7.1%
DB Insurance Co., Ltd.		19,400		1,052,005
Hana Financial Group, Inc.		259,311		9,979,210
KB Financial Group, Inc.		231,701		11,145,135
Lotte Chemical Corp.		12,984		4,432,387
Samsung Electronics Co., Ltd.		751,550		35,278,557
				61,887,294
Spain — 0.0%
Telefonica SA ADR#		859		7,559
Sweden — 0.5%
Getinge AB, Class B		404,292		3,920,717
Switzerland — 3.8%
Landis+Gyr Group AG†#		60,368		4,399,067
Roche Holding AG		83,933		18,002,165
UBS Group AG		716,607		10,768,296
				33,169,528
Taiwan — 2.6%
Catcher Technology Co., Ltd.		470,000		5,439,805
Pegatron Corp.		1,813,000		3,816,855
Quanta Computer, Inc.		3,061,000		5,410,346
Taiwan Semiconductor Manufacturing Co., Ltd.		1,042,000		7,775,112
				22,442,118

59

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Thailand — 1.6%
Bangkok Bank PCL		445,600		$	2,684,349
Bangkok Bank PCL NVDR		1,195,200			7,048,597
Kasikornbank PCL		206,100			1,254,231
Kasikornbank PCL NVDR		555,100			3,317,200
					14,304,377
United Kingdom — 19.0%
Aviva PLC		889,501			6,041,224
BAE Systems PLC		1,415,310			12,033,014
Barclays PLC		3,994,545			10,489,263
BP PLC		3,803,252			29,146,126
BP PLC ADR		180			8,248
Cobham PLC†#		2,747,809			4,540,345
HSBC Holdings PLC		1,375,210			13,176,657
Johnson Matthey PLC		265,611			12,407,629
Kingfisher PLC		2,832,332			11,474,968
Rolls-Royce Holdings PLC#		622,380			6,809,096
Rolls-Royce Holdings PLC, Class C†		44,188,980			58,743
Royal Dutch Shell PLC, Class B		712,115			25,350,272
SIG PLC		3,359,596			5,972,410
Standard Chartered PLC		1,964,668			19,713,710
Travis Perkins PLC		317,579			5,681,354
Vodafone Group PLC		957,821			2,450,545
					165,353,604
Total Long-Term Investment Securities
(cost $763,581,534)					835,480,411
SHORT-TERM INVESTMENT SECURITIES — 7.8%
Registered Investment Companies — 4.3%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		37,864,074			37,864,074
Time Deposits — 0.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018	$	1,444,000			1,444,000
U.S. Government Agencies — 3.3%
Federal Home Loan Bank Disc. Notes 1.57% due 06/01/2018		28,800,000			28,800,000
Total Short-Term Investment Securities
(cost $68,108,074)					68,108,074
TOTAL INVESTMENTS
(cost $831,689,608)(3)		103.9	%		903,588,485
Liabilities in excess of other assets		(3.9	)		(34,172,042	)
NET ASSETS		100.0	%	$	869,416,443

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $13,622,414 representing 1.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At May 31, 2018, the Fund had loaned securities with a total value of $55,055,412. This was secured by collateral of $37,864,074, which was received in cash and subsequently invested in short-term investments currently valued at $37,864,074 as reported in the Portfolio of Investments. Additional collateral of $19,920,396 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	2.75% to 3.50%	11/01/2034 to 12/01/2047	$	85,532
Federal National Mtg. Assoc.	3.00% to 4.46%	10/01/2032 to 11/01/2046		81,572
Government National Mtg. Assoc.	2.50% to 4.00%	08/20/2044 to 04/16/2059		87,320
United States Treasury Bills	0.00%	06/07/2018 to 01/31/2019		537,401
United States Treasury Notes/Bonds	0.13% to 8.00%	06/30/2018 to 02/15/2047		19,128,571

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Fiduciary Depositary Receipt

NVDR—Non-Voting Depositary Receipt

60

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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
United Kingdom	$	8,248	$	165,345,356	#	$	—	$	165,353,604
Other Countries		93,436,958		576,689,849	**		—		670,126,807
Short-Term Investment Securities:
Registered Investment Companies		37,864,074		—			—		37,864,074
Time Deposits		—		1,444,000			—		1,444,000
U.S. Government Agencies		—		28,800,000			—		28,800,000
Total Investments at Value	$	131,309,280	$	772,279,205		$	—	$	903,588,485

* 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).

# Amount includes $165,286,613 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $597,445,182 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

61

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	74.1	%
Real Estate Operations & Development	15.9
Real Estate Management/Services	7.5
Registered Investment Companies	1.3
Hotels/Motels	1.1
Time Deposits	0.8
	100.7	%

Country Allocation*

United States	45.9	%
Japan	12.8
Australia	6.1
France	5.9
United Kingdom	5.3
Hong Kong	4.6
Cayman Islands	4.5
Germany	4.0
Canada	3.2
Singapore	2.4
Spain	1.8
Sweden	1.0
Ireland	0.9
Switzerland	0.9
Bermuda	0.6
Norway	0.6
Netherlands	0.2
	100.7	%

* Calculated as a percentage of net assets

62

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Australia — 6.1%
BGP Holdings PLC†(1)(2)		479,213	$	108
GPT Group		1,549,317		5,881,553
Mirvac Group		1,658,850		2,878,928
Propertylink Group		2,994,994		2,365,712
Scentre Group		2,136,808		6,739,526
Shopping Centres Australasia Property Group		2,247,396		4,177,964
				22,043,791
Bermuda — 0.6%
Hongkong Land Holdings, Ltd. (OTC)		1,700		12,240
Hongkong Land Holdings, Ltd. (SGX)		312,700		2,267,321
				2,279,561
Canada — 3.2%
Allied Properties Real Estate Investment Trust		114,829		3,764,755
Canadian Apartment Properties REIT		111,361		3,500,751
Chartwell Retirement Residences		385,011		4,311,553
				11,577,059
Cayman Islands — 4.5%
CK Asset Holdings, Ltd.		1,475,500		12,303,860
Wharf Real Estate Investment Co., Ltd.		527,000		4,061,276
				16,365,136
France — 5.9%
Fonciere Des Regions		38,776		4,056,628
Gecina SA		28,685		4,956,617
Klepierre SA		165,503		6,478,124
Unibail-Rodamco SE (Euronext Amsterdam)		26,376		5,948,554
Unibail-Rodamco SE (Euronext Paris)		575		129,433
				21,569,356
Germany — 4.0%
Vonovia SE		304,204		14,359,665
Hong Kong — 4.6%
Link REIT		761,500		6,730,842
Sun Hung Kai Properties, Ltd.		611,504		9,853,338
				16,584,180
Ireland — 0.9%
Green REIT PLC		1,959,922		3,421,697
Japan — 12.8%
Activia Properties, Inc.		909		4,039,984
Daiwa House REIT Investment Corp.		2,425		5,707,597
GLP J-REIT		2,723		3,039,721
Invincible Investment Corp.		6,983		3,200,144
Kenedix Retail REIT Corp.		1,190		2,642,261
Mitsubishi Estate Co., Ltd.		393,600		7,125,599
Mitsui Fudosan Co., Ltd.		358,400		8,965,979
Orix JREIT, Inc.		1,991		3,144,511
Sumitomo Realty & Development Co., Ltd.		225,000		8,457,671
				46,323,467
Netherlands — 0.2%
Instone Real Estate Group BV†*		35,406		877,857
Norway — 0.6%
Entra ASA*		158,408		2,250,965
Singapore — 2.4%
Ascendas India Trust#		2,076,200		1,642,972
City Developments, Ltd.		464,000		3,870,394
Mapletree Commercial Trust		2,863,600		3,352,488
				8,865,854

Security Description	Shares		Value (Note 2)
Spain — 1.8%
Aedas Homes SAU†*		43,441	$	1,609,039
Merlin Properties Socimi SA		350,677		4,840,041
				6,449,080
Sweden — 1.0%
Castellum AB		225,838		3,628,150
Switzerland — 0.9%
PSP Swiss Property AG		34,236		3,132,965
United Kingdom — 5.3%
Big Yellow Group PLC		314,590		3,889,610
British Land Co. PLC		334,104		3,006,141
Derwent London PLC		100,675		4,027,507
Tritax Big Box REIT PLC		1,907,857		3,802,376
UNITE Group PLC		391,688		4,423,484
				19,149,118
United States — 43.8%
Acadia Realty Trust		21,049		542,012
Alexandria Real Estate Equities, Inc.		13,448		1,679,924
American Campus Communities, Inc.		52,602		2,109,340
American Homes 4 Rent, Class A		59,914		1,193,487
American Tower Corp.		83,317		11,528,573
Apple Hospitality REIT, Inc.		48,246		918,121
AvalonBay Communities, Inc.		39,311		6,507,543
Boston Properties, Inc.		43,343		5,277,877
Corporate Office Properties Trust		40,851		1,139,743
Cousins Properties, Inc.		138,433		1,304,039
Crown Castle International Corp.		89,221		9,292,367
CyrusOne, Inc.		31,374		1,737,492
Digital Realty Trust, Inc.		11,806		1,268,909
EastGroup Properties, Inc.		8,109		756,002
Education Realty Trust, Inc.		48,731		1,780,631
Empire State Realty Trust, Inc., Class A		66,081		1,120,734
Equinix, Inc.		15,455		6,133,317
Equity LifeStyle Properties, Inc.		10,035		912,182
Equity Residential		65,267		4,176,435
Essex Property Trust, Inc.		10,912		2,608,295
Extra Space Storage, Inc.		41,656		4,009,390
Federal Realty Investment Trust		25,915		3,081,034
Forest City Realty Trust, Inc., Class A		38,510		784,449
GGP, Inc.		127,317		2,581,989
HCP, Inc.		43,917		1,052,690
Healthcare Realty Trust, Inc.		109,647		2,986,784
Host Hotels & Resorts, Inc.		78,683		1,701,913
Hudson Pacific Properties, Inc.		91,468		3,237,967
Invitation Homes, Inc.#		57,749		1,271,056
Kilroy Realty Corp.		32,637		2,485,308
Lamar Advertising Co., Class A		19,159		1,326,186
Liberty Property Trust		42,295		1,869,862
Macerich Co.#		39,654		2,205,952
Mid-America Apartment Communities, Inc.		22,855		2,138,314
National Health Investors, Inc.#		20,814		1,536,489
National Retail Properties, Inc.		40,559		1,680,359
Park Hotels & Resorts, Inc.#		100,195		3,228,283
Pebblebrook Hotel Trust#		58,233		2,377,071
PotlatchDeltic Corp.		33,467		1,690,084
Prologis, Inc.		130,680		8,409,258
Public Storage		33,859		7,172,691
QTS Realty Trust, Inc., Class A#		36,539		1,378,616
Rayonier, Inc.		64,966		2,525,228
Realty Income Corp.#		36,843		1,963,732
Regency Centers Corp.		28,188		1,637,159
Retail Opportunity Investments Corp.#		135,232		2,450,404
SBA Communications Corp.†		10,328		1,632,547

63

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Simon Property Group, Inc.		46,277		$	7,414,501
SL Green Realty Corp.#		25,078			2,445,607
Sun Communities, Inc.		16,280			1,573,950
Sunstone Hotel Investors, Inc.#		133,565			2,322,695
Terreno Realty Corp.#		31,169			1,187,851
Ventas, Inc.		53,960			2,949,454
Vornado Realty Trust		11,098			773,642
Washington Real Estate Investment Trust		84,274			2,416,978
Welltower, Inc.		50,871			2,932,713
Weyerhaeuser Co.		129,113			4,819,788
					159,239,017
Total Long-Term Investment Securities
(cost $338,079,798)					358,116,918
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 1.3%
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.42%(3)		4,656,899			4,656,899
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(5)		110,500			110,500
					4,767,399
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018		2,717,000			2,717,000
Total Short-Term Investment Securities
(cost $7,484,399)					7,484,399
TOTAL INVESTMENTS —
(cost $345,564,197)(4)		100.7	%		365,601,317
Liabilities in excess of other assets		(0.7	)		(2,378,228	)
NET ASSETS —		100.0	%	$	363,223,089

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $4,737,861 representing 1.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

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

(2) Illiquid security. At May 31, 2018, the aggregate value of these securities was $108 representing 0.0% of net assets.

(3) The rate shown is the 7-day yield as of May 31, 2018.

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

(5) At May 31, 2018, the Fund had loaned securities with a total value of $14,081,864. This was secured by collateral of $110,500 which was received in cash and subsequently invested in short-term investments currently valued at $110,500 as reported in the Portfolio of Investments. Additional collateral of $14,325,417 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	4,093,012
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		1,657,390
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		1,089,776
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018		151,836
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		7,333,403

OTC—Over the Counter

SGX—Singapore Exchange

Euronext Paris—Euronext Stock Exchange, Paris

Euronext Amsterdam—Euronext Stock Exchange, Amsterdam

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 -  Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	22,043,683	$	—		$	108	$	22,043,791
Other Countries		148,914,066		187,159,061	**		—		336,073,127
Short-Term Investment Companies:
Registered Investment Companies		4,767,399		—			—		4,767,399
Time Deposits		—		2,717,000			—		2,717,000
Total Investments at Value	$	175,725,148	$	189,876,061		$	108	$	365,601,317

* 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 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $132,195,680 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during 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.

See Notes to Financial Statements

64

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	3.5	%
Banks — Commercial	3.2
Applications Software	3.0
Electronic Components — Semiconductors	2.7
Insurance — Property/Casualty	2.6
Repurchase Agreements	2.6
Insurance — Life/Health	2.6
Oil Companies — Exploration & Production	2.5
Insurance — Multi-line	2.3
Medical — Drugs	2.3
Medical — Biomedical/Gene	2.2
Cosmetics & Toiletries	2.0
Finance — Credit Card	1.9
Web Portals/ISP	1.9
Transport — Rail	1.8
Commercial Services — Finance	1.5
Investment Management/Advisor Services	1.5
Beverages — Non-alcoholic	1.4
Telephone — Integrated	1.3
Banks — Super Regional	1.3
Computer Services	1.3
Finance — Other Services	1.1
Medical Products	1.1
Chemicals — Diversified	1.1
Enterprise Software/Service	1.0
Multimedia	1.0
Commercial Services	1.0
U.S. Government Treasuries	1.0
Auto/Truck Parts & Equipment — Original	1.0
Electronic Components — Misc.	1.0
Chemicals — Specialty	1.0
Semiconductor Equipment	0.9
Transport — Services	0.9
Data Processing/Management	0.9
Diversified Manufacturing Operations	0.9
Cable/Satellite TV	0.8
Food — Misc./Diversified	0.8
Gas — Distribution	0.8
Networking Products	0.8
Diagnostic Equipment	0.8
Pipelines	0.8
Insurance — Reinsurance	0.7
Electric — Integrated	0.7
Real Estate Management/Services	0.7
Consumer Products — Misc.	0.7
Machinery — Electrical	0.7
Hotels/Motels	0.7
Distribution/Wholesale	0.6
Industrial Automated/Robotic	0.6
Semiconductor Components — Integrated Circuits	0.6
Electric Products — Misc.	0.6
Building & Construction Products — Misc.	0.6
Machinery — General Industrial	0.6
Real Estate Operations & Development	0.6
Oil Companies — Integrated	0.5
Finance — Investment Banker/Broker	0.5
E-Commerce/Services	0.5
Computer Aided Design	0.5
Diversified Banking Institutions	0.5
Import/Export	0.5
Investment Companies	0.5
Machinery — Farming	0.5
Oil Refining & Marketing	0.5
Internet Content — Entertainment	0.5
Diversified Operations	0.5
Auto — Cars/Light Trucks	0.4
Retail — Restaurants	0.4
Electronic Forms	0.4
Oil — Field Services	0.4

Food — Retail	0.4	%
Machinery — Construction & Mining	0.4
Entertainment Software	0.4
Advertising Agencies	0.4
Medical Labs & Testing Services	0.4
Private Equity	0.4
Paper & Related Products	0.4
Consulting Services	0.4
Retail — Apparel/Shoe	0.3
Insurance Brokers	0.3
Steel — Producers	0.3
Airport Development/Maintenance	0.3
Electronic Measurement Instruments	0.3
Industrial Gases	0.3
Retail — Major Department Stores	0.3
Medical Instruments	0.3
Telecom Services	0.3
Computers — Memory Devices	0.3
Building — Residential/Commercial	0.3
Water	0.3
Electric — Distribution	0.3
Retail — Discount	0.3
Computer Software	0.3
Cellular Telecom	0.2
Toys	0.2
Food — Dairy Products	0.2
Retail — Building Products	0.2
Public Thoroughfares	0.2
Food — Catering	0.2
Banks — Fiduciary	0.2
Wireless Equipment	0.2
Resorts/Theme Parks	0.2
Audio/Video Products	0.2
Television	0.2
Medical — HMO	0.2
Retail — Jewelry	0.2
Soap & Cleaning Preparation	0.2
Internet Security	0.2
Rubber — Tires	0.2
Computers	0.2
Rental Auto/Equipment	0.2
Building Products — Cement	0.2
Tools — Hand Held	0.2
Retail — Auto Parts	0.2
Metal — Copper	0.2
Medical — Hospitals	0.2
Building Products — Air & Heating	0.2
Non-Hazardous Waste Disposal	0.2
Web Hosting/Design	0.2
Broadcast Services/Program	0.2
Containers — Paper/Plastic	0.2
Retail — Drug Store	0.2
Dental Supplies & Equipment	0.2
Telecommunication Equipment	0.2
Gold Mining	0.2
Publishing — Periodicals	0.2
Electric — Transmission	0.2
Metal — Diversified	0.2
Machine Tools & Related Products	0.2
Optical Supplies	0.1
E-Commerce/Products	0.1
Office Automation & Equipment	0.1
Electronic Security Devices	0.1
Agricultural Chemicals	0.1
Medical Information Systems	0.1
Food — Meat Products	0.1
Registered Investment Companies	0.1
Oil Field Machinery & Equipment	0.1
Savings & Loans/Thrifts	0.1

65

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Transactional Software	0.1	%
Office Supplies & Forms	0.1
Auto — Heavy Duty Trucks	0.1
Apparel Manufacturers	0.1
Coatings/Paint	0.1
Transport — Truck	0.1
Machinery — Pumps	0.1
Finance — Consumer Loans	0.1
Human Resources	0.1
Power Converter/Supply Equipment	0.1
Photo Equipment & Supplies	0.1
Decision Support Software	0.1
Dialysis Centers	0.1
E-Services/Consulting	0.1
Retail — Perfume & Cosmetics	0.1
Finance — Mortgage Loan/Banker	0.1
Metal Processors & Fabrication	0.1
Finance — Leasing Companies	0.1
Computers — Integrated Systems	0.1
Retail — Catalog Shopping	0.1
Security Services	0.1
Silver Mining	0.1
Respiratory Products	0.1
Travel Services	0.1
Electronic Connectors	0.1
Aerospace/Defense	0.1
Radio	0.1
Retail — Consumer Electronics	0.1
Retail — Automobile	0.1
Publishing — Books	0.1
Instruments — Scientific	0.1
Gas — Transportation	0.1
Steel Pipe & Tube	0.1
Retail — Home Furnishings	0.1
Chemicals — Plastics	0.1
Retail — Misc./Diversified	0.1
Containers — Metal/Glass	0.1
Airlines	0.1
Water Treatment Systems	0.1
Computer Data Security	0.1
Building Products — Wood	0.1
Electric — Generation	0.1
	99.7	%

Country Allocation*

United States	56.5	%
Japan	10.1
United Kingdom	4.9
Canada	3.4
France	3.1
Switzerland	2.7
Germany	2.5
Netherlands	2.1
Australia	2.1
Hong Kong	1.5
Spain	1.3
Bermuda	1.2
Ireland	1.1
Sweden	1.1
Denmark	0.9
Singapore	0.7
Finland	0.7
Italy	0.6
Jersey	0.6
Belgium	0.6
Norway	0.4
Curacao	0.3
Cayman Islands	0.2
Portugal	0.2
Austria	0.2
Israel	0.2
Luxembourg	0.2
New Zealand	0.1
SupraNational	0.1
Papua New Guinea	0.1
	99.7	%

* Calculated as a percentage of net assets

66

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.0%
Australia — 2.1%
Amcor, Ltd.		22,626	$	240,193
APA Group		49,311		323,317
ASX, Ltd.		15,070		688,971
BGP Holdings PLC†(1)(2)		60,919		14
Computershare, Ltd.		26,169		342,223
CSL, Ltd.		7,914		1,108,452
Dexus		63,132		471,250
Fortescue Metals Group, Ltd.		41,195		145,640
Goodman Group		33,750		238,047
GPT Group		103,827		394,150
Insurance Australia Group, Ltd.		93,362		572,412
Macquarie Group, Ltd.		1,658		142,848
OneMarket, Ltd.†		1,779		2,058
Origin Energy, Ltd.†		22,646		163,608
QBE Insurance Group, Ltd.		23,435		167,589
Ramsay Health Care, Ltd.		6,273		290,146
Santos, Ltd.†		125,876		555,657
Scentre Group		70,481		222,298
Sonic Healthcare, Ltd.		11,410		202,975
South32, Ltd.		83,118		232,822
Stockland		80,658		252,562
Sydney Airport		38,727		212,612
Transurban Group		93,111		834,220
Vicinity Centres		94,165		189,822
Wesfarmers, Ltd.		11,407		391,957
Woodside Petroleum, Ltd.		15,244		372,491
Woolworths Group, Ltd.		11,583		248,748
				9,007,082
Austria — 0.2%
Erste Group Bank AG		7,963		329,698
OMV AG		6,429		366,386
voestalpine AG		5,591		298,320
				994,404
Belgium — 0.6%
Ageas		5,216		264,262
Groupe Bruxelles Lambert SA		5,139		544,160
KBC Group NV		3,665		283,666
Proximus SADP		11,201		299,598
UCB SA		8,212		646,640
Umicore SA		7,391		416,801
				2,455,127
Bermuda — 1.2%
Arch Capital Group, Ltd.†		5,140		403,233
Axalta Coating Systems, Ltd.†		5,302		164,945
Axis Capital Holdings, Ltd.		3,374		191,812
Everest Re Group, Ltd.		2,701		608,508
Hongkong Land Holdings, Ltd.		29,900		216,799
IHS Markit, Ltd.†		8,195		403,850
Invesco, Ltd.		12,366		337,839
Jardine Matheson Holdings, Ltd.		4,000		249,594
Jardine Strategic Holdings, Ltd.		6,000		213,928
Li & Fung, Ltd.		380,000		147,536
NWS Holdings, Ltd.		120,000		222,718
RenaissanceRe Holdings, Ltd.		5,045		619,375
Shangri-La Asia, Ltd.		344,000		684,521
XL Group, Ltd.		10,099		561,302
				5,025,960
Canada — 3.4%
Agnico Eagle Mines, Ltd.		5,318		238,666
Alimentation Couche-Tard, Inc., Class B		4,191		174,997
AltaGas, Ltd.		7,389		145,033

Security Description	Shares		Value (Note 2)
Canada (continued)
ARC Resources, Ltd.		19,368	$	199,565
Bank of Montreal		7,598		588,573
BCE, Inc.		9,210		383,643
Brookfield Asset Management, Inc., Class A		14,200		566,313
Cameco Corp.		16,563		171,302
Canadian Imperial Bank of Commerce		2,567		224,113
Canadian National Railway Co.		7,893		658,967
Canadian Tire Corp., Ltd., Class A		2,465		313,838
CGI Group, Inc., Class A†		5,081		312,360
CI Financial Corp.		13,200		255,937
Crescent Point Energy Corp.		28,760		231,571
Encana Corp.		32,765		416,954
Fairfax Financial Holdings, Ltd.		849		476,700
First Capital Realty, Inc.		29,984		486,090
First Quantum Minerals, Ltd.		13,768		216,087
Fortis, Inc.		8,562		273,580
Franco-Nevada Corp.		2,469		174,102
Great-West Lifeco, Inc.		22,215		563,856
IGM Financial, Inc.		10,180		300,862
Industrial Alliance Insurance & Financial Services, Inc.		5,774		236,019
Intact Financial Corp.		8,048		608,597
Keyera Corp.		8,694		243,735
Manulife Financial Corp.		31,548		595,144
National Bank of Canada		5,260		251,600
Onex Corp.		3,661		262,787
Open Text Corp.		6,092		212,511
Pembina Pipeline Corp.		10,586		368,216
Power Corp. of Canada		15,066		351,029
Power Financial Corp.		11,025		274,732
RioCan Real Estate Investment Trust		7,948		144,359
Rogers Communications, Inc., Class B		5,695		267,269
Saputo, Inc.		6,025		209,383
Seven Generations Energy, Ltd., Class A†		3,485		45,101
Shaw Communications, Inc., Class B		29,396		591,729
Shopify, Inc., Class A†		480		71,200
Sun Life Financial, Inc.		8,746		361,482
Suncor Energy, Inc.		12,839		511,342
Thomson Reuters Corp.		14,735		572,876
Tourmaline Oil Corp.		6,974		139,093
Turquoise Hill Resources, Ltd.†		54,175		152,506
Vermilion Energy, Inc.		5,604		196,438
Waste Connections, Inc.		3,708		285,071
Wheaton Precious Metals Corp.		7,836		171,273
				14,496,601
Cayman Islands — 0.2%
ASM Pacific Technology, Ltd.		24,900		325,265
CK Asset Holdings, Ltd.		30,808		256,901
Minth Group, Ltd.		22,000		100,900
WH Group, Ltd.*		232,000		237,711
Wharf Real Estate Investment Co., Ltd.		18,000		138,715
				1,059,492
Curacao — 0.3%
Schlumberger, Ltd.		19,117		1,312,764
Denmark — 0.9%
Chr. Hansen Holding A/S		3,663		352,185
DSV A/S		6,741		560,057
Genmab A/S†		1,023		154,128
Novo Nordisk A/S, Class B		24,237		1,152,730
Novozymes A/S, Class B		7,595		386,830
Pandora A/S		1,457		114,764
TDC A/S†		41,179		324,552
Tryg A/S		10,121		233,071
Vestas Wind Systems A/S		2,688		176,400

67

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
William Demant Holding A/S†		9,330	$	339,460
				3,794,177
Finland — 0.7%
Elisa Oyj		8,794		393,250
Kone Oyj, Class B		3,953		195,971
Metso Oyj		7,856		272,060
Nokia Oyj		74,983		432,201
Nokian Renkaat Oyj		5,042		195,389
Orion Oyj, Class B		5,436		160,727
Sampo Oyj, Class A		11,249		552,451
Stora Enso Oyj, Class R		13,189		270,406
UPM-Kymmene Oyj		10,130		372,011
				2,844,466
France — 3.1%
Accor SA		4,597		252,763
Aeroports de Paris		2,815		587,329
Air Liquide SA		4,601		565,735
Arkema SA		2,361		289,362
Atos SE		2,660		363,428
AXA SA		24,468		612,756
Bureau Veritas SA		12,706		314,610
Capgemini SE		2,743		363,520
Casino Guichard Perrachon SA		3,259		141,483
Cie de Saint-Gobain		5,254		264,870
CNP Assurances		12,364		289,008
Credit Agricole SA		21,290		293,539
Danone SA		8,969		684,352
Dassault Systemes SE		5,876		825,423
Essilor International SA		5,692		777,924
Eutelsat Communications SA		9,358		180,466
Fonciere Des Regions		2,037		213,105
Gecina SA		2,109		364,424
ICADE		2,531		234,980
Iliad SA		890		151,448
Imerys SA		2,842		243,876
Klepierre SA		8,921		349,186
L’Oreal SA		5,556		1,335,524
Lagardere SCA		9,463		256,013
Legrand SA		5,384		405,564
Orange SA		14,471		248,733
Schneider Electric SE		4,708		408,758
SCOR SE		8,324		308,166
Societe BIC SA		1,493		145,530
Sodexo SA		5,101		496,166
Unibail-Rodamco SE		1,363		307,396
Veolia Environnement SA		10,211		232,874
Vivendi SA		16,981		427,236
Wendel SA		1,751		230,965
				13,166,512
Germany — 2.5%
Allianz SE		5,828		1,202,504
Beiersdorf AG		7,692		883,516
Brenntag AG		5,411		312,294
Commerzbank AG†		9,190		94,004
Continental AG		1,377		349,487
Covestro AG*		976		89,011
Deutsche Wohnen SE		5,229		245,363
Fraport AG Frankfurt Airport Services Worldwide		3,354		313,964
Fresenius SE & Co. KGaA		4,930		379,133
FUCHS PETROLUB SE (Preference Shares)		5,308		278,433
Hannover Rueck SE		2,979		376,270
Henkel AG & Co. KGaA		1,677		189,099

Security Description	Shares		Value (Note 2)
Germany (continued)
Henkel AG & Co. KGaA (Preference Shares)		3,268	$	403,614
Infineon Technologies AG		13,282		364,993
LANXESS AG		4,176		330,699
Merck KGaA		5,817		594,137
Muenchener Rueckversicherungs-Gesellschaft AG		3,369		694,516
SAP SE		14,724		1,658,749
Siemens AG		4,524		590,069
Symrise AG		4,994		405,801
Telefonica Deutschland Holding AG		42,775		180,852
TUI AG		12,628		292,767
Vonovia SE		9,834		464,205
				10,693,480
Hong Kong — 1.5%
AIA Group, Ltd.		174,800		1,595,041
Bank of East Asia, Ltd.		76,000		314,946
BOC Hong Kong Holdings, Ltd.		61,000		305,276
Hang Lung Properties, Ltd.		92,000		208,495
Hang Seng Bank, Ltd.		17,700		442,314
Henderson Land Development Co., Ltd.		37,607		247,075
Hong Kong & China Gas Co., Ltd.		407,479		880,403
Hong Kong Exchanges & Clearing, Ltd.		15,800		507,756
Link REIT		62,500		552,433
PCCW, Ltd.		360,000		211,933
Power Assets Holdings, Ltd.		20,000		138,823
Sun Hung Kai Properties, Ltd.		15,000		241,699
Swire Pacific, Ltd., Class A		16,500		169,971
Swire Properties, Ltd.		113,600		444,890
Techtronic Industries Co., Ltd.		43,500		260,256
				6,521,311
Ireland — 1.1%
Accenture PLC, Class A		8,675		1,351,045
Alkermes PLC†#		4,103		193,662
CRH PLC		8,730		322,545
DCC PLC		4,121		395,346
Jazz Pharmaceuticals PLC†		1,834		309,946
Johnson Controls International PLC		14,883		499,473
Kerry Group PLC, Class A		6,361		672,131
Pentair PLC		4,813		210,039
Perrigo Co. PLC		2,305		168,634
Seagate Technology PLC		1,507		84,919
Willis Towers Watson PLC		3,025		457,229
				4,664,969
Israel — 0.2%
Check Point Software Technologies, Ltd.†		2,287		222,662
NICE, Ltd.†		4,159		439,418
Teva Pharmaceutical Industries, Ltd. ADR		8,828		189,802
				851,882
Italy — 0.6%
Assicurazioni Generali SpA		34,830		592,751
Atlantia SpA		7,576		219,311
Intesa Sanpaolo SpA		146,572		434,884
Luxottica Group SpA		3,520		219,038
Recordati SpA		8,189		303,653
Snam SpA		61,634		252,524
Terna Rete Elettrica Nazionale SpA		60,973		322,715
UniCredit SpA		19,456		325,072
				2,669,948
Japan — 10.1%
Aeon Co., Ltd.		14,600		288,539
AEON Financial Service Co., Ltd.		8,700		202,373
Aisin Seiki Co., Ltd.		8,300		416,400

68

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Ajinomoto Co., Inc.		11,000	$	209,785
Amada Holdings Co., Ltd.		18,000		194,900
Aozora Bank, Ltd.		5,200		205,402
Astellas Pharma, Inc.		32,800		500,596
Bridgestone Corp.		7,800		311,698
Canon, Inc.		17,600		600,270
Central Japan Railway Co.		1,900		392,273
Chiba Bank, Ltd.		27,000		207,121
Chubu Electric Power Co., Inc.		12,500		193,345
Chugai Pharmaceutical Co., Ltd.		5,000		281,552
Concordia Financial Group, Ltd.		45,800		256,984
Dai Nippon Printing Co., Ltd.		8,000		171,170
Dai-ichi Life Holdings, Inc.		16,600		308,297
Daiichi Sankyo Co., Ltd.		15,200		486,961
Daikin Industries, Ltd.		2,200		253,198
Daito Trust Construction Co., Ltd.		200		32,585
Daiwa House Industry Co., Ltd.		9,500		343,282
Denso Corp.		13,700		664,054
Dentsu, Inc.		3,800		181,027
Disco Corp.		1,700		319,015
East Japan Railway Co.		5,600		552,428
Eisai Co., Ltd.		3,900		281,373
FANUC Corp.		2,800		595,690
Fuji Electric Co., Ltd.		45,000		319,430
FUJIFILM Holdings Corp.		4,600		176,087
Hankyu Hanshin Holdings, Inc.		4,800		197,485
Hisamitsu Pharmaceutical Co., Inc.		3,000		248,853
Hitachi Chemical Co., Ltd.		9,900		212,515
Hitachi Metals, Ltd.		17,700		194,211
Hitachi, Ltd.		44,000		320,558
Hoya Corp.		12,800		756,948
Idemitsu Kosan Co., Ltd.		7,100		237,214
Inpex Corp.		24,600		272,797
Isuzu Motors, Ltd.		15,000		200,254
JFE Holdings, Inc.		14,000		288,572
JTEKT Corp.		16,100		233,474
JXTG Holdings, Inc.		91,800		589,899
Kajima Corp.		1,000		8,131
Kao Corp.		10,000		773,440
KDDI Corp.		23,700		639,794
Keikyu Corp.		13,000		218,592
Keio Corp.		6,200		287,370
Keyence Corp.		1,400		855,801
Kintetsu Group Holdings Co., Ltd.		4,200		175,501
Komatsu, Ltd.		10,600		346,753
Kubota Corp.		25,000		419,131
Kurita Water Industries, Ltd.		7,900		226,346
Kyocera Corp.		5,600		332,218
Kyowa Hakko Kirin Co., Ltd.		10,000		203,399
LIXIL Group Corp.		10,600		233,725
Mabuchi Motor Co., Ltd.		4,500		207,988
Marubeni Corp.		51,300		398,506
Mazda Motor Corp.		15,000		188,327
MEIJI Holdings Co., Ltd.		1,700		144,576
Mitsubishi Chemical Holdings Corp.		39,800		366,883
Mitsubishi Corp.		16,100		446,805
Mitsubishi Electric Corp.		29,000		410,022
Mitsubishi Estate Co., Ltd.		10,000		181,037
Mitsui & Co., Ltd.		29,600		519,670
Mitsui Fudosan Co., Ltd.		12,000		300,200
MS&AD Insurance Group Holdings, Inc.		8,100		257,156
Murata Manufacturing Co., Ltd.		1,600		237,063
Nagoya Railroad Co., Ltd.		6,200		158,953
NGK Insulators, Ltd.		10,000		181,827
NGK Spark Plug Co., Ltd.		14,200		387,169

Security Description	Shares		Value (Note 2)
Japan (continued)
Nidec Corp.		3,800	$	586,537
Nikon Corp.		13,400		216,651
Nintendo Co., Ltd.		1,200		493,996
Nippon Steel & Sumitomo Metal Corp.		12,600		263,338
Nippon Telegraph & Telephone Corp.		13,700		641,539
Nitori Holdings Co., Ltd.		1,400		240,096
NOK Corp.		10,500		196,127
NSK, Ltd.		29,500		333,825
NTT Data Corp.		18,500		206,284
NTT DOCOMO, Inc.		24,700		638,498
Omron Corp.		5,600		292,721
Ono Pharmaceutical Co., Ltd.		5,900		145,890
Oracle Corp. Japan†		1,100		83,453
Oriental Land Co., Ltd.		4,100		418,428
ORIX Corp.		19,200		320,936
Osaka Gas Co., Ltd.		9,200		200,346
Otsuka Holdings Co., Ltd.		6,100		302,130
Panasonic Corp.		27,800		378,713
Rakuten, Inc.		17,000		113,928
Renesas Electronics Corp.†		15,100		149,262
Resona Holdings, Inc.		74,600		414,503
Ryohin Keikaku Co., Ltd.		700		237,237
Santen Pharmaceutical Co., Ltd.		16,600		287,560
Secom Co., Ltd.		4,000		297,551
Sekisui House, Ltd.		11,400		202,807
Shimadzu Corp.		13,000		356,770
Shimano, Inc.		1,200		169,314
Shin-Etsu Chemical Co., Ltd.		6,700		665,632
Shionogi & Co., Ltd.		4,000		209,301
Shiseido Co., Ltd.		4,700		370,735
Shizuoka Bank, Ltd.		18,000		173,101
SMC Corp.		700		264,996
SoftBank Group Corp.		12,800		908,514
Sony Corp.		12,900		608,245
SUMCO Corp.		5,500		132,542
Sumitomo Chemical Co., Ltd.		43,000		259,202
Sumitomo Corp.		34,800		582,394
Sumitomo Dainippon Pharma Co., Ltd.		10,300		213,431
Sumitomo Mitsui Financial Group, Inc.		14,200		586,466
Sumitomo Mitsui Trust Holdings, Inc.		5,800		241,282
Suntory Beverage & Food, Ltd.		4,900		216,951
Sysmex Corp.		2,700		242,072
TDK Corp.		3,300		295,723
Terumo Corp.		5,100		301,142
Tobu Railway Co., Ltd.		8,000		247,275
Tohoku Electric Power Co., Inc.		14,100		179,674
Tokio Marine Holdings, Inc.		10,400		499,038
Tokyo Electron, Ltd.		2,600		483,757
Tokyo Gas Co., Ltd.		9,200		250,169
Tokyu Corp.		13,500		239,503
Toppan Printing Co., Ltd.		20,000		162,671
Toray Industries, Inc.		28,000		228,463
TOTO, Ltd.		5,500		286,224
Toyoda Gosei Co., Ltd.		13,600		357,137
Toyota Industries Corp.		7,200		419,170
Toyota Motor Corp.		18,700		1,183,624
Toyota Tsusho Corp.		8,500		292,397
Trend Micro, Inc.		9,900		558,377
Unicharm Corp.		8,500		263,424
West Japan Railway Co.		4,500		323,045
Yahoo Japan Corp.		40,100		145,486
Yakult Honsha Co., Ltd.		3,400		223,200
Yamaguchi Financial Group, Inc.		19,000		228,613
Yamazaki Baking Co., Ltd.		9,000		194,634
Yaskawa Electric Corp.		4,000		160,648
				43,191,696

69

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Jersey — 0.6%
Aptiv PLC		3,496	$	340,860
Experian PLC		8,984		219,988
Ferguson PLC		4,223		327,290
Randgold Resources, Ltd.		3,036		241,207
Shire PLC		16,732		914,986
WPP PLC		28,561		468,125
				2,512,456
Luxembourg — 0.2%
RTL Group SA		4,902		369,703
SES SA FDR		7,843		135,479
Tenaris SA		13,542		243,278
				748,460
Netherlands — 2.1%
Aegon NV		70,452		437,544
AerCap Holdings NV†		3,448		190,709
Akzo Nobel NV		3,724		326,367
Altice NV, Class A†		1,533		5,415
ASML Holding NV		3,981		776,698
Boskalis Westminster NV		5,238		144,560
CNH Industrial NV		27,566		321,624
EXOR NV		4,981		366,842
Ferrari NV		1,458		191,848
ING Groep NV		48,736		708,243
Koninklijke Ahold Delhaize NV		21,039		483,940
Koninklijke DSM NV		3,564		354,028
Koninklijke KPN NV		50,803		138,008
Koninklijke Philips NV		22,996		938,927
Koninklijke Vopak NV		4,605		225,613
LyondellBasell Industries NV, Class A		6,634		743,804
NN Group NV		13,556		581,579
NXP Semiconductors NV†		2,921		332,994
QIAGEN NV†		4,979		180,614
RELX NV		25,248		552,402
STMicroelectronics NV		18,008		428,685
Wolters Kluwer NV		11,114		625,446
				9,055,890
New Zealand — 0.1%
Auckland International Airport, Ltd.		22,556		103,977
Fletcher Building, Ltd.		37,047		170,838
Spark New Zealand, Ltd.		95,487		244,097
				518,912
Norway — 0.4%
Gjensidige Forsikring ASA		23,102		356,961
Marine Harvest ASA		10,328		206,700
Orkla ASA		35,200		317,763
Equinor ASA†		7,937		208,365
Telenor ASA		11,202		230,708
Yara International ASA		8,507		351,133
				1,671,630
Papua New Guinea — 0.1%
Oil Search, Ltd.		36,637		228,429
Portugal — 0.2%
Banco Espirito Santo SA†(1)(2)		126,030		0
EDP — Energias de Portugal SA		93,029		363,962
Galp Energia SGPS SA		33,940		631,585
				995,547
Singapore — 0.7%
CapitaLand, Ltd.		80,000		206,037
City Developments, Ltd.		29,500		246,070

Security Description	Shares		Value (Note 2)
Singapore (continued)
ComfortDelGro Corp., Ltd.		159,000	$	291,502
DBS Group Holdings, Ltd.		27,000		569,518
Jardine Cycle & Carriage, Ltd.		9,200		235,342
Oversea-Chinese Banking Corp., Ltd.		106,000		987,698
StarHub, Ltd.		112,000		161,390
United Overseas Bank, Ltd.		27,000		565,156
				3,262,713
Spain — 1.3%
Aena SME SA*		1,353		259,896
Amadeus IT Group SA		6,764		536,037
Banco Bilbao Vizcaya Argentaria SA		92,461		631,213
Banco de Sabadell SA		138,750		232,794
Banco Santander SA		182,417		978,672
Bankia SA		5,878		22,416
Bankinter SA		27,525		266,572
CaixaBank SA		80,880		343,830
Enagas SA		7,953		212,858
Grifols SA		10,560		310,233
Red Electrica Corp. SA		13,704		267,660
Repsol SA		47,733		908,003
Telefonica SA		60,355		532,701
				5,502,885
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.*		191,000		185,032
HKT Trust & HKT, Ltd.		123,000		155,193
Unibail-Rodamco SE & WFD Unibail-Rodamco NV CDI†		13,123		145,982
				486,207
Sweden — 1.1%
Assa Abloy AB, Class B		30,513		656,452
Atlas Copco AB, Class A†		11,320		10,267
Atlas Copco AB, Class A		11,320		448,025
Atlas Copco AB, Class B†		7,859		7,122
Atlas Copco AB, Class B		7,859		284,580
Boliden AB		9,577		337,795
Boliden AB†		9,577		6,224
Essity AB, Class B		6,725		170,509
Getinge AB, Class B		9,028		87,551
Hennes & Mauritz AB, Class B		7,515		113,290
Hexagon AB, Class B		5,022		283,096
Industrivarden AB, Class C		11,313		237,773
Investor AB, Class B		16,914		701,808
Nordea Bank AB		21,352		205,464
Sandvik AB		14,312		248,318
Skandinaviska Enskilda Banken AB, Class A		20,839		187,862
Svenska Handelsbanken AB, Class A		38,558		422,646
Telefonaktiebolaget LM Ericsson, Class B		32,965		238,783
				4,647,565
Switzerland — 2.7%
ABB, Ltd.		28,594		649,925
Baloise Holding AG		1,739		254,622
Chubb, Ltd.		13,729		1,794,243
Coca-Cola HBC AG		11,386		389,067
EMS-Chemie Holding AG		379		237,570
Garmin, Ltd.#		4,306		258,748
Geberit AG		1,734		747,640
Givaudan SA		203		451,315
Kuehne & Nagel International AG		1,294		194,568
Pargesa Holding SA		6,739		590,316
Partners Group Holding AG		508		366,132
Schindler Holding AG		1,585		325,201
Schindler Holding AG(Participation Certificate)		1,303		275,844

70

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
SGS SA		169	$	437,960
Sika AG		52		414,003
Sonova Holding AG		3,591		626,723
Swatch Group AG		670		325,105
Swiss Life Holding AG		909		309,918
Swiss Prime Site AG		12,310		1,147,946
Swiss Re AG		4,613		399,292
Swisscom AG		1,889		841,345
Vifor Pharma AG		1,560		242,701
Zurich Insurance Group AG		1,749		519,455
				11,799,639
United Kingdom — 4.9%
3i Group PLC		53,962		683,863
Admiral Group PLC		14,174		362,861
Antofagasta PLC		29,780		416,455
Aon PLC		3,253		454,997
Ashtead Group PLC		12,566		387,763
Auto Trader Group PLC*		37,662		176,558
Aviva PLC		77,931		529,284
British Land Co. PLC		35,934		323,320
BT Group PLC		174,256		474,688
Bunzl PLC		33,711		1,026,358
Burberry Group PLC		11,844		325,801
Capita PLC		35,704		64,135
Compass Group PLC		25,390		546,001
Croda International PLC		4,382		271,635
Direct Line Insurance Group PLC		85,325		405,198
Fresnillo PLC		16,790		296,575
GKN PLC		50,050		319,257
Hammerson PLC		52,725		382,777
Hargreaves Lansdown PLC		10,788		272,860
InterContinental Hotels Group PLC		7,447		476,687
Intertek Group PLC		10,773		782,965
Investec PLC		31,544		233,050
ITV PLC		74,244		160,162
Johnson Matthey PLC		5,956		278,226
Kingfisher PLC		40,468		163,953
Land Securities Group PLC		19,687		242,851
Legal & General Group PLC		161,043		577,750
Liberty Global PLC, Class A†		6,033		172,001
Liberty Global PLC, Class C†		7,042		194,923
London Stock Exchange Group PLC		7,068		420,750
Marks & Spencer Group PLC		41,696		157,204
Mediclinic International PLC		12,171		98,897
Merlin Entertainments PLC*		36,892		179,914
Mondi PLC		10,072		279,773
National Grid PLC		70,378		777,980
Next PLC		6,024		464,548
Nielsen Holdings PLC		6,062		182,891
Old Mutual PLC		98,150		312,973
Pearson PLC		26,239		314,551
Persimmon PLC		2,734		102,946
Provident Financial PLC†		5,712		48,726
RELX PLC		32,929		723,517
Royal Mail PLC		26,021		176,078
RSA Insurance Group PLC		57,944		502,143
Sage Group PLC		44,535		391,321
Schroders PLC		9,585		411,713
Segro PLC		54,440		473,826
Sky PLC		21,446		384,024
Smith & Nephew PLC		25,446		463,013
Smiths Group PLC		18,020		421,843
SSE PLC		33,488		608,813
St James’s Place PLC		33,593		532,461

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
TechnipFMC PLC		8,742	$	272,313
Travis Perkins PLC		8,814		157,679
United Utilities Group PLC		43,128		444,878
Weir Group PLC		9,425		274,619
Whitbread PLC		4,680		262,263
				20,844,611
United States — 52.8%
A.O. Smith Corp.		4,170		263,002
Abbott Laboratories		11,386		700,581
AbbVie, Inc.		20,175		1,996,114
Activision Blizzard, Inc.		9,737		690,451
Acuity Brands, Inc.#		725		85,731
Adobe Systems, Inc.†		7,642		1,904,998
Advance Auto Parts, Inc.		1,590		204,506
Advanced Micro Devices, Inc.†#		6,209		85,250
Affiliated Managers Group, Inc.		2,068		329,350
Aflac, Inc.		19,838		893,900
Agilent Technologies, Inc.		8,640		534,989
AGNC Investment Corp.#		9,173		172,636
Air Products & Chemicals, Inc.		5,168		834,167
Akamai Technologies, Inc.†		3,270		246,493
Albemarle Corp.#		3,348		312,938
Alexion Pharmaceuticals, Inc.†		2,695		312,970
Align Technology, Inc.†		1,208		400,996
Alleghany Corp.		398		227,083
Alliance Data Systems Corp.		920		193,954
Allstate Corp.		13,980		1,306,850
Alnylam Pharmaceuticals, Inc.†		938		93,303
Alphabet, Inc., Class A†		4,082		4,490,200
Alphabet, Inc., Class C†		3,636		3,945,024
American Express Co.		15,233		1,497,404
American Tower Corp.		10,755		1,488,169
American Water Works Co., Inc.		5,568		462,924
Ameriprise Financial, Inc.		4,466		619,122
AMETEK, Inc.		4,930		360,038
Amgen, Inc.		12,489		2,243,274
Amphenol Corp., Class A		3,249		282,436
Anadarko Petroleum Corp.		8,297		579,131
Analog Devices, Inc.		10,056		977,242
Annaly Capital Management, Inc.		16,295		169,957
ANSYS, Inc.†		4,693		764,020
Antero Resources Corp.†#		6,732		128,649
Apache Corp.#		11,520		460,800
Applied Materials, Inc.		11,871		602,809
Arista Networks, Inc.†		684		172,067
Assurant, Inc.		5,876		548,525
Atmos Energy Corp.		4,547		405,638
Autodesk, Inc.†		4,061		524,275
Automatic Data Processing, Inc.		12,257		1,593,655
AvalonBay Communities, Inc.		1,148		190,040
Avery Dennison Corp.		3,669		385,355
Baker Hughes a GE Co., LLC		4,989		172,569
Ball Corp.		6,352		234,706
Bank of New York Mellon Corp.		9,097		498,061
Baxter International, Inc.		9,257		655,766
BB&T Corp.		10,844		569,310
Berkshire Hathaway, Inc., Class B†		17,072		3,269,800
Best Buy Co., Inc.		3,967		270,748
Biogen, Inc.†		2,412		709,032
BioMarin Pharmaceutical, Inc.†#		3,122		282,041
BlackRock, Inc.		2,225		1,188,662
Booking Holdings, Inc.†		616		1,299,095
Boston Properties, Inc.		1,856		226,005
Brixmor Property Group, Inc.		13,251		210,426

71

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Broadcom, Inc.		4,530	$	1,141,877
Broadridge Financial Solutions, Inc.		2,802		323,491
C.H. Robinson Worldwide, Inc.		4,142		360,354
CA, Inc.		12,878		460,260
Cabot Oil & Gas Corp.		10,408		237,823
Campbell Soup Co.#		2,840		95,538
Capital One Financial Corp.		8,990		845,060
CarMax, Inc.†#		3,715		256,038
Caterpillar, Inc.		4,114		624,958
CBRE Group, Inc., Class A†		6,735		311,090
CBS Corp., Class B		8,634		434,895
CDW Corp.		4,492		359,585
Celanese Corp., Series A		5,247		592,491
Celgene Corp.†		10,195		802,143
Centene Corp.†		3,324		389,440
CenterPoint Energy, Inc.		9,924		259,314
CenturyLink, Inc.#		23,530		428,717
Cerner Corp.†		10,843		647,110
CF Industries Holdings, Inc.		2,753		113,258
Charles Schwab Corp.		16,947		942,592
Cheniere Energy, Inc.†#		4,155		276,806
Chipotle Mexican Grill, Inc.†		435		187,128
Church & Dwight Co., Inc.		5,892		276,629
Cimarex Energy Co.		2,484		230,813
Cincinnati Financial Corp.		7,048		488,920
Cintas Corp.		2,934		534,721
Cisco Systems, Inc.		67,029		2,862,809
CIT Group, Inc.		5,817		290,443
Citizens Financial Group, Inc.		9,141		373,410
Citrix Systems, Inc.†		3,998		422,269
Clorox Co.		10,593		1,279,952
CME Group, Inc.		5,673		924,132
CMS Energy Corp.		10,564		487,317
Cognex Corp.		4,545		207,752
Cognizant Technology Solutions Corp., Class A		8,995		677,773
Colgate-Palmolive Co.		16,984		1,071,521
Comcast Corp., Class A		72,044		2,246,332
Comerica, Inc.		4,468		421,288
Concho Resources, Inc.†#		2,390		328,171
Continental Resources, Inc.†#		5,768		388,417
Cooper Cos., Inc.		1,050		237,625
Corning, Inc.		14,840		403,203
CoStar Group, Inc.†		923		351,866
Crown Castle International Corp.		8,215		855,592
CSX Corp.		17,593		1,137,387
D.R. Horton, Inc.		5,759		243,087
Danaher Corp.		15,390		1,527,919
Deere & Co.		8,676		1,297,149
Dell Technologies, Inc., Class V†		2,600		209,716
DENTSPLY SIRONA, Inc.		5,808		254,448
Devon Energy Corp.		32,561		1,353,561
Diamondback Energy, Inc.		2,143		258,789
Digital Realty Trust, Inc.		2,876		309,112
Discover Financial Services		7,023		518,719
Discovery Communications, Inc., Class A†#		14,639		308,736
Discovery Communications, Inc., Class C†		20,286		401,054
DISH Network Corp., Class A†		5,080		150,114
Dollar Tree, Inc.†		4,673		385,943
Dover Corp.		9,002		695,044
Dr Pepper Snapple Group, Inc.		14,005		1,670,796
DXC Technology Co.		3,569		328,741
E*TRADE Financial Corp.†		7,743		490,519
Eaton Vance Corp.		7,373		396,667
eBay, Inc.†		16,919		638,185
Ecolab, Inc.		6,409		913,987

Security Description	Shares		Value (Note 2)
United States (continued)
Edwards Lifesciences Corp.†		4,134	$	567,640
Electronic Arts, Inc.†		4,406		576,789
Emerson Electric Co.		22,504		1,594,183
EOG Resources, Inc.		6,297		741,850
EQT Corp.		4,034		207,912
Equinix, Inc.		1,497		594,084
Equity Residential		4,349		278,292
Estee Lauder Cos., Inc., Class A		5,535		827,150
Eversource Energy		9,632		549,795
Expedia Group, Inc.		2,598		314,436
Expeditors International of Washington, Inc.		11,730		873,650
Extra Space Storage, Inc.		3,906		375,952
Fastenal Co.		8,190		435,954
Federal Realty Investment Trust		3,058		363,566
Fidelity National Information Services, Inc.		8,745		893,914
Fifth Third Bancorp		15,741		481,360
First Republic Bank		3,876		386,050
Fiserv, Inc.†		15,962		1,158,841
FleetCor Technologies, Inc.†		1,246		248,390
Flowserve Corp.#		4,021		166,228
FNF Group		9,250		341,880
Ford Motor Co.		46,034		531,693
Fortive Corp.		7,695		559,350
Franklin Resources, Inc.		7,712		258,892
Gartner, Inc.†		1,876		249,020
General Mills, Inc.		20,561		869,525
Genuine Parts Co.		3,093		280,813
GGP, Inc.		7,155		145,103
Gilead Sciences, Inc.		16,851		1,135,757
Hanesbrands, Inc.#		9,177		167,297
Hasbro, Inc.		5,283		458,300
HCA Healthcare, Inc.		3,556		366,766
HCP, Inc.		7,868		188,596
HD Supply Holdings, Inc.†		3,493		142,270
Helmerich & Payne, Inc.		2,696		178,960
Hess Corp.		6,603		398,953
Hewlett Packard Enterprise Co.		19,643		299,359
HollyFrontier Corp.		3,459		266,966
Hormel Foods Corp.#		10,317		370,277
Host Hotels & Resorts, Inc.		16,843		364,314
HP, Inc.		24,752		545,287
Humana, Inc.		1,960		570,321
IAC/InterActiveCorp†		1,569		243,415
Illinois Tool Works, Inc.		2,451		352,209
Illumina, Inc.†		1,489		405,663
Incyte Corp.†		2,512		171,494
Ingredion, Inc.		1,834		204,289
Intel Corp.		67,608		3,731,962
Intercontinental Exchange, Inc.		16,675		1,182,091
International Business Machines Corp.		12,454		1,759,875
International Flavors & Fragrances, Inc.		4,707		574,866
International Paper Co.		7,172		383,702
Interpublic Group of Cos., Inc.		10,654		240,780
Intuit, Inc.		7,491		1,510,186
IPG Photonics Corp.†		1,294		312,203
IQVIA Holdings, Inc.†		2,810		277,993
Iron Mountain, Inc.#		4,511		150,171
J.M. Smucker Co.		1,985		213,387
JB Hunt Transport Services, Inc.		3,516		450,400
Jones Lang LaSalle, Inc.		2,807		459,674
Juniper Networks, Inc.		8,086		215,411
Kansas City Southern		2,001		214,407
KeyCorp		16,491		320,585
Kimberly-Clark Corp.		15,783		1,591,716
Kinder Morgan, Inc.		22,465		374,716

72

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
KLA-Tencor Corp.		9,492	$	1,074,779
Kohl’s Corp.#		3,164		211,197
Kraft Heinz Co.		7,293		419,202
Kroger Co.		19,449		473,194
L Brands, Inc.		4,771		161,785
Laboratory Corp. of America Holdings†		3,264		589,446
Lam Research Corp.		4,219		836,121
Lear Corp.		2,301		455,598
Liberty Media Corp. — Liberty SiriusXM, Series C†		5,871		271,181
Lincoln National Corp.		4,705		311,894
LKQ Corp.†		10,988		349,089
Loews Corp.		5,566		272,010
Lowe’s Cos., Inc.		9,390		892,144
M&T Bank Corp.		3,811		655,797
Macerich Co.		2,125		118,214
Marathon Oil Corp.		50,149		1,074,693
Markel Corp.†		505		554,025
Marsh & McLennan Cos., Inc.		7,787		625,841
Martin Marietta Materials, Inc.		905		201,697
Masco Corp.		5,856		218,253
Mastercard, Inc., Class A		14,855		2,824,233
Mattel, Inc.#		12,911		200,379
Maxim Integrated Products, Inc.		5,112		299,819
McCormick & Co., Inc.		2,150		217,150
MercadoLibre, Inc.#		575		167,227
Microchip Technology, Inc.#		7,794		758,980
Micron Technology, Inc.†		15,302		881,242
Microsoft Corp.		91,520		9,045,837
Mid-America Apartment Communities, Inc.		1,694		158,491
Monster Beverage Corp.†		6,084		311,257
Mosaic Co.		6,964		191,440
Motorola Solutions, Inc.		5,584		599,387
MSCI, Inc.		2,388		388,217
Nasdaq, Inc.		6,716		616,932
National Oilwell Varco, Inc.		13,658		565,714
NetApp, Inc.		7,429		507,549
Netflix, Inc.†		5,011		1,761,868
New York Community Bancorp, Inc.#		12,075		139,949
Newell Brands, Inc.#		7,862		185,386
Newfield Exploration Co.†		19,725		576,759
NiSource, Inc.		13,830		349,899
Noble Energy, Inc.		12,199		435,504
Norfolk Southern Corp.		4,381		664,379
Northern Trust Corp.		5,252		538,435
Nucor Corp.		9,846		632,015
NVIDIA Corp.		7,478		1,885,877
O’Reilly Automotive, Inc.†		1,151		310,091
Occidental Petroleum Corp.		6,941		584,432
OGE Energy Corp.		6,618		231,762
Omnicom Group, Inc.#		11,877		856,094
ONEOK, Inc.		7,889		537,714
Oracle Corp.		40,001		1,868,847
PACCAR, Inc.		4,720		293,726
Palo Alto Networks, Inc.†		1,448		301,314
Parker-Hannifin Corp.		4,152		709,577
Parsley Energy, Inc., Class A†		2,061		60,758
Paychex, Inc.		19,483		1,277,695
PayPal Holdings, Inc.†		14,841		1,218,001
People’s United Financial, Inc.		22,008		405,167
PepsiCo, Inc.		28,141		2,821,135
Pioneer Natural Resources Co.		1,932		373,069
Plains GP Holdings LP, Class A		3,826		94,005
PNC Financial Services Group, Inc.		10,505		1,506,522
PPL Corp.#		31,005		847,057
Principal Financial Group, Inc.		9,465		528,147

Security Description	Shares		Value (Note 2)
United States (continued)
Procter & Gamble Co.		38,851	$	2,842,728
Progressive Corp.		16,445		1,021,070
Prologis, Inc.		6,021		387,451
Prudential Financial, Inc.		8,857		857,712
Public Storage		1,999		423,468
Qorvo, Inc.†		2,309		185,297
QUALCOMM, Inc.		16,331		949,158
Quest Diagnostics, Inc.		6,487		691,060
Qurate Retail Group, Inc., Class A†		15,276		310,561
Range Resources Corp.#		5,909		93,599
Raymond James Financial, Inc.		5,302		511,961
Red Hat, Inc.†		2,648		430,088
Regeneron Pharmaceuticals, Inc.†		1,040		312,333
Regions Financial Corp.		21,191		386,524
Republic Services, Inc.		6,786		457,580
ResMed, Inc.		2,871		295,167
Robert Half International, Inc.		4,872		310,249
Rockwell Automation, Inc.		4,117		722,163
Roper Technologies, Inc.		4,838		1,334,272
Ross Stores, Inc.		6,969		549,715
S&P Global, Inc.		4,248		838,980
salesforce.com, Inc.†		8,590		1,110,945
SBA Communications Corp.†		5,672		896,573
Sealed Air Corp.#		3,953		172,193
Seattle Genetics, Inc.†#		1,644		99,446
SEI Investments Co.		4,295		273,935
ServiceNow, Inc.†		2,686		477,060
Simon Property Group, Inc.		3,310		530,328
Skyworks Solutions, Inc.		2,653		261,612
Snap-on, Inc.		2,120		313,378
Southwest Airlines Co.		4,588		234,355
Splunk, Inc.†		2,721		301,514
Square, Inc., Class A†		2,509		146,149
Stanley Black & Decker, Inc.		3,498		487,062
Starbucks Corp.		23,035		1,305,393
Stryker Corp.		4,534		789,007
SunTrust Banks, Inc.		10,302		695,488
SVB Financial Group†		1,283		400,463
Synchrony Financial		10,798		373,935
Synopsys, Inc.†		2,612		230,039
T-Mobile US, Inc.†		2,928		163,090
T. Rowe Price Group, Inc.		6,856		832,455
Take-Two Interactive Software, Inc.†		2,822		316,290
Tapestry, Inc.		5,861		256,243
Targa Resources Corp.		5,071		246,603
TD Ameritrade Holding Corp.		8,363		495,090
TESARO, Inc.†#		1,251		57,258
Texas Instruments, Inc.		11,801		1,320,650
Thermo Fisher Scientific, Inc.		8,190		1,705,731
Tiffany & Co.		3,930		513,965
Time Warner, Inc.		9,354		880,773
TJX Cos., Inc.		13,325		1,203,514
Toll Brothers, Inc.		6,710		264,978
Torchmark Corp.		13,741		1,165,649
Total System Services, Inc.		7,477		636,966
Tractor Supply Co.		1,874		139,257
TransDigm Group, Inc.#		831		277,645
TransUnion		1,631		111,887
Travelers Cos., Inc.		9,938		1,277,232
Trimble, Inc.†		10,103		334,005
TripAdvisor, Inc.†#		2,793		145,627
Twitter, Inc.†		7,166		248,660
UGI Corp.		5,791		292,272
ULTA Beauty, Inc.†		1,451		358,266
Union Pacific Corp.		11,975		1,709,551

73

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
United Parcel Service, Inc., Class B		13,351	$	1,550,318
United Rentals, Inc.†		2,725		434,828
United Therapeutics Corp.†		2,180		232,344
US Bancorp		30,198		1,509,598
Vail Resorts, Inc.		1,760		423,790
Valero Energy Corp.		4,416		535,219
Varian Medical Systems, Inc.†		3,147		370,937
Veeva Systems, Inc., Class A†		1,502		116,195
Ventas, Inc.		5,335		291,611
VeriSign, Inc.†		5,122		668,114
Verisk Analytics, Inc.†		6,616		702,884
Vertex Pharmaceuticals, Inc.†		4,679		720,566
Viacom, Inc., Class B		7,902		214,144
Visa, Inc., Class A#		27,304		3,569,179
Vornado Realty Trust		3,640		253,744
Voya Financial, Inc.		7,253		376,721
Vulcan Materials Co.#		2,163		276,302
Walgreens Boots Alliance, Inc.		10,661		665,140
Walt Disney Co.		21,553		2,143,877
Waters Corp.†		1,325		255,221
WEC Energy Group, Inc.		6,906		436,114
Welltower, Inc.		4,073		234,808
Western Digital Corp.		3,913		326,775
Western Union Co.		11,620		231,122
WestRock Co.		4,699		276,677
Weyerhaeuser Co.		7,956		296,997
Whirlpool Corp.#		1,088		157,488
Workday, Inc., Class A†		1,451		190,023
Worldpay, Inc., Class A†		3,592		285,456
WR Berkley Corp.		7,712		589,737
WW Grainger, Inc.		518		160,057
Wyndham Worldwide Corp.		2,547		276,197
Xerox Corp.		5,582		151,719
Yum! Brands, Inc.		5,094		414,295
Zoetis, Inc.		6,582		550,913
				226,222,739
Total Common Stocks
(cost $318,714,351)				411,247,554
RIGHTS — 0.0%
Altice NV† Expires 06/04/2018
(cost $10,931)		1,533		11,184
Total Long-Term Investment Securities
(cost $318,725,282)				411,258,738
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4)		573,385		573,385
U.S. Government Treasuries — 1.0%
United States Treasury Bills
1.80% due 07/05/2018(5)	$	1,200,000		1,198,014
1.82% due 08/23/2018(5)		2,000,000		1,991,429
1.92% due 10/04/2018(5)		1,000,000		993,290
				4,182,733
Total Short-Term Investment Securities
(cost $4,756,300)				4,756,118

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $11,071,086 collateralized by $12,050,000 of United States Treasury Notes, bearing interest at 2.00% due 11/15/2026 and having an approximate value of $11,295,007 (cost $11,071,000)	$	11,071,000		$	11,071,000
TOTAL INVESTMENTS
(cost $334,552,582)(6)		99.7	%		427,085,856
Other assets less liabilities		0.3			1,366,127
NET ASSETS		100.0	%	$	428,451,983

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $1,128,122 representing 0.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

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

(2) Illiquid security. At May 31, 2018, the aggregate value of these securities was $14 representing 0% of net assets.

(3) At May 31, 2018, the Fund had loaned securities with a total value of $12,418,282. This was secured by collateral of $573,385, which was received in cash and subsequently invested in short-term investments currently valued at $573,385 as reported in the Portfolio of Investments. Additional collateral of $12,202,505 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,300,584
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		526,647
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		346,284
United States Treasury Bills	0.00%	06/07/2018 to 11/08/2018		413,771
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		9,615,219

(4) The rate shown is the 7-day yield as of May 31, 2018.

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

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

ADR—American Depositary Receipt

CDI—Chess Depositary Interest

FDR—Fiduciary Depositary Receipt

74

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	136	Long	S&P 500 E-Mini Index		June 2018	$	18,572,451	$	18,397,400	$	(175,051	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	—	$	9,007,068	**	$	14	$	9,007,082
Portugal		—		995,547	**		0		995,547
Other Countries		254,439,771		146,805,154	**		—		401,244,925
Rights		11,184		—			—		11,184
Short-Term Investment Securities:
Registered Investment Companies		573,385		—			—		573,385
U.S. Government Treasuries		—		4,182,733			—		4,182,733
Repurchase Agreements		—		11,071,000			—		11,071,000
Total Investments at Value	$	255,024,340	$	172,061,502		$	14	$	427,085,856
LIABILITIES
Other Financial Instruments:†
Futures Contracts	$	175,051	$	—		$	—	$	175,051

* 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).

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $149,551,156 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during 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.

See Notes to Financial Statements

75

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Sovereign	23.7	%
U.S. Government Agencies	7.2
Medical — Drugs	5.2
Diversified Banking Institutions	5.0
Oil Companies — Integrated	4.6
Medical — Biomedical/Gene	3.8
Registered Investment Companies	3.2
Banks — Commercial	3.0
Foreign Government Obligations	2.7
Time Deposits	2.2
Electronic Components — Semiconductors	1.7
Cellular Telecom	1.7
Insurance — Multi-line	1.6
Oil Companies — Exploration & Production	1.5
Chemicals — Diversified	1.5
Telecom Services	1.4
Enterprise Software/Service	1.4
Web Portals/ISP	1.3
Aerospace/Defense	1.2
Computers	1.1
Building Products — Cement	1.0
Medical — Generic Drugs	1.0
Diversified Manufacturing Operations	1.0
Banks — Super Regional	1.0
Electronic Components — Misc.	0.9
Retail — Auto Parts	0.9
Cable/Satellite TV	0.9
Beverages — Non-alcoholic	0.9
Water	0.8
Audio/Video Products	0.8
Medical Instruments	0.8
Retail — Building Products	0.7
Telephone — Integrated	0.7
Transport — Services	0.7
Food — Retail	0.7
Diversified Operations	0.7
Semiconductor Components — Integrated Circuits	0.7
Multimedia	0.7
Diversified Financial Services	0.7
Real Estate Operations & Development	0.7
Applications Software	0.7
Rubber — Tires	0.7
Agricultural Chemicals	0.6
Building & Construction Products — Misc.	0.6
Retail — Apparel/Shoe	0.6
Cosmetics & Toiletries	0.6
Insurance — Life/Health	0.6
Toys	0.6
Precious Metals	0.5
Central Bank	0.5
Retail — Misc./Diversified	0.5
Telecommunication Equipment	0.5
Aerospace/Defense — Equipment	0.4
Electric — Generation	0.4
Satellite Telecom	0.4
Energy — Alternate Sources	0.4
Diagnostic Kits	0.4
Gold Mining	0.4
Diversified Minerals	0.3
Computer Services	0.1
	101.1	%

Country Allocation*

United States	31.3	%
United Kingdom	9.0
Mexico	7.0
South Korea	6.9
Japan	5.8
France	4.5
Germany	4.1
Brazil	3.7
Indonesia	3.4
India	3.3
Ireland	2.5
Argentina	1.7
Switzerland	1.7
Colombia	1.4
Canada	1.5
China	1.3
Netherlands	1.3
Cayman Islands	1.2
Jersey	1.1
Italy	1.0
Israel	1.0
Singapore	0.7
Thailand	0.7
Taiwan	0.7
Ghana	0.7
Hong Kong	0.7
Norway	0.6
Philippines	0.6
Luxembourg	0.4
Denmark	0.4
Portugal	0.3
Bermuda	0.3
Ukraine	0.3
	101.1	%

* Calculated as a percentage of net assets

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 61.6%
Bermuda — 0.3%
Kunlun Energy Co., Ltd.		1,344,000	$	1,218,308
Canada — 1.5%
Alamos Gold, Inc., Class A		253,130		1,402,340
Husky Energy, Inc.		159,800		2,305,922
Wheaton Precious Metals Corp.#		90,000		1,967,145
				5,675,407
Cayman Islands — 1.2%
Baidu, Inc. ADR†		8,020		1,945,331
CK Hutchison Holdings, Ltd.		248,500		2,789,986
				4,735,317
China — 1.3%
China Life Insurance Co., Ltd.		810,000		2,248,034
China Telecom Corp., Ltd.		6,178,000		2,871,161
				5,119,195
Denmark — 0.4%
Vestas Wind Systems A/S		23,655		1,552,360
France — 4.5%
AXA SA		114,627		2,870,622
BNP Paribas SA#		52,094		3,248,049
Cie de Saint-Gobain#		48,053		2,422,499
Cie Generale des Etablissements Michelin SCA#		19,866		2,585,635
Sanofi		44,076		3,381,275
Veolia Environnement SA		132,971		3,032,556
				17,540,636
Germany — 4.1%
Bayer AG		29,736		3,538,795
E.ON SE		167,042		1,772,203
HeidelbergCement AG		12,697		1,125,461
LANXESS AG		33,058		2,617,879
Merck KGaA		29,937		3,057,707
Siemens AG ADR		57,643		3,763,512
				15,875,557
Hong Kong — 0.7%
China Mobile, Ltd.		287,000		2,572,845
Ireland — 2.5%
Allergan PLC		19,365		2,920,242
Bank of Ireland Group PLC		319,818		2,647,265
CRH PLC		75,411		2,786,187
Medtronic PLC		16,100		1,389,752
				9,743,446
Israel — 1.0%
Teva Pharmaceutical Industries, Ltd. ADR#		177,270		3,811,305
Italy — 1.0%
Eni SpA#		211,893		3,871,150
Japan — 5.8%
IHI Corp.		47,400		1,776,291
Inpex Corp.		105,200		1,166,595
Mitsui Fudosan Co., Ltd.		104,400		2,611,742
Omron Corp.		39,500		2,064,726
Panasonic Corp.		219,300		2,987,473
Ryohin Keikaku Co., Ltd.		5,500		1,864,003
Seven & i Holdings Co., Ltd.		63,300		2,795,840
SoftBank Group Corp.		40,100		2,846,205
Sumitomo Metal Mining Co., Ltd.		30,800		1,173,484
Suntory Beverage & Food, Ltd.		76,300		3,378,228
				22,664,587

Security Description	Shares		Value (Note 2)
Jersey — 1.1%
Shire PLC		75,855	$	4,148,117
Luxembourg — 0.4%
SES SA FDR		97,434		1,683,068
Netherlands — 1.3%
ING Groep NV		151,551		2,202,375
LyondellBasell Industries NV, Class A		11,700		1,311,804
QIAGEN NV†		42,109		1,527,509
				5,041,688
Norway — 0.6%
Yara International ASA		59,269		2,446,371
Portugal — 0.3%
Galp Energia SGPS SA		71,751		1,335,205
Singapore — 0.7%
Singapore Telecommunications, Ltd.		1,200,000		2,934,620
South Korea — 2.1%
Hana Financial Group, Inc.		41,712		1,605,226
KB Financial Group, Inc. ADR		22,028		1,061,750
Samsung Electronics Co., Ltd.		116,416		5,464,691
				8,131,667
Switzerland — 1.7%
Novartis AG		14,806		1,098,511
Roche Holding AG		11,148		2,391,052
UBS Group AG		197,977		2,974,957
				6,464,520
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		361,914		2,700,501
Thailand — 0.7%
Bangkok Bank PCL NVDR		482,700		2,846,685
United Kingdom — 9.0%
BAE Systems PLC		347,344		2,953,131
Barclays PLC		1,120,297		2,941,784
BP PLC		783,795		6,006,593
GlaxoSmithKline PLC		60,221		1,220,066
HSBC Holdings PLC		375,583		3,632,513
Kingfisher PLC		708,706		2,871,266
LivaNova PLC†		14,800		1,391,940
Rolls-Royce Holdings PLC		128,756		1,408,644
Rolls-Royce Holdings PLC, Class C†		9,141,676		12,153
Royal Dutch Shell PLC, Class B		136,869		4,872,340
Standard Chartered PLC		391,990		3,933,274
Vodafone Group PLC ADR#		145,847		3,781,813
				35,025,517
United States — 18.7%
Advance Auto Parts, Inc.		27,400		3,524,188
Alphabet, Inc., Class A†		3,000		3,300,000
Amgen, Inc.		21,690		3,895,958
Apache Corp.#		33,360		1,334,400
Apple, Inc.		23,360		4,365,283
Capital One Financial Corp.		39,720		3,733,680
Celgene Corp.†		28,390		2,233,725
Citigroup, Inc.		65,230		4,350,189
Comcast Corp., Class A		111,030		3,461,916
CommScope Holding Co., Inc.†		62,600		1,835,432
ConocoPhillips		18,560		1,250,758
Coty, Inc., Class A#		170,400		2,257,800
Devon Energy Corp.		32,500		1,351,025
DXC Technology Co.		4,907		451,984
Eastman Chemical Co.		17,640		1,840,028

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount(5)		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Eli Lilly & Co.		31,830	$	2,706,823
Gilead Sciences, Inc.		46,150		3,110,510
Intel Corp.		24,300		1,341,360
Ionis Pharmaceuticals, Inc.†#		23,090		1,077,149
JPMorgan Chase & Co.		22,620		2,420,566
Knowles Corp.†		114,140		1,655,030
Mattel, Inc.#		140,200		2,175,904
Microsoft Corp.		26,274		2,596,922
Oracle Corp.		113,160		5,286,835
Tapestry, Inc.		52,500		2,295,300
Twenty-First Century Fox, Inc., Class A		69,557		2,681,422
United Parcel Service, Inc., Class B		24,400		2,833,328
Voya Financial, Inc.		70,150		3,643,591
				73,011,106
Total Common Stocks
(cost $209,964,619)				240,149,178
FOREIGN GOVERNMENT OBLIGATIONS — 24.2%
Argentina — 1.6%
Republic of Argentina Bonds 15.50% due 10/17/2026	ARS	79,847,000		2,962,154
Republic of Argentina Bonds 16.00% due 10/17/2023	ARS	43,574,000		1,582,025
Republic of Argentina Notes 18.20% due 10/03/2021	ARS	40,718,000		1,541,545
Republic of Argentina Bonds 21.20% due 09/19/2018	ARS	2,143,000		86,713
Republic of Argentina FRS Bonds 28.27% (BADLARPP+2.00%) due 04/03/2022	ARS	2,800,000		110,717
				6,283,154
Brazil — 3.7%
Federative Republic of Brazil Bills zero coupon due 07/01/2020	BRL	1,650,000		375,132
Federative Republic of Brazil Bills zero coupon due 07/01/2021	BRL	10,680,000		2,169,582
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2019	BRL	10,720,000		3,045,792
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2021	BRL	3,660,000		1,046,497
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2023	BRL	11,195,000		3,084,912
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2025	BRL	15,050,000		4,016,090
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2027	BRL	2,160,000		561,869
				14,299,874

Security Description	Principal Amount(5)		Value (Note 2)
Colombia — 1.4%
Republic of Colombia Senior Notes 4.38% due 03/21/2023	COP	64,000,000	$	21,080
Republic of Colombia Bonds 6.00% due 04/28/2028	COP	2,472,300,000		817,335
Republic of Colombia Bonds 7.50% due 08/26/2026	COP	6,500,700,000		2,392,870
Republic of Colombia Senior Notes 7.75% due 04/14/2021	COP	329,000,000		120,395
Republic of Colombia Bonds 7.75% due 09/18/2030	COP	4,849,000,000		1,805,176
Republic of Colombia Bonds 10.00% due 07/24/2024	COP	1,269,000,000		524,631
				5,681,487
Ghana — 0.7%
Republic of Ghana Bonds 18.75% due 01/24/2022	GHS	1,400,000		311,679
Republic of Ghana Bonds 19.00% due 11/02/2026	GHS	4,210,000		984,272
Republic of Ghana Bonds 19.75% due 03/25/2024	GHS	1,400,000		328,332
Republic of Ghana Bonds 19.75% due 03/15/2032	GHS	4,210,000		995,627
Republic of Ghana Bonds 21.50% due 03/09/2020	GHS	50,000		11,331
Republic of Ghana Bonds 24.50% due 06/21/2021	GHS	50,000		12,448
Republic of Ghana Bonds 24.75% due 03/01/2021	GHS	50,000		12,360
Republic of Ghana Bonds 24.75% due 07/19/2021	GHS	50,000		12,561
				2,668,610
India — 3.3%
Republic of India Senior Notes 6.79% due 05/15/2027	INR	380,000,000		5,250,991
Republic of India Senior Notes 6.84% due 12/19/2022	INR	40,000,000		570,518
Republic of India Senior Notes 7.16% due 05/20/2023	INR	150,000,000		2,153,225
Republic of India Senior Notes 7.68% due 12/15/2023	INR	128,000,000		1,869,000
Republic of India Senior Notes 8.08% due 08/02/2022	INR	142,000,000		2,114,771

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
India (continued)
Republic of India Senior Notes 8.20% due 02/15/2022	INR	60,000,000	$	899,255
				12,857,760
Indonesia — 3.4%
Republic of Indonesia Senior Notes 5.63% due 05/15/2023	IDR	87,000,000		5,954
Republic of Indonesia Senior Notes 7.00% due 05/15/2022	IDR	294,000,000		21,296
Republic of Indonesia Senior Notes 8.25% due 07/15/2021	IDR	4,525,000,000		337,994
Republic of Indonesia Senior Notes 8.38% due 03/15/2024	IDR	90,369,000,000		6,897,558
Republic of Indonesia Senior Notes 8.38% due 03/15/2034	IDR	8,380,000,000		637,188
Republic of Indonesia Senior Notes 8.75% due 05/15/2031	IDR	3,184,000,000		249,066
Republic of Indonesia Senior Notes 9.00% due 03/15/2029	IDR	2,285,000,000		182,990
Republic of Indonesia Senior Bonds 10.25% due 07/15/2022	IDR	116,000,000		9,298
Republic of Indonesia Senior Notes 10.50% due 08/15/2030	IDR	260,000,000		22,944
Republic of Indonesia Senior Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		1,045,688
Republic of Indonesia Senior Bonds 11.50% due 09/15/2019	IDR	29,607,000,000		2,255,028
Republic of Indonesia Senior Bonds 12.80% due 06/15/2021	IDR	7,078,000,000		591,634
Republic of Indonesia Senior Bonds 12.90% due 06/15/2022	IDR	10,859,000,000		940,839
				13,197,477
Mexico — 4.4%
United Mexican States Bonds 2.50% due 12/10/2020(1)	MXN	2,510,458		122,091
United Mexican States Bonds 4.00% due 06/13/2019(1)	MXN	3,219,153		161,422
United Mexican States Bonds 4.75% due 06/14/2018	MXN	131,700,000		6,590,200
United Mexican States Senior Notes 5.00% due 12/11/2019	MXN	162,280,000		7,823,425
United Mexican States Bonds 6.50% due 06/10/2021	MXN	20,960,000		1,015,692

Security Description	Principal Amount(5)		Value (Note 2)
Mexico (continued)
United Mexican States Bonds 8.00% due 06/11/2020	MXN	17,060,000	$	861,073
United Mexican States Bonds 8.50% due 12/13/2018	MXN	14,210,000		714,488
				17,288,391
Philippines — 0.6%
Republic of the Philippines Senior Notes 3.88% due 11/22/2019	PHP	121,440,000		2,295,454
South Korea — 4.8%
Bank of Korea Senior Notes 1.25% due 08/02/2018	KRW	527,000,000		488,655
Bank of Korea Senior Bonds 1.33% due 10/02/2018	KRW	770,000,000		713,485
Bank of Korea Senior Bonds 1.72% due 12/02/2018	KRW	770,000,000		714,408
Republic of South Korea Senior Notes 1.25% due 12/10/2019	KRW	1,600,000,000		1,467,871
Republic of South Korea Senior Notes 1.38% due 09/10/2021	KRW	1,207,700,000		1,087,601
Republic of South Korea Senior Notes 1.50% due 06/10/2019	KRW	3,790,000,000		3,503,061
Republic of South Korea Senior Notes 1.75% due 12/10/2018	KRW	1,386,600,000		1,286,773
Republic of South Korea Senior Notes 1.88% due 03/10/2022	KRW	257,000,000		234,308
Republic of South Korea Senior Notes 2.00% due 03/10/2021	KRW	7,844,590,000		7,235,784
Republic of South Korea Senior Bonds 3.00% due 09/10/2024	KRW	579,100,000		550,714
Republic of South Korea Senior Notes 4.25% due 06/10/2021	KRW	1,400,000,000		1,373,479
				18,656,139
Ukraine — 0.3%
Government of Ukraine VRS Senior Bonds 0.00% due 05/31/2040*(2)		1,511,000		1,061,079
Total Foreign Government Obligations
(cost $98,608,298)				94,289,425
Total Long-Term Investment Securities
(cost $308,572,917)				334,438,603
SHORT-TERM INVESTMENT SECURITIES — 15.3%
Foreign Government Obligations — 2.7%
Republic of Argentina (0.89)% due 09/14/2018	ARS	1,027,000		42,070
3.10% due 10/12/2018	ARS	411,000		16,433
3.75% due 02/08/2019(1)	ARS	5,182,000		220,268

79

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(5)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Obligations (continued)
25.10% due 09/19/2018	ARS	2,747,000			98,477
25.23% due 10/17/2018	ARS	4,361,000		$	152,569
					529,817
United Mexican States 7.15% due 06/21/2018	MXN	19,631,000			979,952
7.17% due 08/16/2018	MXN	10,332,100			509,662
7.21% due 08/16/2018	MXN	7,943,600			391,842
7.22% due 06/21/2018	MXN	2,450,300			122,316
7.23% due 08/16/2018	MXN	2,743,900			135,351
7.27% due 08/16/2018	MXN	875,100			43,167
7.27% due 10/11/2018	MXN	14,119,100			688,114
7.46% due 06/21/2018	MXN	8,531,900			425,901
7.59% due 09/13/2018	MXN	24,005,000			1,176,982
7.59% due 09/27/2018	MXN	18,670,500			912,675
7.60% due 08/16/2018	MXN	7,413,400			365,688
7.61% due 09/27/2018	MXN	4,017,400			196,384
7.64% due 10/25/2018	MXN	28,925,300			1,406,587
7.68% due 09/13/2018	MXN	7,726,200			378,821
7.69% due 09/27/2018	MXN	8,704,900			425,524
7.72% due 08/16/2018	MXN	2,244,200			110,702
7.73% due 08/09/2018	MXN	6,873,800			339,877
7.76% due 08/30/2018	MXN	2,062,100			101,409
7.77% due 09/27/2018	MXN	2,062,100			100,802
7.81% due 11/08/2018	MXN	12,198,700			590,936
7.84% due 11/22/2018	MXN	9,103,400			440,034
					9,842,726
					10,372,543
Registered Investment Companies — 3.2%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4)		12,404,396			12,404,396
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018		8,591,000			8,591,000
U.S. Government Agencies — 7.2%
Federal Home Loan Bank Disc. Notes 1.57% due 06/01/2018		28,150,000			28,150,000
Total Short-Term Investment Securities
(cost $60,307,395)					59,517,939
TOTAL INVESTMENTS
(cost $368,880,312)(6)		101.1	%		393,956,542
Liabilities in excess of other assets		(1.1	)		(4,319,036	)
NET ASSETS		100.0	%	$	389,637,506

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $1,061,079 representing 0.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(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) The rate shown is the 7-day yield as of May 31, 2018.

(4) At May 31, 2018, the Fund had loaned securities with a total value of $22,837,046. This was secured by collateral of $12,404,396, which was received in cash and subsequently invested in short-term investments currently valued at $12,404,396 as reported in the Portfolio of Investments. Additional collateral of $11,495,895 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,096,442
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		443,984
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		291,931
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018		255,838
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		9,407,700

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

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

ADR—American Depositary Receipt

ARS—Argentine Peso

BRL—Brazilian Real

COP—Columbian Peso

FDR—Fiduciary Depositary Receipt

GHS—Ghanaian Cedi

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN —Mexican Peso

NVDR—Non-Voting Depositary Receipt

PHP—Philippine Peso

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

BADLARPP—Argentina Deposit Rates Badlar 30-35 days

Centrally Cleared Interest Rate Swap Contracts
			Rates Exchanged		Value
Notional Amount (000’s)		Maturity Date	Payments Received by the Portfolio/Frequency	Payments Made by the Portfolio/Frequency	Upfront Payments Made (Received) by the Portfolio		Unrealized Appreciation (Depreciation)
USD	18,819	03/08/2027	3 Months USD - LIBOR/Quarterly	2.46%/Semi-annually	$	–	$	589,095
USD	11,200	03/08/2047	3 Months USD - LIBOR/Quarterly	2.70%/Semi-annually		–		474,449
USD	1,012	02/20/2048	3 Months USD - LIBOR/Quarterly	2.98%/Semi-annually		–		(16,654	)
USD	1,012	02/22/2048	3 Months USD - LIBOR/Quarterly	3.00%/Semi-annually		–		(21,358	)
USD	1,012	02/23/2048	3 Months USD - LIBOR/Quarterly	3.02%/Semi-annually		–		(24,952	)
							$	1,000,580

USD—United States Dollar

LIBOR—London Interbank Offered rate

80

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		EUR	234,146		USD	287,274		06/07/2018	$	13,493	$	–
		EUR	1,816,617		USD	2,231,966		06/18/2018		106,053		–
		EUR	4,473,640		USD	5,422,633		06/29/2018		182,537		–
		EUR	1,085,049		USD	1,339,623		07/09/2018		67,664		–
		EUR	584,552		USD	704,467		08/16/2018		17,264		–
										387,011		–
Barclays Bank PLC		EUR	94,051		USD	115,415		07/31/2018		4,981		–
		EUR	183,000		USD	218,629		08/10/2018		3,592		–
		EUR	94,051		USD	110,920		08/31/2018		227		–
		JPY	24,850,000		USD	235,727		06/19/2018		7,069		–
		JPY	40,123,600		USD	377,107		07/11/2018		7,319		–
		JPY	78,940,000		USD	715,957		07/17/2018		–		(11,861	)
		JPY	557,000,000		USD	5,161,876		08/08/2018		18,870		–
		JPY	116,230,000		USD	1,074,413		08/09/2018		1,143		–
		JPY	67,630,000		USD	623,634		08/29/2018		–		(1,699	)
										43,201		(13,560	)
Citibank N.A.		EUR	89,576		USD	111,173		06/13/2018		6,389		–
		EUR	1,254,023		BRL	5,260,000		07/05/2018		–		(61,303	)
		EUR	1,104,900		USD	1,331,040		08/06/2018		33,102		–
		EUR	1,906,904		USD	2,291,145		08/14/2018		49,719		–
		JPY	32,100,000		USD	289,015		06/08/2018		–		(6,129	)
		JPY	79,600,000		USD	708,948		06/12/2018		–		(23,111	)
		JPY	38,770,000		USD	354,939		06/20/2018		–		(1,831	)
		JPY	80,345,200		USD	744,571		08/08/2018		2,712		–
		JPY	9,976,667		USD	91,475		08/13/2018		–		(675	)
		JPY	9,976,666		USD	89,337		08/14/2018		–		(2,819	)
		JPY	72,889,000		USD	676,728		01/25/2019		–		(5,228	)
		JPY	280,651,280		USD	2,636,015		01/31/2019		8,852		–
		JPY	40,176,667		USD	379,231		02/14/2019		2,682		–
		JPY	29,930,000		USD	285,551		02/15/2019		5,013		–
		KRW	524,000,000		USD	492,620		06/20/2018		6,270		–
		KRW	2,989,000,000		USD	2,792,805		08/23/2018		11,609		–
		KRW	538,612,000		USD	505,739		10/16/2018		3,393		–
		KRW	1,051,000,000		USD	982,932		11/15/2018		1,385		–
		KRW	1,245,000,000		USD	1,166,932		11/21/2018		3,893		–
										135,019		(101,096	)
Deutsche Bank AG		EUR	595,000		USD	712,971		06/04/2018		17,386		–
		EUR	595,000		USD	713,122		06/07/2018		17,402		–
		EUR	270,464		USD	335,463		06/13/2018		19,081		–
		EUR	68,878		USD	81,219		06/22/2018		588		–
		EUR	68,877		USD	81,096		06/25/2018		445		–
		EUR	2,905,954		USD	3,629,406		06/29/2018		225,584		–
		EUR	595,000		USD	696,388		07/05/2018		–		(899	)
		EUR	270,464		USD	336,431		07/12/2018		19,307		–
		EUR	3,247,000		USD	3,904,274		08/15/2018		87,373		–
		EUR	133,000		USD	157,705		08/24/2018		1,254		–
		EUR	2,907,096		USD	3,433,193		08/29/2018		12,205		–
		JPY	23,100,000		USD	217,426		06/13/2018		4,966		–
		JPY	43,140,000		USD	397,765		06/19/2018		811		–
		JPY	43,210,000		USD	394,036		06/22/2018		–		(3,651	)
		JPY	39,300,000		USD	369,952		07/13/2018		7,707		–
		JPY	222,755,000		USD	2,046,459		08/16/2018		–		(11,429	)
		JPY	459,286,000		USD	4,173,810		08/21/2018		–		(70,654	)
		JPY	58,120,000		USD	535,920		01/24/2019		–		(7,809	)
		KRW	920,000,000		USD	861,464		06/14/2018		7,744		–
		KRW	920,000,000		USD	861,746		11/19/2018		2,388		–
		KRW	2,075,000,000		USD	1,937,369		11/30/2018		–		(1,808	)
		USD	694,722		EUR	595,000		06/04/2018		863		–
										425,104		(96,250	)
Goldman Sachs International		EUR	484,500		USD	600,126		06/20/2018		33,041		–
		EUR	158,000		USD	197,326		06/29/2018		12,257		–
		EUR	484,500		USD	604,268		07/18/2018		35,927		–
		EUR	158,000		USD	186,600		08/29/2018		670		–
		JPY	45,170,000		USD	430,806		09/18/2018		12,536		–
		JPY	11,563,000		USD	105,090		01/11/2019		–		(2,964	)
										94,431		(2,964	)

81

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
HSBC Bank PLC		EUR	517,579		USD	637,283		07/10/2018	$	30,500	$	–
		EUR	235,000		USD	282,596		08/14/2018		6,371		–
		JPY	24,050,000		USD	215,661		06/11/2018		–		(5,503	)
		JPY	69,900,000		USD	623,050		06/13/2018		–		(19,849	)
		JPY	43,210,000		USD	402,515		06/18/2018		4,947		–
		JPY	24,050,000		USD	216,958		09/11/2018		–		(5,625	)
		JPY	67,990,000		USD	648,760		09/18/2018		19,179		–
		JPY	78,700,000		USD	744,789		10/11/2018		14,765		–
		JPY	379,935,000		USD	3,568,470		01/31/2019		11,917		–
		KRW	1,485,000,000		USD	1,396,858		06/20/2018		18,556		–
		KRW	1,093,958,907		USD	1,026,276		06/27/2018		10,671		–
		KRW	1,031,000,000		USD	974,526		07/24/2018		16,364		–
		KRW	3,173,000,000		USD	2,965,143		08/17/2018		13,449		–
		KRW	323,600,000		USD	304,479		10/18/2018		2,640		–
		KRW	2,644,000,000		USD	2,474,497		10/30/2018		6,981		–
										156,340		(30,977	)
JPMorgan Chase Bank N.A		AUD	4,076,000		USD	3,195,176		06/12/2018		112,579		–
		AUD	4,807,000		USD	3,714,177		06/15/2018		78,670		–
		AUD	5,929,000		USD	4,674,957		06/20/2018		190,747		–
		AUD	1,740,000		USD	1,317,337		10/29/2018		–		(22	)
		EUR	2,120,000		USD	2,543,788		06/07/2018		64,919		–
		EUR	98,652		USD	122,952		06/12/2018		7,560		–
		EUR	98,652		USD	117,899		06/14/2018		2,488		–
		EUR	145,167		USD	180,918		06/15/2018		11,077		–
		EUR	74,000		USD	87,166		06/22/2018		538		–
		EUR	145,167		USD	171,207		06/25/2018		1,226		–
		EUR	98,652		USD	121,903		07/10/2018		6,248		–
		EUR	686,000		USD	835,051		08/02/2018		29,440		–
		EUR	126,839		USD	152,166		08/09/2018		3,133		–
		EUR	84,559		USD	101,009		08/10/2018		1,646		–
		EUR	3,335,500		USD	3,955,846		08/20/2018		33,417		–
		EUR	145,167		USD	172,516		08/21/2018		1,792		–
		EUR	375,660		USD	446,092		08/24/2018		4,195		–
		JPY	64,760,000		USD	577,320		06/13/2018		–		(18,304	)
		JPY	56,320,000		USD	515,102		06/14/2018		–		(2,934	)
		JPY	27,300,000		USD	243,859		06/15/2018		–		(7,268	)
		JPY	577,091,720		USD	5,473,343		06/22/2018		162,027		–
		JPY	152,440,000		USD	1,430,307		07/20/2018		24,547		–
		JPY	52,770,000		USD	480,120		07/23/2018		–		(6,608	)
		JPY	116,200,000		USD	1,073,456		08/08/2018		534		–
		JPY	158,172,000		USD	1,486,558		08/15/2018		25,408		–
		JPY	25,450,000		USD	233,915		01/16/2019		–		(4,011	)
		JPY	112,000,000		USD	1,038,971		01/25/2019		–		(8,911	)
		JPY	316,250,000		USD	2,940,534		02/06/2019		–		(21,407	)
		JPY	116,480,000		USD	1,091,700		02/12/2019		201		–
										762,392		(69,465	)
Morgan Stanley and Co., Inc.		EUR	69,000		USD	85,539		06/19/2018		4,784		–
		EUR	34,500		USD	40,772		06/21/2018		388		–
		EUR	59,000		USD	69,212		06/29/2018		104		–
		EUR	34,500		USD	40,878		07/23/2018		393		–
		EUR	59,000		USD	69,394		07/30/2018		123		–
										5,792		–
Standard Chartered Bank		EUR	3,642,368		USD	4,492,269		06/06/2018		233,606		–
		EUR	999,742		USD	1,220,040		07/31/2018		46,159		–
		EUR	1,210,000		USD	1,458,691		08/16/2018		36,208		–
		EUR	1,019,570		USD	1,203,409		08/29/2018		3,608		–
		JPY	116,210,000		USD	1,075,989		08/08/2018		2,975		–
										322,556		–
UBS AG		EUR	176,932		USD	219,221		06/06/2018		12,352		–
		EUR	1,679,100		USD	2,084,292		06/20/2018		118,984		–
		EUR	226,932		USD	280,045		07/09/2018		14,022		–
		EUR	1,679,100		USD	1,996,803		08/21/2018		22,090		–
		EUR	54,521		USD	64,593		08/22/2018		468		–
										167,916		–
Net Unrealized Appreciation (Depreciation)									$	2,499,762	$	(314,312	)

82

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

AUD—Australian Dollar

BRL—Brazilian Real

EUR—Euro Currency

JPY—Japanese Yen

KRW—South Korean Won

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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:
United Kingdom	$	3,781,813	$	31,306,704	#	$	—	$	35,008,517
Other Countries		96,282,148		108,778,513	**		—		205,060,661
Foreign Government Obligations		—		94,289,425			—		94,289,425
Short-Term Investment Securities:
Registered Investment Companies		12,404,396		—			—		12,404,396
Other Short-Term Investment Securities		—		47,113,543			—		47,113,543
Total Investments at Value	$	112,468,357	$	281,488,185		$	—	$	393,956,542
Other Financial Instruments:†
Centrally Cleared Interest Rate Swap Contracts	$	—	$	1,063,544		$	—	$	1,063,544
Forward Foreign Currency Contracts		—		2,499,762			—		2,499,762
	$	—	$	3,563,306		$	—	$	3,563,306
LIABILITIES:
Other Financial Instruments:†
Centrally Cleared Interest Rate Swap Contracts	$	—	$	62,964		$	—	$	62,964
Forward Foreign Currency Contracts		—		314,312			—		314,312
Total Other Financial Instruments	$	—	$	377,276		$	—	$	377,276

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

# Amount includes $31,294,551 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $114,154,030 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

See Notes to Financial Statements

83

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

U.S. Government Agencies	75.1	%
U.S. Government Treasuries	25.0
Repurchase Agreements	0.1
	100.2	%

Credit Quality†#

A-1+	99.9	%
A-1	0.1
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues

Weighted Average days to Maturity — 39.3 days

84

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 100.1%
U.S. Government Agencies — 75.1%
Federal Farm Credit Bank 1.66% due 06/22/2018	$	8,000,000	$	7,992,300
Federal Farm Credit Bank FRS
1.78% (1 ML-0.15%) due 10/11/2018		25,000,000		24,999,762
2.05% (1 ML+0.14%) due 08/01/2018		5,500,000		5,502,858
2.07% (1 ML+0.12%) due 06/20/2018		2,750,000		2,750,436
Federal Home Loan Bank
1.63% due 06/04/2018		10,000,000		9,998,642
1.64% due 06/11/2018		6,395,000		6,392,087
1.65% due 06/08/2018		6,000,000		5,998,075
1.67% due 06/01/2018		11,000,000		11,000,000
1.67% due 06/15/2018		8,000,000		7,994,805
1.71% due 06/15/2018		1,400,000		1,399,069
1.71% due 06/21/2018		8,000,000		7,992,422
1.74% due 06/20/2018		5,000,000		4,995,408
1.75% due 06/25/2018		10,000,000		9,988,333
1.77% due 06/27/2018		8,000,000		7,989,773
1.77% due 06/29/2018		2,500,000		2,496,559
1.78% due 06/27/2018		8,600,000		8,588,944
1.78% due 07/05/2018		7,000,000		6,988,265
1.78% due 07/13/2018		1,970,000		1,965,932
1.81% due 07/05/2018		10,000,000		9,983,000
Federal Home Loan Bank FRS
1.78% (1 ML-0.14%) due 10/12/2018		8,000,000		7,999,897
1.82% (1 ML-0.13%) due 07/20/2018		4,000,000		4,000,336
1.82% (1 ML-0.13%) due 08/20/2018		3,000,000		3,000,000
1.83% (1 ML-0.12%) due 11/21/2018		4,000,000		4,000,000
1.83% (1 ML-0.14%) due 01/28/2019		10,000,000		10,000,000
Federal Home Loan Mtg. Corp. 0.88% due 10/12/2018		2,634,000		2,625,601
Federal National Mtg. Assoc.
1.13% due 12/14/2018		3,000,000		2,989,168
1.53% due 06/01/2018		37,000,000		37,000,000
1.63% due 06/06/2018		7,000,000		6,998,415
1.68% due 06/19/2018		10,600,000		10,591,096
Total U.S. Government Agencies
(amortized cost $234,221,183)				234,221,183

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 25.0%
United States Treasury Bills
1.69% due 06/28/2018	$	5,000,000		$	4,993,681
1.70% due 07/05/2018		2,000,000			1,996,798
1.73% due 06/28/2018		5,900,000			5,892,363
1.74% due 07/19/2018		2,000,000			1,995,387
1.77% due 07/12/2018		5,000,000			4,989,918
1.82% due 08/09/2018		5,000,000			4,982,654
1.83% due 08/09/2018		3,500,000			3,487,764
1.84% due 08/02/2018		3,000,000			2,990,524
1.84% due 08/09/2018		3,000,000			2,989,449
1.89% due 08/23/2018		10,000,000			9,956,540
1.89% due 08/30/2018		13,500,000			13,436,550
1.92% due 09/06/2018		4,000,000			3,979,468
United States Treasury Notes
1.13% due 01/31/2019		7,300,000			7,261,820
1.25% due 01/31/2019		3,000,000			2,987,120
1.38% due 12/31/2018		6,000,000			5,984,203
Total U.S. Government Treasuries
(amortized cost $77,924,239)					77,924,239
Total Short-Term Investment Securities — 100.1%
(amortized cost $312,145,422)					312,145,422
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $126,001 collateralized by $130,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $130,665 (cost $126,000)		126,000			126,000
TOTAL INVESTMENTS —
(amortized cost $312,271,422)(1)		100.2	%		312,271,422
Liabilities in excess of other assets		(0.2	)		(563,295	)
NET ASSETS		100.0	%	$	311,708,127

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

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML—1 month USD LIBOR

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (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	$	—	$	312,145,422	$	—	$	312,145,422
Repurchase Agreements		—		126,000		—		126,000
Total Investments at Value	$	—	$	312,271,422	$	—	$	312,271,422

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

85

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	35.7	%
Federal Home Loan Mtg. Corp.	15.8
United States Treasury Notes	15.4
United States Treasury Bonds	9.2
Diversified Financial Services	4.7
Repurchase Agreements	3.5
Government National Mtg. Assoc.	3.4
Sovereign	1.8
Resolution Funding Corp	1.6
Federal Farm Credit Bank	1.3
Diversified Banking Institutions	1.1
Airlines	0.8
Oil Companies — Integrated	0.8
Pipelines	0.5
Multimedia	0.4
Pharmacy Services	0.4
Semiconductor Components — Integrated Circuits	0.3
Computers	0.3
Registered Investment Companies	0.3
Retail — Drug Store	0.3
Brewery	0.2
Medical Instruments	0.2
Electric — Integrated	0.2
Insurance — Life/Health	0.2
Real Estate Investment Trusts	0.2
Chemicals — Diversified	0.2
Building Products — Air & Heating	0.2
Networking Products	0.2
Cosmetics & Toiletries	0.1
Telephone — Integrated	0.1
Insurance — Mutual	0.1
Medical — Biomedical/Gene	0.1
Medical — Generic Drugs	0.1
Auto — Cars/Light Trucks	0.1
Insurance — Property/Casualty	0.1
Oil Companies — Exploration & Production	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	100.2	%

Credit Quality†#

Aaa	88.0	%
Aa	2.1
A	2.6
Baa	2.9
Ba	0.1
Not Rated@	4.3
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody's

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

86

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 4.7%
Diversified Financial Services — 4.7%
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(1)	$	382,643	$	363,235
Cabela’s Credit Card Master Note Trust Series 2016-1, Class A1 1.78% due 06/15/2022		1,186,000		1,174,338
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.66% due 08/15/2045(1)(2)(3)		805,326		45,386
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		123,430		124,503
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.55% due 09/10/2035*(1)(3)		398,000		399,099
GS Mtg. Securities Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(1)		1,100,000		1,083,041
Progress Residential Trust Series 2015-SFR2, Class A 2.74% due 06/12/2032*		447,546		442,046
Progress Residential Trust Series 2017-SFR1, Class A 2.77% due 08/17/2034*		299,039		290,403
Progress Residential Trust Series 2015-SFR3, Class A 3.07% due 11/12/2032*		694,271		688,977
Tricon American Homes Trust Series 2016-SFR1, Class A 2.59% due 11/17/2033*		563,724		547,203
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		216,520
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		310,000		319,250
Total Asset Backed Securities
(cost $5,831,308)				5,694,001
U.S. CORPORATE BONDS & NOTES — 6.0%
Airlines — 0.8%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		708,391		662,962
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		327,000		316,079
				979,041
Auto - Cars/Light Trucks — 0.1%
American Honda Finance Corp. Senior Notes 2.30% due 09/09/2026#		135,000		123,333
Brewery — 0.2%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026		288,000		283,918
Chemicals - Diversified — 0.2%
Dow Chemical Co. Senior Notes 8.55% due 05/15/2019		200,000		210,591

Security Description	Principal Amount		Value (Note 2)
Computers — 0.3%
Apple, Inc. Senior Notes 2.40% due 05/03/2023	$	227,000	$	219,644
Apple, Inc. Senior Notes 2.85% due 05/06/2021		151,000		151,317
				370,961
Cosmetics & Toiletries — 0.1%
Procter & Gamble Co. Senior Notes 1.90% due 11/01/2019		176,000		174,482
Diversified Banking Institutions — 0.7%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		400,000		381,121
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		168,049
Morgan Stanley Senior Notes 2.50% due 04/21/2021		319,000		312,428
				861,598
Electric - Integrated — 0.2%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		228,545
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		102,569
Insurance - Life/Health — 0.2%
Jackson National Life Global Funding Senior Sec. Notes 1.88% due 10/15/2018*		225,000		224,517
Insurance - Mutual — 0.1%
New York Life Global Funding Senior Sec. Notes 2.00% due 04/13/2021*		154,000		149,552
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/03/2026		125,000		122,180
Medical Instruments — 0.2%
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		250,000		250,191
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		142,826
Multimedia — 0.4%
Time Warner, Inc. Company Guar. Notes 3.60% due 07/15/2025		500,000		483,021
Networking Products — 0.2%
Cisco Systems, Inc. Senior Notes 4.95% due 02/15/2019		200,000		203,338

87

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024#	$	116,000	$	115,513
Pharmacy Services — 0.4%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		440,000		437,794
Pipelines — 0.5%
Buckeye Partners LP Senior Notes 4.88% due 02/01/2021		190,000		194,394
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		125,538
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		131,021
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 2.60% due 12/15/2019		171,000		169,657
				620,610
Real Estate Investment Trusts — 0.2%
Boston Properties LP Senior Notes 2.75% due 10/01/2026#		240,000		216,654
Retail - Drug Store — 0.3%
Walgreens Boots Alliance, Inc. Senior Notes 3.80% due 11/18/2024		325,000		323,458
Semiconductor Components - Integrated Circuits — 0.3%
QUALCOMM, Inc. Senior Notes 3.25% due 05/20/2027		439,000		412,783
Telephone - Integrated — 0.1%
AT&T, Inc. Senior Notes 3.95% due 01/15/2025		171,000		168,712
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		87,411
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		21,029
				108,440
Total U.S. Corporate Bonds & Notes
(cost $7,496,660)				7,314,627
FOREIGN CORPORATE BONDS & NOTES — 1.5%
Building Products - Air & Heating — 0.2%
Johnson Controls International PLC Senior Notes 5.00% due 03/30/2020		200,000		207,302
Diversified Banking Institutions — 0.4%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026		217,000		200,476
Mizuho Financial Group, Inc. Senior Notes 2.95% due 02/28/2022		363,000		355,530
				556,006

Security Description	Principal Amount		Value (Note 2)
Medical - Generic Drugs — 0.1%
Allergen Funding SCS Company Guar. Notes 3.45% due 03/15/2022	$	126,000	$	124,447
Oil Companies - Integrated — 0.8%
BP Capital Markets PLC Company Guar. Notes 2.52% due 01/15/2020		250,000		249,258
Shell International Finance BV Company Guar. Notes 2.50% due 09/12/2026#		367,000		341,777
Shell International Finance BV Company Guar. Notes 3.75% due 09/12/2046#		403,000		383,223
				974,258
Total Foreign Corporate Bonds & Notes
(cost $1,929,381)				1,862,013
U.S. GOVERNMENT AGENCIES — 57.8%
Federal Farm Credit Bank — 1.3%
3.35% due 10/21/2025		1,500,000		1,532,695
Federal Home Loan Mtg. Corp. — 15.8%
3.50% due 06/01/2033		1,501,665		1,527,682
4.50% due 09/01/2019		11,356		11,442
4.50% due 09/01/2039		507,012		534,802
4.50% due 11/01/2039		257,834		271,973
4.50% due 02/01/2040		358,025		377,794
4.50% due 04/01/2040		32,968		34,710
4.50% due 06/01/2040		95,780		101,063
4.50% due 08/01/2040		404,137		426,415
4.50% due 03/01/2041		1,416,074		1,492,378
4.50% due 04/01/2041		164,342		172,274
4.50% due 06/01/2041		311,272		327,914
5.00% due 10/01/2034		23,102		24,468
5.50% due 12/01/2036		18,411		19,950
6.00% due 11/01/2033		59,544		66,130
6.50% due 02/01/2032		26,071		29,344
8.00% due 02/01/2030		1,201		1,204
8.00% due 08/01/2030		196		224
8.00% due 06/01/2031		1,444		1,606
Federal Home Loan Mtg. Corp. FRS 3.56% (12 ML+1.81%) due 12/01/2035		14,508		15,241
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)		1,035,947		1,008,639
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series KJ14, Class A2 2.81% due 09/25/2024(1)		591,000		579,600
Federal Home Loan Mtg. Corp. Multifamily Structured Pass-Through Certs. Series K049, Class A2 3.01% due 07/25/2025(1)		430,000		426,061
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K048, Class A2 3.28% due 06/25/2025(1)(3)		1,000,000		1,007,910
Federal Home Loan Mtg. Corp. REMIC Series 4150, Class GE 2.00% due 01/15/2033(4)		1,341,705		1,287,751
Series 4186, Class JE 2.00% due 03/15/2033(4)		372,050		361,622
Series 4594, Class GN 2.50% due 02/15/2045(4)		868,706		847,033

88

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 3981, Class PA 3.00% due 04/15/2031(4)	$	276,295	$	272,239
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,660,393
Series 4150, Class IG 3.00% due 01/15/2033(2)(4)		4,263,812		403,476
Series 4365, Class HZ 3.00% due 01/15/2040(4)		785,199		727,754
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		1,006,665
Series 3813, Class D 4.00% due 02/15/2026(4)		1,000,000		1,038,593
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		484,522
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,546,686
Series 3786, Class PB 4.50% due 07/15/2040(4)		1,000,000		1,028,617
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 4.58% (6.50%-1 ML) due 05/15/2042(2)(4)(5)		520,621		81,858
				19,206,033
Federal National Mtg. Assoc. — 35.7%
Federal National Mtg. Assoc. zero coupon due 10/09/2019		4,250,000		4,111,265
2.63% due 12/01/2026		1,966,869		1,892,237
2.81% due 04/01/2025		800,000		783,213
2.94% due 01/01/2026		1,595,000		1,567,068
3.00% due 03/01/2043		1,193,009		1,167,802
4.00% due 09/01/2040		115,007		118,432
4.00% due 10/01/2040		82,875		85,211
4.00% due 12/01/2040		151,143		155,638
4.00% due 01/01/2041		314,530		323,903
4.00% due 02/01/2041		1,231,359		1,268,019
4.00% due 03/01/2041		1,779,282		1,832,285
4.00% due 06/01/2042		1,143,424		1,179,339
5.00% due 02/01/2019		5,084		5,163
5.00% due 12/01/2036		12,459		13,216
5.50% due 12/01/2033		21,902		23,746
5.50% due 10/01/2034		7,835		8,411
6.50% due 07/01/2032		5,968		6,686
7.00% due 09/01/2031		19,979		21,916
Federal National Mtg. Assoc. FRS 3.12% (6 ML+1.50%) due 01/01/2036		10,494		10,863
3.17% (12 ML+1.30%) due 02/01/2035		2,028		2,097
3.45% (1 Yr USTYCR+2.20%) due 11/01/2034		15,512		16,375
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(2)(4)		216,102		47,328
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO zero coupon due 05/18/2032(6)		284,815		258,125
Series 2013-15, Class DC 2.00% due 03/25/2033(4)		979,500		934,012
Series 2011-126, Class EC 2.00% due 04/25/2040(4)		318,835		310,693
Series 2012-38, Class PA 2.00% due 09/25/2041(4)		2,274,573		2,156,611
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		1,672,332		1,600,561

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2012-93, Class ME 2.50% due 01/25/2042(4)	$	2,291,861	$	2,232,242
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		741,805		721,628
Series 2017-T1, Class A 2.90% due 06/25/2027(1)		1,127,556		1,088,650
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		2,682,043		2,698,833
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,900,000		2,818,126
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		890,729		885,643
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		612,535		607,975
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		618,702		612,763
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		1,858,716
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		1,119,200		1,109,200
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		796,497
Series 2012-50, Class VB 4.00% due 01/25/2029(4)		1,355,000		1,402,109
Series 2012-47, Class VB 4.00% due 04/25/2031(4)		2,000,000		2,050,990
Series 2004-90, Class GC 4.35% due 11/25/2034(4)		276,607		278,966
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		974,930		1,005,805
Series 2010-134, Class MB 4.50% due 12/25/2040(4)		250,000		267,554
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		75,455		82,010
Federal National Mtg. Assoc. REMIC VRS Series 2015-M13, Class A2 2.71% due 06/25/2025(1)(3)		515,000		501,746
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(3)		1,239,000		1,216,695
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(3)		1,273,000		1,260,518
				43,396,881
Government National Mtg. Assoc. — 3.4%
4.50% due 03/15/2038		20,094		20,958
4.50% due 03/15/2039		6,174		6,473
4.50% due 05/15/2039		178,945		188,590
4.50% due 06/15/2039		151,374		160,098
4.50% due 07/15/2039		298,945		315,633
4.50% due 09/15/2039		3,745		3,967
4.50% due 12/15/2039		65,892		68,635
4.50% due 04/15/2040		116,635		122,842
4.50% due 06/15/2040		304,284		322,279
4.50% due 08/15/2040		51,952		55,042
5.00% due 09/15/2035		1,592		1,706
5.00% due 02/15/2036		69,611		74,606
5.00% due 05/15/2036		6,254		6,578
6.00% due 01/15/2032		8,979		9,876
7.50% due 02/15/2029		4,586		4,695
7.50% due 07/15/2030		128		130
7.50% due 01/15/2031		5,072		5,546
Government National Mtg. Assoc. REMIC Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		448,474
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		326,611		342,611

89

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Series 2008-6, Class GL 4.50% due 02/20/2038(4)	$	1,000,000		$	1,050,333
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		568,385			617,589
Series 2009-91, Class PR 5.00% due 09/20/2038(4)		278,759			282,140
					4,108,801
Resolution Funding Corp — 1.6%
zero coupon due 07/15/2020 STRIPS		2,000,000			1,894,445
Total U.S. Government Agencies
(cost $72,266,005)					70,138,855
U.S. GOVERNMENT TREASURIES — 24.6%
United States Treasury Bonds — 9.2%
zero coupon due 08/15/2024		2,040,000			1,719,371
2.88% due 08/15/2045#		1,000,000			980,195
3.13% due 02/15/2043		1,000,000			1,026,875
3.75% due 08/15/2041		4,000,000			4,533,281
3.88% due 08/15/2040		2,500,000			2,880,469
					11,140,191
United States Treasury Notes — 15.4%
1.75% due 05/15/2023		8,000,000			7,658,750
2.00% due 02/15/2022		5,000,000			4,893,750
2.50% due 08/15/2023		3,000,000			2,973,047
2.63% due 08/15/2020		3,250,000			3,262,314
					18,787,861
Total U.S. Government Treasuries
(cost $29,586,933)					29,928,052
FOREIGN GOVERNMENT OBLIGATIONS — 1.8%
Sovereign — 1.8%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,341,690)		2,641,000			2,221,867
Total Long-Term Investment Securities
(cost $119,451,977)					117,159,415
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(7)(8) (cost $350,485)		350,485			350,485
REPURCHASE AGREEMENTS — 3.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $4,206,033 and collateralized by $4,705,000 of United States Treasury Notes, bearing interest at 1.63%, due 02/15/2026 and having an approximate value of $4,336,194 (cost $4,206,000)		4,206,000			4,206,000
TOTAL INVESTMENTS
(cost $124,008,462)(9)		100.2	%		121,715,900
Liabilities in excess of other assets		(0.2	)		(291,173	)
NET ASSETS		100.0	%	$	121,424,727

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $3,765,305 representing 3.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(1) Commercial Mortgage Backed Security

(2) Interest Only

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

(4) Collateralized Mortgage Obligation

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2018.

(6) Principal Only

(7) At May 31, 2018, the Fund had loaned securities with a total value of $2,176,283. This was secured by collateral of $350,485, which was received in cash and subsequently invested in short-term investments currently valued at $350,485 as reported in the Portfolio of Investments. Additional collateral of $1,893,111 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	2.00% to 25.72%	06/15/2018 to 11/15/2047	$	247,681
Federal National Mtg. Assoc.	1.25% to 16.32%	07/25/2019 to 12/25/2047		321,006
Government National Mtg. Assoc.	1.11% to 27.85%	11/20/2026 to 05/16/2059		464,335
United States Treasury Bills	0.00%	07/05/2018 to 08/30/2018		36,470
United States Treasury Notes/Bonds	0.13% to 4.38%	10/31/2018 to 02/15/2047		823,619

(8) The rate shown is the 7-day yield as of May 31, 2018

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

REMIC—Real Estate Mortgage Investment Conduit

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of May 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

90

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	—	$	5,694,001	$	—	$	5,694,001
U.S. Corporate Bonds & Notes		—		7,314,627		—		7,314,627
Foreign Corporate Bonds & Notes		—		1,862,013		—		1,862,013
U.S. Government Agencies		—		70,138,855		—		70,138,855
U.S. Government Treasuries		—		29,928,052		—		29,928,052
Foreign Government Obligations		—		2,221,867		—		2,221,867
Short-Term Investment Securities		350,485		—		—		350,485
Repurchase Agreements		—		4,206,000		—		4,206,000
Total Investments at Value	$	350,485	$	121,365,415	$	—	$	121,715,900

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

91

VALIC Company I Growth Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Web Portals/ISP	6.3	%
Computers	6.0
E-Commerce/Products	5.9
Applications Software	5.9
Internet Content — Entertainment	5.6
Finance — Credit Card	4.9
Medical — Biomedical/Gene	4.2
Aerospace/Defense	3.9
Medical Instruments	3.2
Medical — HMO	2.4
Retail — Discount	2.2
Semiconductor Equipment	2.0
Commercial Services — Finance	1.8
Electronic Components — Semiconductors	1.7
Medical — Drugs	1.4
Cosmetics & Toiletries	1.4
Registered Investment Companies	1.4
Retail — Restaurants	1.3
Retail — Major Department Stores	1.2
Retail — Apparel/Shoe	1.2
Multimedia	1.2
Entertainment Software	1.1
Beverages — Wine/Spirits	1.1
Real Estate Investment Trusts	1.0
Diversified Banking Institutions	0.9
Semiconductor Components — Integrated Circuits	0.8
Tobacco	0.8
Transport — Truck	0.8
Industrial Automated/Robotic	0.8
Computer Services	0.8
Banks — Commercial	0.8
Oil Companies — Exploration & Production	0.8
Commercial Services	0.8
Internet Security	0.7
Athletic Footwear	0.7
Auto/Truck Parts & Equipment — Original	0.7
Cruise Lines	0.7
Beverages — Non-alcoholic	0.7
Airlines	0.7
Machinery — General Industrial	0.6
Transport — Rail	0.6
Casino Hotels	0.6
Medical Products	0.6
Chemicals — Diversified	0.5
Electronic Forms	0.5
Human Resources	0.5
Internet Application Software	0.5
Aerospace/Defense — Equipment	0.5
Diagnostic Kits	0.5
Diversified Manufacturing Operations	0.5
Apparel Manufacturers	0.5
Auto — Cars/Light Trucks	0.5
Computer Software	0.5
Oil — Field Services	0.4
Data Processing/Management	0.4
Retail — Auto Parts	0.4
Hotels/Motels	0.4
Time Deposits	0.4
Machinery — Construction & Mining	0.4
Electronic Measurement Instruments	0.4
Finance — Other Services	0.4
Computer Aided Design	0.3
Building — Residential/Commercial	0.3
Finance — Investment Banker/Broker	0.3
Engines — Internal Combustion	0.3
Retail — Drug Store	0.3
Insurance — Life/Health	0.3
Banks — Super Regional	0.3
Lighting Products & Systems	0.3

Food — Misc./Diversified	0.3	%
Networking Products	0.3
Building Products — Cement	0.3
E-Services/Consulting	0.2
Instruments — Controls	0.2
Soap & Cleaning Preparation	0.2
Distribution/Wholesale	0.2
Decision Support Software	0.2
Schools	0.2
Medical Information Systems	0.2
Chemicals — Specialty	0.2
E-Commerce/Services	0.2
Diagnostic Equipment	0.2
Footwear & Related Apparel	0.2
Rental Auto/Equipment	0.2
Resorts/Theme Parks	0.2
Consumer Products — Misc.	0.2
Exchange-Traded Funds	0.2
Insurance — Property/Casualty	0.2
Retail — Building Products	0.2
Food — Dairy Products	0.2
Independent Power Producers	0.2
Computers — Memory Devices	0.2
Cellular Telecom	0.2
Garden Products	0.1
Medical Labs & Testing Services	0.1
Machinery — Pumps	0.1
Oil Companies — Integrated	0.1
Radio	0.1
Transactional Software	0.1
Web Hosting/Design	0.1
Retail — Jewelry	0.1
Food — Retail	0.1
Insurance — Multi-line	0.1
Environmental Monitoring & Detection	0.1
Filtration/Separation Products	0.1
Food — Catering	0.1
Oil Refining & Marketing	0.1
Retail — Automobile	0.1
Pharmacy Services	0.1
Investment Management/Advisor Services	0.1
Brewery	0.1
Toys	0.1
Metal — Copper	0.1
Transport — Services	0.1
Building Products — Air & Heating	0.1
E-Marketing/Info	0.1
Retail — Misc./Diversified	0.1
Industrial Gases	0.1
Cable/Satellite TV	0.1
Retail — Home Furnishings	0.1
Internet Infrastructure Software	0.1
Satellite Telecom	0.1
Retail — Convenience Store	0.1
	100.9	%

* Calculated as a percentage of net assets

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.9%
Aerospace/Defense — 3.9%
Boeing Co.		84,030	$	29,592,005
Bombardier, Inc., Class B†		453,490		1,706,796
General Dynamics Corp.		4,212		849,602
Lockheed Martin Corp.		39,745		12,501,392
Raytheon Co.		10,474		2,194,303
				46,844,098
Aerospace/Defense - Equipment — 0.5%
Astronics Corp.†		522		18,374
Curtiss-Wright Corp.		13,905		1,769,411
United Technologies Corp.		35,830		4,472,301
				6,260,086
Airlines — 0.7%
Delta Air Lines, Inc.		121,634		6,574,318
Ryanair Holdings PLC ADR†#		13,390		1,552,035
				8,126,353
Apparel Manufacturers — 0.5%
Columbia Sportswear Co.		6,018		524,228
Kering SA		2,870		1,656,004
Michael Kors Holdings, Ltd.†		29,543		1,695,473
Oxford Industries, Inc.		2,723		224,702
Under Armour, Inc., Class C†#		81,010		1,532,709
				5,633,116
Applications Software — 5.9%
Microsoft Corp.		494,384		48,864,915
Red Hat, Inc.†		14,390		2,337,224
salesforce.com, Inc.†		118,160		15,281,633
Tableau Software, Inc., Class A†		40,720		4,025,986
				70,509,758
Athletic Footwear — 0.7%
adidas AG		8,610		1,949,224
NIKE, Inc., Class B		90,070		6,467,026
				8,416,250
Auto - Cars/Light Trucks — 0.5%
Tesla, Inc.†#		19,690		5,606,334
Auto/Truck Parts & Equipment - Original — 0.7%
Valeo SA		17,168		1,087,871
WABCO Holdings, Inc.†		58,597		7,086,135
				8,174,006
Banks - Commercial — 0.8%
Banco do Brasil SA		40,200		326,030
Bank Mandiri Persero Tbk PT		2,202,300		1,113,517
CaixaBank SA		68,610		291,669
Central Pacific Financial Corp.		18,706		550,705
Chiba Bank, Ltd.		91,000		698,073
Erste Group Bank AG		38,102		1,577,563
Grupo Financiero Banorte SAB de CV, Class O		143,570		760,585
HDFC Bank, Ltd.		27,560		868,369
Itau Unibanco Holding SA (Preference Shares)		30,100		346,898
KBC Group NV		17,050		1,319,648
Merchants Bancorp		2,474		63,112
Standard Chartered PLC		88,610		889,123
Swedbank AB, Class A		32,850		683,228
				9,488,520
Banks - Super Regional — 0.3%
US Bancorp		71,460		3,572,285
Beverages - Non-alcoholic — 0.7%
Coca-Cola Bottlers Japan Holdings, Inc.		20,900		875,460

Security Description	Shares		Value (Note 2)
Beverages - Non-alcoholic (continued)
Coca-Cola Co.		8,369	$	359,867
Coca-Cola HBC AG		23,740		811,212
PepsiCo, Inc.		60,806		6,095,801
				8,142,340
Beverages - Wine/Spirits — 1.1%
Constellation Brands, Inc., Class A		39,005		8,701,236
Diageo PLC		57,610		2,116,095
Treasury Wine Estates, Ltd.		164,030		2,050,263
				12,867,594
Brewery — 0.1%
Heineken NV		11,422		1,145,120
Building Products - Air & Heating — 0.1%
Daikin Industries, Ltd.		9,000		1,035,810
Building Products - Cement — 0.3%
CRH PLC		44,640		1,649,300
HeidelbergCement AG		16,140		1,430,648
				3,079,948
Building - Residential/Commercial — 0.3%
PulteGroup, Inc.		62,409		1,887,872
Toll Brothers, Inc.		41,867		1,653,328
William Lyon Homes, Class A†		6,513		155,335
				3,696,535
Cable/Satellite TV — 0.1%
Comcast Corp., Class A		24,379		760,137
DISH Network Corp., Class A†		5,792		171,154
				931,291
Casino Hotels — 0.6%
Las Vegas Sands Corp.		84,646		6,823,314
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		32,619		1,816,878
Chemicals - Diversified — 0.5%
Arkema SA		2,710		332,135
Huntsman Corp.		11,936		381,594
LyondellBasell Industries NV, Class A		42,532		4,768,688
Symrise AG		13,530		1,099,417
				6,581,834
Chemicals - Specialty — 0.2%
Kraton Corp.†		9,869		478,844
Stepan Co.		1,418		103,088
Umicore SA		26,000		1,466,220
W.R. Grace & Co.		9,135		653,975
				2,702,127
Commercial Services — 0.8%
Care.com, Inc.†		4,879		101,190
Ecolab, Inc.		33,160		4,728,948
Intertek Group PLC		20,885		1,517,889
Medifast, Inc.		7,073		1,036,124
Nutrisystem, Inc.#		20,191		753,124
Wirecard AG		6,190		957,171
				9,094,446
Commercial Services - Finance — 1.8%
PayPal Holdings, Inc.†		184,882		15,173,266
S&P Global, Inc.		20,734		4,094,965
Square, Inc., Class A†		26,730		1,557,022
Total System Services, Inc.		15,617		1,330,412
				22,155,665

93

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Aided Design — 0.3%
Cadence Design Systems, Inc.†		45,431	$	1,928,546
Synopsys, Inc.†		20,298		1,787,645
				3,716,191
Computer Services — 0.8%
Accenture PLC, Class A		6,581		1,024,925
DXC Technology Co.		51,141		4,710,598
International Business Machines Corp.		22,828		3,225,825
Syntel, Inc.†		11,121		350,311
Unisys Corp.†#		33,448		403,048
				9,714,707
Computer Software — 0.5%
InterXion Holding NV†		15,640		998,770
Splunk, Inc.†		41,027		4,546,202
				5,544,972
Computers — 6.0%
Apple, Inc.		383,739		71,709,307
Computers - Memory Devices — 0.2%
Western Digital Corp.		21,996		1,836,886
Consumer Products - Misc. — 0.2%
Kimberly-Clark Corp.		21,163		2,134,289
Cosmetics & Toiletries — 1.4%
Estee Lauder Cos., Inc., Class A		71,249		10,647,451
Pola Orbis Holdings, Inc.		23,800		1,173,619
Procter & Gamble Co.		34,126		2,496,999
Shiseido Co., Ltd.		18,000		1,419,838
Unilever NV CVA#		23,670		1,318,875
				17,056,782
Cruise Lines — 0.7%
Carnival PLC		19,130		1,223,954
Royal Caribbean Cruises, Ltd.		65,954		6,923,851
				8,147,805
Data Processing/Management — 0.4%
CSG Systems International, Inc.		40,207		1,663,766
Fiserv, Inc.†		45,700		3,317,820
				4,981,586
Decision Support Software — 0.2%
MSCI, Inc.		17,790		2,892,120
Diagnostic Equipment — 0.2%
Lonza Group AG		9,410		2,525,615
Diagnostic Kits — 0.5%
IDEXX Laboratories, Inc.†		29,727		6,189,459
Distribution/Wholesale — 0.2%
Bunzl PLC		45,880		1,396,852
Ferguson PLC		19,300		1,495,783
				2,892,635
Diversified Banking Institutions — 0.9%
Bank of America Corp.		70,480		2,046,739
Credit Suisse Group AG		69,410		1,054,416
JPMorgan Chase & Co.		62,390		6,676,354
UniCredit SpA		44,111		737,008
				10,514,517
Diversified Manufacturing Operations — 0.5%
3M Co.		6,991		1,378,835
Ingersoll-Rand PLC		22,870		2,002,040
Lydall, Inc.†		387		16,215

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Parker-Hannifin Corp.		14,601	$	2,495,311
				5,892,401
E-Commerce/Products — 5.9%
Alibaba Group Holding, Ltd. ADR†#		8,150		1,613,782
Amazon.com, Inc.†		40,177		65,473,243
ASOS PLC†		13,876		1,221,833
MonotaRO Co., Ltd.#		22,400		898,451
Start Today Co., Ltd.		51,900		1,796,019
				71,003,328
E-Commerce/Services — 0.2%
Booking Holdings, Inc.†		10		21,089
Just Eat PLC†		54,139		606,731
Shutterfly, Inc.†		15,520		1,461,053
Stamps.com, Inc.†		1,789		448,681
				2,537,554
E-Marketing/Info — 0.1%
CyberAgent, Inc.		19,700		1,024,604
E-Services/Consulting — 0.2%
CDW Corp.		37,542		3,005,237
Electric Products - Misc. — 0.0%
AMETEK, Inc.		6,860		500,986
Electronic Components - Misc. — 0.0%
Stoneridge, Inc.†		788		24,846
Electronic Components - Semiconductors — 1.7%
ams AG#		23,710		2,042,589
Broadcom, Inc.		39,826		10,038,940
Infineon Technologies AG		35,290		969,779
NVIDIA Corp.		3,772		951,261
Rohm Co., Ltd.		11,300		1,039,682
Skyworks Solutions, Inc.		7,465		736,124
Texas Instruments, Inc.		16,471		1,843,269
Xilinx, Inc.		37,000		2,520,070
				20,141,714
Electronic Forms — 0.5%
Adobe Systems, Inc.†		25,998		6,480,781
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		70,265		4,350,809
Engines - Internal Combustion — 0.3%
Cummins, Inc.		25,680		3,656,575
Entertainment Software — 1.1%
Activision Blizzard, Inc.		53,910		3,822,758
Electronic Arts, Inc.†		50,671		6,633,341
Take-Two Interactive Software, Inc.†		14,627		1,639,394
UbiSoft Entertainment SA†		8,330		910,013
				13,005,506
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		14,581		1,356,033
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		27,600		1,302,720
Finance - Credit Card — 4.9%
American Express Co.		43,234		4,249,902
Mastercard, Inc., Class A		94,413		17,949,800
Visa, Inc., Class A#		284,274		37,160,297
				59,359,999
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		66,001		3,670,976

94

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Mortgage Loan/Banker — 0.0%
Nationstar Mtg. Holdings, Inc.†		12,949	$	232,046
Finance - Other Services — 0.4%
BGC Partners, Inc., Class A		59,077		677,022
Deutsche Boerse AG		10,630		1,422,335
London Stock Exchange Group PLC		36,600		2,178,758
				4,278,115
Food - Catering — 0.1%
Compass Group PLC		58,585		1,259,845
Food - Confectionery — 0.0%
Hershey Co.		1,119		100,755
Food - Dairy Products — 0.2%
Danone SA		26,120		1,993,007
Food - Misc./Diversified — 0.3%
Associated British Foods PLC		24,520		863,426
Chr. Hansen Holding A/S		15,310		1,472,003
Kerry Group PLC, Class A		8,280		874,901
				3,210,330
Food - Retail — 0.1%
Jeronimo Martins SGPS SA		34,700		544,786
Tesco PLC		253,870		829,340
				1,374,126
Footwear & Related Apparel — 0.2%
Deckers Outdoor Corp.†		20,992		2,375,455
Garden Products — 0.1%
Scotts Miracle-Gro Co., Class A#		197		16,771
Toro Co.		30,892		1,791,736
				1,808,507
Home Furnishings — 0.0%
Sleep Number Corp.†		15,724		439,800
Hotels/Motels — 0.4%
Accor SA		17,810		979,270
China Lodging Group, Ltd. ADR#		19,520		859,075
Hilton Grand Vacations, Inc.†		11,567		459,904
Marriott International, Inc., Class A		18,107		2,450,964
				4,749,213
Human Resources — 0.5%
ASGN, Inc.†		9,801		754,677
Insperity, Inc.		20,480		1,884,160
Kforce, Inc.		4,215		141,835
Recruit Holdings Co., Ltd.		47,900		1,327,309
Robert Half International, Inc.		31,753		2,022,031
TrueBlue, Inc.†		7,933		204,671
				6,334,683
Independent Power Producers — 0.2%
NRG Energy, Inc.		57,571		1,970,655
Industrial Automated/Robotic — 0.8%
Cognex Corp.		28,130		1,285,822
Keyence Corp.		5,300		3,239,818
Nordson Corp.		12,370		1,554,043
Yaskawa Electric Corp.		91,500		3,674,828
				9,754,511
Industrial Gases — 0.1%
Praxair, Inc.		6,165		963,343
Instruments - Controls — 0.2%
Honeywell International, Inc.		20,020		2,961,158

Security Description	Shares		Value (Note 2)
Insurance - Life/Health — 0.3%
AIA Group, Ltd.		297,800	$	2,717,409
Aviva PLC		132,699		901,252
				3,618,661
Insurance - Multi-line — 0.1%
Assurant, Inc.		14,697		1,371,965
Insurance - Property/Casualty — 0.2%
Infinity Property & Casualty Corp.		14,575		2,109,003
Internet Application Software — 0.5%
Tencent Holdings, Ltd.		124,300		6,265,671
Internet Content - Entertainment — 5.6%
Facebook, Inc., Class A†		272,960		52,348,269
Netflix, Inc.†		38,980		13,705,368
Twitter, Inc.†		37,251		1,292,609
				67,346,246
Internet Content - Information/News — 0.0%
HealthStream, Inc.		3,038		84,608
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		5,122		886,669
Internet Security — 0.7%
Palo Alto Networks, Inc.†		42,148		8,770,577
Investment Management/Advisor Services — 0.1%
Julius Baer Group, Ltd.		19,730		1,148,069
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.#		28,820		3,407,965
Machinery - Construction & Mining — 0.4%
Caterpillar, Inc.		20,873		3,170,817
Hyster-Yale Materials Handling, Inc.		385		25,680
Komatsu, Ltd.		40,300		1,318,314
				4,514,811
Machinery - General Industrial — 0.6%
Hexagon AB, Class B		22,840		1,287,519
Wabtec Corp.#		64,480		6,287,445
				7,574,964
Machinery - Pumps — 0.1%
Weir Group PLC#		53,800		1,567,586
Medical Information Systems — 0.2%
Cerner Corp.†		45,618		2,722,482
Medical Instruments — 3.2%
Boston Scientific Corp.†		143,270		4,353,975
Edwards Lifesciences Corp.†		86,383		11,861,250
Intuitive Surgical, Inc.†		45,756		21,032,660
Sysmex Corp.		15,400		1,380,707
				38,628,592
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		15,723		1,674,971
Medical Products — 0.6%
ABIOMED, Inc.†		11,793		4,494,784
Atrion Corp.		154		90,860
Orthofix International NV†		3,519		192,313
Penumbra, Inc.†		11,600		1,866,440
				6,644,397
Medical - Biomedical/Gene — 4.2%
Alexion Pharmaceuticals, Inc.†		18,025		2,093,243
Alnylam Pharmaceuticals, Inc.†		13,840		1,376,665
Amgen, Inc.		25,105		4,509,360

95

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Biogen, Inc.†		28,731	$	8,445,765
Bluebird Bio, Inc.†#		6,550		1,172,778
Celgene Corp.†		106,190		8,355,029
CSL, Ltd.		19,150		2,682,191
Exelixis, Inc.†		52,377		1,085,775
Gilead Sciences, Inc.		63,720		4,294,728
Illumina, Inc.†		8,900		2,424,716
Ionis Pharmaceuticals, Inc.†#		39,030		1,820,749
Regeneron Pharmaceuticals, Inc.†		23,460		7,045,507
Sage Therapeutics, Inc.†#		9,140		1,395,587
Vertex Pharmaceuticals, Inc.†		25,594		3,941,476
				50,643,569
Medical - Drugs — 1.4%
AbbVie, Inc.		43,719		4,325,558
Allergan PLC		10,098		1,522,778
AstraZeneca PLC		24,330		1,775,905
Bristol-Myers Squibb Co.		40,929		2,153,684
Eli Lilly & Co.		23,182		1,971,397
Johnson & Johnson		9,424		1,127,299
Zoetis, Inc.		54,084		4,526,831
				17,403,452
Medical - HMO — 2.4%
Cigna Corp.		10,491		1,776,861
Tivity Health, Inc.†		35,671		1,250,268
UnitedHealth Group, Inc.		88,608		21,399,718
WellCare Health Plans, Inc.†		22,127		4,904,892
				29,331,739
Metal - Copper — 0.1%
First Quantum Minerals, Ltd.		70,020		1,098,957
Multimedia — 1.2%
Entravision Communications Corp., Class A		79,058		316,232
FactSet Research Systems, Inc.		5,800		1,165,858
Liberty Media Corp. — Liberty Formula One, Series C†#		30,264		955,737
Time Warner, Inc.		15,720		1,480,195
Vivendi SA		36,630		921,597
Walt Disney Co.		92,224		9,173,522
				14,013,141
Networking Products — 0.3%
LogMeIn, Inc.		29,603		3,194,164
Oil Companies - Exploration & Production — 0.8%
Concho Resources, Inc.†#		26,810		3,681,281
EOG Resources, Inc.		39,130		4,609,905
Lundin Petroleum AB		35,770		1,134,893
				9,426,079
Oil Companies - Integrated — 0.1%
Royal Dutch Shell PLC, Class A		42,192		1,468,000
Oil Refining & Marketing — 0.1%
Neste Oyj		14,990		1,221,987
Oil - Field Services — 0.4%
Halliburton Co.		103,247		5,135,506
Pharmacy Services — 0.1%
Express Scripts Holding Co.†		15,738		1,193,098
Publishing - Newspapers — 0.0%
tronc, Inc.†		11,183		179,375
Radio — 0.1%
Sirius XM Holdings, Inc.		206,750		1,467,925

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 1.0%
Equity Residential		49,599	$	3,173,840
PotlatchDeltic Corp.		25,146		1,269,873
PS Business Parks, Inc.		8,976		1,100,099
SBA Communications Corp.†		44,044		6,962,035
				12,505,847
Real Estate Management/Services — 0.0%
Newmark Group, Inc., Class A		4,780		64,195
Rental Auto/Equipment — 0.2%
Ashtead Group PLC		21,198		654,130
Localiza Rent a Car SA		135,300		895,232
McGrath RentCorp		9,394		611,362
				2,160,724
Resort/Theme Parks — 0.2%
Vail Resorts, Inc.		8,919		2,147,606
Retail - Apparel/Shoe — 1.2%
ANTA Sports Products, Ltd.		173,000		995,162
Burlington Stores, Inc.†		13,484		1,972,035
Lojas Renner SA		43,100		341,880
Ross Stores, Inc.		81,829		6,454,671
Tapestry, Inc.		74,997		3,278,869
Zalando SE†*		22,555		1,202,006
				14,244,623
Retail - Auto Parts — 0.4%
O’Reilly Automotive, Inc.†		18,080		4,870,933
Retail - Automobile — 0.1%
Asbury Automotive Group, Inc.†		17,529		1,219,142
Retail - Building Products — 0.2%
Home Depot, Inc.		11,261		2,100,740
Retail - Convenience Store — 0.1%
CP ALL PCL		252,400		637,115
Retail - Discount — 2.2%
B&M European Value Retail SA		219,019		1,171,412
Costco Wholesale Corp.		36,380		7,211,971
Dollar Tree, Inc.†		84,246		6,957,877
Dollarama, Inc.		4,740		547,078
Don Quijote Holdings Co., Ltd.		16,700		886,301
Magazine Luiza SA		19,300		558,521
Target Corp.		90,152		6,571,179
Walmart, Inc.		33,997		2,806,113
				26,710,452
Retail - Drug Store — 0.3%
Walgreens Boots Alliance, Inc.		58,178		3,629,725
Retail - Home Furnishings — 0.1%
Nitori Holdings Co., Ltd.		5,300		908,936
Retail - Jewelry — 0.1%
Cie Financiere Richemont SA		15,300		1,405,023
Retail - Major Department Stores — 1.2%
TJX Cos., Inc.		159,229		14,381,563
Retail - Misc./Diversified — 0.1%
Ryohin Keikaku Co., Ltd.		3,000		1,016,729
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#		15,365		552,679
Retail - Restaurants — 1.3%
Chipotle Mexican Grill, Inc.†		7,391		3,179,460
Darden Restaurants, Inc.		53,198		4,650,037
McDonald’s Corp.		2,735		437,627

96

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Ruth’s Hospitality Group, Inc.		888	$	23,577
Starbucks Corp.		130,450		7,392,602
				15,683,303
Satellite Telecom — 0.1%
Cellnex Telecom SA#*		34,180		871,071
Schools — 0.2%
Cambium Learning Group, Inc.†		6,713		67,197
Grand Canyon Education, Inc.†		14,875		1,652,612
TAL Education Group ADR†		25,230		1,071,266
				2,791,075
Semiconductor Components - Integrated Circuits — 0.8%
Analog Devices, Inc.		24,050		2,337,179
Maxim Integrated Products, Inc.		108,498		6,363,408
NXP Semiconductors NV†		5,136		585,504
Taiwan Semiconductor Manufacturing Co., Ltd.		77,000		574,552
				9,860,643
Semiconductor Equipment — 2.0%
Applied Materials, Inc.		230,295		11,694,380
ASML Holding NV		40,638		7,928,523
Lam Research Corp.		13,216		2,619,147
MKS Instruments, Inc.		12,051		1,352,122
				23,594,172
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		62,397		2,929,539
Telecom Services — 0.0%
Vonage Holdings Corp.†		21,882		250,549
Tobacco — 0.8%
Altria Group, Inc.		95,038		5,297,418
British American Tobacco PLC		16,180		832,338
Philip Morris International, Inc.		46,752		3,718,654
				9,848,410
Toys — 0.1%
Nintendo Co., Ltd.		2,700		1,111,492
Transactional Software — 0.1%
Amadeus IT Group SA		18,450		1,462,136
Transport - Rail — 0.6%
Union Pacific Corp.		51,057		7,288,897
Transport - Services — 0.1%
DSV A/S		13,140		1,091,700
Transport - Truck — 0.8%
JB Hunt Transport Services, Inc.		34,960		4,478,376
XPO Logistics, Inc.†		50,522		5,317,440
				9,795,816
Web Hosting/Design — 0.1%
VeriSign, Inc.†		11,082		1,445,536
Web Portals/ISP — 6.3%
Alphabet, Inc., Class A†		52,397		57,636,700
Alphabet, Inc., Class C†		13,040		14,148,270
Baidu, Inc. ADR†		12,000		2,910,720
Yandex NV, Class A†		27,450		920,124
				75,615,814
Total Common Stocks
(cost $893,466,621)				1,189,990,611

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell 1000 Growth ETF (cost $2,122,807)		14,940		$	2,127,904
Total Long-Term Investment Securities
(cost $895,589,428)					1,192,118,515
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Registered Investment Companies — 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		16,963,764			16,963,764
Time Deposits — 0.4%
Euro Time Deposit with State Street Bank and Trust Co 0.28% due 06/01/18.	$	4,706,000			4,706,000
Total Short-Term Investment Securities
(cost $21,669,764)					21,669,764
TOTAL INVESTMENTS
(cost $917,259,192)(3)		100.9	%		1,213,788,279
Liabilities in excess of other assets		(0.9	)		(11,139,067	)
NET ASSETS		100.0	%	$	1,202,649,212

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $2,073,077 representing 0.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At May 31, 2018, the Fund had loaned securities with a total value of $36,400,441. This was secured by collateral of $16,963,764, which was received in cash and subsequently invested in short-term investments currently valued at $16,963,764 as reported in the Portfolio of Investments. Additional collateral of $20,903,465 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,424,537
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		576,840
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		379,287
United States Treasury Bills	0.00%	06/07/2018 to 11/08/2018		2,559,109
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		15,963,692

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen

97

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Credit Suisse		CHF	938,134		USD	988,509		06/29/2018	$	34,539	$	—
		JPY	231,577,500		USD	2,191,212		06/29/2018		58,753		—
		USD	324,145		CHF	312,190		06/29/2018		—		(6,685	)
		USD	243,645		JPY	26,222,175		06/29/2018		—		(2,180	)
										93,292		(8,865	)
UBS AG		EUR	5,529,938		USD	6,859,023		06/29/2018		381,656		—
		USD	1,004,223		EUR	809,261		06/29/2018		—		(56,314	)
										381,656		(56,314	)
Net Unrealized Appreciation (Depreciation)									$	474,948	$	(65,179	)

CHF—Swiss Franc    

EUR—Euro Currency    

JPY—Japanese Yen    

USD—United States Dollar    

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,067,483,124	$	122,507,487	**	$	—	$	1,189,990,611
Exchange-Traded Funds		2,127,904		—			—		2,127,904
Short-Term Investment Securities:
Registered Investment Companies		16,963,764		—			—		16,963,764
Time Deposits		—		4,706,000			—		4,706,000
Total Investments at Value	$	1,086,574,792	$	127,213,487		$	—	$	1,213,788,279
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	474,948		$	—	$	474,948
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	65,179		$	—	$	65,179

* 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).

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $87,999,021 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

98

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Applications Software	5.2	%
Medical — Drugs	4.8
Computers	4.7
Diversified Banking Institutions	4.3
Electronic Components — Semiconductors	3.6
Web Portals/ISP	3.4
Oil Companies — Exploration & Production	3.3
E-Commerce/Products	3.0
Banks — Super Regional	2.8
Electric — Integrated	2.8
Medical — HMO	2.4
Internet Content — Entertainment	2.4
Chemicals — Diversified	2.1
Real Estate Investment Trusts	2.1
Medical — Biomedical/Gene	2.1
Cable/Satellite TV	2.0
Oil Companies — Integrated	2.0
Finance — Credit Card	2.0
Transport — Rail	1.9
Time Deposits	1.7
Retail — Building Products	1.7
Insurance — Multi-line	1.6
Beverages — Non-alcoholic	1.6
Multimedia	1.6
Aerospace/Defense	1.5
Insurance — Property/Casualty	1.5
Diversified Manufacturing Operations	1.4
Medical Products	1.4
Medical Instruments	1.3
Instruments — Controls	1.2
Tobacco	1.1
Computer Services	1.1
Banks — Fiduciary	1.1
Cosmetics & Toiletries	1.1
Semiconductor Components — Integrated Circuits	1.0
Tools — Hand Held	1.0
Enterprise Software/Service	0.9
Retail — Discount	0.8
Food — Misc./Diversified	0.8
Retail — Auto Parts	0.8
Data Processing/Management	0.7
Aerospace/Defense — Equipment	0.7
Telephone — Integrated	0.6
Electronic Forms	0.6
Diagnostic Equipment	0.6
Oil Refining & Marketing	0.6
Brewery	0.6
Athletic Footwear	0.6
Airlines	0.6
Auto — Cars/Light Trucks	0.5
Finance — Investment Banker/Broker	0.5
Finance — Other Services	0.5
Insurance — Life/Health	0.5
Apparel Manufacturers	0.4
Retail — Drug Store	0.4
Building Products — Wood	0.4
Retail — Apparel/Shoe	0.4
Hotels/Motels	0.4
Banks — Commercial	0.4
Commercial Services — Finance	0.3
Engines — Internal Combustion	0.3
Building — Residential/Commercial	0.3
E-Commerce/Services	0.3
Auto/Truck Parts & Equipment — Original	0.3
Retail — Consumer Electronics	0.3
Electronic Security Devices	0.3
Investment Management/Advisor Services	0.3
Cellular Telecom	0.3
Auto — Heavy Duty Trucks	0.3

Pharmacy Services	0.3
Containers — Paper/Plastic	0.3
Machinery — Construction & Mining	0.3
Networking Products	0.3
Retail — Restaurants	0.3
Beverages — Wine/Spirits	0.3
Pipelines	0.2
Distribution/Wholesale	0.2
Insurance Brokers	0.2
Medical — Wholesale Drug Distribution	0.2
Insurance — Reinsurance	0.2
Metal — Copper	0.1
Containers — Metal/Glass	0.1
Medical — Generic Drugs	0.1
Machinery — Farming	0.1
Radio	0.1
Cruise Lines	0.1
Retail — Major Department Stores	0.1
Electronic Measurement Instruments	0.1
Electronic Connectors	0.1
Gold Mining	0.1
Entertainment Software	0.1
	100.0	%

* Calculated as a percentage of net assets

99

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Aerospace/Defense — 1.5%
Boeing Co.		1,224	$	431,044
General Dynamics Corp.		3,914		789,493
Northrop Grumman Corp.		2,308		755,293
				1,975,830
Aerospace/Defense - Equipment — 0.7%
Harris Corp.		614		92,389
United Technologies Corp.		6,054		755,660
				848,049
Airlines — 0.6%
Delta Air Lines, Inc.		11,566		625,142
United Continental Holdings, Inc.†		1,346		93,668
				718,810
Apparel Manufacturers — 0.4%
PVH Corp.		3,636		581,760
Applications Software — 5.2%
Intuit, Inc.		1,657		334,051
Microsoft Corp.		53,763		5,313,935
salesforce.com, Inc.†		7,674		992,479
				6,640,465
Athletic Footwear — 0.6%
NIKE, Inc., Class B		10,044		721,159
Auto - Cars/Light Trucks — 0.5%
Ford Motor Co.		57,586		665,118
Auto - Heavy Duty Trucks — 0.3%
PACCAR, Inc.		5,663		352,408
Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC		2,735		266,662
Delphi Technologies PLC		2,965		148,547
				415,209
Banks - Commercial — 0.4%
BB&T Corp.		6,876		360,990
SVB Financial Group†		305		95,200
				456,190
Banks - Fiduciary — 1.1%
Bank of New York Mellon Corp.		7,664		419,604
State Street Corp.		10,564		1,015,306
				1,434,910
Banks - Super Regional — 2.8%
Capital One Financial Corp.		9,214		866,116
Fifth Third Bancorp		2,896		88,560
Huntington Bancshares, Inc.		17,198		255,734
KeyCorp		19,050		370,332
SunTrust Banks, Inc.		6,740		455,017
Wells Fargo & Co.		28,748		1,552,105
				3,587,864
Beverages - Non-alcoholic — 1.6%
Coca-Cola Co.		16,628		715,004
PepsiCo, Inc.		13,602		1,363,600
				2,078,604
Beverages - Wine/Spirits — 0.3%
Constellation Brands, Inc., Class A		1,478		329,712
Brewery — 0.6%
Molson Coors Brewing Co., Class B		12,184		751,144

Security Description	Shares		Value (Note 2)
Building Products - Cement — 0.0%
Vulcan Materials Co.#		23	$	2,938
Building Products - Wood — 0.4%
Masco Corp.		12,848		478,845
Building - Residential/Commercial — 0.3%
Lennar Corp., Class A		6,898		356,903
Toll Brothers, Inc.		1,950		77,005
				433,908
Cable/Satellite TV — 2.0%
Charter Communications, Inc., Class A†		3,684		961,671
Comcast Corp., Class A		46,441		1,448,031
DISH Network Corp., Class A†		7,258		214,474
				2,624,176
Cellular Telecom — 0.3%
T-Mobile US, Inc.†		6,350		353,695
Chemicals - Diversified — 2.1%
Celanese Corp., Series A		2,998		338,534
DowDuPont, Inc.		24,506		1,571,080
Eastman Chemical Co.		7,550		787,540
				2,697,154
Commercial Services - Finance — 0.3%
H&R Block, Inc.		2,239		61,460
Worldpay, Inc., Class A†		4,938		392,423
				453,883
Computer Services — 1.1%
Accenture PLC, Class A		7,009		1,091,581
International Business Machines Corp.		2,535		358,221
				1,449,802
Computers — 4.7%
Apple, Inc.		26,598		4,970,368
Hewlett Packard Enterprise Co.		33,700		513,588
HP, Inc.		23,218		511,493
				5,995,449
Containers - Metal/Glass — 0.1%
Crown Holdings, Inc.†		4,154		180,034
Containers - Paper/Plastic — 0.3%
WestRock Co.		5,820		342,682
Cosmetics & Toiletries — 1.1%
Colgate-Palmolive Co.		4,746		299,425
Estee Lauder Cos., Inc., Class A		3,750		560,400
Procter & Gamble Co.		6,768		495,215
				1,355,040
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.		1,290		135,424
Data Processing/Management — 0.7%
Fidelity National Information Services, Inc.		8,335		852,004
Diagnostic Equipment — 0.6%
Danaher Corp.		3,379		335,467
Thermo Fisher Scientific, Inc.		2,185		455,070
				790,537
Distribution/Wholesale — 0.2%
Fastenal Co.#		5,213		277,488
Diversified Banking Institutions — 4.3%
Bank of America Corp.		87,410		2,538,387
Citigroup, Inc.		25,748		1,717,134

100

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Banking Institutions (continued)
Morgan Stanley		24,381	$	1,222,463
				5,477,984
Diversified Manufacturing Operations — 1.4%
Eaton Corp. PLC		10,222		782,801
Ingersoll-Rand PLC		10,160		889,406
Parker-Hannifin Corp.		720		123,048
				1,795,255
E-Commerce/Products — 3.0%
Amazon.com, Inc.†		2,351		3,831,237
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		129		272,051
Expedia Group, Inc.		1,243		150,440
				422,491
Electric - Integrated — 2.8%
American Electric Power Co., Inc.		8,127		552,229
Exelon Corp.		14,426		597,092
NextEra Energy, Inc.		7,743		1,283,867
PG&E Corp.		5,400		233,982
Public Service Enterprise Group, Inc.		7,954		421,403
Xcel Energy, Inc.		10,890		495,713
				3,584,286
Electronic Components - Semiconductors — 3.6%
Broadcom, Inc.		4,085		1,029,706
Intel Corp.		5,274		291,125
Microchip Technology, Inc.#		5,011		487,971
Micron Technology, Inc.†		3,358		193,387
NVIDIA Corp.		5,138		1,295,753
Texas Instruments, Inc.		11,620		1,300,394
				4,598,336
Electronic Connectors — 0.1%
TE Connectivity, Ltd.		1,138		105,925
Electronic Forms — 0.6%
Adobe Systems, Inc.†		3,248		809,661
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		1,811		112,137
Electronic Security Devices — 0.3%
Allegion PLC		4,946		378,023
Engines - Internal Combustion — 0.3%
Cummins, Inc.		3,086		439,416
Enterprise Software/Service — 0.9%
Oracle Corp.		16,424		767,329
Workday, Inc., Class A†		2,889		378,344
				1,145,673
Entertainment Software — 0.1%
Activision Blizzard, Inc.		943		66,868
Finance - Credit Card — 2.0%
Alliance Data Systems Corp.		557		117,426
American Express Co.		1,434		140,962
Mastercard, Inc., Class A		1,323		251,529
Visa, Inc., Class A#		15,533		2,030,474
				2,540,391
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		11,706		651,088
Finance - Other Services — 0.5%
CME Group, Inc.		784		127,714

Security Description	Shares		Value (Note 2)
Finance - Other Services (continued)
Intercontinental Exchange, Inc.		6,728	$	476,948
				604,662
Food - Misc./Diversified — 0.8%
Mondelez International, Inc., Class A		26,784		1,051,808
Gold Mining — 0.1%
Newmont Mining Corp.		2,657		103,437
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.		5,695		459,643
Instruments - Controls — 1.2%
Honeywell International, Inc.		9,720		1,437,685
Mettler-Toledo International, Inc.†		138		76,002
				1,513,687
Insurance Brokers — 0.2%
Arthur J. Gallagher & Co.		1,048		69,462
Marsh & McLennan Cos., Inc.		2,060		165,562
				235,024
Insurance - Life/Health — 0.5%
Lincoln National Corp.		6,087		403,507
Prudential Financial, Inc.		1,980		191,743
				595,250
Insurance - Multi-line — 1.6%
Chubb, Ltd.		5,021		656,194
Hartford Financial Services Group, Inc.		11,547		604,255
MetLife, Inc.		13,901		639,307
Voya Financial, Inc.		3,625		188,282
				2,088,038
Insurance - Property/Casualty — 1.5%
Berkshire Hathaway, Inc., Class B†		9,798		1,876,611
Insurance - Reinsurance — 0.2%
Everest Re Group, Ltd.		912		205,464
Internet Content - Entertainment — 2.4%
Facebook, Inc., Class A†		14,112		2,706,399
Netflix, Inc.†		929		326,637
				3,033,036
Investment Management/Advisor Services — 0.3%
BlackRock, Inc.		680		363,276
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		2,227		338,304
Machinery - Farming — 0.1%
Deere & Co.		1,132		169,245
Medical Instruments — 1.3%
Boston Scientific Corp.†		28,090		853,655
Intuitive Surgical, Inc.†		454		208,690
Medtronic PLC		7,323		632,122
				1,694,467
Medical Products — 1.4%
Abbott Laboratories		11,905		732,515
Becton Dickinson and Co.		2,023		448,276
Zimmer Biomet Holdings, Inc.		5,335		594,906
				1,775,697
Medical - Biomedical/Gene — 2.1%
Alexion Pharmaceuticals, Inc.†		1,021		118,569
Amgen, Inc.		2,034		365,347
Biogen, Inc.†		1,862		547,353

101

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Celgene Corp.†		4,273	$	336,200
Gilead Sciences, Inc.		9,497		640,098
Illumina, Inc.†		826		225,035
Vertex Pharmaceuticals, Inc.†		2,612		402,248
				2,634,850
Medical - Drugs — 4.8%
AbbVie, Inc.		5,907		584,439
Allergan PLC		2,994		451,495
Bristol-Myers Squibb Co.		9,861		518,886
Eli Lilly & Co.		9,064		770,802
Johnson & Johnson		11,608		1,388,549
Merck & Co., Inc.		14,761		878,722
Pfizer, Inc.		43,099		1,548,547
Zoetis, Inc.		734		61,436
				6,202,876
Medical - Generic Drugs — 0.1%
Mylan NV†		4,542		174,685
Medical - HMO — 2.4%
Cigna Corp.		4,673		791,466
UnitedHealth Group, Inc.		9,713		2,345,787
				3,137,253
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		2,825		232,045
Metal - Aluminum — 0.0%
Alcoa Corp.†		1,308		62,876
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		10,903		184,261
Multimedia — 1.6%
Time Warner, Inc.		3,350		315,436
Twenty-First Century Fox, Inc., Class A		16,272		627,286
Walt Disney Co.		11,236		1,117,645
				2,060,367
Networking Products — 0.3%
Cisco Systems, Inc.		7,917		338,135
Oil Companies - Exploration & Production — 3.3%
Concho Resources, Inc.†#		3,215		441,452
Diamondback Energy, Inc.		4,034		487,146
EOG Resources, Inc.		10,813		1,273,879
EQT Corp.		5,272		271,719
Occidental Petroleum Corp.		8,381		705,680
Pioneer Natural Resources Co.		5,257		1,015,127
				4,195,003
Oil Companies - Integrated — 2.0%
Chevron Corp.		12,047		1,497,442
Exxon Mobil Corp.		13,211		1,073,262
				2,570,704
Oil Refining & Marketing — 0.6%
Andeavor		1,890		272,972
Marathon Petroleum Corp.		6,427		507,926
				780,898
Pharmacy Services — 0.3%
CVS Health Corp.		5,553		352,005
Pipelines — 0.2%
ONEOK, Inc.		4,616		314,627
Radio — 0.1%
Sirius XM Holdings, Inc.		21,604		153,388

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 2.1%
AvalonBay Communities, Inc.		3,109	$	514,664
Brixmor Property Group, Inc.		3,100		49,228
Digital Realty Trust, Inc.		866		93,077
Equinix, Inc.		494		196,044
Equity Residential		7,176		459,192
Federal Realty Investment Trust		1,693		201,281
Prologis, Inc.		1,982		127,542
Public Storage		2,583		547,183
Ventas, Inc.		1,800		98,388
Vornado Realty Trust		5,259		366,605
				2,653,204
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		351		56,009
Retail - Apparel/Shoe — 0.4%
Ross Stores, Inc.		5,914		466,496
Retail - Auto Parts — 0.8%
AutoZone, Inc.†		910		590,881
O’Reilly Automotive, Inc.†		1,677		451,801
				1,042,682
Retail - Building Products — 1.7%
Home Depot, Inc.		8,194		1,528,591
Lowe’s Cos., Inc.		6,746		640,937
				2,169,528
Retail - Consumer Electronics — 0.3%
Best Buy Co., Inc.		5,669		386,909
Retail - Discount — 0.8%
Dollar General Corp.		5,333		466,531
Dollar Tree, Inc.†		7,176		592,666
				1,059,197
Retail - Drug Store — 0.4%
Walgreens Boots Alliance, Inc.		8,852		552,276
Retail - Major Department Stores — 0.1%
TJX Cos., Inc.		1,418		128,074
Retail - Restaurants — 0.3%
Starbucks Corp.		1,074		60,864
Yum! Brands, Inc.		3,365		273,675
				334,539
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.		13,232		1,285,886
Telephone - Integrated — 0.6%
AT&T, Inc.		10,558		341,235
Verizon Communications, Inc.		10,138		483,278
				824,513
Tobacco — 1.1%
Altria Group, Inc.		4,155		231,600
Philip Morris International, Inc.		15,339		1,220,064
				1,451,664
Tools - Hand Held — 1.0%
Snap-on, Inc.		2,602		384,628
Stanley Black & Decker, Inc.		6,051		842,541
				1,227,169
Transport - Rail — 1.9%
Norfolk Southern Corp.		6,654		1,009,079
Union Pacific Corp.		10,392		1,483,562
				2,492,641

102

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 3.4%
Alphabet, Inc., Class A†		2,039		$	2,242,900
Alphabet, Inc., Class C†		1,967			2,134,175
					4,377,075
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		567			60,862
Total Long-Term Investment Securities
(cost $99,183,410)					126,009,408
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Time Deposits — 1.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 (cost $2,173,000)	$	2,173,000			2,173,000
TOTAL INVESTMENTS
(cost $101,356,410)(1)		100.0	%		128,182,408
Liabilities in excess of other assets		0.0			(9,999	)
NET ASSETS		100.0	%	$	128,172,409

† Non-income producing security

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

At May 31, 2018, the Fund had loaned securities with a total value of $1,329,386. This was secured by collateral of $1,368,953 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	35,701
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		14,456
Government National Mtg. Assoc.	2.50% to 2.50%	09/20/2046 to 11/20/2046		9,506
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018		89,071
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		1,220,219

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	17	Long	S&P 500 E-Mini Index		June 2018	$	2,307,797	$	2,299,675	$	(8,122	)

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (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	$	126,009,408	$	—	$	—	$	126,009,408
Short-Term Investment Securities		—		2,173,000		—		2,173,000
Total Investments at Value	$	126,009,408	$	2,173,000	$	—	$	128,182,408
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	8,122	$	—	$	—	$	8,122

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

103

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	31.1	%
Medical — HMO	17.0
Medical — Drugs	13.7
Medical Products	11.8
Medical Instruments	5.9
Therapeutics	5.5
Diagnostic Equipment	4.0
Registered Investment Companies	2.9
Electronic Measurement Instruments	2.2
Medical — Hospitals	2.0
Drug Delivery Systems	1.1
Pharmacy Services	1.1
Dental Supplies & Equipment	1.0
Medical Information Systems	0.7
Medical Labs & Testing Services	0.6
Dialysis Centers	0.5
Diagnostic Kits	0.4
Instruments — Controls	0.4
Patient Monitoring Equipment	0.2
Medical Imaging Systems	0.2
Applications Software	0.1
Medical — Generic Drugs	0.1
	102.5	%

* Calculated as a percentage of net assets

104

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Dental Supplies & Equipment — 1.0%
Align Technology, Inc.†		22,332	$	7,413,107
Diagnostic Equipment — 4.0%
Danaher Corp.		114,435		11,361,107
GenMark Diagnostics, Inc.†#		209,342		1,534,477
Quanterix Corp.†#		20,059		369,085
Quanterix Corp.†(2)(3)		32,134		561,702
Thermo Fisher Scientific, Inc.		83,700		17,432,199
				31,258,570
Diagnostic Kits — 0.4%
Quidel Corp.†		54,371		3,409,062
Dialysis Centers — 0.5%
DaVita, Inc.†		51,855		3,465,988
Drug Delivery Systems — 1.1%
DexCom, Inc.†#		37,820		3,327,782
Nektar Therapeutics†		63,700		5,113,199
				8,440,981
Electronic Measurement Instruments — 2.2%
Agilent Technologies, Inc.		255,278		15,806,813
Sartorius AG (Preference Shares)		7,833		1,147,628
				16,954,441
Instruments - Controls — 0.4%
Mettler-Toledo International, Inc.†		5,640		3,106,173
Medical Imaging Systems — 0.2%
Lantheus Holdings, Inc.†		107,423		1,503,922
Medical Information Systems — 0.7%
athenahealth, Inc.†		36,413		5,479,064
Medical Instruments — 5.9%
Bruker Corp.		96,237		2,913,094
Intuitive Surgical, Inc.†		77,946		35,829,438
Teleflex, Inc.		24,100		6,438,556
				45,181,088
Medical Labs & Testing Services — 0.5%
Teladoc, Inc.†#		74,200		3,776,780
Medical Products — 11.4%
AtriCure, Inc.†		48,400		1,147,564
Becton Dickinson and Co.		154,819		34,306,342
Cooper Cos., Inc.		30,822		6,975,327
Glaukos Corp.†#		32,439		1,225,221
Hologic, Inc.†		250,900		9,506,601
K2M Group Holdings, Inc.†#		88,575		2,098,342
Penumbra, Inc.†		15,918		2,561,206
Stryker Corp.		117,109		20,379,308
Terumo Corp.		13,200		779,425
West Pharmaceutical Services, Inc.		55,932		5,201,676
Wright Medical Group NV†#		145,739		3,637,646
Wright Medical Group NV CVR†		7,700		10,010
				87,828,668
Medical - Biomedical/Gene — 31.0%
Abcam PLC		51,398		829,022
Abeona Therapeutics, Inc.†#		76,921		1,361,502
Acceleron Pharma, Inc.†		64,073		2,277,154
Acerta Pharma BV, Class B†(1)(2)(3)		9,771,120		683,978
Achillion Pharmaceuticals, Inc.†		241,169		817,563
Aevi Genomic Medicine, Inc.†		39,358		62,973
Alder Biopharmaceuticals, Inc.†#		74,200		1,294,790
Alexion Pharmaceuticals, Inc.†		154,147		17,901,091
Alnylam Pharmaceuticals, Inc.†		72,215		7,183,226

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Amarin Corp. PLC ADR†#		105,269	$	348,440
Amgen, Inc.		44,100		7,921,242
Amicus Therapeutics, Inc.†#		120,389		2,034,574
AnaptysBio, Inc.†#		9,500		739,100
Arcus Biosciences, Inc.†#		33,901		540,043
Argenx SE ADR†		37,036		3,536,938
Assembly Biosciences, Inc.†#		9,300		393,297
Atara Biotherapeutics, Inc.†#		49,959		2,487,958
Audentes Therapeutics, Inc.†		62,576		2,371,630
BeiGene, Ltd. ADR†		32,184		6,440,662
Biogen, Inc.†		36,349		10,685,152
BioMarin Pharmaceutical, Inc.†#		83,330		7,528,032
Bluebird Bio, Inc.†#		58,251		10,429,842
Blueprint Medicines Corp.†		57,893		4,867,643
Celgene Corp.†		24,380		1,918,218
Corvus Pharmaceuticals, Inc.†#		37,693		517,525
Cymabay Therapeutics, Inc.†#		36,100		468,217
CytomX Therapeutics, Inc.†		31,400		806,038
Denali Therapeutics, Inc.†#		19,300		371,139
Editas Medicine, Inc.†#		24,579		941,867
Endocyte, Inc.†#		160,649		2,196,072
Erytech Pharma SA†#		8,009		149,105
Exact Sciences Corp.†#		57,000		3,393,780
Exelixis, Inc.†		104,179		2,159,631
Fate Therapeutics, Inc.†#		41,400		453,330
FibroGen, Inc.†		48,652		2,622,343
Five Prime Therapeutics, Inc.†		22,400		393,344
Gilead Sciences, Inc.		127,375		8,585,075
GlycoMimetics, Inc.†#		59,347		1,060,531
Homology Medicines, Inc.†#		25,988		523,138
HTG Molecular Diagnostics, Inc.†#		104,920		401,844
Illumina, Inc.†		18,615		5,071,471
ImmunoGen, Inc.†#		66,600		763,236
Immunomedics, Inc.†#		235,617		5,197,711
Incyte Corp.†		154,151		10,523,889
Insmed, Inc.†#		246,523		6,868,131
Ionis Pharmaceuticals, Inc.†#		27,881		1,300,649
Iovance Biotherapeutics, Inc.†#		99,300		1,449,780
Loxo Oncology, Inc.†#		40,530		7,187,185
MacroGenics, Inc.†		41,752		949,023
Ovid therapeutics, Inc.†		13,672		107,872
Prothena Corp. PLC†#		41,996		566,526
Radius Health, Inc.†#		65,429		1,864,726
Regeneron Pharmaceuticals, Inc.†		27,800		8,348,896
REGENXBIO, Inc.†		15,700		850,940
Sage Therapeutics, Inc.†#		116,526		17,792,355
Scholar Rock Holding Corp.†#		9,950		174,026
Seattle Genetics, Inc.†#		77,763		4,703,884
Shire PLC ADR		48,608		7,983,378
Spark Therapeutics, Inc.†#		61,302		4,891,287
Theravance Biopharma, Inc.†#		43,183		1,051,074
Tocagen, Inc.†		15,441		144,837
Ultragenyx Pharmaceutical, Inc.†#		63,670		4,660,644
Vertex Pharmaceuticals, Inc.†		159,281		24,529,274
WaVe Life Sciences, Ltd.†#		18,380		855,589
Zai Lab, Ltd. ADR†#		20,120		471,210
Zeneca, Inc. CVR†(1)(2)(3)		23,110		14,213
				238,018,855
Medical - Drugs — 13.5%
AbbVie, Inc.		85,404		8,449,872
Aimmune Therapeutics, Inc.†#		77,028		2,548,857
Alkermes PLC†#		48,636		2,295,619
Allergan PLC		55,360		8,348,288
Apellis Pharmaceuticals, Inc.†#		19,510		398,199

105

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Array BioPharma, Inc.†#		141,995	$	2,321,618
Ascendis Pharma A/S ADR†		51,593		3,715,728
Astellas Pharma, Inc.		177,000		2,701,386
AstraZeneca PLC ADR#		270,200		10,005,506
Bayer AG		26,574		3,162,494
Bristol-Myers Squibb Co.		144,370		7,596,749
Chugai Pharmaceutical Co., Ltd.		34,300		1,931,444
Coherus Biosciences, Inc.†#		19,613		305,963
Daiichi Sankyo Co., Ltd.		75,200		2,409,177
Eisai Co., Ltd.		47,000		3,390,905
Eli Lilly & Co.		35,586		3,026,233
Enanta Pharmaceuticals, Inc.†		26,609		2,655,312
Global Blood Therapeutics, Inc.†#		37,857		1,822,815
Intra-Cellular Therapies, Inc.†		50,000		1,164,000
Ironwood Pharmaceuticals, Inc.†#		218,053		4,051,425
Jazz Pharmaceuticals PLC†		11,700		1,977,300
Kyowa Hakko Kirin Co., Ltd.		71,900		1,462,442
Madrigal Pharmaceuticals, Inc.†#		10,400		2,762,344
Merck & Co., Inc.		203,401		12,108,462
Minerva Neurosciences, Inc.†		58,380		513,744
MyoKardia, Inc.†#		30,022		1,429,047
Myovant Sciences, Ltd.†#		35,563		844,621
Pfizer, Inc.		134,800		4,843,364
Rhythm Pharmaceuticals, Inc.†#		10,683		343,245
Rocket Pharmaceuticals, Inc.†#		24,103		468,562
TESARO, Inc.†#		40,872		1,870,711
TherapeuticsMD, Inc.†#		161,213		952,769
Zogenix, Inc.†#		51,200		2,178,560
				104,056,761
Medical - Generic Drugs — 0.1%
Mylan NV†		19,400		746,124
Medical - HMO — 17.0%
Aetna, Inc.		28,037		4,938,157
Anthem, Inc.		84,700		18,754,274
Centene Corp.†		127,271		14,911,070
Cigna Corp.		92,250		15,624,383
Humana, Inc.		41,514		12,079,744
Molina Healthcare, Inc.†		48,036		4,079,697
UnitedHealth Group, Inc.		230,480		55,663,226
WellCare Health Plans, Inc.†		22,000		4,876,740
				130,927,291
Medical - Hospitals — 2.0%
Acadia Healthcare Co., Inc.†#		63,778		2,563,238
HCA Healthcare, Inc.		106,716		11,006,688
Universal Health Services, Inc., Class B		18,907		2,173,927
				15,743,853
Patient Monitoring Equipment — 0.2%
Insulet Corp.†#		18,300		1,716,357
Pharmacy Services — 0.9%
CVS Health Corp.		61,700		3,911,163
Express Scripts Holding Co.†		28,400		2,153,004
JAND, Inc. (dba Warby Parker), Class A†(1)(2)(3)		36,095		552,654
				6,616,821
Therapeutics — 5.5%
Agios Pharmaceuticals, Inc.†#		59,862		5,597,097
Aquinox Pharmaceuticals, Inc.†#		93,017		1,333,864
Cara Therapeutics, Inc.†#		23,000		359,720
Dyax Corp. CVR†(1)(2)(3)		159,200		628,840
G1 Therapeutics, Inc.†		36,335		1,573,669
GW Pharmaceuticals PLC ADR†#		28,195		4,539,113
Merus NV†		18,200		339,794

Security Description	Shares		Value (Note 2)
Therapeutics (continued)
Mirati Therapeutics, Inc.†#		9,600	$	408,000
Neurocrine Biosciences, Inc.†#		151,892		14,621,124
Proteostasis Therapeutics, Inc.†		7,750		37,510
Sarepta Therapeutics, Inc.†#		96,162		9,024,803
Vital Therapies, Inc.†#		29,200		148,920
Xencor, Inc.†		100,675		4,028,007
				42,640,461
Total Common Stocks
(cost $575,140,807)				758,284,367
CONVERTIBLE PREFERRED SECURITIES — 0.9%
Applications Software — 0.1%
Outset Medical, Inc Series C†(1)(2)(3)		320,192		829,778
Medical Information Systems — 0.0%
Doximity, Inc. Series C†(1)(2)(3)		64,785		279,223
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C†(1)(2)(3)		160,251		271,140
Medical Labs & Testing Services — 0.1%
Tempus Labs, Inc. Series D†(1)(2)(3)		60,677		568,780
Medical Products — 0.4%
Becton Dickinson and Co. Series A 6.13%		26,711		1,555,115
Guardant Health, Inc. Series E†(1)(2)(3)		33,640		276,591
Shockwave Medical, Inc. Series A-1†(1)(2)(3)		63,961		64,599
Shockwave Medical, Inc. Series B†(1)(2)(3)		1,306		1,319
Shockwave Medical, Inc. Series C†(1)(2)(3)		739,910		747,294
				2,644,918
Medical - Biomedical/Gene — 0.1%
Moderna Therapeutics, Inc. Series G†(1)(2)(3)		43,581		438,425
Pharmacy Services — 0.2%
JAND, Inc. (dba Warby Parker), Series D†(1)(2)(3)		75,264		1,152,375
JAND, Inc. (dba Warby Parker), Series E†(1)(2)(3)		2,948		45,137
				1,197,512
Total Convertible Preferred Securities
(cost $5,756,568)				6,229,776
CONVERTIBLE BONDS & NOTES — 0.2%
Medical - Drugs — 0.2%
Ironwood Pharmaceuticals, Inc. Senior Notes 2.25% due 06/15/2022 (cost $865,000)	$	865,000		1,136,369
Total Long-Term Investment Securities
(cost $581,762,375)				765,650,512
SHORT-TERM INVESTMENT SECURITIES — 2.9%
Registered Investment Companies — 2.9%
State Street Institutional U.S. Government Money Market Fund Premier Class 1.67%(5)		500,001		500,001
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(4)(5)		18,251,278		18,251,278

106

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Registered Investment Companies (continued)
T. Rowe Price Government Reserve Fund 1.78%(5)	$	3,724,796		$	3,724,796
Total Short-Term Investment Securities
(cost $22,476,075)					22,476,075
TOTAL INVESTMENTS
(cost $604,238,450)(6)		102.5	%		788,126,587
Liabilities in excess of other assets		(2.5	)		(18,893,896	)
NET ASSETS		100.0	%	$	769,232,691

† Non-income producing security

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

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Acerta Pharma B.V. Class B		2/2/2016		9,771,120	$	249,853	$	683,978	$	0.07		0.09	%
Dyax Corp. CVR		1/25/2016		159,200		176,712		628,840		3.95		0.08	%
JAND, Inc. (dba Warby Parker). Class A		4/23/2015		33,706		387,123
		3/9/2018		2,389		37,548
				36,095		424,671		552,654		15.31		0.07	%
Quanterix Corp.		12/8/2017		32,134		415,285		561,702		17.48		0.07	%
Zeneca, Inc. CVR		7/19/2013		23,110		0		14,213		0.62		0.00	%
Convertible Preferred Securities
Doximity, Inc. Series C		4/10/2014		64,785		312,316		279,223		4.31		0.04	%
Guardant Health, Inc. Series E		5/9/2017		32,953		276,594
		11/16/2017		687		5,649
				33,640		282,243		276,591		8.22		0.04	%

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
JAND, Inc. (dba Warby Parker). Series D		4/23/2015		75,264	$	864,430	$	1,152,375	$	15.31		0.15	%
JAND, Inc. (dba Warby Parker). Series E		3/9/2018		2,948		46,334		45,137		15.31		0.01	%
Moderna Therapeutics, Inc. Series G		1/31/2018		43,581		438,425		438,425		10.06		0.06	%
Outset Medical, Inc. Series C		4/19/2017		320,192		829,778		829,778		2.59		0.10	%
RefleXion Medical, Inc. Series C		4/23/2018		160,251		271,145		271,140		1.69		0.04	%
Shockwave Medical, Inc. Series A-1		9/25/2017		63,961		64,601		64,599		1.01		0.01	%
Shockwave Medical, Inc. Series B		9/25/2017		1,306		1,319		1,319		1.01		0.00	%
Shockwave Medical, Inc. Series C		11/10/2016		196,966		198,936
		9/27/2017		542,944		548,363
				739,910		747,299		747,294		1.01		0.10	%
Tempus Labs, Inc. Series D		3/20/2018		60,677		568,780		568,780		9.37		0.07	%
							$	7,116,048				0.93	%

(3) Illiquid security. At May 31, 2018, the aggregate value of these securities was $7,116,048 representing 0.9% of net assets.

(4) At May 31, 2018, the Fund had loaned securities with a total value of $145,714,805. This was secured by collateral of $18,251,278, which was received in cash and subsequently invested in short-term investments currently valued at $18,251,278 as reported in the Portfolio of Investments. Additional collateral of $128,799,046 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	10,205,601
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		4,132,571
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		2,717,269
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018		6,883,103
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		104,860,502

(5) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

107

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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:
Diagnostic Equipment	$	30,696,868	$	561,702		$	—	$	31,258,570
Medical - Biomedical/Gene		237,320,664		—			698,191		238,018,855
Pharmacy Services		6,064,167		—			552,654		6,616,821
Therapeutics		42,011,621		—			628,840		42,640,461
Other Industries		421,786,632		17,963,028	**		—		439,749,660
Convertible Preferred Securities:
Medical Products		1,555,115		—			1,089,803		2,644,918
Other Industries		—		—			3,584,858		3,584,858
Convertible Bonds & Notes		—		1,136,369			—		1,136,369
Short-Term Investment Securities		22,476,075		—			—		22,476,075
Total Investments at Value	$	761,911,142	$	19,661,099		$	6,554,346	$	788,126,587

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $8,023,735 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during 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.

See Notes to Financial Statements

108

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

United States Treasury Notes	35.1	%
United States Treasury Bonds	18.3
Sovereign	16.7
Diversified Banking Institutions	13.1
Diversified Financial Services	2.2
Registered Investment Companies	2.0
Banks — Commercial	2.0
Pipelines	1.7
Insurance — Life/Health	1.2
Federal Home Loan Mtg. Corp.	0.9
Finance — Consumer Loans	0.9
Banks — Super Regional	0.9
Insurance — Multi-line	0.7
Gold Mining	0.7
Building Products — Cement	0.6
Pharmacy Services	0.5
Gas — Distribution	0.5
Auto — Cars/Light Trucks	0.4
Oil Refining & Marketing	0.4
Building Products — Wood	0.4
Federal National Mtg. Assoc.	0.4
Oil Companies — Exploration & Production	0.3
Electric — Integrated	0.2
Oil Companies — Integrated	0.2
Agricultural Chemicals	0.2
Banks — Money Center	0.2
Metal — Diversified	0.2
Diversified Minerals	0.1
Machinery — Farming	0.1
Cable/Satellite TV	0.1
Coatings/Paint	0.1
Government National Mtg. Assoc.	0.1
Building & Construction Products — Misc.	0.1
	101.5	%

Credit Quality#†

Aaa	63.7	%
Aa	3.7
A	10.2
Baa	13.9
Ba	4.5
B	0.1
Not Rated@	3.9
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

109

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Principal Amount(1)		Value (Note 2)
ASSET BACKED SECURITIES — 2.2%
Diversified Financial Services — 2.2%
BX Trust FRS Series 2018-MCSF, Class A 2.50% (1ML + 0.58%) due 04/15/2035*(2)	$	2,700,000	$	2,679,777
Chase Issuance Trust Series 2016-A4, Class A4 1.49% due 07/15/2022		2,000,000		1,947,438
Chase Issuance Trust FRS Series 2016-A1, Class A 2.33% (1 ML+0.41%) due 05/17/2021		2,000,000		2,005,490
DBCG Mtg. Trust FRS Series 2017-BBG, Class A 2.62% (1 ML+0.70%) due 06/15/2034*(2)		1,360,000		1,364,051
Park Avenue Mtg. Trust FRS Series 2017-280P, Class A 2.80% (1 ML+0.88%) due 09/15/2034*(2)		5,000,000		5,004,634
Total Asset Backed Securities
(cost $13,040,675)				13,001,390
U.S. CORPORATE BONDS & NOTES — 14.2%
Agricultural Chemicals — 0.1%
Mosaic Co. Senior Notes 4.05% due 11/15/2027#		692,000		664,761
Mosaic Co. Senior Notes 4.88% due 11/15/2041		57,000		52,996
				717,757
Auto - Cars/Light Trucks — 0.4%
Ford Motor Credit Co. LLC FRS Senior Notes 2.86% (3 ML+0.79%) due 06/12/2020		1,310,000		1,317,685
Ford Motor Credit Co. LLC FRS Senior Notes 3.19% (3 ML+0.83%) due 08/12/2019		1,350,000		1,356,741
				2,674,426
Banks - Commercial — 0.2%
Regions Financial Corp. Senior Notes 2.75% due 08/14/2022		959,000		929,485
Banks - Super Regional — 0.5%
SunTrust Banks, Inc. Senior Notes 4.00% due 05/01/2025#		1,256,000		1,269,942
Wells Fargo & Co. FRS Senior Notes 3.71% (CPIYOY+1.50%) due 03/31/2021		2,000,000		1,998,000
				3,267,942
Building & Construction Products - Misc. — 0.1%
Owens Corning Company Guar. Notes 4.40% due 01/30/2048		411,000		355,144
Building Products - Cement — 0.6%
CRH America Finance, Inc. Company Guar. Notes 3.95% due 04/04/2028*		887,000		859,248

Security Description	Principal Amount(1)		Value (Note 2)
Building Products - Cement (continued)
Vulcan Materials Co. FRS Senior Notes 2.72% (3 ML+0.60%) due 06/15/2020	$	2,512,000	$	2,512,502
				3,371,750
Building Products - Wood — 0.4%
Masco Corp. Senior Notes 3.50% due 11/15/2027		2,512,000		2,362,891
Cable/Satellite TV — 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		577,000		538,170
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		510,000		463,370
Diversified Banking Institutions — 8.7%
Bank of America Corp. FRS Senior Notes 3.31% (CPIYOY+1.10%) due 11/19/2024		2,000,000		1,929,300
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		220,000		215,481
Bank of America Corp. Senior Notes 4.24% due 04/24/2038		2,504,000		2,475,532
Bank of America Corp. FRS Senior Notes 4.31% (CPIYOY+2.10%) due 02/18/2020		1,600,000		1,634,000
Citigroup, Inc. FRS Senior Notes 3.05% (CPIYOY*1.38%) due 03/27/2025		2,000,000		1,900,600
Citigroup, Inc. FRS Senior Notes 3.21% (CPIYOY+1.00%) due 09/29/2024		2,000,000		1,954,000
Citigroup, Inc. FRS Senior Notes 3.42% (3 ML+1.10%) due 05/17/2024#		3,020,000		3,038,507
Citigroup, Inc. FRS Senior Notes 3.55% (3 ML+1.19%) due 08/02/2021		1,475,000		1,504,821
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		2,082,000		1,990,440
Citigroup, Inc. FRS Senior Notes 4.86% (CPIYOY+2.50%) due 03/30/2020		4,000,000		4,030,400
Goldman Sachs Group, Inc. FRS Senior Notes 3.51% (3 ML+1.17%) due 11/15/2021		2,424,000		2,456,806
Goldman Sachs Group, Inc. FRS Senior Notes 3.52% (3 ML+1.16%) due 04/23/2020		1,096,000		1,112,283

110

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. FRS Senior Notes 3.61% (CPIYOY+1.40%) due 08/30/2023	$	4,000,000	$	3,991,904
JPMorgan Chase & Co. FRS Senior Notes 3.59% (3 ML+1.23%) due 10/24/2023		580,000		591,780
JPMorgan Chase & Co. FRS Senior Notes 3.61% (CPIYOY+1.25%) due 12/20/2023		2,000,000		1,941,000
JPMorgan Chase & Co. FRS Senior Notes 4.36% (CPIYOY+2.00%) due 02/25/2021		1,000,000		1,012,800
JPMorgan Chase & Co. FRS Senior Notes 4.44% (CPIYOY+2.08%) due 04/28/2020		5,000,000		4,980,000
Morgan Stanley FRS Senior Notes 3.54% (3 ML+1.18%) due 01/20/2022		1,260,000		1,279,181
Morgan Stanley Senior Notes 3.74% due 04/24/2024		2,415,000		2,410,007
Morgan Stanley FRS Senior Notes 3.76% (CPIYOY+1.55%) due 08/24/2023		468,000		466,245
Morgan Stanley FRS Senior Notes 4.21% (CPIYOY+2.00%) due 12/15/2019		1,813,000		1,853,792
Morgan Stanley FRS Senior Notes 4.21% (CPIYOY+2.00%) due 01/24/2020		2,203,000		2,219,522
Morgan Stanley FRS Senior Notes 4.21% (CPIYOY+2.00%) due 04/25/2023		3,870,000		3,947,400
Morgan Stanley FRS Senior Notes 4.21% (CPIYOY+2.00%) due 06/09/2023		664,000		675,494
Morgan Stanley & Co. LLC FRS Senior Notes 4.21% (CPIYOY+2.00%) due 02/11/2020		2,000,000		2,020,000
				51,631,295
Electric - Integrated — 0.1%
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		818,000		803,011
Finance - Consumer Loans — 0.9%
SLM Corp. FRS Senior Notes 4.36% (CPIYOY+2.15%) due 12/15/2020		2,017,000		1,986,745

Security Description	Principal Amount(1)		Value (Note 2)
Finance - Consumer Loans (continued)
SLM Corp. FRS Senior Notes 4.46% (CPIYOY+2.25%) due 05/03/2019	$	3,745,000	$	3,718,785
				5,705,530
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 04/14/2011†		400,000		11,900
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 06/10/2014†		578,000		17,918
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 11/01/2014†		1,000,000		29,750
				59,568
Insurance - Life/Health — 0.1%
Pacific Life Global Funding FRS Senior Notes 4.48% (CPIYOY+2.12%) due 06/02/2018*		300,000		300,750
Metal - Diversified — 0.2%
Glencore Funding LLC Company Guar. Notes 3.88% due 10/27/2027*#		616,000		579,432
Glencore Funding LLC Company Guar. Notes 4.00% due 04/16/2025*		338,000		328,779
				908,211
Oil Companies - Exploration & Production — 0.3%
Marathon Oil Corp. Senior Notes 4.40% due 07/15/2027		1,062,000		1,077,292
Noble Energy, Inc. Senior Notes 3.85% due 01/15/2028#		800,000		782,603
				1,859,895
Oil Refining & Marketing — 0.4%
Andeavor Senior Notes 3.80% due 04/01/2028#		2,549,000		2,453,916
Pharmacy Services — 0.5%
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,164,000		3,156,363
Pipelines — 0.5%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		1,274,000		1,237,603
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026#		1,299,000		1,302,186
ONEOK, Inc. Company Guar. Notes 4.00% due 07/13/2027#		303,000		296,338
				2,836,127
Total U.S. Corporate Bonds & Notes
(cost $84,921,324)				84,395,601

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.7%
Agricultural Chemicals — 0.1%
Syngenta Finance NV Company Guar. Notes 5.18% due 04/24/2028*	$	430,000	$	421,676
Banks - Commercial — 1.7%
ANZ New Zealand Int’l, Ltd. FRS Company Guar. Notes 3.37% (3 ML+1.01%) due 07/28/2021*		1,300,000		1,318,502
Barclays Bank PLC FRS Senior Notes 3.21% (CPIYOY+1.00%) due 05/22/2023(3)		8,800,000		8,757,760
				10,076,262
Diversified Banking Institutions — 3.2%
Barclays PLC FRS Senior Notes 4.46% (3 ML+2.11%) due 08/10/2021#		753,000		782,723
BNP Paribas SA FRS Senior Notes 3.50% (CPIYOY+1.14%) due 12/21/2020		431,000		435,849
Credit Agricole SA Sub. Notes 4.00% due 01/10/2033*#		2,548,000		2,351,146
Credit Agricole SA Senior Notes 4.13% due 01/10/2027*#		535,000		523,382
Credit Suisse Group Funding Guernsey, Ltd. FRS Company Guar. Notes 4.65% (3 ML+2.29%) due 04/16/2021		3,049,000		3,199,601
HSBC Holdings PLC FRS Senior Notes 3.82% (3 ML+1.50%) due 01/05/2022		1,400,000		1,445,167
Royal Bank of Scotland Group PLC Senior Notes 3.50% due 05/15/2023		325,000		317,071
Societe Generale SA FRS Company Guar. Notes 3.60% due 05/03/2023(3)(4)(5)		10,000,000		9,615,000
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		738,000		672,357
				19,342,296
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		757,000		711,454
Gas - Distribution — 0.5%
National Grid PLC Senior Notes 1.25% due 10/06/2021	GB	P 1,763,000		2,914,979
Gold Mining — 0.7%
Kinross Gold Corp. Company Guar. Notes 4.50% due 07/15/2027*		456,000		418,380
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 10/01/2022*		1,497,000		1,505,595

Security Description	Principal Amount(1)		Value (Note 2)
Gold Mining (continued)
Newcrest Finance Pty, Ltd. Company Guar. Notes 5.75% due 11/15/2041*	$	1,663,000	$	1,743,206
				3,667,181
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		496,000		525,152
Machinery - Farming — 0.1%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		663,000		631,816
Oil Companies - Integrated — 0.2%
BP Capital Markets PLC FRS Company Guar. Notes 2.83% (3ML+0.65%) due 09/19/2022#		1,300,000		1,316,191
Total Foreign Corporate Bonds & Notes
(cost $39,968,346)				39,607,007
U.S. GOVERNMENT AGENCIES — 1.4%
Federal Home Loan Mtg. Corp. — 0.9%
Federal Home Loan Mtg. Corp. REMIC FRS
Series 4012, Class NF 2.37% (1 ML+0.45%) due 12/15/2038(6)		582,532		587,929
Series 3925, Class FL 2.37% (1 ML+0.45%) due 01/15/2041(6)		682,093		685,572
Series 4001, Class FM 2.42% (1 ML+0.50%) due 02/15/2042(6)		424,975		427,462
Series 3355, Class BF 2.62% (1 ML+0.70%) due 08/15/2037(6)		450,082		456,545
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2014-DN2, Class M2 3.61% (1 ML+1.65%) due 04/25/2024(6)		1,253,994		1,271,117
Series 2014-DN1, Class M2 4.16% (1 ML+2.20%) due 02/25/2024(6)		1,293,656		1,332,571
Series 2014-HQ2, Class M2 4.16% (1 ML+2.20%) due 09/25/2024(6)		841,647		865,353
Series 2015-HQ1, Class M2 4.16% (1 ML+2.20%) due 03/25/2025(6)		208,649		209,903
				5,836,452
Federal National Mtg. Assoc. — 0.4%
Fannie Mae Connecticut Avenue Securities FRS
Series 2014-C01, Class M1 3.56% (1 ML+1.60%) due 01/25/2024(6)		4,372		4,403
Series 2013-C01, Class M1 3.96% (1 ML+2.00%) due 10/25/2023(6)		45,112		45,316
Federal National Mtg. Assoc. REMIC FRS
Series 2012-93, Class BF 2.36% (1 ML+0.40%) due 09/25/2042(6)		908,934		910,382

112

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2011-103, Class FD 2.41% (1 ML+0.45%) due 05/25/2040(6)	$	1,086,488	$	1,091,131
				2,051,232
Government National Mtg. Assoc. — 0.1%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 2.48% (1 ML+0.55%) due 02/16/2040(6)		398,537		401,190
Total U.S. Government Agencies
(cost $8,220,718)				8,288,874
U.S. GOVERNMENT TREASURIES — 53.4%
United States Treasury Bonds — 18.3%
United States Treasury Bonds TIPS(7)
0.63% due 02/15/2043		2,002,489		1,881,925
0.75% due 02/15/2042		3,128,567		3,037,354
0.75% due 02/15/2045		8,311,282		7,996,885
0.88% due 02/15/2047		1,964,087		1,946,808
1.00% due 02/15/2046		7,276,776		7,437,901
1.38% due 02/15/2044		4,587,950		5,088,259
1.75% due 01/15/2028		4,049,808		4,426,924
2.00% due 01/15/2026		4,412,948		4,843,611
2.13% due 02/15/2040		2,770,824		3,470,862
2.13% due 02/15/2041		4,751,632		5,995,420
2.38% due 01/15/2025		3,971,460		4,414,580
2.38% due 01/15/2027		4,949,520		5,637,520
2.50% due 01/15/2029		9,879,210		11,617,110
3.63% due 04/15/2028		13,885,380		17,661,713
3.88% due 04/15/2029		17,835,560		23,545,930
				109,002,802
United States Treasury Notes — 35.1%
United States Treasury Notes TIPS(7)
0.13% due 04/15/2019		10,665,374		10,624,268
0.13% due 04/15/2020		29,000,553		28,769,281
0.13% due 04/15/2021		23,083,956		22,782,782
0.13% due 01/15/2022		5,633,826		5,549,645
0.13% due 04/15/2022		21,752,684		21,354,774
0.13% due 01/15/2023		28,701,652		28,124,870
0.13% due 07/15/2024		19,363,201		18,836,752
0.13% due 07/15/2026		6,643,125		6,361,728
0.25% due 01/15/2025		7,585,488		7,386,094
0.38% due 01/15/2027		5,929,535		5,757,580
0.38% due 07/15/2023		8,042,025		7,987,312
0.38% due 07/15/2025		7,320,152		7,194,891
0.38% due 07/15/2027		7,010,127		6,814,274
0.50% due 01/15/2028		7,486,136		7,317,698
0.63% due 01/15/2024		8,020,875		8,025,378
0.63% due 01/15/2026		5,943,760		5,913,941
1.13% due 01/15/2021		9,696,120		9,859,617
				208,660,885
Total U.S. Government Treasuries
(cost $312,772,314)				317,663,687
FOREIGN GOVERNMENT OBLIGATIONS — 16.7%
Sovereign — 16.7%
Commonwealth of Australia Senior Notes 1.00% due 11/21/2018(7)	AUD	15,187,800		11,497,920
Commonwealth of Australia Senior Notes 2.50% due 09/20/2030(7)	AUD	3,243,900		2,931,860

Security Description	Principal Amount(1)		Value (Note 2)
Sovereign (continued)
Commonwealth of Australia Senior Notes 3.00% due 09/20/2025(7)	AUD	16,203,280	$	14,263,659
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2019	BRL	7,000,000		1,988,857
Government of Canada Bonds 4.25% due 12/01/2021(7)	CAD	11,036,964		9,684,199
Government of France Bonds 0.10% due 03/01/2025(7)	EUR	3,075,750		3,905,650
Government of France Bonds 2.10% due 07/25/2023(7)	EUR	3,374,400		4,686,562
Government of New Zealand Senior Notes 2.00% due 09/20/2025(7)	NZD	18,042,100		13,232,109
Kingdom of Spain Senior Notes 1.00% due 11/30/2030*(7)	EUR	7,633,575		9,643,723
Republic of Italy Senior Notes 0.10% due 05/15/2022*(7)	EUR	9,000,467		10,175,196
Republic of Italy Senior Notes 1.25% due 09/15/2032*(7)	EUR	2,049,780		2,249,145
United Kingdom Gilt Treasury Bonds 0.13% due 11/22/2019(7)	GBP	3,342,120		4,627,849
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2044(7)	GBP	1,880,867		3,904,769
United Kingdom Gilt Treasury Bonds 2.50% due 04/16/2020	GBP	3,351,984		4,816,024
United Mexican States Bonds 2.50% due 12/10/2020(7)	MXN	41,740,880		2,029,988
Total Foreign Government Obligations
(cost $100,725,352)				99,637,510
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
Banco Santander SA FRS 4.00% (3 ML+0.52%) (cost $238,831)		9,950		241,287
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.9%
Banks - Commercial — 0.1%
Corestates Capital II FRS 3.00% (3 ML+0.65%) due 01/15/2027*	$	669,000		636,386
Banks - Money Center — 0.2%
BBVA Bancomer SA 5.13% due 01/18/2033*		1,145,000		1,030,512
Banks - Super Regional — 0.4%
SunTrust Capital III FRS 2.77% (3 ML+0.65%) due 03/15/2028		1,067,000		997,645

113

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Banks - Super Regional (continued)
Wachovia Capital Trust II FRS 2.85% (3 ML+0.50%) due 01/15/2027	$	1,039,000	$	981,855
				1,979,500
Diversified Banking Institutions — 1.2%
BAC Capital Trust XIV FRS Series G 4.00% (3 ML+0.40%) due 06/21/2018(8)		3,161,000		2,813,290
BankBoston Capital Trust IV FRS 2.65% (3 ML+0.60%) due 06/08/2028		726,000		725,274
Goldman Sachs Group, Inc. Series P 5.00% due 11/10/2022(8)		2,539,000		2,414,589
HSBC Holdings PLC 6.00% due 05/22/2027(8)		1,018,000		974,735
Royal Bank of Scotland Group PLC 8.63% due 08/15/2021(8)		366,000		396,085
				7,323,973
Electric - Integrated — 0.1%
WEC Energy Group, Inc. FRS 4.46% (3 ML+2.11%) due 05/15/2067		819,000		812,858
Insurance - Life/Health — 1.1%
Prudential Financial, Inc. 4.50% due 09/15/2047		7,000,000		6,553,750
Insurance - Multi-line — 0.6%
Genworth Holdings, Inc. FRS 4.35% (3 ML+2.00%) due 11/15/2066		800,000		377,000
Hartford Financial Services Group, Inc. FRS 4.47% (3 ML+2.13%) due 02/12/2067*		3,202,000		3,041,900
				3,418,900
Pipelines — 1.2%
Andeavor Logistics LP 6.88% due 02/15/2023(8)		1,271,000		1,271,254
Enbridge, Inc. 5.50% due 07/15/2077		2,670,000		2,466,412
Energy Transfer Partners LP 6.25% due 02/15/2023#(8)		2,554,000		2,397,951
EnLink Midstream Partners LP 6.00% due 12/15/2022(8)		475,000		433,438
Enterprise Products Operating LLC 5.25% due 08/16/2077		859,000		809,607
				7,378,662
Total Preferred Securities/Capital Securities
(cost $29,833,963)				29,134,541
Total Long-Term Investment Securities
(cost $589,721,523)				591,969,897

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.67%(9)		8,168,725		$	8,168,725
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(9)(10)		3,643,758			3,643,758
Total Short-Term Investment Securities
(cost $11,812,482)					11,812,483
TOTAL INVESTMENTS
(cost $601,534,005)(11)		101.5	%		603,782,380
Liabilities in excess of other assets		(1.5	)		(8,739,454	)
NET ASSETS		100.0	%	$	595,042,926

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $47,559,231 representing 8.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

† Non-income producing security

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

(2) Commercial Mortgage Backed Security

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

(4) Illiquid security. At May 31, 2018, the aggregate value of these securities was $9,615,000 representing 1.6% of net assets.

(5) 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.

(6) Collateralized Mortgage Obligation

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

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

(9) The rate shown is the 7-day yield as of May 31, 2018.

(10) At May 31, 2018, the Fund had loaned securities with a total value of $11,271,601. This was secured by collateral of $3,643,758, which was received in cash and subsequently invested in short-term investments currently valued at $3,643,758 as reported in the Portfolio of Investments. Additional collateral of $7,832,843 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
United States Treasury Bills	0.00%	07/05/2018 to 08/30/2018	$332,129
United States Treasury Notes/Bonds	0.13% to 4.38%	10/31/2018 to 02/15/2047	7,500,714

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

MXN—Mexican Peso

NZD—New Zealand Dollar

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

3 ML—3 Month USD LIBOR

CPIYOY—CPI Urban Consumers YoY NSA

114

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	—	$	13,001,390	$	—	$	13,001,390
U.S. Corporate Bonds & Notes		—		84,395,601		—		84,395,601
Foreign Corporate Bonds & Notes:
Banks - Commercial		—		1,318,502		8,757,760		10,076,262
Diversified Banking Institutions		—		9,727,296		9,615,000		19,342,296
Other Industries		—		10,188,449		—		10,188,449
U.S. Government Agencies		—		8,288,874		—		8,288,874
U.S. Government Treasuries		—		317,663,687		—		317,663,687
Foreign Government Obligations		—		99,637,510		—		99,637,510
Preferred Securities		241,287		—		—		241,287
Preferred Securities/Capital Securities		—		29,134,541		—		29,134,541
Short-Term Investment Securities		11,812,483		—		—		11,812,483
Total Investment at Value	$	12,053,770	$	573,355,850	$	18,372,760	$	603,782,380

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

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

	U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 05/31/2017	$	4,012,935		$	9,420,000
Accrued Discounts		—			213
Accrued Premiums		(49,900	)		—
Realized Gain		—			—
Realized Loss		—			—
Change in unrealized appreciation(1)		21,965			195,000
Change in unrealized depreciation(1)		—			(213	)
Net purchases		—			8,757,760
Net sales		(3,985,000	)		—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 05/31/2018	$	—		$	18,372,760

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2018 includes:

U.S. Corporate Bonds & Notes		Foreign Corporate Bonds & Notes
$	—	$	194,787

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2018.

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

Description	Fair Value at 05/31/2018		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Foreign Corporate Bonds & Notes	$	8,757,760	Market Approach	Market Transaction Price*	$99.520000
	$	9,615,000	Market Approach	Market Bid*	$96.150000

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

See Notes to Financial Statements

115

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Medical — Drugs	6.8	%
Banks — Commercial	6.0
Diversified Banking Institutions	6.0
Registered Investment Companies	5.3
Oil Companies — Integrated	4.7
Auto — Cars/Light Trucks	3.4
Cosmetics & Toiletries	2.4
Telephone — Integrated	2.3
Insurance — Life/Health	2.3
Food — Misc./Diversified	2.2
Insurance — Multi-line	1.9
Chemicals — Diversified	1.8
Electric — Integrated	1.8
Real Estate Investment Trusts	1.7
Tobacco	1.3
Metal — Diversified	1.3
Food — Retail	1.2
Electronic Components — Misc.	1.2
Real Estate Operations & Development	1.2
Diversified Minerals	1.1
Brewery	1.1
Transport — Rail	1.1
Import/Export	1.0
Industrial Automated/Robotic	1.0
Diversified Manufacturing Operations	1.0
Beverages — Wine/Spirits	0.9
Cellular Telecom	0.9
Machinery — Electrical	0.8
Medical — Biomedical/Gene	0.8
Enterprise Software/Service	0.8
Auto/Truck Parts & Equipment — Original	0.8
Chemicals — Specialty	0.8
Aerospace/Defense — Equipment	0.8
Finance — Other Services	0.8
Gas — Distribution	0.8
Semiconductor Equipment	0.7
Insurance — Property/Casualty	0.7
Industrial Gases	0.7
Commercial Services	0.7
Real Estate Management/Services	0.7
Transport — Services	0.7
Computer Services	0.7
Building — Residential/Commercial	0.7
Retail — Apparel/Shoe	0.6
Textile — Apparel	0.6
Audio/Video Products	0.6
U.S. Government Treasuries	0.6
Rubber — Tires	0.6
Building & Construction Products — Misc.	0.6
Soap & Cleaning Preparation	0.6
Apparel Manufacturers	0.6
Steel — Producers	0.6
Building & Construction — Misc.	0.6
Diversified Operations	0.5
Building — Heavy Construction	0.5
Electric — Generation	0.5
Building Products — Cement	0.5
Medical Products	0.5
Machinery — Construction & Mining	0.5
Retail — Jewelry	0.5
Insurance — Reinsurance	0.5
Machinery — General Industrial	0.4
Aerospace/Defense	0.4
Repurchase Agreements	0.4
Casino Hotels	0.4
Electronic Components — Semiconductors	0.4
Toys	0.4
Oil Companies — Exploration & Production	0.4
Office Automation & Equipment	0.4

Investment Companies	0.4	%
Telecom Services	0.4
Investment Management/Advisor Services	0.3
Dialysis Centers	0.3
Human Resources	0.3
Oil Refining & Marketing	0.3
Athletic Footwear	0.3
Food — Dairy Products	0.3
Power Converter/Supply Equipment	0.3
Paper & Related Products	0.3
Public Thoroughfares	0.3
Semiconductor Components — Integrated Circuits	0.3
Food — Catering	0.3
Exchange-Traded Funds	0.3
Auto — Heavy Duty Trucks	0.3
Hotels/Motels	0.3
Multimedia	0.3
Medical Instruments	0.3
Commercial Services — Finance	0.3
Distribution/Wholesale	0.2
Transactional Software	0.2
Machinery — Farming	0.2
Wireless Equipment	0.2
Coatings/Paint	0.2
Building Products — Air & Heating	0.2
Beverages — Non-alcoholic	0.2
Finance — Investment Banker/Broker	0.2
Optical Supplies	0.2
Advertising Services	0.2
Machine Tools & Related Products	0.2
Resorts/Theme Parks	0.2
Finance — Leasing Companies	0.2
Networking Products	0.2
Gambling (Non-Hotel)	0.2
Electronic Security Devices	0.2
Entertainment Software	0.2
Retail — Discount	0.2
Gold Mining	0.2
Electric — Transmission	0.2
E-Commerce/Products	0.2
Airport Development/Maintenance	0.1
Electric Products — Misc.	0.1
Security Services	0.1
Water	0.1
Cable/Satellite TV	0.1
Photo Equipment & Supplies	0.1
Transport — Marine	0.1
Advertising Agencies	0.1
Publishing — Periodicals	0.1
Diagnostic Equipment	0.1
Medical — Generic Drugs	0.1
Electric — Distribution	0.1
Food — Confectionery	0.1
Computer Aided Design	0.1
Web Portals/ISP	0.1
Energy — Alternate Sources	0.1
Casino Services	0.1
Television	0.1
Internet Content — Information/News	0.1
Private Equity	0.1
Rental Auto/Equipment	0.1
Metal — Aluminum	0.1
Retail — Home Furnishings	0.1
Electronics — Military	0.1
Travel Services	0.1
Computer Data Security	0.1
Containers — Paper/Plastic	0.1
Cruise Lines	0.1
Food — Meat Products	0.1

116

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Retail — Misc./Diversified	0.1	%
Agricultural Chemicals	0.1
Metal Processors & Fabrication	0.1
Computers — Memory Devices	0.1
Retail — Convenience Store	0.1
Fisheries	0.1
Pipelines	0.1
Retail — Vision Service Center	0.1
Diversified Operations/Commercial Services	0.1
Bicycle Manufacturing	0.1
Steel Pipe & Tube	0.1
Tools — Hand Held	0.1
Applications Software	0.1
Gas — Transportation	0.1
Retail — Building Products	0.1
Leisure Products	0.1
Building Products — Doors & Windows	0.1
Metal Products — Distribution	0.1
Motorcycle/Motor Scooter	0.1
Diagnostic Kits	0.1
Transport — Equipment & Leasing	0.1
Miscellaneous Manufacturing	0.1
Filtration/Separation Products	0.1
MRI/Medical Diagnostic Imaging	0.1
Internet Security	0.1
Telecommunication Equipment	0.1
Instruments — Scientific	0.1
Respiratory Products	0.1
	103.9	%

Country Allocation*

Japan	24.0	%
United Kingdom	16.2
France	9.8
Germany	9.2
Switzerland	7.3
United States	6.7
Australia	6.5
Netherlands	4.4
Spain	2.9
Hong Kong	2.5
Sweden	2.5
Italy	1.8
Denmark	1.7
Singapore	1.3
Jersey	1.2
Finland	1.0
Belgium	1.0
Cayman Islands	0.7
Norway	0.7
Ireland	0.6
Israel	0.5
Bermuda	0.3
Luxembourg	0.3
Austria	0.2
New Zealand	0.2
Portugal	0.2
SupraNational	0.1
Papua New Guinea	0.1
	103.9	%

* Calculated as a percentage of net assets

117

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Australia — 6.5%
AGL Energy, Ltd.		56,093	$	935,207
Alumina, Ltd.		229,114		462,459
Amcor, Ltd.		102,288		1,085,870
AMP, Ltd.		256,324		755,029
APA Group		98,054		642,910
Aristocrat Leisure, Ltd.		47,316		1,071,355
ASX, Ltd.		17,323		791,974
Aurizon Holdings, Ltd.		174,338		567,172
AusNet Services		152,535		187,018
Australia & New Zealand Banking Group, Ltd.		253,031		5,191,818
Bank of Queensland, Ltd.		32,315		246,585
Bendigo & Adelaide Bank, Ltd.		39,002		316,068
BGP Holdings PLC†(1)(2)		835,027		188
BHP Billiton, Ltd.		275,311		6,840,245
BlueScope Steel, Ltd.		49,261		644,953
Boral, Ltd.		100,553		475,126
Brambles, Ltd.		135,982		926,805
Caltex Australia, Ltd.		23,714		526,223
Challenger, Ltd.		50,164		486,862
CIMIC Group, Ltd.		9,263		287,699
Coca-Cola Amatil, Ltd.		51,621		345,859
Cochlear, Ltd.		5,143		760,696
Commonwealth Bank of Australia		148,521		7,772,444
Computershare, Ltd.		42,634		557,542
Crown Resorts, Ltd.		32,684		327,973
CSL, Ltd.		38,986		5,460,465
Dexus		83,813		625,624
Domino’s Pizza Enterprises, Ltd.#		5,281		196,354
Flight Centre Travel Group, Ltd.#		5,102		237,069
Fortescue Metals Group, Ltd.		135,017		477,337
Goodman Group		155,353		1,095,743
GPT Group		151,680		575,811
Harvey Norman Holdings, Ltd.#		47,985		130,216
Healthscope, Ltd.#		141,473		250,937
Incitec Pivot, Ltd.		149,777		388,771
Insurance Australia Group, Ltd.		210,875		1,292,895
LendLease Group		49,614		702,619
Macquarie Group, Ltd.		27,816		2,396,534
Medibank Private, Ltd.		243,700		538,699
Mirvac Group		333,132		578,149
National Australia Bank, Ltd.		230,569		4,660,454
Newcrest Mining, Ltd.		67,606		1,058,111
OneMarket, Ltd.†		8,523		9,862
Orica, Ltd.		33,662		449,194
Origin Energy, Ltd.†		152,142		1,099,164
QBE Insurance Group, Ltd.		119,702		856,014
Ramsay Health Care, Ltd.		12,004		555,223
REA Group, Ltd.		4,821		312,022
Rio Tinto, Ltd.		37,142		2,323,005
Santos, Ltd.†		161,418		712,551
Scentre Group		459,377		1,448,882
SEEK, Ltd.		30,027		456,961
Sonic Healthcare, Ltd.		34,370		611,417
South32, Ltd.		453,201		1,269,461
Stockland		209,356		655,549
Suncorp Group, Ltd.		110,628		1,121,145
Sydney Airport#		98,367		540,036
Tabcorp Holdings, Ltd.		168,613		556,032
Telstra Corp., Ltd.		354,349		748,881
TPG Telecom, Ltd.#		29,457		123,826
Transurban Group		175,486		1,572,252
Treasury Wine Estates, Ltd.		63,801		797,469
Vicinity Centres		294,065		592,788
Wesfarmers, Ltd.		98,469		3,383,507
Westpac Banking Corp.		291,355		6,117,197

Security Description	Shares		Value (Note 2)
Australia (continued)
Woodside Petroleum, Ltd.		72,301	$	1,766,692
Woolworths Group, Ltd.		110,408		2,371,044
				83,322,042
Austria — 0.2%
ANDRITZ AG		6,591		328,064
Erste Group Bank AG		25,100		1,039,233
OMV AG		13,003		741,035
Raiffeisen Bank International AG†		12,801		400,870
voestalpine AG		10,030		535,173
				3,044,375
Belgium — 1.0%
Ageas		16,108		816,091
Anheuser-Busch InBev SA		65,675		6,154,987
Colruyt SA		5,784		307,221
Groupe Bruxelles Lambert SA		7,310		774,043
KBC Group NV		21,729		1,681,797
Proximus SADP		13,687		366,091
Solvay SA		6,451		865,853
Telenet Group Holding NV†		4,760		240,335
UCB SA		11,270		887,437
Umicore SA		16,667		939,903
				13,033,758
Bermuda — 0.3%
CK Infrastructure Holdings, Ltd.		57,500		433,157
First Pacific Co., Ltd.		210,000		105,941
Hongkong Land Holdings, Ltd.		101,700		737,405
Jardine Matheson Holdings, Ltd.		18,586		1,159,738
Jardine Strategic Holdings, Ltd.		18,761		668,916
Kerry Properties, Ltd.		57,000		304,575
Kingston Financial Group, Ltd.#		350,537		124,496
Li & Fung, Ltd.		516,000		200,338
NWS Holdings, Ltd.		132,000		244,990
Shangri-La Asia, Ltd.		92,000		183,070
Yue Yuen Industrial Holdings, Ltd.		64,000		197,694
				4,360,320
Canada — 0.0%
International Petroleum Corp.†		4,460		29,505
Cayman Islands — 0.7%
ASM Pacific Technology, Ltd.		21,300		278,239
CK Asset Holdings, Ltd.		224,808		1,874,623
CK Hutchison Holdings, Ltd.		232,808		2,613,807
Melco Resorts & Entertainment, Ltd. ADR		21,385		698,434
MGM China Holdings, Ltd.		84,800		244,998
Minth Group, Ltd.#		63,629		291,826
Sands China, Ltd.		215,200		1,280,204
WH Group, Ltd.*		754,500		773,073
Wharf Real Estate Investment Co., Ltd.		105,000		809,173
Wynn Macau, Ltd.		139,200		530,432
				9,394,809
Denmark — 1.7%
AP Moller - Maersk A/S, Series A		342		481,332
AP Moller - Maersk A/S, Series B		551		823,679
Carlsberg A/S, Class B		9,242		1,028,186
Chr. Hansen Holding A/S		8,591		825,995
Coloplast A/S, Class B		10,016		951,551
Danske Bank A/S		63,640		2,114,808
DSV A/S		16,276		1,352,246
Genmab A/S†		4,900		738,246
H. Lundbeck A/S		5,960		420,611
ISS A/S		14,373		491,712

118

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
Novo Nordisk A/S, Class B		160,501	$	7,633,548
Novozymes A/S, Class B		19,284		982,177
Orsted A/S*		16,180		970,727
Pandora A/S#		9,526		750,337
TDC A/S†#		71,999		567,460
Tryg A/S		9,673		222,755
Vestas Wind Systems A/S		18,545		1,217,016
William Demant Holding A/S†#		10,171		370,059
				21,942,445
Finland — 1.0%
Elisa Oyj		13,012		581,870
Fortum Oyj		39,730		934,977
Kone Oyj, Class B		29,650		1,469,910
Metso Oyj		10,103		349,875
Neste Oyj		11,361		926,151
Nokia Oyj		499,536		2,879,322
Nokian Renkaat Oyj		10,176		394,344
Orion Oyj, Class B		8,985		265,660
Sampo Oyj, Class A		38,833		1,907,131
Stora Enso Oyj, Class R		49,706		1,019,090
UPM-Kymmene Oyj		46,126		1,693,919
Wartsila Oyj Abp		39,843		840,658
				13,262,907
France — 9.8%
Accor SA		15,319		842,304
Aeroports de Paris		2,670		557,076
Air Liquide SA#		36,626		4,503,503
Alstom SA		13,320		629,589
Amundi SA*		5,181		381,989
Arkema SA		5,761		706,063
Atos SE		8,106		1,107,500
AXA SA		166,255		4,163,551
BioMerieux#		3,492		309,375
BNP Paribas SA#		96,860		6,039,199
Bollore SA		76,245		377,696
Bouygues SA		17,733		819,762
Bureau Veritas SA		23,184		574,054
Capgemini SE#		13,766		1,824,360
Carrefour SA		48,506		878,382
Casino Guichard Perrachon SA#		5,073		220,234
Cie de Saint-Gobain		42,729		2,154,099
Cie Generale des Etablissements Michelin SCA#		14,817		1,928,488
CNP Assurances		15,499		362,288
Credit Agricole SA#		96,260		1,327,198
Danone SA		51,727		3,946,871
Dassault Aviation SA		196		381,607
Dassault Systemes SE		11,107		1,560,241
Edenred		18,438		594,298
Eiffage SA		6,363		716,148
Electricite de France SA		47,299		628,930
Engie SA#		157,189		2,500,700
Essilor International Cie Generale d’Optique SA		17,737		2,424,110
Eurazeo SA		4,183		327,169
Eutelsat Communications SA		13,684		263,892
Faurecia SA		6,489		554,493
Fonciere Des Regions		2,560		267,819
Gecina SA		3,988		689,105
Getlink		42,304		573,725
Hermes International		2,729		1,947,701
ICADE		3,342		310,274
Iliad SA		2,373		403,804
Imerys SA		3,091		265,243
Ingenico Group SA		4,813		386,968

Security Description	Shares		Value (Note 2)
France (continued)
Ipsen SA		3,228	$	515,680
JCDecaux SA#		6,007		186,956
Kering SA		6,518		3,760,918
Klepierre SA		19,198		751,449
L’Oreal SA		21,636		5,200,755
Lagardere SCA		11,042		298,731
Legrand SA		23,371		1,760,483
LVMH Moet Hennessy Louis Vuitton SE		23,919		8,307,172
Natixis SA		83,129		606,382
Orange SA#		171,684		2,950,970
Pernod Ricard SA		18,427		3,104,115
Peugeot SA		50,463		1,181,540
Publicis Groupe SA		17,516		1,223,702
Remy Cointreau SA		2,166		322,402
Renault SA		16,479		1,601,652
Rexel SA		26,284		386,215
Safran SA		28,613		3,417,267
Sanofi#		97,585		7,486,200
Schneider Electric SE		48,255		4,189,599
SCOR SE		14,743		545,806
SEB SA		1,939		349,836
Societe BIC SA#		2,596		253,045
Societe Generale SA#		66,250		2,866,348
Sodexo SA		7,799		758,595
Suez#		31,651		434,727
Teleperformance		4,976		786,518
Thales SA		9,024		1,146,829
TOTAL SA		202,982		12,336,076
UbiSoft Entertainment SA†		5,397		589,597
Unibail-Rodamco SE		8,537		1,925,341
Valeo SA		20,432		1,294,698
Veolia Environnement SA#		39,667		904,651
Vinci SA		43,271		4,227,381
Vivendi SA		88,102		2,216,613
Wendel SA		2,504		330,290
				126,668,347
Germany — 9.2%
1&1 Drillisch AG†		4,555		315,248
adidas AG		16,262		3,681,565
Allianz SE		38,583		7,960,915
Axel Springer SE		3,577		259,778
BASF SE		78,782		7,764,333
Bayer AG		71,291		8,484,134
Bayerische Motoren Werke AG		28,315		2,826,121
Bayerische Motoren Werke AG (Preference Shares)		4,834		423,647
Beiersdorf AG		9,086		1,043,634
Brenntag AG		13,538		781,342
Commerzbank AG†		93,986		961,378
Continental AG		9,615		2,440,317
Covestro AG*		10,407		949,112
Daimler AG		82,962		5,984,788
Deutsche Bank AG		177,417		1,899,989
Deutsche Boerse AG		16,494		2,206,961
Deutsche Lufthansa AG		21,323		579,872
Deutsche Post AG		83,801		3,181,705
Deutsche Telekom AG		285,828		4,418,409
Deutsche Wohnen SE		30,520		1,432,107
E.ON SE		188,727		2,002,267
Evonik Industries AG		13,945		488,105
Fraport AG Frankfurt Airport Services Worldwide		3,366		315,087
Fresenius Medical Care AG & Co. KGaA		18,381		1,836,248
Fresenius SE & Co. KGaA		35,772		2,750,982
FUCHS PETROLUB SE (Preference Shares)		6,560		344,107
GEA Group AG		16,134		594,366

119

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Hannover Rueck SE		5,433	$	686,228
HeidelbergCement AG		12,680		1,123,954
Henkel AG & Co. KGaA		9,216		1,039,198
Henkel AG & Co. KGaA (Preference Shares)		15,399		1,901,852
HOCHTIEF AG		1,775		326,410
HUGO BOSS AG		5,900		530,487
Infineon Technologies AG		97,866		2,689,384
Innogy SE*		11,920		502,526
K+S AG		15,614		417,816
KION Group AG		6,089		494,615
LANXESS AG		8,308		657,915
Linde AG		15,957		3,659,262
MAN SE		3,164		344,392
Merck KGaA		11,360		1,160,288
METRO AG		14,638		197,125
MTU Aero Engines AG		4,412		833,294
Muenchener Rueckversicherungs-Gesellschaft AG		13,300		2,741,784
OSRAM Licht AG		8,525		502,662
Porsche Automobil Holding SE (Preference Shares)		13,232		976,340
ProSiebenSat.1 Media SE		19,343		569,242
Puma SE#		543		329,458
RWE AG		43,601		988,789
SAP SE		84,778		9,550,765
Schaeffler AG (Preference Shares)		14,471		216,774
Siemens AG		65,969		8,604,385
Symrise AG		10,902		885,872
Telefonica Deutschland Holding AG		64,403		272,295
thyssenkrupp AG		38,438		1,014,019
TUI AG		38,073		882,682
Uniper SE		17,207		546,011
United Internet AG		10,599		677,171
Volkswagen AG		2,804		521,656
Volkswagen AG (Preference Shares)		15,916		2,995,730
Vonovia SE		40,953		1,933,148
Wirecard AG		10,105		1,562,555
Zalando SE†*		9,569		509,953
				118,772,554
Hong Kong — 2.5%
AIA Group, Ltd.		1,039,400		9,484,471
Bank of East Asia, Ltd.		104,000		430,979
BOC Hong Kong Holdings, Ltd.		322,000		1,611,455
CLP Holdings, Ltd.		143,500		1,506,209
Galaxy Entertainment Group, Ltd.		206,000		1,808,852
Hang Lung Group, Ltd.		74,000		228,790
Hang Lung Properties, Ltd.		178,000		403,393
Hang Seng Bank, Ltd.		66,200		1,654,304
Henderson Land Development Co., Ltd.		103,580		680,511
Hong Kong & China Gas Co., Ltd.		747,204		1,614,416
Hong Kong Exchanges & Clearing, Ltd.		100,000		3,213,648
Hysan Development Co., Ltd.		54,000		311,932
I-CABLE Communications, Ltd.†		113,356		2,426
Link REIT		190,000		1,679,396
MTR Corp., Ltd.		126,500		711,328
New World Development Co., Ltd.		494,000		756,948
PCCW, Ltd.		359,000		211,344
Power Assets Holdings, Ltd.		122,000		846,821
Sino Land Co., Ltd.		262,000		452,216
SJM Holdings, Ltd.		172,000		245,718
Sun Hung Kai Properties, Ltd.		123,000		1,981,934
Swire Pacific, Ltd., Class A		46,500		479,009
Swire Properties, Ltd.		103,000		403,377
Techtronic Industries Co., Ltd.		121,500		726,922
Wharf Holdings, Ltd.		105,000		339,008

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
Wheelock & Co., Ltd.		70,000	$	525,813
				32,311,220
Ireland — 0.6%
AIB Group PLC		69,982		382,444
Bank of Ireland Group PLC		81,964		678,450
CRH PLC		72,243		2,669,140
DCC PLC		7,665		735,338
James Hardie Industries PLC CDI		38,426		642,803
Kerry Group PLC, Class A#		13,701		1,447,707
Paddy Power Betfair PLC		6,866		837,145
				7,393,027
Israel — 0.5%
Azrieli Group, Ltd.		3,211		156,430
Bank Hapoalim B.M.		94,588		652,309
Bank Leumi Le-Israel B.M.		118,692		739,283
Bezeq The Israeli Telecommunication Corp., Ltd.		171,021		209,145
Check Point Software Technologies, Ltd.†		11,272		1,097,442
Elbit Systems, Ltd.		2,013		241,363
Frutarom Industries, Ltd.		3,274		319,710
Israel Chemicals, Ltd.		39,762		183,916
Mizrahi Tefahot Bank, Ltd.		12,342		235,655
NICE, Ltd.†		5,234		552,997
Teva Pharmaceutical Industries, Ltd. ADR		78,232		1,681,988
				6,070,238
Italy — 1.8%
Assicurazioni Generali SpA#		108,037		1,838,618
Atlantia SpA#		38,942		1,127,299
Davide Campari-Milano SpA		49,117		366,602
Enel SpA		702,278		3,856,842
Eni SpA#		220,465		4,027,755
Intesa Sanpaolo SpA		1,157,887		3,435,489
Intesa Sanpaolo SpA RSP		84,245		253,651
Leonardo SpA#		35,342		359,926
Luxottica Group SpA		15,054		936,762
Mediobanca Banca di Credito Finanziario SpA		48,617		462,817
Poste Italiane SpA*		45,203		390,264
Prysmian SpA		16,919		474,656
Recordati SpA		8,955		332,057
Snam SpA		197,282		808,293
Telecom Italia SpA†		977,633		796,163
Telecom Italia SpA RSP		546,830		387,805
Terna Rete Elettrica Nazionale SpA		122,837		650,146
UniCredit SpA		172,605		2,883,891
UnipolSai Assicurazioni SpA#		81,061		178,411
				23,567,447
Japan — 24.0%
ABC-Mart, Inc.		2,800		171,975
Acom Co., Ltd.#		35,800		149,792
Aeon Co., Ltd.		53,000		1,047,434
AEON Financial Service Co., Ltd.		9,900		230,287
Aeon Mall Co., Ltd.		10,000		192,368
Air Water, Inc.		13,900		269,445
Aisin Seiki Co., Ltd.		15,300		767,581
Ajinomoto Co., Inc.		46,300		883,002
Alfresa Holdings Corp.		15,600		392,613
Alps Electric Co., Ltd.		17,302		408,979
Amada Holdings Co., Ltd.		30,100		325,916
ANA Holdings, Inc.		10,500		421,628
Aozora Bank, Ltd.		10,100		398,954
Asahi Glass Co., Ltd.		17,800		726,559
Asahi Group Holdings, Ltd.		32,900		1,717,643

120

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Asahi Kasei Corp.		110,600	$	1,513,080
Asics Corp.#		14,200		235,671
Astellas Pharma, Inc.		177,900		2,715,121
Bandai Namco Holdings, Inc.		17,200		729,229
Bank of Kyoto, Ltd.		5,900		307,690
Benesse Holdings, Inc.		5,800		210,403
Bridgestone Corp.		56,700		2,265,802
Brother Industries, Ltd.		20,900		434,643
Calbee, Inc.		6,400		233,203
Canon, Inc.#		92,700		3,161,647
Casio Computer Co., Ltd.		18,600		283,227
Central Japan Railway Co.		12,300		2,539,454
Chiba Bank, Ltd.		65,000		498,623
Chubu Electric Power Co., Inc.		57,600		890,936
Chugai Pharmaceutical Co., Ltd.		19,800		1,114,945
Chugoku Electric Power Co., Inc.		24,100		314,708
Coca-Cola Bottlers Japan Holdings, Inc.		10,602		444,097
Concordia Financial Group, Ltd.		102,000		572,323
Credit Saison Co., Ltd.		13,100		216,594
CYBERDYNE, Inc.†#		8,721		111,325
Dai Nippon Printing Co., Ltd.		22,200		474,998
Dai-ichi Life Holdings, Inc.		92,100		1,710,492
Daicel Corp.		23,100		260,512
Daifuku Co., Ltd.		8,491		437,851
Daiichi Sankyo Co., Ltd.		48,900		1,566,606
Daikin Industries, Ltd.		21,400		2,462,927
Daito Trust Construction Co., Ltd.		5,900		961,251
Daiwa House Industry Co., Ltd.		48,700		1,759,770
Daiwa House REIT Investment Corp.		119		280,084
Daiwa Securities Group, Inc.		146,000		844,633
DeNA Co., Ltd.		9,100		174,406
Denso Corp.		40,900		1,982,468
Dentsu, Inc.		18,500		881,315
Disco Corp.		2,500		469,140
Don Quijote Holdings Co., Ltd.		10,500		557,255
East Japan Railway Co.		28,400		2,801,598
Eisai Co., Ltd.		22,900		1,652,164
Electric Power Development Co., Ltd.		12,400		328,547
FamilyMart UNY Holdings Co., Ltd.#		7,000		724,598
FANUC Corp.		16,600		3,531,591
Fast Retailing Co., Ltd.		4,500		1,963,666
Fuji Electric Co., Ltd.		49,000		347,824
FUJIFILM Holdings Corp.		35,600		1,362,761
Fujitsu, Ltd.		170,000		1,037,406
Fukuoka Financial Group, Inc.		67,000		357,015
Hachijuni Bank, Ltd.		35,900		158,818
Hakuhodo DY Holdings, Inc.		20,700		313,484
Hamamatsu Photonics KK		12,200		528,526
Hankyu Hanshin Holdings, Inc.		20,200		831,082
Hikari Tsushin, Inc.		1,700		300,571
Hino Motors, Ltd.		22,300		249,011
Hirose Electric Co., Ltd.		2,835		367,990
Hisamitsu Pharmaceutical Co., Inc.		4,900		406,460
Hitachi Chemical Co., Ltd.		9,200		197,489
Hitachi Construction Machinery Co., Ltd.		9,600		351,909
Hitachi High-Technologies Corp.		5,400		245,194
Hitachi Metals, Ltd.		19,700		216,156
Hitachi, Ltd.		417,000		3,038,011
Honda Motor Co., Ltd.		148,500		4,719,215
Hoshizaki Corp.		4,700		470,332
Hoya Corp.		33,300		1,969,248
Hulic Co., Ltd.		26,000		266,015
Idemitsu Kosan Co., Ltd.		11,900		397,583
IHI Corp.		13,500		505,906
Iida Group Holdings Co., Ltd.		12,800		243,842

Security Description	Shares		Value (Note 2)
Japan (continued)
Inpex Corp.		84,000	$	931,502
Isetan Mitsukoshi Holdings, Ltd.		29,600		364,289
Isuzu Motors, Ltd.		47,600		635,472
ITOCHU Corp.		129,100		2,417,299
J. Front Retailing Co., Ltd.		21,200		332,793
Japan Airlines Co., Ltd.		10,700		413,872
Japan Airport Terminal Co., Ltd.		3,600		165,000
Japan Exchange Group, Inc.		46,100		873,617
Japan Post Bank Co., Ltd.		35,900		447,499
Japan Post Holdings Co., Ltd.		139,000		1,590,330
Japan Prime Realty Investment Corp.		68		246,718
Japan Real Estate Investment Corp.		113		592,221
Japan Retail Fund Investment Corp.		219		396,895
Japan Tobacco, Inc.		95,100		2,563,154
JFE Holdings, Inc.		43,800		902,819
JGC Corp.		17,400		361,895
JSR Corp.		15,800		307,202
JTEKT Corp.		18,000		261,027
JXTG Holdings, Inc.		263,700		1,694,514
Kajima Corp.		76,000		617,966
Kakaku.com, Inc.		13,100		283,621
Kamigumi Co., Ltd.		9,100		198,227
Kaneka Corp.		24,000		245,885
Kansai Electric Power Co., Inc.		62,600		896,652
Kansai Paint Co., Ltd.		17,600		376,304
Kao Corp.		42,600		3,294,856
Kawasaki Heavy Industries, Ltd.		12,700		384,075
KDDI Corp.		157,200		4,243,696
Keihan Holdings Co., Ltd.		8,700		293,724
Keikyu Corp.		19,899		334,597
Keio Corp.		10,000		463,499
Keisei Electric Railway Co., Ltd.		11,500		389,238
Keyence Corp.		8,500		5,195,934
Kikkoman Corp.		12,000		564,662
Kintetsu Group Holdings Co., Ltd.		16,200		676,930
Kirin Holdings Co., Ltd.		74,900		2,119,793
Kobe Steel, Ltd.		27,100		270,795
Koito Manufacturing Co., Ltd.		9,800		718,079
Komatsu, Ltd.		79,800		2,610,458
Konami Holdings Corp.		8,800		411,579
Konica Minolta, Inc.		43,100		391,585
Kose Corp.		2,579		558,999
Kubota Corp.		90,500		1,517,255
Kuraray Co., Ltd.		30,700		468,498
Kurita Water Industries, Ltd.		8,900		254,998
Kyocera Corp.		27,800		1,649,227
Kyowa Hakko Kirin Co., Ltd.		22,000		447,479
Kyushu Electric Power Co., Inc.		38,300		451,975
Kyushu Financial Group, Inc.		30,200		144,155
Kyushu Railway Co.		13,900		441,572
Lawson, Inc.		4,200		273,278
LINE Corp.†#		3,900		141,588
Lion Corp.		19,200		350,365
LIXIL Group Corp.		23,600		520,369
M3, Inc.		17,300		720,809
Mabuchi Motor Co., Ltd.		4,100		189,500
Makita Corp.		19,200		853,594
Marubeni Corp.		145,000		1,126,381
Marui Group Co., Ltd.		17,900		361,570
Maruichi Steel Tube, Ltd.		4,000		132,251
Mazda Motor Corp.		48,300		606,411
McDonald’s Holdings Co. Japan, Ltd.		5,700		286,460
Mebuki Financial Group, Inc.		81,200		294,496
Medipal Holdings Corp.		14,600		335,889
MEIJI Holdings Co., Ltd.		10,500		892,968

121

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Minebea Mitsumi, Inc.		32,500	$	613,660
MISUMI Group, Inc.		23,700		682,496
Mitsubishi Chemical Holdings Corp.		123,300		1,136,598
Mitsubishi Corp.		130,200		3,613,291
Mitsubishi Electric Corp.		167,000		2,361,158
Mitsubishi Estate Co., Ltd.		107,900		1,953,384
Mitsubishi Gas Chemical Co., Inc.		16,200		411,783
Mitsubishi Heavy Industries, Ltd.		26,900		1,015,029
Mitsubishi Materials Corp.		9,700		268,506
Mitsubishi Motors Corp.		57,900		437,120
Mitsubishi Tanabe Pharma Corp.		19,800		354,044
Mitsubishi UFJ Financial Group, Inc.		1,023,700		6,116,656
Mitsubishi UFJ Lease & Finance Co., Ltd.		44,300		263,933
Mitsui & Co., Ltd.		147,600		2,591,329
Mitsui Chemicals, Inc.		16,200		466,835
Mitsui Fudosan Co., Ltd.		78,000		1,951,301
Mitsui OSK Lines, Ltd.		9,599		252,907
Mixi, Inc.		4,000		124,875
Mizuho Financial Group, Inc.		2,077,900		3,612,853
MS&AD Insurance Group Holdings, Inc.		41,000		1,301,653
Murata Manufacturing Co., Ltd.		16,400		2,429,898
Nabtesco Corp.		10,100		328,513
Nagoya Railroad Co., Ltd.		14,400		369,181
NEC Corp.		23,000		646,960
Nexon Co., Ltd.†		33,800		557,772
NGK Insulators, Ltd.		23,100		420,019
NGK Spark Plug Co., Ltd.		13,700		373,537
NH Foods, Ltd.		7,000		287,314
Nidec Corp.		20,500		3,164,214
Nikon Corp.		30,200		488,274
Nintendo Co., Ltd.		9,700		3,993,137
Nippon Building Fund, Inc.		121		676,683
Nippon Electric Glass Co., Ltd.		6,700		180,671
Nippon Express Co., Ltd.		7,400		555,236
Nippon Paint Holdings Co., Ltd.#		13,900		579,238
Nippon Prologis REIT, Inc.		156		324,994
Nippon Steel & Sumitomo Metal Corp.		65,800		1,375,211
Nippon Telegraph & Telephone Corp.		59,700		2,795,612
Nippon Yusen KK		14,100		286,304
Nissan Chemical Industries, Ltd.		10,500		491,791
Nissan Motor Co., Ltd.		201,500		1,995,398
Nisshin Seifun Group, Inc.		18,700		394,096
Nissin Foods Holdings Co., Ltd.		5,100		378,308
Nitori Holdings Co., Ltd.		6,800		1,166,182
Nitto Denko Corp.		13,900		1,086,264
NOK Corp.		8,300		155,034
Nomura Holdings, Inc.		310,600		1,602,487
Nomura Real Estate Holdings, Inc.		10,900		254,959
Nomura Real Estate Master Fund, Inc.		310		433,793
Nomura Research Institute, Ltd.		11,600		581,872
NSK, Ltd.		33,400		377,957
NTT Data Corp.		54,000		602,127
NTT DOCOMO, Inc.		118,700		3,068,409
Obayashi Corp.		56,800		571,544
OBIC Co., Ltd.		5,600		482,893
Odakyu Electric Railway Co., Ltd.		25,399		548,456
Oji Holdings Corp.		70,000		458,535
Olympus Corp.		25,100		887,253
Omron Corp.		16,500		862,481
Ono Pharmaceutical Co., Ltd.		35,900		887,703
Oracle Corp. Japan†		3,200		242,773
Oriental Land Co., Ltd.		18,700		1,908,438
ORIX Corp.		113,400		1,895,530
Osaka Gas Co., Ltd.		33,100		720,810
Otsuka Corp.		8,200		337,256

Security Description	Shares		Value (Note 2)
Japan (continued)
Otsuka Holdings Co., Ltd.		33,700	$	1,669,143
Panasonic Corp.		189,630		2,583,285
Park24 Co., Ltd.		8,800		237,268
Persol Holdings Co., Ltd.#		15,274		326,197
Pola Orbis Holdings, Inc.		7,632		376,347
Rakuten, Inc.#		81,800		548,196
Recruit Holdings Co., Ltd.		94,183		2,609,811
Renesas Electronics Corp.†		43,000		425,050
Resona Holdings, Inc.		189,200		1,051,259
Ricoh Co., Ltd.		58,000		523,098
Rinnai Corp.		3,100		295,188
Rohm Co., Ltd.		8,200		754,459
Ryohin Keikaku Co., Ltd.		1,914		648,673
Sankyo Co., Ltd.		4,100		162,235
Santen Pharmaceutical Co., Ltd.		32,400		561,261
SBI Holdings, Inc.		17,600		477,427
Secom Co., Ltd.		18,000		1,338,981
Sega Sammy Holdings, Inc.		16,000		281,577
Seibu Holdings, Inc.		19,100		313,322
Seiko Epson Corp.		24,300		424,017
Sekisui Chemical Co., Ltd.		34,000		556,805
Sekisui House, Ltd.		52,500		933,981
Seven & i Holdings Co., Ltd.		64,400		2,844,425
Seven Bank, Ltd.		52,800		166,398
Sharp Corp.#		12,900		341,177
Shimadzu Corp.		21,800		598,276
Shimamura Co., Ltd.		1,700		173,557
Shimano, Inc.		6,400		903,010
Shimizu Corp.		45,600		443,571
Shin-Etsu Chemical Co., Ltd.		33,500		3,328,162
Shinsei Bank, Ltd.		14,400		226,892
Shionogi & Co., Ltd.		26,100		1,365,691
Shiseido Co., Ltd.		31,900		2,516,268
Shizuoka Bank, Ltd.		46,000		442,368
Showa Shell Sekiyu KK		16,500		218,774
SMC Corp.		4,900		1,854,975
SoftBank Group Corp.		71,200		5,053,610
Sohgo Security Services Co., Ltd.		6,200		283,030
Sompo Holdings, Inc.		29,900		1,295,131
Sony Corp.		109,100		5,144,151
Sony Financial Holdings, Inc.		15,500		283,881
Stanley Electric Co., Ltd.		12,400		421,061
Start Today Co., Ltd.		16,593		574,207
Subaru Corp.		52,700		1,608,424
SUMCO Corp.		20,204		486,886
Sumitomo Chemical Co., Ltd.		132,000		795,691
Sumitomo Corp.		100,900		1,688,609
Sumitomo Dainippon Pharma Co., Ltd.#		13,900		288,028
Sumitomo Electric Industries, Ltd.		65,200		978,318
Sumitomo Heavy Industries, Ltd.		9,600		337,426
Sumitomo Metal Mining Co., Ltd.		20,500		781,053
Sumitomo Mitsui Financial Group, Inc.		115,900		4,786,716
Sumitomo Mitsui Trust Holdings, Inc.		28,400		1,181,450
Sumitomo Realty & Development Co., Ltd.		31,000		1,165,279
Sumitomo Rubber Industries, Ltd.#		15,400		257,346
Sundrug Co., Ltd.		6,380		289,079
Suntory Beverage & Food, Ltd.		12,300		544,590
Suruga Bank, Ltd.		15,000		172,291
Suzuken Co., Ltd.		6,700		299,713
Suzuki Motor Corp.		29,400		1,685,277
Sysmex Corp.		13,500		1,210,360
T&D Holdings, Inc.		47,100		738,726
Taiheiyo Cement Corp.		10,400		383,442
Taisei Corp.		18,000		985,062
Taisho Pharmaceutical Holdings Co., Ltd.		2,700		285,975

122

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Taiyo Nippon Sanso Corp.		11,500	$	170,046
Takashimaya Co., Ltd.		26,000		216,632
Takeda Pharmaceutical Co., Ltd.#		61,300		2,498,886
TDK Corp.		11,300		1,012,629
Teijin, Ltd.		16,400		317,206
Terumo Corp.		27,800		1,641,517
THK Co., Ltd.		9,900		349,693
Tobu Railway Co., Ltd.		16,900		522,369
Toho Co., Ltd.		9,800		339,172
Toho Gas Co., Ltd.		7,100		223,469
Tohoku Electric Power Co., Inc.		40,700		518,633
Tokio Marine Holdings, Inc.		58,100		2,787,894
Tokyo Electric Power Co. Holdings, Inc.†		129,500		613,834
Tokyo Electron, Ltd.		13,500		2,511,815
Tokyo Gas Co., Ltd.		35,100		954,447
Tokyo Tatemono Co., Ltd.		17,900		247,404
Tokyu Corp.		45,600		808,987
Tokyu Fudosan Holdings Corp.		42,700		313,700
Toppan Printing Co., Ltd.		44,000		357,876
Toray Industries, Inc.		128,400		1,047,667
Toshiba Corp.†		357,000		1,001,260
Tosoh Corp.		25,100		438,432
TOTO, Ltd.		12,100		629,693
Toyo Seikan Group Holdings, Ltd.		14,200		237,681
Toyo Suisan Kaisha, Ltd.		7,000		249,361
Toyoda Gosei Co., Ltd.		5,600		147,056
Toyota Industries Corp.		14,400		838,341
Toyota Motor Corp.		224,300		14,197,162
Toyota Tsusho Corp.		18,700		643,274
Trend Micro, Inc.		10,600		597,859
Tsuruha Holdings, Inc.		3,104		460,161
Unicharm Corp.		34,800		1,078,491
United Urban Investment Corp.		259		396,847
USS Co., Ltd.		19,799		373,700
West Japan Railway Co.		14,600		1,048,102
Yahoo Japan Corp.#		127,800		463,670
Yakult Honsha Co., Ltd.		7,500		492,354
Yamada Denki Co., Ltd.		59,300		306,635
Yamaguchi Financial Group, Inc.		16,000		192,516
Yamaha Corp.		14,700		765,585
Yamaha Motor Co., Ltd.		23,400		674,348
Yamato Holdings Co., Ltd.#		31,100		890,603
Yamazaki Baking Co., Ltd.		10,500		227,073
Yaskawa Electric Corp.		22,100		887,581
Yokogawa Electric Corp.		18,700		339,991
Yokohama Rubber Co., Ltd.#		8,700		188,030
				308,605,123
Jersey — 1.2%
Experian PLC		79,542		1,947,713
Ferguson PLC		22,055		1,709,300
Glencore PLC		1,049,033		5,190,397
Randgold Resources, Ltd.		7,812		620,654
Shire PLC		77,596		4,243,323
WPP PLC		109,592		1,796,254
				15,507,641
Luxembourg — 0.3%
ArcelorMittal		57,332		1,845,929
Eurofins Scientific SE		947		489,172
Millicom International Cellular SA SDR		5,889		371,535
RTL Group SA		3,481		262,533
SES SA FDR#		31,171		538,446
Tenaris SA		42,231		758,666
				4,266,281

Security Description	Shares		Value (Note 2)
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		629,900	$	147,886
Netherlands — 4.4%
ABN AMRO Group NV CVA#*		36,116		939,280
Aegon NV		151,167		938,826
AerCap Holdings NV†		11,911		658,797
Airbus SE		49,610		5,692,416
Akzo Nobel NV		21,757		1,906,758
Altice NV, Class A†		41,160		145,382
ASML Holding NV		33,351		6,506,820
Boskalis Westminster NV		7,750		213,887
CNH Industrial NV		88,171		1,028,728
EXOR NV		8,981		661,436
Ferrari NV		10,613		1,396,493
Fiat Chrysler Automobiles NV†		92,414		2,094,131
Heineken Holding NV		10,314		1,005,985
Heineken NV		22,365		2,242,218
ING Groep NV		334,901		4,866,861
Koninklijke Ahold Delhaize NV		111,449		2,563,558
Koninklijke DSM NV		15,554		1,545,048
Koninklijke KPN NV		295,011		801,407
Koninklijke Philips NV		80,505		3,287,021
Koninklijke Vopak NV#		6,296		308,460
NN Group NV		25,901		1,111,203
NXP Semiconductors NV†		29,897		3,408,258
QIAGEN NV†		18,416		668,043
Randstad NV		10,254		613,359
RELX NV		83,415		1,825,039
STMicroelectronics NV		54,733		1,302,934
Unilever NV CVA#		140,635		7,836,081
Wolters Kluwer NV		26,148		1,471,491
				57,039,920
New Zealand — 0.2%
Auckland International Airport, Ltd.		87,262		402,253
Fisher & Paykel Healthcare Corp., Ltd.		48,839		452,774
Fletcher Building, Ltd.#		76,484		352,698
Mercury NZ, Ltd.#		59,213		133,712
Meridian Energy, Ltd.		109,559		228,579
Ryman Healthcare, Ltd.		33,839		269,657
Spark New Zealand, Ltd.		164,001		419,242
				2,258,915
Norway — 0.7%
DNB ASA		84,364		1,507,691
Equinor ASA†		97,969		2,571,925
Gjensidige Forsikring ASA		18,149		280,430
Marine Harvest ASA#		35,612		712,722
Norsk Hydro ASA		120,524		754,827
Orkla ASA		70,523		636,636
Schibsted ASA, Class B		7,831		212,576
Telenor ASA		66,333		1,366,146
Yara International ASA		16,074		663,466
				8,706,419
Papua New Guinea — 0.1%
Oil Search, Ltd.		118,644		739,736
Portugal — 0.2%
Banco Espirito Santo SA†(1)(2)		213,818		0
EDP - Energias de Portugal SA		207,026		809,959
Galp Energia SGPS SA		42,912		798,544
Jeronimo Martins SGPS SA		22,353		350,939
				1,959,442
Singapore — 1.3%
Ascendas Real Estate Investment Trust		210,700		416,126
CapitaLand Commercial Trust		178,700		227,612

123

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
CapitaLand Mall Trust		216,000	$	333,131
CapitaLand, Ltd.		228,000		587,204
City Developments, Ltd.		35,900		299,455
ComfortDelGro Corp., Ltd.		181,100		332,019
DBS Group Holdings, Ltd.		153,100		3,229,379
Genting Singapore PLC		543,500		509,169
Hutchison Port Holdings Trust		507,600		138,750
Jardine Cycle & Carriage, Ltd.		9,200		235,342
Keppel Corp., Ltd.		127,600		731,038
Oversea-Chinese Banking Corp., Ltd.		269,500		2,511,176
SATS, Ltd.		56,300		216,423
Sembcorp Industries, Ltd.		86,400		188,471
Singapore Airlines, Ltd.		48,700		408,892
Singapore Exchange, Ltd.		69,600		375,506
Singapore Press Holdings, Ltd.#		142,800		279,693
Singapore Technologies Engineering, Ltd.		138,000		357,447
Singapore Telecommunications, Ltd.		701,400		1,714,401
StarHub, Ltd.#		52,800		76,084
Suntec Real Estate Investment Trust		200,400		268,399
United Overseas Bank, Ltd.		111,600		2,335,977
UOL Group, Ltd.		39,600		239,190
Wilmar International, Ltd.		140,400		338,819
Yangzijiang Shipbuilding Holdings, Ltd.		169,200		121,137
				16,470,840
Spain — 2.9%
Abertis Infraestructuras SA#		59,632		1,280,036
ACS Actividades de Construccion y Servicios SA		20,223		837,564
Aena SME SA*		5,970		1,146,772
Amadeus IT Group SA		38,264		3,032,368
Banco Bilbao Vizcaya Argentaria SA		572,774		3,910,215
Banco de Sabadell SA		461,330		774,015
Banco Santander SA		1,382,200		7,415,540
Bankia SA#		87,009		331,812
Bankinter SA		60,021		581,286
CaixaBank SA		308,011		1,309,390
Enagas SA		19,486		521,532
Endesa SA		27,796		614,646
Ferrovial SA		41,974		855,358
Gas Natural SDG SA		31,192		764,371
Grifols SA#		26,744		785,688
Iberdrola SA		505,605		3,582,169
Industria de Diseno Textil SA		94,264		2,970,922
International Consolidated Airlines Group SA		54,895		497,377
Mapfre SA		82,850		252,060
Red Electrica Corp. SA		38,638		754,659
Repsol SA		106,749		2,030,637
Siemens Gamesa Renewable Energy SA#		20,517		314,888
Telefonica SA		387,604		3,421,045
				37,984,350
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.#*		216,769		209,996
HKT Trust & HKT, Ltd.		319,000		402,492
Unibail-Rodamco SE & WFD Unibail-Rodamco NV CDI†		62,871		699,407
				1,311,895
Sweden — 2.5%
Alfa Laval AB		25,170		629,054
Arjo AB, Class B		17,905		59,917
Assa Abloy AB, Class B		86,683		1,864,884
Atlas Copco AB, Class A		57,893		2,291,299
Atlas Copco AB, Class A(Redemption Shares)†		57,893		52,509
Atlas Copco AB, Class B		34,810		1,260,497
Atlas Copco AB, Class B(Redemption Shares)†		34,810		31,545

Security Description	Shares		Value (Note 2)
Sweden (continued)
Boliden AB		24,395	$	860,447
Boliden AB(Redemption Shares)†		24,395		15,853
Electrolux AB, Series B		21,626		533,359
Essity AB, Class B		52,841		1,339,760
Getinge AB, Class B		17,905		173,638
Hennes & Mauritz AB, Class B		83,121		1,253,060
Hexagon AB, Class B		22,849		1,288,026
Husqvarna AB, Class B		36,460		358,556
ICA Gruppen AB		6,868		211,989
Industrivarden AB, Class C		14,317		300,910
Investor AB, Class B		39,679		1,646,391
Kinnevik AB, Class B		21,025		733,062
L E Lundbergforetagen AB		6,172		199,483
Lundin Petroleum AB		16,054		509,353
Nordea Bank AB		262,793		2,528,774
Sandvik AB		97,081		1,684,388
Securitas AB, Class B		28,056		451,290
Skandinaviska Enskilda Banken AB, Class A		130,991		1,180,877
Skanska AB, Class B		29,272		539,178
SKF AB, Class B		32,673		635,060
Svenska Handelsbanken AB, Class A		129,082		1,414,906
Swedbank AB, Class A		78,926		1,641,535
Swedish Match AB		15,412		730,906
Tele2 AB, Class B		28,579		349,890
Telefonaktiebolaget LM Ericsson, Class B		265,671		1,924,399
Telia Co AB		229,442		1,073,859
Volvo AB, Class B		135,410		2,332,198
				32,100,852
Switzerland — 7.3%
ABB, Ltd.		158,068		3,592,794
Adecco Group AG#		14,490		867,410
Baloise Holding AG		4,243		621,254
Barry Callebaut AG		197		344,417
Chocoladefabriken Lindt & Spruengli AG		10		756,457
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		87		557,209
Cie Financiere Richemont SA		44,712		4,105,974
Clariant AG		19,729		477,042
Coca-Cola HBC AG		15,621		533,780
Credit Suisse Group AG		209,225		3,178,363
Dufry AG#		3,018		410,981
EMS-Chemie Holding AG		739		463,230
Geberit AG		3,176		1,369,380
Givaudan SA		815		1,811,929
Julius Baer Group, Ltd.		19,317		1,124,037
Kuehne & Nagel International AG		4,873		732,712
LafargeHolcim, Ltd.#		39,286		2,015,321
Lonza Group AG		6,357		1,706,199
Nestle SA		267,448		20,157,649
Novartis AG		191,013		14,171,950
Pargesa Holding SA		2,757		241,505
Partners Group Holding AG		1,488		1,072,449
Roche Holding AG		60,295		12,932,226
Schindler Holding AG		1,916		393,113
Schindler Holding AG (Participation Certificate)		3,440		728,246
SGS SA		474		1,228,362
Sika AG		185		1,472,894
Sonova Holding AG		4,591		801,249
Straumann Holding AG		818		540,583
Swatch Group AG		4,452		396,347
Swatch Group AG BR		2,655		1,288,289
Swiss Life Holding AG		2,866		977,146
Swiss Prime Site AG		5,850		545,531
Swiss Re AG		27,104		2,346,069

124

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
Swisscom AG#		2,262	$	1,007,476
UBS Group AG		316,286		4,752,760
Vifor Pharma AG#		4,215		655,760
Zurich Insurance Group AG		13,025		3,868,438
				94,246,531
United Kingdom — 16.2%
3i Group PLC		83,463		1,057,730
Admiral Group PLC		18,161		464,930
Anglo American PLC#		115,011		2,748,832
Antofagasta PLC		35,163		491,732
Ashtead Group PLC		42,799		1,320,696
Associated British Foods PLC		31,019		1,092,276
AstraZeneca PLC		109,160		7,967,851
Auto Trader Group PLC*		86,570		405,837
Aviva PLC		347,846		2,362,466
Babcock International Group PLC		22,156		245,403
BAE Systems PLC		274,689		2,335,415
Barclays PLC		1,454,717		3,819,937
Barratt Developments PLC		87,592		635,422
Berkeley Group Holdings PLC		11,202		632,378
BHP Billiton PLC		184,078		4,232,492
BP PLC		1,688,117		12,936,842
British American Tobacco PLC		196,807		10,124,224
British Land Co. PLC		85,679		770,907
BT Group PLC		724,373		1,973,255
Bunzl PLC		30,099		916,388
Burberry Group PLC		36,971		1,016,987
Capita PLC#		59,319		106,555
Carnival PLC		16,735		1,070,720
Centrica PLC		468,325		908,381
Cobham PLC†#		206,348		340,959
Coca-Cola European Partners PLC		18,399		698,610
Compass Group PLC		137,018		2,946,513
ConvaTec Group PLC*		117,763		362,074
Croda International PLC		11,280		699,235
Diageo PLC		217,168		7,976,882
Direct Line Insurance Group PLC		122,216		580,389
easyJet PLC		14,520		329,302
Fresnillo PLC#		19,415		342,943
G4S PLC		136,683		490,556
GKN PLC		149,120		951,200
GlaxoSmithKline PLC		423,063		8,571,176
Hammerson PLC		69,313		503,204
Hargreaves Lansdown PLC#		21,429		542,002
HSBC Holdings PLC		1,726,481		16,542,382
IMI PLC		24,413		376,593
Imperial Brands PLC		82,255		2,963,874
InterContinental Hotels Group PLC		15,349		982,499
Intertek Group PLC		14,600		1,061,105
Investec PLC		56,442		417,000
ITV PLC		314,144		677,685
J Sainsbury PLC		139,226		589,250
John Wood Group PLC#		58,171		517,553
Johnson Matthey PLC		16,783		783,993
Kingfisher PLC		190,968		773,692
Land Securities Group PLC		65,798		811,657
Legal & General Group PLC		514,887		1,847,182
Lloyds Banking Group PLC		6,162,617		5,179,306
London Stock Exchange Group PLC		27,572		1,641,331
Marks & Spencer Group PLC#		144,358		544,265
Mediclinic International PLC#		31,976		259,826
Meggitt PLC		70,892		463,472
Merlin Entertainments PLC*		57,170		278,806
Micro Focus International PLC#		37,812		670,536

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Mondi PLC		32,363	$	898,958
National Grid PLC		297,555		3,289,263
Next PLC		12,467		961,407
Old Mutual PLC		434,547		1,385,651
Pearson PLC#		73,394		879,840
Persimmon PLC		27,145		1,022,119
Prudential PLC		222,497		5,344,000
Reckitt Benckiser Group PLC		57,252		4,385,230
RELX PLC		92,728		2,037,424
Rio Tinto PLC		105,945		5,973,617
Rolls-Royce Holdings PLC		142,883		1,563,199
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)†		10,144,693		13,486
Royal Bank of Scotland Group PLC†		303,869		1,111,544
Royal Dutch Shell PLC, Class A		387,013		13,416,720
Royal Dutch Shell PLC, Class B		322,909		11,495,097
Royal Mail PLC		79,007		534,621
RSA Insurance Group PLC		90,305		782,583
Sage Group PLC		95,258		837,014
Schroders PLC		11,277		484,391
Segro PLC		85,241		741,907
Severn Trent PLC		21,210		560,932
Sky PLC		91,579		1,639,864
Smith & Nephew PLC		77,956		1,418,479
Smiths Group PLC		35,603		833,456
SSE PLC		87,200		1,585,299
St James’s Place PLC		45,882		727,246
Standard Chartered PLC		285,813		2,867,881
Standard Life Aberdeen PLC		232,721		1,082,462
Taylor Wimpey PLC		287,464		726,765
Tesco PLC		704,189		2,300,439
Travis Perkins PLC		22,495		402,426
Unilever PLC		108,326		5,972,217
United Utilities Group PLC		60,120		620,155
Vodafone Group PLC		2,296,997		5,876,772
Weir Group PLC#		19,272		561,534
Whitbread PLC		15,819		886,483
WM Morrison Supermarkets PLC		187,531		612,435
				208,187,624
United States — 0.1%
Worldpay, Inc., Class A†#		11,612		881,148
Total Common Stocks
(cost $1,145,880,189)				1,253,587,597
EXCHANGE-TRADED FUNDS — 0.3%
United States — 0.3%
iShares MSCI EAFE ETF# (cost $3,413,682)		47,500		3,296,500
RIGHTS — 0.0%
Netherlands — 0.0%
Altice NV† Expires 06/04/2018		41,160		300,289
Spain — 0.0%
Ferrovial SA† Expires 06/01/2018		41,974		15,310
Total Rights
(cost $308,703)				315,599
Total Long-Term Investment Securities
(cost $1,149,602,574)				1,257,199,696
SHORT-TERM INVESTMENT SECURITIES — 5.9%
Registered Investment Companies — 5.3%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4)		67,527,084		67,527,084

125

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 0.6%
United States Treasury Bills
1.71% due 06/14/2018(5)	$	265,000		$	264,849
1.74% due 06/28/2018(5)		420,000			419,454
1.76% due 07/19/2018(5)		200,000			199,525
1.80% due 07/05/2018(5)		1,000,000			998,345
1.82% due 08/23/2018(5)		4,000,000			3,982,858
1.90% due 09/20/2018(5)		2,000,000			1,988,268
					7,853,299
Total Short-Term Investment Securities
(cost $75,380,730)					75,380,383
REPURCHASE AGREEMENTS — 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $5,430,042 collateralized by $5,910,000 of U.S. Treasury Notes, bearing interest at 2.00% due 11/15/2026 and having an approximate value of $5,539,709 (cost $5,430,000)		5,430,000			5,430,000
TOTAL INVESTMENTS —
(cost $1,230,413,304)(6)		103.9	%		1,338,010,079
Liabilities in excess of other assets		(3.9	)		(50,023,427	)
NET ASSETS —		100.0	%	$	1,287,986,652

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $7,820,409 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Illiquid security. At May 31, 2018, the aggregate value of these securities was $188 representing 0.0% of net assets.

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

(3) At May 31, 2018, the Fund had loaned securities with a total value of $73,439,680. This was secured by collateral of $67,527,084, which was received in cash and subsequently invested in short-term investments currently valued at $67,527,084 as reported in the Portfolio of Investments. Additional collateral of $9,840,239 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	2.75% to 3.50%	11/01/2034 to 12/01/2047	$	643,204
Federal National Mtg. Assoc.	3.00% to 4.46%	10/01/2032 to 11/01/2046		613,419
Government National Mtg. Assoc.	2.50% to 4.00%	08/20/2044 to 04/16/2059		656,651
United States Treasury Bills	0.00%	06/07/2018 to 01/31/2019		227,175
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 05/15/2047		7,699,790

(4) The rate shown is the 7-day yield as of May 31, 2018.

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

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

ADR—American Depositary Receipt

BR—Bearer Share

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange-Traded Funds

FDR—Fiduciary Depositary Receipt

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

SDR—Swedish Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	241	Long	mini MSCI EAFE Index		June 2018	$	24,454,321	$	23,943,350	$	(510,971	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	9,862	$	83,311,992	**	$	188	$	83,322,042
Portugal		—		1,959,442	**		0		1,959,442
United Kingdom		1,649,810		206,537,814	***		—		208,187,624
Other Countries		8,673,691		951,444,798	**		—		960,118,489
Exchange-Traded Funds		3,296,500		—			—		3,296,500
Rights		315,599		—			—		315,599
Short-Term Investment Securities:
Registered Investment Companies		67,527,084		—			—		67,527,084
U.S. Government Treasuries		—		7,853,299			—		7,853,299
Repurchase Agreements		—		5,430,000			—		5,430,000
Total Investments at Value	$	81,472,546	$	1,256,537,345		$	188	$	1,338,010,079

126

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	510,971	$	—	$	—	$	510,971

* 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).

*** Amount includes $206,524,328 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $1,208,050,452 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

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

See Notes to Financial Statements

127

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Sovereign	71.2	%
United States Treasury Notes	17.7
Registered Investment Companies	3.1
United States Treasury Bonds	2.2
Oil Companies — Integrated	0.8
Electric — Distribution	0.6
Banks — Commercial	0.6
Platinum	0.5
Cellular Telecom	0.5
Banks — Export/Import	0.3
Diversified Operations	0.3
Electric — Generation	0.3
Oil Companies — Exploration & Production	0.2
Transport — Marine	0.2
Non-Ferrous Metals	0.2
Diamonds/Precious Stones	0.2
Gas — Distribution	0.2
Finance — Commercial	0.2
Real Estate Operations & Development	0.1
Transport — Services	0.1
Chemicals — Diversified	0.1
Building Products — Cement	0.1
Metal — Diversified	0.1
Electric — Integrated	0.1
Airlines	0.1
	100.0	%

Country Allocation*

United States	23.5	%
Japan	13.2
United Kingdom	4.7
Germany	4.6
France	4.4
Italy	4.1
Mexico	3.6
Argentina	3.0
Australia	2.7
Indonesia	2.1
Dominican Republic	2.0
Sri Lanka	1.7
Ecuador	1.7
Turkey	1.6
Colombia	1.6
Netherlands	1.6
Spain	1.6
Russia	1.3
Nigeria	1.3
Ivory Coast	1.3
Senegal	1.2
Egypt	1.1
South Africa	1.1
Uruguay	1.0
Sweden	0.9
Ukraine	0.9
Brazil	0.9
Lebanon	0.9
Lithuania	0.8
Belgium	0.8
Austria	0.8
Poland	0.8
Honduras	0.7
Jordan	0.7
Chile	0.7
British Virgin Islands	0.6
Romania	0.5

Kazakhstan	0.5
Malaysia	0.5
Qatar	0.5
Ireland	0.4
Belarus	0.4
Paraguay	0.3
Luxembourg	0.3
Bermuda	0.3
Peru	0.2
Cayman Islands	0.2
Hungary	0.2
Singapore	0.1
China	0.1
	100.0	%

Credit Quality†#

Aaa	28.4	%
Aa	10.5
A	19.9
Baa	13.3
Ba	9.0
B	8.6
Caa	0.6
Not Rated@	9.7
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Moody’s

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

128

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 5.0%
Argentina — 0.4%
Capex SA Senior Notes 6.88% due 05/15/2024	$	290,000	$	273,554
Genneia SA Senior Notes 8.75% due 01/20/2022		280,000		282,750
YPF SA Senior Notes 6.95% due 07/21/2027		290,000		268,612
				824,916
Bermuda — 0.3%
China Resources Gas Group, Ltd. Senior Notes 4.50% due 04/05/2022		290,000		296,098
Geopark, Ltd. Senior Sec. Notes 6.50% due 09/21/2024		290,000		281,033
				577,131
British Virgin Islands — 0.6%
State Grid Overseas Investment, Ltd. Company Guar. Notes 3.13% due 05/22/2023*		1,200,000		1,173,498
State Grid Overseas Investment, Ltd. Company Guar. Notes 4.13% due 05/07/2024*		200,000		204,106
				1,377,604
Cayman Islands — 0.2%
Future Land Development Holdings, Ltd. Senior Sec. Notes 5.00% due 02/16/2020		300,000		293,449
Gol Finance, Inc. Company Guar. Notes 7.00% due 01/31/2025*		310,000		265,050
				558,499
Chile — 0.2%
Codelco, Inc. Senior Notes 3.63% due 08/01/2027		400,000		380,528
China — 0.1%
Bank of China, Ltd. Sub. Notes 5.00% due 11/13/2024		220,000		225,481
Indonesia — 0.3%
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		318,000		325,721
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		400,000		388,500
				714,221
Luxembourg — 0.3%
Millicom International Cellular SA Senior Notes 6.00% due 03/15/2025		290,000		292,320
Rumo Luxembourg SARL Company Guar. Notes 7.38% due 02/09/2024		280,000		289,660
				581,980

Security Description	Principal Amount(1)		Value (Note 2)
Mexico — 1.1%
Comision Federal de Electricidad Senior Notes 4.75% due 02/23/2027*	$	200,000	$	194,000
Grupo KUO SAB De CV Senior Notes 5.75% due 07/07/2027*		450,000		420,750
Grupo KUO SAB De CV Senior Notes 5.75% due 07/07/2027		290,000		271,150
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		520,000		491,348
Petroleos Mexicanos Company Guar. Notes 7.19% due 09/12/2024	MXN	15,000,000		669,840
Unifin Financiera SAB de CV SOFOM ENR Company Guar. Notes 7.25% due 09/27/2023		290,000		284,200
				2,331,288
Netherlands — 0.5%
CIMPOR Financial Operations BV Company Guar. Notes 5.75% due 07/17/2024		310,000		279,003
GTH Finance BV Company Guar. Notes 7.25% due 04/26/2023*		200,000		208,414
Petrobras Global Finance BV Company Guar. Notes 6.00% due 01/27/2028		300,000		277,800
VEON Holdings BV Senior Notes 4.95% due 06/16/2024		355,000		335,120
				1,100,337
Nigeria — 0.3%
Fidelity Bank PLC Senior Notes 10.50% due 10/16/2022		290,000		297,134
Zenith Bank PLC Senior Notes 7.38% due 05/30/2022		290,000		294,405
				591,539
Peru — 0.1%
Banco Internacional del Peru SAA Interbank Notes 3.38% due 01/18/2023*		270,548		257,291
Singapore — 0.1%
Medco Platinum Road Pte, Ltd. Senior Sec. Notes 6.75% due 01/30/2025*		310,000		291,426
Turkey — 0.2%
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		300,000		279,600
Yapi ve Kredi Bankasi AS Senior Notes 5.75% due 02/24/2022		310,000		291,779
				571,379
United Kingdom — 0.3%
Petra Diamonds US Treasury PLC Sec. Notes 7.25% due 05/01/2022		300,000		297,600

129

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
United Kingdom (continued)
Vedanta Resources PLC Senior Notes 6.13% due 08/09/2024	$	300,000	$	278,830
				576,430
Total Foreign Corporate Bonds & Notes
(cost $11,568,709)				10,960,050
FOREIGN GOVERNMENT OBLIGATIONS — 71.5%
Argentina — 2.6%
Republic of Argentina Senior Notes 2.50% due 12/31/2038(2)		2,000,000		1,211,020
Republic of Argentina Senior Notes 4.63% due 01/11/2023		730,000		662,110
Republic of Argentina Senior Notes 5.25% due 01/15/2028	EUR	1,000,000		1,063,836
Republic of Argentina Senior Notes 5.63% due 01/26/2022		80,000		76,600
Republic of Argentina Senior Notes 5.88% due 01/11/2028		690,000		602,025
Republic of Argentina Senior Notes 6.88% due 04/22/2021		600,000		606,000
Republic of Argentina Senior Bonds 6.88% due 01/11/2048		1,000,000		820,000
Republic of Argentina Senior Notes 7.63% due 04/22/2046		300,000		264,750
Republic of Argentina Senior Notes 8.28% due 12/31/2033		140,204		140,416
Republic of Argentina Senior Notes 8.28% due 12/31/2033		280,407		280,831
				5,727,588
Australia — 2.7%
Commonwealth of Australia Senior Notes 2.00% due 12/21/2021	AUD	1,700,000		1,277,653
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD	1,000,000		769,170
Commonwealth of Australia Senior Notes 2.75% due 06/21/2035	AUD	1,000,000		733,029
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD	1,400,000		1,106,853
Commonwealth of Australia Senior Notes 3.25% due 04/21/2029	AUD	900,000		716,021
Commonwealth of Australia Senior Notes 3.75% due 04/21/2037	AUD	1,500,000		1,251,964
				5,854,690
Austria — 0.8%
Republic of Austria Bonds 6.25% due 07/15/2027	EUR	1,000,000		1,770,203

Security Description	Principal Amount(1)		Value (Note 2)
Belarus — 0.4%
Republic of Belarus Senior Notes 6.20% due 02/28/2030	$	900,000	$	875,520
Belgium — 0.8%
Kingdom of Belgium Senior Bonds 1.00% due 06/22/2026*	EUR	1,500,000		1,827,086
Brazil — 0.9%
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		600,000		486,000
Federative Republic of Brazil Senior Notes 5.63% due 02/21/2047		370,000		325,600
Federative Republic of Brazil Senior Notes 8.50% due 01/05/2024	BRL	2,000,000		524,214
Federative Republic of Brazil Senior Notes 10.25% due 01/10/2028	BRL	2,000,000		582,162
				1,917,976
Chile — 0.5%
Republic of Chile Senior Notes 2.25% due 10/30/2022		630,000		603,484
Republic of Chile Senior Notes 3.24% due 02/06/2028		500,000		479,000
				1,082,484
Colombia — 1.6%
Republic of Colombia Senior Notes 3.88% due 04/25/2027		600,000		573,000
Republic of Colombia Senior Notes 4.38% due 07/12/2021		600,000		609,900
Republic of Colombia Senior Notes 5.00% due 06/15/2045		400,000		386,000
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		1,100,000		1,364,000
Republic of Colombia Senior Notes 9.85% due 06/28/2027	COP	1,500,000,000		652,670
				3,585,570
Dominican Republic — 2.0%
Dominican Republic Senior Bonds 5.50% due 01/27/2025		700,000		696,668
Dominican Republic Senior Bonds 5.88% due 04/18/2024		1,500,000		1,536,855
Dominican Republic Senior Bonds 6.85% due 01/27/2045		600,000		596,856
Dominican Republic Senior Bonds 7.45% due 04/30/2044		500,000		534,025
Dominican Republic Senior Notes 7.50% due 05/06/2021		600,000		628,188

130

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Dominican Republic (continued)
Dominican Republic Senior Bonds 8.63% due 04/20/2027	$	300,000	$	343,500
				4,336,092
Ecuador — 1.7%
Republic of Ecuador Senior Notes 7.88% due 01/23/2028*		1,900,000		1,672,000
Republic of Ecuador Senior Notes 9.63% due 06/02/2027		800,000		786,160
Republic of Ecuador Senior Notes 9.65% due 12/13/2026*		700,000		687,190
Republic of Ecuador Senior Notes 10.75% due 03/28/2022		500,000		521,350
				3,666,700
Egypt — 1.1%
Government of Egypt Senior Notes 5.58% due 02/21/2023*		390,000		385,098
Government of Egypt Senior Notes 6.59% due 02/21/2028*		650,000		634,330
Government of Egypt Senior Notes 7.50% due 01/31/2027		900,000		939,411
Government of Egypt Senior Notes 8.50% due 01/31/2047		535,000		567,121
				2,525,960
France — 4.4%
Government of France Bonds 0.50% due 05/25/2025	EUR	2,000,000		2,380,477
Government of France Bonds 2.75% due 10/25/2027	EUR	600,000		843,161
Government of France Bonds 4.00% due 04/25/2060	EUR	350,000		690,711
Government of France Bonds 4.25% due 10/25/2023	EUR	1,400,000		2,017,524
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		792,189
Government of France Bonds 5.75% due 10/25/2032	EUR	700,000		1,349,262
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000		1,665,794
				9,739,118
Germany — 4.6%
Federal Republic of Germany Bonds 0.50% due 02/15/2026	EUR	2,900,000		3,499,548

Security Description	Principal Amount(1)		Value (Note 2)
Germany (continued)
Federal Republic of Germany Bonds 1.00% due 08/15/2025#	EUR	1,700,000	$	2,128,566
Federal Republic of Germany Bonds 1.75% due 02/15/2024	EUR	800,000		1,038,491
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	350,000		664,307
Federal Republic of Germany Bonds 5.50% due 01/04/2031	EUR	750,000		1,414,375
Federal Republic of Germany Bonds 6.50% due 07/04/2027	EUR	800,000		1,465,697
				10,210,984
Honduras — 0.7%
Republic of Honduras Senior Notes 6.25% due 01/19/2027		850,000		853,621
Republic of Honduras Senior Notes 8.75% due 12/16/2020		600,000		647,850
				1,501,471
Hungary — 0.2%
Republic of Hungary Bonds 1.75% due 10/26/2022	HUF	150,000,000		549,679
Indonesia — 1.8%
Republic of Indonesia Senior Notes 2.95% due 01/11/2023		810,000		772,940
Republic of Indonesia Senior Notes 3.70% due 01/08/2022		550,000		545,501
Republic of Indonesia Senior Notes 4.35% due 01/11/2048		800,000		732,948
Republic of Indonesia Senior Notes 5.88% due 01/15/2024		1,400,000		1,509,064
Republic of Indonesia Senior Notes 6.63% due 02/17/2037		300,000		351,832
				3,912,285
Ireland — 0.4%
Republic of Ireland Bonds 2.00% due 02/18/2045	EUR	750,000		923,096
Italy — 4.1%
Republic of Italy Bonds 0.65% due 10/15/2023	EUR	700,000		754,120
Republic of Italy Bonds 1.50% due 06/01/2025	EUR	1,100,000		1,204,789
Republic of Italy Bonds 1.60% due 06/01/2026	EUR	600,000		648,935

131

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Italy (continued)
Republic of Italy Bonds 2.00% due 02/01/2028	EUR	1,000,000	$	1,086,724
Republic of Italy Bonds 2.25% due 09/01/2036*	EUR	700,000		719,096
Republic of Italy Bonds 3.75% due 08/01/2021	EUR	1,000,000		1,243,019
Republic of Italy Bonds 4.50% due 03/01/2024	EUR	750,000		975,719
Republic of Italy Bonds 5.00% due 09/01/2040	EUR	500,000		723,825
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		911,885
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		834,472
				9,102,584
Ivory Coast — 1.3%
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033*		1,200,000		1,105,200
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		500,000		491,288
Republic of Ivory Coast Senior Notes 6.63% due 03/22/2048*	EUR	1,000,000		1,153,364
				2,749,852
Japan — 13.2%
Government of Japan Senior Bonds 0.10% due 06/20/2027	JPY	330,000,000		3,057,957
Government of Japan Senior Notes 0.10% due 12/20/2027	JPY	200,000,000		1,852,167
Government of Japan Senior Bonds 0.40% due 06/20/2025	JPY	120,000,000		1,138,767
Government of Japan Senior Bonds 0.80% due 06/20/2023	JPY	150,000,000		1,442,501
Government of Japan Senior Bonds 0.90% due 03/20/2022	JPY	205,000,000		1,957,549
Government of Japan Senior Bonds 1.00% due 09/20/2020	JPY	185,000,000		1,744,835
Government of Japan Senior Bonds 1.10% due 06/20/2020	JPY	132,000,000		1,244,053
Government of Japan Senior Bonds 1.20% due 12/20/2020	JPY	200,000,000		1,900,906
Government of Japan Senior Bonds 1.20% due 09/20/2035	JPY	200,000,000		2,087,236
Government of Japan Senior Notes 1.60% due 06/20/2030	JPY	125,000,000		1,349,209

Security Description	Principal Amount(1)		Value (Note 2)
Japan (continued)
Government of Japan Senior Bonds 1.80% due 06/20/2030	JPY	100,000,000	$	1,101,558
Government of Japan Senior Bonds 1.80% due 12/20/2031	JPY	53,000,000		591,022
Government of Japan Senior Notes 1.90% due 09/20/2042	JPY	120,000,000		1,419,538
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	85,000,000		1,012,421
Government of Japan Senior Bonds 2.00% due 09/20/2041	JPY	100,000,000		1,197,224
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY	60,000,000		660,720
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,439,822
Government of Japan Senior Bonds 2.10% due 12/20/2030	JPY	60,000,000		684,491
Government of Japan Senior Bonds 2.20% due 03/20/2051	JPY	33,000,000		429,177
Government of Japan Senior Notes 2.30% due 12/20/2036	JPY	230,000,000		2,808,311
				29,119,464
Jordan — 0.7%
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027		1,050,000		997,500
Kingdom of Jordan Senior Notes 6.13% due 01/29/2026		500,000		491,250
				1,488,750
Kazakhstan — 0.5%
Republic of Kazakhstan Senior Notes 5.13% due 07/21/2025		1,050,000		1,118,645
Lebanon — 0.9%
Republic of Lebanon Senior Notes 6.60% due 11/27/2026		300,000		253,524
Republic of Lebanon Senior Notes 6.65% due 11/03/2028		500,000		407,480
Republic of Lebanon Senior Notes 6.85% due 03/23/2027		580,000		488,464
Republic of Lebanon Senior Notes 8.25% due 04/12/2021		760,000		754,680
				1,904,148
Lithuania — 0.8%
Republic of Lithuania Senior Notes 6.13% due 03/09/2021		1,750,000		1,870,435

132

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Malaysia — 0.5%
Government of Malaysia Senior Notes 3.80% due 09/30/2022	MYR	4,000,000	$	1,003,021
Mexico — 2.5%
United Mexican States Senior Notes 4.00% due 10/02/2023		500,000		500,750
United Mexican States Senior Notes 4.15% due 03/28/2027		220,000		216,150
United Mexican States Senior Notes 4.35% due 01/15/2047		700,000		611,100
United Mexican States Senior Notes 4.60% due 02/10/2048		700,000		634,550
United Mexican States Bonds 6.50% due 06/10/2021	MXN	30,000,000		1,453,758
United Mexican States Bonds 7.50% due 06/03/2027	MXN	10,000,000		491,666
United Mexican States Bonds 7.75% due 11/13/2042	MXN	15,000,000		736,927
United Mexican States Bonds 10.00% due 12/05/2024	MXN	14,000,000		781,634
				5,426,535
Netherlands — 1.1%
Kingdom of the Netherlands Bonds 0.25% due 07/15/2025*	EUR	1,100,000		1,293,688
Kingdom of the Netherlands Bonds 1.75% due 07/15/2023*	EUR	900,000		1,155,234
				2,448,922
Nigeria — 1.0%
Republic of Nigeria Senior Notes 6.50% due 11/28/2027*		510,000		503,166
Republic of Nigeria Senior Notes 7.14% due 02/23/2030*		260,000		260,374
Republic of Nigeria Senior Notes 7.63% due 11/28/2047		800,000		787,466
Republic of Nigeria Senior Notes 7.70% due 02/23/2038*		650,000		650,696
				2,201,702
Paraguay — 0.3%
Republic of Paraguay Senior Notes 4.63% due 01/25/2023		650,000		654,063
Peru — 0.1%
Republic of Peru Senior Notes 5.63% due 11/18/2050		270,000		311,175

Security Description	Principal Amount(1)		Value (Note 2)
Poland — 0.8%
Republic of Poland Senior Notes 4.00% due 01/22/2024	$	730,000	$	740,246
Republic of Poland Bonds 5.75% due 09/23/2022	PLN	3,000,000		925,183
				1,665,429
Qatar — 0.5%
State of Qatar Senior Notes 5.10% due 04/23/2048*		1,000,000		994,218
Romania — 0.5%
Government of Romania Senior Notes 6.13% due 01/22/2044		550,000		639,753
Government of Romania Senior Notes 6.75% due 02/07/2022		500,000		545,000
				1,184,753
Russia — 1.3%
Russian Federation Senior Notes 4.38% due 03/21/2029*		600,000		580,500
Russian Federation Senior Notes 4.88% due 09/16/2023		800,000		831,880
Russian Federation Senior Notes 5.25% due 06/23/2047		800,000		759,494
Russian Federation Senior Notes 5.88% due 09/16/2043		600,000		635,262
				2,807,136
Senegal — 1.2%
Republic of Senegal Senior Notes 4.75% due 03/13/2028*	EUR	1,000,000		1,135,686
Republic of Senegal Bonds 6.25% due 05/23/2033		1,000,000		924,712
Republic of Senegal Senior Notes 6.75% due 03/13/2048*		540,000		486,259
				2,546,657
South Africa — 1.1%
Republic of South Africa Senior Notes 4.30% due 10/12/2028		830,000		758,238
Republic of South Africa Senior Notes 4.67% due 01/17/2024		200,000		198,744
Republic of South Africa Senior Notes 5.65% due 09/27/2047		200,000		190,700
Republic of South Africa Senior Notes 5.88% due 05/30/2022		500,000		529,343
Republic of South Africa Bonds 10.50% due 12/21/2026	ZAR	9,100,000		796,912
				2,473,937

133

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Spain — 1.6%
Kingdom of Spain Bonds 2.35% due 07/30/2033*	EUR	900,000	$	1,095,473
Kingdom of Spain Senior Notes 2.75% due 10/31/2024*	EUR	1,000,000		1,303,281
Kingdom of Spain Senior Bonds 4.40% due 10/31/2023*	EUR	750,000		1,047,740
				3,446,494
Sri Lanka — 1.7%
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023*		580,000		570,906
Republic of Sri Lanka Senior Notes 5.88% due 07/25/2022		300,000		298,344
Republic of Sri Lanka Senior Notes 6.25% due 10/04/2020		550,000		560,937
Republic of Sri Lanka Senior Notes 6.25% due 07/27/2021		500,000		507,331
Republic of Sri Lanka Senior Notes 6.83% due 07/18/2026		1,740,000		1,729,696
				3,667,214
Sweden — 0.9%
Kingdom of Sweden Bonds 0.75% due 05/12/2028	SEK	6,000,000		698,490
Kingdom of Sweden Bonds 2.50% due 05/12/2025	SEK	10,000,000		1,320,647
				2,019,137
Turkey — 1.4%
Export Credit Bank of Turkey Senior Notes 4.25% due 09/18/2022*		800,000		730,511
Republic of Turkey Senior Notes 5.75% due 05/11/2047		340,000		282,098
Republic of Turkey Senior Notes 6.13% due 10/24/2028		1,040,000		986,864
Republic of Turkey Senior Notes 6.63% due 02/17/2045		700,000		640,500
Republic of Turkey Senior Notes 8.00% due 02/14/2034		400,000		428,500
				3,068,473
Ukraine — 0.9%
Government of Ukraine Senior Notes 7.38% due 09/25/2032*		750,000		692,691
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,300,000		1,313,520
				2,006,211

Security Description	Principal Amount(1)		Value (Note 2)
United Kingdom — 4.4%
United Kingdom Gilt Treasury Bonds 0.50% due 07/22/2022	GBP	600,000	$	787,521
United Kingdom Gilt Treasury Bonds 0.75% due 07/22/2023	GBP	700,000		921,794
United Kingdom Gilt Treasury Bonds 1.50% due 01/22/2021	GBP	500,000		679,605
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	300,000		425,916
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000		701,089
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP	370,000		679,987
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		414,218
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2027	GBP	1,400,000		2,366,256
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	1,000,000		1,866,408
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040	GBP	450,000		885,323
				9,728,117
Uruguay — 1.0%
Oriental Republic of Uruguay Senior Notes 4.38% due 10/27/2027		850,000		864,875
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050		500,000		494,800
Oriental Republic of Uruguay Senior Notes 7.88% due 01/15/2033		600,000		779,550
				2,139,225
Total Foreign Government Obligations
(cost $160,110,092)				157,152,799
U.S. CORPORATE BONDS & NOTES — 0.5%
United States — 0.5%
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025*#		410,000		393,544
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025		630,000		604,715
Total U.S. Corporate Bonds & Notes
(cost $1,049,315)				998,259

134

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount(1)			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 19.9%
United States — 19.9%
United States Treasury Bonds
2.88% due 08/15/2045#	$	1,000,000		$	980,195
2.88% due 11/15/2046		800,000			782,906
3.00% due 05/15/2042		1,720,000			1,731,623
3.00% due 02/15/2048		700,000			702,023
3.75% due 11/15/2043		500,000			568,945
United States Treasury Notes
1.50% due 10/31/2019#		2,000,000			1,976,328
1.50% due 08/15/2026		2,000,000			1,807,266
1.75% due 09/30/2019		3,000,000			2,976,914
1.75% due 12/31/2020		2,000,000			1,962,734
1.75% due 01/31/2023		1,000,000			960,508
1.75% due 05/15/2023		1,500,000			1,436,016
1.88% due 11/30/2021		2,000,000			1,952,500
1.88% due 10/31/2022		2,000,000			1,936,328
2.00% due 01/15/2021		2,000,000			1,974,766
2.00% due 05/31/2024		2,000,000			1,918,906
2.00% due 02/15/2025#		1,000,000			953,242
2.00% due 08/15/2025#		1,000,000			949,180
2.13% due 05/15/2025		1,500,000			1,438,476
2.25% due 11/15/2025#		2,000,000			1,927,266
2.25% due 02/15/2027		3,000,000			2,866,172
2.25% due 11/15/2027		1,500,000			1,427,344
2.38% due 08/15/2024#		2,050,000			2,006,678
2.50% due 05/15/2024		3,000,000			2,961,680
2.63% due 11/15/2020		600,000			601,898
2.75% due 11/15/2023		2,000,000			2,005,781
2.75% due 02/15/2024		1,200,000			1,202,391
3.38% due 11/15/2019		1,800,000			1,825,805
Total U.S. Government Treasuries
(cost $44,943,567)					43,833,871
Total Long-Term Investment Securities
(cost $217,671,683)					212,944,979
SHORT-TERM INVESTMENT SECURITIES — 3.1%
Registered Investment Companies — 3.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.67%(4)		4,286,097			4,286,097
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4)		2,584,000			2,584,000
Total Short-Term Investment Securities
(cost $6,870,097)					6,870,097
TOTAL INVESTMENTS —
(cost $224,541,780)(5)		100.0	%		219,815,076
Liabilities in excess of other assets		(0.0	)		(66,656	)
NET ASSETS —		100.0	%	$	219,748,420

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $25,085,687 representing 11.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

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

(2) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2018.

(3) At May 31, 2018, the Fund had loaned securities with a total value of $11,351,435. This was secured by collateral of $2,584,000, which was received in cash and subsequently invested in short-term investments currently valued at $2,584,000 as reported in the Portfolio of Investments. Additional collateral of $9,292,309 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	2.00% to 25.72%	06/15/2018 to 11/15/2047	$	1,426,905
Federal National Mtg. Assoc.	zero coupon to 16.32%	08/25/2018 to 03/01/2048		3,084,466
Government National Mtg. Assoc.	1.11% to 27.85%	04/16/2023 to 05/20/2067		4,780,938

(4) The rate shown is the 7-day yield as of May 31, 2018.

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

AUD—Australian Dollar

BRL—Brazilian Real

COP—Colombian Peso

EUR—Euro Currency

GBP—British Pound

HUF—Hungarian Forint

JPY—Japanese Yen

MXN—Mexican Peso

MYR—Malaysian Ringgt

PLN—Polish Zloty

SEK—Swedish Krona

ZAR—South African Rand

135

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Foreign Corporate Bonds & Notes	$	—	$	10,960,050	$	—	$	10,960,050
Foreign Government Obligations:		—		157,152,799		—		157,152,799
U.S. Corporate Bonds & Notes		—		998,259		—		998,259
U.S. Government Treasuries		—		43,833,871		—		43,833,871
Short-Term Investment Securities:		6,870,097		—		—		6,870,097
Total Investments at Value	$	6,870,097	$	212,944,979	$	—	$	219,815,076

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

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

See Notes to Financial Statements

136

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Apparel Manufacturers	15.1	%
Food — Misc./Diversified	9.0
E-Commerce/Services	8.9
Transport — Services	7.3
Beverages — Wine/Spirits	5.0
Medical — Biomedical/Gene	5.0
Soap & Cleaning Preparation	4.9
Computer Services	4.7
Food — Confectionery	4.6
Industrial Automated/Robotic	4.2
E-Commerce/Products	4.0
Schools	3.3
Internet Application Software	3.2
Electric — Transmission	2.6
Beverages — Non-alcoholic	2.6
Food — Dairy Products	2.2
Registered Investment Companies	2.0
Brewery	2.0
Private Equity	1.9
Consulting Services	1.8
Insurance — Life/Health	1.7
Home Furnishings	0.7
	96.7	%

Country Allocation*

United Kingdom	14.4	%
France	12.6
United States	11.1
Cayman Islands	10.5
Japan	9.5
Denmark	8.0
Italy	7.3
Switzerland	6.6
China	3.5
Australia	3.3
Bermuda	2.6
Belgium	2.0
Canada	1.9
Sweden	1.7
Hong Kong	1.7
	96.7	%

* Calculated as a percentage of net assets

137

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.7%
Australia — 3.3%
CSL, Ltd.		114,792	$	16,078,021
Belgium — 2.0%
Anheuser-Busch InBev SA		107,527		10,077,309
Bermuda — 2.6%
Brookfield Infrastructure Partners LP		341,755		13,020,865
Canada — 1.9%
Brookfield Asset Management, Inc., Class A#		238,170		9,488,693
Cayman Islands — 10.5%
Alibaba Group Holding, Ltd. ADR†#		99,865		19,774,269
TAL Education Group ADR†		384,239		16,314,788
Tencent Holdings, Ltd.		311,057		15,679,653
				51,768,710
China — 3.5%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,151,655		13,505,569
Oppein Home Group, Inc., Class A†		154,314		3,447,945
				16,953,514
Denmark — 8.0%
Chr. Hansen Holding A/S		139,154		13,379,173
DSV A/S		314,582		26,136,165
				39,515,338
France — 12.6%
Danone SA		142,310		10,858,531
Hermes International		53,167		37,945,559
Pernod Ricard SA		76,563		12,897,398
				61,701,488
Hong Kong — 1.7%
AIA Group, Ltd.		904,318		8,251,855
Italy — 7.3%
Moncler SpA		773,425		35,684,085
Japan — 9.5%
Calbee, Inc.#		474,700		17,297,111
Keyence Corp.		33,800		20,661,480
Nihon M&A Center, Inc.		260,900		8,534,197
				46,492,788
Sweden — 1.7%
Vitrolife AB		560,870		8,399,757
Switzerland — 6.6%
Chocoladefabriken Lindt & Spruengli AG		299		22,618,063
Kuehne & Nagel International AG		63,910		9,609,610
				32,227,673
United Kingdom — 14.4%
Diageo PLC		327,697		12,036,766
Fevertree Drinks PLC		318,652		12,726,299
Reckitt Benckiser Group PLC		311,372		23,849,607
Rightmove PLC		337,355		22,032,251
				70,644,923
United States — 9.1%
Booking Holdings, Inc.†		10,109		21,319,072
EPAM Systems, Inc.†		187,980		23,155,377
				44,474,449
Total Long-Term Investment Securities
(cost $430,224,290)				464,779,468

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 2.0%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) (cost $10,136,077)	$	10,136,077		$	10,136,077
TOTAL INVESTMENTS
(cost $440,360,367)(3)		96.7	%		474,915,545
Other assets less liabilities		3.3			16,005,080
NET ASSETS		100.0	%	$	490,920,625

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2018.

(2) At May 31, 2018, the Fund had loaned securities with a total value of $29,558,622. This was secured by collateral of $10,136,077, which was received in cash and subsequently invested in short-term investments currently valued at $10,136,077 as reported in the Portfolio of Investments. Additional collateral of $20,444,673 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,994,223
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		807,524
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		530,968
United States Treasury Bills	0.00%	06/14/2018 to 08/30/2018		3,672,557
United States Treasury Notes/Bonds	0.13% to 4.75%	07/31/2018 to 02/15/2048		13,439,401

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

ADR—American Depositary Receipt

138

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	103,073,063	$	361,706,405	**	$	—	$	464,779,468
Short-Term Investment Securities		10,136,077		—			—		10,136,077
Total Investments at Value	$	113,209,140	$	361,706,405		$	—	$	474,915,545

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $224,680,929 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

139

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Diversified Banking Institutions	6.4	%
Medical — Drugs	5.1
Web Portals/ISP	4.6
Computers	4.4
Applications Software	4.1
E-Commerce/Products	3.0
Medical — Biomedical/Gene	3.0
Repurchase Agreements	3.0
Food — Misc./Diversified	2.9
Internet Content — Entertainment	2.8
Oil Companies — Exploration & Production	2.8
Transport — Services	2.7
Medical Instruments	2.7
Tobacco	2.4
Insurance — Property/Casualty	2.4
Instruments — Controls	2.4
Telephone — Integrated	2.3
Finance — Credit Card	2.3
Oil Companies — Integrated	2.2
Real Estate Investment Trusts	2.1
Banks — Super Regional	2.1
Electronic Components — Semiconductors	2.1
Medical — HMO	1.6
Networking Products	1.6
Cable/Satellite TV	1.6
Data Processing/Management	1.5
Oil — Field Services	1.5
Retail — Restaurants	1.4
Apparel Manufacturers	1.4
Retail — Building Products	1.3
Chemicals — Diversified	1.3
Banks — Fiduciary	1.3
Insurance Brokers	1.2
Entertainment Software	1.2
Semiconductor Equipment	1.2
Commercial Services — Finance	1.1
Steel — Producers	1.0
Retail — Apparel/Shoe	1.0
Coatings/Paint	0.9
Food — Wholesale/Distribution	0.8
Aerospace/Defense	0.8
Investment Management/Advisor Services	0.8
Medical Products	0.8
Internet Security	0.7
Agricultural Chemicals	0.6
Electric — Integrated	0.6
Electric Products — Misc.	0.6
Containers — Paper/Plastic	0.6
Cruise Lines	0.6
Retail — Perfume & Cosmetics	0.6
Pharmacy Services	0.5
Beverages — Non-alcoholic	0.5
E-Commerce/Services	0.4
Retail — Auto Parts	0.4
Airlines	0.4
Retail — Discount	0.4
Diversified Manufacturing Operations	0.3
Cellular Telecom	0.1
	100.4%

* Calculated as a percentage of net assets

140

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Aerospace/Defense — 0.8%
General Dynamics Corp.		7,140	$	1,440,209
Agricultural Chemicals — 0.6%
Mosaic Co.		40,150		1,103,723
Airlines — 0.4%
Southwest Airlines Co.		14,512		741,273
Apparel Manufacturers — 1.4%
PVH Corp.		15,440		2,470,400
Applications Software — 4.1%
Microsoft Corp.		74,900		7,403,116
Banks - Fiduciary — 1.3%
Bank of New York Mellon Corp.		41,425		2,268,019
Banks - Super Regional — 2.1%
US Bancorp		29,195		1,459,458
Wells Fargo & Co.		43,575		2,352,614
				3,812,072
Beverages - Non-alcoholic — 0.5%
PepsiCo, Inc.		8,402		842,301
Cable/Satellite TV — 1.6%
Comcast Corp., Class A		92,123		2,872,395
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		4,790		266,803
Chemicals - Diversified — 1.3%
DowDuPont, Inc.		36,071		2,312,512
Coatings/Paint — 0.9%
Sherwin-Williams Co.		4,303		1,631,913
Commercial Services - Finance — 1.1%
S&P Global, Inc.		6,425		1,268,938
Total System Services, Inc.		8,190		697,706
				1,966,644
Computers — 4.4%
Apple, Inc.		42,823		8,002,334
Containers - Paper/Plastic — 0.6%
Sealed Air Corp.#		24,680		1,075,061
Cruise Lines — 0.6%
Royal Caribbean Cruises, Ltd.		9,755		1,024,080
Data Processing/Management — 1.5%
Fidelity National Information Services, Inc.		20,755		2,121,576
First Data Corp., Class A†		34,030		646,570
				2,768,146
Diversified Banking Institutions — 6.4%
Citigroup, Inc.		50,551		3,371,246
JPMorgan Chase & Co.		54,310		5,811,713
Morgan Stanley		46,765		2,344,797
				11,527,756
Diversified Manufacturing Operations — 0.3%
Eaton Corp. PLC		8,147		623,897
E-Commerce/Products — 3.0%
Amazon.com, Inc.†		3,285		5,353,302
E-Commerce/Services — 0.4%
Expedia Group, Inc.		6,585		796,983
Electric Products - Misc. — 0.6%
Emerson Electric Co.		15,180		1,075,351

Security Description	Shares		Value (Note 2)
Electric - Integrated — 0.6%
American Electric Power Co., Inc.		16,095	$	1,093,655
Electronic Components - Semiconductors — 2.1%
Broadcom, Inc.		15,095		3,804,997
Entertainment Software — 1.2%
Activision Blizzard, Inc.		24,029		1,703,896
Electronic Arts, Inc.†		2,950		386,185
				2,090,081
Finance - Credit Card — 2.3%
Mastercard, Inc., Class A		21,937		4,170,662
Food - Misc./Diversified — 2.9%
Conagra Brands, Inc.		31,535		1,168,687
General Mills, Inc.		27,215		1,150,923
Mondelez International, Inc., Class A		73,445		2,884,185
				5,203,795
Food - Wholesale/Distribution — 0.8%
Sysco Corp.		22,550		1,466,426
Instruments - Controls — 2.4%
Honeywell International, Inc.		28,866		4,269,570
Insurance Brokers — 1.2%
Aon PLC		15,177		2,122,807
Insurance - Property/Casualty — 2.4%
Berkshire Hathaway, Inc., Class B†		22,599		4,328,386
Internet Content - Entertainment — 2.8%
Facebook, Inc., Class A†		26,510		5,084,088
Internet Security — 0.7%
Palo Alto Networks, Inc.†		6,395		1,330,736
Investment Management/Advisor Services — 0.8%
BlackRock, Inc.		2,602		1,390,066
Medical Instruments — 2.7%
Medtronic PLC		56,574		4,883,468
Medical Products — 0.8%
Abbott Laboratories		22,261		1,369,719
Medical - Biomedical/Gene — 3.0%
Alexion Pharmaceuticals, Inc.†		11,270		1,308,785
Biogen, Inc.†		9,440		2,774,983
Celgene Corp.†		2,284		179,705
Vertex Pharmaceuticals, Inc.†		6,970		1,073,380
				5,336,853
Medical - Drugs — 5.1%
Allergan PLC		13,250		1,998,100
Johnson & Johnson		30,508		3,649,367
Pfizer, Inc.		100,470		3,609,887
				9,257,354
Medical - HMO — 1.6%
Anthem, Inc.		8,445		1,869,892
Cigna Corp.		6,209		1,051,618
				2,921,510
Networking Products — 1.6%
Cisco Systems, Inc.		67,335		2,875,878
Oil Companies - Exploration & Production — 2.8%
Canadian Natural Resources, Ltd.		79,415		2,744,582
EOG Resources, Inc.		19,418		2,287,635
				5,032,217

141

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 2.2%
Chevron Corp.		31,685	$	3,938,445
Oil - Field Services — 1.5%
Halliburton Co.		53,628		2,667,457
Pharmacy Services — 0.5%
CVS Health Corp.		13,809		875,353
Real Estate Investment Trusts — 2.1%
American Tower Corp.		22,230		3,075,965
Equinix, Inc.		1,910		757,984
				3,833,949
Retail - Apparel/Shoe — 1.0%
Tapestry, Inc.		39,235		1,715,354
Retail - Auto Parts — 0.4%
AutoZone, Inc.†		1,184		768,795
Retail - Building Products — 1.3%
Lowe’s Cos., Inc.		25,410		2,414,204
Retail - Discount — 0.4%
Dollar General Corp.		7,717		675,083
Retail - Perfume & Cosmetics — 0.6%
ULTA Beauty, Inc.†		4,140		1,022,207
Retail - Restaurants — 1.4%
McDonald’s Corp.		10,045		1,607,300
Starbucks Corp.		15,395		872,435
				2,479,735
Semiconductor Equipment — 1.2%
Applied Materials, Inc.		40,973		2,080,609
Steel - Producers — 1.0%
Nucor Corp.		29,435		1,889,433
Telephone - Integrated — 2.3%
AT&T, Inc.		51,060		1,650,259
Verizon Communications, Inc.		54,063		2,577,183
				4,227,442
Tobacco — 2.4%
Philip Morris International, Inc.		54,970		4,372,314

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Services — 2.7%
FedEx Corp.		19,913		$	4,960,727
Web Portals/ISP — 4.6%
Alphabet, Inc., Class A†		2,482			2,730,200
Alphabet, Inc., Class C†		5,183			5,623,503
					8,353,703
Total Long-Term Investment Securities
(cost $145,517,967)					175,685,368
REPURCHASE AGREEMENTS — 3.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $5,333,041 collateralized by $5,685,000 of United States Treasury Notes, bearing interest at 2.25% due 08/15/2027 and having an approximate value of $5,442,808 (cost $5,333,000)	$	5,333,000			5,333,000
TOTAL INVESTMENTS
(cost $150,850,967)(1)		100.4	%		181,018,368
Liabilities in excess of other assets		(0.4	)		(669,172	)
NET ASSETS		100.0	%	$	180,349,196

† Non-income producing security

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

At May 31, 2018, the Fund had loaned securities with a total value of $996,217. This was secured by collateral of $1,046,274 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	406,432
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		164,577
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		108,214
United States Treasury Notes/Bonds	1.50% to 2.63%	12/31/2018 to 09/30/2022		367,051

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	175,685,368	$	—	$	—	$	175,685,368
Repurchase Agreements		—		5,333,000		—		5,333,000
Total Investments at Value	$	175,685,368	$	5,333,000	$	—	$	181,018,368

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

142

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Web Portals/ISP	6.5	%
Cosmetics & Toiletries	6.1
Computer Services	5.7
Finance — Credit Card	5.1
Applications Software	4.3
Diagnostic Equipment	4.2
Data Processing/Management	4.1
Commercial Services — Finance	3.3
Electronic Components — Semiconductors	3.0
Computers	2.9
Athletic Footwear	2.8
Semiconductor Components — Integrated Circuits	2.8
Retail — Restaurants	2.6
Consulting Services	2.5
Medical Products	2.5
Insurance Brokers	2.1
Retail — Major Department Stores	2.0
Soap & Cleaning Preparation	2.0
Cable/Satellite TV	2.0
Textile — Apparel	1.9
Commercial Services	1.9
Private Equity	1.8
Coatings/Paint	1.8
Transport — Rail	1.7
Chemicals — Diversified	1.6
Medical — Drugs	1.6
Apparel Manufacturers	1.6
Electronic Connectors	1.6
Entertainment Software	1.5
Pharmacy Services	1.5
Aerospace/Defense — Equipment	1.5
Industrial Automated/Robotic	1.3
Electronic Measurement Instruments	1.2
Beverages — Wine/Spirits	1.1
Gambling (Non-Hotel)	1.1
Beverages — Non-alcoholic	1.1
Instruments — Scientific	1.1
E-Commerce/Products	1.0
Instruments — Controls	1.0
Oil — Field Services	0.7
Multimedia	0.7
Finance — Investment Banker/Broker	0.7
Finance — Other Services	0.7
Retail — Auto Parts	0.6
Diversified Manufacturing Operations	0.5
U.S. Government Agencies	0.5
Dental Supplies & Equipment	0.2
	100.0	%

* Calculated as a percentage of net assets

143

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		53,388	$	6,663,890
Apparel Manufacturers — 1.6%
VF Corp.		86,927		7,054,995
Applications Software — 4.3%
Microsoft Corp.		194,993		19,273,108
Athletic Footwear — 2.8%
NIKE, Inc., Class B		175,236		12,581,945
Beverages - Non-alcoholic — 1.1%
PepsiCo, Inc.		48,027		4,814,707
Beverages - Wine/Spirits — 1.1%
Pernod Ricard SA		29,942		5,043,871
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		282,609		8,811,748
Chemicals - Diversified — 1.6%
LyondellBasell Industries NV, Class A		14,593		1,636,167
PPG Industries, Inc.		55,835		5,634,868
				7,271,035
Coatings/Paint — 1.8%
Sherwin-Williams Co.		20,865		7,913,051
Commercial Services — 1.9%
Ecolab, Inc.		58,011		8,272,949
Commercial Services - Finance — 3.3%
Equifax, Inc.		16,394		1,868,260
Experian PLC		217,830		5,333,916
Moody’s Corp.		44,583		7,604,523
				14,806,699
Computer Services — 5.7%
Accenture PLC, Class A		108,569		16,908,536
Cognizant Technology Solutions Corp., Class A..		109,363		8,240,502
				25,149,038
Computers — 2.9%
Apple, Inc.		68,270		12,757,615
Consulting Services — 2.5%
Verisk Analytics, Inc.†		103,803		11,028,031
Cosmetics & Toiletries — 6.1%
Colgate-Palmolive Co.		163,149		10,293,070
Coty, Inc., Class A#		330,605		4,380,516
Estee Lauder Cos., Inc., Class A		56,799		8,488,043
L’Oreal SA		15,828		3,804,657
				26,966,286
Data Processing/Management — 4.1%
Fidelity National Information Services, Inc.		90,285		9,228,933
Fiserv, Inc.†		126,211		9,162,918
				18,391,851
Dental Supplies & Equipment — 0.2%
DENTSPLY SIRONA, Inc.		22,820		999,744
Diagnostic Equipment — 4.2%
Danaher Corp.		67,296		6,681,147
Thermo Fisher Scientific, Inc.		56,964		11,863,892
				18,545,039
Diversified Manufacturing Operations — 0.5%
Colfax Corp.†		73,880		2,259,250
E-Commerce/Products — 1.0%
Alibaba Group Holding, Ltd. ADR†#		22,965		4,547,300

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors — 3.0%
Texas Instruments, Inc.		117,409	$	13,139,241
Electronic Connectors — 1.6%
Amphenol Corp., Class A		79,482		6,909,370
Electronic Measurement Instruments — 1.2%
Fortive Corp.		72,220		5,249,672
Entertainment Software — 1.5%
Electronic Arts, Inc.†		51,858		6,788,731
Finance - Credit Card — 5.1%
Mastercard, Inc., Class A		50,735		9,645,738
Visa, Inc., Class A#		100,526		13,140,759
				22,786,497
Finance - Investment Banker/Broker — 0.7%
Charles Schwab Corp.		57,119		3,176,959
Finance - Other Services — 0.7%
CME Group, Inc.		17,763		2,893,593
Gambling (Non-Hotel) — 1.1%
Paddy Power Betfair PLC		41,202		4,983,812
Industrial Automated/Robotic — 1.3%
Nordson Corp.		46,344		5,822,197
Instruments - Controls — 1.0%
Mettler-Toledo International, Inc.†		8,081		4,450,530
Instruments - Scientific — 1.1%
Waters Corp.†		24,565		4,731,710
Insurance Brokers — 2.1%
Aon PLC		67,647		9,461,786
Medical Products — 2.5%
Abbott Laboratories		129,963		7,996,623
Cooper Cos., Inc.		13,044		2,951,988
				10,948,611
Medical - Drugs — 1.6%
Eli Lilly & Co.		25,310		2,152,362
Zoetis, Inc.		59,304		4,963,745
				7,116,107
Multimedia — 0.7%
Twenty-First Century Fox, Inc., Class A		43,548		1,678,775
Walt Disney Co.		15,301		1,521,991
				3,200,766
Oil - Field Services — 0.7%
Schlumberger, Ltd.		48,286		3,315,800
Pharmacy Services — 1.5%
CVS Health Corp.		57,924		3,671,802
Express Scripts Holding Co.†		40,122		3,041,649
				6,713,451
Private Equity — 1.8%
Blackstone Group LP		252,994		8,078,098
Retail - Auto Parts — 0.6%
AutoZone, Inc.†		4,228		2,745,325
Retail - Major Department Stores — 2.0%
TJX Cos., Inc.		98,602		8,905,733
Retail - Restaurants — 2.6%
Starbucks Corp.		202,228		11,460,261
Semiconductor Components - Integrated Circuits — 2.8%
Analog Devices, Inc.		74,617		7,251,280
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		130,207		5,039,011
				12,290,291

144

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Soap & Cleaning Preparation — 2.0%
Church & Dwight Co., Inc.		55,799		$	2,619,763
Reckitt Benckiser Group PLC		82,020			6,282,340
					8,902,103
Textile - Apparel — 1.9%
LVMH Moet Hennessy Louis Vuitton SE		23,898			8,299,879
Transport - Rail — 1.7%
Union Pacific Corp.		54,316			7,754,152
Web Portals/ISP — 6.5%
Alphabet, Inc., Class A†		26,357			28,992,700
Total Long-Term Investment Securities
(cost $320,409,275)					442,269,527
SHORT-TERM INVESTMENT SECURITIES — 0.5%
U.S. Government Agencies — 0.5%
Federal Home Loan Bank Disc. Notes 1.50% due 06/01/2018
(cost $2,170,000)	$	2,170,000			2,170,000
TOTAL INVESTMENTS
(cost $322,579,275)(1)		100.0	%		444,439,527
Other assets less liabilities		0.0			193,167
NET ASSETS		100.0	%	$	444,632,694

† Non-income producing security

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

At May 31, 2018, the Fund had loaned securities with a total value of $21,834,010. This was secured by collateral of 22,482,650 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
United States Treasury Bills	0.00%	07/05/2018 to 11/08/2018	$	455,543
United States Treasury Notes/Bonds	0.00% to 8.75%	07/15/2018 to 02/15/2048		22,027,107

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	408,521,052	$	33,748,475	**	$	—	$	442,269,527
Short-Term Investment Securities		—		2,170,000			—		2,170,000
Total Investments at Value	$	408,521,052	$	35,918,475		$	—	$	444,439,527

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $22,132,219 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

145

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	8.6	%
Banks — Commercial	7.9
Electric — Integrated	2.7
Registered Investment Companies	2.5
Gas — Distribution	2.5
Oil Companies — Exploration & Production	2.2
Data Processing/Management	2.1
Chemicals — Specialty	1.9
Retail — Restaurants	1.9
Repurchase Agreements	1.8
Steel — Producers	1.7
Food — Misc./Diversified	1.7
Insurance — Property/Casualty	1.6
Machinery — General Industrial	1.5
Medical Instruments	1.5
Electronic Measurement Instruments	1.3
Enterprise Software/Service	1.3
Computer Services	1.3
Transport — Truck	1.2
Oil Refining & Marketing	1.2
Medical Products	1.1
Building — Residential/Commercial	1.1
Diversified Manufacturing Operations	1.1
Commercial Services — Finance	1.1
Oil & Gas Drilling	1.0
Insurance — Multi-line	1.0
Applications Software	1.0
Investment Management/Advisor Services	1.0
Electronic Parts Distribution	0.9
Insurance — Reinsurance	0.9
Aerospace/Defense — Equipment	0.9
Oil — Field Services	0.8
Hotels/Motels	0.8
Electronic Components — Misc.	0.8
Industrial Automated/Robotic	0.8
Savings & Loans/Thrifts	0.8
Retail — Automobile	0.8
Medical — HMO	0.8
Finance — Investment Banker/Broker	0.8
Semiconductor Equipment	0.7
Disposable Medical Products	0.7
Semiconductor Components — Integrated Circuits	0.7
Recreational Vehicles	0.7
Distribution/Wholesale	0.6
Electronic Components — Semiconductors	0.6
Machinery — Pumps	0.6
Medical — Biomedical/Gene	0.6
Garden Products	0.5
Theaters	0.5
Aerospace/Defense	0.5
Containers — Paper/Plastic	0.5
Building & Construction — Misc.	0.5
Computer Data Security	0.5
Medical — Drugs	0.5
Machine Tools & Related Products	0.5
Computers — Integrated Systems	0.5
Finance — Other Services	0.5
Machinery — Construction & Mining	0.5
Medical — Hospitals	0.5
Multimedia	0.4
Engineering/R&D Services	0.4
Insurance — Life/Health	0.4
Auto/Truck Parts & Equipment — Original	0.4
Building Products — Air & Heating	0.4
Footwear & Related Apparel	0.4
Medical Labs & Testing Services	0.4
Real Estate Management/Services	0.4
Retail — Misc./Diversified	0.4
Retail — Apparel/Shoe	0.4

Batteries/Battery Systems	0.4	%
Commercial Services	0.4
Medical Information Systems	0.4
Telecommunication Equipment	0.4
Funeral Services & Related Items	0.4
Coatings/Paint	0.4
Containers — Metal/Glass	0.4
Insurance Brokers	0.3
Physical Therapy/Rehabilitation Centers	0.3
Water	0.3
Wireless Equipment	0.3
Filtration/Separation Products	0.3
Airlines	0.3
Human Resources	0.3
Power Converter/Supply Equipment	0.3
Gold Mining	0.3
Miscellaneous Manufacturing	0.3
Networking Products	0.3
Schools	0.3
Energy — Alternate Sources	0.3
Chemicals — Diversified	0.3
Electric Products — Misc.	0.3
Building Products — Cement	0.3
Drug Delivery Systems	0.3
Rental Auto/Equipment	0.3
Building — Heavy Construction	0.3
Apparel Manufacturers	0.3
Resorts/Theme Parks	0.3
Oil Companies — Integrated	0.3
Finance — Consumer Loans	0.3
Transport — Marine	0.3
Television	0.3
Transport — Rail	0.3
Building — Maintenance & Services	0.3
Patient Monitoring Equipment	0.3
Building Products — Light Fixtures	0.3
Multilevel Direct Selling	0.3
Building — Mobile Home/Manufactured Housing	0.2
Racetracks	0.2
Physicians Practice Management	0.2
Retail — Mail Order	0.2
Building & Construction Products — Misc.	0.2
Machinery — Farming	0.2
Instruments — Controls	0.2
Computers — Other	0.2
Lasers — System/Components	0.2
Computer Software	0.2
Retail — Catalog Shopping	0.2
Security Services	0.2
U.S. Government Treasuries	0.2
Food — Baking	0.2
Retail — Convenience Store	0.2
Steel — Specialty	0.2
Office Furnishings — Original	0.2
Transport — Services	0.2
Machinery — Electrical	0.2
Chemicals — Plastics	0.2
Telecom Equipment — Fiber Optics	0.2
Steel Pipe & Tube	0.2
Metal Processors & Fabrication	0.2
Printing — Commercial	0.2
Environmental Monitoring & Detection	0.2
Casino Services	0.2
Casino Hotels	0.2
Cable/Satellite TV	0.2
Retail — Sporting Goods	0.2
Paper & Related Products	0.2
Publishing — Books	0.2
Publishing — Newspapers	0.2

146

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued) Transactional Software	0.2	%
Transport — Equipment & Leasing	0.1
Hazardous Waste Disposal	0.1
Food — Retail	0.1
Retail — Jewelry	0.1
Retail — Bedding	0.1
Consumer Products — Misc.	0.1
Telephone — Integrated	0.1
Cosmetics & Toiletries	0.1
Wire & Cable Products	0.1
Food — Wholesale/Distribution	0.1
Brewery	0.1
Quarrying	0.1
Housewares	0.1
Home Furnishings	0.1
Metal Products — Distribution	0.1
Auction Houses/Art Dealers	0.1
Retail — Arts & Crafts	0.1
Finance — Mortgage Loan/Banker	0.1
Publishing — Periodicals	0.1
Poultry	0.1
E-Commerce/Services	0.1
Oil Field Machinery & Equipment	0.1
Retail — Discount	0.1
Dental Supplies & Equipment	0.1
Retail — Regional Department Stores	0.1
Office Automation & Equipment	0.1
Retail — Petroleum Products	0.1
Rubber — Tires	0.1
Medical — Generic Drugs	0.1
Retail — Office Supplies	0.1
	102.5	%

* Calculated as a percentage of net assets

147

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Aerospace/Defense — 0.5%
Esterline Technologies Corp.†#		49,376	$	3,601,979
Teledyne Technologies, Inc.†		67,389		13,576,188
				17,178,167
Aerospace/Defense - Equipment — 0.9%
Curtiss-Wright Corp.		83,356		10,607,051
KLX, Inc.†		95,079		7,019,682
Orbital ATK, Inc.		109,111		14,590,323
				32,217,056
Airlines — 0.3%
JetBlue Airways Corp.†		607,607		11,477,696
Apparel Manufacturers — 0.3%
Carter’s, Inc.		89,337		9,738,626
Applications Software — 1.0%
CDK Global, Inc.		238,778		15,365,365
PTC, Inc.†		219,522		18,931,577
				34,296,942
Auction Houses/Art Dealers — 0.1%
Sotheby’s†#		70,317		3,854,778
Auto/Truck Parts & Equipment - Original — 0.4%
Dana, Inc.		274,174		6,114,080
Delphi Technologies PLC		167,284		8,380,929
				14,495,009
Banks - Commercial — 7.9%
Associated Banc-Corp.		321,977		8,886,565
BancorpSouth Bank#		158,654		5,314,909
Bank of Hawaii Corp.#		79,901		6,785,992
Bank of the Ozarks#		229,240		10,898,070
Cathay General Bancorp, Class B#		143,947		6,073,124
Chemical Financial Corp.#		134,601		7,553,808
Commerce Bancshares, Inc.		177,282		11,448,872
Cullen/Frost Bankers, Inc.#		109,400		12,496,762
East West Bancorp, Inc.		272,869		18,958,938
First Horizon National Corp.		616,997		11,439,124
FNB Corp.#		610,639		8,090,967
Fulton Financial Corp.#		330,912		5,774,414
Hancock Holding Co.†		160,941		8,087,285
Home BancShares, Inc.#		298,426		6,869,766
International Bancshares Corp.		102,318		4,420,138
MB Financial, Inc.		158,553		7,830,933
PacWest Bancorp		237,444		12,598,779
Pinnacle Financial Partners, Inc.#		139,682		9,365,678
Prosperity Bancshares, Inc.#		131,829		9,548,374
Signature Bank†		101,343		12,920,219
Synovus Financial Corp.		224,047		12,123,183
TCF Financial Corp.		322,743		8,491,368
Texas Capital Bancshares, Inc.†#		93,731		9,030,982
Trustmark Corp.#		128,027		4,118,629
UMB Financial Corp.#		83,143		6,406,168
Umpqua Holdings Corp.		416,146		9,796,077
United Bankshares, Inc.#		198,299		7,227,998
Valley National Bancorp#		499,615		6,350,107
Webster Financial Corp.#		173,888		11,146,221
Wintrust Financial Corp.		106,138		9,776,371
				269,829,821
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.#		112,676		6,843,940
EnerSys		79,118		6,322,320
				13,166,260

Security Description	Shares		Value (Note 2)
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		16,641	$	4,224,318
Building & Construction Products - Misc. — 0.2%
Louisiana-Pacific Corp.		273,637		7,984,728
Building & Construction - Misc. — 0.5%
EMCOR Group, Inc.		110,197		8,367,258
nVent Electric PLC†		312,713		8,468,268
				16,835,526
Building Products - Air & Heating — 0.4%
Lennox International, Inc.#		70,975		14,429,927
Building Products - Cement — 0.3%
Eagle Materials, Inc.#		91,795		9,948,742
Building Products - Light Fixtures — 0.3%
Cree, Inc.†#		185,260		8,636,821
Building - Heavy Construction — 0.3%
Dycom Industries, Inc.†#		58,877		5,484,981
Granite Construction, Inc.#		75,305		4,282,596
				9,767,577
Building - Maintenance & Services — 0.3%
Rollins, Inc.#		181,253		9,020,962
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.#		92,513		8,566,704
Building - Residential/Commercial — 1.1%
KB Home#		159,392		4,198,385
NVR, Inc.†		6,466		19,336,832
Toll Brothers, Inc.		269,901		10,658,391
TRI Pointe Group, Inc.†#		285,459		4,927,022
				39,120,630
Cable/Satellite TV — 0.2%
Cable One, Inc.#		8,855		5,749,020
Casino Hotels — 0.2%
Boyd Gaming Corp.		155,047		5,853,024
Casino Services — 0.2%
Scientific Games Corp.†#		100,204		5,942,097
Chemicals - Diversified — 0.3%
Olin Corp.#		315,452		10,198,563
Chemicals - Plastics — 0.2%
PolyOne Corp.		152,701		6,401,226
Chemicals - Specialty — 1.9%
Ashland Global Holdings, Inc.#		117,476		9,130,235
Cabot Corp.		116,680		7,029,970
Chemours Co.		349,552		17,124,552
Minerals Technologies, Inc.		66,894		4,883,262
NewMarket Corp.#		17,344		6,665,126
Sensient Technologies Corp.#		81,478		5,479,395
Valvoline, Inc.#		377,686		7,719,902
Versum Materials, Inc.		205,648		8,219,751
				66,252,193
Coatings/Paint — 0.4%
RPM International, Inc.#		252,335		12,490,582
Commercial Services — 0.4%
CoreLogic, Inc.†		153,830		8,065,307
Healthcare Services Group, Inc.#		139,092		5,028,176
				13,093,483

148

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance — 1.1%
MarketAxess Holdings, Inc.#		70,955	$	15,159,536
Sabre Corp.#		425,235		10,422,510
WEX, Inc.†		75,550		13,282,445
				38,864,491
Computer Data Security — 0.5%
Fortinet, Inc.†#		272,789		16,689,231
Computer Services — 1.3%
Convergys Corp.		172,957		4,088,704
Leidos Holdings, Inc.		268,770		16,142,326
MAXIMUS, Inc.		123,128		7,498,495
Science Applications International Corp.		80,734		7,140,922
Teradata Corp.†#		230,312		9,182,540
				44,052,987
Computer Software — 0.2%
j2 Global, Inc.#		92,684		7,826,237
Computers - Integrated Systems — 0.5%
NCR Corp.†#		223,516		6,727,832
NetScout Systems, Inc.†#		164,743		4,448,061
VeriFone Systems, Inc.†		208,323		4,737,265
				15,913,158
Computers - Other — 0.2%
Lumentum Holdings, Inc.†#		133,773		7,859,164
Consumer Products - Misc. — 0.1%
Helen of Troy, Ltd.†#		50,910		4,571,718
Containers - Metal/Glass — 0.4%
Greif, Inc., Class A#		48,934		2,853,341
Owens-Illinois, Inc.†		307,916		5,727,238
Silgan Holdings, Inc.		139,618		3,800,402
				12,380,981
Containers - Paper/Plastic — 0.5%
Bemis Co., Inc.		171,745		7,264,813
Sonoco Products Co.#		187,812		9,602,828
				16,867,641
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co.†#		101,938		4,456,729
Data Processing/Management — 2.1%
Acxiom Corp.†		149,499		4,378,826
Broadridge Financial Solutions, Inc.		220,220		25,424,399
CommVault Systems, Inc.†		78,903		5,393,020
Dun & Bradstreet Corp.		69,841		8,577,173
Fair Isaac Corp.†		56,772		10,447,751
Jack Henry & Associates, Inc.		145,856		18,240,751
				72,461,920
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.#		153,948		3,220,592
Disposable Medical Products — 0.7%
ICU Medical, Inc.†		28,503		8,295,798
STERIS PLC#		160,177		16,632,780
				24,928,578
Distribution/Wholesale — 0.6%
Pool Corp.#		76,260		10,899,079
Watsco, Inc.#		60,421		11,118,673
				22,017,752

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 1.1%
Carlisle Cos., Inc.		116,646	$	12,526,614
Crane Co.		95,708		7,954,292
ITT, Inc.		166,127		8,575,476
Trinity Industries, Inc.		284,725		9,820,165
				38,876,547
Drug Delivery Systems — 0.3%
Catalent, Inc.†#		251,680		9,880,957
E-Commerce/Services — 0.1%
Cars.com, Inc.†#		135,114		3,469,728
Electric Products - Misc. — 0.3%
Littelfuse, Inc.#		46,874		10,174,002
Electric - Integrated — 2.7%
ALLETE, Inc.		96,014		7,375,796
Black Hills Corp.#		101,083		5,878,987
Great Plains Energy, Inc.		407,119		13,817,619
Hawaiian Electric Industries, Inc.#		205,471		7,053,819
IDACORP, Inc.		95,128		8,786,022
MDU Resources Group, Inc.		368,696		10,249,749
NorthWestern Corp.		93,252		5,080,369
OGE Energy Corp.		377,002		13,202,610
PNM Resources, Inc.		150,371		6,007,321
Westar Energy, Inc.		268,508		15,224,404
				92,676,696
Electronic Components - Misc. — 0.8%
Gentex Corp.		518,054		12,448,838
Jabil, Inc.		330,812		9,355,363
Vishay Intertechnology, Inc.#		249,206		5,283,167
				27,087,368
Electronic Components - Semiconductors — 0.6%
Monolithic Power Systems, Inc.#		73,174		9,645,065
Silicon Laboratories, Inc.†		80,626		8,514,106
Synaptics, Inc.†#		65,127		2,737,939
				20,897,110
Electronic Measurement Instruments — 1.3%
Keysight Technologies, Inc.†		358,683		21,069,039
National Instruments Corp.		203,105		8,453,230
Trimble, Inc.†		468,678		15,494,495
				45,016,764
Electronic Parts Distribution — 0.9%
Arrow Electronics, Inc.†		165,579		12,272,716
Avnet, Inc.		226,433		8,631,626
SYNNEX Corp.		55,270		5,903,941
Tech Data Corp.†		65,543		5,689,788
				32,498,071
Energy - Alternate Sources — 0.3%
First Solar, Inc.†		153,838		10,400,987
Engineering/R&D Services — 0.4%
AECOM†#		300,480		9,915,840
KBR, Inc.		264,799		4,877,598
				14,793,438
Enterprise Software/Service — 1.3%
Blackbaud, Inc.#		90,762		8,846,572
Manhattan Associates, Inc.†#		128,314		5,584,225
Tyler Technologies, Inc.†		66,541		15,412,226
Ultimate Software Group, Inc.†#		54,830		14,373,685
				44,216,708

149

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Environmental Monitoring & Detection — 0.2%
MSA Safety, Inc.#		64,225	$	5,972,925
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.#		245,235		11,575,092
Finance - Consumer Loans — 0.3%
SLM Corp.†#		818,456		9,354,952
Finance - Investment Banker/Broker — 0.8%
Evercore, Inc., Class A#		77,861		8,128,688
Interactive Brokers Group, Inc., Class A		134,929		9,820,133
Stifel Financial Corp.#		135,641		7,975,691
				25,924,512
Finance - Mortgage Loan/Banker — 0.1%
LendingTree, Inc.†#		14,562		3,770,102
Finance - Other Services — 0.5%
SEI Investments Co.		246,436		15,717,688
Food - Baking — 0.2%
Flowers Foods, Inc.#		349,878		7,102,523
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		36,655		1,066,660
Food - Misc./Diversified — 1.7%
Hain Celestial Group, Inc.†#		196,177		5,006,437
Ingredion, Inc.		136,368		15,190,032
Lamb Weston Holdings, Inc.		275,943		17,591,366
Lancaster Colony Corp.#		36,795		4,639,849
Post Holdings, Inc.†#		123,795		9,516,122
TreeHouse Foods, Inc.†#		106,618		5,108,068
				57,051,874
Food - Retail — 0.1%
Sprouts Farmers Market, Inc.†#		233,627		5,069,706
Food - Wholesale/Distribution — 0.1%
United Natural Foods, Inc.†#		95,147		4,336,800
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†#		59,962		6,785,300
Skechers U.S.A., Inc., Class A†		256,119		7,442,818
				14,228,118
Funeral Services & Related Items — 0.4%
Service Corp. International		349,261		12,814,386
Garden Products — 0.5%
Scotts Miracle-Gro Co., Class A#		75,223		6,403,734
Toro Co.		202,361		11,736,938
				18,140,672
Gas - Distribution — 2.5%
Atmos Energy Corp.		209,467		18,686,551
National Fuel Gas Co.#		161,978		8,526,522
New Jersey Resources Corp.#		165,362		7,342,073
ONE Gas, Inc.		98,674		7,405,484
Southwest Gas Holdings, Inc.#		90,915		6,882,265
UGI Corp.		326,617		16,484,360
Vectren Corp.		156,763		11,076,874
WGL Holdings, Inc.		96,956		8,551,519
				84,955,648
Gold Mining — 0.3%
Royal Gold, Inc.#		123,564		11,078,748
Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc.†#		97,074		5,144,922

Security Description	Shares		Value (Note 2)
Home Furnishings — 0.1%
Tempur Sealy International, Inc.†#		87,172	$	4,021,244
Hotels/Motels — 0.8%
ILG, Inc.		199,301		6,824,066
Wyndham Worldwide Corp.		188,258		20,414,698
				27,238,764
Housewares — 0.1%
Tupperware Brands Corp.		96,499		4,068,398
Human Resources — 0.3%
ManpowerGroup, Inc.		124,899		11,240,910
Industrial Automated/Robotic — 0.8%
Cognex Corp.#		327,631		14,976,013
Nordson Corp.#		96,309		12,099,300
				27,075,313
Instruments - Controls — 0.2%
Woodward, Inc.#		104,104		7,887,960
Insurance Brokers — 0.3%
Brown & Brown, Inc.		431,834		11,996,349
Insurance - Life/Health — 0.4%
CNO Financial Group, Inc.		315,030		6,306,901
Primerica, Inc.		83,532		8,215,372
				14,522,273
Insurance - Multi-line — 1.0%
American Financial Group, Inc.		130,206		14,307,035
Genworth Financial, Inc., Class A†		942,393		3,241,832
Kemper Corp.#		92,295		7,148,248
Old Republic International Corp.		472,882		9,921,064
				34,618,179
Insurance - Property/Casualty — 1.6%
Alleghany Corp.		29,055		16,577,621
First American Financial Corp.		209,020		10,885,762
Hanover Insurance Group, Inc.		80,232		9,727,328
Mercury General Corp.#		68,941		3,247,810
WR Berkley Corp.		181,264		13,861,258
				54,299,779
Insurance - Reinsurance — 0.9%
Aspen Insurance Holdings, Ltd.		112,275		4,872,735
Reinsurance Group of America, Inc.		121,728		18,191,032
RenaissanceRe Holdings, Ltd.#		75,558		9,276,256
				32,340,023
Investment Management/Advisor Services — 1.0%
Eaton Vance Corp.		226,671		12,194,900
Federated Investors, Inc., Class B#		179,202		4,349,232
Janus Henderson Group PLC#		340,508		10,518,292
Legg Mason, Inc.#		159,595		5,948,106
				33,010,530
Lasers - System/Components — 0.2%
Coherent, Inc.†#		46,853		7,826,794
Machine Tools & Related Products — 0.5%
Kennametal, Inc.#		153,994		5,733,197
Lincoln Electric Holdings, Inc.		116,490		10,437,504
				16,170,701
Machinery - Construction & Mining — 0.5%
Oshkosh Corp.		140,917		10,251,712
Terex Corp.#		137,842		5,455,786
				15,707,498

150

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Electrical — 0.2%
Regal Beloit Corp.		83,666	$	6,647,264
Machinery - Farming — 0.2%
AGCO Corp.		124,644		7,927,358
Machinery - General Industrial — 1.5%
IDEX Corp.		144,483		20,036,903
Wabtec Corp.#		161,447		15,742,697
Zebra Technologies Corp., Class A†		100,526		15,431,746
				51,211,346
Machinery - Pumps — 0.6%
Apergy Corp.†		145,761		6,295,417
Graco, Inc.		319,874		14,522,280
				20,817,697
Medical Information Systems — 0.4%
Allscripts Healthcare Solutions, Inc.†#		341,412		4,318,862
Medidata Solutions, Inc.†#		111,820		8,628,031
				12,946,893
Medical Instruments — 1.5%
Bio-Techne Corp.		70,744		10,634,238
Halyard Health, Inc.†#		88,576		4,862,823
LivaNova PLC†#		82,056		7,717,367
NuVasive, Inc.†#		96,763		4,960,071
Teleflex, Inc.		85,044		22,720,355
				50,894,854
Medical Labs & Testing Services — 0.4%
Charles River Laboratories International, Inc.†		89,537		9,627,018
Syneos Health, Inc.†#		106,371		4,573,953
				14,200,971
Medical Products — 1.1%
Cantel Medical Corp.		67,083		7,318,084
Globus Medical, Inc., Class A†		136,845		7,601,740
Hill-Rom Holdings, Inc.		124,924		11,493,008
West Pharmaceutical Services, Inc.#		139,671		12,989,403
				39,402,235
Medical - Biomedical/Gene — 0.6%
Bio-Rad Laboratories, Inc., Class A†		38,161		10,957,168
United Therapeutics Corp.†		81,629		8,700,019
				19,657,187
Medical - Drugs — 0.5%
Akorn, Inc.†#		177,347		2,477,538
Mallinckrodt PLC†#		163,012		2,746,752
PRA Health Sciences, Inc.†		94,508		8,023,729
Prestige Brands Holdings, Inc.†#		100,127		3,347,246
				16,595,265
Medical - Generic Drugs — 0.1%
Endo International PLC†#		379,460		2,386,803
Medical - HMO — 0.8%
Molina Healthcare, Inc.†#		86,820		7,373,623
WellCare Health Plans, Inc.†		84,062		18,634,023
				26,007,646
Medical - Hospitals — 0.5%
Acadia Healthcare Co., Inc.†#		154,412		6,205,818
LifePoint Health, Inc.†#		73,583		3,888,862
Tenet Healthcare Corp.†#		152,698		5,410,090
				15,504,770

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication — 0.2%
Timken Co.		129,385	$	6,119,910
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		82,556		3,958,560
Miscellaneous Manufacturing — 0.3%
AptarGroup, Inc.		117,255		10,824,982
Multilevel Direct Selling — 0.3%
Nu Skin Enterprises, Inc., Class A#		105,058		8,603,200
Multimedia — 0.4%
FactSet Research Systems, Inc.#		73,670		14,808,407
Networking Products — 0.3%
LogMeIn, Inc.#		98,980		10,679,942
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.#		352,604		3,138,176
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		112,645		3,689,124
HNI Corp.#		81,640		3,029,660
				6,718,784
Oil & Gas Drilling — 1.0%
Diamond Offshore Drilling, Inc.†#		121,755		2,211,071
Ensco PLC, Class A#		823,119		5,350,273
Nabors Industries, Ltd.#		661,748		4,943,258
Patterson-UTI Energy, Inc.		419,633		8,678,010
Rowan Cos. PLC, Class A†#		214,533		3,346,715
Transocean, Ltd.†#		823,025		10,411,266
				34,940,593
Oil Companies - Exploration & Production — 2.2%
Callon Petroleum Co.†#		422,559		5,003,099
Chesapeake Energy Corp.†#		1,716,474		7,672,639
CNX Resources Corp.†#		380,171		6,143,563
Energen Corp.†		183,489		12,447,894
Gulfport Energy Corp.†#		295,049		3,277,994
Matador Resources Co.†#		195,315		5,482,492
Oasis Petroleum, Inc.†#		500,010		6,515,130
QEP Resources, Inc.†		454,839		5,499,003
SM Energy Co.#		193,867		5,079,315
Southwestern Energy Co.†#		964,783		4,563,424
WPX Energy, Inc.†		751,732		13,689,040
				75,373,593
Oil Companies - Integrated — 0.3%
Murphy Oil Corp.#		306,237		9,416,788
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†#		71,993		3,459,264
Oil Refining & Marketing — 1.2%
HollyFrontier Corp.		334,827		25,841,948
Murphy USA, Inc.†#		59,459		3,969,483
PBF Energy, Inc., Class A#		208,927		9,857,176
				39,668,607
Oil - Field Services — 0.8%
Core Laboratories NV#		83,271		10,340,593
McDermott International, Inc.†#		337,833		7,341,111
NOW, Inc.†#		203,256		2,857,779
Oceaneering International, Inc.#		185,873		4,429,354
Superior Energy Services, Inc.†#		291,168		3,182,466
				28,151,303
Paper & Related Products — 0.2%
Domtar Corp.		118,354		5,689,277
Patient Monitoring Equipment — 0.3%
Masimo Corp.†		89,680		8,882,804

151

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Physical Therapy/Rehabilitation Centers — 0.3%
Encompass Health Corp.#		185,267	$	11,996,038
Physicians Practice Management — 0.2%
MEDNAX, Inc.†		177,069		8,118,614
Poultry — 0.1%
Sanderson Farms, Inc.#		37,937		3,713,274
Power Converter/Supply Equipment — 0.3%
Hubbell, Inc.#		103,267		11,120,823
Printing - Commercial — 0.2%
Deluxe Corp.#		90,471		6,019,940
Publishing - Books — 0.2%
John Wiley & Sons, Inc., Class A		83,820		5,682,996
Publishing - Newspapers — 0.2%
New York Times Co., Class A#		241,515		5,494,466
Publishing - Periodicals — 0.1%
Meredith Corp.#		74,806		3,766,482
Quarrying — 0.1%
Compass Minerals International, Inc.#		63,868		4,176,967
Racetracks — 0.2%
Churchill Downs, Inc.		21,422		6,413,747
International Speedway Corp., Class A		46,251		1,928,666
				8,342,413
Real Estate Investment Trusts — 8.6%
Alexander & Baldwin, Inc.		127,683		2,720,925
American Campus Communities, Inc.		257,676		10,332,808
Camden Property Trust		174,934		15,394,192
CoreCivic, Inc.		223,146		4,802,102
CoreSite Realty Corp.#		64,644		6,862,607
Corporate Office Properties Trust		191,205		5,334,620
Cousins Properties, Inc.		792,865		7,468,788
CyrusOne, Inc.		181,467		10,049,642
DCT Industrial Trust, Inc.		176,901		11,521,562
Douglas Emmett, Inc.		300,901		11,581,680
Education Realty Trust, Inc.#		143,058		5,227,339
EPR Properties		122,058		7,493,141
First Industrial Realty Trust, Inc.		226,854		7,470,302
GEO Group, Inc.#		234,148		5,806,870
Healthcare Realty Trust, Inc.		235,768		6,422,320
Highwoods Properties, Inc.		194,980		9,325,893
Hospitality Properties Trust		310,259		8,981,998
JBG SMITH Properties		176,281		6,503,006
Kilroy Realty Corp.		186,366		14,191,771
Lamar Advertising Co., Class A		158,270		10,955,449
LaSalle Hotel Properties		213,736		7,331,145
Liberty Property Trust		278,378		12,307,091
Life Storage, Inc.		87,813		8,124,459
Mack-Cali Realty Corp.		170,167		3,364,202
Medical Properties Trust, Inc.#		688,473		9,342,579
National Retail Properties, Inc.#		290,528		12,036,575
Omega Healthcare Investors, Inc.#		374,899		11,490,654
PotlatchDeltic Corp.		113,471		5,730,286
Quality Care Properties, Inc.†#		177,095		3,710,140
Rayonier, Inc.		243,686		9,472,075
Sabra Health Care REIT, Inc.#		336,467		6,974,961
Senior Housing Properties Trust		448,599		7,922,258
Tanger Factory Outlet Centers, Inc.#		178,469		3,835,299
Taubman Centers, Inc.#		114,984		6,276,977
Uniti Group, Inc.†#		311,339		6,528,779
Urban Edge Properties		199,820		4,370,063
Weingarten Realty Investors#		225,509		6,611,924
				293,876,482

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.		85,723	$	14,037,998
Recreational Vehicles — 0.7%
Brunswick Corp.		165,291		10,512,508
Polaris Industries, Inc.#		110,710		12,388,449
				22,900,957
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		116,418		4,631,108
Avis Budget Group, Inc.†#		134,483		5,243,492
				9,874,600
Resort/Theme Parks — 0.3%
Six Flags Entertainment Corp.#		148,445		9,577,671
Retail - Apparel/Shoe — 0.4%
American Eagle Outfitters, Inc.		317,987		7,059,311
Urban Outfitters, Inc.†#		151,220		6,281,679
				13,340,990
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†		208,719		3,832,081
Retail - Automobile — 0.8%
AutoNation, Inc.†#		112,676		5,144,786
Copart, Inc.†#		381,025		20,891,601
				26,036,387
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		268,848		4,882,280
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		85,055		7,810,601
Retail - Convenience Store — 0.2%
Casey’s General Stores, Inc.#		70,881		6,861,281
Retail - Discount — 0.1%
Big Lots, Inc.#		79,350		3,246,208
Retail - Jewelry — 0.1%
Signet Jewelers, Ltd.#		114,139		4,907,977
Retail - Mail Order — 0.2%
Williams-Sonoma, Inc.#		146,194		8,094,762
Retail - Misc./Diversified — 0.4%
Five Below, Inc.†#		104,273		7,373,144
GameStop Corp., Class A#		191,248		2,524,473
Sally Beauty Holdings, Inc.†#		236,170		3,575,614
				13,473,231
Retail - Office Supplies — 0.1%
Office Depot, Inc.#		971,934		2,293,764
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		127,699		2,666,355
Retail - Regional Department Stores — 0.1%
Dillard’s, Inc., Class A#		38,811		3,160,380
Retail - Restaurants — 1.9%
Brinker International, Inc.#		82,788		3,620,319
Cheesecake Factory, Inc.#		80,585		4,175,109
Cracker Barrel Old Country Store, Inc.#		45,315		7,101,314
Domino’s Pizza, Inc.#		82,561		20,762,440
Dunkin’ Brands Group, Inc.#		155,287		9,943,027
Jack in the Box, Inc.		55,751		4,497,433
Papa John’s International, Inc.#		46,219		2,373,346
Texas Roadhouse, Inc.#		123,930		7,679,942
Wendy’s Co.#		338,975		5,460,887
				65,613,817

152

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.#		156,110	$	5,713,626
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.#		95,897		2,464,553
Savings & Loans/Thrifts — 0.8%
New York Community Bancorp, Inc.#		925,429		10,725,722
Sterling Bancorp#		424,205		10,414,233
Washington Federal, Inc.		163,037		5,290,550
				26,430,505
Schools — 0.3%
Adtalem Global Education, Inc.†		113,791		5,433,520
Graham Holdings Co., Class B		8,735		5,073,725
				10,507,245
Security Services — 0.2%
Brink’s Co.		95,476		7,566,473
Semiconductor Components - Integrated Circuits — 0.7%
Cirrus Logic, Inc.†#		119,623		4,483,470
Cypress Semiconductor Corp.#		670,149		11,030,652
Integrated Device Technology, Inc.†#		249,828		8,304,283
				23,818,405
Semiconductor Equipment — 0.7%
MKS Instruments, Inc.		102,863		11,541,229
Teradyne, Inc.#		368,921		13,985,795
				25,527,024
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.#		42,840		6,261,066
Steel - Producers — 1.7%
Carpenter Technology Corp.#		88,568		5,308,766
Commercial Metals Co.#		220,179		5,205,031
Reliance Steel & Aluminum Co.		137,489		12,864,846
Steel Dynamics, Inc.		445,656		22,028,776
United States Steel Corp.#		332,033		12,242,057
				57,649,476
Steel - Specialty — 0.2%
Allegheny Technologies, Inc.†#		237,224		6,765,628
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†		272,448		6,279,926
Telecommunication Equipment — 0.4%
ARRIS International PLC†		328,714		8,309,890
Plantronics, Inc.		62,441		4,548,827
				12,858,717
Telephone - Integrated — 0.1%
Telephone & Data Systems, Inc.		174,502		4,458,526
Television — 0.3%
AMC Networks, Inc., Class A†#		86,792		4,961,899
TEGNA, Inc.		407,017		4,220,766
				9,182,665
Theaters — 0.5%
Cinemark Holdings, Inc.#		200,081		6,756,735
Live Nation Entertainment, Inc.†#		255,439		10,889,365
				17,646,100
Transactional Software — 0.2%
ACI Worldwide, Inc.†#		218,806		5,284,165
Transport - Equipment & Leasing — 0.1%
GATX Corp.#		71,737		5,157,890

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Marine — 0.3%
Kirby Corp.†#		101,427		$	9,199,429
Transport - Rail — 0.3%
Genesee & Wyoming, Inc., Class A†#		116,948			9,134,808
Transport - Services — 0.2%
Ryder System, Inc.		100,012			6,708,805
Transport - Truck — 1.2%
Knight-Swift Transportation Holdings, Inc.		242,198			9,852,615
Landstar System, Inc.#		79,271			8,989,331
Old Dominion Freight Line, Inc.		129,073			20,130,225
Werner Enterprises, Inc.#		84,801			3,324,199
					42,296,370
Water — 0.3%
Aqua America, Inc.#		335,559			11,643,897
Wire & Cable Products — 0.1%
Belden, Inc.#		79,158			4,374,271
Wireless Equipment — 0.3%
InterDigital, Inc.		65,369			5,154,346
ViaSat, Inc.†#		103,384			6,472,872
					11,627,218
Total Long-Term Investment Securities
(cost $2,355,493,706)					3,366,311,178
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Registered Investment Companies — 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		86,679,316			86,679,316
U.S. Government Treasuries — 0.2%
United States Treasury Bills
1.75% due 06/14/2018(3)	$	1,000,000			999,429
1.75% due 08/09/2018(3)		250,000			249,110
1.81% due 07/05/2018(3)		3,100,000			3,094,869
1.83% due 08/23/2018(3)		1,000,000			995,715
1.86% due 08/16/2018(3)		2,000,000			1,992,146
					7,331,269
Total Short-Term Investment Securities
(cost $94,010,561)					94,010,585
REPURCHASE AGREEMENTS — 1.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $59,960,466 collateralized by $66,860,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $61,160,987 (cost $59,960,000)		59,960,000			59,960,000
TOTAL INVESTMENTS
(cost $2,509,464,267)(4)		102.5	%		3,520,281,763
Liabilities in excess of other assets		(2.5	)		(86,192,612	)
NET ASSETS		100.0	%	$	3,434,089,151

† Non-income producing security

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

153

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

(1) At May 31, 2018, the Fund had loaned securities with a total value of $717,392,547. This was secured by collateral of $86,679,316, which was received in cash and subsequently invested in short-term investments currently valued at $86,679,316 as reported in the Portfolio of Investments. Additional collateral of $656,363,237 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	103,737,131
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		42,006,448
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		27,620,290
United States Treasury Bills	0.00%	06/07/2018 to 11/08/2018		58,976,789
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		424,022,579

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	362	Long	S&P Mid Cap 400 E-Mini Index		June 2018	$	69,885,621	$	70,481,400	$	595,779

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	3,366,311,178	$	—	$	—	$	3,366,311,178
Short-Term Investment Securities:
Registered Investment Companies		86,679,316		—		—		86,679,316
U.S. Government Treasuries		—		7,331,269		—		7,331,269
Repurchase Agreements		—		59,960,000		—		59,960,000
Total Investments at Value	$	3,452,990,494	$	67,291,269	$	—	$	3,520,281,763
Other Financial Instruments:+
Futures Contracts	$	595,779	$	—	$	—	$	595,779

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

154

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Commercial Services — Finance	4.8	%
Electronic Components — Semiconductors	4.6
Enterprise Software/Service	3.9
Finance — Investment Banker/Broker	3.9
Medical Products	3.1
Medical Instruments	3.0
Electronic Components — Misc.	2.8
Semiconductor Equipment	2.8
Real Estate Investment Trusts	2.7
Commercial Services	2.6
Consulting Services	2.5
Electronic Measurement Instruments	2.3
Electronic Connectors	2.0
Computer Software	2.0
E-Commerce/Services	1.9
Drug Delivery Systems	1.8
Instruments — Scientific	1.7
Entertainment Software	1.7
Unknown	1.7
Transport — Truck	1.7
Telecommunication Equipment	1.7
Applications Software	1.6
Data Processing/Management	1.6
Computer Services	1.6
Diversified Manufacturing Operations	1.6
Disposable Medical Products	1.5
Chemicals — Diversified	1.4
Apparel Manufacturers	1.2
Aerospace/Defense — Equipment	1.2
Therapeutics	1.2
Cruise Lines	1.1
Banks — Commercial	1.1
Motion Pictures & Services	1.1
Computers — Memory Devices	1.0
Insurance — Property/Casualty	1.0
Aerospace/Defense	1.0
Finance — Consumer Loans	1.0
Medical Information Systems	1.0
Insurance Brokers	1.0
Medical — Biomedical/Gene	1.0
Electric Products — Misc.	0.9
Distribution/Wholesale	0.9
Oil Companies — Exploration & Production	0.9
Printing — Commercial	0.9
Retail — Discount	0.9
Diagnostic Kits	0.9
Retail — Apparel/Shoe	0.8
Non-Hazardous Waste Disposal	0.8
Containers — Paper/Plastic	0.8
Retail — Restaurants	0.8
Registered Investment Companies	0.7
Machinery — General Industrial	0.7
Medical Labs & Testing Services	0.7
Metal Processors & Fabrication	0.7
Beverages — Non-alcoholic	0.7
Rental Auto/Equipment	0.6
Auction Houses/Art Dealers	0.6
Airlines	0.6
Hotels/Motels	0.6
Retail — Building Products	0.5
Retail — Perfume & Cosmetics	0.5
Real Estate Management/Services	0.5
Home Decoration Products	0.5
Wire & Cable Products	0.5
Industrial Automated/Robotic	0.5
Advertising Agencies	0.5
Machinery — Electrical	0.4
Semiconductor Components — Integrated Circuits	0.4
Decision Support Software	0.4

Casino Hotels	0.4
Lasers — System/Components	0.4
Retail — Mail Order	0.4
Recreational Vehicles	0.3
Medical — Drugs	0.3
Retail — Gardening Products	0.3
Auto/Truck Parts & Equipment — Original	0.3
E-Commerce/Products	0.3
Internet Content — Entertainment	0.2
Retail — Petroleum Products	0.2
Time Deposits	0.2
	100.9	%

* Calculated as a percentage of net assets

155

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Advertising Agencies — 0.5%
Omnicom Group, Inc.#		18,846	$	1,358,420
Aerospace/Defense — 1.0%
Teledyne Technologies, Inc.†		14,236		2,867,985
Aerospace/Defense - Equipment — 1.2%
Harris Corp.		8,119		1,221,666
L3 Technologies, Inc.		11,270		2,235,179
				3,456,845
Airlines — 0.6%
Ryanair Holdings PLC ADR†#		15,753		1,825,930
Apparel Manufacturers — 1.2%
Carter’s, Inc.		9,865		1,075,384
Gildan Activewear, Inc.		87,484		2,530,912
				3,606,296
Applications Software — 1.6%
Dropbox, Inc., Class B†(1)(2)(3)		65,545		1,867,410
Intuit, Inc.		5,810		1,171,296
PTC, Inc.†		19,640		1,693,753
				4,732,459
Auction Houses/Art Dealers — 0.6%
Ritchie Bros. Auctioneers, Inc.		54,653		1,862,574
Auto/Truck Parts & Equipment - Original — 0.3%
Visteon Corp.†		6,579		822,112
Banks - Commercial — 1.1%
First Republic Bank		18,720		1,864,512
SVB Financial Group†		4,307		1,344,344
				3,208,856
Beverages - Non-alcoholic — 0.7%
Monster Beverage Corp.†		37,155		1,900,850
Casino Hotels — 0.4%
MGM Resorts International		35,550		1,118,047
Chemicals - Diversified — 1.4%
FMC Corp.		27,265		2,374,509
Huntsman Corp.		56,040		1,791,599
				4,166,108
Commercial Services — 2.6%
CoStar Group, Inc.†		8,354		3,184,712
Edenred		46,618		1,502,602
ServiceMaster Global Holdings, Inc.†		52,786		3,016,192
				7,703,506
Commercial Services - Finance — 4.8%
Equifax, Inc.		13,298		1,515,440
Euronet Worldwide, Inc.†		6,842		573,428
Global Payments, Inc.		22,129		2,459,860
IHS Markit, Ltd.†		23,675		1,166,704
MarketAxess Holdings, Inc.		6,645		1,419,704
WEX, Inc.†		23,223		4,082,836
Worldpay, Inc., Class A†		36,558		2,905,264
				14,123,236
Computer Services — 1.6%
Amdocs, Ltd.		43,078		2,906,042
EPAM Systems, Inc.†		13,905		1,712,818
				4,618,860
Computer Software — 2.0%
GreenSky, Inc., Class A†		22,075		590,948
Splunk, Inc.†		16,825		1,864,378

Security Description	Shares		Value (Note 2)
Computer Software (continued)
SS&C Technologies Holdings, Inc.		66,915	$	3,406,643
				5,861,969
Computers - Memory Devices — 1.0%
NetApp, Inc.		43,965		3,003,689
Consulting Services — 2.5%
Gartner, Inc.†#		11,209		1,487,883
Verisk Analytics, Inc.†		55,261		5,870,928
				7,358,811
Containers - Paper/Plastic — 0.8%
Sealed Air Corp.#		52,332		2,279,582
Cruise Lines — 1.1%
Norwegian Cruise Line Holdings, Ltd.†		31,141		1,629,920
Royal Caribbean Cruises, Ltd.		15,725		1,650,810
				3,280,730
Data Processing/Management — 1.6%
Broadridge Financial Solutions, Inc.		10,691		1,234,276
Fidelity National Information Services, Inc.		21,271		2,174,322
Jack Henry & Associates, Inc.		9,825		1,228,714
				4,637,312
Decision Support Software — 0.4%
MSCI, Inc.		7,099		1,154,084
Diagnostic Kits — 0.9%
IDEXX Laboratories, Inc.†		11,980		2,494,356
Disposable Medical Products — 1.5%
ICU Medical, Inc.†		5,831		1,697,113
STERIS PLC		26,948		2,798,280
				4,495,393
Distribution/Wholesale — 0.9%
Ferguson PLC		15,710		1,217,552
LKQ Corp.†		46,185		1,467,297
				2,684,849
Diversified Manufacturing Operations — 1.6%
A.O. Smith Corp.		45,607		2,876,434
Carlisle Cos., Inc.		15,613		1,676,680
				4,553,114
Drug Delivery Systems — 1.8%
Catalent, Inc.†		38,497		1,511,392
DexCom, Inc.†#		42,688		3,756,117
				5,267,509
E-Commerce/Products — 0.3%
Wayfair, Inc., Class A†#		7,973		736,307
E-Commerce/Services — 0.8%
SurveyMonkey, Inc.†(1)(2)(3)		44,965		466,287
Trade Desk, Inc., Class A†#		21,685		1,854,718
				2,321,005
Electric Products - Misc. — 0.9%
AMETEK, Inc.		37,258		2,720,952
Electronic Components - Misc. — 2.8%
Flex, Ltd.†		250,300		3,476,667
Sensata Technologies Holding PLC†#		90,606		4,629,061
				8,105,728
Electronic Components - Semiconductors — 4.6%
Microchip Technology, Inc.#		45,873		4,467,113
Monolithic Power Systems, Inc.		9,580		1,262,740

156

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
ON Semiconductor Corp.†		149,039	$	3,745,350
Xilinx, Inc.		56,285		3,833,571
				13,308,774
Electronic Connectors — 2.0%
TE Connectivity, Ltd.		63,813		5,939,714
Electronic Measurement Instruments — 2.3%
Agilent Technologies, Inc.		38,195		2,365,035
National Instruments Corp.		60,076		2,500,363
Trimble, Inc.†		53,100		1,755,486
				6,620,884
Enterprise Software/Service — 3.9%
Atlassian Corp. PLC, Class A†		51,608		3,292,074
Constellation Software, Inc.		5,181		4,080,627
Ultimate Software Group, Inc.†#		6,703		1,757,192
Workday, Inc., Class A†		16,965		2,221,736
				11,351,629
Entertainment Software — 1.7%
Activision Blizzard, Inc.		14,968		1,061,381
Take-Two Interactive Software, Inc.†		23,995		2,689,359
Zynga, Inc., Class A†		301,730		1,327,612
				5,078,352
Finance - Consumer Loans — 1.0%
Synchrony Financial		81,754		2,831,141
Finance - Investment Banker/Broker — 3.9%
E*TRADE Financial Corp.†		43,155		2,733,869
LPL Financial Holdings, Inc.		49,092		3,376,057
TD Ameritrade Holding Corp.		86,578		5,125,418
				11,235,344
Home Decoration Products — 0.5%
Newell Brands, Inc.#		60,895		1,435,904
Hotels/Motels — 0.6%
Hyatt Hotels Corp., Class A		20,010		1,635,417
Industrial Automated/Robotic — 0.5%
Nordson Corp.		11,330		1,423,388
Instruments - Scientific — 1.7%
PerkinElmer, Inc.#		39,278		2,919,534
Waters Corp.†		11,212		2,159,655
				5,079,189
Insurance Brokers — 1.0%
Aon PLC		20,125		2,814,884
Insurance - Property/Casualty — 1.0%
Intact Financial Corp.		23,416		1,770,738
WR Berkley Corp.		15,479		1,183,679
				2,954,417
Internet Content - Entertainment — 0.2%
Snap, Inc., Class A†#		61,100		695,929
Lasers - System/Components — 0.4%
Coherent, Inc.†		6,455		1,078,308
Machinery - Electrical — 0.4%
BWX Technologies, Inc.		18,150		1,211,331
Machinery - General Industrial — 0.7%
Middleby Corp.†#		9,963		992,514
Wabtec Corp.#		10,671		1,040,529
				2,033,043

Security Description	Shares		Value (Note 2)
Medical Information Systems — 1.0%
athenahealth, Inc.†		18,815	$	2,831,093
Medical Instruments — 3.0%
Boston Scientific Corp.†		105,958		3,220,064
Bruker Corp.		56,875		1,721,606
Edwards Lifesciences Corp.†		18,595		2,553,279
Teleflex, Inc.		5,205		1,390,568
				8,885,517
Medical Labs & Testing Services — 0.7%
IQVIA Holdings, Inc.†		20,388		2,016,985
Medical Products — 3.1%
Cooper Cos., Inc.		8,564		1,938,119
Globus Medical, Inc., Class A†		21,565		1,197,936
Haemonetics Corp.†		16,740		1,512,459
Henry Schein, Inc.†#		13,741		950,877
Novocure, Ltd.†		50,165		1,577,689
Varian Medical Systems, Inc.†		16,525		1,947,802
				9,124,882
Medical - Biomedical/Gene — 1.0%
ACADIA Pharmaceuticals, Inc.†		24,798		448,844
BeiGene, Ltd. ADR†		2,003		400,840
Bluebird Bio, Inc.†#		3,895		697,400
Celgene Corp.†		13,561		1,066,979
Puma Biotechnology, Inc.†#		3,441		182,201
				2,796,264
Medical - Drugs — 0.3%
Alkermes PLC†#		14,803		698,702
DBV Technologies SA ADR†#		11,807		265,657
				964,359
Metal Processors & Fabrication — 0.7%
Rexnord Corp.†		68,378		1,995,270
Motion Pictures & Services — 1.1%
Dolby Laboratories, Inc., Class A		50,402		3,165,246
Non - Hazardous Waste Disposal — 0.8%
Waste Connections, Inc.		30,225		2,323,698
Oil Companies - Exploration & Production — 0.9%
Marathon Oil Corp.		51,830		1,110,717
Parsley Energy, Inc., Class A†		51,825		1,527,801
				2,638,518
Printing - Commercial — 0.9%
Cimpress NV†		18,353		2,555,288
Real Estate Investment Trusts — 2.7%
Crown Castle International Corp.		28,816		3,001,186
Equinix, Inc.		3,948		1,566,764
Lamar Advertising Co., Class A		46,752		3,236,174
				7,804,124
Real Estate Management/Services — 0.5%
CBRE Group, Inc., Class A†		32,585		1,505,101
Recreational Vehicles — 0.3%
Polaris Industries, Inc.#		8,709		974,537
Rental Auto/Equipment — 0.6%
United Rentals, Inc.†		11,805		1,883,724
Retail - Apparel/Shoe — 0.8%
lululemon athletica, Inc.†		10,053		1,056,068
Tapestry, Inc.		32,020		1,399,914
				2,455,982

157

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Retail - Building Products — 0.5%
Floor & Decor Holdings, Inc., Class A†#		34,140	$	1,604,580
Retail - Discount — 0.9%
Dollar Tree, Inc.†		30,250		2,498,347
Retail - Gardening Products — 0.3%
Tractor Supply Co.		12,733		946,189
Retail - Mail Order — 0.4%
Williams-Sonoma, Inc.#		19,017		1,052,971
Retail - Perfume & Cosmetics — 0.5%
ULTA Beauty, Inc.†		6,485		1,601,211
Retail - Petroleum Products — 0.2%
World Fuel Services Corp.		28,224		589,317
Retail - Restaurants — 0.8%
Dunkin’ Brands Group, Inc.#		34,660		2,219,280
Semiconductor Components - Integrated Circuits — 0.4%
Marvell Technology Group, Ltd.		55,085		1,186,531
Semiconductor Equipment — 2.8%
Entegris, Inc.		36,410		1,277,991
KLA-Tencor Corp.		24,971		2,827,466
Lam Research Corp.		11,567		2,292,348
MKS Instruments, Inc.		14,960		1,678,512
				8,076,317
Telecommunication Equipment — 1.7%
NICE, Ltd., ADR†#		45,622		4,824,526
Therapeutics — 1.2%
Neurocrine Biosciences, Inc.†#		35,305		3,398,459
Transport - Truck — 1.7%
Old Dominion Freight Line, Inc.		11,205		1,747,532
XPO Logistics, Inc.†#		30,815		3,243,279
				4,990,811
Wire & Cable Products — 0.4%
Belden, Inc.		22,766		1,258,049
Total Common Stocks
(cost $215,893,756)				283,222,298
CONVERTIBLE PREFERRED SECURITIES — 1.2%
E-Commerce/Services — 1.1%
Airbnb, Inc., Series D†(1)(2)(3)		29,418		3,207,052
Wire & Cable Products — 0.1%
Belden, Inc. 6.75%		2,200		172,876
Total Convertible Preferred Securities
(cost $1,417,696)				3,379,928
Total Long-Term Investment Securities
(cost $217,311,452)				286,602,226
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Commercial Paper — 1.7%
Credit Agricole 1.61% due 06/01/2018	$	5,000,000		4,999,765
Registered Investment Companies — 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(4)(5)		2,232,493		2,232,493

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 0.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/18	$	492,000		$	492,000
Total Short-Term Investment Securities
(cost $7,724,493)					7,724,258
TOTAL INVESTMENTS
(cost $225,035,945)(6)		100.9	%		294,326,484
Liabilities in excess of other assets		(0.9	)		(2,671,982	)
NET ASSETS		100.0	%	$	291,654,502

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

† Non-income producing security

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Dropbox, Inc. Class B		5/1/2012		65,545	$	810,680	$	1,867,410	$	28.49		0.64%
SurveyMonkey, Inc		11/25/2014		44,965		739,674		466,287		10.37		0.16%
Convertible Preferred Stocks
Airbnb, Inc. Series D		4/16/2014		29,418		1,197,696		3,207,052		109.02		1.10%
							$	5,540,749				1.90%

(3) Illiquid security. At May 31, 2018, the aggregate value of these securities was $5,540,749 representing 1.9% of net assets.

(4) At May 31, 2018, the Fund had loaned securities with a total value of $35,649,636. This was secured by collateral of $2,232,493, which was received in cash and subsequently invested in short-term investments currently valued at $2,232,493 as reported in the Portfolio of Investments. Additional collateral of $34,525,540 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	2,361,858
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		956,391
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		628,851
United States Treasury Bills	0.00%	06/14/2018 to 11/08/2018		2,827,850
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		27,750,590

(5) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

158

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Applications Software	$	2,865,049	$	1,867,410		$	—	$	4,732,459
E-Commerce/Services		1,854,718		—			466,287		2,321,005
Other Industries		273,448,680		2,720,154	**		—		276,168,834
Convertible Preferred Securities:
Wire & Cable Products		172,876		—			—		172,876
Other Industries		—		—			3,207,052		3,207,052
Short-Term Investment Securities:
Commercial Paper		—		4,999,765			—		4,999,765
Registered Investment Companies		2,232,493		—			—		2,232,493
Time Deposits		—		492,000			—		492,000
Total Investments at Value	$	280,573,816	$	10,079,329		$	3,673,339	$	294,326,484

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

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

	Common Stocks			Convertible Preferred Securities
Balance as of 05/31/2017	$	1,319,682		$	4,356,582
Accrued discounts		—			—
Accrued premiums		—			—
Realized Gain		—			1,454,227
Realized Loss		—			—
Change in unrealized appreciation(1)		29,677			118,162
Change in unrealized depreciation(1)		(72,392	)		(880,691	)
Net Purchases		—			—
Net Sales		(810,680	)		(1,841,228	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 05/31/2018	$	466,287		$	3,207,052

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2018 includes:

Common Stocks			Convertible Preferred Securities
$	(42,715	)	$	(762,529	)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2018

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

Description	Fair Value at 5/31/18		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	466,287	Market Approach	2017 Revenue Multiple* 2018 EBITIDA Multiple* 2018 Estimated Gross Profit Multiple* Discount for Lack of Marketability	7.35x 20.2x 7.9x 10.0%
Convertible Preferred Securities	$	3,207,052	Market Approach	Market Transaction Price* 2020 Estimated Revenue Multiple* 2020 Estimated Gross Profit Multiple* Discount for Lack of Marketability	$105.0000 5.3x 7.3x 10.0%

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

See Notes to the Financial Statements

159

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Computers	11.4	%
E-Commerce/Products	10.3
Applications Software	9.7
Web Portals/ISP	9.3
Electronic Components — Semiconductors	9.0
Internet Content — Entertainment	7.3
Medical — Biomedical/Gene	6.2
Repurchase Agreements	4.6
Cable/Satellite TV	2.8
Networking Products	2.5
Commercial Services — Finance	1.9
E-Commerce/Services	1.8
Semiconductor Components — Integrated Circuits	1.7
Food — Misc./Diversified	1.5
Entertainment Software	1.5
Electronic Forms	1.5
Semiconductor Equipment	1.4
Retail — Discount	1.3
Retail — Restaurants	1.0
Multimedia	0.8
Retail — Drug Store	0.7
Cellular Telecom	0.7
Transport — Rail	0.7
Data Processing/Management	0.6
Computer Aided Design	0.6
Medical Instruments	0.6
Registered Investment Companies	0.6
Hotels/Motels	0.6
Auto — Cars/Light Trucks	0.6
Computer Services	0.5
Pharmacy Services	0.5
Computers — Memory Devices	0.5
Dental Supplies & Equipment	0.4
Enterprise Software/Service	0.4
Radio	0.4
Retail — Apparel/Shoe	0.4
Beverages — Non-alcoholic	0.3
U.S. Government Treasuries	0.3
Retail — Auto Parts	0.3
Auto — Heavy Duty Trucks	0.3
Medical Products	0.3
Medical — Generic Drugs	0.2
Airlines	0.2
Casino Hotels	0.2
Medical Information Systems	0.2
Commercial Services	0.2
Diagnostic Kits	0.2
Consulting Services	0.2
Computer Data Security	0.2
Distribution/Wholesale	0.2
Retail — Perfume & Cosmetics	0.2
Computer Software	0.2
Transport — Truck	0.2
Internet Security	0.2
Toys	0.1
Retail — Catalog Shopping	0.1
	100.6	%

* Calculated as a percentage of net assets

160

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.1%
Airlines — 0.2%
American Airlines Group, Inc.#		26,825	$	1,167,961
Applications Software — 9.7%
Intuit, Inc.		14,521		2,927,434
Microsoft Corp.		436,553		43,148,898
				46,076,332
Auto - Cars/Light Trucks — 0.6%
Tesla, Inc.†#		9,577		2,726,859
Auto - Heavy Duty Trucks — 0.3%
PACCAR, Inc.		19,957		1,241,924
Beverages - Non-alcoholic — 0.3%
Monster Beverage Corp.†		31,975		1,635,841
Cable/Satellite TV — 2.8%
Charter Communications, Inc., Class A†		13,523		3,530,044
Comcast Corp., Class A		262,793		8,193,886
DISH Network Corp., Class A†		12,929		382,052
Liberty Global PLC, Class A†		12,458		355,177
Liberty Global PLC, Class C†		32,795		907,766
				13,368,925
Casino Hotels — 0.2%
Wynn Resorts, Ltd.		5,841		1,144,894
Cellular Telecom — 0.7%
T-Mobile US, Inc.†		48,443		2,698,275
Vodafone Group PLC ADR#		26,930		698,295
				3,396,570
Commercial Services — 0.2%
Cintas Corp.		6,038		1,100,426
Commercial Services - Finance — 1.9%
Automatic Data Processing, Inc.		25,132		3,267,663
PayPal Holdings, Inc.†		68,045		5,584,453
				8,852,116
Computer Aided Design — 0.6%
Autodesk, Inc.†		12,488		1,612,201
Cadence Design Systems, Inc.†		16,038		680,813
Synopsys, Inc.†		8,432		742,606
				3,035,620
Computer Data Security — 0.2%
Check Point Software Technologies, Ltd.†		9,267		902,235
Computer Services — 0.5%
Cognizant Technology Solutions Corp., Class A		33,341		2,512,244
Computer Software — 0.2%
Citrix Systems, Inc.†		7,719		815,281
Computers — 11.4%
Apple, Inc.		287,680		53,758,762
Computers - Memory Devices — 0.5%
Seagate Technology PLC		16,149		909,996
Western Digital Corp.		16,871		1,408,897
				2,318,893
Consulting Services — 0.2%
Verisk Analytics, Inc.†		9,356		993,981
Data Processing/Management — 0.6%
Fiserv, Inc.†		23,428		1,700,873
Paychex, Inc.		20,365		1,335,537
				3,036,410

Security Description	Shares		Value (Note 2)
Dental Supplies & Equipment — 0.4%
Align Technology, Inc.†		4,543	$	1,508,049
DENTSPLY SIRONA, Inc.		13,022		570,494
				2,078,543
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		4,940		1,028,557
Distribution/Wholesale — 0.2%
Fastenal Co.#		16,309		868,128
E-Commerce/Products — 10.3%
Amazon.com, Inc.†		27,447		44,728,180
eBay, Inc.†		57,382		2,164,449
JD.com, Inc. ADR†#		52,290		1,839,562
				48,732,191
E-Commerce/Services — 1.8%
Booking Holdings, Inc.†		2,738		5,774,223
Ctrip.com International, Ltd. ADR†		26,204		1,181,538
Expedia Group, Inc.		7,883		954,080
MercadoLibre, Inc.#		2,504		728,238
				8,638,079
Electronic Components - Semiconductors — 9.0%
Broadcom, Inc.		23,273		5,866,425
Intel Corp.		264,660		14,609,232
Microchip Technology, Inc.#		13,286		1,293,791
Micron Technology, Inc.†		65,559		3,775,543
NVIDIA Corp.		34,302		8,650,621
Skyworks Solutions, Inc.		10,346		1,020,219
Texas Instruments, Inc.		55,778		6,242,116
Xilinx, Inc.		14,447		983,985
				42,441,932
Electronic Forms — 1.5%
Adobe Systems, Inc.†		27,871		6,947,683
Enterprise Software/Service — 0.4%
CA, Inc.		23,638		844,822
Workday, Inc., Class A†		7,767		1,017,167
				1,861,989
Entertainment Software — 1.5%
Activision Blizzard, Inc.		43,012		3,049,981
Electronic Arts, Inc.†		17,390		2,276,525
NetEase, Inc. ADR		4,258		972,186
Take-Two Interactive Software, Inc.†		6,486		726,951
				7,025,643
Food - Misc./Diversified — 1.5%
Kraft Heinz Co.		69,102		3,971,983
Mondelez International, Inc., Class A		84,327		3,311,521
				7,283,504
Hotels/Motels — 0.6%
Marriott International, Inc., Class A		20,266		2,743,206
Internet Content - Entertainment — 7.3%
Facebook, Inc., Class A†		135,841		26,051,587
Netflix, Inc.†		24,603		8,650,415
				34,702,002
Internet Security — 0.2%
Symantec Corp.		35,239		732,266
Medical Information Systems — 0.2%
Cerner Corp.†		18,857		1,125,386

161

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments — 0.6%
Intuitive Surgical, Inc.†		6,367	$	2,926,719
Medical Products — 0.3%
Henry Schein, Inc.†#		8,714		603,009
Hologic, Inc.†		15,678		594,039
				1,197,048
Medical - Biomedical/Gene — 6.2%
Alexion Pharmaceuticals, Inc.†		12,569		1,459,638
Amgen, Inc.		40,854		7,338,196
Biogen, Inc.†		11,995		3,526,050
BioMarin Pharmaceutical, Inc.†#		9,983		901,864
Celgene Corp.†		42,646		3,355,387
Gilead Sciences, Inc.		74,271		5,005,866
Illumina, Inc.†		8,334		2,270,515
Incyte Corp.†		12,001		819,308
Regeneron Pharmaceuticals, Inc.†		5,998		1,801,319
Shire PLC ADR		3,973		652,526
Vertex Pharmaceuticals, Inc.†		14,395		2,216,830
				29,347,499
Medical - Generic Drugs — 0.2%
Mylan NV†		30,414		1,169,723
Multimedia — 0.8%
Twenty-First Century Fox, Inc., Class A		59,759		2,303,709
Twenty-First Century Fox, Inc., Class B		45,274		1,728,109
				4,031,818
Networking Products — 2.5%
Cisco Systems, Inc.		273,138		11,665,724
Pharmacy Services — 0.5%
Express Scripts Holding Co.†		31,997		2,425,693
Radio — 0.4%
Sirius XM Holdings, Inc.#		254,674		1,808,185
Retail - Apparel/Shoe — 0.4%
Ross Stores, Inc.		21,666		1,709,014
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		4,744		1,278,081
Retail - Catalog Shopping — 0.1%
Qurate Retail Group, Inc., Class A†		25,476		517,927
Retail - Discount — 1.3%
Costco Wholesale Corp.		24,896		4,935,383
Dollar Tree, Inc.†		13,443		1,110,257
				6,045,640
Retail - Drug Store — 0.7%
Walgreens Boots Alliance, Inc.		56,168		3,504,322
Retail - Perfume & Cosmetics — 0.2%
ULTA Beauty, Inc.†		3,458		853,815
Retail - Restaurants — 1.0%
Starbucks Corp.		79,693		4,516,202
Semiconductor Components - Integrated Circuits — 1.7%
Analog Devices, Inc.		20,967		2,037,573
Maxim Integrated Products, Inc.		15,944		935,116
QUALCOMM, Inc.		83,932		4,878,128
				7,850,817
Semiconductor Equipment — 1.4%
Applied Materials, Inc.		59,571		3,025,015
ASML Holding NV#		4,190		823,964
KLA-Tencor Corp.		8,880		1,005,482
Lam Research Corp.		9,239		1,830,985
				6,685,446

Security Description	Shares/ Principal Amount			Value (Note 2)
Toys — 0.1%
Hasbro, Inc.		7,040		$	610,720
Transport - Rail — 0.7%
CSX Corp.		50,303			3,252,089
Transport - Truck — 0.2%
JB Hunt Transport Services, Inc.		6,223			797,166
Web Portals/ISP — 9.3%
Alphabet, Inc., Class A†		16,924			18,616,400
Alphabet, Inc., Class C†		19,835			21,520,777
Baidu, Inc. ADR†		15,917			3,860,827
					43,998,004
Total Long-Term Investment Securities
(cost $174,272,125)					450,486,035
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		2,851,552			2,851,552
U.S. Government Treasuries — 0.3%
United States Treasury Bills 1.70% due 07/12/2018(3)	$	300,000			299,402
1.82% due 08/23/2018(3)		1,200,000			1,194,857
					1,494,259
Total Short-Term Investment Securities
(cost $4,345,944)					4,345,811
REPURCHASE AGREEMENTS — 4.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $21,667,169 collateralized by $24,160,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $22,100,650 (cost $21,667,000)		21,667,000			21,667,000
TOTAL INVESTMENTS
(cost $200,285,069)(4)		100.6	%		476,498,846
Liabilities in excess of other assets		(0.6	)		(2,985,828	)
NET ASSETS		100.0	%	$	473,513,018

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

† Non-income producing security

(1) At May 31, 2018, the Fund had loaned securities with a total value of $11,137,130. This was secured by collateral of $2,851,552, which was received in cash and subsequently invested in short-term investments currently valued at $2,851,552 as reported in the Portfolio of Investments. Additional collateral of $8,669,156 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,762,808
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		713,817
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		469,353
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018		165,023
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		5,558,155

162

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

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

ADR—American Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	168	Long	NASDAQ 100 E-Mini Index		June 2018	$	23,504,893	$	23,442,720	$	(62,173	)

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (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	$	450,486,035	$	—	$	—	$	450,486,035
Short-Term Investment Securities:
Registered Investment Companies		2,851,552		—		—		2,851,552
U.S. Government Treasuries		—		1,494,259		—		1,494,259
Repurchase Agreements		—		21,667,000		—		21,667,000
Total Investments at Value	$	453,337,587	$	23,161,259	$	—	$	476,498,846
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	62,173	$	—	$	—	$	62,173

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

163

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — May 31, 2018 — (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	13.9	%
Applications Software	11.1
Internet Content — Entertainment	8.1
Commercial Services — Finance	6.9
Web Portals/ISP	6.5
E-Commerce/Products	6.5
Registered Investment Companies	5.1
Semiconductor Components — Integrated Circuits	4.0
E-Commerce/Services	4.0
Enterprise Software/Service	3.2
Internet Security	2.6
Semiconductor Equipment	2.5
Computers	2.4
Computer Services	2.3
Finance — Credit Card	2.3
Time Deposits	2.0
Computers — Memory Devices	1.8
Electronic Components — Misc.	1.7
Internet Application Software	1.6
Photo Equipment & Supplies	1.3
Auto — Cars/Light Trucks	1.0
Computer Software	1.0
Entertainment Software	0.8
Cable/Satellite TV	0.8
Medical — Drugs	0.8
Networking Products	0.6
Building Products — Light Fixtures	0.5
Computer Aided Design	0.5
Computer Data Security	0.4
Retail — Apparel/Shoe	0.4
Chemicals — Diversified	0.3
Metal Processors & Fabrication	0.3
Lasers — System/Components	0.3
Computers — Other	0.3
Aerospace/Defense — Equipment	0.3
Internet Content — Information/News	0.3
Machinery — General Industrial	0.2
Medical — Biomedical/Gene	0.2
Medical Instruments	0.2
Finance — Mortgage Loan/Banker	0.2
Electronic Measurement Instruments	0.2
Publishing — Newspapers	0.2
Industrial Automated/Robotic	0.2
Circuit Boards	0.2
Commercial Services	0.2
Toys	0.2
Medical Products	0.2
Telephone — Integrated	0.1
Retail — Vision Service Center	0.1
IT Services	0.1
Finance — Other Services	0.1
Repurchase Agreements	0.1
Web Hosting/Design	0.1
B2B/E — Commerce	0.1
Internet Telephone	0.1
Transactional Software	0.1
	101.5	%

* Calculated as a percentage of net assets

164

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.6%
Aerospace/Defense - Equipment — 0.3%
Harris Corp.		24,663	$	3,711,042
Applications Software — 11.1%
Intuit, Inc.		67,111		13,529,578
Microsoft Corp.		498,885		49,309,793
RealPage, Inc.†#		12,385		727,619
Red Hat, Inc.†		90,063		14,628,032
salesforce.com, Inc.†		296,790		38,383,851
ServiceNow, Inc.†		180,831		32,117,394
Tableau Software, Inc., Class A†		67,715		6,694,982
				155,391,249
Auto - Cars/Light Trucks — 1.0%
Tesla, Inc.†#		51,796		14,747,875
B2B/E-Commerce — 0.1%
Cafe24 Corp.†		5,969		951,472
Building Products - Light Fixtures — 0.5%
Cree, Inc.†#		157,135		7,325,634
Cable/Satellite TV — 0.8%
Liberty Global PLC, Class C†		418,214		11,576,164
Chemicals - Diversified — 0.3%
DowDuPont, Inc.		77,000		4,936,470
Circuit Boards — 0.2%
Silergy Corp.		105,000		2,396,647
Commercial Services — 0.2%
CoStar Group, Inc.†		6,270		2,390,249
Commercial Services - Finance — 6.9%
FleetCor Technologies, Inc.†		49,279		9,823,769
Global Payments, Inc.		158,871		17,660,100
PayPal Holdings, Inc.†		316,086		25,941,178
Square, Inc., Class A†		337,855		19,680,054
Total System Services, Inc.		102,591		8,739,727
TransUnion		67,985		4,663,771
WEX, Inc.†		59,346		10,433,620
				96,942,219
Computer Aided Design — 0.5%
Autodesk, Inc.†		15,155		1,956,510
Synopsys, Inc.†		59,200		5,213,744
				7,170,254
Computer Data Security — 0.4%
Sophos Group PLC*		703,614		5,453,803
Computer Services — 2.3%
Accenture PLC, Class A		25,393		3,954,706
Capgemini SE#		9,505		1,259,664
Cognizant Technology Solutions Corp., Class A		74,742		5,631,810
DXC Technology Co.		169,205		15,585,472
Genpact, Ltd.		197,592		5,933,688
				32,365,340
Computer Software — 1.0%
Dropbox, Inc., Class A†		11,420		342,486
Dropbox, Inc., Class A (Common Lockup Shares)†(1)(3)		135,156		3,850,662
MongoDB, Inc.†#		100,910		4,755,888
Pivotal Software, Inc., Class A†		133,735		2,405,893
Splunk, Inc.†		24,115		2,672,183
				14,027,112
Computers — 2.4%
Apple, Inc.		146,333		27,345,247
Nutanix, Inc., Class A†		114,755		6,133,655
				33,478,902

Security Description	Shares		Value (Note 2)
Computers - Memory Devices — 1.8%
NetApp, Inc.		349,245	$	23,860,418
Pure Storage, Inc., Class A†#		77,695		1,667,335
				25,527,753
Computers - Other — 0.3%
Lumentum Holdings, Inc.†#		72,666		4,269,128
Data Processing/Management — 0.0%
DocuSign, Inc.†#		3,176		158,197
E-Commerce/Products — 6.5%
Alibaba Group Holding, Ltd. ADR†#		70,921		14,043,067
Amazon.com, Inc.†		46,979		76,557,918
Delivery Hero AG†*		19,187		882,234
JD.com, Inc. ADR†#		1,220		42,920
				91,526,139
E-Commerce/Services — 3.6%
51job, Inc. ADR†		14,930		1,588,552
Booking Holdings, Inc.†		8,771		18,497,337
Ctrip.com International, Ltd. ADR†		597,232		26,929,191
GrubHub, Inc.†#		8,045		862,505
TripAdvisor, Inc.†#		24,087		1,255,896
Yume No Machi Souzou Iinkai Co., Ltd.#		59,000		1,116,035
				50,249,516
E-Services/Consulting — 0.0%
CDW Corp.		7,925		634,396
Electronic Components - Misc. — 1.7%
AAC Technologies Holdings, Inc.		190,500		2,842,054
Bizlink Holding, Inc.		202,725		1,418,268
Corning, Inc.		74,700		2,029,599
Flex, Ltd.†		609,439		8,465,108
LandMark Optoelectronics Corp.		84,976		847,364
Sensata Technologies Holding PLC†#		102,900		5,257,161
Tongda Group Holdings, Ltd.#		4,170,000		990,797
Yageo Corp.		63,000		1,984,401
				23,834,752
Electronic Components - Semiconductors — 13.9%
Advanced Micro Devices, Inc.†#		546,334		7,501,166
ams AG		60,758		5,234,232
Broadcom, Inc.		134,346		33,864,596
Infineon Technologies AG		185,550		5,098,965
IPG Photonics Corp.†		15,222		3,672,612
Microchip Technology, Inc.#		208,211		20,275,587
Micron Technology, Inc.†		826,028		47,570,953
NVIDIA Corp.		84,744		21,371,589
ON Semiconductor Corp.†		155,005		3,895,276
Qorvo, Inc.†		94,300		7,567,575
Samsung Electronics Co., Ltd.		256,750		12,052,118
Sino-American Silicon Products, Inc.		691,000		3,227,487
SK Hynix, Inc.		103,785		8,947,245
Texas Instruments, Inc.		106,045		11,867,496
Tower Semiconductor, Ltd.†#		51,731		1,340,868
Win Semiconductors Corp.		174,000		1,401,928
				194,889,693
Electronic Measurement Instruments — 0.2%
Chroma ATE, Inc.		270,000		1,340,455
Itron, Inc.†		26,781		1,529,195
				2,869,650
Enterprise Software/Service — 3.2%
Atlassian Corp. PLC, Class A†#		14,160		903,267
Guidewire Software, Inc.†		40,252		3,736,996

165

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Oracle Corp.		14,420	$	673,702
Paycom Software, Inc.†#		118,060		12,451,788
Temenos Group AG		15,830		2,350,728
Veeva Systems, Inc., Class A†		17,320		1,339,875
Workday, Inc., Class A†		176,167		23,070,830
				44,527,186
Entertainment Software — 0.8%
Electronic Arts, Inc.†		22,324		2,922,435
NetEase, Inc. ADR		9,705		2,215,845
Nexon Co., Ltd.†		187,200		3,089,196
Take-Two Interactive Software, Inc.†		29,985		3,360,719
				11,588,195
Finance - Credit Card — 2.3%
Alliance Data Systems Corp.		29,180		6,151,727
Mastercard, Inc., Class A		12,075		2,295,699
Pagseguro Digital, Ltd., Class A†		27,900		928,233
Visa, Inc., Class A#		173,229		22,644,495
				32,020,154
Finance - Mortgage Loan/Banker — 0.2%
Ellie Mae, Inc.†#		27,100		2,880,459
Finance - Other Services — 0.1%
WageWorks, Inc.†		32,082		1,522,291
Human Resources — 0.0%
Ceridian HCM Holding, Inc.†		14,800		510,896
Industrial Automated/Robotic — 0.2%
Cognex Corp.		55,280		2,526,849
Internet Application Software — 1.6%
Okta, Inc.†#		185,000		10,398,850
Tencent Holdings, Ltd.		222,267		11,203,958
Zendesk, Inc.†		12,510		699,184
				22,301,992
Internet Content - Entertainment — 8.1%
Facebook, Inc., Class A†		466,618		89,488,000
Netflix, Inc.†		62,035		21,811,506
Twitter, Inc.†		21,385		742,060
Weibo Corp. ADR†#		18,043		1,838,762
				113,880,328
Internet Content - Information/News — 0.3%
Spotify Technology SA†		17,054		2,689,586
Yelp, Inc.†		22,535		965,625
				3,655,211
Internet Security — 2.6%
Palo Alto Networks, Inc.†		78,760		16,389,169
Proofpoint, Inc.†#		119,070		13,918,092
Symantec Corp.		300,503		6,244,452
				36,551,713
Internet Telephone — 0.1%
RingCentral, Inc., Class A†		10,125		766,969
Lasers - System/Components — 0.3%
Coherent, Inc.†		27,602		4,610,914
Machinery - General Industrial — 0.2%
Zebra Technologies Corp., Class A†		22,725		3,488,515
Medical Instruments — 0.2%
Intuitive Surgical, Inc.†		6,540		3,006,242

Security Description	Shares		Value (Note 2)
Medical Products — 0.2%
Becton Dickinson and Co.		10,000	$	2,215,900
Medical - Biomedical/Gene — 0.2%
Shire PLC ADR#		20,900		3,432,616
Medical - Drugs — 0.8%
Grifols SA ADR		128,700		2,809,521
Roche Holding AG		38,420		8,240,420
				11,049,941
Metal Processors & Fabrication — 0.3%
Catcher Technology Co., Ltd.		418,000		4,837,954
Motion Pictures & Services — 0.0%
Dolby Laboratories, Inc., Class A		9,480		595,344
Networking Products — 0.6%
Arista Networks, Inc.†		35,940		9,041,066
Photo Equipment & Supplies — 1.3%
Largan Precision Co., Ltd.		73,000		9,914,845
Sunny Optical Technology Group Co., Ltd.		390,685		7,867,608
				17,782,453
Publishing - Newspapers — 0.2%
News Corp., Class A		177,900		2,673,837
Retail - Apparel/Shoe — 0.4%
Zalando SE†*		93,138		4,963,530
Retail - Vision Service Center — 0.0%
JAND, Inc. (dba Warby Parker), Class A†(1)(2)(3)		49,774		762,095
Semiconductor Components - Integrated Circuits — 4.0%
Integrated Device Technology, Inc.†		129,089		4,290,918
Marvell Technology Group, Ltd.		663,902		14,300,449
Maxim Integrated Products, Inc.		60,100		3,524,865
Nanya Technology Corp.		565,000		1,870,762
NXP Semiconductors NV†		32,497		3,704,658
QUALCOMM, Inc.		422,200		24,538,264
Taiwan Semiconductor Manufacturing Co., Ltd.		447,780		3,341,209
				55,571,125
Semiconductor Equipment — 2.5%
Applied Materials, Inc.		67,897		3,447,810
ASML Holding NV#		28,387		5,582,304
Axcelis Technologies, Inc.†		71,508		1,519,545
FormFactor, Inc.†		132,642		1,797,299
KLA-Tencor Corp.		34,793		3,939,611
Kulicke & Soffa Industries, Inc.†		68,739		1,655,235
Lam Research Corp.		39,030		7,734,965
Teradyne, Inc.		152,853		5,794,657
Tokyo Electron, Ltd.		17,200		3,200,238
				34,671,664
Telephone - Integrated — 0.1%
SoftBank Group Corp.		27,700		1,966,082
Toys — 0.2%
Nintendo Co., Ltd.		5,600		2,305,316
Transactional Software — 0.1%
Amadeus IT Group SA		9,080		719,577
Web Hosting/Design — 0.1%
Wix.com, Ltd.†		12,671		1,101,743
Web Portals/ISP — 6.4%
Alphabet, Inc., Class A†		26,591		29,250,100
Alphabet, Inc., Class C†		32,373		35,124,381
Baidu, Inc. ADR†		5,745		1,393,507
Mail.ru Group, Ltd. GDR†		283,534		8,053,697

166

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP (continued)
NAVER Corp.		20,186		$	12,498,194
Yandex NV, Class A†		113,947			3,819,505
					90,139,384
Total Common Stocks
(cost $1,022,849,797)					1,314,491,197
CONVERTIBLE PREFERRED SECURITIES — 0.7%
E-Commerce/Services — 0.4%
Airbnb, Inc., Series E†(1)(2)(3)		26,943			2,937,236
Uber Technologies, Inc., Series D†(1)(2)(3)		36,257			1,450,280
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)(3)		11,731			567,311
					4,954,827
IT Services — 0.1%
Mesosphere, Inc., Series D†(1)(2)(3)		151,129			1,670,656
Retail - Vision Service Center — 0.1%
JAND, Inc., (dba Warby Parker) Series E†(1)(2)(3)		61,401			940,117
Web Portals/ISP — 0.1%
Pinterest, Inc., Series G†(1)(2)(3)		205,650			1,421,041
Total Convertible Preferred Securities
(cost $7,504,511)					8,986,641
REGISTERED INVESTMENT COMPANIES — 1.6%
Altaba, Inc.† (cost $10,319,090)		287,400			22,175,784
Total Long-Term Investment Securities
(cost $1,040,673,398)					1,345,653,622
SHORT-TERM INVESTMENT SECURITIES — 5.5%
Registered Investment Companies — 3.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.67%(4)		500,000			500,000
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(4)(5)		20,379,343			20,379,343
T. Rowe Price Government Reserve Fund 1.78%(4)		28,988,625			28,988,625
					49,867,968
Time Deposits — 2.0%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018	$	27,905,000			27,905,000
Total Short-Term Investment Securities
(cost $77,772,968)					77,772,968
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $1,319,010 and collateralized by $1,410,000 of United States Treasury Notes, bearing interest at 2.25%, due 08/15/2027 and having an approximate value of $1,349,931 (cost $1,319,000)		1,319,000			1,319,000
TOTAL INVESTMENTS
(cost $1,119,765,366)(6)		101.5	%		1,424,745,590
Liabilities in excess of other assets		(1.5	)		(21,312,816	)
NET ASSETS		100.0	%	$	1,403,432,774

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $11,299,567 representing 0.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		Value as a % of Net Assets
Common Stocks
Dropbox, Inc.,
Class A (Common Lockup Shares)		05/01/2012 05/29/2012	$	96,011 39,145	$	1,303,392 531,345
				135,156		1,834,737	$	3,850,662	$	28.49		0.28	%
JAND, Inc.,
(dba Warby Parker), Class A		03/09/2018		49,774		782,298		762,095		15.31		0.05
Convertible Preferred Securities
Airbnb, Inc.
Series E		06/24/2015		16,260		1,513,715
		07/14/2015		10,683		994,527
				26,943		2,508,242		2,937,236		109.02		0.21
JAND, Inc., (dba Warby Parker) Series E		03/09/2018		61,401		965,040		940,117		15.31		0.07
Mesosphere, Inc.
Series D		05/04/2018		151,129		1,670,656		1,670,656		11.05		0.12
Pinterest, Inc.
Series G		03/19/2015		205,650		1,476,380		1,421,041		6.91		0.10
Uber Technologies, Inc.
Series D		06/05/2014		36,257		562,457		1,450,280		40.00		0.10
Xiaoju Kuaizhi, Inc.
Series A-17		10/19/2015		11,731		321,737		567,311		48.36		0.04
							$	13,599,398				0.97	%

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

(3) Illiquid security. At May 31, 2018, the aggregate value of these securities was $13,599,398 representing 1.0% of net assets.

(4) The rate shown is the 7-day yield as of May 31, 2018.

(5) At May 31, 2018, the Fund had loaned securities with a total value of $128,098,208. This was secured by collateral of $20,379,343, which was received in cash and subsequently invested in short-term investments currently valued at $20,379,343 as reported in the Portfolio of Investments. Additional collateral of $111,621,942 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.

167

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	5,568,066
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		2,254,686
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		1,482,512
United States Treasury Bills	0.00%	06/14/2018 to 11/08/2018		10,683,825
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		91,632,853

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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:
Computer Software	$	10,176,450	$	3,850,662		$	—	$	14,027,112
Retail - Vision Service Center		—		—			762,095		762,095
Other Industries		1,155,833,506		143,868,484	**		—		1,299,701,990
Convertible Preferred Securities		—		—			8,986,641		8,986,641
Registered Investment Companies		22,175,784		—			—		22,175,784
Short-Term Investment Securities:
Registered Investment Companies		49,867,968		—			—		49,867,968
Time Deposits		—		27,905,000			—		27,905,000
Repurchase Agreements		—		1,319,000			—		1,319,000
Total Investments at Value	$	1,238,053,708	$	176,943,146		$	9,748,736	$	1,424,745,590

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $78,635,550 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

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

	Common Stocks			Convertible Preferred Securities
Balance as of 05/31/2017	$	1,370,523		$	10,788,623
Accrued discounts . . . . . . . . . . . . . .		—			—
Accrued premiums . . . . . . . . . . . . . .		—			—
Realized Gain . . . . . . . . . . . . . . . . . .		268,925			1,087,531
Realized Loss . . . . . . . . . . . . . . . . . .		—			—
Change in unrealized appreciation(1) .		16,205			217,782
Change in unrealized depreciation(1) .		(128,041	)		(2,045,601	)
Net Purchases . . . . . . . . . . . . . . . . .		782,298			2,635,695
Net Sales . . . . . . . . . . . . . . . . . . . . .		(1,547,815	)		(3,697,389	)
Transfers into Level 3 . . . . . . . . . . . .		—			—
Transfers out of Level 3 . . . . . . . . . .		—			—
Balance as of 05/31/2018 . . . . . . . .	$	762,095		$	8,986,641

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2018 includes:

168

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Common Stocks			Convertible Preferred Securities
$	(20,203	)	$	(144,383	)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2018.

See Notes to Financial Statements

169

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — May 31, 2018 — (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	12.6	%
Registered Investment Companies	3.9
Chemicals — Specialty	3.4
Internet Telephone	3.2
Computer Software	3.1
Enterprise Software/Service	2.9
Retail — Restaurants	2.8
Repurchase Agreements	2.7
Applications Software	2.7
Commercial Services — Finance	2.6
Medical Products	2.5
Distribution/Wholesale	2.5
Patient Monitoring Equipment	2.4
Banks — Commercial	2.4
Medical — Drugs	2.3
Web Hosting/Design	2.3
Electronic Components — Semiconductors	2.1
Machinery — General Industrial	2.1
Food — Misc./Diversified	2.0
Recreational Centers	1.7
Therapeutics	1.5
Transport — Truck	1.5
Steel — Specialty	1.5
Networking Products	1.5
Data Processing/Management	1.5
Schools	1.5
Semiconductor Equipment	1.5
Retail — Building Products	1.4
Machine Tools & Related Products	1.4
Internet Security	1.4
Computer Services	1.4
Footwear & Related Apparel	1.3
Diversified Manufacturing Operations	1.3
Commercial Services	1.1
Electric Products — Misc.	1.1
Medical Labs & Testing Services	1.1
Casino Services	1.1
Auto/Truck Parts & Equipment — Original	1.0
Health Care Cost Containment	1.0
Computers — Other	1.0
Medical — HMO	1.0
Retail — Automobile	0.9
Building & Construction — Misc.	0.9
Airlines	0.9
Retail — Discount	0.9
Building & Construction Products — Misc.	0.9
Gambling (Non — Hotel)	0.8
Advanced Materials	0.8
Auto Repair Centers	0.8
Semiconductor Components — Integrated Circuits	0.8
Oil — Field Services	0.8
Finance — Mortgage Loan/Banker	0.8
Rubber/Plastic Products	0.7
Retail — Apparel/Shoe	0.7
Insurance — Life/Health	0.7
Banks — Mortgage	0.7
Oil Companies — Exploration & Production	0.6
Power Converter/Supply Equipment	0.6
Investment Management/Advisor Services	0.5
Aerospace/Defense — Equipment	0.4
Medical Instruments	0.4
	103.9	%

* Calculated as a percentage of net assets

170

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Advanced Materials — 0.8%
Hexcel Corp.		18,233	$	1,291,443
Aerospace/Defense - Equipment — 0.4%
HEICO Corp., Class A		8,118		617,374
Airlines — 0.9%
Azul SA ADR†#		66,590		1,423,694
Applications Software — 2.7%
HubSpot, Inc.†#		14,490		1,756,188
MINDBODY, Inc., Class A†#		61,620		2,427,828
				4,184,016
Auto Repair Centers — 0.8%
Monro, Inc.#		22,490		1,261,689
Auto/Truck Parts & Equipment - Original — 1.0%
Delphi Technologies PLC		32,560		1,631,256
Banks - Commercial — 2.4%
Texas Capital Bancshares, Inc.†		19,340		1,863,409
Western Alliance Bancorp†		31,113		1,874,869
				3,738,278
Banks - Mortgage — 0.7%
Walker & Dunlop, Inc.		19,360		1,086,483
Building & Construction Products - Misc. — 0.9%
Simpson Manufacturing Co., Inc.		21,460		1,358,633
Building & Construction - Misc. — 0.9%
TopBuild Corp.†		17,010		1,427,990
Casino Services — 1.1%
Eldorado Resorts, Inc.†#		36,790		1,662,908
Chemicals - Specialty — 3.4%
Ashland Global Holdings, Inc.		25,310		1,967,093
Ferro Corp.†		92,100		1,884,366
Versum Materials, Inc.		38,630		1,544,041
				5,395,500
Commercial Services — 1.1%
Weight Watchers International, Inc.†		23,360		1,759,475
Commercial Services - Finance — 2.6%
Euronet Worldwide, Inc.†		28,588		2,395,960
WEX, Inc.†		9,760		1,715,906
				4,111,866
Computer Services — 1.4%
WNS Holdings, Ltd. ADR†		42,130		2,154,528
Computer Software — 3.1%
Cornerstone OnDemand, Inc.†#		33,530		1,659,064
Envestnet, Inc.†		18,110		958,019
InterXion Holding NV†		35,824		2,287,721
				4,904,804
Computers - Other — 1.0%
Lumentum Holdings, Inc.†#		25,434		1,494,248
Data Processing/Management — 1.5%
Fair Isaac Corp.†		12,750		2,346,383
Distribution/Wholesale — 2.5%
H&E Equipment Services, Inc.		58,180		2,011,283
SiteOne Landscape Supply, Inc.†#		25,490		1,928,318
				3,939,601
Diversified Manufacturing Operations — 1.3%
Harsco Corp.†		86,030		2,107,735

Security Description	Shares		Value (Note 2)
Electric Products - Misc. — 1.1%
Littelfuse, Inc.		8,032	$	1,743,346
Electronic Components - Semiconductors — 2.1%
Monolithic Power Systems, Inc.		14,995		1,976,491
Tower Semiconductor, Ltd.†#		52,336		1,356,549
				3,333,040
Enterprise Software/Service — 2.9%
Black Knight, Inc.†		53,851		2,724,861
Coupa Software, Inc.†#		33,990		1,814,386
				4,539,247
Finance - Mortgage Loan/Banker — 0.8%
LendingTree, Inc.†#		4,553		1,178,772
Food - Misc./Diversified — 2.0%
Nomad Foods, Ltd.†#		181,360		3,155,664
Footwear & Related Apparel — 1.3%
Steven Madden, Ltd.		40,005		2,114,264
Gambling (Non-Hotel) — 0.8%
Red Rock Resorts, Inc., Class A		38,280		1,318,363
Health Care Cost Containment — 1.0%
HealthEquity, Inc.†		20,990		1,559,767
Insurance - Life/Health — 0.7%
Primerica, Inc.		11,230		1,104,471
Internet Security — 1.4%
Proofpoint, Inc.†#		18,672		2,182,570
Internet Telephone — 3.2%
RingCentral, Inc., Class A†#		65,651		4,973,063
Investment Management/Advisor Services — 0.5%
WisdomTree Investments, Inc.		74,500		816,520
Machine Tools & Related Products — 1.4%
Kennametal, Inc.		59,420		2,212,207
Machinery - General Industrial — 2.1%
Altra Industrial Motion Corp.		39,930		1,651,105
Welbilt, Inc.†		83,940		1,634,312
				3,285,417
Medical Instruments — 0.4%
iRhythm Technologies, Inc.†#		7,480		568,704
Medical Labs & Testing Services — 1.1%
Teladoc, Inc.†#		33,030		1,681,227
Medical Products — 2.5%
Globus Medical, Inc., Class A†		39,790		2,210,335
Penumbra, Inc.†#		11,120		1,789,208
				3,999,543
Medical - Biomedical/Gene — 12.6%
Amicus Therapeutics, Inc.†#		132,907		2,246,128
Audentes Therapeutics, Inc.†		27,420		1,039,218
Bluebird Bio, Inc.†#		10,898		1,951,287
Blueprint Medicines Corp.†		17,212		1,447,185
Celyad SA ADR†#		19,356		580,293
Exact Sciences Corp.†#		45,190		2,690,613
Five Prime Therapeutics, Inc.†		43,232		759,154
Immunomedics, Inc.†#		74,180		1,636,411
Iovance Biotherapeutics, Inc.†#		94,508		1,379,817
Ligand Pharmaceuticals, Inc.†#		9,999		1,922,108
Loxo Oncology, Inc.†#		12,459		2,209,354
Sage Therapeutics, Inc.†#		10,948		1,671,650
Sienna Biopharmaceuticals, Inc.†#		15,850		237,591
				19,770,809

171

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 2.3%
Aimmune Therapeutics, Inc.†#		26,830	$	887,805
Apellis Pharmaceuticals, Inc.†#		29,300		598,013
Madrigal Pharmaceuticals, Inc.†#		8,030		2,132,848
				3,618,666
Medical - HMO — 1.0%
WellCare Health Plans, Inc.†		6,739		1,493,834
Networking Products — 1.5%
LogMeIn, Inc.		21,790		2,351,141
Oil Companies - Exploration & Production — 0.6%
RSP Permian, Inc.†		21,300		931,662
Oil - Field Services — 0.8%
Newpark Resources, Inc.†		111,800		1,213,030
Patient Monitoring Equipment — 2.4%
Insulet Corp.†		21,040		1,973,342
Masimo Corp.†		18,950		1,876,997
				3,850,339
Power Converter/Supply Equipment — 0.6%
Advanced Energy Industries, Inc.†		13,690		897,106
Recreational Centers — 1.7%
Planet Fitness, Inc., Class A†		65,880		2,610,824
Retail - Apparel/Shoe — 0.7%
Burlington Stores, Inc.†		7,871		1,151,134
Retail - Automobile — 0.9%
Lithia Motors, Inc., Class A#		15,139		1,479,837
Retail - Building Products — 1.4%
At Home Group, Inc.†		27,070		936,893
Beacon Roofing Supply, Inc.†		31,860		1,334,934
				2,271,827
Retail - Discount — 0.9%
Ollie’s Bargain Outlet Holdings, Inc.†		19,769		1,397,668
Retail - Restaurants — 2.8%
Dine Brands Global, Inc.#		24,010		1,523,434
Wendy’s Co.		121,180		1,952,210
Wingstop, Inc.		17,650		893,267
				4,368,911
Rubber/Plastic Products — 0.7%
Proto Labs, Inc.†		9,610		1,158,966
Schools — 1.5%
Grand Canyon Education, Inc.†#		21,064		2,340,210
Semiconductor Components - Integrated Circuits — 0.8%
Cypress Semiconductor Corp.#		75,600		1,244,376
Semiconductor Equipment — 1.5%
MKS Instruments, Inc.		20,400		2,288,880
Steel - Specialty — 1.5%
Allegheny Technologies, Inc.†#		83,800		2,389,976
Therapeutics — 1.5%
GW Pharmaceuticals PLC ADR†#		12,220		1,967,298
Vital Therapies, Inc.†#		86,914		443,261
				2,410,559
Transport - Truck — 1.5%
Saia, Inc.†		29,021		2,391,330
Web Hosting/Design — 2.3%
Q2 Holdings, Inc.†#		21,770		1,244,156
Wix.com, Ltd.†		27,120		2,358,084
				3,602,240
Total Long-Term Investment Securities
(cost $114,974,638)				152,897,414

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 3.9%
Registered Investment Companies — 3.9%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) (cost $6,199,310)		6,199,310		$	6,199,310
REPURCHASE AGREEMENTS — 2.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $4,192,033 collateralized by $4,470,000 of United States Treasury Notes, bearing interest at 2.25% due 08/15/2027 and having an approximate value of $4,279,569 (cost $4,192,000)		4,192,000			4,192,000
TOTAL INVESTMENTS
(cost $125,365,948)(3)		103.9	%		163,288,724
Liabilities in excess of other assets		(3.9	)		(6,118,899	)
NET ASSETS		100.0	%	$	157,169,825

† Non-income producing security

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

(1) At May 31, 2018, the Fund had loaned securities with a total value of $33,479,960. This was secured by collateral of $6,199,310, which was received in cash and subsequently invested in short-term investments currently valued at $6,199,310 as reported in the Portfolio of Investments. Additional collateral of $27,391,881 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	3,841,952
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		1,555,728
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		1,022,930
United States Treasury Bills	0.00%	07/05/2018 to 11/08/2018		345,672
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 08/15/2047		20,625,599

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR — American Depositary Receipt

172

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	152,897,414	$	—	$	—	$	152,897,414
Short-Term Investment Securities		6,199,310		—		—		6,199,310
Repurchase Agreements		—		4,192,000		—		4,192,000
Total Investments at Value	$	159,096,724	$	4,192,000	$	—	$	163,288,724

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

173

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	10.6	%
Registered Investment Companies	4.6
Real Estate Investment Trusts	4.3
Enterprise Software/Service	3.3
Distribution/Wholesale	2.4
Medical — Biomedical/Gene	2.4
Chemicals — Specialty	2.1
Retail — Restaurants	2.0
Medical — HMO	1.8
Oil Companies — Exploration & Production	1.8
Medical — Drugs	1.8
Insurance — Property/Casualty	1.7
Medical Products	1.7
Electric — Integrated	1.7
Commercial Services	1.6
Miscellaneous Manufacturing	1.6
Recreational Vehicles	1.5
Repurchase Agreements	1.5
E-Commerce/Services	1.5
Machinery — General Industrial	1.5
Applications Software	1.4
Garden Products	1.4
Transport — Truck	1.3
Food — Wholesale/Distribution	1.3
Semiconductor Equipment	1.2
Physical Therapy/Rehabilitation Centers	1.2
Oil — Field Services	1.2
Web Hosting/Design	1.1
Drug Delivery Systems	1.0
Savings & Loans/Thrifts	1.0
Real Estate Management/Services	1.0
Medical Information Systems	1.0
Metal Processors & Fabrication	1.0
Computer Software	0.9
Disposable Medical Products	0.9
Multimedia	0.9
Building & Construction Products — Misc.	0.9
Food — Misc./Diversified	0.9
Finance — Investment Banker/Broker	0.9
Gas — Distribution	0.8
Oil & Gas Drilling	0.8
Identification Systems	0.8
Educational Software	0.8
Theaters	0.7
Computer Aided Design	0.7
Apparel Manufacturers	0.7
Chemicals — Diversified	0.6
Aerospace/Defense	0.6
Non-Hazardous Waste Disposal	0.6
Commercial Services — Finance	0.6
Golf	0.6
Electronic Components — Semiconductors	0.6
Auto/Truck Parts & Equipment — Original	0.6
Finance — Consumer Loans	0.5
Consumer Products — Misc.	0.5
Machine Tools & Related Products	0.5
Retail — Apparel/Shoe	0.5
Power Converter/Supply Equipment	0.5
Investment Management/Advisor Services	0.5
Building Products — Doors & Windows	0.5
Health Care Cost Containment	0.5
Medical Instruments	0.5
Hazardous Waste Disposal	0.4
Internet Application Software	0.4
Electronic Measurement Instruments	0.4
Auto/Truck Parts & Equipment — Replacement	0.4
Electric Products — Misc.	0.4
Diversified Manufacturing Operations	0.4
Office Furnishings — Original	0.4

Medical — Wholesale Drug Distribution	0.4	%
Therapeutics	0.4
Containers — Metal/Glass	0.3
Machinery — Electrical	0.3
Security Services	0.3
Rubber/Plastic Products	0.3
Finance — Other Services	0.3
Steel Pipe & Tube	0.3
Oil Field Machinery & Equipment	0.3
Hotels/Motels	0.3
Consulting Services	0.3
Water Treatment Systems	0.3
Medical — Hospitals	0.3
Retail — Discount	0.3
Building — Residential/Commercial	0.3
Auto Repair Centers	0.3
E-Commerce/Products	0.3
Computers — Other	0.3
Cable/Satellite TV	0.2
Aerospace/Defense — Equipment	0.2
Energy — Alternate Sources	0.2
Schools	0.2
Water	0.2
Gold Mining	0.2
Storage/Warehousing	0.2
Retail — Misc./Diversified	0.2
Transport — Services	0.2
Diversified Operations/Commercial Services	0.2
Brewery	0.2
Home Furnishings	0.2
Finance — Mortgage Loan/Banker	0.2
Telecom Services	0.2
Internet Security	0.2
Retail — Home Furnishings	0.2
Engines — Internal Combustion	0.2
Casino Hotels	0.2
Electronic Components — Misc.	0.2
Entertainment Software	0.2
Diagnostic Kits	0.2
Real Estate Operations & Development	0.2
Computers — Integrated Systems	0.1
Telecom Equipment — Fiber Optics	0.1
Insurance — Reinsurance	0.1
Human Resources	0.1
Machinery — Pumps	0.1
Computer Services	0.1
Building — Heavy Construction	0.1
Computer Graphics	0.1
Recreational Centers	0.1
Patient Monitoring Equipment	0.1
Finance — Leasing Companies	0.1
Time Deposits	0.1
Building Products — Air & Heating	0.1
Cosmetics & Toiletries	0.1
Investment Companies	0.1
Data Processing/Management	0.1
Financial Guarantee Insurance	0.1
Semiconductor Components — Integrated Circuits	0.1
Banks — Super Regional	0.1
Seismic Data Collection	0.1
Environmental Monitoring & Detection	0.1
Transport — Equipment & Leasing	0.1
Chemicals — Plastics	0.1
Food — Confectionery	0.1
Footwear & Related Apparel	0.1
Telecommunication Equipment	0.1
Retail — Arts & Crafts	0.1
Insurance Brokers	0.1
Metal — Diversified	0.1

174

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Superconductor Product & Systems	0.1	%
Airlines	0.1
Retail — Building Products	0.1
Agricultural Operations	0.1
Specified Purpose Acquisitions	0.1
Retail — Vision Service Center	0.1
Internet Telephone	0.1
Pollution Control	0.1
Food — Retail	0.1
Publishing — Newspapers	0.1
Medical — Nursing Homes	0.1
Industrial Audio & Video Products	0.1
Steel — Producers	0.1
Rental Auto/Equipment	0.1
Machinery — Farming	0.1
Finance — Auto Loans	0.1
Wireless Equipment	0.1
Computers — Periphery Equipment	0.1
Female Health Care Products	0.1
Communications Software	0.1
Auto — Heavy Duty Trucks	0.1
Non-Ferrous Metals	0.1
Instruments — Scientific	0.1
Oil Refining & Marketing	0.1
Vitamins & Nutrition Products	0.1
Industrial Automated/Robotic	0.1
Internet Connectivity Services	0.1
Transport — Rail	0.1
Food — Canned	0.1
	104.5%

* Calculated as a percentage of net assets

175

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advanced Materials — 0.0%
Core Molding Technologies, Inc.		7,500	$	108,150
Advertising Agencies — 0.0%
Telaria, Inc.†		20,000		81,800
Aerospace/Defense — 0.6%
Air Industries Group†#		25,800		43,860
Cubic Corp.		9,000		625,950
Teledyne Technologies, Inc.†		6,400		1,289,344
				1,959,154
Aerospace/Defense - Equipment — 0.2%
Aerojet Rocketdyne Holdings, Inc.†		13,149		380,532
CPI Aerostructures, Inc.†		8,000		81,600
Moog, Inc., Class A		3,800		309,814
				771,946
Agricultural Operations — 0.1%
Alico, Inc.		2,860		89,804
Cadiz, Inc.†#		14,400		186,480
				276,284
Airlines — 0.1%
Hawaiian Holdings, Inc.		7,500		277,500
Apparel Manufacturers — 0.7%
Carter’s, Inc.		17,678		1,927,079
Cherokee, Inc.†		6,400		4,992
Delta Apparel, Inc.†		5,500		103,620
Lakeland Industries, Inc.†		10,000		143,000
				2,178,691
Applications Software — 1.4%
Brightcove, Inc.†		9,000		92,250
BSQUARE Corp.†		15,000		49,500
Descartes Systems Group, Inc.†		24,200		721,160
Five9, Inc.†		19,871		693,299
PDF Solutions, Inc.†#		14,640		185,050
Tableau Software, Inc., Class A†		27,581		2,726,933
Telenav, Inc.†		28,000		149,800
				4,617,992
Athletic Equipment — 0.0%
Clarus Corp.†		16,400		120,540
Audio/Video Products — 0.0%
VOXX International Corp.†		5,000		28,000
Auto Repair Centers — 0.3%
Monro, Inc.#		14,925		837,292
Auto - Heavy Duty Trucks — 0.1%
REV Group, Inc.		8,994		152,538
Auto/Truck Parts & Equipment - Original — 0.6%
Allison Transmission Holdings, Inc.		26,393		1,090,295
Gentherm, Inc.†		15,170		537,018
SORL Auto Parts, Inc.†#		15,300		69,768
Strattec Security Corp.		1,500		56,550
				1,753,631
Auto/Truck Parts & Equipment - Replacement — 0.4%
Douglas Dynamics, Inc.		27,665		1,273,973
Banks - Commercial — 10.6%
1st Constitution Bancorp		6,400		137,600
Ameris Bancorp		3,400		189,380
AmeriServ Financial, Inc.		22,000		93,500
Anchor Bancorp, Inc.†		3,000		76,500
Associated Banc-Corp.		67,369		1,859,384

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Atlantic Capital Bancshares, Inc.†		11,892	$	249,732
Bank of Commerce Holdings		7,640		90,916
BankUnited, Inc.		71,051		2,996,221
Blue Hills Bancorp, Inc.		12,107		246,983
Bridge Bancorp, Inc.		9,900		365,805
C&F Financial Corp.		3,000		181,200
Cadence BanCorp		19,814		578,767
Capstar Financial Holdings, Inc.†#		7,500		151,875
Chemung Financial Corp.		5,500		288,750
Citizens Holding Co.		4,500		101,250
Codorus Valley Bancorp, Inc.		3,307		99,210
Columbia Banking System, Inc.		6,869		292,070
Commerce Bancshares, Inc.		24,311		1,570,004
FB Financial Corp.		11,109		454,580
First Bancorp, Inc.		7,165		207,642
First Bancshares, Inc.		1,500		51,525
First Bank		10,000		136,000
First Financial Bancorp		43,962		1,382,605
First Hawaiian, Inc.		60,518		1,771,967
First Horizon National Corp.		112,910		2,093,351
First Interstate BancSystem, Inc., Class A		18,100		790,065
First Northwest Bancorp†		6,500		106,015
Glacier Bancorp, Inc.#		17,347		676,360
Great Western Bancorp, Inc.		39,846		1,736,887
Guaranty Bancorp		9,800		330,260
Hawthorn Bancshares, Inc.		3,000		65,100
Heritage Commerce Corp.		21,779		371,550
Heritage Financial Corp.		10,300		331,145
Home BancShares, Inc.		26,500		610,030
Hope Bancorp, Inc.		14,300		257,257
IBERIABANK Corp.		24,430		1,951,957
Live Oak Bancshares, Inc.		10,767		318,165
MBT Financial Corp.		15,300		162,180
MidSouth Bancorp, Inc.		9,800		136,220
National Commerce Corp.†		2,700		124,335
Northrim BanCorp, Inc.		7,100		281,870
Ohio Valley Banc Corp.		4,000		196,000
Origin Bancorp, Inc.†#		2,532		98,343
Penns Woods Bancorp, Inc.		3,200		147,680
Peoples Bancorp of North Carolina, Inc.		6,050		192,209
Pinnacle Financial Partners, Inc.		8,758		587,224
Premier Financial Bancorp, Inc.		4,714		105,594
Prosperity Bancshares, Inc.		6,800		492,524
SB One Bancorp		6,000		181,500
Seacoast Banking Corp. of Florida†		20,924		652,410
Shore Bancshares, Inc.		8,000		151,040
Simmons First National Corp., Class A		8,900		284,800
South State Corp.		4,536		406,085
Sterling Bancorp, Inc.		12,836		174,826
Texas Capital Bancshares, Inc.†		3,950		380,583
Towne Bank		11,900		376,635
United Security Bancshares		23,355		249,899
Unity Bancorp, Inc.		8,000		185,200
Univest Corp. of Pennsylvania		10,171		295,976
Webster Financial Corp.		7,515		481,711
Western Alliance Bancorp†		43,463		2,619,080
Western New England Bancorp, Inc.		8,000		86,800
Wintrust Financial Corp.		20,830		1,918,651
				34,180,983
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		4,637		348,934
Brewery — 0.2%
Boston Beer Co., Inc., Class A†#		2,700		685,395

176

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products - Misc. — 0.9%
Aspen Aerogels, Inc.†		28,200	$	141,564
Gibraltar Industries, Inc.†		12,755		505,736
Quanex Building Products Corp.		10,784		181,171
Simpson Manufacturing Co., Inc.		4,600		291,226
USG Corp.†		42,432		1,760,079
				2,879,776
Building Products - Air & Heating — 0.1%
Lennox International, Inc.		1,900		386,289
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc.#		600		133,722
Building Products - Doors & Windows — 0.5%
JELD-WEN Holding, Inc.†		41,104		1,125,016
PGT Innovations , Inc.†		17,690		366,183
				1,491,199
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		22,000		121,000
Building - Heavy Construction — 0.1%
Goldfield Corp.†		31,500		137,025
Layne Christensen Co.†#		10,000		152,400
Orion Group Holdings, Inc.†		16,100		124,936
				414,361
Building - Residential/Commercial — 0.3%
New Home Co., Inc.†		10,500		105,945
PICO Holdings, Inc.		10,000		110,500
TRI Pointe Group, Inc.†#		36,117		623,379
				839,824
Cable/Satellite TV — 0.2%
Cable One, Inc.#		1,197		777,140
Casino Hotels — 0.2%
Monarch Casino & Resort, Inc.†		13,156		585,968
Casino Services — 0.0%
Gaming Partners International Corp.		8,967		76,220
Cellular Telecom — 0.0%
NII Holdings, Inc.†#		50,000		114,500
Chemicals - Diversified — 0.6%
Orion Engineered Carbons SA		11,859		340,353
Quaker Chemical Corp.		11,162		1,706,112
				2,046,465
Chemicals - Plastics — 0.1%
PolyOne Corp.		7,800		326,976
Chemicals - Specialty — 2.1%
CSW Industrials, Inc.†		3,500		170,100
GCP Applied Technologies, Inc.†		71,887		2,275,224
KMG Chemicals, Inc.		3,402		227,424
Minerals Technologies, Inc.		5,600		408,800
Oil-Dri Corp. of America		4,900		190,659
PQ Group Holdings, Inc.†		96,270		1,580,753
Univar, Inc.†		4,923		134,250
Valvoline, Inc.#		87,645		1,791,464
				6,778,674
Commercial Services — 1.6%
Acacia Research Corp.†		40,000		154,000
Collectors Universe, Inc.		7,200		107,280
CoreLogic, Inc.†		27,016		1,416,449
Emerald Expositions Events, Inc.#		20,438		417,957
Healthcare Services Group, Inc.#		6,900		249,435

Security Description	Shares		Value (Note 2)
Commercial Services (continued)
HMS Holdings Corp.†		22,200	$	480,186
Intersections, Inc.†#		12,500		28,250
Performant Financial Corp.†		50,000		111,000
Reis, Inc.		7,000		151,200
ServiceMaster Global Holdings, Inc.†		25,697		1,468,327
ServiceSource International, Inc.†		40,000		167,600
Team, Inc.†#		11,900		252,875
				5,004,559
Commercial Services - Finance — 0.6%
Cardtronics PLC, Class A†		1,096		28,124
Euronet Worldwide, Inc.†		1,000		83,810
Evo Payments, Inc., Class A†		1,700		36,516
Liberty Tax, Inc.#		9,000		94,500
Morningstar, Inc.		12,134		1,456,201
PRGX Global, Inc.†		26,500		255,725
				1,954,876
Communications Software — 0.1%
Seachange International, Inc.†		54,500		152,600
Computer Aided Design — 0.7%
Aspen Technology, Inc.†		23,627		2,203,454
Computer Graphics — 0.1%
CyberArk Software, Ltd.†		6,690		407,087
Computer Services — 0.1%
Computer Task Group, Inc.†		19,600		142,688
Conduent, Inc.†		11,300		217,525
StarTek, Inc.†		10,000		67,900
				428,113
Computer Software — 0.9%
Cision, Ltd.†#		115,649		1,704,666
Computer Modelling Group, Ltd.		17,000		125,212
SS&C Technologies Holdings, Inc.		21,700		1,104,747
Zuora, Inc., Class A†		688		15,260
				2,949,885
Computers - Integrated Systems — 0.1%
Agilysys, Inc.†		13,000		184,860
Cray, Inc.†		8,700		216,630
Echelon Corp.†		11,200		48,272
				449,762
Computers - Memory Devices — 0.0%
Quantum Corp.†		600		1,812
Computers - Other — 0.3%
Lumentum Holdings, Inc.†#		13,300		781,375
Computers - Periphery Equipment — 0.1%
Key Tronic Corp.†		9,633		81,014
TransAct Technologies, Inc.		7,500		81,375
				162,389
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		18,100		816,129
Information Services Group, Inc.†#		27,400		110,422
				926,551
Consumer Products - Misc. — 0.5%
Acme United Corp.		4,570		103,282
CSS Industries, Inc.		4,500		72,675
Spectrum Brands Holdings, Inc.#		18,632		1,484,784
				1,660,741

177

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Containers-Metal/Glass — 0.3%
Crown Holdings, Inc.†		24,359	$	1,055,719
Containers - Paper/Plastic — 0.0%
Multi-Color Corp.		1,241		86,125
Cosmetics & Toiletries — 0.1%
CCA Industries, Inc.†		3,421		10,263
Edgewell Personal Care Co.†#		8,400		367,248
				377,511
Data Processing/Management — 0.1%
Amber Road, Inc.†		9,700		87,688
DocuSign, Inc.†#		4,190		208,704
Innodata, Inc.†		52,600		65,750
				362,142
Diagnostic Kits — 0.2%
Quidel Corp.†		7,900		495,330
Direct Marketing — 0.0%
EVINE Live, Inc.†		90,000		106,200
Disposable Medical Products — 0.9%
ICU Medical, Inc.†		7,948		2,313,265
STERIS PLC		6,300		654,192
				2,967,457
Distribution/Wholesale — 2.4%
BlueLinx Holdings, Inc.†		8,000		324,400
Core-Mark Holding Co., Inc.		6,097		119,014
Educational Development Corp.		8,000		180,800
Houston Wire & Cable Co.†		14,739		121,597
KAR Auction Services, Inc.		39,764		2,098,346
Pool Corp.		28,595		4,086,797
SiteOne Landscape Supply, Inc.†#		10,300		779,195
Watsco, Inc.#		400		73,608
				7,783,757
Diversified Manufacturing Operations — 0.4%
AZZ, Inc.		10,100		436,825
Barnes Group, Inc.		7,700		457,534
LSB Industries, Inc.†#		17,500		88,725
Synalloy Corp.		14,400		270,720
				1,253,804
Diversified Minerals — 0.0%
Smart Sand, Inc.†#		15,000		91,800
Diversified Operations/Commercial Services — 0.2%
Colliers International Group, Inc.		4,800		346,080
Rentokil Initial PLC		66,219		301,669
Volt Information Sciences, Inc.†		14,393		43,179
				690,928
Drug Delivery Systems — 1.0%
Catalent, Inc.†		84,835		3,330,622
E-Commerce/Products — 0.3%
CafePress, Inc.†		11,400		16,416
Chegg, Inc.†#		26,680		746,240
US Auto Parts Network, Inc.†		20,000		34,200
				796,856
E-Commerce/Services — 1.4%
A Place For Rover, Inc.†(1)(2)(3)		513		3,476
Cargurus, Inc.†#		15,891		526,946
GrubHub, Inc.†#		31,496		3,376,686
Leaf Group, Ltd.†		25,000		245,000
Quotient Technology, Inc.†		13,390		179,426

Security Description	Shares		Value (Note 2)
E-Commerce/Services (continued)
SurveyMonkey, Inc.†(1)(2)(3)		5,062	$	52,493
Zillow Group, Inc., Class A†		800		46,592
Zillow Group, Inc., Class C†#		1,200		69,996
				4,500,615
E-Marketing/Info — 0.0%
Marin Software, Inc.†		13,571		79,390
Educational Software — 0.8%
2U, Inc.†#		4,444		421,291
Instructure, Inc.†#		42,046		1,807,978
Rosetta Stone, Inc.†		14,000		227,080
				2,456,349
Electric Products - Misc. — 0.4%
Graham Corp.		5,800		147,958
Littelfuse, Inc.		500		108,525
Novanta, Inc.†		15,389		997,977
				1,254,460
Electric - Distribution — 0.0%
Genie Energy, Ltd., Class B		12,500		69,750
Electric - Integrated — 1.7%
NorthWestern Corp.		37,954		2,067,734
PNM Resources, Inc.		17,500		699,125
Portland General Electric Co.		56,204		2,397,663
SCANA Corp.		6,400		232,320
				5,396,842
Electronic Components - Misc. — 0.2%
Bel Fuse, Inc., Class B		6,000		115,800
CTS Corp.		8,900		289,250
Sparton Corp.†		5,900		109,445
Sypris Solutions, Inc.†		7,000		11,830
				526,325
Electronic Components - Semiconductors — 0.6%
DSP Group, Inc.†		11,500		147,200
EMCORE Corp.†		9,200		46,920
GSI Technology, Inc.†		19,800		150,876
Impinj, Inc.†#		11,000		196,900
Inphi Corp.†#		11,400		385,092
Lattice Semiconductor Corp.†		37,916		218,017
MACOM Technology Solutions Holdings, Inc.†#		11,800		266,090
Monolithic Power Systems, Inc.		847		111,643
Pixelworks, Inc.†		22,000		91,300
Richardson Electronics, Ltd.		15,000		146,100
				1,760,138
Electronic Measurement Instruments — 0.4%
CyberOptics Corp.†#		6,700		114,905
ESCO Technologies, Inc.		11,878		666,356
National Instruments Corp.		12,297		511,801
				1,293,062
Electronics - Military — 0.0%
Arotech Corp.†		34,800		132,240
Energy - Alternate Sources — 0.2%
Aemetis, Inc.†		17,800		28,302
Amyris, Inc.†#		35,887		185,536
Clean Energy Fuels Corp.†		85,000		268,600
NextEra Energy Partners LP		6,300		283,248
				765,686
Engines - Internal Combustion — 0.2%
Gates Industrial Corp. PLC†		42,150		626,349

178

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 3.3%
Blackbaud, Inc.		19,014	$	1,853,295
Coupa Software, Inc.†#		8,600		459,068
Guidewire Software, Inc.†#		27,731		2,574,546
Manhattan Associates, Inc.†		32,814		1,428,065
MicroStrategy, Inc., Class A†		7,545		977,606
Paycom Software, Inc.†#		500		52,735
SailPoint Technologies Holding, Inc.†		33,400		871,406
Tyler Technologies, Inc.†		9,665		2,238,607
				10,455,328
Entertainment Software — 0.2%
Zynga, Inc., Class A†		113,500		499,400
Environmental Consulting & Engineering — 0.0%
Ecology and Environment, Inc., Class A		6,000		77,700
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		3,600		334,800
Female Health Care Products — 0.1%
Juniper Pharmaceuticals, Inc.†		17,700		153,105
Finance - Auto Loans — 0.1%
Consumer Portfolio Services, Inc.†		24,500		96,040
Santander Consumer USA Holdings, Inc.		4,800		85,968
				182,008
Finance - Commercial — 0.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.#		5,100		93,534
Finance - Consumer Loans — 0.5%
Asta Funding, Inc.		13,200		48,180
Encore Capital Group, Inc.†#		7,500		295,875
PRA Group, Inc.†#		18,200		702,520
Regional Management Corp.†		8,200		292,658
SLM Corp.†		32,108		366,994
				1,706,227
Finance - Investment Banker/Broker — 0.9%
JMP Group LLC		16,300		83,456
Lazard, Ltd., Class A		25,331		1,303,027
Moelis & Co., Class A		22,252		1,318,431
				2,704,914
Finance - Leasing Companies — 0.1%
California First National Bancorp(3)		11,000		171,600
Marlin Business Services Corp.		7,500		220,125
				391,725
Finance - Mortgage Loan/Banker — 0.2%
Ellie Mae, Inc.†#		5,142		546,543
PennyMac Financial Services, Inc., Class A†		6,000		120,600
				667,143
Finance - Other Services — 0.3%
CBOE Global Markets, Inc.		8,882		866,528
DLP Payments Holdings, Ltd.†(1)(2)(3)		132		150,795
				1,017,323
Financial Guarantee Insurance — 0.1%
Radian Group, Inc.		22,700		360,930
Food - Canned — 0.1%
Seneca Foods Corp., Class A†		5,000		135,500
Food - Confectionery — 0.1%
Simply Good Foods Co.†#		22,090		292,693
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.†		6,700		34,170

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified — 0.9%
Cal-Maine Foods, Inc.†		18,751	$	900,986
Lancaster Colony Corp.		1,000		126,100
Pinnacle Foods, Inc.		9,600		613,824
Post Holdings, Inc.†#		8,000		614,960
TreeHouse Foods, Inc.†		10,400		498,264
				2,754,134
Food - Wholesale/Distribution — 1.3%
AMCON Distributing Co.(3)		500		42,900
Performance Food Group Co.†		110,850		3,962,887
				4,005,787
Footwear & Related Apparel — 0.1%
Rocky Brands, Inc.		10,711		302,050
Gambling (Non-Hotel) — 0.0%
Dover Downs Gaming & Entertainment, Inc.†		43,334		71,068
Garden Products — 1.4%
Toro Co.		75,618		4,385,844
Gas - Distribution — 0.8%
Chesapeake Utilities Corp.		5,600		447,160
ONE Gas, Inc.		14,500		1,088,225
South Jersey Industries, Inc.#		15,617		517,235
Southwest Gas Holdings, Inc.		8,500		643,450
				2,696,070
Gold Mining — 0.2%
Franco-Nevada Corp.		2,500		176,288
Gold Resource Corp.		37,100		231,504
Northern Star Resources, Ltd.		26,436		124,890
Osisko Gold Royalties, Ltd.		18,000		184,220
				716,902
Golf — 0.6%
Acushnet Holdings Corp.#		74,350		1,777,708
Hazardous Waste Disposal — 0.4%
Heritage-Crystal Clean, Inc.†		5,700		115,710
US Ecology, Inc.		21,049		1,275,569
				1,391,279
Health Care Cost Containment — 0.5%
HealthEquity, Inc.†#		20,003		1,486,423
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†		30,000		105,000
Retractable Technologies, Inc.†#		30,000		26,100
				131,100
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†#		14,500		668,885
Hotels/Motels — 0.3%
Hilton Grand Vacations, Inc.†		16,690		663,594
ILG, Inc.		7,700		263,648
				927,242
Housewares — 0.0%
Lifetime Brands, Inc.		8,000		87,200
Human Resources — 0.1%
Ceridian HCM Holding, Inc.†		598		20,643
Cross Country Healthcare, Inc.†		14,191		172,988
Edgewater Technology, Inc.†		14,600		78,986
Paylocity Holding Corp.†		1,000		59,750
RCM Technologies, Inc.		20,000		105,200
				437,567

179

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Identification Systems — 0.8%
Brady Corp., Class A		64,763	$	2,525,757
Import/Export — 0.0%
Castle Brands, Inc.†#		40,000		50,800
Industrial Audio & Video Products — 0.1%
Ballantyne Strong, Inc.†(3)		14,000		74,552
Iteris, Inc.†#		26,210		134,457
				209,009
Industrial Automated/Robotic — 0.1%
Hurco Cos., Inc.		3,000		143,850
Instruments - Controls — 0.0%
Frequency Electronics, Inc.†		10,000		80,800
Instruments - Scientific — 0.1%
Fluidigm Corp.†#		27,000		150,390
Insurance Brokers — 0.1%
eHealth, Inc.†		10,000		213,100
Goosehead Insurance, Inc., Class A†		4,384		70,802
				283,902
Insurance - Life/Health — 0.0%
Health Insurance Innovations, Inc., Class A†#		3,500		111,650
Insurance - Multi-line — 0.0%
Assurant, Inc.		900		84,015
Insurance - Property/Casualty — 1.7%
Federated National Holding Co.		7,600		172,976
First Acceptance Corp.†		2,558		2,763
Hallmark Financial Services, Inc.†		13,000		128,180
Hanover Insurance Group, Inc.		5,900		715,316
Kinsale Capital Group, Inc.#		17,487		926,112
ProAssurance Corp.		32,668		1,254,451
RLI Corp.		13,080		859,094
Safety Insurance Group, Inc.		3,358		288,788
Selective Insurance Group, Inc.		14,400		818,640
State Auto Financial Corp.		8,350		259,017
				5,425,337
Insurance - Reinsurance — 0.1%
Axis Capital Holdings, Ltd.		5,350		304,148
Essent Group, Ltd.†		4,200		144,060
				448,208
Internet Application Software — 0.4%
Okta, Inc.†#		9,900		556,479
Tucows, Inc., Class A†#		2,466		154,495
Zendesk, Inc.†		10,800		603,612
				1,314,586
Internet Connectivity Services — 0.1%
PC-Tel, Inc.		21,200		140,980
Internet Security — 0.2%
iPass, Inc.†#		49,900		22,106
Proofpoint, Inc.†		5,200		607,828
				629,934
Internet Telephone — 0.1%
RingCentral, Inc., Class A†		3,266		247,400
Investment Companies — 0.1%
B. Riley Financial, Inc.#		3,858		81,790
KCAP Financial, Inc.		16,700		53,106
Medallion Financial Corp.†#		17,100		84,816
Triangle Capital Corp.		12,783		144,831
				364,543

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 0.5%
Eaton Vance Corp.		24,346	$	1,309,815
Manning & Napier, Inc.		8,400		26,040
Silvercrest Asset Management Group, Inc., Class A		10,000		159,000
				1,494,855
Leisure Products — 0.0%
Escalade, Inc.		5,200		74,880
Machine Tools & Related Products — 0.5%
L.S. Starrett Co., Class A		8,000		53,600
Lincoln Electric Holdings, Inc.		17,227		1,543,539
				1,597,139
Machinery - Electrical — 0.3%
BWX Technologies, Inc.		15,473		1,032,668
Machinery - Farming — 0.1%
Alamo Group, Inc.		2,023		186,541
Machinery - General Industrial — 1.5%
Altra Industrial Motion Corp.		30,621		1,266,178
Applied Industrial Technologies, Inc.		23,279		1,623,710
Chart Industries, Inc.†		18,300		1,179,069
Gencor Industries, Inc.†		8,650		135,373
Intevac, Inc.†		6,100		28,670
Twin Disc, Inc.†		5,000		138,600
Welbilt, Inc.†		11,700		227,799
Xerium Technologies, Inc.†		15,586		115,025
				4,714,424
Machinery - Pumps — 0.1%
Graco, Inc.		9,600		435,840
Medical Imaging Systems — 0.0%
Digirad Corp.		25,000		41,250
Medical Information Systems — 1.0%
Cotiviti Holdings, Inc.†		40,576		1,384,047
Medidata Solutions, Inc.†#		23,309		1,798,523
				3,182,570
Medical Instruments — 0.5%
Bovie Medical Corp.†#		25,000		98,000
Bruker Corp.		14,890		450,720
Halyard Health, Inc.†		12,400		680,760
Navidea Biopharmaceuticals, Inc.†		85,500		18,981
TransEnterix, Inc.†#		50,000		177,500
				1,425,961
Medical Laser Systems — 0.0%
Cutera, Inc.†		1,100		46,200
IRIDEX Corp.†		8,100		57,510
				103,710
Medical Products — 1.7%
AtriCure, Inc.†		5,700		135,147
Electromed, Inc.†(3)		13,900		64,774
InfuSystem Holdings, Inc.†		25,000		81,250
InVivo Therapeutics Holdings Corp.†#		972		6,308
K2M Group Holdings, Inc.†#		31,196		739,033
Micron Solutions, Inc.†		6,425		23,580
NanoString Technologies, Inc.†		20,000		257,800
OrthoPediatrics Corp.†#		6,500		136,890
Sientra, Inc.†#		21,000		379,260
T2 Biosystems, Inc.†#		25,000		185,250
West Pharmaceutical Services, Inc.		31,580		2,936,940
Wright Medical Group NV†#		19,193		479,058
				5,425,290

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 2.4%
Abeona Therapeutics, Inc.†#		3,300	$	58,410
Acceleron Pharma, Inc.†#		5,400		191,916
Allena Pharmaceuticals, Inc.†#		13,000		186,420
Alpine Immune Sciences, Inc.†		3,750		33,975
Amicus Therapeutics, Inc.†#		3,201		54,097
Aptevo Therapeutics, Inc.†		10,100		56,156
Aratana Therapeutics, Inc.†		3,000		15,300
Argenx SE ADR†		1,784		170,372
ArQule, Inc.†#		55,000		266,750
Arsanis, Inc.†#		5,000		86,100
Asterias Biotherapeutics, Inc.†#		9,454		14,181
Audentes Therapeutics, Inc.†		1,800		68,220
AVEO Pharmaceuticals, Inc.†#		66,464		146,886
BeiGene, Ltd. ADR†		305		61,037
Blueprint Medicines Corp.†		4,229		355,574
Corvus Pharmaceuticals, Inc.†#		3,722		51,103
CytomX Therapeutics, Inc.†		5,000		128,350
Eiger BioPharmaceuticals, Inc.†#		20,000		285,000
Endocyte, Inc.†		25,000		341,750
Exelixis, Inc.†		8,200		169,986
Five Prime Therapeutics, Inc.†		1,624		28,518
GlycoMimetics, Inc.†#		4,328		77,341
Harvard Bioscience, Inc.†		45,000		198,000
Infinity Pharmaceuticals, Inc.†#		100,000		203,000
Insmed, Inc.†#		17,392		484,541
Loxo Oncology, Inc.†#		1,400		248,262
MacroGenics, Inc.†#		2,343		53,256
Mustang Bio, Inc.†		12,500		92,750
OvaScience, Inc.†#		50,000		45,555
Ovid therapeutics, Inc.†#		14,000		110,460
Pacific Biosciences of California, Inc.†#		50,000		126,500
Palatin Technologies, Inc.†		100,000		111,000
Pfenex, Inc.†		14,000		72,100
Protalix BioTherapeutics, Inc.†		22,016		10,695
Radius Health, Inc.†#		14,200		404,700
Sage Therapeutics, Inc.†#		7,471		1,140,747
Scholar Rock Holding Corp.†#		924		16,161
Seattle Genetics, Inc.†#		4,200		254,058
Spark Therapeutics, Inc.†#		3,520		280,861
Ultragenyx Pharmaceutical, Inc.†#		400		29,280
Veracyte, Inc.†#		19,300		147,645
Verastem, Inc.†		63,300		353,847
VolitionRX, Ltd.†#		29,400		69,678
WaVe Life Sciences, Ltd.†#		5,344		248,763
XOMA Corp.†		6,500		139,425
				7,688,726
Medical - Drugs — 1.8%
AcelRx Pharmaceuticals, Inc.†#		32,100		109,140
Aeglea BioTherapeutics, Inc.†		25,000		267,000
Aimmune Therapeutics, Inc.†#		6,575		217,567
Alimera Sciences, Inc.†#		115,025		90,180
Alkermes PLC†#		4,833		228,117
Ascendis Pharma A/S ADR†		4,233		304,861
BioSpecifics Technologies Corp.†		3,300		142,758
Chiasma, Inc.†		45,000		67,500
Chimerix, Inc.†		30,800		140,756
Conatus Pharmaceuticals, Inc.†#		19,500		83,850
Cumberland Pharmaceuticals, Inc.†		27,800		164,298
Dicerna Pharmaceuticals, Inc.†#		8,300		118,150
Gemphire Therapeutics, Inc.†#		14,000		86,800
Global Blood Therapeutics, Inc.†#		4,530		218,119
Ironwood Pharmaceuticals, Inc.†#		20,600		382,748
Kadmon Holdings, Inc.†#		37,000		133,570
Melinta Therapeutics, Inc.†#		8,000		52,400

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Minerva Neurosciences, Inc.†		20,300	$	178,640
MyoKardia, Inc.†#		3,253		154,843
Neos Therapeutics, Inc.†#		15,000		101,250
Pacira Pharmaceuticals, Inc.†#		7,900		270,575
Pain Therapeutics, Inc.†#		8,157		80,999
Pernix Therapeutics Holdings, Inc.†#		2,900		6,728
Prestige Brands Holdings, Inc.†		41,826		1,398,243
scPharmaceuticals, Inc.†		11,500		114,310
Spero Therapeutics, Inc.†#		6,200		65,968
TESARO, Inc.†#		3,379		154,657
TherapeuticsMD, Inc.†#		60,771		359,157
VIVUS, Inc.†#		75,000		56,625
				5,749,809
Medical - Generic Drugs — 0.0%
Teligent, Inc.†#		25,000		69,750
Medical - HMO — 1.8%
Centene Corp.†		7,200		843,552
Magellan Health, Inc.†		10,312		943,032
Molina Healthcare, Inc.†#		25,812		2,192,213
WellCare Health Plans, Inc.†		8,231		1,824,566
				5,803,363
Medical - Hospitals — 0.3%
Acadia Healthcare Co., Inc.†#		13,953		560,771
LifePoint Health, Inc.†		4,300		227,255
Quorum Health Corp.†		20,500		84,050
				872,076
Medical - Nursing Homes — 0.1%
Genesis Healthcare, Inc.†#		100,000		210,000
Medical - Wholesale Drug Distribution — 0.4%
Premier, Inc., Class A†#		36,079		1,176,897
Metal Processors & Fabrication — 1.0%
Haynes International, Inc.		9,000		383,220
RBC Bearings, Inc.†#		20,180		2,536,828
Sun Hydraulics Corp.		4,277		212,823
				3,132,871
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		5,500		127,215
Metal - Aluminum — 0.0%
Constellium NV, Class A†		10,700		130,005
Metal - Diversified — 0.1%
Luxfer Holdings PLC		14,900		282,951
Miscellaneous Manufacturing — 1.6%
AptarGroup, Inc.		43,933		4,055,895
John Bean Technologies Corp.		10,717		946,311
				5,002,206
Multimedia — 0.9%
E.W. Scripps Co., Class A		105,604		1,318,994
FactSet Research Systems, Inc.#		7,976		1,603,256
				2,922,250
Networking Products — 0.0%
Black Box Corp.		45,000		108,000
Non-Ferrous Metals — 0.1%
Uranium Energy Corp.†		100,500		150,750
Non-Hazardous Waste Disposal — 0.6%
Advanced Disposal Services, Inc.†		48,670		1,137,905
Waste Connections, Inc.		10,650		818,772
				1,956,677

181

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Furnishings - Original — 0.4%
Herman Miller, Inc.		38,058	$	1,246,399
Oil & Gas Drilling — 0.8%
Parker Drilling Co.†		46,000		20,240
Patterson-UTI Energy, Inc.		128,812		2,663,832
				2,684,072
Oil Companies - Exploration & Production — 1.8%
Advantage Oil & Gas, Ltd.†		23,891		71,308
Approach Resources, Inc.†#		77,300		232,673
Centennial Resource Development, Inc., Class A†#		13,748		241,965
Comstock Resources, Inc.†#		34,000		391,000
Contango Oil & Gas Co.†		21,600		97,200
Crew Energy, Inc.†		60,201		111,896
Diamondback Energy, Inc.		3,900		470,964
Earthstone Energy, Inc., Class A†		9,400		83,096
Evolution Petroleum Corp.		23,100		219,450
Jagged Peak Energy, Inc.†#		17,800		214,490
Jones Energy, Inc., Class A†#		42,311		22,412
Kosmos Energy, Ltd.†#		7,864		61,103
Lonestar Resources US, Inc., Class A†		30,000		211,200
Matador Resources Co.†		10,390		291,647
Panhandle Oil and Gas, Inc., Class A		5,000		104,250
PetroQuest Energy, Inc.†#		50,250		11,558
SRC Energy, Inc.†		196,257		2,539,566
VAALCO Energy, Inc.†		30,000		66,900
Venture Global LNG, Inc. Series B †(1)(2)(3)		4		20,260
Venture Global LNG, Inc. Series C †(1)(2)(3)		59		298,835
Yuma Energy, Inc.†#		25,270		10,118
				5,771,891
Oil Field Machinery & Equipment — 0.3%
Dril-Quip, Inc.†		4,400		211,420
Gulf Island Fabrication, Inc.		8,400		88,200
Mitcham Industries, Inc.†		22,400		89,824
Natural Gas Services Group, Inc.†		7,400		170,570
Superior Drilling Products, Inc.†		56,000		115,651
Thermon Group Holdings, Inc.†		13,800		318,228
				993,893
Oil Refining & Marketing — 0.1%
Adams Resources & Energy, Inc.		3,314		146,379
Oil - Field Services — 1.2%
Core Laboratories NV#		22,126		2,747,607
Era Group, Inc.†		15,000		193,950
Independence Contract Drilling, Inc.†		31,100		132,486
Key Energy Services, Inc.†		11,000		186,230
NCS Multistage Holdings, Inc.†#		1,943		29,572
Nuverra Environmental Solutions, Inc.†		6,300		85,365
PHI, Inc.†		14,000		159,600
Pioneer Energy Services Corp.†		48,900		268,950
				3,803,760
Paper & Related Products — 0.0%
Orchids Paper Products Co.†#		5,500		21,890
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†#		30,000		397,200
Pharmacy Services — 0.0%
BioScrip, Inc.†#		35,000		92,750
Physical Therapy/Rehabilitation Centers — 1.2%
AAC Holdings, Inc.†#		18,000		193,680
Encompass Health Corp.		49,791		3,223,967
U.S. Physical Therapy, Inc.		5,110		477,019
				3,894,666

Security Description	Shares		Value (Note 2)
Pollution Control — 0.1%
Advanced Emissions Solutions, Inc.#		14,000	$	155,260
Fuel Tech, Inc.†		75,000		86,250
				241,510
Power Converter/Supply Equipment — 0.5%
Generac Holdings, Inc.†		30,230		1,514,221
Publishing - Newspapers — 0.1%
Lee Enterprises, Inc.†#		84,700		215,985
Quarrying — 0.0%
Compass Minerals International, Inc.#		1,100		71,940
Radio — 0.0%
Saga Communications, Inc., Class A		123		4,766
Salem Media Group, Inc.		10,000		38,000
Townsquare Media, Inc., Class A		11,000		68,530
				111,296
Real Estate Investment Trusts — 4.3%
Acadia Realty Trust		6,600		169,950
Alexander & Baldwin, Inc.		14,576		310,615
American Campus Communities, Inc.		12,400		497,240
CubeSmart		33,100		1,009,550
EastGroup Properties, Inc.		32,482		3,028,297
Equity Commonwealth†		13,400		416,874
First Industrial Realty Trust, Inc.		3,700		121,841
National Retail Properties, Inc.		64,905		2,689,014
Outfront Media, Inc.		77,741		1,542,381
Paramount Group, Inc.		32,827		493,061
PS Business Parks, Inc.		6,856		840,271
Regency Centers Corp.		4,135		240,161
Retail Opportunity Investments Corp.#		19,400		351,528
RLJ Lodging Trust		87,734		2,052,976
Urban Edge Properties		8,000		174,960
				13,938,719
Real Estate Management/Services — 1.0%
FirstService Corp.		9,400		661,666
HFF, Inc., Class A		35,125		1,184,415
RE/MAX Holdings, Inc., Class A		4,179		217,726
Realogy Holdings Corp.#		50,048		1,190,642
				3,254,449
Real Estate Operations & Development — 0.2%
Consolidated-Tomoka Land Co.		3,100		186,217
Maui Land & Pineapple Co., Inc.†		10,000		121,000
Stratus Properties, Inc.†		3,000		93,900
Trinity Place Holdings, Inc.†		10,000		69,800
				470,917
Recreational Centers — 0.1%
Town Sports International Holdings, Inc.†		35,000		399,000
Recreational Vehicles — 1.5%
Brunswick Corp.		43,452		2,763,547
LCI Industries		18,483		1,620,959
Malibu Boats, Inc., Class A†		11,013		472,238
				4,856,744
Rental Auto/Equipment — 0.1%
Aaron’s, Inc.		5,100		202,878
Resort/Theme Parks — 0.0%
Peak Resorts, Inc.		23,600		118,000
Retail - Apparel/Shoe — 0.5%
Burlington Stores, Inc.†		5,200		760,500
Chico’s FAS, Inc.		38,610		326,640

182

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Apparel/Shoe (continued)
Destination Maternity Corp.†#		7,800	$	24,726
Francesca’s Holdings Corp.†		28,500		168,435
New York & Co., Inc.†		33,029		137,401
Tilly’s, Inc., Class A		8,068		111,016
				1,528,718
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†		15,600		286,416
Retail - Automobile — 0.0%
America’s Car-Mart, Inc.†		500		31,200
Retail - Building Products — 0.1%
GMS, Inc.†		9,239		276,708
Retail - Discount — 0.3%
Citi Trends, Inc.		3,500		105,035
Ollie’s Bargain Outlet Holdings, Inc.†		10,666		754,086
				859,121
Retail - Home Furnishings — 0.2%
Kirkland’s, Inc.†		12,200		156,526
RH†#		3,752		366,683
Tuesday Morning Corp.†#		39,900		105,735
				628,944
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†		35,000		268,100
Five Below, Inc.†		3,700		261,627
Gaia, Inc.†#		9,400		178,600
				708,327
Retail - Petroleum Products — 0.0%
TravelCenters of America LLC†		20,000		65,000
Retail - Restaurants — 2.0%
Chuy’s Holdings, Inc.†		9,170		270,056
Denny’s Corp.†		43,000		655,750
Dunkin’ Brands Group, Inc.#		11,800		755,554
Famous Dave’s of America, Inc.†#		8,250		56,512
Fiesta Restaurant Group, Inc.†		12,719		316,067
J Alexander’s Holdings, Inc.†		13,000		156,000
Jack in the Box, Inc.		1,900		153,273
Jamba, Inc.†#		13,420		133,529
Kona Grill, Inc.†#		7,700		21,945
Luby’s, Inc.†		25,000		67,250
Papa John’s International, Inc.		32,066		1,646,589
Potbelly Corp.†		10,000		133,000
Red Robin Gourmet Burgers, Inc.†#		8,339		419,869
Sonic Corp.#		24,107		585,318
Wingstop, Inc.		14,500		733,845
Zoe’s Kitchen, Inc.†#		31,207		283,360
				6,387,917
Retail - Sporting Goods — 0.0%
Zumiez, Inc.†#		4,300		104,275
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		8,000		64,000
Retail - Vision Service Center — 0.1%
JAND, Inc. (dba Warby Parker)†(1)(2)(3)		4,462		68,318
National Vision Holdings, Inc.†		2,611		95,040
				163,358
Rubber/Plastic Products — 0.3%
Proto Labs, Inc.†		8,460		1,020,276
Savings & Loans/Thrifts — 1.0%
Beneficial Bancorp, Inc.		21,065		344,413
Capitol Federal Financial, Inc.		25,240		331,654

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Entegra Financial Corp.†		6,000	$	171,000
ESSA Bancorp, Inc.		9,000		142,920
First Financial Northwest, Inc.		10,000		173,800
Investors Bancorp, Inc.		25,200		336,168
Lake Shore Bancorp, Inc.		10,000		173,000
Malvern Bancorp, Inc.†		3,800		100,320
Meridian Bancorp, Inc.		19,372		378,722
Pacific Premier Bancorp, Inc.†		8,100		334,530
Provident Financial Holdings, Inc.		6,714		123,202
SI Financial Group, Inc.		8,500		127,925
Southern Missouri Bancorp, Inc.		5,000		182,800
Territorial Bancorp, Inc.		4,500		137,610
WSFS Financial Corp.		4,400		230,340
				3,288,404
Schools — 0.2%
American Public Education, Inc.†		5,872		250,147
Bridgepoint Education, Inc.†		14,500		99,905
Bright Horizons Family Solutions, Inc.†		2,516		254,619
Lincoln Educational Services Corp.†		20,000		36,600
Universal Technical Institute, Inc.†		37,000		115,810
				757,081
Security Services — 0.3%
Brink’s Co.		12,965		1,027,476
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†		34,927		247,983
Geospace Technologies Corp.†		8,900		98,701
				346,684
Semiconductor Components - Integrated Circuits — 0.1%
Integrated Device Technology, Inc.†		10,700		355,668
Semiconductor Equipment — 1.2%
Cabot Microelectronics Corp.		29,358		3,322,445
Entegris, Inc.		11,500		403,650
MKS Instruments, Inc.		1,900		213,180
				3,939,275
Specified Purpose Acquisitions — 0.1%
J2 Acquisition, Ltd.†*		27,696		256,188
Steel Pipe & Tube — 0.3%
Mueller Water Products, Inc., Class A		33,800		402,558
Valmont Industries, Inc.		4,048		591,615
				994,173
Steel - Producers — 0.1%
Friedman Industries, Inc.		10,000		61,800
Shiloh Industries, Inc.†		13,600		141,168
				202,968
Storage/Warehousing — 0.2%
WillscotCorp.†#		58,270		710,894
Superconductor Product & Systems — 0.1%
American Superconductor Corp.†#		40,000		278,400
Telecom Equipment - Fiber Optics — 0.1%
Clearfield, Inc.†		10,000		108,000
Finisar Corp.†#		11,295		183,092
KVH Industries, Inc.†		14,357		158,645
				449,737
Telecom Services — 0.2%
Consolidated Communications Holdings, Inc.		1		11
GTT Communications, Inc.†#		5,424		254,928
Hawaiian Telcom Holdco, Inc.†		5,900		155,111

183

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Services (continued)
Ooma, Inc.†		6,500	$	77,025
Spok Holdings, Inc.		9,800		150,920
				637,995
Telecommunication Equipment — 0.1%
Aware, Inc.†		14,500		56,550
Communications Systems, Inc.		30,000		121,500
Wireless Telecom Group, Inc.†		53,200		121,828
				299,878
Telephone - Integrated — 0.0%
Alaska Communications Systems Group, Inc.†		77,000		127,820
Textile - Apparel — 0.0%
Tandy Leather Factory, Inc.†		15,000		110,250
Textile - Products — 0.0%
Dixie Group, Inc.†		10,000		24,000
Theaters — 0.7%
Cinemark Holdings, Inc.		67,475		2,278,631
Therapeutics — 0.4%
Actinium Pharmaceuticals, Inc.†		32,100		12,355
Agios Pharmaceuticals, Inc.†		2,333		218,136
Aquinox Pharmaceuticals, Inc.†#		3,947		56,600
Calithera Biosciences, Inc.†		16,600		85,490
Histogenics Corp.†		50,000		115,500
Sarepta Therapeutics, Inc.†#		500		46,925
Vital Therapies, Inc.†#		22,800		116,280
Xencor, Inc.†		8,933		357,409
Zafgen, Inc.†		15,000		106,050
				1,114,745
Transport - Equipment & Leasing — 0.1%
General Finance Corp.†		10,034		107,866
Willis Lease Finance Corp.†		7,000		223,230
				331,096
Transport - Marine — 0.0%
Overseas Shipholding Group, Inc., Class A†		35,000		127,400
Transport - Rail — 0.1%
Genesee & Wyoming, Inc., Class A†		1,800		140,598
Transport - Services — 0.2%
Matson, Inc.		15,800		540,992
Radiant Logistics, Inc.†		37,800		153,090
				694,082
Transport - Truck — 1.3%
Knight-Swift Transportation Holdings, Inc.		36,736		1,494,421
Landstar System, Inc.		18,987		2,153,126
P.A.M. Transportation Services, Inc.†		1,357		55,094
Patriot Transportation Holding, Inc.†		5,000		93,750
Schneider National, Inc., Class B#		8,888		262,018
XPO Logistics, Inc.†#		1		105
				4,058,514
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		14,000		143,920
Water — 0.2%
California Water Service Group		11,600		466,900
Global Water Resources, Inc.		14,500		132,530
Middlesex Water Co.		2,786		123,810
				723,240
Water Treatment Systems — 0.3%
Evoqua Water Technologies Corp.†#		47,870		923,412

Security Description	Shares/ Principal Amount		Value (Note 2)
Web Hosting/Design — 1.1%
Q2 Holdings, Inc.†#		50,166	$	2,866,987
Wix.com, Ltd.†		6,428		558,914
				3,425,901
Web Portals/ISP — 0.0%
Synacor, Inc.†#		44,000		83,600
Wireless Equipment — 0.1%
ID Systems, Inc.†		12,000		68,640
TESSCO Technologies, Inc.		5,900		106,790
				175,430
Total Common Stocks
(cost $258,400,614)				314,823,451
CONVERTIBLE PREFERRED SECURITIES — 0.2%
Computer Software — 0.0%
Checkr, Inc. †(1)(2)(3)		2,998		40,926
E-Commerce/Services — 0.1%
Farmers Business Network, Inc.†(1)(2)(3)		8,287		153,012
Vroom, Inc. Series F†(1)(2)(3)		5,863		100,009
				253,021
Enterprise Software/Service — 0.0%
Plex Systems, Inc., Series B†(1)(2)(3)		50,422		107,399
Food - Retail — 0.1%
Roofoods, Ltd. Series F†(1)(2)(3)		618		218,507
Gas - Distribution — 0.0%
South Jersey Industries, Inc.†		2,633		145,341
Internet Content - Information/News — 0.0%
A Place For Rover, Inc. Series G†(1)(2)(3)		7,335		55,221
Retail - Vision Service Center — 0.0%
JAND, Inc. (dba Warby Parker)†(1)(2)(3)		5,505		84,288
Total Convertible Preferred Securities
(cost $901,530)				904,703
WARRANTS†— 0.0%
Food - Confectionery — 0.0%
Simply Good Foods Co. Expires 07/07/2022 (strike price $11.50)		4,766		17,158
Specified Purpose Acquisitions — 0.0%
J2 Acquisition, Ltd. Expires 10/10/2020 (strike price $11.50)		27,696		12,463
Total Warrants
(cost $9,854)				29,621
Total Long-Term Investment Securities
(cost $259,311,998)				315,757,775
SHORT-TERM INVESTMENT SECURITIES — 4.7%
Registered Investment Companies — 4.6%
State Street Institutional U.S. Government Money Market Fund Premier Class 1.67%(5)		688,636		688,636
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(4)(5)		13,969,862		13,969,862
T. Rowe Price Government Reserve Fund 1.78%(5)		116,970		116,970
Total Registered Investment Companies
(cost $14,775,468)				14,775,468

184

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Time Deposits — 0.1%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 (cost $390,000)	$	390,000		$	390,000
Total Short-Term Investment Securities
(cost $15,165,468)					15,165,468
REPURCHASE AGREEMENTS — 1.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,399,904 collateralized by $2,555,000 of United States Treasury Bonds, bearing interest at 2.75% due 11/15/2042 and having an approximate value of $2,477,882		2,399,884			2,399,884
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,432,134 collateralized by $2,190,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $2,482,139		2,432,116			2,432,116
Total Repurchase Agreements
(cost $4,832,000)					4,832,000
TOTAL INVESTMENTS
(cost $279,309,466)(6)		104.5	%		335,755,243
Liabilities in excess of other assets		(4.5	)		(14,519,034	)
NET ASSETS		100.0	%	$	321,236,209

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $256,188 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, the Fund held the following restricted securities:

Description	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
A Place for Rover, Inc.		05/25/2018		513	$	3,476	$	3,476	$	6.78		0.00	%
DLP Payments Holdings, Ltd.		07/10/2017		132		124,794		150,795		1142.39		0.05
JAND, Inc. (dba Warby Parker)		03/09/2018		4,462		70,129		68,318		15.31		0.02
SurveyMonkey, Inc.		11/25/2014		5,062		83,270		52,493		10.37		0.02
Venture Global LNG, Inc., Series B		03/08/2018		4		12,080		20,260		5,065		0.01
Venture Global LNG, Inc., Series C		05/25/2017		28		99,904
		10/16/2017		27		101,817
		03/08/2018		4		12,080
				59		213,801		298,835		5,065		0.09
Convertible Preferred Securities
A Place For Rover, Inc., Series G		05/11/2018		7,335		55,221		55,221		7.53		0.02
Checkr, Inc.		04/10/2018		2,998		40,926		40,926		13.65		0.01
Farmers Business Network, Inc.		11/03/2017		8,287		153,012		153,012		18.46		0.05
JAND, Inc. (dba Warby Parker)		03/09/2018		5,505		86,522		84,288		15.31		0.03
Plex Systems, Inc., Series B		06/09/2014		50,422		115,683		107,399		2.13		0.03
Roofoods, Ltd., Series F		09/12/2017		618		218,506		218,507		353.57		0.07
Vroom, Inc., Series F		06/30/2017		5,863		100,009		100,009		17.06		0.03
							$	1,353,539				0.43	%

(3) Illiquid security. At May 31, 2018, the aggregate value of these securities was $1,707,365 representing 0.5% of net assets.

(4) At May 31, 2018, the Fund had loaned securities with a total value of $52,627,995. This was secured by collateral of $13,969,862, which was received in cash and subsequently invested in short-term investments currently valued at $13,969,862 as reported in the Portfolio of Investments. Additional collateral of $40,480,412 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	3,482,745
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		1,410,274
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		927,290
United States Treasury Bills	0.00%	06/14/2018 to 11/08/2018		3,958,829
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		30,701,274

(5) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depository Receipt

See Notes to Financial Statements

185

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
E-Commerce/Services	$	4,444,646	$	—		$	55,969	$	4,500,615
Finance - Other Services		866,528		—			150,795		1,017,323
Oil Companies - Exploration & Production		5,452,796		—			319,095		5,771,891
Retail - Vision Service Center		163,358		—			68,318		231,676
Other Industries		302,875,387		426,559	**		—		303,301,946
Convertible Preferred Securities		145,341		—			759,362		904,703
Warrants		29,621		—			—		29,621
Short-Term Investment Securities:
Registered Investment Companies		14,775,468		—			—		14,775,468
Time Deposits		—		390,000			—		390,000
Repurchase Agreements		—		4,832,000			—		4,832,000
Total Investments at Value	$	328,753,145	$	5,648,559		$	1,353,539	$	335,755,243

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during 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.

See Notes to Financial Statements

186

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	9.2	%
Real Estate Investment Trusts	6.4
Registered Investment Companies	4.8
Medical — Biomedical/Gene	4.8
Repurchase Agreements	4.4
Medical — Drugs	2.0
Medical Products	1.9
Savings & Loans/Thrifts	1.7
Oil Companies — Exploration & Production	1.4
Retail — Restaurants	1.4
Enterprise Software/Service	1.4
Electric — Integrated	1.3
Computer Services	1.3
Electronic Components — Semiconductors	1.1
Insurance — Property/Casualty	1.1
Chemicals — Specialty	1.1
E-Commerce/Services	1.1
Gas — Distribution	1.1
Oil — Field Services	1.0
Semiconductor Equipment	1.0
Medical Instruments	1.0
Building & Construction Products — Misc.	0.9
Human Resources	0.9
Drug Delivery Systems	0.9
Retail — Apparel/Shoe	0.9
Applications Software	0.9
Electronic Components — Misc.	0.9
Aerospace/Defense — Equipment	0.8
Finance — Investment Banker/Broker	0.8
Diversified Manufacturing Operations	0.7
Building — Residential/Commercial	0.7
Transport — Truck	0.7
Auto/Truck Parts & Equipment — Original	0.7
Computer Software	0.7
Therapeutics	0.6
Data Processing/Management	0.6
Schools	0.6
Distribution/Wholesale	0.6
Insurance — Life/Health	0.6
Commercial Services	0.6
Metal Processors & Fabrication	0.5
Machinery — General Industrial	0.5
Investment Management/Advisor Services	0.5
Food — Misc./Diversified	0.5
Computers — Integrated Systems	0.5
Footwear & Related Apparel	0.5
U.S. Government Treasuries	0.5
Building & Construction — Misc.	0.5
Medical — Outpatient/Home Medical	0.5
Building — Heavy Construction	0.5
Medical Information Systems	0.5
Semiconductor Components — Integrated Circuits	0.5
Food — Wholesale/Distribution	0.4
Rental Auto/Equipment	0.4
Telecom Equipment — Fiber Optics	0.4
Internet Telephone	0.4
Patient Monitoring Equipment	0.4
Commercial Services — Finance	0.4
Transport — Marine	0.4
Wireless Equipment	0.4
Power Converter/Supply Equipment	0.4
Financial Guarantee Insurance	0.4
Finance — Mortgage Loan/Banker	0.4
Printing — Commercial	0.4
Television	0.4
Medical — HMO	0.4
Racetracks	0.4
Steel — Producers	0.4
Insurance — Multi-line	0.3

Internet Security	0.3	%
E-Commerce/Products	0.3
Finance — Consumer Loans	0.3
Office Furnishings — Original	0.3
Physical Therapy/Rehabilitation Centers	0.3
Consulting Services	0.3
Electric Products — Misc.	0.3
Water	0.3
Internet Application Software	0.3
Retail — Automobile	0.3
Chemicals — Diversified	0.3
Disposable Medical Products	0.3
Oil & Gas Drilling	0.3
Electronic Measurement Instruments	0.3
Instruments — Controls	0.3
Engineering/R&D Services	0.3
Coal	0.3
Computer Aided Design	0.3
Energy — Alternate Sources	0.3
Airlines	0.3
Retail — Misc./Diversified	0.3
Rubber/Plastic Products	0.3
Retail — Building Products	0.3
Building Products — Doors & Windows	0.3
Medical Labs & Testing Services	0.3
Aerospace/Defense	0.3
Telecom Services	0.3
Consumer Products — Misc.	0.3
Computers — Other	0.3
Miscellaneous Manufacturing	0.3
Insurance — Reinsurance	0.3
Electronic Parts Distribution	0.3
Oil Refining & Marketing	0.3
Computers	0.3
Educational Software	0.3
Hotels/Motels	0.2
Retail — Discount	0.2
Medical — Hospitals	0.2
Casino Hotels	0.2
Wire & Cable Products	0.2
Diagnostic Equipment	0.2
Casino Services	0.2
Oil Field Machinery & Equipment	0.2
Internet Content — Information/News	0.2
Firearms & Ammunition	0.2
Networking Products	0.2
Chemicals — Plastics	0.2
Real Estate Management/Services	0.2
Computer Data Security	0.2
Retail — Pawn Shops	0.2
Diagnostic Kits	0.2
Veterinary Diagnostics	0.2
Gambling (Non-Hotel)	0.2
Steel Pipe & Tube	0.2
Building Products — Light Fixtures	0.2
Publishing — Newspapers	0.2
Security Services	0.2
Paper & Related Products	0.2
Retail — Home Furnishings	0.2
Machine Tools & Related Products	0.2
Auto/Truck Parts & Equipment — Replacement	0.2
Apparel Manufacturers	0.2
Non-Hazardous Waste Disposal	0.2
Transport — Equipment & Leasing	0.2
Health Care Cost Containment	0.2
Telecommunication Equipment	0.2
Recreational Vehicles	0.2
Containers — Paper/Plastic	0.2
Web Hosting/Design	0.2

187

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Medical — Generic Drugs	0.2	%
Building Products — Wood	0.2
Transport — Services	0.2
Independent Power Producers	0.2
Resorts/Theme Parks	0.2
Machinery — Pumps	0.2
Diversified Minerals	0.2
Tobacco	0.2
Steel — Specialty	0.2
Recreational Centers	0.1
Medical — Nursing Homes	0.1
Batteries/Battery Systems	0.1
Lasers — System/Components	0.1
Transactional Software	0.1
Internet Connectivity Services	0.1
Real Estate Operations & Development	0.1
Environmental Monitoring & Detection	0.1
Environmental Consulting & Engineering	0.1
Precious Metals	0.1
Golf	0.1
Building — Mobile Home/Manufactured Housing	0.1
Telephone — Integrated	0.1
Machinery — Electrical	0.1
Transport — Air Freight	0.1
Satellite Telecom	0.1
Linen Supply & Related Items	0.1
Metal — Aluminum	0.1
Finance — Other Services	0.1
Storage/Warehousing	0.1
Auto — Heavy Duty Trucks	0.1
Metal — Iron	0.1
Private Equity	0.1
Banks — Super Regional	0.1
Finance — Credit Card	0.1
Metal Products — Distribution	0.1
Home Furnishings	0.1
Pipelines	0.1
Brewery	0.1
Quarrying	0.1
Computers — Memory Devices	0.1
Beverages — Non-alcoholic	0.1
Building Products — Cement	0.1
Funeral Services & Related Items	0.1
Multimedia	0.1
Auction Houses/Art Dealers	0.1
Circuit Boards	0.1
Publishing — Periodicals	0.1
Agricultural Operations	0.1
Publishing — Books	0.1
Poultry	0.1
Food — Retail	0.1
Machinery — Construction & Mining	0.1
Web Portals/ISP	0.1
Machinery — Farming	0.1
Containers — Metal/Glass	0.1
Identification Systems	0.1
Computers — Periphery Equipment	0.1
Auto Repair Centers	0.1
Appliances	0.1
Banks — Fiduciary	0.1
E-Marketing/Info	0.1
B2B/E-Commerce	0.1
Vitamins & Nutrition Products	0.1
Hazardous Waste Disposal	0.1
X-Ray Equipment	0.1
Building — Maintenance & Services	0.1
Food — Confectionery	0.1
Water Treatment Systems	0.1
Motion Pictures & Services	0.1

Athletic Equipment	0.1	%
Banks — Mortgage	0.1
Cosmetics & Toiletries	0.1
Diversified Operations	0.1
Theaters	0.1
Medical Imaging Systems	0.1
Metal Products — Fasteners	0.1
Pharmacy Services	0.1
Retail — Pet Food & Supplies	0.1
Bicycle Manufacturing	0.1
Office Supplies & Forms	0.1
Broadcast Services/Program	0.1
Rubber — Tires	0.1
Retail — Sporting Goods	0.1
Non-Ferrous Metals	0.1
Finance — Commercial	0.1
Finance — Leasing Companies	0.1
Building Products — Air & Heating	0.1
Diversified Financial Services	0.1
Optical Supplies	0.1
Retail — Office Supplies	0.1
Radio	0.1
Auto — Truck Trailers	0.1
Beverages — Wine/Spirits	0.1
Retail — Vision Service Center	0.1
Retail — Regional Department Stores	0.1
	105.0	%

* Calculated as a percentage of net assets

188

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Advanced Materials — 0.0%
Core Molding Technologies, Inc.		4,071	$	58,704
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A†		31,589		131,094
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc., Class A		20,424		88,844
Yext, Inc.†#		13,186		202,933
				291,777
Aerospace/Defense — 0.3%
AeroVironment, Inc.†		11,644		673,722
Cubic Corp.		14,001		973,769
Esterline Technologies Corp.†		14,522		1,059,380
Kratos Defense & Security Solutions, Inc.†#		47,477		531,268
National Presto Industries, Inc.#		2,750		310,475
				3,548,614
Aerospace/Defense - Equipment — 0.8%
AAR Corp.		18,054		806,833
Aerojet Rocketdyne Holdings, Inc.†		38,350		1,109,849
Astronics Corp.†		11,592		408,039
Curtiss-Wright Corp.		24,521		3,120,297
Ducommun, Inc.†		5,837		197,057
Kaman Corp.		15,322		1,084,338
KLX, Inc.†		27,951		2,063,623
Moog, Inc., Class A		17,676		1,441,124
Triumph Group, Inc.#		27,081		574,117
				10,805,277
Agricultural Biotech — 0.0%
Calyxt, Inc.†#		2,645		49,911
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		53,204		238,354
Agricultural Operations — 0.1%
Alico, Inc.#		1,723		54,102
Andersons, Inc.		14,963		483,305
Cadiz, Inc.†#		11,870		153,717
Limoneira Co.		6,702		162,322
Tejon Ranch Co.†		10,229		251,633
				1,105,079
Airlines — 0.3%
Allegiant Travel Co.#		7,022		1,062,780
Hawaiian Holdings, Inc.		28,125		1,040,625
SkyWest, Inc.		28,142		1,604,094
				3,707,499
Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		16,189		1,410,224
Delta Apparel, Inc.†		3,659		68,936
Oxford Industries, Inc.		9,134		753,738
Sequential Brands Group, Inc.†#		22,036		45,394
Superior Uniform Group, Inc.		4,727		111,793
				2,390,085
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		1,584		44,400
iRobot Corp.†#		14,918		931,032
				975,432
Applications Software — 0.9%
Appfolio, Inc., Class A†		5,226		309,379
Brightcove, Inc.†		19,066		195,427
Ebix, Inc.#		13,330		994,418
Five9, Inc.†		29,543		1,030,755

Security Description	Shares		Value (Note 2)
Applications Software (continued)
HubSpot, Inc.†#		19,331	$	2,342,917
Immersion Corp.†#		16,145		244,920
MINDBODY, Inc., Class A†#		23,802		937,799
New Relic, Inc.†		16,956		1,722,560
Park City Group, Inc.†#		7,337		53,927
PDF Solutions, Inc.†#		15,476		195,617
Progress Software Corp.		25,481		965,220
RealPage, Inc.†		32,547		1,912,136
Telenav, Inc.†		15,940		85,279
Upland Software, Inc.†		4,505		161,189
				11,151,543
Athletic Equipment — 0.1%
Clarus Corp.†		11,392		83,731
Nautilus, Inc.†		16,751		250,428
Vista Outdoor, Inc.†		31,715		537,252
				871,411
Auction Houses/Art Dealers — 0.1%
Sotheby’s†		21,129		1,158,292
Audio/Video Products — 0.0%
Daktronics, Inc.		19,686		157,685
Universal Electronics, Inc.†#		7,834		232,278
VOXX International Corp.†		11,120		62,272
				452,235
Auto Repair Centers — 0.1%
Monro, Inc.#		17,596		987,136
Auto - Heavy Duty Trucks — 0.1%
Blue Bird Corp.†#		6,507		122,006
Navistar International Corp.†		27,581		1,032,633
REV Group, Inc.#		16,904		286,692
				1,441,331
Auto - Truck Trailers — 0.1%
Wabash National Corp.		32,388		648,084
Auto/Truck Parts & Equipment - Original — 0.7%
American Axle & Manufacturing Holdings, Inc.†		54,762		866,335
Cooper-Standard Holding, Inc.†		9,551		1,186,234
Dana, Inc.		80,661		1,798,740
Gentherm, Inc.†		20,318		719,257
Horizon Global Corp.†#		13,792		91,717
Meritor, Inc.†		46,455		963,941
Miller Industries, Inc.		6,110		162,832
Modine Manufacturing Co.†		27,409		493,362
Spartan Motors, Inc.		18,947		293,678
Superior Industries International, Inc.		13,659		239,033
Tenneco, Inc.		28,259		1,248,483
Titan International, Inc.		27,622		320,691
Tower International, Inc.		10,957		322,136
				8,706,439
Auto/Truck Parts & Equipment - Replacement — 0.2%
Commercial Vehicle Group, Inc.†		13,955		110,663
Dorman Products, Inc.†		14,939		963,864
Douglas Dynamics, Inc.		12,247		563,975
Motorcar Parts of America, Inc.†#		10,567		226,662
Standard Motor Products, Inc.#		11,947		540,602
				2,405,766
B2B/E-Commerce — 0.1%
ePlus, Inc.†		7,174		652,475
TechTarget, Inc.†		10,877		291,939
				944,414

189

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial — 9.2%
1st Source Corp.		8,936	$	475,216
Access National Corp.		8,236		235,797
ACNB Corp.		3,824		120,456
Allegiance Bancshares, Inc.†		6,347		276,412
American National Bankshares, Inc.		4,529		179,801
Ameris Bancorp		20,139		1,121,742
Ames National Corp.		4,749		143,657
Arrow Financial Corp.		6,568		245,643
Atlantic Capital Bancshares, Inc.†		11,576		243,096
BancFirst Corp.		9,316		556,631
Bancorp, Inc.†		27,270		308,696
BancorpSouth Bank		47,202		1,581,267
Bank of Commerce Holdings		8,587		102,185
Bank of Marin Bancorp		3,729		288,998
Bank of N.T. Butterfield & Son, Ltd.		29,832		1,424,478
Bankwell Financial Group, Inc.		3,327		103,104
Banner Corp.		18,023		1,080,479
Bar Harbor Bankshares		8,340		251,368
BCB Bancorp, Inc.		6,994		109,106
Blue Hills Bancorp, Inc.		13,213		269,545
Bridge Bancorp, Inc.		10,455		386,312
Bryn Mawr Bank Corp.		10,543		494,994
Byline Bancorp, Inc.†#		9,312		201,325
C&F Financial Corp.		1,812		109,445
Cadence BanCorp		16,106		470,456
Camden National Corp.		8,487		388,026
Capital City Bank Group, Inc.		6,129		138,148
Capstar Financial Holdings, Inc.†#		4,929		99,812
Carolina Financial Corp.		10,496		459,410
Cass Information Systems, Inc.		6,641		412,871
Cathay General Bancorp, Class B		42,274		1,783,540
CBTX, Inc.#		1,546		45,777
CenterState Bank Corp.		33,544		1,031,478
Central Pacific Financial Corp.		16,200		476,928
Central Valley Community Bancorp		5,493		117,880
Century Bancorp, Inc., Class A		1,622		129,598
Chemical Financial Corp.		39,319		2,206,582
Chemung Financial Corp.		1,770		92,925
Citizens & Northern Corp.		6,518		166,665
City Holding Co.		8,412		624,927
Civista Bancshares, Inc.#		5,501		133,289
CNB Financial Corp.		8,188		248,833
CoBiz Financial, Inc.		21,351		476,554
Codorus Valley Bancorp, Inc.		4,731		141,930
Columbia Banking System, Inc.		40,013		1,701,353
Community Bank System, Inc.		27,232		1,630,652
Community Financial Corp.		2,194		80,717
Community Trust Bancorp, Inc.		8,539		435,916
ConnectOne Bancorp, Inc.		16,748		439,635
County Bancorp, Inc.		2,596		71,572
Customers Bancorp, Inc.†		16,010		485,263
CVB Financial Corp.		57,430		1,331,802
DNB Financial Corp.		1,720		62,006
Eagle Bancorp, Inc.†		17,488		1,058,898
Enterprise Bancorp, Inc.		5,244		210,284
Enterprise Financial Services Corp.		12,273		670,106
Equity Bancshares, Inc., Class A†		6,014		239,417
Evans Bancorp, Inc.		2,562		119,261
Farmers & Merchants Bancorp, Inc.		4,916		203,277
Farmers Capital Bank Corp.		4,078		216,338
Farmers National Banc Corp.		14,216		224,613
FB Financial Corp.		7,222		295,524
FCB Financial Holdings, Inc., Class A†		20,333		1,239,296
Fidelity Southern Corp.		12,274		299,731
Financial Institutions, Inc.		8,286		263,909

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
First Bancorp, Inc./Maine		5,658	$	163,969
First Bancorp, Inc./North Carolina		15,595		648,908
First BanCorp./Puerto Rico†		106,542		825,700
First Bancshares, Inc.		5,763		197,959
First Busey Corp.		22,586		725,236
First Business Financial Services, Inc.		4,561		118,039
First Citizens BancShares, Inc., Class A		4,113		1,806,800
First Commonwealth Financial Corp.		53,667		842,035
First Community Bancshares, Inc.		9,212		317,353
First Connecticut Bancorp, Inc.		7,819		200,557
First Financial Bancorp		53,184		1,672,637
First Financial Bankshares, Inc.#		35,180		1,850,468
First Financial Corp.		5,864		255,670
First Foundation, Inc.†		16,520		320,323
First Guaranty Bancshares, Inc.#		2,501		67,552
First Internet Bancorp		4,419		155,991
First Interstate BancSystem, Inc., Class A		14,290		623,758
First Merchants Corp.		22,726		1,033,806
First Mid-Illinois Bancshares, Inc.		5,650		211,649
First Midwest Bancorp, Inc.		56,635		1,487,801
First Northwest Bancorp†		5,469		89,199
First of Long Island Corp.		13,249		337,850
FNB Bancorp		2,990		113,112
Franklin Financial Network, Inc.†		6,605		241,413
Fulton Financial Corp.		95,117		1,659,792
German American Bancorp, Inc.		11,752		423,895
Glacier Bancorp, Inc.		43,413		1,692,673
Great Southern Bancorp, Inc.		6,019		346,093
Great Western Bancorp, Inc.		32,843		1,431,626
Green Bancorp, Inc.		13,499		303,053
Guaranty Bancorp		13,637		459,567
Guaranty Bancshares, Inc.		4,377		142,471
Hancock Holding Co.†		46,757		2,349,539
Hanmi Financial Corp.		17,481		523,556
HarborOne Bancorp, Inc.†		7,319		135,036
Heartland Financial USA, Inc.		13,618		746,947
Heritage Commerce Corp.		20,075		342,480
Heritage Financial Corp.		16,321		524,720
Hilltop Holdings, Inc.		40,659		953,454
Home BancShares, Inc.		87,369		2,011,234
HomeStreet, Inc.†		14,969		401,169
Hope Bancorp, Inc.		71,968		1,294,704
Horizon Bancorp		12,736		399,528
Howard Bancorp, Inc.†		4,882		84,459
IBERIABANK Corp.		28,053		2,241,435
Independent Bank Corp./Massachusetts		15,005		1,175,642
Independent Bank Corp./Michigan		11,266		287,846
International Bancshares Corp.		30,372		1,312,070
Investar Holding Corp.		4,531		123,923
Kearny Financial Corp.		55,946		808,420
Lakeland Bancorp, Inc.		24,888		500,249
Lakeland Financial Corp.		13,398		653,688
LCNB Corp.		4,917		96,127
LegacyTexas Financial Group, Inc.		26,212		1,100,642
Live Oak Bancshares, Inc.		12,924		381,904
Luther Burbank Corp.		7,808		95,648
Macatawa Bank Corp.		14,402		174,120
MB Financial, Inc.		44,941		2,219,636
MBT Financial Corp.		9,886		104,792
Mercantile Bank Corp.		8,935		322,554
Merchants Bancorp		4,026		102,703
Metropolitan Bank Holding Corp.†		1,997		101,967
Middlefield Banc Corp.		1,451		76,830
Midland States Bancorp, Inc.		8,597		278,887
MidSouth Bancorp, Inc.		8,081		112,326

190

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
MidWestOne Financial Group, Inc.		6,189	$	206,279
National Bankshares, Inc.#		3,755		180,803
National Commerce Corp.†		6,656		306,509
NBT Bancorp, Inc.		23,668		901,751
Nicolet Bankshares, Inc.†		4,898		278,353
Northeast Bancorp		4,113		89,663
Northrim BanCorp, Inc.		3,758		149,193
Norwood Financial Corp.		3,177		99,186
OFG Bancorp		23,989		338,245
Ohio Valley Banc Corp.		2,263		110,887
Old Line Bancshares, Inc.		6,291		216,285
Old National Bancorp		74,514		1,337,526
Old Point Financial Corp.		2,010		53,627
Old Second Bancorp, Inc.		16,040		239,798
Opus Bank		11,091		328,294
Orrstown Financial Services, Inc.		4,111		106,680
Pacific Mercantile Bancorp†		8,577		84,055
Park National Corp.		7,410		850,816
PCSB Financial Corp.		10,035		205,115
Peapack Gladstone Financial Corp.		9,856		340,032
Penns Woods Bancorp, Inc.#		2,556		117,959
People’s Utah Bancorp		7,738		282,050
Peoples Bancorp of North Carolina, Inc.		2,578		81,903
Peoples Bancorp, Inc.		9,106		341,748
Peoples Financial Services Corp.		3,799		178,629
Preferred Bank		7,466		475,584
Premier Financial Bancorp, Inc.		5,217		116,861
Provident Bancorp, Inc.†		2,435		57,466
QCR Holdings, Inc.		6,722		322,992
RBB Bancorp		4,530		137,667
Reliant Bancorp, Inc.		3,844		98,483
Renasant Corp.		25,122		1,203,846
Republic Bancorp, Inc., Class A		5,341		234,523
Republic First Bancorp, Inc.†		27,016		232,338
S&T Bancorp, Inc.		19,065		861,166
Sandy Spring Bancorp, Inc.		17,913		744,285
Seacoast Banking Corp. of Florida†		23,659		737,688
ServisFirst Bancshares, Inc.#		25,657		1,077,851
Shore Bancshares, Inc.		6,937		130,971
Sierra Bancorp		7,472		211,009
Simmons First National Corp., Class A		45,961		1,470,752
SmartFinancial, Inc.†		3,972		94,573
South State Corp.		20,028		1,793,007
Southern First Bancshares, Inc.†		3,662		173,213
Southern National Bancorp of Virginia, Inc.		11,882		207,579
Southside Bancshares, Inc.		15,361		524,578
State Bank Financial Corp.		20,807		698,075
Sterling Bancorp, Inc.		9,664		131,624
Stock Yards Bancorp, Inc.		12,103		480,489
Summit Financial Group, Inc.		6,059		156,201
Texas Capital Bancshares, Inc.†		27,637		2,662,825
Tompkins Financial Corp.#		8,118		684,104
Towne Bank		35,384		1,119,904
TriCo Bancshares		11,331		441,003
TriState Capital Holdings, Inc.†		12,386		318,320
Triumph Bancorp, Inc.†		9,715		398,801
TrustCo Bank Corp.		51,243		445,814
Trustmark Corp.		37,422		1,203,866
Two River Bancorp#		3,995		71,231
UMB Financial Corp.		25,110		1,934,725
Umpqua Holdings Corp.		122,868		2,892,313
Union Bankshares Corp.		31,041		1,275,785
United Bankshares, Inc.#		55,487		2,022,501
United Community Banks, Inc.		40,578		1,317,162
United Security Bancshares		7,220		77,254

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Unity Bancorp, Inc.		4,277	$	99,013
Univest Corp. of Pennsylvania		15,836		460,828
Valley National Bancorp#		143,279		1,821,076
Veritex Holdings, Inc.†		8,972		275,799
Washington Trust Bancorp, Inc.		8,315		507,215
WesBanco, Inc.		23,349		1,087,830
West Bancorporation, Inc.		8,807		219,735
Westamerica Bancorporation#		14,117		807,916
Western New England Bancorp, Inc.		15,336		166,396
Wintrust Financial Corp.		30,770		2,834,225
				118,983,990
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.		46,240		786,080
Parke Bancorp, Inc.#		3,534		77,571
Union Bankshares, Inc.		2,160		109,620
				973,271
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		15,392		863,799
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		11,041		830,835
National Bank Holdings Corp., Class A		13,799		537,333
				1,368,168
Batteries/Battery Systems — 0.1%
EnerSys		23,363		1,866,937
Beverages - Non-alcoholic — 0.1%
Coca-Cola Bottling Co. Consolidated		2,609		332,413
National Beverage Corp.†#		6,512		613,951
Primo Water Corp.†		14,034		238,297
				1,184,661
Beverages - Wine/Spirits — 0.1%
MGP Ingredients, Inc.#		7,158		633,841
Bicycle Manufacturing — 0.1%
Fox Factory Holding Corp.†		19,430		772,342
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		4,617		1,172,026
Craft Brew Alliance, Inc.†		7,034		138,218
				1,310,244
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†#		8,038		97,662
MSG Networks, Inc., Class A†		33,224		641,223
				738,885
Building & Construction Products - Misc. — 0.9%
American Woodmark Corp.†		7,731		797,066
Armstrong Flooring, Inc.†		12,022		157,488
Builders FirstSource, Inc.†		61,213		1,198,551
Caesarstone, Ltd.#		12,576		196,814
Forterra, Inc.†#		10,350		89,735
Gibraltar Industries, Inc.†		17,610		698,236
Louisiana-Pacific Corp.		80,682		2,354,301
NCI Building Systems, Inc.†		23,709		454,027
Patrick Industries, Inc.†		13,462		815,797
Quanex Building Products Corp.		19,401		325,937
Simpson Manufacturing Co., Inc.		22,862		1,447,393
Summit Materials, Inc., Class A†		61,374		1,744,249
Trex Co., Inc.†		16,385		1,930,645
				12,210,239

191

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction - Misc. — 0.5%
Aegion Corp.†		17,912	$	460,338
Comfort Systems USA, Inc.		20,435		957,380
EMCOR Group, Inc.		32,700		2,482,911
Hill International, Inc.†		18,918		104,995
IES Holdings, Inc.†		4,808		84,861
MYR Group, Inc.†		8,861		345,933
TopBuild Corp.†		19,665		1,650,877
				6,087,295
Building Products - Air & Heating — 0.1%
AAON, Inc.		22,974		700,707
Building Products - Cement — 0.1%
Continental Building Products, Inc.†		21,072		637,428
US Concrete, Inc.†#		8,787		535,568
				1,172,996
Building Products - Doors & Windows — 0.3%
Apogee Enterprises, Inc.		15,502		676,662
Griffon Corp.		16,257		369,034
JELD-WEN Holding, Inc.†		37,412		1,023,967
Masonite International Corp.†		15,740		1,040,414
PGT Innovations , Inc.†		26,833		555,443
				3,665,520
Building Products - Light Fixtures — 0.2%
Cree, Inc.†#		54,174		2,525,592
LSI Industries, Inc.		13,648		75,064
				2,600,656
Building Products - Wood — 0.2%
Boise Cascade Co.		21,454		1,023,356
Universal Forest Products, Inc.		33,280		1,224,038
				2,247,394
Building - Heavy Construction — 0.5%
Dycom Industries, Inc.†#		16,731		1,558,660
Granite Construction, Inc.		22,019		1,252,221
Layne Christensen Co.†#		10,009		152,537
MasTec, Inc.†		36,930		1,722,785
Orion Group Holdings, Inc.†		15,240		118,262
Primoris Services Corp.		21,870		570,151
Sterling Construction Co., Inc.†		14,327		182,096
Tutor Perini Corp.†		20,745		410,751
				5,967,463
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		31,014		882,658
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		4,738		983,609
Winnebago Industries, Inc.		17,472		633,360
				1,616,969
Building - Residential/Commercial — 0.7%
AV Homes, Inc.†#		6,752		123,899
Beazer Homes USA, Inc.†		17,344		261,894
Century Communities, Inc.†		11,327		340,943
Green Brick Partners, Inc.†		13,178		155,500
Hovnanian Enterprises, Inc., Class A†#		68,514		121,955
Installed Building Products, Inc.†		11,964		725,617
KB Home		47,147		1,241,852
LGI Homes, Inc.†#		9,588		584,005
M/I Homes, Inc.†		14,681		407,838
MDC Holdings, Inc.		24,915		786,816
Meritage Homes Corp.†		21,353		966,223
New Home Co., Inc.†		6,846		69,076

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial (continued)
PICO Holdings, Inc.		12,322	$	136,158
Taylor Morrison Home Corp., Class A†		61,646		1,325,389
TRI Pointe Group, Inc.†		83,203		1,436,084
William Lyon Homes, Class A†		17,774		423,910
				9,107,159
Cable/Satellite TV — 0.0%
Global Eagle Entertainment, Inc.†#		27,994		63,266
WideOpenWest, Inc.†#		15,094		133,582
				196,848
Capacitors — 0.0%
KEMET Corp.†		30,721		613,806
Casino Hotels — 0.2%
Boyd Gaming Corp.		46,085		1,739,709
Caesars Entertainment Corp.†#		75,715		919,937
Century Casinos, Inc.†		14,062		119,386
Monarch Casino & Resort, Inc.†		6,068		270,269
				3,049,301
Casino Services — 0.2%
Eldorado Resorts, Inc.†#		25,963		1,173,528
Scientific Games Corp.†		29,518		1,750,417
				2,923,945
Cellular Telecom — 0.0%
ATN International, Inc.		5,821		313,344
Chemicals - Diversified — 0.3%
Aceto Corp.		16,582		43,776
AdvanSix, Inc.†		16,616		606,650
Codexis, Inc.†#		22,614		339,210
Innophos Holdings, Inc.		10,730		509,997
Innospec, Inc.		13,290		1,019,343
Koppers Holdings, Inc.†		11,442		461,113
Quaker Chemical Corp.		7,206		1,101,437
				4,081,526
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		27,509		492,686
Chemicals - Other — 0.0%
American Vanguard Corp.		15,923		343,141
Chemicals - Plastics — 0.2%
A. Schulman, Inc.		15,846		693,262
Landec Corp.†		14,898		210,062
PolyOne Corp.		44,629		1,870,848
				2,774,172
Chemicals - Specialty — 1.1%
AgroFresh Solutions, Inc.†		12,217		86,374
Balchem Corp.		17,570		1,694,275
CSW Industrials, Inc.†		8,032		390,355
Ferro Corp.†		46,443		950,224
GCP Applied Technologies, Inc.†		39,773		1,258,815
H.B. Fuller Co.		27,979		1,442,317
Hawkins, Inc.		5,346		167,597
Ingevity Corp.†		23,593		1,796,371
KMG Chemicals, Inc.		7,262		485,465
Kraton Corp.†		16,624		806,597
Minerals Technologies, Inc.		19,498		1,423,354
Oil-Dri Corp. of America		2,781		108,209
OMNOVA Solutions, Inc.†		23,958		244,372
PQ Group Holdings, Inc.†		16,246		266,759
Sensient Technologies Corp.		24,128		1,622,608
Stepan Co.		11,070		804,789

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Specialty (continued)
Tronox, Ltd., Class A		49,854	$	915,818
Valhi, Inc.		14,022		90,161
				14,554,460
Circuit Boards — 0.1%
Park Electrochemical Corp.		10,678		220,714
TTM Technologies, Inc.†		51,240		923,857
				1,144,571
Coal — 0.3%
Arch Coal, Inc., Class A#		10,656		875,497
Cloud Peak Energy, Inc.†		41,006		148,442
Hallador Energy Co.		8,989		67,328
NACCO Industries, Inc., Class A		2,259		86,633
Peabody Energy Corp.		37,001		1,601,033
Ramaco Resources, Inc.†#		3,404		27,504
SunCoke Energy, Inc.†		35,725		483,716
Warrior Met Coal, Inc.#		18,338		498,243
				3,788,396
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		12,579		311,204
Coffee — 0.0%
Farmer Bros. Co.†		4,816		140,627
Commercial Services — 0.6%
Acacia Research Corp.†		27,440		105,644
Care.com, Inc.†		7,615		157,935
Collectors Universe, Inc.		4,197		62,535
Emerald Expositions Events, Inc.		10,053		205,584
Healthcare Services Group, Inc.#		39,521		1,428,684
HMS Holdings Corp.†		46,510		1,006,011
Medifast, Inc.		5,876		860,775
National Research Corp., Class A		5,787		199,362
Nutrisystem, Inc.#		16,472		614,406
Reis, Inc.		5,026		108,562
RPX Corp.		25,487		266,339
ServiceSource International, Inc.†		42,755		179,144
SP Plus Corp.†		9,650		347,400
Team, Inc.†#		16,228		344,845
Weight Watchers International, Inc.†		19,725		1,485,687
				7,372,913
Commercial Services - Finance — 0.4%
Cardtronics PLC, Class A†		25,280		648,685
CBIZ, Inc.†		28,358		585,593
CPI Card Group, Inc.#		2,266		6,027
Everi Holdings, Inc.†		35,991		269,573
EVERTEC, Inc.		33,548		731,346
Green Dot Corp., Class A†		25,709		1,832,280
Liberty Tax, Inc.#		3,802		39,921
MoneyGram International, Inc.†		16,141		107,015
Travelport Worldwide, Ltd.		68,853		1,207,682
				5,428,122
Communications Software — 0.0%
Digi International, Inc.†		14,942		174,822
pdvWireless, Inc.†#		5,241		132,859
Ribbon Communications, Inc.†		26,320		159,499
				467,180
Computer Aided Design — 0.3%
Aspen Technology, Inc.†		40,566		3,783,185

Security Description	Shares		Value (Note 2)
Computer Data Security — 0.2%
ForeScout Technologies, Inc.†		3,029	$	91,112
OneSpan, Inc.†		16,788		363,460
Qualys, Inc.†		17,832		1,372,173
Varonis Systems, Inc.†		10,978		852,442
				2,679,187
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		23,065		498,204
Computer Services — 1.3%
CACI International, Inc., Class A†		13,543		2,256,941
Carbonite, Inc.†		13,929		540,445
Convergys Corp.		51,170		1,209,659
Engility Holdings, Inc.†		10,004		314,526
EPAM Systems, Inc.†		27,628		3,403,217
ExlService Holdings, Inc.†		18,150		1,028,923
Fluent, Inc.†#		12,324		34,507
Insight Enterprises, Inc.†		19,754		926,463
KeyW Holding Corp.†#		26,723		252,532
MAXIMUS, Inc.		35,623		2,169,441
Presidio, Inc.†#		17,494		234,070
Science Applications International Corp.		23,769		2,102,368
SecureWorks Corp., Class A†#		4,575		47,534
StarTek, Inc.†		5,721		38,845
Sykes Enterprises, Inc.†		21,752		612,319
Syntel, Inc.†		18,332		577,458
TTEC Holdings, Inc.		7,701		271,845
Unisys Corp.†#		27,920		336,436
Virtusa Corp.†		14,992		727,862
				17,085,391
Computer Software — 0.7%
Avid Technology, Inc.†		18,532		94,513
Box, Inc., Class A†		44,888		1,152,724
Cloudera, Inc.†		54,852		889,699
Cornerstone OnDemand, Inc.†		29,428		1,456,097
Envestnet, Inc.†		24,150		1,277,535
j2 Global, Inc.		25,771		2,176,103
Red Violet, Inc.†#		1,642		11,905
SendGrid, Inc.†		4,732		125,587
Simulations Plus, Inc.		6,063		116,410
Tintri, Inc.†#		7,563		3,338
TiVo Corp.		66,472		957,197
Veritone, Inc.†#		1,607		32,783
Workiva, Inc.†		14,154		368,004
				8,661,895
Computers — 0.3%
Nutanix, Inc., Class A†		60,848		3,252,326
Computers - Integrated Systems — 0.5%
Agilysys, Inc.†		8,505		120,941
Cray, Inc.†		22,239		553,751
Diebold Nixdorf, Inc.#		41,920		482,080
Maxwell Technologies, Inc.†#		20,212		104,092
Mercury Systems, Inc.†		25,987		959,700
MTS Systems Corp.		9,913		519,441
NetScout Systems, Inc.†		46,802		1,263,654
Radisys Corp.†		20,440		15,201
Super Micro Computer, Inc.†#		21,607		520,729
USA Technologies, Inc.†		26,881		361,549
VeriFone Systems, Inc.†		61,078		1,388,914
				6,290,052

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Memory Devices — 0.1%
Pure Storage, Inc., Class A†		53,822	$	1,155,020
Quantum Corp.†		15,773		47,635
				1,202,655
Computers - Other — 0.3%
3D Systems Corp.†#		60,604		749,066
ExOne Co.†#		6,170		41,771
Lumentum Holdings, Inc.†#		34,280		2,013,950
PlayAGS, Inc.†		5,742		145,387
Stratasys, Ltd.†#		28,014		521,060
				3,471,234
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		25,252		844,175
Mitek Systems, Inc.†		17,885		154,705
				998,880
Computers - Voice Recognition — 0.0%
Vocera Communications, Inc.†		16,042		433,455
Consulting Services — 0.3%
CRA International, Inc.		4,377		236,796
Forrester Research, Inc.		5,647		238,586
Franklin Covey Co.†		5,383		150,993
FTI Consulting, Inc.†		20,981		1,300,612
Hackett Group, Inc.		13,004		209,365
Huron Consulting Group, Inc.†		12,156		492,318
ICF International, Inc.		9,942		702,402
Information Services Group, Inc.†		17,972		72,427
Navigant Consulting, Inc.†		25,417		619,158
Vectrus, Inc.†		6,160		197,551
				4,220,208
Consumer Products - Misc. — 0.3%
Central Garden & Pet Co.†		5,856		239,100
Central Garden & Pet Co., Class A†		19,569		743,818
CSS Industries, Inc.		4,947		79,894
Helen of Troy, Ltd.†		15,120		1,357,776
WD-40 Co.#		7,663		1,054,046
				3,474,634
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		14,162		825,786
Greif, Inc., Class B		3,119		197,589
				1,023,375
Containers - Paper/Plastic — 0.2%
KapStone Paper and Packaging Corp.		48,223		1,658,871
Multi-Color Corp.		7,579		525,983
UFP Technologies, Inc.†		3,580		109,548
				2,294,402
Cosmetics & Toiletries — 0.1%
e.l.f. Beauty, Inc.†#		11,630		219,225
Inter Parfums, Inc.		9,592		511,254
Revlon, Inc., Class A†		6,546		112,919
				843,398
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		11,121		133,452
Data Processing/Management — 0.6%
Acxiom Corp.†		43,952		1,287,354
Amber Road, Inc.†		11,120		100,525
Bottomline Technologies (de), Inc.†#		22,066		1,049,459
CommVault Systems, Inc.†		21,524		1,471,166

Security Description	Shares		Value (Note 2)
Data Processing/Management (continued)
CSG Systems International, Inc.		18,498	$	765,447
Fair Isaac Corp.†		16,543		3,044,408
				7,718,359
Decision Support Software — 0.0%
Castlight Health, Inc., Class B†		35,478		127,721
QAD, Inc., Class A		5,535		286,990
				414,711
Diagnostic Equipment — 0.2%
Accelerate Diagnostics, Inc.†#		14,607		297,983
BioTelemetry, Inc.†#		17,619		744,403
GenMark Diagnostics, Inc.†#		28,267		207,197
Genomic Health, Inc.†		11,092		442,793
Oxford Immunotec Global PLC†#		14,036		202,399
Quanterix Corp.†#		2,754		50,673
Quotient, Ltd.†#		14,824		106,881
Repligen Corp.†		20,825		909,636
				2,961,965
Diagnostic Kits — 0.2%
Foundation Medicine, Inc.†#		8,028		795,976
Meridian Bioscience, Inc.		23,094		341,791
OraSure Technologies, Inc.†		31,379		533,757
Quidel Corp.†		15,754		987,776
				2,659,300
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		5,380		77,687
Disposable Medical Products — 0.3%
ICU Medical, Inc.†		8,481		2,468,395
Merit Medical Systems, Inc.†		26,985		1,384,331
Utah Medical Products, Inc.		1,894		198,207
				4,050,933
Distribution/Wholesale — 0.6%
Anixter International, Inc.†		16,103		986,309
Core-Mark Holding Co., Inc.		25,295		493,758
EnviroStar, Inc.		2,027		78,039
Essendant, Inc.		20,727		289,971
Fossil Group, Inc.†#		24,556		537,285
G-III Apparel Group, Ltd.†		24,011		1,006,061
H&E Equipment Services, Inc.		17,474		604,076
Huttig Building Products, Inc.†#		13,209		74,631
Nexeo Solutions, Inc.†		14,564		140,980
ScanSource, Inc.†		13,891		543,833
SiteOne Landscape Supply, Inc.†#		18,826		1,424,187
Systemax, Inc.		6,369		210,304
Titan Machinery, Inc.†		10,420		188,498
Triton International, Ltd.		26,091		908,228
Veritiv Corp.†		6,368		211,736
				7,697,896
Diversified Financial Services — 0.1%
Ladder Capital Corp.		43,754		679,062
Diversified Manufacturing Operations — 0.7%
Actuant Corp., Class A		33,038		771,437
AZZ, Inc.		14,399		622,757
Barnes Group, Inc.		27,877		1,656,451
Chase Corp.		3,963		471,399
EnPro Industries, Inc.		11,734		864,326
Fabrinet†		20,126		707,026
Federal Signal Corp.		32,723		781,753
GP Strategies Corp.†		6,961		133,999
Harsco Corp.†		44,589		1,092,431

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations (continued)
LSB Industries, Inc.†#		12,056	$	61,124
Lydall, Inc.†		9,263		388,120
NL Industries, Inc.†		4,633		42,855
Raven Industries, Inc.		20,048		757,814
Standex International Corp.		6,993		697,552
Tredegar Corp.		14,326		341,675
				9,390,719
Diversified Minerals — 0.2%
Fairmount Santrol Holdings, Inc.†#		86,029		484,343
Smart Sand, Inc.†#		12,123		74,193
United States Lime & Minerals, Inc.		1,095		86,505
US Silica Holdings, Inc.#		45,303		1,401,222
				2,046,263
Diversified Operations — 0.1%
HRG Group, Inc.†		65,961		836,385
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		11,212		593,115
Drug Delivery Systems — 0.9%
Antares Pharma, Inc.†#		79,665		207,926
Catalent, Inc.†		74,189		2,912,660
Depomed, Inc.†		31,981		198,922
Heron Therapeutics, Inc.†#		30,104		981,390
Nektar Therapeutics†		83,415		6,695,722
Revance Therapeutics, Inc.†		14,922		416,324
				11,412,944
E-Commerce/Products — 0.3%
1-800-flowers.com, Inc., Class A†		14,771		186,115
Chegg, Inc.†#		53,859		1,506,436
Etsy, Inc.†		67,037		2,167,976
FTD Cos., Inc.†		9,364		53,375
Lands’ End, Inc.†		7,365		145,459
Overstock.com, Inc.†		9,307		311,086
				4,370,447
E-Commerce/Services — 1.1%
Cars.com, Inc.†		39,930		1,025,402
Carvana Co.†#		13,743		396,486
ChannelAdvisor Corp.†		14,197		210,116
Groupon, Inc.†#		188,387		906,142
GrubHub, Inc.†#		47,649		5,108,449
Leaf Group, Ltd.†		7,889		77,312
Quotient Technology, Inc.†		41,943		562,036
Shutterfly, Inc.†		18,061		1,700,263
Shutterstock, Inc.†		10,289		487,596
Stamps.com, Inc.†		9,063		2,273,000
Trade Desk, Inc., Class A†#		13,474		1,152,431
TrueCar, Inc.†#		39,010		382,688
				14,281,921
E-Marketing/Info — 0.1%
Cardlytics, Inc.†#		3,025		61,771
Liquidity Services, Inc.†		14,399		81,354
New Media Investment Group, Inc.		28,362		473,645
QuinStreet, Inc.†		20,634		282,892
Rubicon Project, Inc.†		24,603		57,817
				957,479
E-Services/Consulting — 0.0%
Perficient, Inc.†		19,035		497,004

Security Description	Shares		Value (Note 2)
Educational Software — 0.3%
2U, Inc.†#		26,674	$	2,528,695
Instructure, Inc.†		12,136		521,848
Rosetta Stone, Inc.†		9,400		152,468
				3,203,011
Electric Products - Misc. — 0.3%
Graham Corp.		5,294		135,050
Littelfuse, Inc.		13,391		2,906,516
Novanta, Inc.†		17,761		1,151,801
				4,193,367
Electric - Distribution — 0.0%
Genie Energy, Ltd., Class B		7,483		41,755
Spark Energy, Inc., Class A#		6,468		64,680
Unitil Corp.		8,096		390,794
				497,229
Electric - Generation — 0.0%
Atlantic Power Corp.†#		63,535		130,247
Electric - Integrated — 1.3%
ALLETE, Inc.		28,383		2,180,382
Ameresco, Inc., Class A†		10,357		123,766
Avista Corp.		35,708		1,872,527
Black Hills Corp.#		29,672		1,725,723
El Paso Electric Co.		22,428		1,314,281
IDACORP, Inc.		28,028		2,588,666
MGE Energy, Inc.		19,384		1,156,256
NorthWestern Corp.		27,552		1,501,033
Otter Tail Corp.		21,813		1,007,761
PNM Resources, Inc.		44,268		1,768,507
Portland General Electric Co.		49,624		2,116,960
				17,355,862
Electronic Components - Misc. — 0.9%
Applied Optoelectronics, Inc.†#		10,387		485,800
AVX Corp.		25,561		390,828
Bel Fuse, Inc., Class B		5,333		102,927
Benchmark Electronics, Inc.		27,732		768,176
CTS Corp.		17,724		576,030
Kimball Electronics, Inc.†		14,481		270,795
Knowles Corp.†		48,892		708,934
Methode Electronics, Inc.		19,854		797,138
Microvision, Inc.†#		43,637		71,128
NVE Corp.		2,646		292,515
OSI Systems, Inc.†		9,800		672,084
Plexus Corp.†		18,625		1,083,044
Rogers Corp.†		10,003		1,139,942
Sanmina Corp.†		39,268		1,130,918
Sparton Corp.†		5,348		99,205
Stoneridge, Inc.†		14,926		470,617
Vishay Intertechnology, Inc.#		73,487		1,557,924
Vishay Precision Group, Inc.†		5,630		211,407
ZAGG, Inc.†		15,075		229,140
				11,058,552
Electronic Components - Semiconductors — 1.1%
Alpha & Omega Semiconductor, Ltd.†		11,085		172,150
Ambarella, Inc.†#		17,998		879,382
Amkor Technology, Inc.†		56,504		514,186
AXT, Inc.†		20,634		149,597
CEVA, Inc.†		12,120		408,444
Diodes, Inc.†		21,614		740,063
DSP Group, Inc.†		12,113		155,046
EMCORE Corp.†		15,145		77,240

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
GSI Technology, Inc.†		8,263	$	62,964
Impinj, Inc.†#		10,097		180,736
Inphi Corp.†#		23,302		787,142
Kopin Corp.†#		34,140		120,514
Lattice Semiconductor Corp.†		68,086		391,495
MACOM Technology Solutions Holdings, Inc.†#		22,491		507,172
Monolithic Power Systems, Inc.		22,143		2,918,669
Pixelworks, Inc.†		15,813		65,624
Rambus, Inc.†		60,138		809,458
Semtech Corp.†		36,341		1,758,904
Silicon Laboratories, Inc.†		23,275		2,457,840
SMART Global Holdings, Inc.†#		5,282		235,207
Synaptics, Inc.†#		19,109		803,342
Xperi Corp.		27,146		536,134
				14,731,309
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		15,564		680,925
CyberOptics Corp.†#		3,811		65,359
ESCO Technologies, Inc.		14,132		792,805
FARO Technologies, Inc.†		9,191		493,097
Fitbit, Inc., Class A†#		107,461		583,513
Itron, Inc.†		18,954		1,082,274
Mesa Laboratories, Inc.#		1,800		286,344
				3,984,317
Electronic Parts Distribution — 0.3%
SYNNEX Corp.		16,089		1,718,627
Tech Data Corp.†		19,460		1,689,323
				3,407,950
Electronic Security Devices — 0.0%
Napco Security Technologies, Inc.†		6,602		78,234
Energy - Alternate Sources — 0.3%
Clean Energy Fuels Corp.†		75,694		239,193
FutureFuel Corp.		13,878		186,937
Green Plains, Inc.#		21,594		461,032
Pacific Ethanol, Inc.†		23,919		80,129
Pattern Energy Group, Inc., Class A#		43,615		810,367
Plug Power, Inc.†#		126,688		236,906
Renewable Energy Group, Inc.†#		21,110		376,813
REX American Resources Corp.†		3,226		245,240
Sunrun, Inc.†#		47,728		577,509
TerraForm Power, Inc., Class A		25,197		279,939
TPI Composites, Inc.†		5,925		155,827
Vivint Solar, Inc.†		14,986		59,944
				3,709,836
Engineering/R&D Services — 0.3%
Argan, Inc.		8,060		311,922
Exponent, Inc.		14,223		1,398,121
KBR, Inc.		78,009		1,436,926
Mistras Group, Inc.†		9,592		184,646
NV5 Global, Inc.†#		4,473		280,904
VSE Corp.		4,787		236,526
				3,849,045
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		23,146		427,044
Enterprise Software/Service — 1.4%
Alteryx, Inc., Class A†#		13,023		443,042
American Software, Inc., Class A		15,191		200,066
Apptio, Inc., Class A†#		12,932		427,144
Benefitfocus, Inc.†#		8,811		295,609
Blackbaud, Inc.		26,449		2,577,984
Blackline, Inc.†		15,702		653,517

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
Coupa Software, Inc.†		17,914	$	956,249
Donnelley Financial Solutions, Inc.†		18,578		285,358
Everbridge, Inc.†#		9,512		438,218
Evolent Health, Inc., Class A†#		33,142		677,754
Hortonworks, Inc.†		28,642		509,255
LivePerson, Inc.†		30,609		592,284
Majesco†		3,080		17,556
ManTech International Corp., Class A		14,287		770,212
MicroStrategy, Inc., Class A†		5,268		682,575
MobileIron, Inc.†		31,682		136,233
Model N, Inc.†		13,167		235,031
Omnicell, Inc.†		20,792		967,868
Paycom Software, Inc.†#		27,342		2,883,761
Pegasystems, Inc.		20,324		1,257,039
PROS Holdings, Inc.†#		14,786		522,537
SailPoint Technologies Holding, Inc.†		11,204		292,312
SPS Commerce, Inc.†		9,359		696,590
Verint Systems, Inc.†		35,275		1,488,605
				18,006,799
Entertainment Software — 0.0%
Glu Mobile, Inc.†		58,559		330,273
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		31,005		1,703,725
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		18,484		1,719,012
Finance - Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.#		28,130		515,904
NewStar Financial, Inc. CVR†(1)(2)		17,919		9,676
On Deck Capital, Inc.†		27,782		184,473
				710,053
Finance - Consumer Loans — 0.3%
Curo Group Holdings Corp.†#		4,295		98,828
Elevate Credit, Inc.†#		9,606		73,582
Encore Capital Group, Inc.†		13,311		525,119
Enova International, Inc.†		18,334		616,022
LendingClub Corp.†#		181,184		596,095
Nelnet, Inc., Class A		10,572		649,544
Ocwen Financial Corp.†		59,791		261,287
PRA Group, Inc.†#		24,776		956,353
Regional Management Corp.†		5,655		201,827
World Acceptance Corp.†		3,374		363,886
				4,342,543
Finance - Credit Card — 0.1%
Blackhawk Network Holdings, Inc.†		30,333		1,364,985
Finance - Investment Banker/Broker — 0.8%
Cowen, Inc.†#		14,368		214,802
Diamond Hill Investment Group, Inc.		1,758		344,463
Evercore, Inc., Class A		21,346		2,228,522
GAIN Capital Holdings, Inc.#		18,970		156,123
Greenhill & Co., Inc.#		13,490		355,462
Houlihan Lokey, Inc.		14,846		725,821
INTL. FCStone, Inc.†		8,401		420,050
Investment Technology Group, Inc.		18,226		399,878
Ladenburg Thalmann Financial Services, Inc.		57,090		203,811
Moelis & Co., Class A		17,318		1,026,092
Oppenheimer Holdings, Inc., Class A		5,362		150,940
Piper Jaffray Cos.		7,979		596,829
PJT Partners, Inc., Class A		10,033		554,524
Stifel Financial Corp.		36,969		2,173,777
Virtu Financial, Inc., Class A		19,247		597,619
				10,148,713

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		26,385	$	563,583
Marlin Business Services Corp.		4,871		142,964
				706,547
Finance - Mortgage Loan/Banker — 0.4%
Arlington Asset Investment Corp., Class A#		15,266		174,643
Ellie Mae, Inc.†#		18,775		1,995,595
Federal Agricultural Mtg. Corp., Class C		4,888		457,077
Granite Point Mtg. Trust, Inc.#		23,910		437,314
Impac Mortgage Holdings, Inc.†		5,378		45,767
LendingTree, Inc.†#		3,533		914,693
Nationstar Mtg. Holdings, Inc.†#		16,221		290,680
PennyMac Financial Services, Inc., Class A†		8,815		177,181
PHH Corp.†		17,771		191,927
TPG RE Finance Trust, Inc.		11,471		234,238
				4,919,115
Finance - Other Services — 0.1%
R1 RCM, Inc.†		55,609		440,979
WageWorks, Inc.†		22,059		1,046,700
				1,487,679
Financial Guarantee Insurance — 0.4%
MBIA, Inc.†#		49,300		403,274
MGIC Investment Corp.†		205,391		2,134,013
NMI Holdings, Inc., Class A†		31,608		526,273
Radian Group, Inc.		120,198		1,911,148
				4,974,708
Firearms & Ammunition — 0.2%
American Outdoor Brands Corp.†#		29,805		375,245
Axon Enterprise, Inc.†		28,913		1,841,180
Sturm Ruger & Co., Inc.#		9,384		574,770
				2,791,195
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		3,860		104,606
Food - Confectionery — 0.1%
Hostess Brands, Inc.†		44,386		604,981
Tootsie Roll Industries, Inc.#		9,535		277,469
				882,450
Food - Dairy Products — 0.0%
Dean Foods Co.		50,423		482,548
Lifeway Foods, Inc.†		2,604		13,280
				495,828
Food - Misc./Diversified — 0.5%
B&G Foods, Inc.#		36,453		1,026,152
Cal-Maine Foods, Inc.†		15,937		765,773
Darling Ingredients, Inc.†		91,048		1,710,792
J&J Snack Foods Corp.		8,356		1,183,376
John B. Sanfilippo & Son, Inc.		4,756		322,552
Lancaster Colony Corp.		10,431		1,315,349
				6,323,994
Food - Retail — 0.1%
Ingles Markets, Inc., Class A		7,813		224,233
Smart & Final Stores, Inc.†		12,534		57,657
SUPERVALU, Inc.†#		21,268		393,245
Village Super Market, Inc., Class A		4,420		128,357
Weis Markets, Inc.		5,306		289,336
				1,092,828

Security Description	Shares		Value (Note 2)
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.#		8,890	$	782,320
Chefs’ Warehouse, Inc.†#		11,743		319,410
Fresh Del Monte Produce, Inc.		17,967		806,898
Performance Food Group Co.†		56,440		2,017,730
SpartanNash Co.		20,323		503,197
United Natural Foods, Inc.†		28,128		1,282,074
				5,711,629
Footwear & Related Apparel — 0.5%
Crocs, Inc.†		38,594		688,517
Deckers Outdoor Corp.†		17,539		1,984,713
Iconix Brand Group, Inc.†		27,758		17,765
Steven Madden, Ltd.		32,784		1,732,635
Weyco Group, Inc.		3,428		118,849
Wolverine World Wide, Inc.		51,674		1,732,629
				6,275,108
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.#		8,213		206,557
Matthews International Corp., Class A		17,351		954,305
				1,160,862
Gambling (Non-Hotel) — 0.2%
Golden Entertainment, Inc.†#		9,861		300,958
Pinnacle Entertainment, Inc.†		29,339		994,885
Red Rock Resorts, Inc., Class A		38,258		1,317,606
				2,613,449
Gas - Distribution — 1.1%
Chesapeake Utilities Corp.		8,770		700,285
New Jersey Resources Corp.		48,330		2,145,852
Northwest Natural Gas Co.		15,764		942,687
ONE Gas, Inc.		28,965		2,173,823
RGC Resources, Inc.		3,706		98,024
South Jersey Industries, Inc.#		44,293		1,466,984
Southwest Gas Holdings, Inc.		26,345		1,994,317
Spire, Inc.		26,197		1,866,536
WGL Holdings, Inc.		28,421		2,506,732
				13,895,240
Gold Mining — 0.0%
Gold Resource Corp.		29,094		181,547
Klondex Mines, Ltd.†#		98,810		238,132
				419,679
Golf — 0.1%
Acushnet Holdings Corp.		17,485		418,066
Callaway Golf Co.		51,867		982,361
Drive Shack, Inc.†		34,466		225,063
				1,625,490
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		7,983		162,055
US Ecology, Inc.		12,117		734,290
				896,345
Health Care Cost Containment — 0.2%
CorVel Corp.†		5,148		259,974
HealthEquity, Inc.†#		27,990		2,079,937
				2,339,911
Heart Monitors — 0.0%
FONAR Corp.†		3,428		91,528

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Home Furnishings — 0.1%
Ethan Allen Interiors, Inc.		13,782	$	323,188
Flexsteel Industries, Inc.		4,220		157,279
Hooker Furniture Corp.		6,398		238,645
Sleep Number Corp.†		21,779		609,159
				1,328,271
Hotels/Motels — 0.2%
Belmond, Ltd., Class A†		49,624		593,007
Bluegreen Vacations Corp.#		4,186		84,139
ILG, Inc.		58,996		2,020,023
Marcus Corp.		10,366		327,047
Red Lion Hotels Corp.†		9,189		100,160
				3,124,376
Housewares — 0.0%
Libbey, Inc.		12,156		79,135
Lifetime Brands, Inc.		5,493		59,874
				139,009
Human Resources — 0.9%
AMN Healthcare Services, Inc.†		26,159		1,477,984
ASGN, Inc.†		27,741		2,136,057
Barrett Business Services, Inc.		3,923		338,241
BG Staffing, Inc.		3,839		70,906
Cross Country Healthcare, Inc.†		19,635		239,351
Heidrick & Struggles International, Inc.		10,175		384,615
Insperity, Inc.		20,104		1,849,568
Kelly Services, Inc., Class A		16,926		379,312
Kforce, Inc.		12,852		432,470
Korn/Ferry International		29,171		1,595,070
Paylocity Holding Corp.†		14,695		878,026
Resources Connection, Inc.		16,802		279,753
TriNet Group, Inc.†		22,942		1,230,609
TrueBlue, Inc.†		22,640		584,112
Willdan Group, Inc.†#		4,258		121,353
				11,997,427
Identification Systems — 0.1%
Brady Corp., Class A		25,766		1,004,874
Import/Export — 0.0%
Castle Brands, Inc.†#		49,678		63,091
Independent Power Producers — 0.2%
NRG Yield, Inc., Class A		19,336		337,800
NRG Yield, Inc., Class C		36,187		633,272
Ormat Technologies, Inc.		22,379		1,159,680
				2,130,752
Industrial Audio & Video Products — 0.0%
Akoustis Technologies, Inc.†#		6,649		44,016
GoPro, Inc., Class A†		60,498		335,159
Iteris, Inc.†#		14,112		72,395
				451,570
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		3,437		164,804
Ichor Holdings, Ltd.†#		10,337		257,185
				421,989
Instruments - Controls — 0.3%
Allied Motion Technologies, Inc.		3,671		177,530
Control4 Corp.†		14,365		356,108
Watts Water Technologies, Inc., Class A		15,438		1,187,954
Woodward, Inc.		29,549		2,238,928
				3,960,520

Security Description	Shares		Value (Note 2)
Instruments - Scientific — 0.0%
Fluidigm Corp.†#		21,496	$	119,733
Insurance Brokers — 0.0%
Crawford & Co., Class B		6,630		52,775
eHealth, Inc.†		8,719		185,802
				238,577
Insurance - Life/Health — 0.6%
American Equity Investment Life Holding Co.		48,005		1,701,297
CNO Financial Group, Inc.		92,467		1,851,189
FBL Financial Group, Inc., Class A		5,488		431,357
Health Insurance Innovations, Inc., Class A†		6,545		208,786
Independence Holding Co.		3,334		123,858
National Western Life Group, Inc., Class A		1,255		390,506
Primerica, Inc.		24,575		2,416,951
Trupanion, Inc.†#		12,603		400,397
				7,524,341
Insurance - Multi-line — 0.3%
Citizens, Inc.†#		25,835		191,437
Genworth Financial, Inc., Class A†		278,860		959,279
Horace Mann Educators Corp.		22,676		1,002,279
Kemper Corp.		21,984		1,702,661
United Fire Group, Inc.		11,741		629,787
				4,485,443
Insurance - Property/Casualty — 1.1%
Ambac Financial Group, Inc.†		25,182		466,623
AMERISAFE, Inc.		10,598		632,171
AmTrust Financial Services, Inc.		47,292		631,821
Atlas Financial Holdings, Inc.†		5,846		62,845
Baldwin & Lyons, Inc., Class B		5,172		120,508
Donegal Group, Inc., Class A		4,887		68,320
EMC Insurance Group, Inc.		4,859		125,216
Employers Holdings, Inc.		17,633		698,267
Enstar Group, Ltd.†		6,236		1,267,467
Federated National Holding Co.		6,569		149,511
Global Indemnity, Ltd.		4,589		173,602
Hallmark Financial Services, Inc.†		7,390		72,865
HCI Group, Inc.		4,362		180,849
Heritage Insurance Holdings, Inc.#		11,998		202,526
Infinity Property & Casualty Corp.		5,912		855,466
Investors Title Co.		812		150,220
James River Group Holdings, Ltd.		14,157		536,975
Kingstone Cos., Inc.		5,030		87,774
Kinsale Capital Group, Inc.		8,021		424,792
National General Holdings Corp.		27,229		745,530
Navigators Group, Inc.		11,419		671,437
NI Holdings, Inc.†		5,593		91,390
RLI Corp.		21,375		1,403,910
Safety Insurance Group, Inc.		8,104		696,944
Selective Insurance Group, Inc.		31,919		1,814,595
State Auto Financial Corp.		8,817		273,503
Stewart Information Services Corp.		11,690		493,201
Third Point Reinsurance, Ltd.†		50,984		680,636
Tiptree, Inc.		14,230		93,918
United Insurance Holdings Corp.#		11,422		236,321
Universal Insurance Holdings, Inc.		17,265		615,497
				14,724,700
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.†		18,182		1,104,556
Blue Capital Reinsurance Holdings, Ltd.#		3,269		36,286
Essent Group, Ltd.†		45,127		1,547,856
Greenlight Capital Re, Ltd., Class A†		16,722		239,125

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Reinsurance (continued)
Maiden Holdings, Ltd.		38,875	$	340,156
WMIH Corp.†		107,322		144,885
				3,412,864
Internet Application Software — 0.3%
Okta, Inc.†#		10,790		606,506
RealNetworks, Inc.†		13,469		47,815
Tucows, Inc., Class A†#		5,042		315,881
VirnetX Holding Corp.†#		28,504		91,213
Zendesk, Inc.†		55,284		3,089,823
				4,151,238
Internet Connectivity Services — 0.1%
Boingo Wireless, Inc.†		21,095		453,754
Cogent Communications Holdings, Inc.		23,306		1,193,267
Internap Corp.†#		11,244		121,885
				1,768,906
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†		50,855		249,189
Internet Content - Information/News — 0.2%
DHI Group, Inc.†		26,887		61,840
HealthStream, Inc.		14,297		398,171
XO Group, Inc.†		13,643		442,852
Yelp, Inc.†		44,314		1,898,855
				2,801,718
Internet Gambling — 0.0%
Inspired Entertainment, Inc.†		5,346		35,016
Internet Security — 0.3%
Corindus Vascular Robotics, Inc.†#		56,516		42,393
Imperva, Inc.†		18,875		915,437
Proofpoint, Inc.†#		24,203		2,829,089
Rapid7, Inc.†		15,295		484,393
Zix Corp.†		30,179		163,268
				4,434,580
Internet Telephone — 0.4%
8x8, Inc.†		49,627		928,025
RingCentral, Inc., Class A†		36,075		2,732,681
Twilio, Inc., Class A†		34,479		1,860,832
				5,521,538
Investment Companies — 0.0%
B. Riley Financial, Inc.		11,509		243,991
Ominto, Inc.†		7,755		7,988
Rafael Holdings, Inc., Class B†		4,822		44,362
				296,341
Investment Management/Advisor Services — 0.5%
Altisource Portfolio Solutions SA†#		6,051		177,778
Artisan Partners Asset Management, Inc., Class A		25,346		818,676
Associated Capital Group, Inc., Class A#		2,163		83,924
BrightSphere Investment Group PLC		41,793		648,210
Cohen & Steers, Inc.		11,835		460,737
Financial Engines, Inc.		32,469		1,449,741
GAMCO Investors, Inc., Class A		2,887		74,369
Hamilton Lane, Inc., Class A		7,818		365,570
Medley Management, Inc., Class A#		2,910		12,077
Pzena Investment Management, Inc., Class A		9,372		84,254
Silvercrest Asset Management Group, Inc., Class A		3,958		62,932
Virtus Investment Partners, Inc.		3,813		478,722
Waddell & Reed Financial, Inc., Class A#		44,573		864,716
Westwood Holdings Group, Inc.		4,500		261,135
WisdomTree Investments, Inc.		63,966		701,067
				6,543,908

Security Description	Shares		Value (Note 2)
Lasers - System/Components — 0.1%
Electro Scientific Industries, Inc.†		17,966	$	352,493
II-VI, Inc.†		33,303		1,463,667
				1,816,160
Leisure Products — 0.0%
Escalade, Inc.		5,885		84,744
Johnson Outdoors, Inc., Class A		2,682		203,510
Marine Products Corp.		4,337		72,905
				361,159
Lighting Products & Systems — 0.0%
Revolution Lighting Technologies, Inc.†#		6,924		29,496
Linen Supply & Related Items — 0.1%
UniFirst Corp.		8,476		1,505,338
Machine Tools & Related Products — 0.2%
Kennametal, Inc.		45,099		1,679,036
Milacron Holdings Corp.†		37,488		738,888
				2,417,924
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		11,814		691,237
Hyster-Yale Materials Handling, Inc.		5,726		381,924
				1,073,161
Machinery - Electrical — 0.1%
Babcock & Wilcox Enterprises, Inc.†#		162,756		402,007
Franklin Electric Co., Inc.		25,688		1,188,070
				1,590,077
Machinery - Farming — 0.1%
Alamo Group, Inc.		5,257		484,748
Lindsay Corp.		5,813		572,115
				1,056,863
Machinery - General Industrial — 0.5%
Albany International Corp., Class A		15,919		979,018
Altra Industrial Motion Corp.		15,896		657,300
Applied Industrial Technologies, Inc.		21,243		1,481,699
Chart Industries, Inc.†		17,000		1,095,310
DXP Enterprises, Inc.†		8,740		341,035
Gencor Industries, Inc.†		4,859		76,043
Intevac, Inc.†		11,094		52,142
Kadant, Inc.		6,016		586,861
Manitowoc Co, Inc.†		17,679		432,959
Tennant Co.		9,780		770,664
Twin Disc, Inc.†		4,733		131,199
				6,604,230
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		12,214		506,026
Machinery - Pumps — 0.2%
Cactus, Inc., Class A†		12,885		434,482
Gorman-Rupp Co.		9,784		326,492
NN, Inc.		15,021		324,454
SPX FLOW, Inc.†		22,976		1,001,064
				2,086,492
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.†		31,495		158,262
SEACOR Marine Holdings, Inc.†		9,005		211,438
				369,700
Medical Imaging Systems — 0.1%
Analogic Corp.		6,957		581,953
Lantheus Holdings, Inc.†		16,914		236,796
				818,749

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†		100,746	$	1,274,437
Computer Programs & Systems, Inc.		6,302		205,130
Cotiviti Holdings, Inc.†		20,356		694,343
Inovalon Holdings, Inc., Class A†#		35,544		369,658
Medidata Solutions, Inc.†#		31,266		2,412,485
NantHealth, Inc.†		8,805		30,113
Quality Systems, Inc.†		29,407		517,563
Tabula Rasa HealthCare, Inc.†#		6,751		368,267
				5,871,996
Medical Instruments — 1.0%
Abaxis, Inc.		12,163		1,007,096
AngioDynamics, Inc.†		20,253		425,921
Cardiovascular Systems, Inc.†		18,040		543,004
CONMED Corp.		15,223		1,045,059
CryoLife, Inc.†		17,811		490,693
Endologix, Inc.†#		45,594		255,782
Halyard Health, Inc.†		25,932		1,423,667
Integra LifeSciences Holdings Corp.†		35,279		2,276,907
iRhythm Technologies, Inc.†		7,907		601,169
LivaNova PLC†		26,919		2,531,732
Natus Medical, Inc.†		16,928		624,643
NuVasive, Inc.†#		28,152		1,443,072
Obalon Therapeutics, Inc.†#		4,956		12,489
				12,681,234
Medical Labs & Testing Services — 0.3%
Evolus, Inc.†#		2,801		68,625
Invitae Corp.†#		23,631		174,869
Medpace Holdings, Inc.†		5,223		220,202
Natera, Inc.†#		17,702		206,405
Syneos Health, Inc.†		30,281		1,302,083
Teladoc, Inc.†#		32,202		1,639,082
				3,611,266
Medical Laser Systems — 0.0%
Cutera, Inc.†		7,331		307,902
Medical Products — 1.9%
Accuray, Inc.†#		46,391		204,120
AtriCure, Inc.†		17,801		422,062
Atrion Corp.		775		457,250
AxoGen, Inc.†#		15,601		766,009
Cantel Medical Corp.		20,161		2,199,364
Cerus Corp.†		70,502		464,608
ConforMIS, Inc.†#		30,838		42,865
Glaukos Corp.†#		15,881		599,825
Globus Medical, Inc., Class A†		39,119		2,173,060
Haemonetics Corp.†		29,865		2,698,303
Inogen, Inc.†		9,572		1,748,709
Integer Holdings Corp.†		17,399		1,148,334
Intersect ENT, Inc.†		14,743		628,789
Invacare Corp.#		18,051		297,842
K2M Group Holdings, Inc.†		22,852		541,364
LeMaitre Vascular, Inc.		8,426		287,158
Luminex Corp.		22,621		640,627
MiMedx Group, Inc.†#		57,474		483,931
NanoString Technologies, Inc.†		11,420		147,204
Nevro Corp.†#		15,539		1,222,764
Novocure, Ltd.†		32,463		1,020,961
NxStage Medical, Inc.†		36,007		995,233
Orthofix International NV†		9,646		527,154
OrthoPediatrics Corp.†#		2,576		54,251
Penumbra, Inc.†#		16,253		2,615,108
Pulse Biosciences, Inc.†#		5,054		79,803
Restoration Robotics, Inc.†#		2,027		6,527

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Rockwell Medical, Inc.†#		26,567	$	142,930
Sientra, Inc.†#		8,038		145,166
Surmodics, Inc.†		7,153		370,525
Tactile Systems Technology, Inc.†#		7,194		357,038
Viveve Medical, Inc.†#		11,237		29,890
Wright Medical Group NV†#		58,773		1,466,974
				24,985,748
Medical - Biomedical/Gene — 4.8%
Abeona Therapeutics, Inc.†#		15,600		276,120
Acceleron Pharma, Inc.†		20,813		739,694
Achillion Pharmaceuticals, Inc.†		75,167		254,816
Acorda Therapeutics, Inc.†		24,022		630,577
Aduro Biotech, Inc.†#		24,960		219,648
Advaxis, Inc.†#		20,867		37,978
Agenus, Inc.†#		42,168		141,263
Aileron Therapeutics, Inc.†#		2,957		15,258
Alder Biopharmaceuticals, Inc.†#		35,148		613,333
Allena Pharmaceuticals, Inc.†#		2,988		42,848
AMAG Pharmaceuticals, Inc.†#		19,447		475,479
Amicus Therapeutics, Inc.†#		103,355		1,746,699
AnaptysBio, Inc.†#		9,897		769,987
Anavex Life Sciences Corp.†#		21,865		60,129
ANI Pharmaceuticals, Inc.†		4,448		281,514
Aratana Therapeutics, Inc.†#		22,951		117,050
Ardelyx, Inc.†		18,517		73,605
Arena Pharmaceuticals, Inc.†#		26,602		1,216,243
ARMO BioSciences, Inc.†		3,796		189,800
Arsanis, Inc.†#		2,577		44,376
Assembly Biosciences, Inc.†		9,024		381,625
Asterias Biotherapeutics, Inc.†#		16,401		24,602
Atara Biotherapeutics, Inc.†#		18,242		908,452
Athersys, Inc.†#		56,616		138,143
Audentes Therapeutics, Inc.†		11,127		421,713
Axovant Sciences, Ltd.†#		17,980		30,386
Bellicum Pharmaceuticals, Inc.†#		15,064		121,717
BioCryst Pharmaceuticals, Inc.†#		54,323		349,297
Biohaven Pharmaceutical Holding Co., Ltd.†#		17,609		616,315
BioTime, Inc.†#		48,019		107,563
Bluebird Bio, Inc.†#		27,134		4,858,343
Blueprint Medicines Corp.†		23,581		1,982,690
Cambrex Corp.†		18,013		815,989
Celcuity, Inc.†#		1,546		29,343
Celldex Therapeutics, Inc.†		72,933		42,316
ChemoCentryx, Inc.†		13,699		177,813
Clearside Biomedical, Inc.†#		11,463		113,025
Corium International, Inc.†#		11,280		96,331
Corvus Pharmaceuticals, Inc.†#		4,672		64,147
Cue Biopharma, Inc.†#		4,941		63,294
Curis, Inc.†#		14,663		40,764
CytomX Therapeutics, Inc.†		16,107		413,467
Deciphera Pharmaceuticals, Inc.†#		4,575		117,669
Denali Therapeutics, Inc.†#		8,948		172,070
Dynavax Technologies Corp.†#		33,747		533,203
Edge Therapeutics, Inc.†#		11,013		10,265
Editas Medicine, Inc.†#		20,564		788,012
Emergent BioSolutions, Inc.†		18,577		957,830
Enzo Biochem, Inc.†		24,403		158,620
Epizyme, Inc.†#		27,158		473,907
Esperion Therapeutics, Inc.†#		9,593		369,235
Exact Sciences Corp.†#		65,217		3,883,020
Fate Therapeutics, Inc.†#		26,769		293,121
FibroGen, Inc.†		38,641		2,082,750
Five Prime Therapeutics, Inc.†		18,236		320,224
Fortress Biotech, Inc.†#		18,267		63,021

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Genocea Biosciences, Inc.†		45,712	$	42,530
Geron Corp.†#		82,430		333,842
Halozyme Therapeutics, Inc.†#		66,165		1,217,436
Idera Pharmaceuticals, Inc.†#		78,211		160,333
ImmunoGen, Inc.†#		55,376		634,609
Immunomedics, Inc.†#		56,673		1,250,206
Innoviva, Inc.†		41,575		614,894
Inovio Pharmaceuticals, Inc.†#		45,164		214,981
Insmed, Inc.†#		42,420		1,181,821
Intellia Therapeutics, Inc.†#		9,240		250,404
Iovance Biotherapeutics, Inc.†		40,862		596,585
Karyopharm Therapeutics, Inc.†		19,699		366,007
Kura Oncology, Inc.†#		11,929		198,618
Lexicon Pharmaceuticals, Inc.†#		23,891		277,136
Ligand Pharmaceuticals, Inc.†#		11,365		2,184,694
Loxo Oncology, Inc.†#		12,673		2,247,303
MacroGenics, Inc.†		18,795		427,210
Matinas BioPharma Holdings, Inc.†#		36,242		20,328
Medicines Co.†#		38,651		1,308,723
Menlo Therapeutics, Inc.†#		3,566		29,847
Merrimack Pharmaceuticals, Inc.†#		7,114		62,390
Myriad Genetics, Inc.†#		36,203		1,321,772
NantKwest, Inc.†#		16,376		59,936
NeoGenomics, Inc.†#		31,393		364,159
NewLink Genetics Corp.†#		16,097		84,670
Novavax, Inc.†#		173,214		282,339
Novelion Therapeutics, Inc.†		8,387		35,225
Nymox Pharmaceutical Corp.†		17,508		61,628
Omeros Corp.†#		25,221		515,013
Oncocyte Corp.†#		2,130		6,923
Organovo Holdings, Inc.†#		58,024		114,307
Otonomy, Inc.†		15,630		68,772
Ovid therapeutics, Inc.†		6,799		53,644
Pacific Biosciences of California, Inc.†#		63,994		161,905
PDL BioPharma, Inc.†		84,531		225,698
Pieris Pharmaceuticals, Inc.†		22,203		124,781
Prothena Corp. PLC†		21,529		290,426
PTC Therapeutics, Inc.†		22,230		753,597
Puma Biotechnology, Inc.†#		16,171		856,254
Radius Health, Inc.†#		21,208		604,428
REGENXBIO, Inc.†		15,418		835,656
resTORbio, Inc.†#		3,650		35,734
Retrophin, Inc.†#		21,826		611,346
Rigel Pharmaceuticals, Inc.†		82,009		266,529
RTI Surgical, Inc.†		30,298		137,856
Sage Therapeutics, Inc.†#		23,352		3,565,617
Sangamo Therapeutics, Inc.†#		46,486		764,695
Selecta Biosciences, Inc.†#		7,810		93,486
Seres Therapeutics, Inc.†#		11,339		91,279
Sienna Biopharmaceuticals, Inc.†#		8,373		125,511
Solid Biosciences, Inc.†#		5,033		108,612
Spark Therapeutics, Inc.†#		15,323		1,222,622
Spectrum Pharmaceuticals, Inc.†		48,175		929,296
Stemline Therapeutics, Inc.†#		14,725		289,346
Strongbridge Biopharma PLC†		15,534		100,971
Syndax Pharmaceuticals, Inc.†#		6,528		56,989
Theravance Biopharma, Inc.†#		23,477		571,430
Tobira Therapeutics, Inc. CVR†(1)(2)		4,989		0
Tocagen, Inc.†#		9,873		92,609
Ultragenyx Pharmaceutical, Inc.†#		24,704		1,808,333
VBI Vaccines, Inc.†#		19,154		59,569
Veracyte, Inc.†#		13,131		100,452
Versartis, Inc.†		18,293		25,610
WaVe Life Sciences, Ltd.†#		6,588		306,671
XBiotech, Inc.†#		10,711		46,057

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Zeneca, Inc. CVR†(1)(2)		3,950	$	2,429
ZIOPHARM Oncology, Inc.†#		72,845		356,940
				62,177,718
Medical - Drugs — 2.0%
Achaogen, Inc.†#		18,941		234,868
Aclaris Therapeutics, Inc.†#		12,888		232,886
Adamas Pharmaceuticals, Inc.†#		9,530		272,939
Aerie Pharmaceuticals, Inc.†#		18,867		967,877
Aimmune Therapeutics, Inc.†#		19,711		652,237
Akcea Therapeutics, Inc.†#		8,315		201,556
Apellis Pharmaceuticals, Inc.†#		6,133		125,175
Array BioPharma, Inc.†#		110,377		1,804,664
Athenex, Inc.†		4,236		67,861
BioSpecifics Technologies Corp.†		3,133		135,534
Catalyst Pharmaceuticals, Inc.†		48,513		186,290
Chimerix, Inc.†		26,099		119,272
Clovis Oncology, Inc.†#		24,363		1,144,086
Coherus Biosciences, Inc.†#		21,961		342,592
Collegium Pharmaceutical, Inc.†#		13,892		314,237
Conatus Pharmaceuticals, Inc.†#		14,574		62,668
Corbus Pharmaceuticals Holdings, Inc.†		27,230		168,826
Corcept Therapeutics, Inc.†#		50,536		934,916
Cytokinetics, Inc.†		23,033		207,297
Durect Corp.†		79,539		152,715
Eagle Pharmaceuticals, Inc.†#		4,457		300,446
Enanta Pharmaceuticals, Inc.†		8,604		858,593
Global Blood Therapeutics, Inc.†#		21,593		1,039,703
Horizon Pharma PLC†		90,533		1,475,688
Immune Design Corp.†		17,768		79,956
Insys Therapeutics, Inc.†#		13,538		88,268
Intra-Cellular Therapies, Inc.†		23,530		547,778
Ironwood Pharmaceuticals, Inc.†#		74,667		1,387,313
Jounce Therapeutics, Inc.†#		8,026		90,293
Kala Pharmaceuticals, Inc.†#		7,909		120,533
Keryx Biopharmaceuticals, Inc.†#		49,653		261,671
Lannett Co., Inc.†#		15,790		261,325
Madrigal Pharmaceuticals, Inc.†#		2,621		696,164
MediciNova, Inc.†#		21,501		199,099
Melinta Therapeutics, Inc.†#		8,386		54,928
Minerva Neurosciences, Inc.†		14,692		129,290
Miragen Therapeutics, Inc.†		9,451		66,819
MyoKardia, Inc.†#		10,884		518,078
Neos Therapeutics, Inc.†#		13,720		92,610
Ocular Therapeutix, Inc.†#		15,988		108,239
Odonate Therapeutics, Inc.†#		3,748		89,915
Optinose, Inc.†#		3,011		69,464
Pacira Pharmaceuticals, Inc.†#		22,046		755,075
Paratek Pharmaceuticals, Inc.†#		14,786		154,514
PRA Health Sciences, Inc.†		27,491		2,333,986
Prestige Brands Holdings, Inc.†		29,566		988,391
Progenics Pharmaceuticals, Inc.†#		39,219		298,064
Protagonist Therapeutics, Inc.†		6,319		46,002
Ra Pharmaceuticals, Inc.†#		8,961		61,831
Reata Pharmaceuticals, Inc., Class A†#		6,273		222,629
Rhythm Pharmaceuticals, Inc.†#		4,567		146,738
scPharmaceuticals, Inc.†		4,086		40,615
Spero Therapeutics, Inc.†		3,345		35,591
Supernus Pharmaceuticals, Inc.†		26,780		1,509,053
Synergy Pharmaceuticals, Inc.†#		137,871		219,215
Syros Pharmaceuticals, Inc.†#		8,572		106,550
Tetraphase Pharmaceuticals, Inc.†		28,528		106,409
TG Therapeutics, Inc.†#		28,468		381,471
TherapeuticsMD, Inc.†#		91,846		542,810
Trevena, Inc.†#		32,458		60,696

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Vanda Pharmaceuticals, Inc.†		24,417	$	429,739
Voyager Therapeutics, Inc.†#		9,454		187,851
vTv Therapeutics, Inc., Class A†#		3,932		6,999
Zogenix, Inc.†#		18,977		807,471
Zynerba Pharmaceuticals, Inc.†#		6,467		69,003
				26,375,372
Medical - Generic Drugs — 0.2%
Amneal Pharmaceuticals, Inc.†		40,702		803,457
Amphastar Pharmaceuticals, Inc.†		20,121		317,912
Dova Pharmaceuticals, Inc.†		3,464		76,173
Momenta Pharmaceuticals, Inc.†		41,916		989,218
Teligent, Inc.†#		22,799		63,609
				2,250,369
Medical - HMO — 0.4%
Magellan Health, Inc.†		13,364		1,222,138
Molina Healthcare, Inc.†		25,563		2,171,065
Tivity Health, Inc.†#		20,475		717,649
Triple-S Management Corp., Class B†		12,669		464,319
				4,575,171
Medical - Hospitals — 0.2%
Community Health Systems, Inc.†#		52,762		215,797
Select Medical Holdings Corp.†		59,556		1,077,964
Surgery Partners, Inc.†		10,461		169,991
Tenet Healthcare Corp.†		45,085		1,597,361
				3,061,113
Medical - Nursing Homes — 0.1%
Ensign Group, Inc.		27,115		992,680
Genesis Healthcare, Inc.†#		25,167		52,851
Kindred Healthcare, Inc.†		47,243		422,825
National HealthCare Corp.		6,223		413,207
				1,881,563
Medical - Outpatient/Home Medical — 0.5%
Addus HomeCare Corp.†		4,148		237,473
Amedisys, Inc.†		15,800		1,206,330
Chemed Corp.		8,725		2,844,350
Civitas Solutions, Inc.†		8,911		143,467
LHC Group, Inc.†		15,209		1,170,637
Providence Service Corp.†		6,272		451,584
				6,053,841
Medical - Wholesale Drug Distribution — 0.0%
Owens & Minor, Inc.		33,710		549,473
Metal Processors & Fabrication — 0.5%
Ampco-Pittsburgh Corp.†		4,822		52,560
CIRCOR International, Inc.		9,160		440,871
DMC Global, Inc.		7,824		350,906
Global Brass & Copper Holdings, Inc.		12,026		377,617
Haynes International, Inc.		6,881		292,993
LB Foster Co., Class A†		4,616		107,091
Mueller Industries, Inc.		31,590		954,018
Park-Ohio Holdings Corp.		4,887		192,792
RBC Bearings, Inc.†		12,972		1,630,710
Rexnord Corp.†		57,745		1,684,999
Sun Hydraulics Corp.		15,251		758,890
				6,843,447
Metal Products - Distribution — 0.1%
Lawson Products, Inc.†		3,570		85,859
Olympic Steel, Inc.		5,093		117,801
Worthington Industries, Inc.		24,150		1,157,992
				1,361,652

Security Description	Shares		Value (Note 2)
Metal Products - Fasteners — 0.1%
Eastern Co.		3,095	$	94,552
TriMas Corp.†		25,247		722,064
				816,616
Metal - Aluminum — 0.1%
Century Aluminum Co.†		27,647		489,905
Kaiser Aluminum Corp.		9,188		1,013,069
				1,502,974
Metal - Diversified — 0.0%
Ferroglobe Representation & Warranty Trust†(1)(2)		36,833		0
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc.†#		165,281		1,398,277
Miscellaneous Manufacturing — 0.3%
American Railcar Industries, Inc.		4,025		163,697
FreightCar America, Inc.		6,728		115,183
Hillenbrand, Inc.		35,121		1,638,394
John Bean Technologies Corp.		17,419		1,538,098
				3,455,372
Motion Pictures & Services — 0.1%
Eros International PLC†#		17,020		229,770
IMAX Corp.†		31,090		649,781
				879,551
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		20,514		260,528
Multimedia — 0.1%
E.W. Scripps Co., Class A		32,074		400,604
Entravision Communications Corp., Class A		36,725		146,900
Liberty Media Corp. - Liberty Braves, Series A†		5,519		137,754
Liberty Media Corp. - Liberty Braves, Series C†#		19,024		475,220
Media General, Inc. CVR†#(1)(2)		61,443		0
				1,160,478
Networking Products — 0.2%
A10 Networks, Inc.†		27,746		178,407
Calix, Inc.†		24,062		163,622
Extreme Networks, Inc.†		63,343		545,383
Infinera Corp.†#		81,802		719,858
NeoPhotonics Corp.†#		18,279		119,179
NETGEAR, Inc.†		17,350		1,048,807
				2,775,256
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		5,034		160,836
Non-Ferrous Metals — 0.1%
Materion Corp.		11,050		602,777
Uranium Energy Corp.†		75,676		113,514
				716,291
Non-Hazardous Waste Disposal — 0.2%
Advanced Disposal Services, Inc.†		34,743		812,291
Casella Waste Systems, Inc., Class A†		21,694		511,545
Covanta Holding Corp.		65,006		1,059,598
				2,383,434
Office Automation & Equipment — 0.0%
Eastman Kodak Co.†		9,154		46,685
Office Furnishings - Original — 0.3%
CompX International, Inc.		915		12,993
Herman Miller, Inc.		33,096		1,083,894
HNI Corp.		24,033		891,865
Interface, Inc.		33,112		751,642

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Furnishings - Original (continued)
Kimball International, Inc., Class B		20,219	$	328,559
Knoll, Inc.		26,818		541,724
Steelcase, Inc., Class A		46,764		673,401
				4,284,078
Office Supplies & Forms — 0.1%
ACCO Brands Corp.		58,340		752,586
Oil & Gas Drilling — 0.3%
Diamond Offshore Drilling, Inc.†#		35,874		651,472
Ensco PLC, Class A#		237,122		1,541,293
Noble Corp. PLC†#		135,437		753,030
Parker Drilling Co.†		74,474		32,768
Rowan Cos. PLC, Class A†		64,701		1,009,336
				3,987,899
Oil Companies - Exploration & Production — 1.4%
Abraxas Petroleum Corp.†		85,054		229,646
Approach Resources, Inc.†#		23,857		71,810
Bonanza Creek Energy, Inc.†		11,268		414,437
California Resources Corp.†#		23,642		868,607
Callon Petroleum Co.†#		111,806		1,323,783
Carrizo Oil & Gas, Inc.†#		42,905		1,083,780
Contango Oil & Gas Co.†		13,089		58,901
Denbury Resources, Inc.†#		220,492		937,091
DLB Oil & Gas, Inc.†(1)(2)		3,000		0
Earthstone Energy, Inc., Class A†#		10,212		90,274
Eclipse Resources Corp.†		48,455		78,497
Energy XXI Gulf Coast, Inc.†		16,399		123,320
EP Energy Corp., Class A†#		21,343		61,895
Evolution Petroleum Corp.		14,039		133,371
Gastar Exploration, Inc.†#		100,012		66,008
Halcon Resources Corp.†		76,268		369,137
HighPoint Resources Corp.†#		55,107		393,464
Isramco, Inc.†		406		45,634
Jagged Peak Energy, Inc.†#		31,796		383,142
Jones Energy, Inc., Class A†#		28,089		14,879
Lilis Energy, Inc.†#		23,718		140,885
Matador Resources Co.†#		53,906		1,513,141
Midstates Petroleum Co., Inc.†		6,207		81,808
Oasis Petroleum, Inc.†		148,112		1,929,899
Panhandle Oil and Gas, Inc., Class A		8,708		181,562
PDC Energy, Inc.†		36,666		2,217,926
Penn Virginia Corp.†		7,912		545,612
Resolute Energy Corp.†#		12,036		429,204
Ring Energy, Inc.†		27,707		382,634
Rosehill Resources, Inc.†#		1,397		10,645
Sanchez Energy Corp.†#		40,203		158,400
SandRidge Energy, Inc.†#		19,363		281,538
SilverBow Resources, Inc.†		3,867		111,215
SRC Energy, Inc.†#		133,892		1,732,562
Talos Energy, Inc.†		10,820		347,538
Ultra Petroleum Corp.†#		108,213		192,619
Unit Corp.†		28,719		627,223
W&T Offshore, Inc.†		52,002		356,214
WildHorse Resource Development Corp.†#		26,977		724,602
				18,712,903
Oil Field Machinery & Equipment — 0.2%
Dril-Quip, Inc.†		21,011		1,009,579
Exterran Corp.†		17,807		490,761
Flotek Industries, Inc.†#		30,679		96,025
Forum Energy Technologies, Inc.†		44,702		632,533
Gulf Island Fabrication, Inc.		7,575		79,538
Natural Gas Services Group, Inc.†		6,876		158,492
Thermon Group Holdings, Inc.†		17,870		412,082
				2,879,010

Security Description	Shares		Value (Note 2)
Oil Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,202	$	53,092
CVR Energy, Inc.#		8,757		330,402
Delek US Holdings, Inc.		44,370		2,474,959
Par Pacific Holdings, Inc.†		17,626		313,919
Trecora Resources†		10,896		151,999
				3,324,371
Oil - Field Services — 1.0%
Archrock, Inc.		74,059		855,381
Basic Energy Services, Inc.†		9,654		127,529
Bristow Group, Inc.		17,949		212,337
C&J Energy Services, Inc.†		27,868		750,207
CARBO Ceramics, Inc.†#		12,730		122,463
Era Group, Inc.†		10,918		141,170
Frank’s International NV#		27,632		203,924
FTS International, Inc.†		12,563		237,943
Helix Energy Solutions Group, Inc.†		77,999		592,792
Independence Contract Drilling, Inc.†		19,001		80,944
Keane Group, Inc.†#		29,578		433,318
Key Energy Services, Inc.†		5,720		96,840
Liberty Oilfield Services, Inc., Class A†#		8,201		174,353
Mammoth Energy Services, Inc.†		4,462		168,485
Matrix Service Co.†		14,559		282,445
McDermott International, Inc.†#		95,452		2,074,172
MRC Global, Inc.†		49,565		1,023,517
NCS Multistage Holdings, Inc.†#		5,881		89,509
Newpark Resources, Inc.†		46,686		506,543
Nine Energy Service, Inc.†#		4,510		157,038
NOW, Inc.†#		59,347		834,419
Oil States International, Inc.†		28,180		997,572
PHI, Inc.†		6,470		73,758
Pioneer Energy Services Corp.†		42,230		232,265
ProPetro Holding Corp.†#		31,626		514,555
Quintana Energy Services, Inc.†		3,394		28,815
Ranger Energy Services, Inc.†		3,284		32,183
SEACOR Holdings, Inc.†		9,119		476,285
Select Energy Services, Inc., Class A†		14,847		211,867
Solaris Oilfield Infrastructure, Inc., Class A†#		10,247		158,214
Superior Energy Services, Inc.†		84,447		923,006
TETRA Technologies, Inc.†		63,492		267,936
				13,081,785
Optical Recognition Equipment — 0.0%
Digimarc Corp.†#		5,716		167,193
Optical Supplies — 0.1%
STAAR Surgical Co.†		22,675		674,581
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		8,981		215,993
Neenah, Inc.		9,227		748,771
Orchids Paper Products Co.†#		5,056		20,123
P.H. Glatfelter Co.		24,086		421,264
Schweitzer-Mauduit International, Inc.		16,886		739,776
Verso Corp., Class A†		19,061		385,604
				2,531,531
Pastoral & Agricultural — 0.0%
Phibro Animal Health Corp., Class A		10,955		495,166
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		32,238		3,023,602
Masimo Corp.†		24,872		2,463,572
				5,487,174

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 0.1%
BioScrip, Inc.†#		64,402	$	170,665
Diplomat Pharmacy, Inc.†		26,924		633,791
				804,456
Physical Therapy/Rehabilitation Centers — 0.3%
AAC Holdings, Inc.†#		6,352		68,347
Encompass Health Corp.		54,621		3,536,710
U.S. Physical Therapy, Inc.		6,711		626,472
				4,231,529
Pipelines — 0.1%
SemGroup Corp., Class A#		36,831		931,824
Tellurian, Inc.†#		33,994		380,393
				1,312,217
Pollution Control — 0.0%
Advanced Emissions Solutions, Inc.#		10,967		121,624
CECO Environmental Corp.		16,555		94,529
Hudson Technologies, Inc.†#		20,582		45,280
				261,433
Poultry — 0.1%
Sanderson Farms, Inc.		11,174		1,093,711
Power Converter/Supply Equipment — 0.4%
Advanced Energy Industries, Inc.†		22,029		1,443,560
Energous Corp.†#		10,438		192,372
Generac Holdings, Inc.†		33,761		1,691,089
Powell Industries, Inc.		4,887		165,230
SPX Corp.†		23,616		809,084
SunPower Corp.†#		33,139		278,036
Vicor Corp.†		9,291		407,410
				4,986,781
Precious Metals — 0.1%
Coeur Mining, Inc.†		102,770		828,326
Hecla Mining Co.		218,600		821,936
				1,650,262
Printing - Commercial — 0.4%
ARC Document Solutions, Inc.†		22,170		43,231
Cimpress NV†#		13,639		1,898,958
Deluxe Corp.		26,611		1,770,696
Ennis, Inc.		13,877		253,255
LSC Communications, Inc.		19,036		240,996
Quad/Graphics, Inc.		17,401		344,018
RR Donnelley & Sons Co.		38,904		242,761
				4,793,915
Private Equity — 0.1%
Kennedy-Wilson Holdings, Inc.		67,133		1,369,513
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		57,355		390,014
Scholastic Corp.		15,699		706,298
				1,096,312
Publishing - Newspapers — 0.2%
Daily Journal Corp.†#		616		139,216
Gannett Co., Inc.		62,351		659,050
New York Times Co., Class A#		69,638		1,584,265
tronc, Inc.†		11,109		178,188
				2,560,719
Publishing - Periodicals — 0.1%
Meredith Corp.#		21,949		1,105,132
Value Line, Inc.		608		12,263
				1,117,395

Security Description	Shares		Value (Note 2)
Quarrying — 0.1%
Compass Minerals International, Inc.#		18,800	$	1,229,520
Racetracks — 0.4%
Churchill Downs, Inc.		7,473		2,237,416
Empire Resorts, Inc.†#		1,888		42,858
International Speedway Corp., Class A		13,409		559,155
Penn National Gaming, Inc.†		46,998		1,601,692
Speedway Motorsports, Inc.		6,453		107,765
				4,548,886
Radio — 0.1%
Beasley Broadcast Group, Inc., Class A		2,707		30,589
Entercom Communications Corp., Class A#		70,325		481,726
Saga Communications, Inc., Class A		2,092		81,065
Salem Media Group, Inc.		6,437		24,461
Townsquare Media, Inc., Class A		4,877		30,384
				648,225
Real Estate Investment Trusts — 6.4%
Acadia Realty Trust		46,003		1,184,577
AG Mtg. Investment Trust, Inc.		15,545		293,490
Agree Realty Corp.		15,700		831,158
Alexander & Baldwin, Inc.		37,811		805,752
Alexander’s, Inc.		1,181		457,638
American Assets Trust, Inc.		22,397		814,131
Americold Realty Trust		29,184		601,190
Anworth Mtg. Asset Corp.		53,934		273,445
Apollo Commercial Real Estate Finance, Inc.#		59,636		1,108,633
Ares Commercial Real Estate Corp.		14,854		205,282
Armada Hoffler Properties, Inc.		24,794		357,034
ARMOUR Residential REIT, Inc.#		23,094		535,088
Ashford Hospitality Trust, Inc.		42,635		314,220
Bluerock Residential Growth REIT, Inc.#		12,735		113,087
Braemar Hotels & Resorts, Inc.		14,706		161,766
Capstead Mtg. Corp.		52,904		484,072
CareTrust REIT, Inc.		41,823		689,661
CatchMark Timber Trust, Inc., Class A		24,023		305,092
CBL & Associates Properties, Inc.#		93,502		473,120
Cedar Realty Trust, Inc.		48,901		214,675
Chatham Lodging Trust		24,770		514,968
Cherry Hill Mtg. Investment Corp.		6,505		116,960
Chesapeake Lodging Trust		32,812		1,057,531
City Office REIT, Inc.		19,510		241,924
Clipper Realty, Inc.#		8,734		77,995
CorEnergy Infrastructure Trust, Inc.		6,596		238,709
CorePoint Lodging, Inc.†		22,624		630,983
Cousins Properties, Inc.		231,917		2,184,658
CYS Investments, Inc.		85,829		628,268
DiamondRock Hospitality Co.		110,941		1,412,279
Dynex Capital, Inc.		28,947		187,577
Easterly Government Properties, Inc.#		23,391		473,668
EastGroup Properties, Inc.		18,872		1,759,437
Education Realty Trust, Inc.		42,210		1,542,353
Ellington Residential Mortgage REIT#		5,067		58,575
Exantas Capital Corp.#		16,736		168,866
First Industrial Realty Trust, Inc.		65,991		2,173,084
Four Corners Property Trust, Inc.		34,212		783,113
Franklin Street Properties Corp.#		57,970		448,688
Front Yard Residential Corp.		27,518		289,489
GEO Group, Inc.		67,894		1,683,771
Getty Realty Corp.		17,160		448,048
Gladstone Commercial Corp.		15,569		292,697
Global Medical REIT, Inc.		10,076		90,079
Global Net Lease, Inc.#		37,595		742,125
Government Properties Income Trust#		54,059		785,477
Gramercy Property Trust		88,783		2,447,747

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Great Ajax Corp.#		8,700	$	114,927
Healthcare Realty Trust, Inc.		68,053		1,853,764
Hersha Hospitality Trust		21,517		457,667
Independence Realty Trust, Inc.		46,515		451,196
Industrial Logistics Properties Trust		11,204		238,421
InfraREIT, Inc.†		23,541		502,836
Invesco Mtg. Capital, Inc.		62,363		1,012,152
Investors Real Estate Trust		66,871		372,472
iStar, Inc.†#		36,517		395,479
Jernigan Capital, Inc.#		7,310		144,373
Kite Realty Group Trust		45,931		720,657
KKR Real Estate Finance Trust, Inc.#		8,583		174,664
LaSalle Hotel Properties		63,136		2,165,565
Lexington Realty Trust		120,154		1,036,929
LTC Properties, Inc.		21,827		897,963
Mack-Cali Realty Corp.		50,222		992,889
MedEquities Realty Trust, Inc.		15,893		166,559
Monmouth Real Estate Investment Corp.		41,200		636,540
MTGE Investment Corp.		25,378		506,291
National Health Investors, Inc.		22,331		1,648,474
National Storage Affiliates Trust		27,920		785,110
New Senior Investment Group, Inc.		45,528		340,549
New York Mortgage Trust, Inc.#		61,808		380,737
NexPoint Residential Trust, Inc.		9,638		267,165
NorthStar Realty Europe Corp.		30,193		423,004
One Liberty Properties, Inc.		8,124		207,325
Orchid Island Capital, Inc.#		28,131		207,325
Owens Realty Mortgage, Inc.#		5,432		91,312
Pebblebrook Hotel Trust#		38,194		1,559,079
Pennsylvania Real Estate Investment Trust#		37,971		418,061
PennyMac Mtg. Investment Trust		33,643		629,797
Physicians Realty Trust		99,864		1,519,930
PotlatchDeltic Corp.		33,380		1,685,690
Preferred Apartment Communities, Inc., Class A		21,260		311,884
PS Business Parks, Inc.		10,965		1,343,870
QTS Realty Trust, Inc., Class A		27,352		1,031,991
Quality Care Properties, Inc.†		52,434		1,098,492
Ramco-Gershenson Properties Trust#		43,597		536,243
Redwood Trust, Inc.		42,486		695,071
Retail Opportunity Investments Corp.		60,066		1,088,396
Rexford Industrial Realty, Inc.#		42,879		1,340,826
RLJ Lodging Trust		94,107		2,202,104
Ryman Hospitality Properties, Inc.		24,525		2,057,157
Sabra Health Care REIT, Inc.#		98,405		2,039,936
Saul Centers, Inc.		6,292		311,832
Select Income REIT		35,126		758,722
Seritage Growth Properties, Class A#		14,171		590,364
STAG Industrial, Inc.		52,549		1,399,905
Summit Hotel Properties, Inc.		57,501		879,190
Sunstone Hotel Investors, Inc.		125,175		2,176,793
Sutherland Asset Management Corp.		9,749		152,084
Terreno Realty Corp.		30,153		1,149,131
Tier REIT, Inc.		26,451		580,864
UMH Properties, Inc.		17,243		253,645
Universal Health Realty Income Trust		7,032		437,179
Urban Edge Properties		57,353		1,254,310
Urstadt Biddle Properties, Inc., Class A		16,381		357,925
Washington Prime Group, Inc.#		103,455		752,118
Washington Real Estate Investment Trust		43,759		1,255,008
Western Asset Mtg. Capital Corp.#		22,659		239,506
Whitestone REIT#		20,657		252,842
Xenia Hotels & Resorts, Inc.		59,701		1,502,674
				82,757,144

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 0.2%
Farmland Partners, Inc.#		17,615	$	149,904
Griffin Industrial Realty, Inc.		385		15,916
HFF, Inc., Class A		20,379		687,180
Marcus & Millichap, Inc.†		8,890		333,019
Newmark Group, Inc., Class A		12,885		173,045
RE/MAX Holdings, Inc., Class A		9,879		514,696
Redfin Corp.†#		32,294		713,697
Safety Income and Growth, Inc.#		5,742		110,132
				2,697,589
Real Estate Operations & Development — 0.1%
Community Healthcare Trust, Inc.#		9,538		264,203
Consolidated-Tomoka Land Co.		2,155		129,451
Forestar Group, Inc.†		5,827		136,352
FRP Holdings, Inc.†		3,635		206,468
Maui Land & Pineapple Co., Inc.†		3,722		45,036
RMR Group, Inc., Class A		3,895		294,462
St. Joe Co.†#		24,608		438,022
Stratus Properties, Inc.†		3,272		102,414
Transcontinental Realty Investors, Inc.†		930		32,559
Trinity Place Holdings, Inc.†#		10,060		70,219
				1,719,186
Recreational Centers — 0.1%
Planet Fitness, Inc., Class A†		47,983		1,901,566
Recreational Vehicles — 0.2%
Camping World Holdings, Inc., Class A#		17,609		334,571
LCI Industries		13,445		1,179,127
Malibu Boats, Inc., Class A†		11,420		489,690
MCBC Holdings, Inc.†		10,201		300,827
				2,304,215
Recycling — 0.0%
Aqua Metals, Inc.†#		12,615		43,774
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		35,152		1,398,347
Avis Budget Group, Inc.†		40,151		1,565,487
CAI International, Inc.†		9,079		217,987
Herc Holdings, Inc.†		13,432		734,059
Hertz Global Holdings, Inc.†		30,346		457,921
McGrath RentCorp		12,992		845,519
Rent-A-Center, Inc.#		23,752		225,406
Textainer Group Holdings, Ltd.†#		15,043		254,979
				5,699,705
Resorts/Theme Parks — 0.2%
Marriott Vacations Worldwide Corp.#		11,870		1,427,249
SeaWorld Entertainment, Inc.†#		37,954		673,683
				2,100,932
Retail - Apparel/Shoe — 0.9%
Abercrombie & Fitch Co., Class A		37,888		903,629
American Eagle Outfitters, Inc.		89,997		1,997,933
Ascena Retail Group, Inc.†#		95,686		311,936
Boot Barn Holdings, Inc.†		10,889		257,852
Buckle, Inc.#		15,951		402,763
Caleres, Inc.		23,338		827,566
Cato Corp., Class A		12,627		288,274
Chico’s FAS, Inc.		70,406		595,635
Children’s Place, Inc.#		9,568		1,231,880
DSW, Inc., Class A#		36,433		870,020
Duluth Holdings, Inc., Class B†#		5,324		92,318
Express, Inc.†		42,786		364,109
Finish Line, Inc., Class A		22,054		300,155

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Apparel/Shoe (continued)
Francesca’s Holdings Corp.†#		20,177	$	119,246
Genesco, Inc.†		10,790		471,523
Guess?, Inc.		33,238		651,465
J. Jill, Inc.†		7,944		62,281
Shoe Carnival, Inc.		6,378		205,435
Tailored Brands, Inc.		27,240		893,744
Tilly’s, Inc., Class A		7,277		100,132
Vera Bradley, Inc.†		10,898		126,962
Winmark Corp.		1,197		171,410
				11,246,268
Retail - Appliances — 0.0%
Conn’s, Inc.†#		10,431		241,478
Retail - Automobile — 0.3%
America’s Car-Mart, Inc.†		3,821		238,430
Asbury Automotive Group, Inc.†		10,287		715,461
Group 1 Automotive, Inc.		11,010		773,562
Lithia Motors, Inc., Class A#		13,056		1,276,224
Rush Enterprises, Inc., Class A†		16,890		726,777
Rush Enterprises, Inc., Class B†		2,831		119,921
Sonic Automotive, Inc., Class A#		13,989		297,966
				4,148,341
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		21,416		135,777
Barnes & Noble, Inc.		32,987		192,974
				328,751
Retail - Building Products — 0.3%
At Home Group, Inc.†		6,044		209,183
Beacon Roofing Supply, Inc.†		37,814		1,584,407
BMC Stock Holdings, Inc.†		36,310		738,908
Foundation Building Materials, Inc.†		8,233		126,377
GMS, Inc.†		18,036		540,178
Lumber Liquidators Holdings, Inc.†#		15,602		330,138
Tile Shop Holdings, Inc.		22,300		160,560
				3,689,751
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		6,414		189,790
PCM, Inc.†#		5,232		63,831
				253,621
Retail - Discount — 0.2%
Big Lots, Inc.#		23,636		966,949
Citi Trends, Inc.		7,379		221,444
Fred’s, Inc., Class A#		19,947		28,125
Ollie’s Bargain Outlet Holdings, Inc.†		26,403		1,866,692
				3,083,210
Retail - Hair Salons — 0.0%
Regis Corp.†		19,707		340,734
Retail - Home Furnishings — 0.2%
Bassett Furniture Industries, Inc.		5,638		155,891
Haverty Furniture Cos., Inc.		10,420		208,400
Kirkland’s, Inc.†		8,495		108,991
La-Z-Boy, Inc.		25,961		809,983
Pier 1 Imports, Inc.		44,365		105,589
RH†#		11,144		1,089,103
				2,477,957
Retail - Jewelry — 0.0%
Movado Group, Inc.#		8,420		413,422

Security Description	Shares		Value (Note 2)
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		11,745	$	275,420
Party City Holdco, Inc.†#		19,406		285,268
				560,688
Retail - Major Department Stores — 0.0%
J.C. Penney Co., Inc.†#		172,050		416,361
Sears Holdings Corp.†#		6,593		18,526
				434,887
Retail - Misc./Diversified — 0.3%
Container Store Group, Inc.†#		8,879		68,013
Five Below, Inc.†		29,966		2,118,896
Gaia, Inc.†#		4,859		92,321
Hudson, Ltd., Class A†		22,082		386,876
PriceSmart, Inc.		12,255		1,037,386
				3,703,492
Retail - Office Supplies — 0.1%
Office Depot, Inc.		284,075		670,417
Retail - Pawn Shops — 0.2%
EZCORP, Inc., Class A†#		27,685		343,294
FirstCash, Inc.		25,713		2,333,455
				2,676,749
Retail - Pet Food & Supplies — 0.1%
Freshpet, Inc.†#		13,780		314,184
PetIQ, Inc.†#		4,324		82,805
PetMed Express, Inc.#		10,953		393,979
				790,968
Retail - Regional Department Stores — 0.1%
Dillard’s, Inc., Class A#		7,548		614,634
Retail - Restaurants — 1.4%
Biglari Holdings, Inc., Class A†		56		59,920
Biglari Holdings, Inc., Class B†		564		121,367
BJ’s Restaurants, Inc.		11,170		625,520
Bloomin’ Brands, Inc.		50,246		1,066,220
Bojangles’, Inc.†		9,720		143,856
Brinker International, Inc.#		25,820		1,129,109
Cannae Holdings, Inc.†		34,280		685,257
Carrols Restaurant Group, Inc.†		19,135		244,928
Cheesecake Factory, Inc.		23,768		1,231,420
Chuy’s Holdings, Inc.†		9,199		270,911
Cracker Barrel Old Country Store, Inc.#		10,665		1,671,312
Dave & Buster’s Entertainment, Inc.†#		22,591		940,689
Del Frisco’s Restaurant Group, Inc.†		11,727		155,383
Del Taco Restaurants, Inc.†		18,288		220,188
Denny’s Corp.†		35,505		541,451
Dine Brands Global, Inc.#		9,547		605,757
El Pollo Loco Holdings, Inc.†		11,274		119,504
Fiesta Restaurant Group, Inc.†		14,311		355,628
Habit Restaurants, Inc., Class A†#		11,198		98,542
J Alexander’s Holdings, Inc.†		7,144		85,728
Jack in the Box, Inc.		16,328		1,317,180
Nathan’s Famous, Inc.		1,579		135,084
Noodles & Co.†		6,494		56,173
Papa John’s International, Inc.		14,407		739,800
Potbelly Corp.†		12,690		168,777
Red Robin Gourmet Burgers, Inc.†		7,140		359,499
Ruth’s Hospitality Group, Inc.		16,216		430,535
Shake Shack, Inc., Class A†#		12,378		737,976
Sonic Corp.#		20,656		501,528
Texas Roadhouse, Inc.		37,125		2,300,636

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Wingstop, Inc.		16,111	$	815,378
Zoe’s Kitchen, Inc.†#		10,589		96,148
				18,031,404
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.#		11,273		92,439
Hibbett Sports, Inc.†#		10,612		280,687
Sportsman’s Warehouse Holdings, Inc.†#		20,067		103,947
Zumiez, Inc.†		10,219		247,811
				724,884
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		7,544		60,352
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		16,902		615,233
Retail - Vitamins & Nutrition Supplements — 0.0%
GNC Holdings, Inc., Class A†#		37,610		120,352
Vitamin Shoppe, Inc.†#		11,833		60,348
				180,700
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		13,615		148,540
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.#		28,534		733,324
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		12,969		254,192
Proto Labs, Inc.†		13,756		1,658,974
Trinseo SA		24,620		1,780,026
				3,693,192
Satellite Telecom — 0.1%
Globalstar, Inc.†#		315,627		171,165
Intelsat SA†#		20,114		359,035
Iridium Communications, Inc.†#		46,472		706,374
Loral Space & Communications, Inc.†		7,128		273,715
				1,510,289
Savings & Loans/Thrifts — 1.7%
Banc of California, Inc.#		24,106		467,656
BankFinancial Corp.		7,821		139,292
Beneficial Bancorp, Inc.		37,696		616,330
Berkshire Hills Bancorp, Inc.		22,154		870,652
BofI Holding, Inc.†#		32,791		1,351,317
Brookline Bancorp, Inc.		41,641		757,866
BSB Bancorp, Inc.†		4,632		156,793
Capitol Federal Financial, Inc.		71,253		936,264
Charter Financial Corp.		6,826		167,442
Community Bankers Trust Corp.†		11,901		116,035
Dime Community Bancshares, Inc.		17,564		357,427
Entegra Financial Corp.†		3,719		105,992
ESSA Bancorp, Inc.		4,919		78,114
First Defiance Financial Corp.		5,503		343,993
First Financial Northwest, Inc.		4,487		77,984
Flagstar Bancorp, Inc.†		11,818		411,148
Flushing Financial Corp.		15,401		411,053
Greene County Bancorp, Inc.#		1,687		50,863
Hingham Institution for Savings		719		154,053
Home Bancorp, Inc.		3,637		160,101
HomeTrust Bancshares, Inc.†		9,249		248,798
Investors Bancorp, Inc.		141,874		1,892,599
Malvern Bancorp, Inc.†		3,563		94,063
Meridian Bancorp, Inc.		26,556		519,170
Meta Financial Group, Inc.		5,147		582,383
MutualFirst Financial, Inc.		3,398		130,483

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Northfield Bancorp, Inc.		23,869	$	390,019
Northwest Bancshares, Inc.#		52,498		905,066
OceanFirst Financial Corp.		22,171		650,054
Oconee Federal Financial Corp.#		690		20,183
Oritani Financial Corp.		21,935		348,766
Pacific Premier Bancorp, Inc.†		21,733		897,573
Provident Financial Holdings, Inc.		3,051		55,986
Provident Financial Services, Inc.		34,204		955,660
Prudential Bancorp, Inc.		4,503		78,307
Riverview Bancorp, Inc.		11,857		103,749
SI Financial Group, Inc.		6,227		93,716
Southern Missouri Bancorp, Inc.		3,763		137,575
Sterling Bancorp		118,261		2,903,308
Territorial Bancorp, Inc.		4,276		130,760
Timberland Bancorp, Inc.		3,450		112,608
United Community Financial Corp.		27,165		284,146
United Financial Bancorp, Inc.		28,060		488,805
Washington Federal, Inc.		47,690		1,547,540
Waterstone Financial, Inc.		14,163		245,728
WSFS Financial Corp.		16,758		877,281
				22,424,701
Schools — 0.6%
Adtalem Global Education, Inc.†		33,429		1,596,235
American Public Education, Inc.†		8,767		373,474
Bridgepoint Education, Inc.†		14,552		100,263
Cambium Learning Group, Inc.†		7,665		76,727
Capella Education Co.		6,380		605,781
Career Education Corp.†		37,511		577,294
Grand Canyon Education, Inc.†		26,020		2,890,822
K12, Inc.†		21,340		344,428
Laureate Education, Inc., Class A†		30,671		497,790
Strayer Education, Inc.		5,888		643,558
				7,706,372
Security Services — 0.2%
Alarm.com Holdings, Inc.†#		11,465		509,390
Ascent Capital Group, Inc., Class A†		6,106		11,968
Brink’s Co.		25,436		2,015,803
				2,537,161
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		7,268		80,602
Semiconductor Components - Integrated Circuits — 0.5%
Aquantia Corp.†#		3,957		47,326
Cirrus Logic, Inc.†		35,297		1,322,932
Integrated Device Technology, Inc.†		74,318		2,470,330
MaxLinear, Inc.†#		34,138		626,432
Power Integrations, Inc.		15,909		1,195,561
Sigma Designs, Inc.†		21,136		131,043
				5,793,624
Semiconductor Equipment — 1.0%
Axcelis Technologies, Inc.†		16,991		361,059
Brooks Automation, Inc.		38,572		1,260,533
Cabot Microelectronics Corp.		13,999		1,584,267
Cohu, Inc.		15,420		370,388
Entegris, Inc.		78,803		2,765,985
FormFactor, Inc.†		39,922		540,943
MKS Instruments, Inc.		29,896		3,354,331
Nanometrics, Inc.†		13,524		567,602
Photronics, Inc.†		37,071		322,518
Rudolph Technologies, Inc.†		17,317		580,120
Ultra Clean Holdings, Inc.†		20,970		369,491

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment (continued)
Veeco Instruments, Inc.†		26,166	$	446,130
Xcerra Corp.†		30,023		413,417
				12,936,784
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc.		19,991		579,739
Atkore International Group, Inc.†		18,383		397,073
Mueller Water Products, Inc., Class A		85,483		1,018,103
Northwest Pipe Co.†		5,288		111,312
Omega Flex, Inc.		1,616		112,377
TimkenSteel Corp.†#		21,980		385,309
				2,603,913
Steel - Producers — 0.4%
AK Steel Holding Corp.†#		174,955		790,797
Carpenter Technology Corp.		25,718		1,541,537
Commercial Metals Co.		64,118		1,515,749
Ryerson Holding Corp.†		8,869		109,532
Schnitzer Steel Industries, Inc., Class A		14,667		456,877
Shiloh Industries, Inc.†		8,020		83,248
				4,497,740
Steel - Specialty — 0.2%
Allegheny Technologies, Inc.†#		69,700		1,987,844
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		24,378		1,111,637
Wesco Aircraft Holdings, Inc.†		30,914		355,511
				1,467,148
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		16,815		447,783
Telecom Equipment - Fiber Optics — 0.4%
Acacia Communications, Inc.†		10,445		337,791
Ciena Corp.†		79,563		1,833,927
Clearfield, Inc.†		6,379		68,893
Finisar Corp.†#		63,237		1,025,072
Harmonic, Inc.†		44,581		171,637
KVH Industries, Inc.†		8,635		95,417
Oclaro, Inc.†		93,034		796,371
Viavi Solutions, Inc.†		126,959		1,207,380
				5,536,488
Telecom Services — 0.3%
Consolidated Communications Holdings, Inc.#		36,254		406,407
GTT Communications, Inc.†#		17,174		807,178
Hawaiian Telcom Holdco, Inc.†		3,312		87,072
HC2 Holdings, Inc.†		23,059		141,813
Ooma, Inc.†		9,754		115,585
ORBCOMM, Inc.†		37,660		363,796
RigNet, Inc.†		7,393		87,607
Spok Holdings, Inc.		11,009		169,539
Vonage Holdings Corp.†		114,115		1,306,617
				3,485,614
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		26,939		375,799
Casa Systems, Inc.†		3,865		74,247
Comtech Telecommunications Corp.		12,731		398,480
Plantronics, Inc.		18,266		1,330,678
Preformed Line Products Co.		1,692		130,369
				2,309,573
Telephone - Integrated — 0.1%
Cincinnati Bell, Inc.†		23,284		286,393
Frontier Communications Corp.#		43,621		324,104

Security Description	Shares		Value (Note 2)
Telephone - Integrated (continued)
IDT Corp., Class B		9,645	$	47,261
Shenandoah Telecommunications Co.#		25,763		821,840
Windstream Holdings, Inc.#		20,299		111,847
				1,591,445
Television — 0.4%
Central European Media Enterprises, Ltd., Class A†#		45,712		173,706
Gray Television, Inc.†		44,588		490,468
Nexstar Media Group, Inc., Class A#		24,321		1,612,482
Sinclair Broadcast Group, Inc., Class A#		39,582		1,084,547
World Wrestling Entertainment, Inc., Class A#		23,440		1,356,941
				4,718,144
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†		7,102		195,305
Unifi, Inc.†		8,535		268,938
				464,243
Textile - Products — 0.0%
Culp, Inc.		6,074		188,598
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A#		29,550		437,340
National CineMedia, Inc.		34,317		254,289
Reading International, Inc., Class A†		9,204		143,950
				835,579
Therapeutics — 0.6%
Akebia Therapeutics, Inc.†		24,816		243,693
Anika Therapeutics, Inc.†		7,971		324,101
Calithera Biosciences, Inc.†		16,982		87,457
Cara Therapeutics, Inc.†#		14,814		231,691
Concert Pharmaceuticals, Inc.†		9,935		202,972
Dyax Corp. CVR†(1)(2)		82,437		325,626
Flexion Therapeutics, Inc.†#		18,169		492,561
G1 Therapeutics, Inc.†		7,491		324,435
La Jolla Pharmaceutical Co.†#		9,693		302,422
Mersana Therapeutics, Inc.†#		6,202		129,808
Portola Pharmaceuticals, Inc.†#		31,521		1,265,568
Recro Pharma, Inc.†		7,553		41,164
Sarepta Therapeutics, Inc.†#		33,882		3,179,826
Xencor, Inc.†#		21,114		844,771
				7,996,095
Tobacco — 0.2%
Turning Point Brands, Inc.		2,855		77,313
Universal Corp.		13,719		907,512
Vector Group, Ltd.		54,440		1,056,136
				2,040,961
Toys — 0.0%
Funko, Inc., Class A†#		5,835		58,000
Transactional Software — 0.1%
ACI Worldwide, Inc.†		64,653		1,561,370
InnerWorkings, Inc.†		25,536		224,461
				1,785,831
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		32,604		684,684
Atlas Air Worldwide Holdings, Inc.†		12,912		879,953
				1,564,637
Transport - Equipment & Leasing — 0.2%
GATX Corp.		21,209		1,524,927
Greenbrier Cos., Inc.#		15,344		762,597
Willis Lease Finance Corp.†		1,912		60,974
				2,348,498

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport - Marine — 0.4%
Ardmore Shipping Corp.†		17,888	$	144,893
Costamare, Inc.		28,172		205,374
DHT Holdings, Inc.#		47,391		196,199
Dorian LPG, Ltd.†		12,452		100,612
Eagle Bulk Shipping, Inc.†		21,308		122,947
Frontline, Ltd.#		42,693		245,058
GasLog, Ltd.		22,663		407,934
Genco Shipping & Trading, Ltd.†		4,261		78,104
Gener8 Maritime, Inc.†#		26,169		174,809
Golar LNG, Ltd.#		53,291		1,384,500
International Seaways, Inc.†#		16,313		340,942
Navios Maritime Acquisition Corp.#		45,735		34,553
Navios Maritime Holdings, Inc.†#		50,817		41,335
Nordic American Tankers, Ltd.#		77,203		182,971
Overseas Shipholding Group, Inc., Class A†		25,106		91,386
Safe Bulkers, Inc.†#		27,293		97,436
Scorpio Bulkers, Inc.		33,366		245,240
Scorpio Tankers, Inc.#		149,415		433,303
Ship Finance International, Ltd.#		33,182		472,843
Teekay Corp.#		34,844		278,055
Teekay Tankers, Ltd., Class A#		112,797		125,205
				5,403,699
Transport - Services — 0.2%
Echo Global Logistics, Inc.†		14,644		407,103
Hub Group, Inc., Class A†		18,099		904,045
Matson, Inc.		23,390		800,874
Radiant Logistics, Inc.†		20,763		84,090
				2,196,112
Transport - Truck — 0.7%
ArcBest Corp.		14,366		681,667
Covenant Transportation Group, Inc., Class A†		6,586		198,107
Daseke, Inc.†		18,252		173,759
Forward Air Corp.		16,404		973,085
Heartland Express, Inc.#		26,222		489,827
Knight-Swift Transportation Holdings, Inc.		69,603		2,831,450
Marten Transport, Ltd.		21,615		492,822
Roadrunner Transportation Systems, Inc.†		16,945		30,671
Saia, Inc.†		14,036		1,156,566
Schneider National, Inc., Class B#		23,177		683,258
Universal Logistics Holdings, Inc.		4,631		115,312
Werner Enterprises, Inc.		26,445		1,036,644
YRC Worldwide, Inc.†		18,321		196,401
				9,059,569
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		40,285		590,175
Venture Capital — 0.0%
Safeguard Scientifics, Inc.†		11,231		147,688
Veterinary Diagnostics — 0.2%
Heska Corp.†		3,641		389,368
Kindred Biosciences, Inc.†		14,104		143,861
Neogen Corp.†		27,815		2,105,874
				2,639,103
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		4,999		51,390
Natural Health Trends Corp.		4,073		89,769
Nature’s Sunshine Products, Inc.†		5,953		53,874
USANA Health Sciences, Inc.†		6,292		736,164
				931,197

Security Description	Shares		Value (Note 2)
Water — 0.3%
American States Water Co.		20,137	$	1,133,310
Artesian Resources Corp., Class A		4,354		169,806
California Water Service Group		26,641		1,072,300
Connecticut Water Service, Inc.		6,586		424,929
Consolidated Water Co., Ltd.		8,100		106,515
Global Water Resources, Inc.		5,626		51,422
Middlesex Water Co.		8,815		391,739
SJW Group		9,070		572,589
York Water Co.		7,116		233,049
				4,155,659
Water Treatment Systems — 0.1%
AquaVenture Holdings, Ltd.†		6,421		93,554
Energy Recovery, Inc.†#		20,104		167,064
Evoqua Water Technologies Corp.†		27,577		531,960
Pure Cycle Corp.†		9,487		88,704
				881,282
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†		31,594		282,766
NIC, Inc.		35,564		545,907
Q2 Holdings, Inc.†		17,684		1,010,641
Web.com Group, Inc.†		21,281		416,044
				2,255,358
Web Portals/ISP — 0.1%
Blucora, Inc.†		24,568		932,356
Meet Group, Inc.†#		37,131		135,528
				1,067,884
Wire & Cable Products — 0.2%
Belden, Inc.		23,337		1,289,603
Encore Wire Corp.		11,239		543,968
General Cable Corp.#		27,856		825,930
Insteel Industries, Inc.		10,090		315,615
				2,975,116
Wireless Equipment — 0.4%
Aerohive Networks, Inc.†		17,758		71,210
CalAmp Corp.†		19,181		407,021
Gogo, Inc.†#		31,610		162,159
InterDigital, Inc.		19,206		1,514,393
Quantenna Communications, Inc.†		12,242		195,872
Ubiquiti Networks, Inc.†#		12,437		1,027,172
ViaSat, Inc.†#		30,200		1,890,822
				5,268,649
Wound, Burn & Skin Care — 0.0%
Dermira, Inc.†#		21,131		183,417
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		20,894		772,242
ViewRay, Inc.†#		16,956		122,253
				894,495
Total Common Stocks
(cost $818,381,429)				1,233,819,171
WARRANTS — 0.0%
Finance - Other Services — 0.0%
Emergent Capital, Inc.† Expires 10/01/2019 (strike price $10.75) (cost $0)		1,320		0
Total Long-Term Investment Securities
(cost $818,381,429)				1,233,819,171

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 5.3%
Registered Investment Companies — 4.8%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4)		62,404,238		$	62,404,238
U.S. Government Treasuries — 0.5%
United States Treasury Bills
1.80% due 07/05/2018(5)	$	2,000,000			1,996,690
1.82% due 08/23/2018(5)		3,000,000			2,987,144
1.84% due 08/09/2018(5)		740,000			737,365
1.92% due 10/04/2018(5)		500,000			496,645
					6,217,844
Total Short-Term Investment Securities
(cost $68,622,329)					68,622,082
REPURCHASE AGREEMENTS — 4.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $57,103,444 collateralized by $63,675,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $58,247,470 (cost $57,103,000)		57,103,000			57,103,000
TOTAL INVESTMENTS
(cost $944,106,758)(6)		105.0	%		1,359,544,253
Liabilities in excess of other assets		(5.0	)		(65,114,429	)
NET ASSETS		100.0	%	$	1,294,429,824

† 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) Illiquid security. At May 31, 2018, the aggregate value of these securities was $337,731 representing 0.0% of net assets.

(3) At May 31, 2018, the Fund had loaned securities with a total value of $219,314,268. This was secured by collateral of $62,404,238, which was received in cash and subsequently invested in short-term investments currently valued at $62,404,238 as reported in the Portfolio of Investments. Additional collateral of $163,923,930 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$9,336,165
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048	3,780,509
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046	2,485,779
United States Treasury Bills	0.00%	06/07/2018 to 11/08/2018	14,275,543
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048	134,045,934

(4) The rate shown is the 7-day yield as of May 31, 2018.

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

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

CVR—Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	786	Long	Russell 2000 Mini Index		June 2018	$	62,652,621	$	64,224,060	$	1,571,439

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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:
Finance - Commercial	$	700,377	$	—	$	9,676	$	710,053
Medical - Biomedical/Gene		62,175,289		—		2,429		62,177,718
Metal - Diversified		—		—		0		0
Multimedia		1,160,478		—		0		1,160,478
Oil Companies - Exploration & Production		18,712,903		—		0		18,712,903
Therapeutics		7,670,469		—		325,626		7,996,095
Other Industries		1,143,061,924		—		—		1,143,061,924
Warrants		—		0		—		0
Short-Term Investment Securities:
Registered Investment Companies		62,404,238		—		—		62,404,238
U.S. Government Treasuries		—		6,217,844		—		6,217,844
Repurchase Agreements		—		57,103,000		—		57,103,000
Total Investment at Value	$	1,295,885,678	$	63,320,844	$	337,731	$	1,359,544,253

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
Other Financial Instruments:+
Futures Contracts	$	1,571,439	$	—	$	—	$	1,571,439

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during 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.

See Notes to Financial Statements

211

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	11.7	%
Chemicals — Specialty	4.4
Retail — Restaurants	4.4
Paper & Related Products	3.5
Metal Processors & Fabrication	3.3
Real Estate Investment Trusts	3.2
Chemicals — Diversified	3.2
Electric — Integrated	2.8
Building & Construction Products — Misc.	2.8
Time Deposits	2.7
Printing — Commercial	2.6
Consumer Products — Misc.	2.5
Food — Misc./Diversified	2.3
Investment Management/Advisor Services	2.3
Oil Companies — Exploration & Production	2.2
Insurance — Property/Casualty	2.1
Diversified Operations	2.1
Building Products — Cement	1.9
Computer Services	1.8
Machinery — Electrical	1.8
Oil — Field Services	1.7
Chemicals — Plastics	1.7
Electronic Measurement Instruments	1.5
Containers — Metal/Glass	1.5
Wire & Cable Products	1.4
Auto/Truck Parts & Equipment — Replacement	1.4
Medical Imaging Systems	1.4
Batteries/Battery Systems	1.4
Investment Companies	1.2
Miscellaneous Manufacturing	1.2
Machinery — General Industrial	1.2
Steel Pipe & Tube	1.2
Electric Products — Misc.	1.1
Identification Systems	1.1
Oil & Gas Drilling	1.0
Insurance — Reinsurance	1.0
Footwear & Related Apparel	0.9
Beverages — Non-alcoholic	0.9
Quarrying	0.9
Diversified Operations/Commercial Services	0.9
Office Supplies & Forms	0.9
Publishing — Newspapers	0.9
Medical — Drugs	0.9
Registered Investment Companies	0.7
E-Marketing/Info	0.7
Networking Products	0.7
Human Resources	0.6
Electronic Components — Misc.	0.6
Lasers — System/Components	0.6
Computers — Integrated Systems	0.6
Retail — Apparel/Shoe	0.5
Dental Supplies & Equipment	0.5
Medical — Biomedical/Gene	0.5
Apparel Manufacturers	0.4
Electronic Components — Semiconductors	0.4
Food — Confectionery	0.3
Food — Retail	0.3
Medical Products	0.3
Finance — Leasing Companies	0.3
Machinery — Pumps	0.3
Telecom Services	0.3
Cosmetics & Toiletries	0.2
Oil Field Machinery & Equipment	0.2
X-Ray Equipment	0.2
Building Products — Doors & Windows	0.2
Commercial Services — Finance	0.1
Textile — Products	0.1
	100.5	%

* Calculated as a percentage of net assets

212

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.5%
Apparel Manufacturers — 0.4%
Delta Apparel, Inc.†		70,428	$	1,326,864
Auto/Truck Parts & Equipment - Replacement — 1.4%
Douglas Dynamics, Inc.		93,678		4,313,872
Banks - Commercial — 11.7%
Associated Banc-Corp.		164,978		4,553,393
First Citizens BancShares, Inc., Class A		18,706		8,217,359
Fulton Financial Corp.		57,713		1,007,092
Hancock Holding Co.†		77,642		3,901,510
IBERIABANK Corp.		43,530		3,478,047
Renasant Corp.		114,314		5,477,927
South State Corp.		21,193		1,897,303
UMB Financial Corp.		87,883		6,771,385
				35,304,016
Batteries/Battery Systems — 1.4%
EnerSys		51,589		4,122,477
Beverages - Non-alcoholic — 0.9%
Cott Corp.		179,331		2,829,843
Building & Construction Products - Misc. — 2.8%
Quanex Building Products Corp.		24,468		411,063
Simpson Manufacturing Co., Inc.		125,001		7,913,813
				8,324,876
Building Products - Cement — 1.9%
Eagle Materials, Inc.#		53,128		5,758,013
Building Products - Doors & Windows — 0.2%
Griffon Corp.		20,925		474,997
Chemicals - Diversified — 3.2%
Innophos Holdings, Inc.		17,761		844,180
Innospec, Inc.		85,960		6,593,132
Quaker Chemical Corp.		14,423		2,204,556
				9,641,868
Chemicals - Plastics — 1.7%
A. Schulman, Inc.		79,000		3,456,250
PolyOne Corp.		40,550		1,699,856
				5,156,106
Chemicals - Specialty — 4.4%
CSW Industrials, Inc.†		87,445		4,249,827
KMG Chemicals, Inc.		65,923		4,406,953
PQ Group Holdings, Inc.†		80,327		1,318,969
Sensient Technologies Corp.		49,974		3,360,751
				13,336,500
Commercial Services - Finance — 0.1%
Liberty Tax, Inc.#		39,268		412,314
Computer Services — 1.8%
Conduent, Inc.†		113,542		2,185,684
MAXIMUS, Inc.		9,386		571,607
Sykes Enterprises, Inc.†		92,156		2,594,191
				5,351,482
Computers - Integrated Systems — 0.6%
NCR Corp.†#		55,677		1,675,878
Consumer Products - Misc. — 2.5%
Central Garden & Pet Co.†#		79,096		3,229,490
Helen of Troy, Ltd.†		47,879		4,299,534
				7,529,024
Containers - Metal/Glass — 1.5%
Silgan Holdings, Inc.		164,661		4,482,072

Security Description	Shares		Value (Note 2)
Cosmetics & Toiletries — 0.2%
Edgewell Personal Care Co.†#		14,342	$	627,032
Dental Supplies & Equipment — 0.5%
Patterson Cos., Inc.#		66,549		1,392,205
Diversified Operations — 1.5%
HRG Group, Inc.†		357,923		4,538,464
Diversified Operations/Commercial Services — 0.9%
Viad Corp.		49,648		2,626,379
E-Marketing/Info — 0.7%
New Media Investment Group, Inc.		132,578		2,214,053
Electric Products - Misc. — 1.1%
Novanta, Inc.†		52,747		3,420,643
Electric - Integrated — 2.8%
Hawaiian Electric Industries, Inc.#		155,107		5,324,823
IDACORP, Inc.		33,531		3,096,923
				8,421,746
Electronic Components - Misc. — 0.6%
AVX Corp.		125,319		1,916,128
Electronic Components - Semiconductors — 0.4%
DSP Group, Inc.†		87,660		1,122,048
Electronic Measurement Instruments — 1.5%
Badger Meter, Inc.#		35,084		1,534,925
Orbotech, Ltd.†		47,425		3,037,097
				4,572,022
Finance - Leasing Companies — 0.3%
Aircastle, Ltd.		39,098		835,133
Food - Confectionery — 0.3%
Hostess Brands, Inc.†		71,340		972,364
Food - Misc./Diversified — 2.3%
Nomad Foods, Ltd.†		265,195		4,614,393
TreeHouse Foods, Inc.†#		50,757		2,431,768
				7,046,161
Food - Retail — 0.3%
SUPERVALU, Inc.†#		52,530		971,280
Footwear & Related Apparel — 0.9%
Steven Madden, Ltd.		53,655		2,835,667
Human Resources — 0.6%
Korn/Ferry International		35,170		1,923,096
Identification Systems — 1.1%
Brady Corp., Class A		87,192		3,400,488
Insurance - Property/Casualty — 2.1%
ProAssurance Corp.		79,797		3,064,205
Stewart Information Services Corp.		78,385		3,307,063
				6,371,268
Insurance - Reinsurance — 1.0%
Aspen Insurance Holdings, Ltd.		67,765		2,941,001
Investment Companies — 1.2%
Apollo Investment Corp.#		312,723		1,779,394
GlassBridge Enterprises, Inc.†(3)		58,692		40,497
New Mountain Finance Corp.#		132,479		1,841,458
				3,661,349
Investment Management/Advisor Services — 2.3%
Artisan Partners Asset Management, Inc., Class A		107,245		3,464,013
Westwood Holdings Group, Inc.		58,250		3,380,248
				6,844,261

213

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Lasers - System/Components — 0.6%
Coherent, Inc.†		10,739	$	1,793,950
Machinery - Electrical — 1.8%
Franklin Electric Co., Inc.		114,401		5,291,046
Machinery - General Industrial — 1.2%
Kadant, Inc.		36,584		3,568,769
Machinery - Pumps — 0.3%
NN, Inc.		38,088		822,701
Medical Imaging Systems — 1.4%
Analogic Corp.		51,395		4,299,192
Medical Products — 0.3%
Hanger, Inc.†		51,935		899,514
Medical - Biomedical/Gene — 0.5%
Cambrex Corp.†		2,619		118,641
Innoviva, Inc.†		83,781		1,239,121
				1,357,762
Medical - Drugs — 0.9%
Prestige Brands Holdings, Inc.†		76,625		2,561,574
Metal Processors & Fabrication — 3.3%
Global Brass & Copper Holdings, Inc.		98,152		3,081,973
Mueller Industries, Inc.		224,747		6,787,359
				9,869,332
Miscellaneous Manufacturing — 1.2%
Hillenbrand, Inc.		76,777		3,581,647
Networking Products — 0.7%
NETGEAR, Inc.†		36,446		2,203,161
Office Supplies & Forms — 0.9%
ACCO Brands Corp.		201,527		2,599,698
Oil & Gas Drilling — 1.0%
Patterson-UTI Energy, Inc.		143,115		2,959,618
Oil Companies - Exploration & Production — 2.2%
QEP Resources, Inc.†		187,743		2,269,813
WPX Energy, Inc.†		231,629		4,217,964
				6,487,777
Oil Field Machinery & Equipment — 0.2%
Forum Energy Technologies, Inc.†		37,085		524,753
Oil - Field Services — 1.7%
C&J Energy Services, Inc.†		64,012		1,723,203
Oil States International, Inc.†		61,995		2,194,623
TETRA Technologies, Inc.†		301,414		1,271,967
				5,189,793
Paper & Related Products — 3.5%
Neenah, Inc.		87,072		7,065,893
Schweitzer-Mauduit International, Inc.		79,012		3,461,516
				10,527,409
Printing - Commercial — 2.6%
Deluxe Corp.		57,717		3,840,489
Ennis, Inc.		192,524		3,513,563
LSC Communications, Inc.		43,741		553,761
				7,907,813
Publishing - Newspapers — 0.9%
A.H. Belo Corp., Class A		224,875		1,068,156
Gannett Co., Inc.		143,233		1,513,973
				2,582,129

Security Description	Shares/ Principal Amount			Value (Note 2)
Quarrying — 0.9%
Compass Minerals International, Inc.#		40,556		$	2,652,362
Real Estate Investment Trusts — 3.2%
Acadia Realty Trust		41,077			1,057,733
Apollo Commercial Real Estate Finance, Inc.#		128,126			2,381,862
LaSalle Hotel Properties		102,009			3,498,909
Washington Real Estate Investment Trust		94,800			2,718,864
					9,657,368
Retail - Apparel/Shoe — 0.5%
Buckle, Inc.#		53,269			1,345,042
Christopher & Banks Corp.†#		191,134			160,323
					1,505,365
Retail - Restaurants — 4.4%
Denny’s Corp.†		324,752			4,952,468
Dine Brands Global, Inc.#		81,654			5,180,946
Wendy’s Co.		190,574			3,070,147
					13,203,561
Steel Pipe & Tube — 1.2%
Atkore International Group, Inc.†		164,616			3,555,706
Telecom Services — 0.3%
Consolidated Communications Holdings, Inc.#		71,172			797,838
Textile - Products — 0.1%
Dixie Group, Inc.†		101,112			242,669
Wire & Cable Products — 1.4%
Belden, Inc.		78,176			4,320,006
X-Ray Equipment — 0.2%
Varex Imaging Corp.†		13,317			492,196
Total Common Stocks
(cost $251,225,682)					290,147,699
PREFERRED SECURITIES — 0.6%
Diversified Operations — 0.6%
Steel Partners Holdings LP† Series A# 6.00% (cost $2,271,995)		87,498			1,776,210
Total Long-Term Investment Securities
(cost $253,497,677)					291,923,909
SHORT-TERM INVESTMENT SECURITIES — 3.4%
Registered Investment Companies — 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		2,243,097			2,243,097
Time Deposits — 2.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/18	$	8,024,000			8,024,000
Total Short-Term Investment Securities
(cost $10,267,097)					10,267,097
TOTAL INVESTMENTS
(cost $263,764,774)(4)		100.5	%		302,191,006
Liabilities in excess of other assets		(0.5	)		(1,445,750	)
NET ASSETS		100.0	%	$	300,745,256

† Non-income producing security

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

(1) At May 31, 2018, the Fund had loaned securities with a total value of $27,087,606. This was secured by collateral of $2,243,097, which was received in cash and subsequently invested in short-term investments currently valued at $2,243,097 as reported in the Portfolio of Investments. Additional collateral of $25,801,734 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.

214

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	164,994
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		66,811
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		43,930
United States Treasury Bills	0.00%	06/07/2018 to 11/08/2018		3,517,883
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		22,008,116

(2) The rate shown is the 7-day yield as of May 31, 2018.

(3) Illiquid security. At May 31, 2018, the aggregate value of these securities was $40,497 representing 0.0% of net assets.

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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	$	290,147,699	$	—	$	—	$	290,147,699
Preferred Securities		1,776,210		—		—		1,776,210
Short-Term Investment Securities:
Registered Investment Companies		2,243,097		—		—		2,243,097
Time Deposits		—		8,024,000		—		8,024,000
Total Investments at Value	$	294,167,006	$	8,024,000	$	—	$	302,191,006

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

215

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Medical Products	5.1	%
Registered Investment Companies	4.7
Retail — Restaurants	4.6
Medical — Biomedical/Gene	4.4
Enterprise Software/Service	4.0
Banks — Commercial	4.0
Commercial Services — Finance	3.6
Computer Software	3.3
Finance — Investment Banker/Broker	3.0
Therapeutics	2.7
Web Hosting/Design	2.6
Aerospace/Defense — Equipment	2.5
Medical — Drugs	2.3
Building & Construction Products — Misc.	2.1
Machinery — Pumps	2.1
Semiconductor Components — Integrated Circuits	1.8
Office Supplies & Forms	1.8
Schools	1.8
Electronic Components — Misc.	1.8
Power Converter/Supply Equipment	1.7
Medical Instruments	1.7
Oil Companies — Exploration & Production	1.7
Decision Support Software	1.7
Miscellaneous Manufacturing	1.7
Retail — Apparel/Shoe	1.6
Consulting Services	1.6
Applications Software	1.5
Transport — Truck	1.5
Apparel Manufacturers	1.5
Electronic Measurement Instruments	1.5
Machinery — General Industrial	1.3
E-Commerce/Services	1.2
Internet Security	1.2
Hotels/Motels	1.2
Commercial Services	1.2
Finance — Consumer Loans	1.1
Chemicals — Specialty	1.1
Building — Residential/Commercial	1.0
Disposable Medical Products	1.0
Investment Management/Advisor Services	1.0
Semiconductor Equipment	1.0
Beverages — Wine/Spirits	1.0
Resorts/Theme Parks	1.0
Retail — Misc./Diversified	0.9
Medical — Hospitals	0.8
Footwear & Related Apparel	0.8
Medical Information Systems	0.8
Diagnostic Kits	0.8
Instruments — Scientific	0.8
Veterinary Diagnostics	0.8
Real Estate Investment Trusts	0.7
Distribution/Wholesale	0.7
Electronic Components — Semiconductors	0.7
Entertainment Software	0.7
Data Processing/Management	0.6
Industrial Automated/Robotic	0.6
Food — Misc./Diversified	0.5
Auto/Truck Parts & Equipment — Original	0.5
Insurance — Life/Health	0.4
	101.3	%

* Calculated as a percentage of net assets

216

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.6%
Aerospace/Defense - Equipment — 2.5%
HEICO Corp.#		7,927	$	728,174
HEICO Corp., Class A		7,828		595,320
L3 Technologies, Inc.		8,006		1,587,830
				2,911,324
Apparel Manufacturers — 1.5%
PVH Corp.		11,179		1,788,640
Applications Software — 1.5%
PTC, Inc.†		21,119		1,821,302
Auto/Truck Parts & Equipment - Original — 0.5%
Delphi Technologies PLC		10,885		545,338
Banks - Commercial — 4.0%
Eagle Bancorp, Inc.†		28,763		1,741,600
First Republic Bank		24,475		2,437,710
Glacier Bancorp, Inc.		15,397		600,329
				4,779,639
Beverages - Wine/Spirits — 1.0%
MGP Ingredients, Inc.		13,123		1,162,042
Building & Construction Products - Misc. — 2.1%
Fortune Brands Home & Security, Inc.		22,455		1,261,297
Summit Materials, Inc., Class A†		45,210		1,284,868
				2,546,165
Building - Residential/Commercial — 1.0%
M/I Homes, Inc.†		43,147		1,198,624
Chemicals - Specialty — 1.1%
Ashland Global Holdings, Inc.		15,841		1,231,162
Valvoline, Inc.		2,940		60,094
				1,291,256
Commercial Services — 1.2%
Healthcare Services Group, Inc.#		38,202		1,381,002
Commercial Services - Finance — 3.6%
Evo Payments, Inc., Class A†		5,070		108,904
Global Payments, Inc.		18,339		2,038,563
Square, Inc., Class A†#		13,855		807,054
Total System Services, Inc.		14,832		1,263,538
				4,218,059
Computer Software — 3.3%
InterXion Holding NV†#		32,632		2,083,879
Splunk, Inc.†		16,218		1,797,117
				3,880,996
Consulting Services — 1.6%
Gartner, Inc.†#		14,175		1,881,589
Data Processing/Management — 0.6%
Broadridge Financial Solutions, Inc.		6,438		743,267
Decision Support Software — 1.7%
MSCI, Inc.		12,138		1,973,275
Diagnostic Kits — 0.8%
IDEXX Laboratories, Inc.†		4,503		937,570
Disposable Medical Products — 1.0%
ICU Medical, Inc.†		4,077		1,186,611
Distribution/Wholesale — 0.7%
SiteOne Landscape Supply, Inc.†#		11,353		858,854
E-Commerce/Services — 1.2%
IAC/InterActiveCorp†		9,503		1,474,295

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. — 1.8%
Sensata Technologies Holding PLC†#		41,275	$	2,108,740
Electronic Components - Semiconductors — 0.7%
Advanced Micro Devices, Inc.†#		43,850		602,061
Xilinx, Inc.		3,575		243,493
				845,554
Electronic Measurement Instruments — 1.5%
Badger Meter, Inc.#		26,575		1,162,656
Keysight Technologies, Inc.†		9,958		584,933
				1,747,589
Enterprise Software/Service — 4.0%
Black Knight, Inc.†		59,944		3,033,166
Ultimate Software Group, Inc.†#		6,731		1,764,532
				4,797,698
Entertainment Software — 0.7%
Take-Two Interactive Software, Inc.†		7,107		796,553
Finance-Consumer Loans — 1.1%
SLM Corp.†		113,753		1,300,197
Finance - Investment Banker/Broker — 3.0%
Evercore, Inc., Class A		8,858		924,775
Lazard, Ltd., Class A		51,047		2,625,858
				3,550,633
Food - Misc./Diversified — 0.5%
McCormick & Co., Inc.		5,535		559,035
Footwear & Related Apparel — 0.8%
Skechers U.S.A., Inc., Class A†		33,394		970,430
Hotels/Motels — 1.2%
Choice Hotels International, Inc.		17,904		1,438,586
Industrial Automated/Robotic — 0.6%
Cognex Corp.		15,048		687,844
Instruments - Scientific — 0.8%
PerkinElmer, Inc.#		11,991		891,291
Insurance - Life/Health — 0.4%
Trupanion, Inc.†#		14,572		462,952
Internet Security — 1.2%
Proofpoint, Inc.†#		12,420		1,451,774
Investment Management/Advisor Services — 1.0%
Affiliated Managers Group, Inc.		7,386		1,176,294
Machinery - General Industrial — 1.3%
IDEX Corp.		6,894		956,060
Welbilt, Inc.†		29,489		574,151
				1,530,211
Machinery - Pumps — 2.1%
Gorman-Rupp Co.		19,724		658,190
Graco, Inc.		15,701		712,825
Xylem, Inc.		15,257		1,074,093
				2,445,108
Medical Information Systems — 0.8%
athenahealth, Inc.†		6,274		944,049
Medical Instruments — 1.7%
Teleflex, Inc.		7,656		2,045,377
Medical Products — 5.1%
ABIOMED, Inc.†		6,865		2,616,526
Cooper Cos., Inc.		3,436		777,601
Nevro Corp.†#		17,826		1,402,728
West Pharmaceutical Services, Inc.		13,071		1,215,603
				6,012,458

217

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 4.4%
Acceleron Pharma, Inc.†#		17,149	$	609,475
Alder Biopharmaceuticals, Inc.†#		46,274		807,481
Bluebird Bio, Inc.†#		4,486		803,218
Evelo Biosciences, Inc.†#		20,677		328,558
Exelixis, Inc.†		56,150		1,163,990
Seattle Genetics, Inc.†#		19,553		1,182,761
UNITY Biotechnology, Inc.†#		24,814		369,729
				5,265,212
Medical - Drugs — 2.3%
Alkermes PLC†#		30,612		1,444,887
PRA Health Sciences, Inc.†		9,077		770,637
TESARO, Inc.†#		11,142		509,969
				2,725,493
Medical - Hospitals — 0.8%
Acadia Healthcare Co., Inc.†#		24,210		973,000
Miscellaneous Manufacturing — 1.7%
John Bean Technologies Corp.		22,278		1,967,147
Office Supplies & Forms — 1.8%
Avery Dennison Corp.		20,514		2,154,585
Oil Companies - Exploration & Production — 1.7%
Diamondback Energy, Inc.#		5,512		665,629
RSP Permian, Inc.†		17,087		747,385
WPX Energy, Inc.†		33,002		600,967
				2,013,981
Power Converter/Supply Equipment — 1.7%
Hubbell, Inc.		19,091		2,055,910
Real Estate Investment Trusts — 0.7%
SBA Communications Corp.†		5,456		862,430
Resort/Theme Parks — 1.0%
Vail Resorts, Inc.		4,787		1,152,662
Retail - Apparel/Shoe — 1.6%
Burlington Stores, Inc.†		13,337		1,950,536
Retail - Misc./Diversified — 0.9%
Five Below, Inc.†		15,621		1,104,561
Retail - Restaurants — 4.6%
Domino’s Pizza, Inc.		2,078		522,575
Dunkin’ Brands Group, Inc.#		48,490		3,104,815
Wingstop, Inc.		36,226		1,833,398
				5,460,788
Schools — 1.8%
Bright Horizons Family Solutions, Inc.†		20,973		2,122,468
Semiconductor Components - Integrated Circuits — 1.8%
Marvell Technology Group, Ltd.		101,217		2,180,214
Semiconductor Equipment — 1.0%
MKS Instruments, Inc.		10,390		1,165,758

Security Description	Shares			Value (Note 2)
Therapeutics — 2.7%
Agios Pharmaceuticals, Inc.†#		15,255		$	1,426,343
Neurocrine Biosciences, Inc.†		12,954			1,246,952
Sarepta Therapeutics, Inc.†#		5,979			561,129
					3,234,424
Transport - Truck — 1.5%
Old Dominion Freight Line, Inc.		11,630			1,813,815
Veterinary Diagnostics — 0.8%
Neogen Corp.†		11,722			887,473
Web Hosting/Design — 2.6%
GoDaddy, Inc., Class A†#		35,223			2,521,614
Wix.com, Ltd.†#		6,065			527,352
					3,048,966
Total Long-Term Investment Securities
(cost $93,423,768)					114,481,644
SHORT-TERM INVESTMENT SECURITIES — 4.7%
Registered Investment Companies — 4.7%
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.42%(2)		3,596,695			3,596,695
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2)		2,000,045			2,000,045
Total Short-Term Investment Securities
(cost $5,596,740)					5,596,740
TOTAL INVESTMENTS
(cost $99,020,508)(3)		101.3	%		120,078,384
Liabilities in excess of other assets		(1.3	)		(1,556,319	)
NET ASSETS		100.0	%	$	118,522,065

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

† Non-income producing security

(1) At May 31, 2018, the Fund had loaned securities with a total value of $18,737,980. This was secured by collateral of $2,000,045, which was received in cash and subsequently invested in short-term investments currently valued at $2,000,045 as reported in the Portfolio of Investments. Additional collateral of $17,134,255 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	2,915,634
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		1,180,633
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		776,295
United States Treasury Bills	0.00%	06/14/2018 to 11/08/2018		1,198,917
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		11,062,776

(2) The rate shown is the 7 day yield as of May 31, 2018.

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (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	$	114,481,644	$	—	$	—	$	114,481,644
Short-Term Investment Securities:		5,596,740		—		—		5,596,740
Total Investments at Value	$	120,078,384	$	—	$	—	$	120,078,384

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

The Fund's policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

218

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Medical — Drugs	4.7	%
Computers	4.3
Diversified Banking Institutions	4.1
Applications Software	4.0
Electronic Components — Semiconductors	3.3
E-Commerce/Products	2.9
Web Portals/ISP	2.8
Real Estate Investment Trusts	2.6
Internet Content — Entertainment	2.6
Oil Companies — Integrated	2.5
Electric — Integrated	2.4
Banks — Super Regional	2.3
Finance — Credit Card	2.2
Aerospace/Defense	2.1
Medical — Biomedical/Gene	2.0
Insurance — Property/Casualty	1.9
Medical — HMO	1.9
Oil Companies — Exploration & Production	1.8
Telephone — Integrated	1.8
Diversified Manufacturing Operations	1.7
Beverages — Non-alcoholic	1.5
Medical Products	1.4
Commercial Services — Finance	1.3
Retail — Building Products	1.3
Multimedia	1.2
Retail — Discount	1.2
Computer Services	1.2
Repurchase Agreements	1.2
Cosmetics & Toiletries	1.2
Retail — Restaurants	1.1
Medical Instruments	1.0
Chemicals — Diversified	1.0
Insurance — Multi-line	1.0
Tobacco	1.0
Transport — Rail	1.0
Networking Products	0.9
Cable/Satellite TV	0.9
Oil — Field Services	0.7
Transport — Services	0.7
Food — Misc./Diversified	0.7
Oil Refining & Marketing	0.7
Enterprise Software/Service	0.6
Investment Management/Advisor Services	0.6
Diagnostic Equipment	0.6
Banks — Commercial	0.6
Aerospace/Defense — Equipment	0.6
Insurance — Life/Health	0.5
Instruments — Controls	0.5
E-Commerce/Services	0.5
Electronic Forms	0.5
Semiconductor Components — Integrated Circuits	0.5
Finance — Other Services	0.5
Banks — Fiduciary	0.5
Insurance Brokers	0.5
Pharmacy Services	0.5
Entertainment Software	0.5
Airlines	0.5
Semiconductor Equipment	0.4
Auto — Cars/Light Trucks	0.4
Finance — Investment Banker/Broker	0.4
Athletic Footwear	0.4
Machinery — Construction & Mining	0.4
Data Processing/Management	0.4
Pipelines	0.3
Industrial Gases	0.3
Agricultural Chemicals	0.3
Hotels/Motels	0.3
Apparel Manufacturers	0.3
Commercial Services	0.3

Computer Aided Design	0.3
Retail — Apparel/Shoe	0.3
Retail — Auto Parts	0.3
Retail — Major Department Stores	0.3
Electric Products — Misc.	0.3
Electronic Connectors	0.3
Computers — Memory Devices	0.3
Medical — Wholesale Drug Distribution	0.3
Electric — Distribution	0.2
Cruise Lines	0.2
Retail — Drug Store	0.2
Beverages — Wine/Spirits	0.2
Consumer Products — Misc.	0.2
Electronic Measurement Instruments	0.2
Machinery — Farming	0.2
Non-Hazardous Waste Disposal	0.2
Medical Labs & Testing Services	0.2
Medical — Hospitals	0.2
Distribution/Wholesale	0.2
Building — Residential/Commercial	0.2
Auto/Truck Parts & Equipment — Original	0.2
Dental Supplies & Equipment	0.1
Containers — Paper/Plastic	0.1
Casino Hotels	0.1
Coatings/Paint	0.1
Food — Wholesale/Distribution	0.1
Building Products — Air & Heating	0.1
Building Products — Cement	0.1
Electronic Components — Misc.	0.1
Food — Meat Products	0.1
Tools — Hand Held	0.1
Medical — Generic Drugs	0.1
Consulting Services	0.1
Finance — Consumer Loans	0.1
Machinery — General Industrial	0.1
Computer Software	0.1
Advertising Agencies	0.1
Food — Confectionery	0.1
Agricultural Operations	0.1
Instruments — Scientific	0.1
Metal — Copper	0.1
Industrial Automated/Robotic	0.1
Engines — Internal Combustion	0.1
Paper & Related Products	0.1
Auto — Heavy Duty Trucks	0.1
Retail — Regional Department Stores	0.1
Food — Retail	0.1
Gold Mining	0.1
Steel — Producers	0.1
Chemicals — Specialty	0.1
Registered Investment Companies	0.1
U.S. Government Treasuries	0.1
Medical Information Systems	0.1
Diagnostic Kits	0.1
Machinery — Pumps	0.1
Wireless Equipment	0.1
Television	0.1
Retail — Consumer Electronics	0.1
Oil Field Machinery & Equipment	0.1
Toys	0.1
Water	0.1
Respiratory Products	0.1
Engineering/R&D Services	0.1
Decision Support Software	0.1
Retail — Perfume & Cosmetics	0.1
Real Estate Management/Services	0.1
Rental Auto/Equipment	0.1
Retail — Jewelry	0.1
Containers — Metal/Glass	0.1

219

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Textile — Home Furnishings	0.1	%
Internet Security	0.1
Drug Delivery Systems	0.1
Web Hosting/Design	0.1
Retail — Automobile	0.1
Building Products — Wood	0.1
Soap & Cleaning Preparation	0.1
Home Decoration Products	0.1
Brewery	0.1
	99.5	%

* Calculated as a percentage of net assets

220

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		81,128	$	1,833,493
Omnicom Group, Inc.#		48,589		3,502,295
				5,335,788
Aerospace/Defense — 2.1%
Boeing Co.		116,728		41,106,932
General Dynamics Corp.		58,271		11,753,843
Lockheed Martin Corp.		52,425		16,489,760
Northrop Grumman Corp.		36,733		12,020,874
Raytheon Co.		60,878		12,753,941
Rockwell Collins, Inc.		34,594		4,757,021
TransDigm Group, Inc.		10,243		3,422,289
				102,304,660
Aerospace/Defense - Equipment — 0.6%
Arconic, Inc.		89,646		1,582,252
Harris Corp.		25,053		3,769,725
L3 Technologies, Inc.		16,506		3,273,635
United Technologies Corp.		156,949		19,590,374
				28,215,986
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		49,218		2,024,829
Monsanto Co.		93,014		11,855,564
Mosaic Co.		73,971		2,033,463
				15,913,856
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		118,009		5,159,353
Airlines — 0.5%
Alaska Air Group, Inc.#		25,954		1,578,263
American Airlines Group, Inc.#		88,856		3,868,790
Delta Air Lines, Inc.		137,234		7,417,498
Southwest Airlines Co.		114,140		5,830,271
United Continental Holdings, Inc.†		51,064		3,553,544
				22,248,366
Apparel Manufacturers — 0.3%
Hanesbrands, Inc.#		76,016		1,385,772
Michael Kors Holdings, Ltd.†		32,091		1,841,703
PVH Corp.		16,233		2,597,280
Ralph Lauren Corp.		11,692		1,573,509
Under Armour, Inc., Class A†#		39,096		817,106
Under Armour, Inc., Class C†#		38,898		735,950
VF Corp.		69,476		5,638,672
				14,589,992
Appliances — 0.0%
Whirlpool Corp.#		14,916		2,159,091
Applications Software — 4.0%
Intuit, Inc.		51,340		10,350,144
Microsoft Corp.		1,624,749		160,590,191
Red Hat, Inc.†		37,350		6,066,387
salesforce.com, Inc.†		146,093		18,894,208
				195,900,930
Athletic Footwear — 0.4%
NIKE, Inc., Class B		273,867		19,663,651
Auto - Cars/Light Trucks — 0.4%
Ford Motor Co.		823,475		9,511,136
General Motors Co.		266,453		11,377,543
				20,888,679
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		74,274		4,622,071

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Original — 0.2%
Aptiv PLC		56,095	$	5,469,263
BorgWarner, Inc.		41,763		2,037,199
				7,506,462
Banks - Commercial — 0.6%
BB&T Corp.		164,033		8,611,733
Citizens Financial Group, Inc.		102,831		4,200,646
M&T Bank Corp.		31,689		5,453,043
Regions Financial Corp.		236,875		4,320,600
SVB Financial Group†		11,157		3,482,435
Zions Bancorporation		41,467		2,272,806
				28,341,263
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		213,069		11,665,528
Northern Trust Corp.		44,892		4,602,328
State Street Corp.		77,579		7,456,117
				23,723,973
Banks - Super Regional — 2.3%
Capital One Financial Corp.		102,612		9,645,528
Comerica, Inc.		36,466		3,438,379
Fifth Third Bancorp		146,401		4,476,943
Huntington Bancshares, Inc.		232,606		3,458,851
KeyCorp		223,818		4,351,022
PNC Financial Services Group, Inc.		99,511		14,270,872
SunTrust Banks, Inc.		98,817		6,671,136
US Bancorp		331,143		16,553,838
Wells Fargo & Co.		926,339		50,013,043
				112,879,612
Beverages - Non-alcoholic — 1.5%
Coca-Cola Co.		810,142		34,836,106
Dr Pepper Snapple Group, Inc.		37,928		4,524,810
Monster Beverage Corp.†		87,248		4,463,608
PepsiCo, Inc.		300,089		30,083,922
				73,908,446
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		55,188		3,121,433
Constellation Brands, Inc., Class A		36,163		8,067,242
				11,188,675
Brewery — 0.1%
Molson Coors Brewing Co., Class B		39,017		2,405,398
Broadcast Services/Program — 0.0%
Discovery Communications, Inc., Class A†#		32,836		692,511
Discovery Communications, Inc., Class C†		71,740		1,418,300
				2,110,811
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		32,063		1,800,979
Building Products - Air & Heating — 0.1%
Johnson Controls International PLC		195,423		6,558,396
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		13,252		2,953,473
Vulcan Materials Co.#		27,955		3,570,972
				6,524,445
Building Products - Wood — 0.1%
Masco Corp.		66,129		2,464,628
Building - Residential/Commercial — 0.2%
D.R. Horton, Inc.		72,185		3,046,929
Lennar Corp., Class A		57,621		2,981,310

221

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building - Residential/Commercial (continued)
PulteGroup, Inc.		55,612	$	1,682,263
				7,710,502
Cable/Satellite TV — 0.9%
Charter Communications, Inc., Class A†		39,256		10,247,386
Comcast Corp., Class A		978,055		30,495,755
DISH Network Corp., Class A†		48,119		1,421,917
				42,165,058
Casino Hotels — 0.1%
MGM Resorts International		107,559		3,382,731
Wynn Resorts, Ltd.		17,851		3,498,974
				6,881,705
Chemicals - Diversified — 1.0%
DowDuPont, Inc.		493,766		31,655,338
Eastman Chemical Co.		30,168		3,146,824
FMC Corp.		28,345		2,468,566
LyondellBasell Industries NV, Class A		68,270		7,654,433
PPG Industries, Inc.		53,698		5,419,202
				50,344,363
Chemicals - Specialty — 0.1%
Albemarle Corp.#		23,346		2,182,151
International Flavors & Fragrances, Inc.		16,655		2,034,075
				4,216,226
Coatings/Paint — 0.1%
Sherwin-Williams Co.		17,454		6,619,429
Commercial Services — 0.3%
Cintas Corp.		18,201		3,317,132
Ecolab, Inc.		54,857		7,823,157
Nielsen Holdings PLC		70,741		2,134,256
Quanta Services, Inc.†		32,442		1,168,236
				14,442,781
Commercial Services - Finance — 1.3%
Automatic Data Processing, Inc.		93,535		12,161,421
Equifax, Inc.		25,338		2,887,518
Global Payments, Inc.		33,581		3,732,864
H&R Block, Inc.#		44,113		1,210,902
IHS Markit, Ltd.†		76,389		3,764,450
Moody’s Corp.		35,082		5,983,937
PayPal Holdings, Inc.†		238,053		19,537,010
S&P Global, Inc.		53,576		10,581,260
Total System Services, Inc.		34,895		2,972,705
Western Union Co.		96,916		1,927,659
				64,759,726
Computer Aided Design — 0.3%
ANSYS, Inc.†		17,698		2,881,234
Autodesk, Inc.†		46,479		6,000,439
Cadence Design Systems, Inc.†		59,689		2,533,798
Synopsys, Inc.†		31,383		2,763,901
				14,179,372
Computer Services — 1.2%
Accenture PLC, Class A		130,124		20,265,512
Cognizant Technology Solutions Corp., Class A		124,075		9,349,051
DXC Technology Co.		60,195		5,544,561
International Business Machines Corp.		180,771		25,544,750
				60,703,874
Computer Software — 0.1%
Akamai Technologies, Inc.†		35,879		2,704,559
Citrix Systems, Inc.†		27,293		2,882,687
				5,587,246

Security Description	Shares		Value (Note 2)
Computers — 4.3%
Apple, Inc.		1,070,678	$	200,077,598
Hewlett Packard Enterprise Co.		330,656		5,039,197
HP, Inc.		345,525		7,611,916
				212,728,711
Computers - Memory Devices — 0.3%
NetApp, Inc.		56,535		3,862,471
Seagate Technology PLC		60,102		3,386,748
Western Digital Corp.		62,789		5,243,509
				12,492,728
Consulting Services — 0.1%
Gartner, Inc.†#		19,167		2,544,227
Verisk Analytics, Inc.†		32,732		3,477,448
				6,021,675
Consumer Products - Misc. — 0.2%
Clorox Co.		27,306		3,299,384
Kimberly-Clark Corp.		74,003		7,463,202
				10,762,586
Containers - Metal/Glass — 0.1%
Ball Corp.#		73,866		2,729,349
Containers - Paper/Plastic — 0.1%
Packaging Corp. of America		19,909		2,339,307
Sealed Air Corp.#		35,318		1,538,452
WestRock Co.		53,829		3,169,452
				7,047,211
Cosmetics & Toiletries — 1.2%
Colgate-Palmolive Co.		184,705		11,653,038
Coty, Inc., Class A#		99,636		1,320,177
Estee Lauder Cos., Inc., Class A		47,384		7,081,065
Procter & Gamble Co.		531,962		38,923,660
				58,977,940
Cruise Lines — 0.2%
Carnival Corp.		85,665		5,335,216
Norwegian Cruise Line Holdings, Ltd.†		43,507		2,277,157
Royal Caribbean Cruises, Ltd.		36,083		3,787,993
				11,400,366
Data Processing/Management — 0.4%
Fidelity National Information Services, Inc.		69,883		7,143,440
Fiserv, Inc.†		87,194		6,330,285
Paychex, Inc.		67,455		4,423,699
				17,897,424
Decision Support Software — 0.1%
MSCI, Inc.		18,979		3,085,416
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		15,219		5,051,947
DENTSPLY SIRONA, Inc.		48,466		2,123,295
				7,175,242
Diagnostic Equipment — 0.6%
Danaher Corp.		129,532		12,859,937
Thermo Fisher Scientific, Inc.		84,781		17,657,339
				30,517,276
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		18,384		3,827,733
Dialysis Centers — 0.0%
DaVita, Inc.†		30,723		2,053,525

222

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale — 0.2%
Fastenal Co.		60,697	$	3,230,901
LKQ Corp.†		65,324		2,075,344
WW Grainger, Inc.#		10,773		3,328,749
				8,634,994
Diversified Banking Institutions — 4.1%
Bank of America Corp.		2,018,793		58,625,749
Citigroup, Inc.		542,315		36,166,987
Goldman Sachs Group, Inc.		74,549		16,839,128
JPMorgan Chase & Co.		724,185		77,495,037
Morgan Stanley		291,138		14,597,659
				203,724,560
Diversified Manufacturing Operations — 1.7%
3M Co.		125,658		24,783,527
A.O. Smith Corp.		30,695		1,935,934
Dover Corp.		32,585		2,515,888
Eaton Corp. PLC		92,888		7,113,363
General Electric Co.		1,832,128		25,796,362
Illinois Tool Works, Inc.		64,863		9,320,813
Ingersoll-Rand PLC		52,725		4,615,547
Parker-Hannifin Corp.		28,075		4,798,017
Pentair PLC		34,954		1,525,393
Textron, Inc.		55,237		3,677,679
				86,082,523
Drug Delivery Systems — 0.1%
Nektar Therapeutics†		33,557		2,693,620
E-Commerce/Products — 2.9%
Amazon.com, Inc.†		84,787		138,170,591
eBay, Inc.†		198,612		7,491,645
				145,662,236
E-Commerce/Services — 0.5%
Booking Holdings, Inc.†		10,291		21,702,896
Cars.com, Inc.†		1		26
Expedia Group, Inc.		25,817		3,124,631
TripAdvisor, Inc.†#		22,899		1,193,954
				26,021,507
Electric Products - Misc. — 0.3%
AMETEK, Inc.		48,814		3,564,886
Emerson Electric Co.		133,958		9,489,585
				13,054,471
Electric - Distribution — 0.2%
CenterPoint Energy, Inc.		90,951		2,376,550
PPL Corp.#		146,453		4,001,096
Sempra Energy		53,876		5,739,410
				12,117,056
Electric - Integrated — 2.4%
AES Corp.		139,372		1,776,993
Alliant Energy Corp.		48,819		2,022,083
Ameren Corp.		51,199		3,030,469
American Electric Power Co., Inc.		103,819		7,054,501
CMS Energy Corp.		59,594		2,749,071
Consolidated Edison, Inc.		65,498		5,025,662
Dominion Energy, Inc.		137,480		8,824,841
DTE Energy Co.		37,853		3,877,283
Duke Energy Corp.		147,728		11,398,692
Edison International		68,750		4,273,500
Entergy Corp.		38,145		3,086,312
Eversource Energy		66,867		3,816,768
Exelon Corp.		203,633		8,428,370

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
FirstEnergy Corp.#		94,334	$	3,246,976
NextEra Energy, Inc.		99,260		16,458,301
PG&E Corp.		108,665		4,708,454
Pinnacle West Capital Corp.		23,591		1,878,080
Public Service Enterprise Group, Inc.		106,512		5,643,006
SCANA Corp.		30,098		1,092,557
Southern Co.		212,734		9,551,757
WEC Energy Group, Inc.		66,584		4,204,780
Xcel Energy, Inc.		107,208		4,880,108
				117,028,564
Electronic Components - Misc. — 0.1%
Corning, Inc.		183,382		4,982,489
Garmin, Ltd.#		23,343		1,402,681
				6,385,170
Electronic Components - Semiconductors — 3.3%
Advanced Micro Devices, Inc.†#		173,820		2,386,548
Broadcom, Inc.		86,618		21,833,799
Intel Corp.		987,537		54,512,042
IPG Photonics Corp.†		7,985		1,926,541
Microchip Technology, Inc.#		49,449		4,815,344
Micron Technology, Inc.†		243,996		14,051,730
NVIDIA Corp.		127,662		32,195,080
Qorvo, Inc.†		26,692		2,142,033
Skyworks Solutions, Inc.		38,506		3,797,077
Texas Instruments, Inc.		207,591		23,231,509
Xilinx, Inc.		53,769		3,662,206
				164,553,909
Electronic Connectors — 0.3%
Amphenol Corp., Class A		64,461		5,603,595
TE Connectivity, Ltd.		74,109		6,898,065
				12,501,660
Electronic Forms — 0.5%
Adobe Systems, Inc.†		103,729		25,857,565
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.		68,097		4,216,566
FLIR Systems, Inc.		29,314		1,580,025
Fortive Corp.		64,626		4,697,664
				10,494,255
Electronic Security Devices — 0.0%
Allegion PLC		20,085		1,535,097
Engineering/R&D Services — 0.1%
Fluor Corp.		29,522		1,438,902
Jacobs Engineering Group, Inc.		25,410		1,646,568
				3,085,470
Engines - Internal Combustion — 0.1%
Cummins, Inc.		32,863		4,679,363
Enterprise Software/Service — 0.6%
CA, Inc.		65,982		2,358,197
Oracle Corp.		637,659		29,791,428
				32,149,625
Entertainment Software — 0.5%
Activision Blizzard, Inc.		160,081		11,351,344
Electronic Arts, Inc.†		64,723		8,472,888
Take-Two Interactive Software, Inc.†		24,139		2,705,499
				22,529,731
Finance - Consumer Loans — 0.1%
Navient Corp.		55,499		766,441

223

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Consumer Loans (continued)
Synchrony Financial		150,790	$	5,221,858
				5,988,299
Finance - Credit Card — 2.2%
Alliance Data Systems Corp.		10,182		2,146,569
American Express Co.		152,021		14,943,664
Discover Financial Services		74,858		5,529,012
Mastercard, Inc., Class A		194,796		37,034,616
Visa, Inc., Class A#		380,376		49,722,751
				109,376,612
Finance - Investment Banker/Broker — 0.4%
Charles Schwab Corp.		252,869		14,064,574
E*TRADE Financial Corp.†		56,200		3,560,270
Raymond James Financial, Inc.		27,347		2,640,626
				20,265,470
Finance - Other Services — 0.5%
CBOE Holdings, Inc.		23,782		2,320,172
CME Group, Inc.		71,825		11,700,292
Intercontinental Exchange, Inc.		122,871		8,710,325
Nasdaq, Inc.		24,602		2,259,940
				24,990,729
Food - Confectionery — 0.1%
Hershey Co.		29,726		2,676,529
J.M. Smucker Co.		23,968		2,576,560
				5,253,089
Food - Meat Products — 0.1%
Hormel Foods Corp.#		56,992		2,045,443
Tyson Foods, Inc., Class A		62,796		4,236,846
				6,282,289
Food - Misc./Diversified — 0.7%
Campbell Soup Co.#		40,596		1,365,649
Conagra Brands, Inc.		84,544		3,133,201
General Mills, Inc.		120,075		5,077,972
Kellogg Co.		52,529		3,382,342
Kraft Heinz Co.		126,027		7,244,032
McCormick & Co., Inc.		25,553		2,580,853
Mondelez International, Inc., Class A		313,844		12,324,654
				35,108,703
Food - Retail — 0.1%
Kroger Co.		185,978		4,524,845
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		101,321		6,588,905
Gas - Distribution — 0.0%
NiSource, Inc.		71,198		1,801,309
Gold Mining — 0.1%
Newmont Mining Corp.		112,570		4,382,350
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		18,051		1,146,238
Home Decoration Products — 0.1%
Newell Brands, Inc.#		102,383		2,414,191
Home Furnishings — 0.0%
Leggett & Platt, Inc.		27,904		1,152,435
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		59,751		4,822,503
Marriott International, Inc., Class A		63,356		8,575,868
Wyndham Worldwide Corp.		21,043		2,281,903
				15,680,274

Security Description	Shares		Value (Note 2)
Human Resources — 0.0%
Robert Half International, Inc.		26,221	$	1,669,753
Independent Power Producers — 0.0%
NRG Energy, Inc.		63,674		2,179,561
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		26,964		4,729,755
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		46,199		7,456,981
Praxair, Inc.		60,589		9,467,637
				16,924,618
Instruments - Controls — 0.5%
Honeywell International, Inc.		158,682		23,470,655
Mettler-Toledo International, Inc.†		5,375		2,960,227
				26,430,882
Instruments - Scientific — 0.1%
PerkinElmer, Inc.		23,318		1,733,227
Waters Corp.†		16,624		3,202,115
				4,935,342
Insurance Brokers — 0.5%
Aon PLC		51,947		7,265,827
Arthur J. Gallagher & Co.		38,283		2,537,397
Marsh & McLennan Cos., Inc.		107,114		8,608,752
Willis Towers Watson PLC		27,883		4,214,516
				22,626,492
Insurance - Life/Health — 0.5%
Aflac, Inc.		164,456		7,410,387
Brighthouse Financial, Inc.†		20,219		952,517
Lincoln National Corp.		46,055		3,052,986
Principal Financial Group, Inc.		56,843		3,171,839
Prudential Financial, Inc.		89,047		8,623,312
Torchmark Corp.		22,388		1,899,174
Unum Group		46,689		1,812,000
				26,922,215
Insurance - Multi-line — 1.0%
Allstate Corp.		74,795		6,991,837
American International Group, Inc.(1)		189,691		10,013,788
Assurant, Inc.		11,073		1,033,664
Chubb, Ltd.		97,929		12,798,341
Cincinnati Financial Corp.		31,489		2,184,392
Hartford Financial Services Group, Inc.		75,327		3,941,862
Loews Corp.		56,897		2,780,556
MetLife, Inc.		218,744		10,060,037
				49,804,477
Insurance - Property/Casualty — 1.9%
Berkshire Hathaway, Inc., Class B†		406,116		77,783,398
Progressive Corp.		122,872		7,629,122
Travelers Cos., Inc.		57,275		7,360,983
XL Group, Ltd.		54,212		3,013,103
				95,786,606
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		8,618		1,941,549
Internet Content - Entertainment — 2.6%
Facebook, Inc., Class A†		505,568		96,957,831
Netflix, Inc.†		91,568		32,195,309
				129,153,140
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		13,050		2,259,085

224

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Security — 0.1%
Symantec Corp.		130,824	$	2,718,523
Investment Companies — 0.0%
Jefferies Financial Group, Inc.		66,157		1,447,515
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.		11,499		1,831,331
Ameriprise Financial, Inc.		30,878		4,280,617
BlackRock, Inc.		26,114		13,950,882
Franklin Resources, Inc.		68,686		2,305,789
Invesco, Ltd.		85,913		2,347,143
T. Rowe Price Group, Inc.		51,613		6,266,851
				30,982,613
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.#		8,896		1,051,952
Machinery - Construction & Mining — 0.4%
Caterpillar, Inc.		126,106		19,156,762
Machinery - Farming — 0.2%
Deere & Co.		68,323		10,214,972
Machinery - General Industrial — 0.1%
Roper Technologies, Inc.		21,698		5,984,091
Machinery - Pumps — 0.1%
Flowserve Corp.#		27,600		1,140,984
Xylem, Inc.		37,960		2,672,384
				3,813,368
Medical Information Systems — 0.1%
Cerner Corp.†		66,673		3,979,045
Medical Instruments — 1.0%
Boston Scientific Corp.†		290,123		8,816,838
Edwards Lifesciences Corp.†		44,318		6,085,305
Intuitive Surgical, Inc.†		23,696		10,892,340
Medtronic PLC		285,976		24,685,448
				50,479,931
Medical Labs & Testing Services — 0.2%
IQVIA Holdings, Inc.†		30,760		3,043,087
Laboratory Corp. of America Holdings†		21,502		3,883,046
Quest Diagnostics, Inc.		28,621		3,048,995
				9,975,128
Medical Products — 1.4%
Abbott Laboratories		367,288		22,599,231
Baxter International, Inc.		104,858		7,428,141
Becton Dickinson and Co.		56,180		12,448,926
Cooper Cos., Inc.		10,344		2,340,951
Henry Schein, Inc.†#		32,431		2,244,225
Hologic, Inc.†		58,351		2,210,919
Stryker Corp.		67,986		11,830,924
Varian Medical Systems, Inc.†		19,265		2,270,765
Zimmer Biomet Holdings, Inc.		42,866		4,779,988
				68,154,070
Medical - Biomedical/Gene — 2.0%
Alexion Pharmaceuticals, Inc.†		46,777		5,432,213
Amgen, Inc.		141,054		25,336,120
Biogen, Inc.†		44,642		13,122,962
Celgene Corp.†		158,718		12,487,932
Gilead Sciences, Inc.		276,419		18,630,641
Illumina, Inc.†		31,019		8,450,816
Incyte Corp.†		37,071		2,530,837
Regeneron Pharmaceuticals, Inc.†		16,295		4,893,715
Vertex Pharmaceuticals, Inc.†		53,574		8,250,396
				99,135,632

Security Description	Shares		Value (Note 2)
Medical - Drugs — 4.7%
AbbVie, Inc.		336,373	$	33,280,745
Allergan PLC		69,702		10,511,062
Bristol-Myers Squibb Co.		344,495		18,127,327
Eli Lilly & Co.		203,442		17,300,708
Johnson & Johnson		566,125		67,719,872
Merck & Co., Inc.		568,929		33,868,343
Pfizer, Inc.		1,256,126		45,132,607
Zoetis, Inc.		102,824		8,606,369
				234,547,033
Medical - Generic Drugs — 0.1%
Mylan NV†		108,625		4,177,718
Perrigo Co. PLC#		27,639		2,022,069
				6,199,787
Medical - HMO — 1.9%
Aetna, Inc.		68,989		12,151,033
Anthem, Inc.		53,960		11,947,823
Centene Corp.†		41,710		4,886,744
Cigna Corp.		51,250		8,680,212
Humana, Inc.		29,053		8,453,842
UnitedHealth Group, Inc.		204,189		49,313,685
				95,433,339
Medical - Hospitals — 0.2%
Envision Healthcare Corp.†#		25,530		1,094,727
HCA Healthcare, Inc.		59,067		6,092,170
Universal Health Services, Inc., Class B		18,356		2,110,573
				9,297,470
Medical - Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		34,301		2,817,484
Cardinal Health, Inc.		66,407		3,459,141
McKesson Corp.		43,540		6,180,067
				12,456,692
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		284,127		4,801,746
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		35,537		1,459,860
Multimedia — 1.2%
Time Warner, Inc.		164,558		15,494,781
Twenty-First Century Fox, Inc., Class A		222,409		8,573,867
Twenty-First Century Fox, Inc., Class B		92,674		3,537,367
Viacom, Inc., Class B		74,468		2,018,083
Walt Disney Co.		317,294		31,561,234
				61,185,332
Networking Products — 0.9%
Cisco Systems, Inc.		1,016,554		43,417,021
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		47,525		3,204,611
Waste Management, Inc.		84,190		6,963,355
				10,167,966
Office Automation & Equipment — 0.0%
Xerox Corp.		45,141		1,226,932
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		18,554		1,948,727
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		22,972		1,524,881
Oil Companies - Exploration & Production — 1.8%
Anadarko Petroleum Corp.		108,740		7,590,052

225

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Apache Corp.#		80,490	$	3,219,600
Cabot Oil & Gas Corp.		97,231		2,221,728
Cimarex Energy Co.		20,139		1,871,316
Concho Resources, Inc.†		31,455		4,319,086
ConocoPhillips		247,850		16,702,612
Devon Energy Corp.		111,013		4,614,810
EOG Resources, Inc.		122,099		14,384,483
EQT Corp.		51,662		2,662,659
Hess Corp.		56,508		3,414,213
Marathon Oil Corp.		179,289		3,842,163
Newfield Exploration Co.†		42,144		1,232,291
Noble Energy, Inc.		103,858		3,707,731
Occidental Petroleum Corp.		161,456		13,594,595
Pioneer Natural Resources Co.		35,936		6,939,242
Range Resources Corp.#		47,725		755,964
				91,072,545
Oil Companies - Integrated — 2.5%
Chevron Corp.		403,086		50,103,590
Exxon Mobil Corp.		894,114		72,637,821
				122,741,411
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		80,193		3,321,594
Oil Refining & Marketing — 0.7%
Andeavor		29,851		4,311,380
Marathon Petroleum Corp.		100,102		7,911,061
Phillips 66		88,593		10,320,199
Valero Energy Corp.		91,405		11,078,286
				33,620,926
Oil - Field Services — 0.7%
Baker Hughes a GE Co., LLC		89,170		3,084,390
Halliburton Co.		184,117		9,157,980
Schlumberger, Ltd.		292,027		20,053,494
TechnipFMC PLC		92,517		2,881,904
				35,177,768
Paper & Related Products — 0.1%
International Paper Co.		87,136		4,661,776
Pharmacy Services — 0.5%
CVS Health Corp.		214,079		13,570,468
Express Scripts Holding Co.†		119,084		9,027,758
				22,598,226
Pipelines — 0.3%
Kinder Morgan, Inc.		400,336		6,677,605
ONEOK, Inc.		86,649		5,905,996
Williams Cos., Inc.		174,576		4,689,111
				17,272,712
Publishing - Newspapers — 0.0%
News Corp., Class A		80,816		1,214,665
News Corp., Class B		25,696		397,003
				1,611,668
Real Estate Investment Trusts — 2.6%
Alexandria Real Estate Equities, Inc.		21,363		2,668,666
American Tower Corp.		93,025		12,871,869
Apartment Investment & Management Co., Class A		33,199		1,355,515
AvalonBay Communities, Inc.		29,137		4,823,339
Boston Properties, Inc.		32,568		3,965,805
Crown Castle International Corp.		87,501		9,113,229
Digital Realty Trust, Inc.		43,351		4,659,366
Duke Realty Corp.		75,329		2,118,252

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Equinix, Inc.		16,718	$	6,634,538
Equity Residential		77,688		4,971,255
Essex Property Trust, Inc.		13,935		3,330,883
Extra Space Storage, Inc.		26,596		2,559,865
Federal Realty Investment Trust		15,445		1,836,256
GGP, Inc.		133,282		2,702,959
HCP, Inc.		99,058		2,374,420
Host Hotels & Resorts, Inc.		154,906		3,350,617
Iron Mountain, Inc.		59,387		1,976,993
Kimco Realty Corp.		89,776		1,387,937
Macerich Co.#		22,886		1,273,148
Mid-America Apartment Communities, Inc.		23,977		2,243,288
Prologis, Inc.		112,481		7,238,152
Public Storage		31,615		6,697,322
Realty Income Corp.#		59,973		3,196,561
Regency Centers Corp.		31,354		1,821,040
SBA Communications Corp.†		24,585		3,886,151
Simon Property Group, Inc.		65,660		10,520,045
SL Green Realty Corp.#		19,060		1,858,731
UDR, Inc.		56,585		2,063,655
Ventas, Inc.		75,160		4,108,246
Vornado Realty Trust		36,481		2,543,091
Welltower, Inc.		78,150		4,505,348
Weyerhaeuser Co.		159,361		5,948,946
				130,605,488
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		63,760		2,945,074
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		17,833		2,845,612
Respiratory Products — 0.1%
ResMed, Inc.		30,159		3,100,647
Retail - Apparel/Shoe — 0.3%
Foot Locker, Inc.		25,576		1,380,337
Gap, Inc.		45,967		1,286,157
L Brands, Inc.		51,818		1,757,148
Ross Stores, Inc.		80,637		6,360,646
Tapestry, Inc.		60,114		2,628,184
				13,412,472
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		15,610		2,007,758
AutoZone, Inc.†		5,750		3,733,590
Genuine Parts Co.		30,963		2,811,131
O’Reilly Automotive, Inc.†		17,656		4,756,703
				13,309,182
Retail - Automobile — 0.1%
CarMax, Inc.†#		38,161		2,630,056
Retail - Building Products — 1.3%
Home Depot, Inc.		246,409		45,967,599
Lowe’s Cos., Inc.		175,132		16,639,291
				62,606,890
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		53,665		3,662,636
Retail - Discount — 1.2%
Costco Wholesale Corp.		92,657		18,368,324
Dollar General Corp.		54,438		4,762,236
Dollar Tree, Inc.†		50,030		4,131,978
Target Corp.		114,700		8,360,483
Walmart, Inc.		306,298		25,281,837
				60,904,858

226

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		179,777	$	11,216,287
Retail - Gardening Products — 0.0%
Tractor Supply Co.		26,401		1,961,858
Retail - Jewelry — 0.1%
Tiffany & Co.		21,504		2,812,293
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.		24,667		1,209,423
TJX Cos., Inc.		133,424		12,050,856
				13,260,279
Retail - Perfume & Cosmetics — 0.1%
ULTA Beauty, Inc.†		12,227		3,018,969
Retail - Regional Department Stores — 0.1%
Kohl’s Corp.#		35,451		2,366,354
Macy’s, Inc.		64,316		2,245,272
				4,611,626
Retail - Restaurants — 1.1%
Chipotle Mexican Grill, Inc.†		5,186		2,230,914
Darden Restaurants, Inc.		26,067		2,278,517
McDonald’s Corp.		168,216		26,916,242
Starbucks Corp.		296,538		16,804,808
Yum! Brands, Inc.		70,164		5,706,438
				53,936,919
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.		50,713		1,238,919
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		73,245		1,348,440
Semiconductor Components - Integrated Circuits — 0.5%
Analog Devices, Inc.		78,033		7,583,247
QUALCOMM, Inc.		312,374		18,155,177
				25,738,424
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		221,708		11,258,332
KLA-Tencor Corp.		33,049		3,742,138
Lam Research Corp.		34,385		6,814,420
				21,814,890
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		9,582		2,118,293
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		51,475		2,416,751
Steel - Producers — 0.1%
Nucor Corp.		67,084		4,306,122
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		72,537		1,932,386
Telephone - Integrated — 1.8%
AT&T, Inc.		1,295,614		41,874,244
CenturyLink, Inc.		205,271		3,740,038
Verizon Communications, Inc.		871,050		41,522,954
				87,137,236
Television — 0.1%
CBS Corp., Class B		72,830		3,668,447
Textile - Home Furnishings — 0.1%
Mohawk Industries, Inc.†		13,349		2,723,730
Tobacco — 1.0%
Altria Group, Inc.		401,018		22,352,744

Security Description	Shares/ Principal Amount		Value (Note 2)
Tobacco (continued)
Philip Morris International, Inc.		327,732	$	26,067,803
				48,420,547
Tools - Hand Held — 0.1%
Snap-on, Inc.		11,969		1,769,258
Stanley Black & Decker, Inc.		32,359		4,505,667
				6,274,925
Toys — 0.1%
Hasbro, Inc.		23,845		2,068,554
Mattel, Inc.#		72,572		1,126,317
				3,194,871
Transport - Rail — 1.0%
CSX Corp.		187,218		12,103,644
Kansas City Southern		21,746		2,330,084
Norfolk Southern Corp.		59,961		9,093,086
Union Pacific Corp.		166,102		23,712,721
				47,239,535
Transport - Services — 0.7%
C.H. Robinson Worldwide, Inc.		29,489		2,565,543
Expeditors International of Washington, Inc.		37,252		2,774,529
FedEx Corp.		52,006		12,955,735
United Parcel Service, Inc., Class B		145,229		16,863,991
				35,159,798
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc.		18,064		2,313,998
Water — 0.1%
American Water Works Co., Inc.		37,677		3,132,466
Web Hosting/Design — 0.1%
VeriSign, Inc.†		20,225		2,638,149
Web Portals/ISP — 2.8%
Alphabet, Inc., Class A†		62,986		69,284,600
Alphabet, Inc., Class C†		64,225		69,683,483
				138,968,083
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		34,184		3,669,311
Total Long-Term Investment Securities
(cost $2,235,471,019)				4,864,989,045
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(2)(3)		4,199,226		4,199,226
U.S. Government Treasuries — 0.1%
United States Treasury Bills
1.74% due 06/14/2018(4)	$	1,200,000		1,199,316
1.80% due 08/02/2018(4)		50,000		49,841
1.80% due 07/05/2018(4)		1,700,000		1,697,186
1.82% due 08/23/2018(4)		500,000		497,857
1.86% due 08/16/2018(4)		700,000		697,251
				4,141,451
Total Short-Term Investment Securities
(cost $8,340,593)				8,340,677

227

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $60,475,470 collateralized by $67,435,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $61,686,975 (cost $60,475,000)	$	60,475,000		$	60,475,000
TOTAL INVESTMENTS
(cost $2,304,286,612)(5)		99.5	%		4,933,804,722
Other assets less liabilities		0.5			24,697,932
NET ASSETS		100.0	%	$	4,958,502,654

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

† Non-income producing security

(1) Security represents an investment in an affiliated company (see Note 3).

(2) At May 31, 2018, the Fund had loaned securities with a total value of $98,906,520. This was secured by collateral of $4,199,226, which was received in cash and subsequently invested in short-term investments currently valued at $4,199,226 as reported in the Portfolio of Investments. Additional collateral of $97,519,766 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	10,282,526
Federal National Mtg. Assoc.	3.50% to 4.00%	11/01/2047 to 05/01/2048		4,163,721
Government National Mtg. Assoc.	2.50%	09/20/2046 to 11/20/2046		2,737,750
United States Treasury Bills	0.00%	06/07/2018 to 11/08/2018		2,643,564
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		77,692,205

(3) The rate shown is the 7-day yield as of May 31, 2018.

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	546	Long	S&P 500 E-Mini Index		June 2018	$	74,307,508	$	73,860,150	$	(447,358	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (See Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	4,864,989,045		$	—	$	—	$	4,864,989,045
Short-Term Investment Securities:
Registered Investment Companies		4,199,226			—		—		4,199,226
U.S. Government Treasuries		—			4,141,451		—		4,141,451
Repurchase Agreements		—			60,475,000		—		60,475,000
Total Investments at Value	$	4,869,188,271		$	64,616,451	$	—	$	4,933,804,722
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	447,358		$	—	$	—	$	447,358

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

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

228

VALIC Company I Value Fund

PORTFOLIO PROFILE — May 31, 2018 (unaudited)

Industry Allocation*

Diversified Banking Institutions	10.3	%
Medical — Drugs	8.0
Oil Companies — Exploration & Production	6.3
Banks — Super Regional	5.0
Oil Companies — Integrated	4.2
Electric — Integrated	3.4
Semiconductor Components — Integrated Circuits	3.1
Diversified Manufacturing Operations	3.1
Networking Products	2.9
Electronic Components — Semiconductors	2.6
Repurchase Agreements	2.5
Investment Management/Advisor Services	2.5
Insurance — Multi-line	2.4
Tobacco	2.1
Real Estate Investment Trusts	2.0
Aerospace/Defense — Equipment	1.8
Medical Instruments	1.7
Transport — Rail	1.6
Chemicals — Diversified	1.5
Medical — HMO	1.5
Telephone — Integrated	1.5
Hotels/Motels	1.5
Oil — Field Services	1.4
Banks — Commercial	1.4
Computers — Memory Devices	1.3
Food — Misc./Diversified	1.3
Machinery — Construction & Mining	1.3
Paper & Related Products	1.3
Finance — Other Services	1.3
Insurance Brokers	1.2
Retail — Major Department Stores	1.2
Building & Construction Products — Misc.	1.1
Food — Wholesale/Distribution	1.1
Retail — Building Products	1.1
Cable/Satellite TV	1.1
Applications Software	1.1
Electronic Components — Misc.	1.1
Wireless Equipment	1.0
Medical Products	0.9
Building — Residential/Commercial	0.9
Retail — Catalog Shopping	0.9
Cosmetics & Toiletries	0.9
Computer Services	0.9
Cruise Lines	0.8
Insurance — Life/Health	0.7
Television	0.7
Home Decoration Products	0.6
Multimedia	0.6
Retail — Apparel/Shoe	0.6
Transport — Truck	0.3
	99.6	%

* Calculated as a percentage of net assets

229

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Aerospace/Defense - Equipment — 1.8%
Triumph Group, Inc.#		16,700	$	354,040
United Technologies Corp.		14,200		1,772,444
				2,126,484
Applications Software — 1.1%
Microsoft Corp.		12,904		1,275,431
Banks - Commercial — 1.4%
M&T Bank Corp.		9,320		1,603,786
Banks - Super Regional — 5.0%
PNC Financial Services Group, Inc.		20,293		2,910,219
Wells Fargo & Co.		52,756		2,848,297
				5,758,516
Building & Construction Products - Misc. — 1.1%
Fortune Brands Home & Security, Inc.		23,260		1,306,514
Building - Residential/Commercial — 0.9%
PulteGroup, Inc.		35,170		1,063,893
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		41,158		1,283,306
Chemicals - Diversified — 1.5%
DowDuPont, Inc.		27,603		1,769,628
Computer Services — 0.9%
Cognizant Technology Solutions Corp., Class A		13,110		987,839
Computers - Memory Devices — 1.3%
NetApp, Inc.		22,480		1,535,834
Cosmetics & Toiletries — 0.9%
Unilever NV		17,810		993,264
Cruise Lines — 0.8%
Norwegian Cruise Line Holdings, Ltd.†		18,180		951,541
Diversified Banking Institutions — 10.3%
Bank of America Corp.		85,420		2,480,597
Citigroup, Inc.		45,410		3,028,393
Goldman Sachs Group, Inc.		5,732		1,294,744
JPMorgan Chase & Co.		47,637		5,097,635
				11,901,369
Diversified Manufacturing Operations — 3.1%
Eaton Corp. PLC		23,905		1,830,645
Ingersoll-Rand PLC		19,414		1,699,502
				3,530,147
Electric - Integrated — 3.4%
Dominion Energy, Inc.		8,860		568,723
Edison International		17,374		1,079,968
Eversource Energy		23,674		1,351,312
NextEra Energy, Inc.		5,245		869,674
				3,869,677
Electronic Components - Misc. — 1.1%
Koninklijke Philips NV		30,419		1,242,008
Electronic Components - Semiconductors — 2.6%
Intel Corp.		55,182		3,046,046
Finance - Other Services — 1.3%
Nasdaq, Inc.		16,050		1,474,353
Food - Misc./Diversified — 1.3%
Kraft Heinz Co.#		9,881		567,960
Mondelez International, Inc., Class A		24,640		967,613
				1,535,573

Security Description	Shares		Value (Note 2)
Food - Wholesale/Distribution — 1.1%
US Foods Holding Corp.†		36,270	$	1,294,114
Home Decoration Products — 0.6%
Newell Brands, Inc.#		28,290		667,078
Hotels/Motels — 1.5%
Hilton Worldwide Holdings, Inc.		21,169		1,708,550
Insurance Brokers — 1.2%
Marsh & McLennan Cos., Inc.		17,765		1,427,773
Insurance - Life/Health — 0.7%
Principal Financial Group, Inc.		14,939		833,596
Insurance - Multi-line — 2.4%
Chubb, Ltd.		12,344		1,613,237
MetLife, Inc.		24,160		1,111,119
				2,724,356
Investment Management/Advisor Services — 2.5%
BlackRock, Inc.		2,948		1,574,910
Invesco, Ltd.		46,210		1,262,457
				2,837,367
Machinery - Construction & Mining — 1.3%
Caterpillar, Inc.		9,850		1,496,314
Medical Instruments — 1.7%
Medtronic PLC		22,495		1,941,768
Medical Products — 0.9%
Zimmer Biomet Holdings, Inc.		9,720		1,083,877
Medical - Drugs — 8.0%
Allergan PLC		7,660		1,155,128
AstraZeneca PLC ADR#		35,330		1,308,270
Bristol-Myers Squibb Co.		26,100		1,373,382
Eli Lilly & Co.		16,420		1,396,357
Merck & Co., Inc.		41,438		2,466,804
Roche Holding AG		6,910		1,482,074
				9,182,015
Medical - HMO — 1.5%
UnitedHealth Group, Inc.		7,325		1,769,061
Multimedia — 0.6%
Viacom, Inc., Class B		24,170		655,007
Networking Products — 2.9%
Cisco Systems, Inc.		79,599		3,399,673
Oil Companies - Exploration & Production — 6.3%
Canadian Natural Resources, Ltd.		45,590		1,575,590
EOG Resources, Inc.		16,150		1,902,631
Marathon Oil Corp.		78,378		1,679,641
Occidental Petroleum Corp.		10,110		851,262
Pioneer Natural Resources Co.		6,450		1,245,495
				7,254,619
Oil Companies - Integrated — 4.2%
Chevron Corp.		27,201		3,381,085
Exxon Mobil Corp.		18,647		1,514,882
				4,895,967
Oil - Field Services — 1.4%
Halliburton Co.		32,830		1,632,964
Paper & Related Products — 1.3%
International Paper Co.		27,615		1,477,403
Real Estate Investment Trusts — 2.0%
Brixmor Property Group, Inc.		40,240		639,011

230

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Park Hotels & Resorts, Inc.#		50,329	$	1,621,601
				2,260,612
Retail - Apparel/Shoe — 0.6%
L Brands, Inc.		18,850		639,204
Retail - Building Products — 1.1%
Home Depot, Inc.		6,924		1,291,672
Retail - Catalog Shopping — 0.9%
Qurate Retail Group, Inc., Class A†		51,780		1,052,687
Retail - Major Department Stores — 1.2%
TJX Cos., Inc.		15,460		1,396,347
Semiconductor Components - Integrated Circuits — 3.1%
Analog Devices, Inc.		8,809		856,058
Maxim Integrated Products, Inc.		21,515		1,261,855
QUALCOMM, Inc.		26,090		1,516,351
				3,634,264
Telephone - Integrated — 1.5%
Verizon Communications, Inc.		36,755		1,752,111
Television — 0.7%
CBS Corp., Class B		16,275		819,772
Tobacco — 2.1%
British American Tobacco PLC		16,875		868,090
Philip Morris International, Inc.		20,270		1,612,276
				2,480,366
Transport - Rail — 1.6%
Union Pacific Corp.		12,670		1,808,769
Transport - Truck — 0.3%
Schneider National, Inc., Class B#		11,428		336,897
Wireless Equipment — 1.0%
Nokia OYJ ADR#		193,690		1,121,465
Total Long-Term Investment Securities
(cost $84,246,379)				112,130,877

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) (cost $29,408)		29,408		$	29,408
REPURCHASE AGREEMENTS — 2.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,887,022 and collateralized by $3,080,000 of United States Treasury Notes, bearing interest at 2.25%, due 08/15/2027 and having an approximate value of $2,948,786 (cost $2,887,000)	$	2,887,000			2,887,000
TOTAL INVESTMENTS
(cost $87,162,787)(3)		99.6	%		115,047,285
Other assets less liabilities		0.4			426,445
NET ASSETS		100.0	%	$	115,473,730

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

† Non-income producing security

(1) At May 31, 2018, the Fund had loaned securities with a total value of $6,030,288. This was secured by collateral of $29,408, which was received in cash and subsequently invested in short-term investments currently valued at $29,408 as reported in the Portfolio of Investments. Additional collateral of $6,311,238 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2018
United States Treasury Bills	0.00%	06/21/2018 to 11/08/2018	$	793,277
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2018 to 02/15/2048		5,517,961

(2) The rate shown is the 7-day yield as of May 31, 2018.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	108,538,705	$	3,592,172	**	$	—	$	112,130,877
Short-Term Investment Securities		29,408		—			—		29,408
Repurchase Agreements		—		2,887,000			—		2,887,000
Total Investments at Value	$	108,568,113	$	6,479,172		$	—	$	115,047,285

* 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 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $2,350,165 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

231

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND		DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	170,700,465		$	782,580,350		$	59,664,173		$	256,868,394		$	251,461,360	$	885,685,918		$	46,407,951
Investment securities, at value (affiliated)*†		–			–			–			–			–		–			199,213,447
Repurchase agreements (cost approximates value)		–			–			–			–			–		2,580,000			–
Cash		1			–			931			–			23,719		17,062			–
Foreign cash*		176,686			–			–			–			–		34,265			–
Cash collateral for futures contracts		–			–			–			–			–		–			–
Cash collateral for centrally cleared swap contracts		–			–			–			–			–		–			–
Due from broker		860,000			–			–			–			–		–			–
Receivable for:
Fund shares sold		297			331,747			10,949			36,364			311		634,717			6,087
Dividends and interest		471,922			577,573			115,506			1,370,770			538,559		2,373,851			201,323
Investments sold		–			4,149,210			306,995			1,159,973			1,647,164		1,560,318			103,417
Investments sold on an extended settlement basis		461,417			–			–			–			–		–			2,972,172
Receipts on swap contracts		–			–			–			–			–		–			–
Securites lending income		6,703			10,689			1,023			2,011			466		17,317			–
Prepaid expenses and other assets		28,588			20,518			7,799			17,642			23,666		21,405			8,935
Due from investment adviser for expense reimbursements/fee waivers		–			–			3,575			–			38,830		–			1,568
Variation margin on futures contracts		156,874			–			–			–			–		–			–
Unrealized appreciation on forward foreign currency contracts		89,875			–			–			–			–		–			–
Unrealized appreciation on swap contracts		–			–			–			–			–		–			–
TOTAL ASSETS		172,952,828			787,670,087			60,110,951			259,455,154			253,734,075		892,924,853			248,914,900
LIABILITIES:
Payable for:
Fund shares reacquired		383,731			4,758,000			33,460			99,757			210,488		525,414			135,302
Investments purchased		–			2,039,233			297,319			203,444			290,674		1,668,148			–
Investments purchased on an extended settlement basis		480,722			–			–			278,972			–		–			3,095,244
Payments on swap contracts		–			–			–			–			–		–			–
Accrued foreign tax on capital gains		–			–			–			–			–		–			–
Investment advisory and management fees		71,450			478,503			35,904			107,380			172,401		530,716			52,120
Administrative service fee		9,588			44,341			3,441			14,429			14,473		50,389			2,521
Transfer agent fees and expenses		187			624			251			438			187		437			125
Directors’ fees and expenses		7,442			15,382			1,154			7,003			17,617		16,480			3,040
Other accrued expenses		114,821			103,402			53,164			82,150			67,722		109,348			67,279
Variation margin on futures contracts		27,655			–			–			–			–		–			657,133
Collateral upon return of securities loaned		5,301,092			328,350			154,712			3,577,298			–		5,843,635			–
Due to custodian		–			566,253			–			–			–		–			41,948
Due to broker		97,307			–			–			–			–		–			778,095
Call and put options written, at value@		–			–			–			–			–		–			250,108
Unrealized depreciation on forward foreign currency contracts		793,474			–			–			–			–		–			–
Unrealized depreciation on swap contracts		–			–			–			–			–		–			–
TOTAL LIABILITIES		7,287,469			8,334,088			579,405			4,370,871			773,562		8,744,567			5,082,915
NET ASSETS	$	165,665,359		$	779,335,999		$	59,531,546		$	255,084,283		$	252,960,513	$	884,180,286		$	243,831,985
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	146,241		$	373,968		$	37,418		$	267,288		$	109,109	$	713,480		$	199,832
Additional paid-in capital		147,990,652			327,566,649			40,967,338			255,596,387			168,215,770		721,665,987			216,502,204
Accumulated undistributed net investment income (loss)		2,454,469			(252,978	)		723,659			5,706,003			2,752,068		16,814,640			2,736,239
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions		10,832,600			90,696,853			4,103,732			(1,534,130	)		28,224,188		92,132,659			7,650,019
Unrealized appreciation (depreciation) on investments		4,471,190			360,951,479			13,699,438			(4,951,265	)		53,659,378		52,856,780			17,206,128
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		391,561			–			–			–			–		–			(462,437	)
Unrealized foreign exchange gain (loss) on other assets and liabilities		(621,354	)		28			(39	)		–			–		(3,260	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–		–			–
NET ASSETS	$	165,665,359		$	779,335,999		$	59,531,546		$	255,084,283		$	252,960,513	$	884,180,286		$	243,831,985
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000			1,000,000,000
Outstanding		14,624,066			37,396,838			3,741,809			26,728,791			10,910,870		71,347,996			19,983,240
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.33		$	20.84		$	15.91		$	9.54		$	23.18	$	12.39		$	12.20
*Cost
Investment securities (unaffiliated)	$	166,229,275		$	421,628,871		$	45,964,735		$	261,819,659		$	197,801,982	$	832,829,138		$	47,657,221
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–	$	–		$	180,758,049
Foreign cash	$	91,538		$	–		$	–		$	–		$	–	$	34,197		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–	$	–		$	386,878
† Including securities on loan	$	10,790,906		$	36,089,358		$	4,822,472		$	10,232,245		$	4,190,624	$	56,887,045		$	–

See Notes to Financial Statements

232

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (continued)

	EMERGING ECONOMIES FUND			FOREIGN VALUE FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	841,069,480		$	903,588,485		$	365,601,317		$	416,014,856		$	393,956,542		$	312,145,422		$	117,509,900
Investment securities, at value (affiliated)*†		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			11,071,000			–			126,000			4,206,000
Cash		868,976			977			324			1,384			45,727			533			306
Foreign cash*		4,324,910			401,115			454,686			2,279,130			1,480,164			–			–
Cash collateral for futures contracts		–			–			–			–			–			–			–
Cash collateral for centrally cleared swap contracts		–			–			–			–			1,572,698			–			–
Due from broker		–			–			–			–			–			–			–
Receivable for:
Fund shares sold		273,929			33,153			117,994			950			2,299			29,780			315
Dividends and interest		1,207,904			4,716,117			1,104,821			1,332,269			2,481,712			147,382			431,828
Investments sold		12,814,648			1,209,588			498,311			50,490			–			–			–
Investments sold on an extended settlement basis		655,384			2,686,632			4,432,975			238,044			–			–			–
Receipts on swap contracts		–			–			–			–			146,836			–			–
Securites lending income		25,491			60,852			12,576			1,611			24,846			–			268
Prepaid expenses and other assets		21,129			32,662			14,794			25,098			20,521			34,181			29,254
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			–			–			–
Variation margin on futures contracts		–			–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			2,499,762			–			–
Unrealized appreciation on swap contracts		–			–			–			–			1,063,544			–			–
TOTAL ASSETS		861,261,851			912,729,581			372,237,798			431,014,832			403,294,651			312,483,298			122,177,871
LIABILITIES:
Payable for:
Fund shares reacquired		1,616,799			1,352,353			427,162			1,386,720			194,714			521,163			269,984
Investments purchased		18,951,829			1,192,189			2,954,227			–			43,648			–			–
Investments purchased on an extended settlement basis		2,650,289			2,026,394			5,174,238			147,880			–			–			–
Payments on swap contracts		–			–			–			–			201,293			–			–
Accrued foreign tax on capital gains		1,134,029			84,383			–			–			77,603			–			–
Investment advisory and management fees		535,463			508,394			226,384			184,211			168,084			106,283			51,274
Administrative service fee		47,589			50,750			20,681			24,718			22,554			17,827			6,880
Transfer agent fees and expenses		204			501			438			375			187			738			779
Directors’ fees and expenses		15,305			26,648			8,317			17,037			13,711			24,867			6,586
Other accrued expenses		319,286			207,452			92,762			94,776			153,679			104,293			67,156
Variation margin on futures contracts		–			–			–			129,880			–			–			–
Collateral upon return of securities loaned		18,758,752			37,864,074			110,500			573,385			12,404,396			–			350,485
Due to custodian		–			–			–			–			–			–			–
Due to broker		–			–			–			3,867			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			314,312			–			–
Unrealized depreciation on swap contracts		–			–			–			–			62,964			–			–
TOTAL LIABILITIES		44,029,545			43,313,138			9,014,709			2,562,849			13,657,145			775,171			753,144
NET ASSETS	$	817,232,306		$	869,416,443		$	363,223,089		$	428,451,983		$	389,637,506		$	311,708,127		$	121,424,727
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	918,755		$	815,044		$	473,134		$	163,308		$	324,209		$	3,117,229		$	118,900
Additional paid-in capital		703,492,108			802,735,213			339,705,353			331,177,204			332,565,467			308,604,525			123,450,306
Accumulated undistributed net investment income (loss)		12,631,070			17,095,451			7,590,684			4,725,034			3,015,978			3,467			3,151,564
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions		(39,848,092	)		(23,008,048	)		(4,567,332	)		88,144			25,661,799			(17,094	)		(3,003,481	)
Unrealized appreciation (depreciation) on investments		141,161,876			71,898,877			20,037,120			92,533,274			25,076,230			–			(2,292,562	)
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		–			–			–			(175,051	)		1,000,580			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		10,618			(35,711	)		(15,870	)		(59,930	)		2,070,846			–			–
Accrued capital gains tax on unrealized appreciation (depreciation)		(1,134,029	)		(84,383	)		–			–			(77,603	)		–			–
NET ASSETS	$	817,232,306		$	869,416,443		$	363,223,089		$	428,451,983		$	389,637,506		$	311,708,127		$	121,424,727
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		91,875,495			81,504,400			47,313,441			16,330,752			32,420,915			311,722,893			11,890,009
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	8.89		$	10.67		$	7.68		$	26.24		$	12.02		$	1.00		$	10.21
*Cost
Investment securities (unaffiliated)	$	699,907,604		$	831,689,608		$	345,564,197		$	323,481,582		$	368,880,312		$	312,145,422		$	119,802,462
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	4,329,011		$	400,882		$	455,264		$	2,331,652		$	1,549,904		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–
† Including securities on loan	$	86,453,286		$	55,055,412		$	14,081,864		$	12,418,282		$	22,837,046		$	–		$	2,176,283

See Notes to Financial Statements

233

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (continued)

	GROWTH FUND			GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	1,213,788,279		$	128,182,408		$	788,126,587		$	603,782,380		$	1,332,580,079		$	219,815,076		$	474,915,545
Investment securities, at value (affiliated)*†		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			–			5,430,000			–			–
Cash		5,191,781			111			2,767			6,186			753			32			30,913,120
Foreign cash*		52,834			–			106,147			65,254			4,468,493			623,867			358,067
Cash collateral for futures contracts		–			105,000			–			–			–			–			–
Cash collateral for centrally cleared swap contracts		–			–			–			–			–			–			–
Due from broker		–			–			–			–			–			–			–
Receivable for:
Fund shares sold		498,942			35,036			29,025			200,916			6,071,116			113,546			7,282
Dividends and interest		1,611,334			235,718			376,037			2,099,857			7,283,107			2,367,683			1,814,829
Investments sold		1,316,573			2,942,595			2,086,948			7,644,053			92,879			3,984,712			–
Investments sold on an extended settlement basis		184,041			–			–			–			1,138,155			1,398,193			–
Receipts on swap contracts		–			–			–			–			–			–			–
Securities lending income		26,565			570			37,004			3,063			92,545			3,941			4,209
Prepaid expenses and other assets		42,486			12,791			20,089			16,383			47,696			15,393			29,063
Due from investment adviser for expense reimbursements/fee waivers		50,824			5,051			21,581			–			–			–			82,007
Variation margin on futures contracts		–			–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		474,948			–			–			–			–			–			–
Unrealized appreciation on swap contracts		–			–			–			–			–			–			–
TOTAL ASSETS		1,223,238,607			131,519,280			790,806,185			613,818,092			1,357,204,823			228,322,443			508,124,122
LIABILITIES:
Payable for:
Fund shares reacquired		838,646			281,869			582,099			380,682			77,186			98,640			5,575,138
Investments purchased		1,756,279			2,898,890			1,617,737			14,376,283			–			3,797,692			941,428
Investments purchased on an extended settlement basis		–			–			317,721			–			706,147			1,902,131			–
Payments on swap contracts		–			–			–			–			–			–			–
Accrued foreign tax on capital gains		8,519			–			–			–			–			–			–
Investment advisory and management fees		701,501			81,471			634,174			233,534			322,460			91,074			379,647
Administrative service fee		68,201			7,288			43,288			33,827			75,892			12,223			27,513
Transfer agent fees and expenses		313			375			251			438			721			438			438
Directors’ fees and expenses		33,510			5,997			14,642			10,843			34,469			7,650			22,337
Other accrued expenses		153,483			56,636			112,304			95,801			358,532			80,175			120,919
Variation margin on futures contracts		–			14,345			–			–			115,680			–			–
Collateral upon return of securities loaned		16,963,764			–			18,251,278			3,643,758			67,527,084			2,584,000			10,136,077
Due to custodian		–			–			–			–			–			–			–
Due to broker		–			–			–			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		65,179			–			–			–			–			–			–
Unrealized depreciation on swap contracts		–			–			–			–			–			–			–
TOTAL LIABILITIES		20,589,395			3,346,871			21,573,494			18,775,166			69,218,171			8,574,023			17,203,497
NET ASSETS	$	1,202,649,212		$	128,172,409		$	769,232,691		$	595,042,926		$	1,287,986,652		$	219,748,420		$	490,920,625
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	692,794		$	57,666		$	375,827		$	546,971		$	1,738,544		$	188,747		$	327,067
Additional paid-in capital		815,588,042			88,191,323			523,519,845			580,361,536			1,164,836,714			223,420,062			345,479,744
Accumulated undistributed net investment income (loss)		4,291,422			1,105,142			(1,187,769	)		11,145,565			29,011,970			2,323,924			2,570,852
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions		85,148,023			12,000,402			62,638,953			759,998			(14,616,184	)		(1,419,269	)		107,996,635
Unrealized appreciation (depreciation) on investments		296,529,087			26,825,998			183,888,137			2,248,375			107,596,775			(4,726,704	)		34,555,178
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		469,901			(8,122	)		–			–			(510,971	)		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(61,538	)		–			(2,302	)		(19,519	)		(70,196	)		(38,340	)		(8,851	)
Accrued capital gains tax on unrealized appreciation (depreciation)		(8,519	)		–			–			–			–			–			–
NET ASSETS	$	1,202,649,212		$	128,172,409		$	769,232,691		$	595,042,926		$	1,287,986,652		$	219,748,420		$	490,920,625
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		69,279,380			5,766,622			37,582,690			54,697,088			173,854,365			18,874,712			32,706,716
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	17.36		$	22.23		$	20.47		$	10.88		$	7.41		$	11.64		$	15.01
*Cost
Investment securities (unaffiliated)	$	917,259,192		$	101,356,410		$	604,238,450		$	601,534,005		$	1,224,983,304		$	224,541,780		$	440,360,367
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	52,722		$	–		$	105,304		$	66,764		$	4,472,431		$	624,622		$	362,692
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–
† Including securities on loan	$	36,400,441		$	1,329,386		$	145,714,805		$	11,271,601		$	73,439,680		$	11,351,435		$	29,558,622

See Notes to Financial Statements

234

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (continued)

	LARGE CAP CORE FUND		LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND			NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	175,685,368	$	444,439,527		$	3,460,321,763	$	294,326,484		$	454,831,846		$	1,423,426,590		$	159,096,724
Investment securities, at value (affiliated)*†		–		–			–		–			–			–			–
Repurchase agreements (cost approximates value)		5,333,000		–			59,960,000		–			21,667,000			1,319,000			4,192,000
Cash		770		64,614			449		17,223			114			473,041			218
Foreign cash*		–		–			–		2			–			955,823			–
Cash collateral for futures contracts		–		–			–		–			–			–			–
Cash collateral for centrally cleared swap contracts		–		–			–		–			–			–			–
Due from broker		–		–			–		–			1,200			–			–
Receivable for:
Fund shares sold		617		953			1,468,534		985			2,178			185,388			350,919
Dividends and interest		214,310		556,153			4,161,719		264,481			512,633			951,068			48,078
Investments sold		820,675		–			31,218,492		–			–			14,228,936			662,044
Investments sold on an extended settlement basis		–		–			–		–			–			–			–
Receipts on swap contracts		–		–			–		–			–			–			–
Securites lending income		120		2,121			149,101		7,188			11,014			61,446			5,956
Prepaid expenses and other assets		11,335		18,719			123,050		14,605			14,090			55,374			9,951
Due from investment adviser for expense reimbursements/fee waivers		–		–			–		–			7,962			–			1,686
Variation margin on futures contracts		–		–			–		–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–			–		–			–			–			–
Unrealized appreciation on swap contracts		–		–			–		–			–			–			–
TOTAL ASSETS		182,066,195		445,082,087			3,557,403,108		294,630,968			477,048,037			1,441,656,666			164,367,576
LIABILITIES:
Payable for:
Fund shares reacquired		381,002		89,544			4,812,133		358,260			425,540			531,617			11,477
Investments purchased		1,152,510		–			29,743,878		132,566			–			16,010,116			808,610
Investments purchased on an extended settlement basis		–		–			–		–			–			–			–
Payments on swap contracts		–		–			–		–			–			–			–
Accrued foreign tax on capital gains		–		–			–		–			–			–			–
Investment advisory and management fees		107,503		241,157			747,951		170,010			155,177			1,019,132			110,432
Administrative service fee		10,304		25,282			193,926		16,453			26,651			78,777			8,718
Transfer agent fees and expenses		408		313			1,126		438			905			904			187
Directors’ fees and expenses		4,266		12,629			105,589		8,465			7,674			47,345			2,743
Other accrued expenses		61,006		80,468			303,035		57,781			33,080			156,658			56,274
Variation margin on futures contracts		–		–			727,003		–			34,440			–			–
Collateral upon return of securities loaned		–		–			86,679,316		2,232,493			2,851,552			20,379,343			6,199,310
Due to custodian		–		–			–		–			–			–			–
Due to broker		–		–			–		–			–			–			–
Call and put options written, at value@		–		–			–		–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–			–		–			–			–			–
Unrealized depreciation on swap contracts		–		–			–		–			–			–			–
TOTAL LIABILITIES		1,716,999		449,393			123,313,957		2,976,466			3,535,019			38,223,892			7,197,751
NET ASSETS	$	180,349,196	$	444,632,694		$	3,434,089,151	$	291,654,502		$	473,513,018		$	1,403,432,774		$	157,169,825
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	154,079	$	296,126		$	1,224,659	$	184,037		$	338,907		$	450,640		$	95,599
Additional paid-in capital		135,559,491		289,747,133			2,098,341,533		195,518,705			187,957,682			836,632,174			98,030,267
Accumulated undistributed net investment income (loss)		1,588,331		2,738,696			42,905,038		(79,640	)		2,116,085			(1,536,490	)		(307,413	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions		12,879,894		29,991,247			280,204,646		26,741,825			6,948,740			262,865,704			21,428,596
Unrealized appreciation (depreciation) on investments		30,167,401		121,860,252			1,010,817,496		69,290,539			276,213,777			304,980,224			37,922,776
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		–		–			595,779		–			(62,173	)		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–		(760	)		–		(964	)		–			40,522			–
Accrued capital gains tax on unrealized appreciation (depreciation)		–		–			–		–			–			–			–
NET ASSETS	$	180,349,196	$	444,632,694		$	3,434,089,151	$	291,654,502		$	473,513,018		$	1,403,432,774		$	157,169,825
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000			1,000,000,000		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		15,407,916		29,612,648			122,465,863		18,403,677			33,890,674			45,064,014			9,559,931
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.70	$	15.01		$	28.04	$	15.85		$	13.97		$	31.14		$	16.44
*Cost
Investment securities (unaffiliated)	$	145,517,967	$	322,579,275		$	2,449,504,267	$	225,035,945		$	178,618,069		$	1,118,446,366		$	121,173,948
Investment securities (affiliated)	$	–	$	–		$	–	$	–		$	–		$	–		$	–
Foreign cash	$	–	$	–		$	–	$	2		$	–		$	913,780		$	–
@ Premiums received on options written	$	–	$	–		$	–	$	–		$	–		$	–		$	–
† Including securities on loan	$	996,217	$	21,834,010		$	717,392,547	$	35,649,636		$	11,137,130		$	128,098,208		$	33,479,960

See Notes to Financial Statements

235

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (continued)

	SMALL CAP FUND		SMALL CAP INDEX FUND		SMALL CAP SPECIAL VALUES FUND		SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	330,923,243	$	1,302,441,253	$	302,191,006	$	120,078,384		$	4,863,315,934		$	112,160,285
Investment securities, at value (affiliated)*†		–		–		–		–			10,013,788			–
Repurchase agreements (cost approximates value)		4,832,000		57,103,000		–		–			60,475,000			2,887,000
Cash		–		36		645		–			270			57
Foreign cash*		–		–		–		–			–			–
Cash collateral for futures contracts		–		–		–		–			–			–
Cash collateral for centrally cleared swap contracts		–		–		–		–			–			–
Due from broker		–		–		–		–			–			–
Receivable for:
Fund shares sold		49		278,087		2,223		973			21,268,511			65
Dividends and interest		180,741		797,356		390,524		84,427			9,972,635			392,102
Investments sold		346,880		–		1,698,651		977,835			–			219,583
Investments sold on an extended settlement basis		–		978,262		–		–			–			–
Receipts on swap contracts		–		–		–		–			–			–
Securites lending income		32,804		168,280		5,826		4,300			12,640			1,598
Prepaid expenses and other assets		26,239		44,136		12,522		9,960			264,021			11,045
Due from investment adviser for expense reimbursements/fee waivers		29,888		–		–		7,012			–			8,650
Variation margin on futures contracts		–		–		–		–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–			–			–
Unrealized appreciation on swap contracts		–		–		–		–			–			–
TOTAL ASSETS		336,371,844		1,361,810,410		304,301,397		121,162,891			4,965,322,799			115,680,385
LIABILITIES:
Payable for:
Fund shares reacquired		265,062		3,121,503		515,759		237,856			248,849			32,250
Investments purchased		498,138		–		515,232		250,180			–			–
Investments purchased on an extended settlement basis		–		598,179		–		–			–			–
Payments on swap contracts		–		–		–		–			–			–
Accrued foreign tax on capital gains		–		–		–		–			–			–
Investment advisory and management fees		240,792		311,806		192,282		85,140			1,006,453			76,774
Administrative service fee		18,170		72,286		17,199		6,720			280,663			6,604
Transfer agent fees and expenses		188		878		375		187			1,454			438
Directors’ fees and expenses		19,350		37,356		7,449		3,439			184,558			4,506
Other accrued expenses		87,298		229,120		64,748		57,259			377,512			56,675
Variation margin on futures contracts		–		605,220		–		–			521,430			–
Collateral upon return of securities loaned		13,969,862		62,404,238		2,243,097		2,000,045			4,199,226			29,408
Due to custodian		36,775		–		–		–			–			–
Due to broker		–		–		–		–			–			–
Call and put options written, at value@		–		–		–		–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–			–			–
Unrealized depreciation on swap contracts		–		–		–		–			–			–
TOTAL LIABILITIES		15,135,635		67,380,586		3,556,141		2,640,826			6,820,145			206,655
NET ASSETS	$	321,236,209	$	1,294,429,824	$	300,745,256	$	118,522,065		$	4,958,502,654		$	115,473,730
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	278,364	$	567,504	$	217,302	$	85,621		$	1,256,440		$	64,615
Additional paid-in capital		238,629,119		774,186,606		230,972,450		82,826,298			2,181,374,150			86,021,615
Accumulated undistributed net investment income (loss)		1,175,274		12,288,741		3,186,244		(46,343	)		74,632,055			1,662,027
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions		24,707,675		90,378,039		27,943,028		14,598,613			72,169,257			(158,164	)
Unrealized appreciation (depreciation) on investments		56,445,777		415,437,495		38,426,232		21,057,876			2,629,518,110			27,884,498
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		–		1,571,439		–		–			(447,358	)		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–		–		–		–			–			(861	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–		–		–		–			–			–
NET ASSETS	$	321,236,209	$	1,294,429,824	$	300,745,256	$	118,522,065		$	4,958,502,654		$	115,473,730
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		27,836,421		56,750,393		21,730,228		8,562,063			125,643,965			6,461,498
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.54	$	22.81	$	13.84	$	13.84		$	39.46		$	17.87
*Cost
Investment securities (unaffiliated)	$	274,477,466	$	887,003,758	$	263,764,774	$	99,020,508		$	2,237,168,083		$	84,275,787
Investment securities (affiliated)	$	–	$	–	$	–	$	–		$	6,643,529		$	–
Foreign cash	$	–	$	–	$	–	$	–		$	–		$	–
@ Premiums received on options written	$	–	$	–	$	–	$	–		$	–		$	–
† Including securities on loan	$	52,627,995	$	219,314,268	$	27,087,606	$	18,737,980		$	98,906,520		$	6,030,288

See Notes to Financial Statements

236

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,790,692		$	5,417,360		$	1,225,406		$	21,243		$	4,726,599		$	23,313,953		$	–
Dividends (affiliated)		–			–			–			–			–			–			2,326,668
Securities lending income		89,562			109,030			7,571			23,846			12,126			141,306			–
Interest (unaffiliated)		697,404			39,702			1,830			6,619,983			1,992			48,934			902,670
Total investment income*		3,577,658			5,566,092			1,234,807			6,665,072			4,740,717			23,504,193			3,229,338
EXPENSES:
Investment advisory and management fees		840,768			5,329,979			421,750			1,217,535			2,020,043			5,805,279			632,213
Administrative service fee		113,060			493,985			40,510			163,762			169,987			549,972			32,475
Transfer agent fees and expenses		1,115			2,976			1,488			2,604			1,115			2,594			744
Custodian fees		86,655			41,316			23,035			43,395			40,864			54,166			20,741
Reports to shareholders		20,448			90,325			7,289			30,801			31,948			99,686			32,554
Audit and tax fees		48,155			35,829			35,578			49,468			35,615			35,340			35,565
Legal fees		26,911			27,072			11,988			15,932			22,804			31,512			16,718
Directors’ fees and expenses		8,226			36,216			2,935			12,062			13,094			40,724			12,437
Interest expense		7,955			–			–			–			525			–			–
License fee		603			603			603			603			603			603			603
Other expenses		62,303			27,694			11,752			14,408			15,538			30,801			11,890
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,216,199			6,085,995			556,928			1,550,570			2,352,136			6,650,677			795,940
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(44,802	)		–			(398,640	)		–			(17,791	)
Fees paid indirectly (Note 7)		(3,008	)		(2,682	)		(1,505	)		–			–			–			–
Net expenses		1,213,191			6,083,313			510,621			1,550,570			1,953,496			6,650,677			778,149
Net investment income (loss)		2,364,467			(517,221	)		724,186			5,114,502			2,787,221			16,853,516			2,451,189
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		12,720,555			91,973,741			4,376,538			113,239			29,358,901			94,280,945			(5,393,859	)
Investments (affiliated)		–			–			–			–			–			–			4,135,197
Futures contracts		(1,744,065	)		–			–			–			–			–			15,930,405
Forward contracts		271,109			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			(4,572,490	)
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			4,344,017
Net realized foreign exchange gain (loss) on other assets and liabilities		(181,236	)		400			1			–			847			(297	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		11,066,363			91,974,141			4,376,539			113,239			29,359,748			94,280,648			14,443,270
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		911,691			87,961,509			613,597			(7,502,995	)		3,928,974			(55,236,217	)		(774,796	)
Investments (affiliated)		–			–			–			–			–			–			9,996,363
Futures contracts		499,470			–			–			–			–			–			(3,001,210	)
Forward contracts		(703,599	)		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			(6,479	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		96,512			59			(39	)		–			–			(7,074	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		804,074			87,961,568			613,558			(7,502,995	)		3,928,974			(55,243,291	)		6,213,878
Net realized and unrealized gain (loss) on investments and foreign currencies		11,870,437			179,935,709			4,990,097			(7,389,756	)		33,288,722			39,037,357			20,657,148
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,234,904		$	179,418,488		$	5,714,283		$	(2,275,254	)	$	36,075,943		$	55,890,873		$	23,108,337
*  Net of foreign withholding taxes on interest and dividends of	$	123,737		$	3,063		$	4,802		$	1,529		$	37,344		$	357,588		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

237

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (continued)

	EMERGING ECONOMIES FUND			FOREIGN VALUE FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	21,765,943		$	23,579,260		$	11,970,272		$	8,839,210		$	6,226,068		$	–		$	–
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		256,263			386,813			66,551			26,055			87,218			–			3,174
Interest (unaffiliated)		33,252			292,003			40,551			68,969			8,160,613			3,977,894			3,703,652
Total investment income*		22,055,458			24,258,076			12,077,374			8,934,234			14,473,899			3,977,894			3,706,826
EXPENSES:
Investment advisory and management fees		6,123,833			5,980,498			2,772,846			2,166,407			2,058,146			1,299,792			664,562
Administrative service fee		544,457			598,244			254,289			291,324			276,755			218,468			89,356
Transfer agent fees and expenses		2,500			2,976			2,604			2,231			1,115			4,450			3,347
Custodian fees		541,002			215,410			53,464			57,668			164,723			11,554			33,686
Reports to shareholders		97,171			111,246			47,197			53,376			52,112			36,680			17,401
Audit and tax fees		58,123			46,446			37,414			44,322			49,243			40,753			42,395
Legal fees		63,562			39,862			20,401			21,047			34,218			18,367			13,793
Directors’ fees and expenses		39,368			43,608			18,139			21,314			20,290			19,639			6,540
Interest expense		152			–			21			667			1,585			–			–
License fee		603			603			603			603			603			603			603
Other expenses		31,807			32,930			27,285			25,405			26,930			10,731			11,605
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		7,502,578			7,071,823			3,234,263			2,684,364			2,685,720			1,661,037			883,288
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			–			–			–
Fees paid indirectly (Note 7)		(3,537	)		(6,242	)		(2,335	)		–			(1,925	)		–			–
Net expenses		7,499,041			7,065,581			3,231,928			2,684,364			2,683,795			1,661,037			883,288
Net investment income (loss)		14,556,417			17,192,495			8,845,446			6,249,870			11,790,104			2,316,857			2,823,538
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		61,436,314			(3,117,021	)		8,430,927			5,947,506			27,369,528			(17,092	)		77,920
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		654,846			–			–			3,986,541			–			–			–
Forward contracts		–			–			–			–			(5,672,060	)		–			–
Swap contracts		–			–			–			–			(496,055	)		–			–
Written options contracts		–			–			–			–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(482,590	)		89,995			4,567			28,747			(178,114	)		–			–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			(337	)		–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			337			–
Net realized gain (loss) on investments and foreign currencies		61,608,570			(3,027,026	)		8,435,494			9,962,794			21,023,299			(17,092	)		77,920
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		14,774,676			12,368,524			5,635,120			33,934,412			(19,263,246	)		–			(4,504,096	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			–			–			(622,735	)		–						–
Forward contracts		–			–			–			–			3,945,640			–			–
Swap contracts		–			–			–			–			2,479,345			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(20,593	)		(10,745	)		(6,710	)		(63,529	)		(136,496	)		–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		488,583			109,954			–			–			17,425			–			–
Net unrealized gain (loss) on investments and foreign currencies		15,242,666			12,467,733			5,628,410			33,248,148			(12,957,332	)		–			(4,504,096	)
Net realized and unrealized gain (loss) on investments and foreign currencies		76,851,236			9,440,707			14,063,904			43,210,942			8,065,967			(17,092	)		(4,426,176	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	91,407,653		$	26,633,202		$	22,909,350		$	49,460,812		$	19,856,071		$	2,299,765		$	(1,602,638	)
*  Net of foreign withholding taxes on interest and dividends of	$	2,884,381		$	2,404,540		$	814,285		$	596,766		$	899,592		$	–		$	–
** Net of foreign withholding taxes on capital gains of	$	868,251		$	385,875		$	–		$	–		$	84,269		$	–		$	–

See Notes to Financial Statements

238

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (continued)

	GROWTH FUND			GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	12,951,761		$	2,175,842		$	5,647,953		$	221,507		$	37,922,350		$	–		$	7,025,972
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		213,277			7,581			505,394			26,150			443,589			17,943			83,108
Interest (unaffiliated)		10,292			2,729			60,309			17,597,386			375,509			5,237,696			13,381
Total investment income*		13,175,330			2,186,152			6,213,656			17,845,043			38,741,448			5,255,639			7,122,461
EXPENSES:
Investment advisory and management fees		7,852,028			948,814			7,420,241			2,874,485			3,707,192			979,113			4,253,685
Administrative service fee		761,962			85,062			507,477			420,184			870,612			131,651			308,448
Transfer agent fees and expenses		1,860			2,231			1,488			2,604			4,835			2,602			2,604
Custodian fees		99,153			17,220			44,650			34,556			239,221			38,780			134,244
Reports to shareholders		119,462			15,436			93,224			82,298			158,899			22,338			95,176
Audit and tax fees		37,575			37,891			37,841			44,407			44,394			54,061			46,963
Legal fees		42,998			13,418			48,227			27,811			45,367			14,966			61,241
Directors’ fees and expenses		55,810			6,269			37,106			31,514			64,016			9,385			22,526
Interest expense		160			79			–			–			3,130			367			846
License fee		603			603			603			603			258,933			603			603
Other expenses		35,646			13,372			30,246			19,331			13,939			13,965			24,960
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		9,007,257			1,140,395			8,221,103			3,537,793			5,410,538			1,267,831			4,951,296
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(566,566	)		(64,993	)		(235,556	)		–			–			–			(475,198	)
Fees paid indirectly (Note 7)		–			(1,027	)		(5,963	)		–			–			–			(238	)
Net expenses		8,440,691			1,074,375			7,979,584			3,537,793			5,410,538			1,267,831			4,475,860
Net investment income (loss)		4,734,639			1,111,777			(1,765,928	)		14,307,250			33,330,910			3,987,808			2,646,601
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		89,965,410			12,117,909			65,314,208			3,064,532			7,152,455			1,699,638			116,232,693
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			181,409			–			–			10,131,091			–			–
Forward contracts		(467,043	)		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			147,404			–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(21,497	)		30			(31,823	)		(68,540	)		99,287			29,922			(85,293	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		89,476,870			12,299,348			65,429,789			2,995,992			17,382,833			1,729,560			116,147,400
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		117,901,875			1,023,616			70,758,897			(9,895,271	)		45,090,885			(5,920,829	)		(41,370,768	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			(13,249	)		–			–			(4,944,384	)		–			–
Forward contracts		469,901			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		2,419			–			(2,883	)		(21,863	)		(48,504	)		(64,350	)		63,408
Change in accrued capital gains tax on unrealized appreciation (depreciation)		8,844			–			–			–			–			–			55,603
Net unrealized gain (loss) on investments and foreign currencies		118,383,039			1,010,367			70,756,014			(9,917,134	)		40,097,997			(5,985,179	)		(41,251,757	)
Net realized and unrealized gain (loss) on investments and foreign currencies		207,859,909			13,309,715			136,185,803			(6,921,142	)		57,480,830			(4,255,619	)		74,895,643
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	212,594,548		$	14,421,492		$	134,419,875		$	7,386,108		$	90,811,740		$	(267,811	)	$	77,542,244
*  Net of foreign withholding taxes on interest and dividends of	$	209,642		$	146		$	79,245		$	4		$	3,820,028		$	3,810		$	1,007,960
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	111,822

See Notes to Financial Statements

239

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (continued)

	LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND			NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	3,071,617		$	6,232,668		$	52,271,828	$	2,211,121		$	4,282,761		$	7,218,363		$	439,287
Dividends (affiliated)		–			–			–		–			–			–			–
Securities lending income		2,635			26,986			1,971,752		104,102			73,144			534,163			66,654
Interest (unaffiliated)		7,332			23,211			857,182		39,269			51,747			401,604			5,835
Total investment income*		3,081,584			6,282,865			55,100,762		2,354,492			4,407,652			8,154,130			511,776
EXPENSES:
Investment advisory and management fees		1,253,718			2,777,277			8,866,514		1,925,641			1,687,762			10,976,365			1,140,493
Administrative service fee		120,429			291,781			2,308,396		186,267			289,816			848,575			90,224
Transfer agent fees and expenses		2,761			1,860			6,695		2,604			5,317			5,298			1,115
Custodian fees		24,980			23,649			117,269		14,841			30,332			100,264			25,111
Reports to shareholders		22,603			53,229			431,388		33,449			53,451			157,649			15,729
Audit and tax fees		35,907			35,383			37,150		36,019			37,511			38,167			35,901
Legal fees		14,720			20,159			70,910		23,002			20,252			57,175			13,363
Directors’ fees and expenses		8,877			21,491			169,092		13,675			21,386			62,257			6,615
Interest expense		–			126			18,391		111			813			419			–
License fee		603			603			34,333		603			172,396			603			603
Other expenses		14,714			16,962			91,949		25,405			15,493			41,806			12,364
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,499,312			3,242,520			12,152,087		2,261,617			2,334,529			12,288,578			1,341,518
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–		–			(49,470	)		–			(13,178	)
Fees paid indirectly (Note 7)		(7,779	)		(2,026	)		–		(7,086	)		–			(50,725	)		(8,706	)
Net expenses		1,491,533			3,240,494			12,152,087		2,254,531			2,285,059			12,237,853			1,319,634
Net investment income (loss)		1,590,051			3,042,371			42,948,675		99,961			2,122,593			(4,083,723	)		(807,858	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		14,035,715			29,838,796			283,267,296		27,092,773			3,900,866			275,857,797			22,882,394
Investments (affiliated)		–			–			–		–			–			–			–
Futures contracts		–			–			14,504,706		–			4,823,174			–			–
Forward contracts		–			–			–		–			–			–			–
Swap contracts		–			–			–		–			–			–			–
Written options contracts		–			–			–		–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–		–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		337			(6,373	)		3,349		(199	)		–			(65,401	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–		–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–		–			–			–			–
Net realized gain (loss) on investments and foreign currencies		14,036,052			29,832,423			297,775,351		27,092,574			8,724,040			275,792,396			22,882,394
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		406,370			31,584,857			127,393,100		21,133,461			72,404,796			59,618,629			20,365,970
Investments (affiliated)		–			–			–		–			–			–			–
Futures contracts		–			–			1,657,940		–			(1,218,166	)		–			–
Forward contracts		–			–			–		–			–			–			–
Swap contracts		–			–			–		–			–			–			–
Written options contracts		–			–			–		–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(272	)		–		(1,723	)		–			2,295			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–		–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		406,370			31,584,585			129,051,040		21,131,738			71,186,630			59,620,924			20,365,970
Net realized and unrealized gain (loss) on investments and foreign currencies		14,442,422			61,417,008			426,826,391		48,224,312			79,910,670			335,413,320			43,248,364
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,032,473		$	64,459,379		$	469,775,066	$	48,324,273		$	82,033,263		$	331,329,597		$	42,440,506
*  Net of foreign withholding taxes on interest and dividends of	$	9,654		$	103,409		$	37,385	$	27,880		$	1,062		$	229,888		$	465
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–	$	–		$	–		$	–		$	–

See Notes to Financial Statements

240

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (continued)

	SMALL CAP FUND			SMALL CAP INDEX FUND		SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	3,676,436		$	14,541,909	$	5,728,930		$	778,072		$	92,495,733		$	2,607,139
Dividends (affiliated)		–			–		–			–			245,170			–
Securities lending income		509,143			2,450,956		109,470			40,348			231,998			12,816
Interest (unaffiliated)		24,796			426,463		24,427			29,682			232,608			4,005
Total investment income*		4,210,375			17,419,328		5,862,827			848,102			93,205,509			2,623,960
EXPENSES:
Investment advisory and management fees		2,807,345			3,623,608		2,297,982			975,593			11,511,713			880,489
Administrative service fee		212,171			840,108		206,017			77,173			3,198,607			75,896
Transfer agent fees and expenses		1,116			5,951		2,231			1,115			7,739			2,604
Custodian fees		65,762			98,207		15,085			19,495			144,461			21,138
Reports to shareholders		49,427			158,245		55,891			14,486			592,319			13,560
Audit and tax fees		36,223			41,300		35,642			35,506			38,080			35,333
Legal fees		29,862			39,318		17,145			15,165			117,566			13,194
Directors’ fees and expenses		15,388			61,306		14,939			5,669			235,240			5,545
Interest expense		1,016			7,226		–			–			3,286			–
License fee		603			99,955		603			603			47,571			603
Other expenses		22,158			28,406		17,198			12,233			102,080			12,310
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,241,071			5,003,630		2,662,733			1,157,038			15,998,662			1,060,672
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(306,270	)		–		–			(65,651	)		–			(101,165	)
Fees paid indirectly (Note 7)		(2,537	)		–		(7,828	)		(1,985	)		–			(99	)
Net expenses		2,932,264			5,003,630		2,654,905			1,089,402			15,998,662			959,408
Net investment income (loss)		1,278,111			12,415,698		3,207,922			(241,300	)		77,206,847			1,664,552
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		25,065,767			79,257,547		29,873,945			15,097,200			106,285,943			7,088,214
Investments (affiliated)		–			–		–			–			444,648			–
Futures contracts		–			13,134,631		–			–			9,398,110			–
Forward contracts		–			–		–			–			–			–
Swap contracts		–			–		–			–			–			–
Written options contracts		–			–		–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–		–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		151			935		–			–			–			(444	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–		–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–		–			–			–			–
Net realized gain (loss) on investments and foreign currencies		25,065,918			92,393,113		29,873,945			15,097,200			116,128,701			7,087,770
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		25,943,654			124,671,369		11,101,173			6,033,180			428,276,841			1,025,911
Investments (affiliated)		–			–		–			–			(2,477,513	)		–
Futures contracts		–			2,703,583		–			–			(2,101,656	)		–
Forward contracts		–			–		–			–			–			–
Swap contracts		–			–		–			–			–			–
Written options contracts		–			–		–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			–		–			–			–			(385	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–		–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		25,943,654			127,374,952		11,101,173			6,033,180			423,697,672			1,025,526
Net realized and unrealized gain (loss) on investments and foreign currencies		51,009,572			219,768,065		40,975,118			21,130,380			539,826,373			8,113,296
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	52,287,683		$	232,183,763	$	44,183,040		$	20,889,080		$	617,033,220		$	9,777,848
*  Net of foreign withholding taxes on interest and dividends of	$	11,954		$	3,917	$	6,449		$	–		$	–		$	31,811
** Net of foreign withholding taxes on capital gains of	$	–		$	–	$	–		$	–		$	–		$	–
See Notes to Financial Statements

241

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE INCOME FUND						CAPITAL CONSERVATION FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,364,467		$	2,437,879		$	(517,221	)	$	355,196		$	724,186		$	887,507		$	5,114,502		$	3,943,075
Net realized gain (loss) on investments and foreign currencies		11,066,363			10,916,788			91,974,141			49,329,475			4,376,539			3,940,610			113,239			928,673
Net unrealized gain (loss) on investments and foreign currencies		804,074			(370,413	)		87,961,568			84,131,290			613,558			4,178,983			(7,502,995	)		(1,108,002	)
Net increase (decrease) in net assets resulting from operations		14,234,904			12,984,254			179,418,488			133,815,961			5,714,283			9,007,100			(2,275,254	)		3,763,746
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,578,966	)		(3,749,061	)		(464,379	)		–			(982,133	)		(839,373	)		(4,881,977	)		(4,826,517	)
Net realized gain on securities		(6,784,258	)		–			(44,264,812	)		(61,428,180	)		(3,917,301	)		(1,743,826	)		(651,712	)		(235,095	)
Total distributions to shareholders		(9,363,224	)		(3,749,061	)		(44,729,191	)		(61,428,180	)		(4,899,434	)		(2,583,199	)		(5,533,689	)		(5,061,612	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(973,761	)		(11,826,251	)		(34,869,574	)		(8,798,151	)		2,377,357			(7,414,245	)		27,829,989			299,597
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,897,919			(2,591,058	)		99,819,723			63,589,630			3,192,206			(990,344	)		20,021,046			(998,269	)
NET ASSETS:
Beginning of period		161,767,440			164,358,498			679,516,276			615,926,646			56,339,340			57,329,684			235,063,237			236,061,506
End of period†	$	165,665,359		$	161,767,440		$	779,335,999		$	679,516,276		$	59,531,546		$	56,339,340		$	255,084,283		$	235,063,237
† Includes accumulated undistributed net investment income (loss)	$	2,454,469		$	2,551,254		$	(252,978	)	$	457,600		$	723,659		$	981,605		$	5,706,003		$	4,868,838

See Notes to Financial Statements

242

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND						EMERGING ECONOMIES FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,787,221		$	2,792,149		$	16,853,516		$	15,412,484		$	2,451,189		$	3,211,511		$	14,556,417		$	12,131,676
Net realized gain (loss) on investments and foreign currencies		29,359,748			21,390,666			94,280,648			34,301,350			14,443,270			8,068,775			61,608,570			16,584,685
Net unrealized gain (loss) on investments and foreign currencies		3,928,974			13,642,477			(55,243,291	)		58,651,023			6,213,878			16,762,629			15,242,666			140,258,367
Net increase (decrease) in net assets resulting from operations		36,075,943			37,825,292			55,890,873			108,364,857			23,108,337			28,042,915			91,407,653			168,974,728
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,794,422	)		(2,640,815	)		(15,413,785	)		(14,380,753	)		(3,194,315	)		(4,599,119	)		(12,115,507	)		(10,536,617	)
Net realized gain on securities		(18,944,197	)		(8,018,311	)		(29,853,796	)		(62,126,737	)		(9,660,962	)		(1,781,175	)		–			–
Total distributions to shareholders		(21,738,619	)		(10,659,126	)		(45,267,581	)		(76,507,490	)		(12,855,277	)		(6,380,294	)		(12,115,507	)		(10,536,617	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(3,023,337	)		(15,156,317	)		64,858,084			191,336,067			(15,050,927	)		(21,478,836	)		29,067,088			33,423,753
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,313,987			12,009,849			75,481,376			223,193,434			(4,797,867	)		183,785			108,359,234			191,861,864
NET ASSETS:
Beginning of period		241,646,526			229,636,677			808,698,910			585,505,476			248,629,852			248,446,067			708,873,072			517,011,208
End of period†	$	252,960,513		$	241,646,526		$	884,180,286		$	808,698,910		$	243,831,985		$	248,629,852		$	817,232,306		$	708,873,072
† Includes accumulated undistributed net investment income (loss)	$	2,752,068		$	2,754,271		$	16,814,640		$	15,394,858		$	2,736,239		$	3,177,521		$	12,631,070		$	11,292,948

See Notes to Financial Statements

243

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	FOREIGN VALUE FUND						GLOBAL REAL ESTATE FUND						GLOBAL SOCIAL AWARENESS FUND						GLOBAL STRATEGY FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	17,192,495		$	17,144,443		$	8,845,446		$	9,409,821		$	6,249,870		$	5,996,785		$	11,790,104		$	12,182,304
Net realized gain (loss) on investments and foreign currencies		(3,027,026	)		8,380,019			8,435,494			6,417,509			9,962,794			1,793,194			21,023,299			(5,229,298	)
Net unrealized gain (loss) on investments and foreign currencies		12,467,733			144,235,636			5,628,410			1,523,403			33,248,148			49,848,490			(12,957,332	)		47,386,963
Net increase (decrease) in net assets resulting from operations		26,633,202			169,760,098			22,909,350			17,350,733			49,460,812			57,638,469			19,856,071			54,339,969
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,026,333	)		(16,256,905	)		(14,266,046	)		(17,674,291	)		(7,163,295	)		(6,885,357	)		–			(3,879,612	)
Net realized gain on securities		–			–			(4,316,905	)		(21,783,749	)		–			–			(5,241,605	)		(7,886,684	)
Total distributions to shareholders		(17,026,333	)		(16,256,905	)		(18,582,951	)		(39,458,040	)		(7,163,295	)		(6,885,357	)		(5,241,605	)		(11,766,296	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(16,355,367	)		(96,331,571	)		(28,240,730	)		(81,469,700	)		(30,409,838	)		(11,302,466	)		(44,302,111	)		(55,183,593	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,748,498	)		57,171,622			(23,914,331	)		(103,577,007	)		11,887,679			39,450,646			(29,687,645	)		(12,609,920	)
NET ASSETS:
Beginning of period		876,164,941			818,993,319			387,137,420			490,714,427			416,564,304			377,113,658			419,325,151			431,935,071
End of period†	$	869,416,443		$	876,164,941		$	363,223,089		$	387,137,420		$	428,451,983		$	416,564,304		$	389,637,506		$	419,325,151
† Includes accumulated undistributed net investment income (loss)	$	17,095,451		$	16,165,501		$	7,590,684		$	7,775,776		$	4,725,034		$	5,587,557		$	3,015,978		$	(1,639,271	)

See Notes to Financial Statements

244

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT MONEY MARKET I FUND						GOVERNMENT SECURITIES FUND						GROWTH FUND						GROWTH & INCOME FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,316,857		$	268,576		$	2,823,538		$	2,921,477		$	4,734,639		$	6,420,603		$	1,111,777		$	1,175,130
Net realized gain (loss) on investments and foreign currencies		(17,092	)		1,733			77,920			(149,273	)		89,476,870			51,872,322			12,299,348			5,137,182
Net unrealized gain (loss) on investments and foreign currencies		–			–			(4,504,096	)		(2,521,467	)		118,383,039			115,472,198			1,010,367			11,806,559
Net increase (decrease) in net assets resulting from operations		2,299,765			270,309			(1,602,638	)		250,737			212,594,548			173,765,123			14,421,492			18,118,871
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,316,563	)		(268,820	)		(3,355,071	)		(3,446,180	)		(6,747,775	)		(7,513,594	)		(1,175,306	)		(1,374,711	)
Net realized gain on securities		–			–			–			–			(42,390,653	)		(63,915,770	)		(4,424,201	)		(3,584,783	)
Total distributions to shareholders		(2,316,563	)		(268,820	)		(3,355,071	)		(3,446,180	)		(49,138,428	)		(71,429,364	)		(5,599,507	)		(4,959,494	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(19,057,602	)		(12,709,237	)		(19,077,336	)		(6,331,462	)		37,932,412			(51,072,851	)		(1,165,023	)		(6,528,757	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(19,074,400	)		(12,707,748	)		(24,035,045	)		(9,526,905	)		201,388,532			51,262,908			7,656,962			6,630,620
NET ASSETS:
Beginning of period		330,782,527			343,490,275			145,459,772			154,986,677			1,001,260,680			949,997,772			120,515,447			113,884,827
End of period†	$	311,708,127		$	330,782,527		$	121,424,727		$	145,459,772		$	1,202,649,212		$	1,001,260,680		$	128,172,409		$	120,515,447
† Includes accumulated undistributed net investment income (loss)	$	3,467		$	1,440		$	3,151,564		$	3,341,751		$	4,291,422		$	6,540,673		$	1,105,142		$	1,168,641

See Notes to Financial Statements

245

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	HEALTH SCIENCES FUND						INFLATION PROTECTED FUND						INTERNATIONAL EQUITIES INDEX FUND						INTERNATIONAL GOVERNMENT BOND FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,765,928	)	$	(1,538,441	)	$	14,307,250		$	11,927,697		$	33,330,910		$	25,472,050		$	3,987,808		$	4,246,824
Net realized gain (loss) on investments and foreign currencies		65,429,789			89,352,738			2,995,992			1,835,128			17,382,833			11,696,178			1,729,560			(2,336,867	)
Net unrealized gain (loss) on investments and foreign currencies		70,756,014			(25,675,693	)		(9,917,134	)		3,882,055			40,097,997			114,541,212			(5,985,179	)		1,045,461
Net increase (decrease) in net assets resulting from operations		134,419,875			62,138,604			7,386,108			17,644,880			90,811,740			151,709,440			(267,811	)		2,955,418
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			–			(11,648,724	)		(1,390,412	)		(27,087,828	)		(26,884,852	)		(1,811,048	)		–
Net realized gain on securities		(88,495,403	)		(80,156,432	)		(5,573,938	)		(809,676	)		–			–			(65,830	)		–
Total distributions to shareholders		(88,495,403	)		(80,156,432	)		(17,222,662	)		(2,200,088	)		(27,087,828	)		(26,884,852	)		(1,876,878	)		–
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		25,669,542			(87,745,879	)		(26,672,263	)		160,276,892			130,397,633			(22,338,993	)		35,950,420			(18,265,364	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		71,594,014			(105,763,707	)		(36,508,817	)		175,721,684			194,121,545			102,485,595			33,805,731			(15,309,946	)
NET ASSETS:
Beginning of period		697,638,677			803,402,384			631,551,743			455,830,059			1,093,865,107			991,379,512			185,942,689			201,252,635
End of period†	$	769,232,691		$	697,638,677		$	595,042,926		$	631,551,743		$	1,287,986,652		$	1,093,865,107		$	219,748,420		$	185,942,689
† Includes accumulated undistributed net investment income (loss)	$	(1,187,769	)	$	(1,025,460	)	$	11,145,565		$	6,339,477		$	29,011,970		$	22,575,686		$	2,323,924		$	147,164

See Notes to Financial Statements

246

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL GROWTH FUND						LARGE CAP CORE FUND						LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,646,601		$	5,052,441		$	1,590,051		$	1,654,580		$	3,042,371		$	2,984,850		$	42,948,675		$	36,466,276
Net realized gain (loss) on investments and foreign currencies		116,147,400			14,817,501			14,036,052			11,527,172			29,832,423			21,452,846			297,775,351			232,691,034
Net unrealized gain (loss) on investments and foreign currencies		(41,251,757	)		33,668,087			406,370			9,292,977			31,584,585			36,140,697			129,051,040			226,259,381
Net increase (decrease) in net assets resulting from operations		77,542,244			53,538,029			16,032,473			22,474,729			64,459,379			60,578,393			469,775,066			495,416,691
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(5,977,648	)		(6,105,866	)		(1,779,731	)		(1,531,285	)		(2,630,596	)		(2,819,369	)		(36,471,433	)		(40,127,114	)
Net realized gain on securities		(6,729,054	)		–			(8,879,021	)		(11,933,336	)		(21,486,112	)		(12,909,541	)		(215,450,609	)		(274,781,465	)
Total distributions to shareholders		(12,706,702	)		(6,105,866	)		(10,658,752	)		(13,464,621	)		(24,116,708	)		(15,728,910	)		(251,922,042	)		(314,908,579	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(13,137,209	)		(129,221,618	)		3,348,553			(1,443,520	)		(11,275,883	)		(22,346,368	)		(176,502,281	)		232,753,026
TOTAL INCREASE (DECREASE) IN NET ASSETS		51,698,333			(81,789,455	)		8,722,274			7,566,588			29,066,788			22,503,115			41,350,743			413,261,138
NET ASSETS:
Beginning of period		439,222,292			521,011,747			171,626,922			164,060,334			415,565,906			393,062,791			3,392,738,408			2,979,477,270
End of period†	$	490,920,625		$	439,222,292		$	180,349,196		$	171,626,922		$	444,632,694		$	415,565,906		$	3,434,089,151		$	3,392,738,408
† Includes accumulated undistributed net investment income (loss)	$	2,570,852		$	3,974,297		$	1,588,331		$	1,099,730		$	2,738,696		$	3,038,879		$	42,905,038		$	36,423,371

See Notes to Financial Statements

247

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	MID CAP STRATEGIC GROWTH FUND						NASDAQ-100® INDEX FUND						SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	99,961		$	307,709		$	2,122,593		$	2,279,650		$	(4,083,723	)	$	(564,365	)	$	(807,858	)	$	(350,830	)
Net realized gain (loss) on investments and foreign currencies		27,092,574			17,351,762			8,724,040			18,938,474			275,792,396			125,390,369			22,882,394			10,769,588
Net unrealized gain (loss) on investments and foreign currencies		21,131,738			24,396,211			71,186,630			66,265,956			59,620,924			154,346,198			20,365,970			14,511,833
Net increase (decrease) in net assets resulting from operations		48,324,273			42,055,682			82,033,263			87,484,080			331,329,597			279,172,202			42,440,506			24,930,591
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(248,682	)		–			(2,280,197	)		(2,548,994	)		–			–			–			–
Net realized gain on securities		(12,917,552	)		(16,552,587	)		(19,817,681	)		(15,905,846	)		(111,885,016	)		(75,551,571	)		(3,794,440	)		(4,966,733	)
Total distributions to shareholders		(13,166,234	)		(16,552,587	)		(22,097,878	)		(18,454,840	)		(111,885,016	)		(75,551,571	)		(3,794,440	)		(4,966,733	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(3,673,803	)		(13,951,366	)		19,177,671			6,148,827			53,829,175			(4,217,806	)		6,132,843			(10,112,494	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		31,484,236			11,551,729			79,113,056			75,178,067			273,273,756			199,402,825			44,778,909			9,851,364
NET ASSETS:
Beginning of period		260,170,266			248,618,537			394,399,962			319,221,895			1,130,159,018			930,756,193			112,390,916			102,539,552
End of period†	$	291,654,502		$	260,170,266		$	473,513,018		$	394,399,962		$	1,403,432,774		$	1,130,159,018		$	157,169,825		$	112,390,916
† Includes accumulated undistributed net investment income (loss)	$	(79,640	)	$	300,630		$	2,116,085		$	2,273,689		$	(1,536,490	)	$	(322,566	)	$	(307,413	)	$	(43,250	)

See Notes to Financial Statements

248

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP FUND						SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,278,111		$	859,638		$	12,415,698		$	11,856,400		$	3,207,922		$	3,983,382		$	(241,300	)	$	(275,975	)
Net realized gain (loss) on investments and foreign currencies		25,065,918			50,585,582			92,393,113			72,720,791			29,873,945			28,006,395			15,097,200			7,107,906
Net unrealized gain (loss) on investments and foreign currencies		25,943,654			(9,366,280	)		127,374,952			113,648,565			11,101,173			10,166,719			6,033,180			4,818,492
Net increase (decrease) in net assets resulting from operations		52,287,683			42,078,940			232,183,763			198,225,756			44,183,040			42,156,496			20,889,080			11,650,423
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(802,743	)		(929,086	)		(11,889,979	)		(12,810,826	)		(3,850,441	)		(2,881,769	)		–			–
Net realized gain on securities		(49,119,253	)		(24,123,077	)		(67,299,926	)		(61,138,835	)		(23,961,128	)		(18,510,911	)		(4,235,032	)		(5,263,258	)
Total distributions to shareholders		(49,921,996	)		(25,052,163	)		(79,189,905	)		(73,949,661	)		(27,811,569	)		(21,392,680	)		(4,235,032	)		(5,263,258	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		8,166,293			(7,056,638	)		(55,773,275	)		87,100,051			1,765,218			22,956,498			(5,521,385	)		(9,227,703	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		10,531,980			9,970,139			97,220,583			211,376,146			18,136,689			43,720,314			11,132,663			(2,840,538	)
NET ASSETS:
Beginning of period		310,704,229			300,734,090			1,197,209,241			985,833,095			282,608,567			238,888,253			107,389,402			110,229,940
End of period†	$	321,236,209		$	310,704,229		$	1,294,429,824		$	1,197,209,241		$	300,745,256		$	282,608,567		$	118,522,065		$	107,389,402
† Includes accumulated undistributed net investment income (loss)	$	1,175,274		$	728,259		$	12,288,741		$	11,486,222		$	3,186,244		$	3,894,387		$	(46,343	)	$	(8,016	)

See Notes to Financial Statements

249

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Year Ended May 31, 2018			For the Year Ended May 31, 2017			For the Year Ended May 31, 2018			For the Year Ended May 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	77,206,847		$	74,666,064			1,664,552		$	1,700,288
Net realized gain (loss) on investments and foreign currencies		116,128,701			181,428,128			7,087,770			6,451,425
Net unrealized gain (loss) on investments and foreign currencies		423,697,672			417,182,753			1,025,526			5,477,630
Net increase (decrease) in net assets resulting from operations		617,033,220			673,276,945			9,777,848			13,629,343
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(78,723,465	)		(67,280,698	)		(1,701,685	)		(1,894,530	)
Net realized gain on securities		(172,328,332	)		(197,356,088	)		–			–
Total distributions to shareholders		(251,051,797	)		(264,636,786	)		(1,701,685	)		(1,894,530	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		50,187,343			8,364,477			(2,934,952	)		(9,538,316	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		416,168,766			417,004,636			5,141,211			2,196,497
NET ASSETS:
Beginning of period		4,542,333,888			4,125,329,252			110,332,519			108,136,022
End of period†	$	4,958,502,654		$	4,542,333,888		$	115,473,730		$	110,332,519
† Includes accumulated undistributed net investment income (loss)	$	74,632,055		$	76,001,307		$	1,662,027		$	1,699,604

See Notes to Financial Statements

250

VALIC Company I

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	Inflation Protected Fund
Blue Chip Growth Fund	International Equities Index Fund
Broad Cap Value Income Fund	International Government Bond Fund
Capital Conservation Fund	International Growth Fund
Core Equity Fund	Large Cap Core Fund
Dividend Value Fund	Large Capital Growth Fund
Dynamic Allocation Fund*	Mid Cap Index Fund
Emerging Economies Fund	Mid Cap Strategic Growth Fund
Foreign Value Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Social Awareness Fund	Small Cap Aggressive Growth Fund
Global Strategy Fund	Small Cap Fund
Government Money Market I Fund	Small Cap Index Fund
Government Securities Fund	Small Cap Special Values Fund
Growth Fund	Small-Mid Growth Fund
Growth & Income Fund	Stock Index Fund
Health Sciences Fund	Value Fund

* The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of the underlying funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Funds”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”).

Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100^® Index Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)

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

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.

251

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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

The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of May 31, 2018, is reported on a schedule following each Fund’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

For the Government Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Government Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Government Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded over the counter (“OTC”) are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the OTC market are valued at the mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

252

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The Growth Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

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

Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

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

Futures: During the period, the Asset Allocation Fund and Dynamic Allocation Fund used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. The Emerging Economies Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund, used futures contracts to increase or decrease exposure to equity markets.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by a Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as cash collateral for futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

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

Options: During the period, the Dynamic Allocation Fund and Health Sciences Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

253

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Interest Rate Swap Agreements: During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of May 31, 2018, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2018. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2018, please refer to the Portfolio of Investments.

254

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Asset Derivatives
	Interest Rate Contracts				Equity Contracts				Foreign Exchange Contracts
Fund	Futures Contracts(1)(8)		Swap Contracts(6)		Futures Contracts(1)(8)		Options Purchased(2)		Foreign Exchange Contracts(3)		Total
Asset Allocation	$	—	$	—	$	156,874	$	—	$	89,875	$	246,749
Dynamic Allocation		—		—		—		1,065,174		—		1,065,174
Global Social Awareness		—		—		—		—		—		—
Global Strategy		—		1,063,544		—		—		2,499,762		3,563,306
Growth		—		—		—		—		474,948		474,948
Growth & Income		—		—		—		—		—		—
International Equities Index		—		—		—		—		—		—
Mid Cap Index		—		—		—		—		—		—
Nasdaq-100 Index		—		—		—		—		—		—
Small Cap Index		—		—		—		—		—		—
Stock Index		—		—		—		—		—		—

	Liability Derivatives
	Interest Rate Contracts				Equity Contracts				Foreign Exchange Contracts
Fund	Futures Contracts(1)(8)		Swap Contracts(7)		Futures Contracts(1)(8)		Options Written(4)		Foreign Exchange Contracts(5)		Total
Asset Allocation	$	—	$	—	$	27,655	$	—	$	793,474	$	821,129
Dynamic Allocation		—		—		657,133		250,108		—		907,241
Global Social Awareness		—		—		129,880		—		—		129,880
Global Strategy		—		62,964		—		—		314,312		377,276
Growth		—		—		—		—		65,179		65,179
Growth & Income		—		—		14,345		—		—		14,345
International Equities Index		—		—		115,680		—		—		115,680
Mid Cap Index		—		—		727,003		—		—		727,003
Nasdaq-100 Index		—		—		34,440		—		—		34,440
Small Cap Index		—		—		605,220		—		—		605,220
Stock Index		—		—		521,430		—		—		521,430

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Investments at value

(3) Unrealized appreciation on forward foreign currency contracts

(4) Call and put options written, at value

(5) Unrealized depreciation on forward foreign currency contracts

(6) Unrealized appreciation on swap contracts

(7) Unrealized depreciation on swap contracts

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

Fund	Cumulative Appreciation (Depreciation)
Asset Allocation	$	391,561
Dynamic Allocation		(599,206	)
Global Social Awareness		(175,051	)
Growth & Income		(8,122	)
International Equities Index		(510,971	)
Mid Cap Index		595,779
Nasdaq-100 Index		(62,173	)
Small Cap Index		1,571,439
Stock Index		(447,358	)

255

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts					Equity Contracts						Foreign  Exchange Contracts
Portfolio	Futures Contracts(1)		Swap Contracts(2)			Futures Contracts(1)			Options*			Foreign  Exchange Contracts(3)			Total
Asset Allocation	$	—	$	—		$	(1,744,065	)	$	—		$	271,109		$	(1,472,956	)
Dynamic Allocation		—		—			15,930,405			(9,621,789	)		—			6,308,616
Emerging Economies		—		—			654,846			—			—			654,846
Global Social Awareness		—		—			3,986,541			—			—			3,986,541
Global Strategy		—		(496,055	)		—			—			(5,672,060	)		(6,168,115	)
Growth		—		—			—			—			(467,043	)		(467,043	)
Growth & Income		—		—			181,409			—			—			181,409
Health Sciences		—		—			—			147,404			—			147,404
International Equities Index		—		—			10,131,091			—			—			10,131,091
Mid Cap Index		—		—			14,504,706			—			—			14,504,706
Nasdaq-100 Index		—		—			4,823,174			—			—			4,823,174
Small Cap Index		—		—			13,134,631			—			—			13,134,631
Stock Index		—		—			9,398,110			—			—			9,398,110

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts				Equity Contracts					Foreign Exchange Contracts
Portfolio	Futures Contracts(4)		Swap Contracts(5)		Futures Contracts(4)			Options*		Foreign Exchange Contracts(6)			Total
Asset Allocation	$	—	$	—	$	499,470		$	—	$	(703,599	)	$	(204,129	)
Dynamic Allocation		—		—		(3,001,210	)		468,851		—			(2,532,359	)
Emerging Economies		—		—		—			—		—			—
Global Social Awareness		—		—		(622,735	)		—		—			(622,735	)
Global Strategy		—		2,479,345		—			—		3,945,640			6,424,985
Growth		—		—		—			—		469,901			469,901
Growth & Income		—		—		(13,249	)		—		—			(13,249	)
Health Sciences		—		—		—			—		—			—
International Equities Index		—		—		(4,944,384	)		—		—			(4,944,384	)
Mid Cap Index		—		—		1,657,940			—		—			1,657,940
Nasdaq-100 Index		—		—		(1,218,166	)		—		—			(1,218,166	)
Small Cap Index		—		—		2,703,583			—		—			2,703,583
Stock Index		—		—		(2,101,656	)		—		—			(2,101,656	)

* Includes amounts relating to purchased and written options as follows:

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations						Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Equity Contracts						Equity Contracts
	Options Purchased(7)			Options Written(8)			Options Purchased(9)		Options Written(10)
Dynamic Allocation Fund	$	(5,049,299	)	$	(4,572,490	)	$	475,330	$	(6,479	)
Health Sciences Fund		—			147,404			—		—

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

(7) Net realized gain (loss) on investments

(8) Net realized gain (loss) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

(10) Change in unrealized appreciation (depreciation) on written options contracts

256

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

The following table represents the average monthly balances of derivatives held during the year ended May 31, 2018.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(2)		Foreign  Exchange Contracts(2)		Purchased Put Options Contracts(1)		Written Call Options Contracts(1)		Interest Rate Swap Contracts(2)
Asset Allocation	$	36,848,438	$	20,947,469	$	—	$	—	$	—
Dynamic Allocation		126,387,763		—		1,175,563		604,381		—
Emerging Economies		3,121,710		—		—		—		—
Global Social Awareness		23,937,897		—		—		—		—
Global Strategy		—		143,926,626		—		—		33,648,250
Growth		—		4,660,177		—		—		—
Growth & Income		1,532,361		—		—		—		—
Health Sciences		—		—		—		38,357		—
International Equities Index		79,351,861		—		—		—		—
Mid Cap Index		121,074,949		—		—		—		—
Nasdaq-100 Index		22,736,055		—		—		—		—
Small Cap Index		63,372,454		—		—		—		—
Stock Index		56,757,817		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2018. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2018, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	Asset Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Morgan Stanley Capital Services, Inc.	$	89,875	$	—	$	—	$	89,875	$	793,474	$	—	$	—	$	793,474	$	(703,599	)	$	703,599	$	—

(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.

	Dynamic Allocation Fund
Counterparty	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Bank of America N.A.	$	—	$	—	$	157,157	$	157,157	$	—	$	—	$	36,901	$	36,901	$	120,256	$	—		$	120,256
Citibank N.A.		—		—		192,080		192,080		—		—		45,102		45,102		146,978		(146,978	)		—
Deutsche Bank		—		—		314,314		314,314		—		—		73,802		73,802		240,512		(240,512	)		—
Goldman Sachs International		—		—		261,928		261,928		—		—		61,502		61,502		200,426		(200,426	)		—
UBS AG		—		—		139,695		139,695		—		—		32,801		32,801		106,894		—			106,894
Total	$	—	$	—	$	1,065,174	$	1,065,174	$	—	$	—	$	250,108	$	250,108	$	815,066	$	(587,916	)	$	227,150

(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.

257

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Global Strategy Fund																		Collateral Pledged/ (Received)(2)		Net Amount(3)
Counterparty	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Bank of America, N.A.	$	387,011	$	—	$	—	$	387,011	$	—	$	—	$	—	$	—	$	387,011	$	—	$	387,011
Barclays Bank PLC		43,201		—		—		43,201		13,560		—		—		13,560		29,641		—		29,641
Citibank N.A.		135,019		—		—		135,019		101,096		—		—		101,096		33,923		—		33,923
Deutsche Bank AG		425,104		—		—		425,104		96,250		—		—		96,250		328,854		—		328,854
Goldman Sachs International		94,431		—		—		94,431		2,964		—		—		2,964		91,467		—		91,467
HSBC Bank PLC		156,340		—		—		156,340		30,977		—		—		30,977		125,363		—		125,363
JPMorgan Chase Bank N.A.		762,392		—		—		762,392		69,465		—		—		69,465		692,927		—		692,927
Morgan Stanley and Co., Inc.		5,792		—		—		5,792		—		—		—		—		5,792		—		5,792
Standard Chartered Bank		322,556		—		—		322,556		—		—		—		—		322,556		—		322,556
UBS AG		167,916		—		—		167,916		—		—		—		—		167,916		—		167,916
Total	$	2,499,762	$	—	$	—	$	2,499,762	$	314,312	$	—	$	—	$	314,312	$	2,185,450	$	—	$	2,185,450

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	Growth Fund																		Collateral Pledged/ (Received)(2)		Net Amount(3)
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Credit Suisse	$	93,292	$	—		$        —	$	93,292	$	8,865	$	—	$	—	$	8,865	$	84,427	$	—	$	84,427
UBS AG		381,656		—		—		381,656		56,314		—		—		56,314		325,342		—		325,342
Total	$	474,948	$	—	$	—	$	474,948	$	65,179	$	—	$	—	$	65,179	$	409,769	$	—	$	409,769

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive

258

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund‘s yield.

Mortgage-Backed Dollar Rolls: During the year ended May 31, 2018, the Capital Conservation Fund entered 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. The Capital Conservation Fund had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the year ended May 31, 2018, the Capital Conservation Fund and the Emerging Economies Fund purchased and/or sold when-issued securities. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

Investment Securities Loaned: To realize additional income, each Fund, except for the Dynamic Allocation Fund and the Government Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Unsettled securities purchased or sold on a when-issued or forward commitment basis are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Dynamic Allocation Fund, distributions from income from the Underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

259

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by a Fund.

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

Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. For the Dynamic Allocation Fund, the expenses included in the accompanying financial statements reflect the expenses of the Dynamic Allocation Fund and do not include any expenses associated with the Underlying Funds.

Dividends from net investment income, if any, are normally paid annually, except for the Government Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2015 — 2017 or expected to be taken in each Fund’s 2018 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 2015.

New Accounting Pronouncement

In October 2016, the SEC adopted amendments to rules under the 1940 Act (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X was August 1, 2017. All required changes have been made in accordance with Regulation S-X.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund‡	0.80% on the first $250 million
	0.75% on the next $250 million
	0.70% on the next $500 million
	0.65% on assets over $1 billion

260

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Growth & Income Fund	0.75% on the first $500 million
	0.725% on assets over $500 million
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Small Cap Fund	0.90% on the first $250 million
	0.85% on the next $250 million
	0.80% on the next $500 million
	0.75% on assets over $1 billion
Health Sciences Fund*	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth Fund**	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million
Global Social Awareness Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund	0.50% on the first $500 million
	0.46% on assets over $500 million
Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Government Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund	0.75% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million
	0.73% on the next $250 million
	0.68% on the next $500 million
	0.63% on assets over $1 billion
Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion

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NOTES TO FINANCIAL STATEMENTS — (continued)

Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
Emerging Economies Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund††	0.75% on assets over $250 million
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund***	0.73% on the first $500 million
	0.67% on the next $500 million
	0.64% on the next $500 million
	0.61% on assets over $1.5 billion
Global Real Estate Fund	0.75% on the first $250 million
	0.70% on the next $250 million
	0.65% on assets over $500 million
Dynamic Allocation Fund†	0.25% on the first $1 billion
	0.22% on the next $1 billion
	0.20% on assets over $2 billion

* Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Health Sciences Fund’s advisory fee in order that such fees equal: (a) 0.97% of the Fund’s average daily net assets when the Fund’s assets are between $700 million and $750 million; and (b) 0.94% of the Fund’s average daily net assets when the Fund’s assets exceed $750 million.

** Effective March 8, 2018, pursuant to an Amended and Restated Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter. Prior to March 8, 2018, VALIC agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.89% of the average daily net assets on the first $250 million, 0.84% on the next $250 million, 0.79% on the next $500 million and 0.74% thereafter.

*** Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.68% of the average daily net assets on the first $500 million, 0.62% on the next $500 million, 0.59% on the next $500 million and 0.56% thereafter.

† VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Dynamic Allocation Fund’s Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Fund’s investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the “AB Fund Waiver”). The AB Fund Waiver may be terminated at any time by the Adviser.

†† Effective September 1, 2017, VALIC has agreed to waive the Small-Mid Growth Fund’s advisory fees in order that such fees equal: 0.78% of the Fund’s average daily net assets on the Fund’s first $250 million; and 0.68% of the Fund’s net average daily net assets when the Fund’s assets exceed $250 million.

‡ Effective November 1, 2017, VALIC has agreed to waive the Core Equity Fund’s advisory fees in order that such fees equal: 0.62% of the Fund’s average daily net assets on the Fund’s first $250 million, 0.57% on the next $250 million, 0.52% on the next $500 million, and 0.47% on assets over $1 billion.

For the year ended May 31, 2018, the amount of investment advisory fees waived were as follows:

Fund	Amount
Core Equity	$	269,626
Dynamic Allocation		24,290
Growth		566,566
Health Sciences		235,556
International Growth		428,593
Small-Mid Growth		61,048

VALIC has entered into sub-advisory agreements with the following:

AllianceBernstein L.P. (“AllianceBernstein”)—subadviser for a portion of the Dynamic Allocation Fund.

Allianz Global Investors U.S. LLC (“AGI US”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

American Century Investment Management, Inc. (“American Century”)—subadviser for the Growth Fund.

Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Columbia Management Investment Advisers, LLC (“Columbia”)—subadviser for the Large Cap Core Fund.

262

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for the Small-Mid Growth Fund and a portion of the Global Real Estate Fund.

Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the Global Real Estate Fund.

J.P. Morgan Investment Management Inc. (“JPMIM”)—subadviser for the Emerging Economies Fund, Growth & Income Fund, Government Securities Fund and a portion of the Small Cap Fund.

Janus Capital Management LLC—subadviser for a portion of the Mid Cap Strategic Growth Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for the Large Capital Growth Fund.

Morgan Stanley Investment Management, Inc. (“MSIM”)*—subadviser for the International Growth Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Inflation Protected Fund, and International Government Bond Fund.

SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Global Social Awareness Fund, Government Money Market I Fund, International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Dynamic Allocation Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Templeton Global Advisors, Limited—subadviser for the Foreign Value Fund.

Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.

Victory Capital Management, Inc. (“Victory”)—subadviser for the Small Cap Aggressive Growth Fund.

Wellington Management Company LLP—subadviser for the Value Fund and a portion of the Science & Technology Fund.

Wells Capital Management Incorporated—subadviser for the Small Cap Special Values Fund.

* Effective March 8, 2018, MSIM replaced American Century, Invesco and MFS as subadviser for the International Growth Fund.

The subadvisers are compensated for their services by VALIC.

VALIC has contractually agreed to waive fees and/or reimburse expenses to the extent necessary so that each Fund’s total annual fund operating expenses after expense reimbursement do not exceed the amounts shown below through September 30, 2018. For the purposes of the 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/or infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. Prior to October 1, 2018, the contractual fee waivers and/or expense reimbursements may only be terminated by the Board, including a majority of the Directors who are not “interested persons” of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Broad Cap Value Income		0.85	%
Core Equity		0.80	%
Dividend Value		0.82	%
Dynamic Allocation		0.32	%
Government Money Market I		0.55	%
Growth & Income		0.85	%
International Growth		1.01	%
Nasdaq-100® Index		0.53	%
Small Cap Aggressive Growth		0.99	%
Small Cap		0.93	%
Value		0.85	%

For the year ended May 31, 2018, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Broad Cap Value Income	$	44,802
Core Equity		129,014
Dynamic Allocation		3,726
Growth & Income		64,993
International Growth		46,605
Nasdaq-100® Index		49,470
Small Cap Aggressive Growth		13,178
Small Cap		306,270
Small-Mid Growth†		4,603
Value		101,165

† Prior to October 1, 2017, VALIC agreed to contractually waives fees and/or reimburse expenses to the extent necessary that the Small-Mid Growth Fund’s total annual fund operating expenses after expense reimbursement did not exceed 1.00%.

263

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the year ended May 31, 2018, VALIC did not voluntarily waive expenses for the Government Money Market I Fund.

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended May 31, 2018, the amount recouped by VALIC for the Dynamic Allocation Fund was $10,225.

At May 31, 2018, there were no expenses previously waived and/or reimbursed by VALIC that are subject to recoupment.

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator receives from each Fund, other than the “Fund-of-Funds Component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee@: 0.0075% on the first $75 billion; 0.0060% on the next $25 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the year ended May 31, 2018, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

@ The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component.

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the year ended May 31, 2018, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in up to three different investment options that are specified in the plan as selected by the Directors. For the year ended May 31, 2018, certain Directors of VC I have deferred $34,838 of director compensation.

At May 31, 2018, the following affiliates owned outstanding shares of the following Funds:

Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VC I Dynamic Allocation Fund			VC II Aggressive Growth Lifestyle			VC II Conservative Growth Lifestyle			VC II Moderate Growth Lifestyle
Asset Allocation		—	%		—	%		100.00	%		—	%		—	%		—	%		—	%
Blue Chip Growth		0.01			—			94.78			0.90			1.68			0.04			2.59
Broad Cap Value Income		—			—			83.67			16.33			—			—			—
Capital Conservation		—			—			67.02			6.31			5.30			7.03			14.34
Core Equity		—			—			100.00			—			—			—			—
Dividend Value		—			—			91.97			1.00			2.45			0.94			3.64
Dynamic Allocation		1.02			—			98.98			—			—			—			—
Emerging Economies		0.01			0.00			95.64			0.35			1.92			0.50			1.58
Foreign Value		0.01			—			89.62			0.90			3.85			1.39			4.23
Global Real Estate		—			—			83.63			0.52			6.36			2.45			7.04
Global Social Awareness		0.23			—			99.77			—			—			—			—
Global Strategy		—			—			100.00			—			—			—			—
Government Money Market I		5.31			0.00			94.69			—			—			—			—
Government Securities		0.74			—			85.78			7.56			5.92			—			—
Growth		—			—			99.25			0.75			—			—			—
Growth & Income		2.45			—			94.42			3.13			—			—			—
Health Sciences		0.01			—			99.99			—			—			—			—

264

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VC I Dynamic Allocation Fund			VC II Aggressive Growth Lifestyle			VC II Conservative Growth Lifestyle			VC II Moderate Growth Lifestyle
Inflation Protected		—	%		—	%		82.79	%		0.66	%		5.55	%		3.22	%		7.78	%
International Equities Index		2.49			0.02			88.87			0.38			3.72			1.20			3.32
International Government Bond		—			—			79.67			0.44			5.29			5.26			9.34
International Growth		—			—			90.47			1.66			3.54			0.73			3.60
Large Cap Core		—			—			86.17			4.35			3.31			1.50			4.67
Large Capital Growth		—			—			98.18			1.82			—			—			—
Mid Cap Index		0.65			0.04			97.41			0.12			0.65			0.22			0.91
Mid Cap Strategic Growth		—			—			93.88			—			2.60			0.29			3.23
Nasdaq-100® Index		2.58			0.06			92.05			—			1.91			0.42			2.98
Science & Technology		0.46			0.00			97.32			—			0.81			0.17			1.24
Small Cap Aggressive Growth		—			—			100.00			—			—			—			—
Small Cap Fund		—			—			100.00			—			—			—			—
Small Cap Index		1.90			0.10			95.05			—			1.12			0.27			1.56
Small Cap Special Values		—			—			76.80			—			7.78			3.98			11.44
Small-Mid Growth		—			—			100.00			—			—			—			—
Stock Index		2.20			0.03			93.34			0.61			0.59			0.14			0.81
Value		—			—			74.95			8.52			5.86			1.46			9.21

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

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2018, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Value at 05/31/2017		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value 5/31/2018
VALIC Co. I Blue Chip Growth Fund	$	9,575,898	$	5,344	$	509,374	$	580,126	$	4,991,741	$	938,706		$	928,955		$	7,031,944
VALIC Co. I Broad Cap Value Income Fund		9,817,862		159,915		637,833		1,228,413		1,500,579		316,290			(139,435	)		9,722,551
VALIC Co. I Capital Conservation Fund		14,886,761		310,727		41,480		3,681,948		1,963,286		(5,435	)		(498,690	)		16,101,298
VALIC Co. I Dividend Value Fund		9,904,681		166,427		322,339		562,891		1,923,935		61,027			235,932			8,840,596
VALIC Co. I Emerging Economies Fund		3,232,313		43,387		—		67,713		868,116		151,153			265,053			2,848,116
VALIC Co. I Foreign Value Fund		9,203,786		153,420		—		220,219		1,723,036		(93,377	)		235,088			7,842,680
VALIC Co. I Global Real Estate Fund		2,000,544		75,493		22,844		114,555		245,411		(4,758	)		25,743			1,890,673
VALIC Co. I Government Securities Fund		7,977,773		208,439		—		2,516,767		1,004,725		(19,356	)		(286,782	)		9,183,677
VALIC Co. I Growth & Income Fund		4,198,136		39,350		148,123		219,909		714,822		227,606			79,758			4,010,587
VALIC Co. I Growth Fund		10,833,584		54,050		339,551		468,998		3,895,359		559,372			1,077,264			9,043,859
VALIC Co. I Inflation Protected Fund		2,970,572		65,779		31,476		1,425,791		410,851		(791	)		(63,417	)		3,921,304
VALIC Co. I International Equities Index Fund		5,159,905		99,592		—		140,137		763,527		47,479			249,585			4,833,579
VALIC Co. I International Government Bond Fund		1,078,287		9,021		328		17,458		122,705		(783	)		(3,232	)		969,025
VALIC Co. I International Growth Fund		9,602,010		106,280		119,640		292,718		3,033,036		66,255			1,214,314			8,142,261
VALIC Co. I Large Cap Core Fund		8,388,747		80,354		400,885		546,109		1,381,643		(241,278	)		529,380			7,841,315
VALIC Co. I Large Capital Growth Fund		8,441,878		49,495		404,262		518,628		1,681,643		33,713			773,782			8,086,358
VALIC Co. I Mid Cap Index Fund		4,156,906		45,886		271,067		349,389		701,822		113,630			146,262			4,064,365
VALIC Co. I Stock Index Fund		30,276,639		500,136		1,094,815		1,838,218		4,581,162		1,008,597			1,485,365			30,027,657
VALIC Co. I Value Fund		9,852,980		153,573		—		484,662		1,227,054		379,693			349,738			9,840,019
VALIC Co. II Capital Appreciation Fund		7,269,350		—		—		56,763		1,408,938		420,013			852,518			7,189,706
VALIC Co. II Core Bond Fund		14,713,271		—		—		1,113,524		1,717,876		64,891			(123,867	)		14,049,943
VALIC Co. II High Yield Bond Fund		2,958,227		—		—		22,022		1,052,728		7,468			58,994			1,993,983
VALIC Co. II Mid Cap Growth Fund		2,128,050		—		—		16,218		542,411		87,655			330,738			2,020,250
VALIC Co. II Mid Cap Value Fund		1,894,581		—		—		166,218		255,411		(24,452	)		230,500			2,011,436
VALIC Co. II Large Cap Value Fund		—		—		—		4,220,652		165,897		(2,548	)		(67,403	)		3,984,804
VALIC Co. II International Opportunities Fund		—		—		—		2,112,363		245,625		14,143			120,134			2,001,015
VALIC Co. II Small Cap Growth Fund		4,294,684		—		—		32,436		1,655,822		158,691			1,290,568			4,120,557
VALIC Co. II Small Cap Value Fund		3,522,405		—		—		582,435		526,822		(72,476	)		619,838			4,125,380
VALIC Co. II Strategic Bond Fund		5,028,676		—		—		35,182		1,613,098		(55,931	)		79,680			3,474,509
	$	203,368,506	$	2,326,668	$	4,344,017	$	23,632,462	$	41,919,081	$	4,135,197		$	9,996,363		$	199,213,447

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Stock Index Fund

Security	Value at 05/31/2017		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at 05/31/2018
American International Group, Inc.
Common Stock	$	12,657,025	$	245,170	$	—	$	327,746	$	938,118	$	444,648	$	(2,477,513	)	$	10,013,788

During the year ended May 31, 2018, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Global Real Estate Fund		Growth Fund		International Growth Fund		Small-Mid Growth Fund
Goldman Sachs & Co.	$	393	$	—	$	—	$	214
Morgan Stanley & Co		—		—		1,078		—
Nomura Securities		—		1,106		—		—

On February 1, 2018, the Government Money Market I Fund purchased $3,000,000 principal amount of 1.50% U.S. Treasury Notes with a maturity date of January 31, 2019, causing the Fund to exceed the Rule 2a-7 limitation of maintaining a weighted average maturity of sixty days or less. On February 2, 2018, the securities were sold, bringing the weighted average maturity of the Fund to below sixty days. The sale resulted in a loss to the Fund of $337, which was reimbursed by SunAmerica.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended May 31, 2018 were as follows:

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding  U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	143,200,312	$	126,493,993	$	—	$	—
Blue Chip Growth		179,091,838		255,156,346		—		—
Broad Cap Value Income		14,291,137		15,411,671		—		—
Capital Conservation		91,174,186		74,849,073		85,821,650		49,104,207
Core Equity		126,090,101		143,694,852		—		—
Dividend Value		466,362,992		424,745,611		—		—
Dynamic Allocation		16,961,776		41,919,081		19,994,636		16,982,276
Emerging Economies		427,893,724		418,226,201		—		—
Foreign Value		254,011,771		285,012,728		3,294,936		3,295,000
Global Real Estate		184,679,535		219,895,614		—		—
Global Social Awareness		19,164,731		34,203,363		—		—
Global Strategy		109,314,479		163,406,631		1,899,963		1,900,000
Government Securities		2,193,770		1,526,949		2,142,739		15,224,466
Growth		650,156,841		655,171,378		—		—
Growth & Income		53,622,243		60,517,656		—		—
Health Sciences		329,113,706		391,446,711		—		—
Inflation Protected		120,380,314		110,731,225		91,906,265		116,133,078
International Equities Index		395,220,137		206,020,180		—		—
International Government Bond		197,338,343		164,830,637		23,572,223		18,413,418
International Growth		572,290,409		609,292,220		—		—
Large Cap Core		102,305,396		105,725,937		—		—
Large Capital Growth		89,147,901		112,891,433		—		—
Mid Cap Index		489,614,884		580,623,009		—		—
Mid Cap Strategic Growth		108,930,434		125,907,452		—		—
Nasdaq-100® Index		11,677,291		11,235,560		—		—
Science & Technology		1,011,856,983		1,083,433,063		—		—
Small Cap Aggressive Growth		97,304,533		98,160,912		—		—
Small Cap		77,158,924		105,308,922		—		—
Small Cap Index		237,456,049		195,431,608		—		—
Small Cap Special Values		108,611,695		126,546,023		—		—
Small-Mid Growth		68,433,359		79,622,357		—		—
Stock Index		123,964,477		195,056,826		—		—
Value		21,433,394		26,816,111		—		—

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, investments in partnerships, corporate actions and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2018.

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Asset Allocation	$	167,118,586	$	12,773,110	$	(9,162,447	)	$	3,610,663
Blue Chip Growth		422,281,163		364,606,438		(4,307,251	)		360,299,187
Broad Cap Value Income		46,165,759		16,117,634		(2,619,220	)		13,498,414
Capital Conservation		261,921,249		1,124,975		(6,177,830	)		(5,052,855	)
Core Equity		198,443,977		57,899,652		(4,882,269	)		53,017,383
Dividend Value		837,925,448		102,311,095		(51,970,625	)		50,340,470
Dynamic Allocation		229,525,577		20,740,862		(4,508,271	)		16,232,591
Emerging Economies		701,840,588		168,681,449		(29,453,847	)		139,227,602
Foreign Value		835,465,227		115,230,852		(47,107,594	)		68,123,258
Global Real Estate		355,888,658		30,178,908		(20,466,249	)		9,712,659
Global Social Awareness		336,535,945		114,846,639		(24,296,728	)		90,549,911
Global Strategy		370,781,086		46,490,968		(22,314,068	)		24,176,900
Government Money Market I		312,271,422		—		—			—
Government Securities		124,008,462		1,136,748		(3,429,310	)		(2,292,562	)
Growth		921,765,845		315,436,963		(23,414,529	)		292,022,434
Growth & Income		101,600,405		29,748,283		(3,166,280	)		26,582,003
Health Sciences		607,456,526		213,764,708		(33,094,649	)		180,670,059
Inflation Protected		601,503,450		14,396,494		(12,117,564	)		2,278,930
International Equities Index		1,249,455,444		203,988,080		(115,433,444	)		88,554,636
International Government Bond*		224,598,534		3,161,440		(7,944,898	)		(4,783,458	)
International Growth		440,288,165		41,334,355		(6,706,975	)		34,627,380
Large Cap Core		151,294,193		33,307,026		(3,582,850	)		29,724,176
Large Capital Growth		322,952,277		130,119,044		(8,631,794	)		121,487,250
Mid Cap Index		2,527,746,184		1,166,759,166		(174,223,586	)		992,535,580
Mid Cap Strategic Growth		225,287,050		74,850,326		(5,810,892	)		69,039,434
Nasdaq-100® Index		200,855,252		281,856,873		(6,213,279	)		275,643,594
Science & Technology		1,124,445,573		322,852,433		(22,552,416	)		300,300,017
Small Cap Aggressive Growth		125,971,242		41,123,000		(3,805,518	)		37,317,482
Small Cap		279,694,525		71,870,258		(15,809,540	)		56,060,718
Small Cap Index		946,629,806		499,651,412		(86,736,964	)		412,914,448
Small Cap Special Values		265,884,316		54,325,871		(18,019,181	)		36,306,690
Small-Mid Growth		99,413,275		23,462,333		(2,797,224	)		20,665,109
Stock Index		2,344,708,594		2,716,687,179		(127,591,051	)		2,589,096,128
Value		87,320,948		31,507,093		(3,780,756	)		27,726,337

@ Includes amounts for derivatives.

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2017.

The tax basis distributable earnings at May 31, 2018 and the tax character of distributions paid during the year ended May 31, 2018 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2018
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	7,940,796	$	6,332,042		$	3,692,908		$	5,223,476	$	4,139,748
Blue Chip Growth		377,657		91,325,072			360,299,215			464,379		44,264,812
Broad Cap Value Income		726,807		5,016,076			13,498,375			1,311,931		3,587,503
Capital Conservation		5,692,352		(406,776	)		(5,052,855	)		5,533,689		—
Core Equity		4,819,532		26,833,666			53,017,383			2,805,524		18,933,095

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2018
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Dividend Value	$	38,481,123	$	73,011,368		$	50,337,210		$	17,733,293	$	27,534,288
Dynamic Allocation		9,659,610		6,000,962			16,232,591			6,981,384		5,873,893
Emerging Economies		12,932,082		(37,915,107	)		138,104,191			12,115,507		—
Foreign Value		21,077,701		(17,185,268	)		68,002,382			17,026,333		—
Global Real Estate		15,501,553		(2,115,439	)		9,696,789			16,353,390		2,229,561
Global Social Awareness		6,681,051		—			90,489,982			7,163,295		—
Global Strategy		7,679,415		27,336,221			23,984,693			—		5,241,605
Government Money Market I		13,702		—			—			2,316,563		—
Government Securities		3,165,086		(2,813,278	)		(2,292,562	)		3,355,071		—
Growth		23,129,952		71,291,451			292,013,045			16,911,039		32,227,389
Growth & Income		1,526,608		11,821,661			26,582,003			1,458,895		4,140,612
Health Sciences		17,887,289		47,556,071			180,667,949			—		88,495,403
Inflation Protected		11,717,351		163,608			2,259,411			12,914,381		4,308,281
International Equities Index		34,834,299		—			88,484,440			27,087,828		—
International Government Bond*		1,876,878		—			2,263,637			—		—
International Growth		16,283,656		94,862,398			34,618,529			5,977,648		6,729,054
Large Cap Core		1,590,555		13,332,022			29,724,175			1,779,731		8,879,021
Large Capital Growth		4,246,182		28,866,161			121,486,490			4,066,557		20,050,151
Mid Cap Index		59,566,500		282,474,072			992,535,580			47,986,438		203,935,604
Mid Cap Strategic Growth		4,667,422		22,367,523			69,038,470			2,479,175		10,687,059
Nasdaq-100® Index		3,552,162		6,027,819			275,643,594			2,953,557		19,144,321
Science & Technology		82,873,430		184,672,479			300,340,539			48,763,832		63,121,184
Small Cap Aggressive Growth		4,240,510		17,793,380			37,317,482			—		3,794,440
Small Cap		8,108,469		18,202,222			56,060,718			8,155,637		41,766,359
Small Cap Index		26,150,639		80,645,698			412,914,448			15,724,664		63,465,241
Small Cap Special Values		6,438,233		26,863,113			36,306,690			7,353,760		20,457,809
Small-Mid Growth		1,518,503		13,472,877			20,665,109			—		4,235,032
Stock Index		80,198,668		107,947,237			2,589,096,128			83,554,505		167,497,292
Value		1,664,301		—			27,725,476			1,701,685		—

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2017.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

The tax character of distributions paid during the year ended May 31, 2017 were as follows:

	Tax Distributions
	Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	3,749,061	$	—
Blue Chip Growth		—		61,428,180
Broad Cap Value Income		874,094		1,709,105
Capital Conservation		4,839,811		221,801
Core Equity		2,640,815		8,018,311
Dividend Value		14,380,753		62,126,737
Dynamic Allocation		4,599,119		1,781,175
Emerging Economies		10,536,617		—
Foreign Value		16,256,905		—
Global Real Estate		17,674,291		21,783,749
Global Social Awareness		6,885,357		—
Global Strategy		3,949,653		7,816,643
Government Money Market I		268,820		—
Government Securities		3,446,180		—
Growth		7,513,594		63,915,770
Growth & Income		1,374,711		3,584,783

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Tax Distributions
	Ordinary Income		Long-Term Capital Gains
Health Sciences	$	10,754,522	$	69,401,910
Inflation Protected		1,518,378		681,710
International Equities Index		26,884,852		—
International Government Bond		—		—
International Growth		6,105,866		—
Large Cap Core		1,531,285		11,933,336
Large Capital Growth		2,819,369		12,909,541
Mid Cap Index		40,127,114		274,781,465
Mid Cap Strategic Growth		—		16,552,587
Nasdaq-100 Index®		2,785,946		15,668,894
Science & Technology		—		75,551,571
Small Cap Aggressive Growth		—		4,966,733
Small Cap		1,169,737		23,882,426
Small Cap Index		13,971,762		59,977,899
Small Cap Special Values		2,881,769		18,510,911
Small-Mid Growth		—		5,263,258
Stock Index		68,427,662		196,209,124
Value		1,894,530		—

As of May 31, 2018, 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:

	Capital Loss Carryforward Unlimited
Fund	ST		LT
Asset Allocation	$	—	$	—
Blue Chip Growth		—		—
Broad Cap Value Income		—		—
Capital Conservation		51,240		355,536
Core Equity		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		37,915,107		—
Foreign Value		758,697		16,426,571
Global Real Estate		335,299		1,780,140
Global Social Awareness		—		—
Global Strategy		—		—
Government Money Market I		—		—
Government Securities		1,183,254		1,630,024
Growth		—		—
Growth & Income		—		—
Health Sciences		—		—
Inflation Protected		—		—
International Equities Index		—		—
International Government Bond		—		—
International Growth		—		—
Large Cap Core		—		—
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Aggressive Growth		—		—
Small Cap		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Capital Loss Carryforward Unlimited
Fund	ST		LT
Small-Mid Growth	$	—	$	—
Stock Index		—		—
Value		—		—

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

The Funds indicated below utilized or expired capital loss carryforwards, which offset net taxable gains realized in the current year.

Fund	Capital Loss Carryforward Utilized		Capital Loss Carryforward Expired
Asset Allocation	$	—	$	—
Blue Chip Growth		—		—
Broad Cap Value Income		—		—
Capital Conservation		—		—
Core Equity		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		62,510,013		71,874,688
Foreign Value		1,341,909		18,699,216
Global Real Estate		—		—
Global Social Awareness		9,273,386		28,063,251
Global Strategy		—		—
Government Money Market I		—		—
Government Securities		—		—
Growth		—		—
Growth & Income		—		—
Health Sciences		—		—
Inflation Protected		—		—
International Equities Index		114,350,533		13,561,678
International Government Bond*		660,801		—
International Growth		—		—
Large Cap Core		—		—
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Aggressive Growth		—		—
Small Cap		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—
Small-Mid Growth		—		—
Stock Index		—		—
Value		7,065,010		14,907,344

* The capital loss carryforward utilized is for the tax period ended September 30, 2017.

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2018, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss		Deferred Post-October Long-Term Capital  Loss
Asset Allocation	$	401,556	$	—	$	—
Blue Chip Growth		245,117		353,584		—
Broad Cap Value Income		—		713,852		—
Capital Conservation		—		850,938		147,019
Core Equity		—		—		—
Dividend Value		8,745		—		—
Dynamic Allocation		—		—		—
Emerging Economies		264,440		—		—
Foreign Value		—		5,822,773		—
Global Real Estate		—		—		—
Global Social Awareness		50,884		—		—
Global Strategy		1,130,502		—		—
Government Money Market I		—		17,092		—
Government Securities		—		21,251		168,952
Growth		44,595		—		—
Growth & Income		—		—		—
Health Sciences		766,530		—		—
Inflation Protected		—		—		—
International Equities Index		—		—		1,536,069
International Government Bond*		1,784,114		—		—
International Growth		582,280		—		—
Large Cap Core		—		8,900		—
Large Capital Growth		2,928		—		—
Mid Cap Index		—		—		—
Mid Cap Strategic Growth		117,286		—		—
Nasdaq-100 Index®		—		—		—
Science & Technology		1,514,218		—		—
Small Cap Aggressive Growth		306,022		—		—
Small Cap		—		—		—
Small Cap Index		16,267		—		—
Small Cap Special Values		—		—		—
Small-Mid Growth		44,557		—		—
Stock Index		—		—		—
Value		25		—		—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2017.

For the year ended May 31, 2018, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to the tax treatment of net investment losses, principal paydown adjustments, disposition of passive foreign investment companies securities, and foreign currency transactions to the components of net assets as follows:

	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Asset Allocation	$	117,714		$	(117,714	)	$	—
Blue Chip Growth		271,022			(271,022	)		—
Broad Cap Value Income		1			(1	)		—
Capital Conservation		604,640			(604,640	)		—
Core Equity		4,998			(4,998	)		—
Dividend Value		(19,949	)		19,949			—
Dynamic Allocation		301,844			(301,844	)		—
Emerging Economies		(1,102,788	)		72,977,476			(71,874,688	)
Foreign Value		763,788			17,935,428			(18,699,216	)
Global Real Estate		5,235,508			(5,235,508	)		—

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Global Social Awareness	$	50,902		$	28,012,349		$	(28,063,251	)
Global Strategy		(7,134,855	)		7,134,845			10
Government Money Market I		1,733			(1,733	)		—
Government Securities		341,346			(341,346	)		—
Growth		(236,115	)		236,115			—
Growth & Income		30			(30	)		—
Health Sciences		1,603,619			(1,603,619	)		—
Inflation Protected		2,147,562			(2,147,562	)		—
International Equities Index		193,202			114,157,331			(114,350,533	)
International Government Bond*		(1,900,124	)		1,900,124			—
International Growth		1,927,602			(1,927,602	)		—
Large Cap Core		678,281			(678,281	)		—
Large Capital Growth		(711,958	)		711,958			—
Mid Cap Index		4,425			(4,425	)		—
Mid Cap Strategic Growth		(231,549	)		231,549			—
Nasdaq-100 Index®		—			—			—
Science & Technology		2,869,799			(2,869,799	)		—
Small Cap Aggressive Growth		543,695			(543,695	)		—
Small Cap		(28,353	)		28,353			—
Small Cap Index		276,800			(276,800	)		—
Small Cap Special Values		(65,624	)		65,624			—
Small-Mid Growth		202,973			(202,973	)		—
Stock Index		147,366			(147,366	)		—
Value		(444	)		14,907,788			(14,907,344	)

* The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year ended September 30, 2017.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Management is currently evaluating the impact, if any, on the financial statements and the accompanying notes to financial statements.

Note 6 — Capital Share Transactions

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

	Asset Allocation												Blue Chip Growth
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,477,919		$	17,297,353			639,514		$	6,939,594			1,402,202		$	27,963,804			787,112		$	12,719,087
Reinvested dividends		807,871			9,363,224			343,321			3,749,061			2,156,663			44,729,191			3,917,614			61,428,180
Shares redeemed		(2,366,644	)		(27,634,338	)		(2,102,413	)		(22,514,906	)		(5,504,750	)		(107,562,569	)		(5,157,961	)		(82,945,418	)
Net increase (decrease)		(80,854	)	$	(973,761	)		(1,119,578	)	$	(11,826,251	)		(1,945,885	)	$	(34,869,574	)		(453,235	)	$	(8,798,151	)
	Broad Cap Value Income												Capital Conservation
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		471,995		$	7,967,286			289,996		$	4,313,629			5,166,082		$	50,616,708			6,288,851		$	61,842,904
Reinvested dividends		300,948			4,899,434			167,523			2,583,199			581,881			5,533,689			523,976			5,061,612
Shares redeemed		(633,963	)		(10,489,363	)		(959,167	)		(14,311,073	)		(2,885,164	)		(28,320,408	)		(6,662,495	)		(66,604,919	)
Net increase (decrease)		138,980		$	2,377,357			(501,648	)	$	(7,414,245	)		2,862,799		$	27,829,989			150,332		$	299,597
	Core Equity												Dividend Value
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		63,025		$	1,482,383			62,835		$	1,343,781			16,353,827		$	214,300,559			14,869,050		$	178,495,306
Reinvested dividends		935,799			21,738,619			494,623			10,659,126			3,550,399			45,267,581			6,494,694			76,507,490
Shares redeemed		(1,110,958	)		(26,244,339	)		(1,305,438	)		(27,159,224	)		(15,437,811	)		(194,710,056	)		(5,208,927	)		(63,666,729	)
Net increase (decrease)		(112,134	)	$	(3,023,337	)		(747,980	)	$	(15,156,317	)		4,466,415		$	64,858,084			16,154,817		$	191,336,067

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Dynamic Allocation												Emerging Economies
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		297,704		$	3,682,534			323,258		$	3,584,678			13,286,176		$	125,666,190			25,277,464		$	174,874,589
Reinvested dividends		1,036,716			12,855,277			568,147			6,380,294			1,246,451			12,115,507			1,423,867			10,536,617
Shares redeemed		(2,524,653	)		(31,588,738	)		(2,812,860	)		(31,443,808	)		(11,989,224	)		(108,714,609	)		(20,987,633	)		(151,987,453	)
Net increase (decrease)		(1,190,233	)	$	(15,050,927	)		(1,921,455	)	$	(21,478,836	)		2,543,403		$	29,067,088			5,713,698		$	33,423,753
	Foreign Value												Global Real Estate
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,803,770		$	63,996,631			1,282,458		$	12,183,333			2,831,665		$	22,115,683			5,201,772		$	42,336,412
Reinvested dividends		1,585,320			17,026,333			1,624,066			16,256,905			2,494,356			18,582,951			5,375,755			39,458,040
Shares redeemed		(8,987,230	)		(97,378,331	)		(13,048,096	)		(124,771,809	)		(8,742,964	)		(68,939,364	)		(21,037,081	)		(163,264,152	)
Net increase (decrease)		(1,598,140	)	$	(16,355,367	)		(10,141,572	)	$	(96,331,571	)		(3,416,943	)	$	(28,240,730	)		(10,459,554	)	$	(81,469,700	)
	Global Social Awareness												Global Strategy
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		605,245		$	15,284,134			2,237,905		$	48,168,063			810,154		$	9,881,993			774,030		$	8,435,160
Reinvested dividends		270,824			7,163,295			306,288			6,885,357			428,586			5,241,605			1,040,344			11,766,296
Shares redeemed		(2,060,012	)		(52,857,267	)		(2,978,335	)		(66,355,886	)		(4,887,981	)		(59,425,709	)		(6,951,809	)		(75,385,049	)
Net increase (decrease)		(1,183,943	)	$	(30,409,838	)		(434,142	)	$	(11,302,466	)		(3,649,241	)	$	(44,302,111	)		(5,137,435	)	$	(55,183,593	)
	Government Money Market I												Government Securities
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		103,855,256		$	103,855,257			86,386,929		$	86,386,929			2,573,832		$	27,061,492			4,554,912		$	48,820,781
Reinvested dividends		2,316,563			2,316,563			268,820			268,820			330,549			3,355,071			329,778			3,446,180
Shares redeemed		(125,229,422	)		(125,229,422	)		(99,364,986	)		(99,364,986	)		(4,702,908	)		(49,493,899	)		(5,474,502	)		(58,598,423	)
Net increase (decrease)		(19,057,603	)	$	(19,057,602	)		(12,709,237	)	$	(12,709,237	)		(1,798,527	)	$	(19,077,336	)		(589,812	)	$	(6,331,462	)
	Growth												Growth & Income
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,645,533		$	106,156,304			4,532,907		$	64,529,429			848,244		$	18,840,853			727,302		$	14,311,561
Reinvested dividends		2,838,731			49,138,428			5,172,293			71,429,364			248,646			5,599,507			248,846			4,959,494
Shares redeemed		(6,962,819	)		(117,362,320	)		(13,484,332	)		(187,031,644	)		(1,152,101	)		(25,605,383	)		(1,330,276	)		(25,799,812	)
Net increase (decrease)		2,521,445		$	37,932,412			(3,779,132	)	$	(51,072,851	)		(55,211	)	$	(1,165,023	)		(354,128	)	$	(6,528,757	)
	Health Sciences												Inflation Protected
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		858,067		$	17,907,657			836,086		$	16,514,251			5,920,191		$	65,685,432			19,083,511		$	207,943,248
Reinvested dividends		4,331,640			88,495,403			4,337,469			80,156,432			1,581,512			17,222,662			201,843			2,200,088
Shares redeemed		(3,822,352	)		(80,733,518	)		(9,367,198	)		(184,416,562	)		(9,870,891	)		(109,580,357	)		(4,564,198	)		(49,866,444	)
Net increase (decrease)		1,367,355		$	25,669,542			(4,193,643	)	$	(87,745,879	)		(2,369,188	)	$	(26,672,263	)		14,721,156		$	160,276,892

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	International Equities Index												International Government Bond
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		52,755,829		$	394,356,148			26,997,085		$	172,298,960			6,443,883		$	76,886,003			3,810,570		$	44,773,986
Reinvested dividends		3,611,710			27,087,828			4,187,672			26,884,852			157,192			1,876,878			—			—
Shares redeemed		(38,309,717	)		(291,046,343	)		(34,769,309	)		(221,522,805	)		(3,605,707	)		(42,812,461	)		(5,532,137	)		(63,039,350	)
Net increase (decrease)		18,057,822		$	130,397,633			(3,584,552	)	$	(22,338,993	)		2,995,368		$	35,950,420			(1,721,567	)	$	(18,265,364	)
	International Growth												Large Cap Core
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,741,488		$	39,692,685			1,349,887		$	15,720,662			1,214,266		$	14,496,114			1,619,279		$	18,026,992
Reinvested dividends		898,000			12,706,702			517,446			6,105,866			887,490			10,658,752			1,244,420			13,464,621
Shares redeemed		(4,620,939	)		(65,536,596	)		(12,970,367	)		(151,048,146	)		(1,813,851	)		(21,806,313	)		(2,983,363	)		(32,935,133	)
Net increase (decrease)		(981,451	)	$	(13,137,209	)		(11,103,034	)	$	(129,221,618	)		287,905		$	3,348,553			(119,664	)	$	(1,443,520	)
	Large Capital Growth												Mid Cap Index
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		331,446		$	4,858,302			288,450		$	3,595,327			3,798,494		$	105,244,851			6,511,352		$	176,473,522
Reinvested dividends		1,598,191			24,116,708			1,248,326			15,728,910			9,144,176			251,922,042			11,928,355			314,908,579
Shares redeemed		(2,743,999	)		(40,250,893	)		(3,296,178	)		(41,670,605	)		(18,855,439	)		(533,669,174	)		(9,847,402	)		(258,629,075	)
Net increase (decrease)		(814,362	)	$	(11,275,883	)		(1,759,402	)	$	(22,346,368	)		(5,912,769	)	$	(176,502,281	)		8,592,305		$	232,753,026
	Mid Cap Strategic Growth												Nasdaq-100® Index
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		645,972		$	10,110,629			442,064		$	5,843,559			3,384,690		$	44,985,893			3,207,472		$	35,346,657
Reinvested dividends		828,065			13,166,234			1,259,710			16,552,587			1,584,077			22,097,878			1,680,769			18,454,840
Shares redeemed		(1,761,437	)		(26,950,666	)		(2,774,761	)		(36,347,512	)		(3,636,392	)		(47,906,100	)		(4,493,576	)		(47,652,670	)
Net increase (decrease)		(287,400	)	$	(3,673,803	)		(1,072,987	)	$	(13,951,366	)		1,332,375		$	19,177,671			394,665		$	6,148,827
	Science & Technology												Small Cap Aggressive Growth
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,501,571		$	44,774,878			899,289		$	21,234,601			1,187,625		$	17,632,301			1,102,152		$	12,376,396
Reinvested dividends		3,617,362			111,885,016			3,263,567			75,551,571			238,195			3,794,440			428,536			4,966,733
Shares redeemed		(3,516,184	)		(102,830,719	)		(4,395,711	)		(101,003,978	)		(1,041,626	)		(15,293,898	)		(2,439,323	)		(27,455,623	)
Net increase (decrease)		1,602,749		$	53,829,175			(232,855	)	$	(4,217,806	)		384,194		$	6,132,843			(908,635	)	$	(10,112,494	)
	Small Cap												Small Cap Index
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		239,863		$	2,855,785			494,865		$	5,623,704			6,358,551		$	139,248,745			6,466,617		$	129,013,439
Reinvested dividends		4,461,304			49,921,996			2,154,098			25,052,163			3,615,977			79,189,905			3,610,823			73,949,661
Shares redeemed		(3,679,924	)		(44,611,488	)		(3,264,726	)		(37,732,505	)		(12,414,186	)		(274,211,925	)		(5,916,273	)		(115,863,049	)
Net increase (decrease)		1,021,243		$	8,166,293			(615,763	)	$	(7,056,638	)		(2,439,658	)	$	(55,773,275	)		4,161,167		$	87,100,051

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Small Cap Special Values												Small-Mid Growth
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,047,892		$	27,586,219			3,577,535		$	47,897,609			312,837		$	4,059,510			148,590		$	1,710,150
Reinvested dividends		2,064,704			27,811,569			1,576,469			21,392,680			303,804			4,235,032			464,952			5,263,258
Shares redeemed		(3,835,432	)		(53,632,570	)		(3,532,424	)		(46,333,791	)		(1,048,429	)		(13,815,927	)		(1,431,201	)		(16,201,111	)
Net increase (decrease)		277,164		$	1,765,218			1,621,580		$	22,956,498			(431,788	)	$	(5,521,385	)		(817,659	)	$	(9,227,703	)
	Stock Index												Value
	For the year ended May 31, 2018						For the year ended May 31, 2017						For the year ended May 31, 2018						For the year ended May 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,731,176		$	305,031,584			5,640,604		$	200,316,711			595,935		$	10,684,832			348,690		$	5,408,947
Reinvested dividends		6,306,250			251,051,797			7,556,733			264,636,786			93,499			1,701,685			115,309			1,894,530
Shares redeemed		(12,953,890	)		(505,896,038	)		(13,120,318	)		(456,589,020	)		(867,818	)		(15,321,469	)		(1,065,469	)		(16,841,793	)
Net increase (decrease)		1,083,536		$	50,187,343			77,019		$	8,364,477			(178,384	)	$	(2,934,952	)		(601,470	)	$	(9,538,316	)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the year ended May 31, 2018, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.

Note 8 — Investment Concentration

Certain Funds invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Foreign Value Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund and the International Growth Fund.

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the 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 investment from the U.S. Government. As a result of the Capital Conservation Fund, the Government Money Market I Fund and the Government Securities Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Nasdaq-100^® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

The Global Real Estate Fund invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

Note 9 — Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the year ended May 31, 2018, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Core Equity		41	$	525	$	168,953		2.72%
Emerging Economies		1		152		2,207,282		2.48%
Global Real Estate		1		21		283,699		2.66%
Global Strategy		1		1,585		22,989,011		2.48%
Growth		3		160		681,208		2.81%
International Equities Index		1		2,207		25,241,673		3.15%
International Government Bond		28		367		960,691		2.48%
International Growth		25		846		474,090		2.55%
Large Capital Growth		5		126		363,775		2.51%
Mid Cap Index		16		16,144		12,888,363		2.83%
Mid Cap Strategic Growth		10		111		147,588		2.64%
Science & Technology		12		419		409,126		3.06%
Small Cap		80		1,016		157,416		2.87%
Small Cap Index		2		6,102		41,704,058		2.66%
Stock Index		11		1,973		2,483,852		2.67%

As of May 31, 2018, there were no outstanding borrowings.

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the year ended May 31, 2018, none of the Funds participated in this program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2018, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain (Loss)
Blue Chip Growth	$	461,405	$	—	$	—
Growth		11,188,868		9,043,757		852,073
International Growth		34,239		219,045		7,498
Large Capital Growth		—		800,310		(46,806	)
Science & Technology		1,697,779		—		—
Small Cap		65,233		279,897		(144,897	)

276

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund															Blue Chip Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.00		$	10.39		$	12.38		$	12.67		$	12.20		$	17.27		$	15.48		$	17.96		$	17.12		$	14.19
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.16			0.23			0.23			0.25			(0.01	)		0.01			(0.02	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.83			0.71			(0.66	)		0.53			1.17			4.82			3.46			(0.24	)		2.62			3.66
Total income (loss) from investment operations		0.99			0.87			(0.43	)		0.76			1.42			4.81			3.47			(0.26	)		2.60			3.64
Distributions from:
Net investment income		(0.18	)		(0.26	)		(0.24	)		(0.27	)		(0.23	)		(0.01	)		–			–			–			(0.03	)
Net realized gain on securities		(0.48	)		–			(1.32	)		(0.78	)		(0.72	)		(1.23	)		(1.68	)		(2.22	)		(1.76	)		(0.68	)
Total distributions		(0.66	)		(0.26	)		(1.56	)		(1.05	)		(0.95	)		(1.24	)		(1.68	)		(2.22	)		(1.76	)		(0.71	)
Net asset value at end of period	$	11.33		$	11.00		$	10.39		$	12.38		$	12.67		$	20.84		$	17.27		$	15.48		$	17.96		$	17.12
TOTAL RETURN(a)		8.91	%		8.35	%		(2.16	)%		6.24	%		12.04	%		27.87	%		23.49	%		0.17	%		15.61	%		25.69	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.72	%		0.70	%		0.70	%		0.68	%		0.69	%		0.83	%		0.84	%		0.84	%		0.83	%		0.84	%
Ratio of expenses to average net assets(c)		0.72	%		0.70	%		0.70	%		0.68	%		0.69	%		0.83	%		0.84	%		0.84	%		0.83	%		0.84	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.40	%		1.51	%		2.00	%		1.81	%		1.96	%		(0.07	)%		0.06	%		(0.09	)%		(0.12	)%		(0.10	)%
Ratio of net investment income (loss) to average net assets(c)		1.40	%		1.51	%		2.00	%		1.81	%		1.96	%		(0.07	)%		0.06	%		(0.09	)%		(0.12	)%		(0.10	)%
Portfolio turnover rate		84	%		161	%		102	%		131	%		99	%		24	%		27	%		30	%		30	%		34	%
Number of shares outstanding at end of period (000’s)		14,624			14,705			15,824			14,473			13,917			37,397			39,343			39,796			36,354			35,957
Net assets at end of period (000’s)	$	165,665		$	161,767		$	164,358		$	179,126		$	176,344		$	779,336		$	679,516		$	615,927		$	652,819		$	615,447

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

277

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund															Capital Conservation Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.64		$	13.97		$	16.03		$	15.19		$	13.02		$	9.85		$	9.95		$	9.92		$	9.84		$	10.01
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.24			0.22			0.21			0.31			0.20			0.18			0.18			0.17			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		1.45			2.16			(1.11	)		1.38			2.06			(0.29	)		(0.04	)		0.06			0.10			0.07
Total income (loss) from investment operations		1.65			2.40			(0.89	)		1.59			2.37			(0.09	)		0.14			0.24			0.27			0.26
Distributions from:
Net investment income		(0.28	)		(0.24	)		(0.21	)		(0.26	)		(0.20	)		(0.19	)		(0.23	)		(0.19	)		(0.19	)		(0.29	)
Net realized gain on securities		(1.10	)		(0.49	)		(0.96	)		(0.49	)		–			(0.03	)		(0.01	)		(0.02	)		–			(0.14	)
Total distributions		(1.38	)		(0.73	)		(1.17	)		(0.75	)		(0.20	)		(0.22	)		(0.24	)		(0.21	)		(0.19	)		(0.43	)
Net asset value at end of period	$	15.91		$	15.64		$	13.97		$	16.03		$	15.19		$	9.54		$	9.85		$	9.95		$	9.92		$	9.84
TOTAL RETURN(a)		10.34	%		17.25	%		(4.47	)%		10.70	%		18.24	%		(0.94	)%		1.45	%		2.47	%		2.76	%		2.73	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.64	%		0.64	%		0.64	%		0.63	%		0.64	%
Ratio of expenses to average net assets(c)		0.92	%		0.92	%		0.92	%		0.92	%		0.95	%		0.64	%		0.64	%		0.64	%		0.63	%		0.64	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.20	%		1.57	%		1.49	%		1.33	%		2.14	%		2.10	%		1.84	%		1.77	%		1.72	%		1.95	%
Ratio of net investment income (loss) to average net assets(c)		1.13	%		1.49	%		1.42	%		1.26	%		2.04	%		2.10	%		1.84	%		1.77	%		1.72	%		1.95	%
Portfolio turnover rate		24	%		20	%		26	%		23	%		27	%		53	%		56	%		71	%		193	%		129	%
Number of shares outstanding at end of period (000’s)		3,742			3,603			4,104			3,906			3,533			26,729			23,866			23,716			25,822			19,965
Net assets at end of period (000’s)	$	59,532		$	56,339		$	57,330		$	62,619		$	53,675		$	255,084		$	235,063		$	236,062		$	256,043		$	196,550

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

278

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund															Dividend Value Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	21.92		$	19.51		$	20.38		$	18.63		$	15.61		$	12.09		$	11.54		$	13.23		$	13.23		$	11.62
Income (loss) from investment operations:
Net investment income (loss)(d)		0.26			0.25			0.21			0.19			0.16			0.26			0.25			0.31			0.28			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		3.13			3.14			(0.87	)		1.74			3.07			0.74			1.62			(0.24	)		0.85			1.59
Total income (loss) from investment operations		3.39			3.39			(0.66	)		1.93			3.23			1.00			1.87			0.07			1.13			1.87
Distributions from:
Net investment income		(0.28	)		(0.24	)		(0.21	)		(0.18	)		(0.21	)		(0.24	)		(0.25	)		(0.32	)		(0.28	)		(0.26	)
Net realized gain on securities		(1.85	)		(0.74	)		–			–			–			(0.46	)		(1.07	)		(1.44	)		(0.85	)		–
Total distributions		(2.13	)		(0.98	)		(0.21	)		(0.18	)		(0.21	)		(0.70	)		(1.32	)		(1.76	)		(1.13	)		(0.26	)
Net asset value at end of period	$	23.18		$	21.92		$	19.51		$	20.38		$	18.63		$	12.39		$	12.09		$	11.54		$	13.23		$	13.23
TOTAL RETURN(a)		15.42	%		17.48	%		(3.07	)%		10.41	%		20.78	%		8.14	%		16.51	%		2.20	%		8.69	%		16.22	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%		0.80	%		0.80	%		0.80	%		0.80	%		0.81	%		0.82	%		0.82	%		0.82	%		0.82	%
Ratio of expenses to average net assets(c)		0.93	%		0.92	%		0.92	%		0.92	%		0.93	%		0.81	%		0.83	%		0.83	%		0.82	%		0.83	%
Ratio of expense reductions to average net assets		–			0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.10	%		1.19	%		1.11	%		0.94	%		0.95	%		2.06	%		2.13	%		2.55	%		2.06	%		2.20	%
Ratio of net investment income (loss) to average net assets(c)		0.94	%		1.06	%		0.99	%		0.82	%		0.82	%		2.06	%		2.12	%		2.54	%		2.05	%		2.19	%
Portfolio turnover rate		50	%		36	%		41	%		40	%		39	%		54	%		41	%		45	%		35	%		37	%
Number of shares outstanding at end of period (000’s)		10,911			11,023			11,771			13,047			14,433			71,348			66,882			50,727			48,504			46,936
Net assets at end of period (000’s)	$	252,961		$	241,647		$	229,637		$	265,955		$	268,866		$	884,180		$	808,699		$	585,505		$	641,719		$	621,033

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

279

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dynamic Allocation Fund															Emerging Economies Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.74		$	10.76		$	12.04		$	11.93		$	10.87		$	7.94		$	6.18		$	7.84		$	8.12		$	8.09
Income (loss) from investment operations:
Net investment income (loss)(d)		0.12			0.15			0.17			0.16			0.18			0.16			0.13			0.13			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		1.00			1.13			(0.79	)		0.32			0.92			0.92			1.74			(1.61	)		(0.30	)		(0.02	)
Total income (loss) from investment operations		1.12			1.28			(0.62	)		0.48			1.10			1.08			1.87			(1.48	)		(0.12	)		0.15
Distributions from:
Net investment income		(0.16	)		(0.22	)		(0.22	)		(0.17	)		–			(0.13	)		(0.11	)		(0.18	)		(0.16	)		(0.12	)
Net realized gain on securities		(0.50	)		(0.08	)		(0.44	)		(0.20	)		(0.04	)		–			–			–			–			–
Total distributions		(0.66	)		(0.30	)		(0.66	)		(0.37	)		(0.04	)		(0.13	)		(0.11	)		(0.18	)		(0.16	)		(0.12	)
Net asset value at end of period	$	12.20		$	11.74		$	10.76		$	12.04		$	11.93		$	8.89		$	7.94		$	6.18		$	7.84		$	8.12
TOTAL RETURN(a)		9.45	%		11.98	%		(4.70	)%		4.04	%		10.11	%		13.50	%		30.41	%		(18.60	)%		(1.35	)%		1.97	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.31	%		0.31	%		0.32	%		0.32	%		0.32	%		0.93	%		0.94	%		0.97	%		0.94	%		0.95	%
Ratio of expenses to average net assets(c)		0.31	%		0.32	%		0.32	%		0.32	%		0.34	%		0.93	%		0.94	%		0.97	%		0.94	%		0.95	%
Ratio of expense reductions to average net assets		–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(b)		0.97	%		1.30	%		1.50	%		1.33	%		1.65	%		1.80	%		1.85	%		2.02	%		2.23	%		2.18	%
Ratio of net investment income (loss) to average net assets(c)		0.96	%		1.30	%		1.51	%		1.33	%		1.63	%		1.80	%		1.85	%		2.02	%		2.23	%		2.18	%
Portfolio turnover rate		15	%		14	%		20	%		31	%		9	%		53	%		69	%		64	%		65	%		55	%
Number of shares outstanding at end of period (000’s)		19,983			21,173			23,095			22,646			21,373			91,875			89,332			83,618			82,682			83,593
Net assets at end of period (000’s)	$	243,832		$	248,630		$	248,446		$	272,705		$	255,001		$	817,232		$	708,873		$	517,011		$	648,339		$	678,406

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

280

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund															Global Real Estate Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	10.54		$	8.78		$	10.44		$	11.44		$	9.61		$	7.63		$	8.02		$	8.60		$	8.58		$	8.95
Income (loss) from investment operations:
Net investment income (loss)(d)		0.21			0.20			0.18			0.20			0.27			0.18			0.16			0.18			0.21			0.22
Net realized and unrealized gain (loss) on investments and foreign currencies		0.13			1.75			(1.64	)		(0.94	)		1.78			0.28			0.21			(0.14	)		0.28			0.48
Total income (loss) from investment operations		0.34			1.95			(1.46	)		(0.74	)		2.05			0.46			0.37			0.04			0.49			0.70
Distributions from:
Net investment income		(0.21	)		(0.19	)		(0.20	)		(0.26	)		(0.22	)		(0.31	)		(0.34	)		(0.26	)		(0.23	)		(0.49	)
Net realized gain on securities		–			–			–			–			–			(0.10	)		(0.42	)		(0.36	)		(0.24	)		(0.58	)
Total distributions		(0.21	)		(0.19	)		(0.20	)		(0.26	)		(0.22	)		(0.41	)		(0.76	)		(0.62	)		(0.47	)		(1.07	)
Net asset value at end of period	$	10.67		$	10.54		$	8.78		$	10.44		$	11.44		$	7.68		$	7.63		$	8.02		$	8.60		$	8.58
TOTAL RETURN(a)		3.19	%		22.36	%		(13.72	)%		(6.23	)%		21.39	%		6.19	%		4.98	%		1.53	%		5.61	%		8.76	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%		0.80	%		0.79	%		0.79	%		0.80	%		0.86	%		0.85	%		0.85	%		0.85	%		0.86	%
Ratio of expenses to average net assets(c)		0.79	%		0.80	%		0.79	%		0.79	%		0.80	%		0.86	%		0.85	%		0.85	%		0.85	%		0.86	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.93	%		2.04	%		1.97	%		1.90	%		2.53	%		2.34	%		2.04	%		2.18	%		2.46	%		2.51	%
Ratio of net investment income (loss) to average net assets(c)		1.93	%		2.04	%		1.97	%		1.90	%		2.53	%		2.34	%		2.04	%		2.18	%		2.46	%		2.51	%
Portfolio turnover rate		30	%		40	%		21	%		31	%		27	%		50	%		47	%		71	%		44	%		41	%
Number of shares outstanding at end of period (000’s)		81,504			83,103			93,244			94,932			94,131			47,313			50,730			61,190			59,795			48,168
Net assets at end of period (000’s)	$	869,416		$	876,165		$	818,993		$	990,964		$	1,077,192		$	363,223		$	387,137		$	490,714		$	514,347		$	413,082

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

281

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Social Awareness Fund															Global Strategy Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	23.78		$	21.01		$	22.11		$	21.00		$	17.38		$	11.63		$	10.48		$	13.58		$	14.12		$	12.66
Income (loss) from investment operations:
Net investment income (loss)(d)		0.37			0.32			0.34			0.35			0.42			0.35			0.33			0.27			0.30			0.39
Net realized and unrealized gain (loss) on investments and foreign currencies		2.52			2.84			(1.02	)		1.20			3.49			0.20			1.14			(1.80	)		(0.03	)		1.53
Total income (loss) from investment operations		2.89			3.16			(0.68	)		1.55			3.91			0.55			1.47			(1.53	)		0.27			1.92
Distributions from:
Net investment income		(0.43	)		(0.39	)		(0.42	)		(0.44	)		(0.29	)		–			(0.10	)		(0.72	)		(0.37	)		(0.46	)
Net realized gain on securities		–			–			–			–			–			(0.16	)		(0.22	)		(0.85	)		(0.44	)		–
Total distributions		(0.43	)		(0.39	)		(0.42	)		(0.44	)		(0.29	)		(0.16	)		(0.32	)		(1.57	)		(0.81	)		(0.46	)
Net asset value at end of period	$	26.24		$	23.78		$	21.01		$	22.11		$	21.00		$	12.02		$	11.63		$	10.48		$	13.58		$	14.12
TOTAL RETURN(a)		12.16	%		15.15	%		(2.83	)%		7.45	%		22.60	%		4.72	%		14.16	%		(10.23	)%		2.14	%		15.32	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.62	%		0.62	%		0.63	%		0.62	%		0.64	%		0.65	%		0.66	%		0.64	%		0.64	%		0.64	%
Ratio of expenses to average net assets(c)		0.62	%		0.62	%		0.63	%		0.62	%		0.64	%		0.65	%		0.66	%		0.64	%		0.64	%		0.64	%
Ratio of expense reductions to average net assets		–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.44	%		1.47	%		1.65	%		1.63	%		2.18	%		2.86	%		2.94	%		2.26	%		2.20	%		2.90	%
Ratio of net investment income (loss) to average net assets(c)		1.44	%		1.47	%		1.65	%		1.63	%		2.18	%		2.86	%		2.94	%		2.26	%		2.20	%		2.90	%
Portfolio turnover rate		5	%		23	%		0	%		88	%		99	%		30	%		35	%		26	%		28	%		25	%
Number of shares outstanding at end of period (000’s)		16,331			17,515			17,949			19,139			20,949			32,421			36,070			41,208			37,891			39,108
Net assets at end of period (000’s)	$	428,452		$	416,564		$	377,114		$	423,242		$	439,972		$	389,638		$	419,325		$	431,935		$	514,564		$	552,074

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

282

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Money Market I Fund															Government Securities Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	10.63		$	10.85		$	10.82		$	10.73		$	10.95
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.00			0.00			0.00			0.00			0.23			0.21			0.22			0.22			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			0.00			0.00			0.00			–			(0.37	)		(0.18	)		0.08			0.11			(0.17	)
Total income (loss) from investment operations		0.01			0.00			0.00			0.00			0.00			(0.14	)		0.03			0.30			0.33			0.07
Distributions from:
Net investment income		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.28	)		(0.25	)		(0.27	)		(0.24	)		(0.25	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			(0.04	)
Total distributions		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.28	)		(0.25	)		(0.27	)		(0.24	)		(0.29	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	10.21		$	10.63		$	10.85		$	10.82		$	10.73
TOTAL RETURN(a)		0.72	%(f)		0.08	%		0.01	%(e)		0.01	%(e)		0.01	%		(1.32	)%		0.35	%		2.74	%		3.07	%		0.67	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.51	%		0.45	%		0.26	%		0.14	%		0.16	%		0.66	%		0.64	%		0.64	%		0.64	%		0.65	%
Ratio of expenses to average net assets(c)		0.51	%		0.53	%		0.51	%		0.51	%		0.51	%		0.66	%		0.64	%		0.64	%		0.64	%		0.65	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.71	%		0.08	%		0.01	%		0.01	%		0.01	%		2.12	%		1.95	%		2.02	%		2.01	%		2.19	%
Ratio of net investment income (loss) to average net assets(c)		0.71	%		(0.00	)%		(0.24	)%		(0.36	)%		(0.34	)%		2.12	%		1.95	%		2.02	%		2.01	%		2.19	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			3	%		15	%		17	%		7	%		28	%
Number of shares outstanding at end of period (000’s)		311,723			330,780			343,490			343,881			367,402			11,890			13,689			14,278			14,967			15,115
Net assets at end of period (000’s)	$	311,708		$	330,783		$	343,490		$	343,363		$	366,768		$	121,425		$	145,460		$	154,987		$	161,977		$	162,121

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

^(f)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (See Note 3).

See Notes to Financial Statements

283

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth Fund															Growth & Income Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.00		$	13.47		$	16.40		$	16.76		$	13.93		$	20.70		$	18.44		$	19.70		$	17.74		$	14.78
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.10			0.12			0.10			0.10			0.19			0.20			0.20			0.20			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		3.02			2.56			(0.52	)		1.67			2.87			2.34			2.94			(0.34	)		1.94			2.91
Total income (loss) from investment operations		3.09			2.66			(0.40	)		1.77			2.97			2.53			3.14			(0.14	)		2.14			3.09
Distributions from:
Net investment income		(0.10	)		(0.12	)		(0.10	)		(0.11	)		(0.14	)		(0.21	)		(0.24	)		(0.24	)		(0.18	)		(0.13	)
Net realized gain on securities		(0.63	)		(1.01	)		(2.43	)		(2.02	)		–			(0.79	)		(0.64	)		(0.88	)		–			–
Total distributions		(0.73	)		(1.13	)		(2.53	)		(2.13	)		(0.14	)		(1.00	)		(0.88	)		(1.12	)		(0.18	)		(0.13	)
Net asset value at end of period	$	17.36		$	15.00		$	13.47		$	16.40		$	16.76		$	22.23		$	20.70		$	18.44		$	19.70		$	17.74
TOTAL RETURN(a)		20.60	%		20.48	%		(0.63	)%		10.89	%		21.34	%		12.17	%		17.22	%		0.08	%		12.11	%		20.97	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%		0.76	%		0.79	%		0.80	%		0.81	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.79	%		0.81	%		0.81	%		0.80	%		0.81	%		0.90	%		0.91	%		0.91	%		0.90	%		0.93	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.42	%		0.71	%		0.78	%		0.60	%		0.65	%		0.88	%		1.03	%		1.08	%		1.05	%		1.10	%
Ratio of net investment income (loss) to average net assets(c)		0.37	%		0.66	%		0.77	%		0.60	%		0.65	%		0.83	%		0.97	%		1.02	%		1.00	%		1.02	%
Portfolio turnover rate		58	%		71	%		102	%		99	%		90	%		43	%		34	%		33	%		38	%		169	%
Number of shares outstanding at end of period (000’s)		69,279			66,758			70,537			62,664			60,543			5,767			5,822			6,176			6,180			6,449
Net assets at end of period (000’s)	$	1,202,649		$	1,001,261		$	949,998		$	1,027,988		$	1,014,642		$	128,172		$	120,515		$	113,885		$	121,742		$	114,405

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

284

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Health Sciences Fund															Inflation Protected Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	19.26		$	19.88		$	27.01		$	21.10		$	16.52		$	11.07		$	10.76		$	10.92		$	11.33		$	11.53
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.05	)		(0.04	)		(0.09	)		(0.14	)		(0.12	)		0.26			0.25			0.15			0.12			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		3.86			1.80			(3.83	)		9.66			5.43			(0.14	)		0.10			(0.16	)		(0.30	)		(0.17	)
Total income (loss) from investment operations		3.81			1.76			(3.92	)		9.52			5.31			0.12			0.35			(0.01	)		(0.18	)		0.07
Distributions from:
Net investment income		–			–			–			–			–			(0.21	)		(0.03	)		(0.13	)		(0.21	)		(0.22	)
Net realized gain on securities		(2.60	)		(2.38	)		(3.21	)		(3.61	)		(0.73	)		(0.10	)		(0.01	)		(0.02	)		(0.02	)		(0.05	)
Total distributions		(2.60	)		(2.38	)		(3.21	)		(3.61	)		(0.73	)		(0.31	)		(0.04	)		(0.15	)		(0.23	)		(0.27	)
Net asset value at end of period	$	20.47		$	19.26		$	19.88		$	27.01		$	21.10		$	10.88		$	11.07		$	10.76		$	10.92		$	11.33
TOTAL RETURN(a)		19.80	%		9.37	%		(13.12	)%		47.50	%		32.09	%		1.11	%		3.29	%		(0.09	)%		(1.57	)%		0.73	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.06	%		1.07	%		1.06	%		1.09	%		1.11	%		0.57	%		0.58	%		0.59	%		0.58	%		0.59	%
Ratio of expenses to average net assets(c)		1.09	%		1.09	%		1.09	%		1.09	%		1.11	%		0.57	%		0.58	%		0.59	%		0.58	%		0.59	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.23	)%		(0.21	)%		(0.40	)%		(0.59	)%		(0.59	)%		2.29	%		2.33	%		1.38	%		1.12	%		2.16	%
Ratio of net investment income (loss) to average net assets(c)		(0.27	)%		(0.23	)%		(0.43	)%		(0.59	)%		(0.59	)%		2.29	%		2.33	%		1.38	%		1.12	%		2.16	%
Portfolio turnover rate		44	%		30	%		31	%		26	%		59	%		34	%		42	%		33	%		33	%		45	%
Number of shares outstanding at end of period (000’s)		37,583			36,215			40,409			34,776			27,492			54,697			57,066			42,345			44,644			41,413
Net assets at end of period (000’s)	$	769,233		$	697,639		$	803,402		$	939,311		$	580,157		$	595,043		$	631,552		$	455,830		$	487,477		$	469,056

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

285

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Index Fund															International Government Bond Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	7.02		$	6.22		$	7.13		$	7.44		$	6.47		$	11.71		$	11.43		$	11.26		$	12.24		$	12.12
Income (loss) from investment operations:
Net investment income (loss)(d)		0.19			0.17			0.16			0.19			0.23			0.24			0.24			0.27			0.32			0.33
Net realized and unrealized gain (loss) on investments and foreign currencies		0.35			0.81			(0.89	)		(0.25	)		0.92			(0.20	)		0.04			0.23			(0.98	)		0.15
Total income (loss) from investment operations		0.54			0.98			(0.73	)		(0.06	)		1.15			0.04			0.28			0.50			(0.66	)		0.48
Distributions from:
Net investment income		(0.15	)		(0.18	)		(0.18	)		(0.25	)		(0.18	)		(0.11	)		–			(0.29	)		(0.29	)		(0.22	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.04	)		(0.03	)		(0.14	)
Total distributions		(0.15	)		(0.18	)		(0.18	)		(0.25	)		(0.18	)		(0.11	)		–			(0.33	)		(0.32	)		(0.36	)
Net asset value at end of period	$	7.41		$	7.02		$	6.22		$	7.13		$	7.44		$	11.64		$	11.71		$	11.43		$	11.26		$	12.24
TOTAL RETURN(a)		7.63	%		15.98	%		(9.99	)%		(0.57	)%		17.90	%		0.32	%		2.45	%		4.61	%		(5.43	)%		4.12	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.42	%		0.44	%		0.43	%		0.44	%		0.46	%		0.65	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of expenses to average net assets(c)		0.42	%		0.44	%		0.43	%		0.44	%		0.46	%		0.65	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.57	%		2.62	%		2.52	%		2.62	%		3.27	%		2.04	%		2.03	%		2.45	%		2.69	%		2.78	%
Ratio of net investment income (loss) to average net assets(c)		2.57	%		2.62	%		2.52	%		2.62	%		3.27	%		2.04	%		2.03	%		2.45	%		2.69	%		2.78	%
Portfolio turnover rate		17	%		11	%		4	%		40	%		60	%		95	%		70	%		95	%		43	%		42	%
Number of shares outstanding at end of period (000’s)		173,854			155,797			159,381			151,718			157,825			18,875			15,879			17,601			15,220			15,459
Net assets at end of period (000’s)	$	1,287,987		$	1,093,865		$	991,380		$	1,081,174		$	1,174,840		$	219,748		$	185,943		$	201,253		$	171,312		$	189,241

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

286

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth Fund															Large Cap Core Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	13.04		$	11.63		$	14.18		$	14.14		$	12.36		$	11.35		$	10.77		$	13.74		$	14.25		$	12.85
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.14			0.15			0.16			0.16			0.11			0.12			0.12			0.11			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		2.29			1.45			(1.58	)		0.17			1.87			0.98			1.44			(0.25	)		1.84			2.40
Total income (loss) from investment operations		2.37			1.59			(1.43	)		0.33			2.03			1.09			1.56			(0.13	)		1.95			2.55
Distributions from:
Net investment income		(0.19	)		(0.18	)		(0.17	)		(0.20	)		(0.25	)		(0.12	)		(0.11	)		(0.45	)		(0.16	)		(0.14	)
Net realized gain on securities		(0.21	)		–			(0.95	)		(0.09	)		–			(0.62	)		(0.87	)		(2.39	)		(2.30	)		(1.01	)
Total distributions		(0.40	)		(0.18	)		(1.12	)		(0.29	)		(0.25	)		(0.74	)		(0.98	)		(2.84	)		(2.46	)		(1.15	)
Net asset value at end of period	$	15.01		$	13.04		$	11.63		$	14.18		$	14.14		$	11.70		$	11.35		$	10.77		$	13.74		$	14.25
TOTAL RETURN(a)		18.38	%		13.81	%		(9.20	)%		2.48	%		16.48	%		9.46	%		14.97	%		1.84	%		14.34	%		20.28	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.98	%		1.01	%		1.01	%		1.01	%		1.01	%		0.84	%		0.83	%		0.83	%		0.83	%		0.84	%
Ratio of expenses to average net assets(c)		1.08	%		1.10	%		1.06	%		1.06	%		1.06	%		0.84	%		0.83	%		0.83	%		0.83	%		0.84	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.58	%		1.15	%		1.21	%		1.15	%		1.22	%		0.88	%		1.03	%		0.93	%		0.75	%		1.09	%
Ratio of net investment income (loss) to average net assets(c)		0.47	%		1.06	%		1.16	%		1.11	%		1.17	%		0.88	%		1.03	%		0.93	%		0.75	%		1.09	%
Portfolio turnover rate		130	%		39	%		36	%		44	%		53	%		59	%		54	%		53	%		64	%		76	%
Number of shares outstanding at end of period (000’s)		32,707			33,688			44,791			43,817			45,685			15,408			15,120			15,240			13,111			12,606
Net assets at end of period (000’s)	$	490,921		$	439,222		$	521,012		$	621,387		$	646,032		$	180,349		$	171,627		$	164,060		$	180,201		$	179,649

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

287

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	13.66		$	12.21		$	12.75		$	13.97		$	12.46		$	26.43		$	24.87		$	28.52		$	27.24		$	24.44
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.10			0.09			0.11			0.08			0.35			0.30			0.32			0.32			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		2.09			1.87			0.04			1.35			2.58			3.45			3.91			(1.06	)		2.86			3.99
Total income (loss) from investment operations		2.19			1.97			0.13			1.46			2.66			3.80			4.21			(0.74	)		3.18			4.27
Distributions from:
Net investment income		(0.09	)		(0.09	)		(0.11	)		(0.08	)		(0.07	)		(0.32	)		(0.34	)		(0.34	)		(0.29	)		(0.31	)
Net realized gain on securities		(0.75	)		(0.43	)		(0.56	)		(2.60	)		(1.08	)		(1.87	)		(2.31	)		(2.57	)		(1.61	)		(1.16	)
Total distributions		(0.84	)		(0.52	)		(0.67	)		(2.68	)		(1.15	)		(2.19	)		(2.65	)		(2.91	)		(1.90	)		(1.47	)
Net asset value at end of period	$	15.01		$	13.66		$	12.21		$	12.75		$	13.97		$	28.04		$	26.43		$	24.87		$	28.52		$	27.24
TOTAL RETURN(a)		16.00	%		16.50	%		1.73	%		11.01	%		21.79	%		14.51	%		16.94	%		(0.69	)%		11.92	%		17.69	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%		0.35	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of expenses to average net assets(c)		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%		0.35	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.70	%		0.76	%		0.73	%		0.83	%		0.57	%		1.25	%		1.14	%		1.23	%		1.15	%		1.06	%
Ratio of net investment income (loss) to average net assets(c)		0.70	%		0.76	%		0.73	%		0.83	%		0.57	%		1.25	%		1.14	%		1.23	%		1.15	%		1.06	%
Portfolio turnover rate		21	%		23	%		24	%		26	%		137	%		15	%		14	%		15	%		13	%		11	%
Number of shares outstanding at end of period (000’s)		29,613			30,427			32,186			33,071			29,214			122,466			128,379			119,786			116,969			116,691
Net assets at end of period (000’s)	$	444,633		$	415,566		$	393,063		$	421,567		$	408,050		$	3,434,089		$	3,392,738		$	2,979,477		$	3,335,644		$	3,179,031

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

288

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Nasdaq-100® Index Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	13.92		$	12.58		$	15.35		$	15.99		$	14.16		$	12.11		$	9.92		$	10.36		$	8.71		$	6.98
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.02			0.00			(0.03	)		(0.01	)		0.06			0.07			0.08			0.07			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		2.66			2.24			(0.82	)		1.83			2.12			2.48			2.73			(0.02	)		1.79			1.74
Total income (loss) from investment operations		2.67			2.26			(0.82	)		1.80			2.11			2.54			2.80			0.06			1.86			1.84
Distributions from:
Net investment income		(0.01	)		–			–			–			(0.08	)		(0.07	)		(0.08	)		(0.07	)		(0.09	)		(0.07	)
Net realized gain on securities		(0.73	)		(0.92	)		(1.95	)		(2.44	)		(0.20	)		(0.61	)		(0.53	)		(0.43	)		(0.12	)		(0.04	)
Total distributions		(0.74	)		(0.92	)		(1.95	)		(2.44	)		(0.28	)		(0.68	)		(0.61	)		(0.50	)		(0.21	)		(0.11	)
Net asset value at end of period	$	15.85		$	13.92		$	12.58		$	15.35		$	15.99		$	13.97		$	12.11		$	9.92		$	10.36		$	8.71
TOTAL RETURN(a)		19.17	%		18.43	%		(2.91	)%		11.60	%		14.78	%		20.94	%		28.88	%		1.18	%		21.42	%		26.44	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.82	%		0.82	%		0.83	%		0.81	%		0.82	%		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.82	%		0.82	%		0.83	%		0.81	%		0.82	%		0.54	%		0.55	%		0.56	%		0.54	%		0.57	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		–			–			–			–			0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.03	%		0.12	%		0.00	%		(0.21	)%		(0.06	)%		0.49	%		0.67	%		0.80	%		0.72	%		1.28	%
Ratio of net investment income (loss) to average net assets(c)		0.03	%		0.12	%		0.00	%		(0.21	)%		(0.06	)%		0.48	%		0.66	%		0.78	%		0.71	%		1.25	%
Portfolio turnover rate		40	%		38	%		95	%		47	%		65	%		3	%		4	%		8	%		7	%		8	%
Number of shares outstanding at end of period (000’s)		18,404			18,691			19,764			18,777			18,583			33,891			32,558			32,164			31,854			29,275
Net assets at end of period (000’s)	$	291,655		$	260,170		$	248,619		$	288,138		$	297,068		$	473,513		$	394,400		$	319,222		$	330,077		$	255,120

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

289

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund															Small Cap Aggressive Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	26.00		$	21.30		$	26.68		$	24.83		$	19.19		$	12.25		$	10.17		$	14.56		$	14.12		$	13.18
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.09	)		(0.01	)		(0.02	)		(0.03	)		(0.04	)		(0.09	)		(0.04	)		(0.03	)		(0.06	)		(0.11	)
Net realized and unrealized gain (loss) on investments and foreign currencies		7.89			6.56			(0.71	)		4.70			5.71			4.68			2.67			(2.61	)		4.01			2.50
Total income (loss) from investment operations		7.80			6.55			(0.73	)		4.67			5.67			4.59			2.63			(2.64	)		3.95			2.39
Distributions from:
Net investment income		–			–			–			–			(0.03	)		–			–			–			–			–
Net realized gain on securities		(2.66	)		(1.85	)		(4.65	)		(2.82	)		–			(0.40	)		(0.55	)		(1.75	)		(3.51	)		(1.45	)
Total distributions		(2.66	)		(1.85	)		(4.65	)		(2.82	)		(0.03	)		(0.40	)		(0.55	)		(1.75	)		(3.51	)		(1.45	)
Net asset value at end of period	$	31.14		$	26.00		$	21.30		$	26.68		$	24.83		$	16.44		$	12.25		$	10.17		$	14.56		$	14.12
TOTAL RETURN(a)		30.08	%		31.82	%		0.39	%		19.52	%		29.55	%		37.58	%		26.17	%		(16.21	)%		30.24	%		17.46	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.97	%		0.99	%		0.99	%		0.98	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		0.97	%		0.99	%		0.99	%		0.98	%		0.99	%		1.00	%		1.02	%		1.01	%		1.01	%		1.02	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.33	)%		(0.06	)%		(0.07	)%		(0.12	)%		(0.18	)%		(0.61	)%		(0.33	)%		(0.24	)%		(0.42	)%		(0.70	)%
Ratio of net investment income (loss) to average net assets(c)		(0.33	)%		(0.06	)%		(0.07	)%		(0.12	)%		(0.18	)%		(0.62	)%		(0.36	)%		(0.26	)%		(0.44	)%		(0.72	)%
Portfolio turnover rate		84	%		92	%		107	%		101	%		102	%		74	%		82	%		101	%		94	%		111	%
Number of shares outstanding at end of period (000’s)		45,064			43,461			43,694			38,035			37,726			9,560			9,176			10,084			7,959			7,180
Net assets at end of period (000’s)	$	1,403,433		$	1,130,159		$	930,756		$	1,014,902		$	936,688		$	157,170		$	112,391		$	102,540		$	115,869		$	101,410

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

290

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund															Small Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.59		$	10.96		$	14.18		$	15.00		$	13.46		$	20.23		$	17.91		$	21.23		$	20.40		$	18.13
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.03			0.04			0.02			0.00			0.22			0.21			0.24			0.24			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		1.97			1.58			(1.17	)		1.55			2.31			3.85			3.43			(1.86	)		1.99			2.80
Total income (loss) from investment operations		2.02			1.61			(1.13	)		1.57			2.31			4.07			3.64			(1.62	)		2.23			3.01
Distributions from:
Net investment income		(0.04	)		(0.04	)		(0.03	)		–			(0.05	)		(0.22	)		(0.23	)		(0.25	)		(0.23	)		(0.26	)
Net realized gain on securities		(2.03	)		(0.94	)		(2.06	)		(2.39	)		(0.72	)		(1.27	)		(1.09	)		(1.45	)		(1.17	)		(0.48	)
Total distributions		(2.07	)		(0.98	)		(2.09	)		(2.39	)		(0.77	)		(1.49	)		(1.32	)		(1.70	)		(1.40	)		(0.74	)
Net asset value at end of period	$	11.54		$	11.59		$	10.96		$	14.18		$	15.00		$	22.81		$	20.23		$	17.91		$	21.23		$	20.40
TOTAL RETURN(a)		17.95	%		14.64	%		(5.20	)%		11.10	%		17.13	%		20.42	%		20.25	%		(6.05	)%		11.23	%		16.64	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%		0.93	%		0.93	%		0.93	%		0.93	%		0.40	%		0.41	%		0.42	%		0.40	%		0.40	%
Ratio of expenses to average net assets(c)		1.03	%		1.02	%		1.01	%		1.00	%		1.01	%		0.40	%		0.41	%		0.42	%		0.40	%		0.40	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.40	%		0.27	%		0.29	%		0.15	%		0.01	%		0.99	%		1.07	%		1.26	%		1.15	%		1.03	%
Ratio of net investment income (loss) to average net assets(c)		0.31	%		0.18	%		0.21	%		0.08	%		(0.07	)%		0.99	%		1.07	%		1.26	%		1.15	%		1.03	%
Portfolio turnover rate		25	%		82	%		29	%		32	%		32	%		17	%		12	%		13	%		14	%		13	%
Number of shares outstanding at end of period (000’s)		27,836			26,815			27,431			24,990			24,251			56,750			59,190			55,029			52,734			54,260
Net assets at end of period (000’s)	$	321,236		$	310,704		$	300,734		$	354,294		$	363,807		$	1,294,430		$	1,197,209		$	985,833		$	1,119,463		$	1,106,865

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

291

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund															Small-Mid Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	13.17		$	12.05		$	13.74		$	13.87		$	11.32		$	11.94		$	11.23		$	13.57		$	14.54		$	12.67
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.19			0.16			0.18			0.12			(0.03	)		(0.03	)		(0.04	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.84			1.97			(0.24	)		0.92			2.53			2.43			1.34			(1.07	)		2.72			2.45
Total income (loss) from investment operations		1.99			2.16			(0.08	)		1.10			2.65			2.40			1.31			(1.11	)		2.66			2.38
Distributions from:
Net investment income		(0.18	)		(0.14	)		(0.21	)		(0.14	)		(0.10	)		–			–			–			–			(0.01	)
Net realized gain on securities		(1.14	)		(0.90	)		(1.40	)		(1.09	)		–			(0.50	)		(0.60	)		(1.23	)		(3.63	)		(0.50	)
Total distributions		(1.32	)		(1.04	)		(1.61	)		(1.23	)		(0.10	)		(0.50	)		(0.60	)		(1.23	)		(3.63	)		(0.51	)
Net asset value at end of period	$	13.84		$	13.17		$	12.05		$	13.74		$	13.87		$	13.84		$	11.94		$	11.23		$	13.57		$	14.54
TOTAL RETURN(a)		15.39	%		17.65	%		1.49	%		8.16	%		23.43	%		20.07	%		11.94	%		(6.27	)%		19.75	%		18.77	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.87	%		0.87	%		0.88	%		0.87	%		0.88	%		0.95	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.87	%		0.87	%		0.88	%		0.87	%		0.88	%		1.01	%		1.01	%		1.00	%		1.00	%		1.03	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.04	%		1.47	%		1.29	%		1.23	%		0.89	%		(0.21	)%		(0.26	)%		(0.33	)%		(0.41	)%		(0.50	)%
Ratio of net investment income (loss) to average net assets(c)		1.04	%		1.47	%		1.29	%		1.23	%		0.89	%		(0.27	)%		(0.27	)%		(0.33	)%		(0.41	)%		(0.52	)%
Portfolio turnover rate		37	%		46	%		74	%		52	%		65	%		62	%		61	%		64	%		55	%		148	%
Number of shares outstanding at end of period (000’s)		21,730			21,453			19,831			17,394			17,993			8,562			8,994			9,812			9,713			8,584
Net assets at end of period (000’s)	$	300,745		$	282,609		$	238,888		$	238,986		$	249,579		$	118,522		$	107,389		$	110,230		$	131,771		$	124,839

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

292

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund															Value Fund
	Year Ended May 31,															Year Ended May 31,
	2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	36.47		$	33.14		$	36.60		$	34.65		$	30.07		$	16.62		$	14.93		$	15.46		$	14.18		$	12.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.63			0.61			0.63			0.62			0.55			0.26			0.25			0.26			0.21			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		4.49			4.96			(0.59	)		3.29			5.38			1.27			1.72			(0.57	)		1.29			1.81
Total income (loss) from investment operations		5.12			5.57			0.04			3.91			5.93			1.53			1.97			(0.31	)		1.50			2.00
Distributions from:
Net investment income		(0.67	)		(0.57	)		(0.89	)		(0.60	)		(0.56	)		(0.28	)		(0.28	)		(0.22	)		(0.22	)		(0.22	)
Net realized gain on securities		(1.46	)		(1.67	)		(2.61	)		(1.36	)		(0.79	)		–			–			–			–			–
Total distributions		(2.13	)		(2.24	)		(3.50	)		(1.96	)		(1.35	)		(0.28	)		(0.28	)		(0.22	)		(0.22	)		(0.22	)
Net asset value at end of period	$	39.46		$	36.47		$	33.14		$	36.60		$	34.65		$	17.87		$	16.62		$	14.93		$	15.46		$	14.18
TOTAL RETURN(a)		13.99	%		17.08	%		1.38	%		11.41	%		20.01	%		9.15	%		13.22	%		(1.80	)%		10.65	%		16.26	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.34	%		0.34	%		0.35	%		0.34	%		0.35	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.34	%		0.34	%		0.35	%		0.34	%		0.35	%		0.94	%		0.94	%		0.93	%		0.93	%		0.93	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.62	%		1.75	%		1.83	%		1.68	%		1.71	%		1.47	%		1.54	%		1.78	%		1.33	%		1.46	%
Ratio of net investment income (loss) to average net assets(c)		1.62	%		1.75	%		1.83	%		1.68	%		1.71	%		1.38	%		1.46	%		1.69	%		1.25	%		1.38	%
Portfolio turnover rate		3	%		3	%		3	%		3	%		4	%		19	%		15	%		15	%		16	%		16	%
Number of shares outstanding at end of period (000’s)		125,644			124,560			124,483			123,499			129,109			6,461			6,640			7,241			7,559			8,595
Net assets at end of period (000’s)	$	4,958,503		$	4,542,334		$	4,125,329		$	4,519,626		$	4,473,003		$	115,474		$	110,333		$	108,136		$	116,875		$	121,864

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

293

VALIC Company I

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of VALIC Company I and

Shareholders of each of the thirty-four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (thirty-four funds constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2018, the related statements of operations for the year ended May 31, 2018, the statements of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2018 and each of the financial highlights for each of the five years in the period ended May 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

VALIC Company I

Asset Allocation Fund	Inflation Protected Fund
Blue Chip Growth Fund	International Equities Index Fund
Broad Cap Value Income Fund	International Government Bond Fund
Capital Conservation Fund	International Growth Fund
Core Equity Fund	Large Cap Core Fund
Dividend Value Fund	Large Capital Growth Fund
Dynamic Allocation Fund	Mid Cap Index Fund
Emerging Economies Fund	Mid Cap Strategic Growth Fund
Foreign Value Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Social Awareness Fund	Small Cap Aggressive Growth Fund
Global Strategy Fund	Small Cap Fund
Government Money Market I Fund	Small Cap Index Fund
Government Securities Fund	Small Cap Special Values Fund
Growth Fund	Small-Mid Growth Fund
Growth & Income Fund	Stock Index Fund
Health Sciences Fund	Value Fund

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

July 27, 2018

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

294

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

At an in-person meeting held on October 23-24, 2017 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Morgan Stanley Investment Management Inc. (“MSIM”) with respect to the International Growth Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreement with MSIM, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and each of the Fund’s prior sub-advisers, American Century Investment Management, Inc. (“American Century”), Invesco Advisers, Inc. (“Invesco”) and Massachusetts Financial Services Company (“MFS”) with respect to the Fund.

In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by MSIM; (2) the sub-advisory fees proposed to be charged in connection with MSIM’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of a composite of other accounts managed by MSIM using the same strategy that would be applied to the Fund, compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of comparable funds managed by MSIM against the Benchmark; (4) the costs of services and the benefits potentially to be derived by MSIM; (5) whether the Fund will benefit from possible economies of scale from engaging MSIM; (6) information regarding MSIM’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Sub-Advisory Agreement.

In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from MSIM who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by MSIM. The Board reviewed information provided by MSIM relating to its operations and personnel. The Board also noted that MSIM’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by MSIM. The Board noted that MSIM will (i) manage the investment and reinvestment of the Fund’s assets; (ii) determine in its discretion the securities and other investments to be purchased or sold; (iii) maintain a trading desk and place orders for the purchase and sale of portfolio securities (or arrange for another entity to provide a trading desk and to place orders) with brokers or dealers selected by MSIM, subject to its control, direction, and supervision, which may include affiliated brokers or dealers; (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed MSIM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of MSIM’s investment personnel who would provide services to the Fund. The Board also reviewed MSIM’s brokerage practices. The Board also noted that it received information on MSIM’s financial condition and compliance function of MSIM. The Board also considered MSIM’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the sub-advisory services to be provided by MSIM were expected to be satisfactory and that there was a reasonable basis to conclude that MSIM would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board also considered expense information of a comparable fund managed by MSIM; however, the Board noted that MSIM served as the investment adviser to the comparable fund and, thus, the services provided to the comparable fund were different than the proposed services to be provided to the Fund. The Board noted that VALIC negotiated the sub-advisory fee with MSIM at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and the Fund under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of MSIM will result in a reduction to the management fee paid by the Fund to VALIC.

The Board considered that a composite of the sub-advisory fees paid to the Fund’s previous sub-advisers, which were paid at a higher rate than the sub-advisory fee payable to MSIM, was above the median of its Subadvisory Expense Group/Universe. The Board also considered that the sub-advisory fee rate payable to MSIM contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended August 31, 2017. The Board also considered the performance of another fund managed by MSIM using a similar investment strategy as that which MSIM will use to manage the Fund. The Board noted that such comparable fund outperformed the Benchmark for the year-to-date, one-year, and three-year periods ended September 30, 2017, and since-inception on December 28, 2010.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a

{W0317821; 2}{W0317821; 2}

295

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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 the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of the Fund’s previous sub-advisers with MSIM. The Board also noted that VALIC would waive a greater portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if MSIM is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with MSIM at arm’s length. In considering the anticipated profitability to MSIM in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of MSIM from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to MSIM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in MSIM’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the fee under the Sub-Advisory Agreement has breakpoints.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the terms of the Sub-Advisory Agreement and the terms of the current sub-advisory agreements between VALIC and each of American Century, Invesco, and MFS are otherwise substantially similar, except that the Sub-Advisory Agreement differs in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) terms relating to the compliance with federal securities laws, including the Internal Revenue Code of 1986, as amended, as well as compliance with the terms of the Fund’s registration statement, and its policies and procedures; (iv) express terms permitting MSIM to delegate its duties and obligations to any affiliate, subject to VALIC and Board approval; (v) express terms relating to VALIC’s voting of proxies; and (vi) terms permitting an indemnifying party to participate and direct the defense of a claim against an indemnified party. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.

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

{W0317821; 2}{W0317821; 2}

296

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2018 (unaudited)

Name, Age and Address at May 31, 2018*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Independent Directors
Thomas J. Brown Age: 72	Director		2005- Present	Retired		49	Trustee, Virtus Series Fund (2011-Present).
Dr. Judith L. Craven Age: 72	Director		1998- Present	Retired		77	Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-Present); Director, Luby’s Restaurant (1998-Present).
William F. Devin Age: 79	Chairman and Director(5)		2001- Present	Retired		77	None
Dr. Timothy J. Ebner Age: 68	Director		1998- Present	Professor and Head, Department of Neuroscience Medical School (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-2013); Pickworth Chair (2000-Present) and 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: 77	Director		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: 68	Director		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		49	None.
Dr. John E. Maupin, Jr. Age: 71	Director		1998- Present	Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014).		49	Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present).
Interested Directors
Peter A. Harbeck(1) Age: 64	Director		2001- Present	President, CEO and Director, SunAmerica (1995-Present); Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman, President and CEO, Advisor Group, Inc. (2004-2016)		158	None.
Eric S. Levy Age: 53(1)	Director		2017- Present	Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015).		49	None
Officers
John T. Genoy Age: 49	President and Principal Executive Officer		2014- Present	Chief Financial Officer (2002-Present), Senior Vice President, (2003-Present), Chief Operating Officer (2006-Present) and Director (2014 to Present), SunAmerica.		N/A	N/A

297

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2018 (unaudited) — (continued)

Name, Age and Address at May 31, 2017*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Officers
John Packs Age: 62	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: 52	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: 51	Vice President		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A
Christopher Joe Age: 48	Chief Compliance Officer		2017 to Present	Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).		N/A	N/A
Matthew J. Hackethal Age: 46	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: 51	Vice President		2008- Present	Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc.		N/A	N/A
Kathleen D. Fuentes Age: 49	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: 45	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: 57	Vice President and Assistant Treasurer		2014- Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A

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

(1) Mr. Harbeck is an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because Mr. Harbeck is an officer of SunAmerica, which is an affiliate VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (34 funds), SunAmerica Speciality Series (7 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (20 portfolios), SunAmerica Series Trust (61 portfolios), and VALIC Company II (15 funds).

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

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

(5) Effective July 27, 2005, Mr. Devin became Chairman of the Board.

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

298

VALIC Company I

SHAREHOLDER TAX INFORMATION (unaudited)

Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2018.

During the year ended May 31, 2018, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

Fund	Net Long-term Capital Gains		Foreign Tax Credit*		Foreign Source Income		Qualifying % for the Dividends Received Deduction
Asset Allocation	$	4,139,748	$	—	$	—		20.22	%
Blue Chip Growth		44,264,812		—		—		100.00
Broad Cap Value Income		3,587,503		—		—		71.15
Capital Conservation		—		—		—		—
Core Equity		18,933,095		—		—		100.00
Dividend Value		27,534,288		—		—		96.35
Dynamic Allocation*		5,873,893		31,489		339,473		19.76
Emerging Economies*		—		2,170,272		23,300,741		—
Foreign Value*		—		1,656,094		16,629,811		1.53
Global Real Estate*		2,229,561		468,106		7,025,080		0.03
Global Social Awareness		—		—		—		40.15
Global Strategy*		5,241,605		725,364		11,469,816		100.00
Government Money Market I		—		—		—		—
Government Securities		—		—		—		—
Growth		32,227,389		—		—		56.48
Growth & Income		4,140,612		—		—		100.00
Health Sciences		88,495,403		—		—		—
Inflation Protected		4,308,281		—		—		0.81
International Equities Index*		—		2,408,487		29,428,418		—
International Government Bond		—		—		—		—
International Growth*		6,729,054		690,821		6,366,532		—
Large Cap Core		8,879,021		—		—		100.00
Large Capital Growth		20,050,151		—		—		85.53
Mid Cap Index		203,935,604		—		—		51.94
Mid Cap Strategic Growth		10,687,059		—		—		44.99
Nasdaq-100® Index		19,144,321		—		—		100.00
Science & Technology		63,121,184		—		—		10.52
Small Cap Aggressive Growth		3,794,440		—		—		—
Small Cap		41,766,359		—		—		30.74
Small Cap Index		63,465,241		—		—		50.38
Small Cap Special Values		20,457,809		—		—		64.95
Small-Mid Growth		4,235,032		—		—		—
Stock Index		167,497,292		—		—		85.08
Value		—		—		—		100.00

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

299

VALIC Company I

COMPARISONS: FUNDS VS. INDEXES (unaudited)

In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.

Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

300

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Pinebridge Investments, LLC

The Asset Allocation Fund posted a return of 8.91% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500^® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.24% for the FTSE Treasury Bill 3 Month Index, and 7.78% for the Blended Index.

Benchmark allocations are: 55% equity, 35% fixed income, and 10% cash. The Fund outperformed the Blended Index benchmark primarily due to its allocations in U.S. financial equities and U.S. small cap value equities. U.S. government bonds also contributed to performance. The Fund does not have exposure to U.S. government bonds, which underperformed this past year.

In contrast, the U.S. large cap equities category detracted from performance. The Fund does not have exposure to this broad equity category, which gained over the past 12 months. Selective allocations are made within U.S. equities, rather than acquiring large exposure. The Fund has selective convictions in Brazilian equities, through which it gains exposure to the Brazilian Real. The currency declined, so its overweight relative to the benchmark detracted from performance. Another detractor was exposure to the Euro. The Fund has selective exposure to European financial and small cap equities through which it gains currency exposure. As the Euro declined, the Fund’s overweight relative to the benchmark detracted from performance.

Equity index futures were used for hedging and efficient portfolio management. These derivatives detracted from performance.

For the year ended May 31, 2018, the Asset Allocation Fund returned 8.91% compared to 14.38% for the S&P 500^® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.24% for the FTSE Treasury Bill 3 Month Index and 7.78% for the Blended Index.

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

** The Blended Index consists of the S&P 500^® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%).

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

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

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
8.91%	6.56%	6.71%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

301

VALIC Company I Blue Chip Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Blue Chip Growth Fund posted a return of 27.87% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500^® Index.

The Fund’s relative outperformance was driven by stock selection. Sector allocation also boosted relative results.

On the positive side, the information technology sector contributed the most to relative results due to both a beneficial overweight position and effective stock selection. Favorable stock selection in the consumer discretionary sector boosted relative returns. An underweight to the consumer staples sector added to relative performance.

The top performing names in the Fund included Amazon.com, Inc., Microsoft Corp. and Boeing Co.

Conversely, lack of exposure to the energy sector detracted the most from relative performance.

The bottom performing names in the Fund included Alaska Air Group, Inc., American Airlines Group, Inc., and Tesla, Inc.

For the year ended May 31, 2018, the Blue Chip Growth Fund returned 27.87% compared to 14.38% for the S&P 500^® Index.

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

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
27.87%	18.11%	12.03%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

302

VALIC Company I Broad Cap Value Income Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC

The Broad Cap Value Income Fund posted a return of 10.34% for the twelve-month period ended May 31, 2018, compared to a return of 8.25% for the Russell 1000^® Value Index.

The Fund’s relative outperformance was driven by sector allocation. Stock selection also boosted relative results.

Stock selection in the energy sector was the largest relative positive contributor for the period. Underweighting the lagging consumer staples and utilities sectors and stock selection in the financial sector also resulted in positive contributions to performance.

The largest detractors for the period included stock selection within the information technology, consumer staples, healthcare, and consumer discretionary sectors.

Top relative contributors for the year included E*TRADE Financial Corp., Spirit AeroSystems Holdings, Inc., Class A, and UnitedHealth Group, Inc.

The largest relative detractors for the period were Micro Focus International PLC ADR, Newell Brands, Inc., and Altria Group, Inc.

For the year ended May 31, 2018, the Broad Cap Value Income Fund returned 10.34% compared to 8.25% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
10.34%	10.10%	8.15%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

303

VALIC Company I Capital Conservation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Capital Conservation Fund posted a return of -0.94% for the twelve-month period ended May 31, 2018, compared to a return of -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index.

In aggregate, sector selection had a positive effect on the relative performance of the fund. An underweight allocation to U.S. Treasuries and overweight allocations to the utilities sector and fixed rate agency mortgage backed securities “MBS” contributed to performance. The fund’s underweight in government related local authorities and cash detracted from performance.

Security selection within the financial, MBS and utilities sectors were the largest contributions to performance for the period.

The largest individual contributors were Regions Financial Corp. (7.38% due 12/10/2037), AT&T, Inc. (4.90% due 8/15/2037) and Marathon Oil Corp. (6.60% due 10/1/2037).

Among the greatest detractors were Telecom Italia Capital SA (7.72% due 6/4/2038), UniCredit SpA (5.86% due 6/19/2032) and Owens Corning (4.30% due 7/15/2047).

For the year ended May 31, 2018, the Capital Conservation Fund returned -0.94% compared to -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index.

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

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
-0.94%	1.69%	3.54%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

304

VALIC Company I Core Equity Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with BlackRock Investment Management, LLC

The Core Equity Fund posted a return of 15.42% for the twelve-month period ended May 31, 2018, compared to a return of 14.60% for the Fund’s benchmark, the Russell 1000^® Index.

The Fund outperformed the benchmark for the twelve-month period, driven primarily by stock selection. Sector allocation was also a positive contributor to performance during the period.

Stock selection within the health care, financials, and energy sectors were the biggest contributors to performance for the period.

The top individual contributors to performance included Urban Outfitters, Inc., Microsoft Corp., and JPMorgan Chase & Co.

Stock selection within the consumer discretionary and information technology sectors, in addition to an overweight position in the health care sector, were the largest detractors from performance during the period.

The top individual detractors from performance included Comcast Corp., Class A, an underweight position in Amazon.com, Inc., and Altria Group, Inc.

For the year ended May 31, 2018, the Core Equity Fund returned 15.42% compared to 14.60% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000^® Index.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
15.42%	11.89%	7.82%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

305

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dividend Value Fund posted a return of 8.14% for the twelve-month period ended May 31, 2018, compared to a return of 8.25% for the Russell 1000^® Value Index.

A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the Russell 1000^® Value Index for the twelve-month period. Overall, stock selection provided the largest contributor to relative returns during the annual period. Sector allocation also boosted relative results. Selection was especially strong in the healthcare, energy, and consumer staples sectors.

The largest detractors from relative performance during the year were stock selection in the consumer discretionary and financials sectors. Another significant detractor was the cash exposure not being fully invested.

Top individual contributors included Microsoft Corp., Royal Dutch Shell PLC, and Suncor Energy, Inc.

Larger individual detractors included Comcast Corp., PG&E Corp., and lacking exposure to strong performer Intel Corp.

A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the Russell 1000^® Value Index for the twelve-month period. On a sector basis, the primary driver of underperformance during the fiscal period was asset allocation. Stock selection contributed to relative results.

Overweights to poor-performing sectors consumer staples and telecommunication services were significant detractors. Lack of exposure to the strong financial sector was another larger detractor.

The largest positive contributions came from the industrials, healthcare, and materials sectors, highlighted by strong stock selection in the healthcare and materials sectors.

In terms of individual holdings, Altria Group, Inc., L Brands, Inc., and Campbell Soup Co. were the larger detractors on a relative basis. Top contributors were positions in Foot Locker, Inc., Boeing Co., and AbbVie, Inc.

For the year ended May 31, 2018, the Dividend Value Fund returned 8.14% compared to 8.25% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
8.14%	10.22%	7.72%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

306

VALIC Company I Dynamic Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dynamic Allocation Fund posted a return of 9.45% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500^® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 8.36% for the blended benchmark.

The Fund consists of two components: A fund-of-funds component representing a combination of VC I and VC II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.

A discussion with Alliance Bernstein, L.P.—regarding their portion of the Fund (the “portfolio”)

The overlay portfolio, the process to manage the Fund’s net equity exposure, underperformed the Fund’s blended benchmark during the period.

The volatility of the overlay component (the process to manage the portfolio’s net equity exposure using futures) was the largest contributor. The options hedging program, designed to protect against large and unexpected market declines, detracted from performance. In addition, the underlying cash assets invested in longer duration U.S. Treasury bonds detracted modestly from performance.

A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)

The fund-of-funds component outperformed the Fund’s blended benchmark during the period. Within equities, exposure to funds investing primarily in U.S. large cap growth and U.S. small cap equities contributed the most to this outperformance. Exposure to U.S. large cap value equities and international equities held back returns during the period.

An underweight to fixed income provided a large contribution to the outperformance versus the blended benchmark. Within fixed income, exposure to high yield securities contributed to outperformance while exposure to U.S. government securities detracted.

Leading individual contributors to performance included the VC I Blue Chip Growth, VC II Small Cap Growth, and VC I Growth Funds. Detractors included the VC I Foreign Value, VC I Value, and VC I Dividend Value Funds.

For the year ended May 31, 2018, the Dynamic Allocation Fund returned 9.45% compared to 14.38% for the S&P 500^® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index and 8.36% for the Blended Index.

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

** The Blended Index consists of the S&P 500^® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%).

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

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	Since Inception*
9.45%	6.00%	7.12%

* Inception date of Fund: December 19, 2012

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

307

VALIC Company I Emerging Economies Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Emerging Economies Fund posted a return of 13.50% for the twelve-month period ended May 31, 2018, compared to a return of 14.03% for the MSCI Emerging Markets Index (net).

A combination of an underweight and positive stock selection in the consumer discretionary sector provided a significant contribution. Stock selection in the financial and materials sectors were additional drivers of performance. An underweight to the weak Mexico market and positive stock selection in South Africa and Brazil added to performance.

Weighing on relative performance were an overweight to the weak market in Turkey and a slight underweight to the strong China market. Performance was also offset by stock selection in the information technology and utilities sectors.

Among the positive individual performers were Yageo Corp., Vale SA ADR, and SK Hynix, Inc. Positions in Turkiye Halk Bankasi AS and Petkim Petrokimya Holding AS were among the larger detractors. Additionally, an underweight to strong-performing Alibaba Group Holding, Ltd. ADR weighed on performance.

For the year ended May 31, 2018, the Emerging Economies Fund returned 13.50% compared to 14.03% for the MSCI Emerging Markets Index (net).

* MSCI Emerging Markets Index (net) is a free-float adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
13.50%	3.92%	0.00%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

308

VALIC Company I Foreign Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Templeton Global Advisors, Limited

The Foreign Value Fund posted a return of 3.19% for the twelve-month period ended May 31, 2018, compared to a return of 7.97% for the MSCI EAFE Index (net).

The Fund’s underperformance overall was primarily due to stock selection during the period. Selection was weakest in the industrials sector. Weak stock selection in the consumer discretionary and materials sectors also detracted significantly from relative returns. An overweight to the strong energy sector and stock selection in both the consumer staples and financials sectors were strong contributors to performance.

From a regional standpoint, the Fund’s exposure to off-benchmark lagging countries Canada and China detracted significantly from relative performance. Stock selection in Sweden was a large detractor as well. On the positive side, underweighting lagging countries Spain and Switzerland contributed to relative performance. Stock selection in Italy was another contributor.

Among individual performers, some of the largest detractors were Precision Drilling Corp., Tahoe Resources, Inc., and Barrick Gold Corp. Sizeable contributions to performance came from Baidu, Inc., BP PLC, and Samsung Electronics Co., Ltd.

For the year ended May 31, 2018, the Foreign Value Fund returned 3.19% compared to 7.97% for the MSCI EAFE Index (net).

* The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
3.19%	4.39%	2.42%

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 Contract or Plans that invest in the Fund are not included in the Fund’s returns.

309

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Real Estate Fund posted a return of 6.19% for the twelve-month period ended May 31, 2018, compared to a return of 5.98% for the FTSE EPRA/NAREIT Developed Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the benchmark for the twelve-month period. Stock selection was a positive contributor to performance while industry allocation was a detractor from performance for the period.

Stock selection within the information technology services, technology hardware stores, and software industries were the biggest contributors to performance for the period. Stock selection within the diversified and office industries, as well as industry allocation in healthcare, were the biggest contributors to performance for the period.

On a country basis, a lack of holdings in Netherlands, Switzerland, and Israel were the top contributors to relative performance. The top individual contributors to performance included Prologis, Inc., Weyerhaeuser Co., and Extra Space Storage., Inc.

Industry allocation within the diversified industry, and stock selection in the healthcare and retail industries, were the largest detractors from performance for the period.

On a country basis, an overweight in the United States as well as a lack of exposure in Hong Kong and Germany, were the largest detractors from relative performance for the period. The top individual detractors from performance included Equinix, Inc., QTS Realty Trust, Inc., and Healthcare Realty Trust, Inc.

A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark for the twelve-month period, driven primarily by stock selection.

On a country basis, an underweight allocation to the United States was the top contributor to the portfolio’s relative performance, followed by the United Kingdom and Hong Kong. The top individual contributors to performance included Vonovia SE, Sumitomo Realty & Development Co., Ltd., and UNITE Group PLC.

Conversely, the Netherlands was the largest detractor from performance, followed by France and Singapore. The top individual detractors from performance included Unibail-Rodamco SE, Nomura Real Estate Master Fund, Inc., and Hongkong Land Holdings, Ltd.

For the year ended May 31, 2018, the Global Real Estate Fund returned 6.19% compared to 5.98% for the FTSE EPRA/NAREIT Developed Index.

* The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
6.19%	5.39%	3.95%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

310

VALIC Company I Global Social Awareness Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Global Social Awareness Fund posted a return of 12.16% for the twelve-month period ended May 31, 2018, compared to a return of 11.57% for the MSCI World Index (net).

The Fund outperformed the benchmark for the twelve-month period, driven primarily by sector allocation. Stock selection was also a positive contributor to performance during the period.

Stock selection within the health care sector, an underweight to the consumer staples sector, and an overweight to the information technology sector were the biggest contributors to performance for the period.

Top individual contributors to performance included Microsoft Corp., NVIDIA Corp., and Intel Corp.

Stock selection within the consumer discretionary and materials sectors, in addition to an overweight position to the real estate sector, were the largest detractors from performance during the period.

Biggest individual detractors included an underweight position in Facebook, Inc., Class A, Kimberly-Clark Corp., and PPL Corp.

The Fund utilized stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the MSCI World Index (net). During the twelve-month period, stock index futures contributed to relative performance.

For the year ended May 31, 2018, the Global Social Awareness Fund returned 12.16% compared to 11.57% for MSCI World Index (net).

* The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consists of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
12.16%	10.58%	6.16%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

311

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Strategy Fund posted a return of 4.72% for the twelve-month period ended May 31, 2018, compared to a return of 11.84% for the MSCI ACWI (net), 1.77% for the JPMorgan GBI Global Index (unhedged) and 7.79% for the Blended Index.

A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)

During the twelve-month period, the portfolio underperformed relative to the benchmark MSCI ACWI (net). From a sector perspective, stock selection was responsible for the underperformance. Specifically, selection in the health care, information technology, and consumer discretionary sectors detracted from relative returns. Key contributors included an underweight in the lagging consumer staples sector, stock selection in the real estate sector, and both an overweight and stock selection in the energy sector.

From a regional perspective, stock selection accounted for the majority of the underperformance. Selection in China and Canada were large detractors from relative returns. Another large detractor was an underweight to the U.S. Stock selection in the United Kingdom was a significant contributor. In addition, an underweight to Spain and an overweight to Norway benefited relative results.

Some large individual detractors during the period were Walgreens Boots Alliance, Inc., SoftBank Group Corp., and Vodafone Group PLC ADR. Significant individual contributors included BP PLC, Voya Financial, Inc., and Royal Dutch Shell PLC, Class B.

A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)

The portfolio underperformed the benchmark JPMorgan GBI Global Index (unhedged) for the twelve-month period. The portfolio’s fixed income benchmark index consists solely of investment-grade global government bonds, while the portfolio’s holdings include investment-grade and below investment-grade global government bonds, sovereign debt and cash. The portfolio also invests in currency-related transactions.

The portfolio’s total return was influenced by various factors, including interest rate and foreign exchange rate movements across local-currency markets. During the period, interest-rate strategies, including interest rate swap contracts, and sovereign credit exposures contributed to relative performance. However, currency positions, including forward foreign currency contacts, were a large detractor from performance, resulting in the portfolio’s overall underperformance versus the benchmark.

Among currencies, the strategy’s underweighted position in the Euro was a large detractor from relative performance, in addition to overweighted currency positions in the Brazilian Real and the Argentine Peso. Additional significant detractors included duration exposures in Argentina and select underweighted duration exposures in Europe.

On the positive side, the portfolio’s negative duration exposure to U. S. Treasuries was a large contributor to relative performance. Additionally, duration exposures in Brazil and select duration exposures in Africa contributed to relative performance.

312

VALIC Company I Global Strategy Fund

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

For the year ended May 31, 2018, the Global Strategy Fund returned 4.72% compared to 11.84% for the MSCI ACWI (net), 1.77% for the JPMorgan GBI Global Index (unhedged) and 7.79% for the Blended Index.

* The MSCI ACWI (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand and Turkey, and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

** The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%).

*** The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
4.72%	4.80%	5.82%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

313

VALIC Company I Government Money Market I Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Government Money Market I Fund posted a return of 0.72% for the twelve-month period ended May 31, 2018, compared to a return of 1.24% for the FTSE Treasury Bill 3 Month Index.*

The Fund held an overweight position in U.S. Government Agencies and the positions in Federal Home Loan Bank and Federal National Mortgage Association positively contributed to performance. Positions in U.S. Government Treasuries also positively contributed to performance, mainly due to the rise in rates throughout the year and increase in supply that helped push Treasury yields higher.

Conversely, positions in Federal Farm Credit Bank investments detracted from the Fund’s performance. While the securities had positive returns, the returns were the lowest in the Fund.

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

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
0.72%	0.17%	0.22%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

314

VALIC Company I Government Securities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Government Securities Fund posted a return of -1.32% for the twelve-month period ended May 31, 2018, compared to a return of -0.80% for the Bloomberg Barclays U.S. Government Index.

The Fund’s shorter duration position was positive for performance, while the yield curve positioning detracted from performance. During the period, the Fund maintained an overweight in the belly of the curve (5-10 years), underweight in the 20-plus year bucket, and maintained a shorter duration than the index. The Fund continued to have a yield advantage over the benchmark, which contributed to results over the period.

The Fund’s allocation in spread sectors, specifically mortgage-backed securities, credit and commercial mortgage-backed securities, were positives as those sectors outpaced comparable-duration U. S. Treasuries. The Fund’s cash position was a slight drag on returns.

For the year ended May 31, 2018, the Government Securities Fund returned -1.32% compared to -0.80% for the Bloomberg Barclays U.S. Government Index.

* The Bloomberg Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
-1.32%	1.09%	2.58%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

315

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with American Century Investment Management, Inc.

The Growth Fund posted a return of 20.60% for the twelve-month period ended May 31, 2018, compared to return of 21.02% for the Russell 1000^® Growth Index.

The Fund’s relative outperformance was driven predominately by strong stock selection. Sector allocation was slightly negative for the period.

From a sector perspective, information technology, real estate (and the underweight allocation) and healthcare added the most to relative performance.

The top performing names in the Fund included CVS Health Corp., Intuitive Surgical, Inc. and Activision Blizzard, Inc.

Conversely, the overweight allocation to the financials sector, stock selection within the consumer discretionary sector and not remaining fully invested (reflected by a cash position) were the largest drag to relative performance.

The bottom performing names included O’Reilly Automotive, Inc., NVIDIA Corp., and Microsoft Corp.

For the year ended May 31, 2018, the Growth Fund returned 20.60% compared to 21.02% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
20.60%	14.20%	9.57%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

316

VALIC Company I Growth & Income Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management Inc.

The Growth & Income Fund posted a return of 12.17% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500^® Index.

The Fund underperformed the benchmark for the twelve-month period. Stock selection was the primary driver of underperformance during the period. Sector allocation showed little to no impact to relative performance.

Stock selection within the technology, energy, and utilities sectors were the biggest contributors to performance for the period.

Top performing names included Adobe Systems, Inc, Unitedhealth Group, Inc., and Union Pacific Corp.

Stock selection within the telecommunications, industrial cyclical, and consumer staples sectors were the largest detractors from performance during the period.

The bottom performing names included Boeing Co, Netflix, Inc. and Abbvie, Inc.

For the year ended May 31, 2018, the Growth & Income Fund returned 12.17% compared to 14.38% for the S&P 500^® Index.

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

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
12.17%	12.28%	6.98%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

317

VALIC Company I Health Sciences Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Health Sciences Fund posted a return of 19.80% for the twelve-month period ended May 31, 2018, compared to a return of 10.27% for the S&P 500^® Health Care Index.

The Fund outperformed the benchmark for the twelve-month period, driven primarily by stock selection. Sector allocation was also a positive contributor to performance during the period.

Stock selection within the biotechnology and products & devices industries, in addition to industry allocation within the pharmaceuticals industry, were the biggest contributors to performance for the period.

The top individual contributors to performance included Unitedhealth Group, Inc., Intuitive Surgical, Inc. and Neurocrine Biosciences, Inc.

Sector allocation within the biotechnology industry and stock selection within the pharmaceuticals and life sciences industries were the largest detractors from performance during the period.

The top individual detractors from performance included Incyte Corp., TESARO, Inc. and Allergan PLC.

For the year ended May 31, 2018, the Health Sciences Fund returned 19.80% compared to 10.27% for the S&P 500^® Health Care Index.

* The S&P 500^® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500^® Index and is designed to measure the performance of the healthcare sector.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
19.80%	17.27%	16.16%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

318

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Inflation Protected Fund posted a return of 1.11% for the twelve-month period ended May 31, 2018, compared to a return of 0.74% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.

The Fund’s outperformance was mainly driven by yield curve positioning and foreign currency allocation.

The Fund had a strong contribution from its asset allocation to credit during the last twelve months, mainly in the financial sector. The Fund had exposure to credit in sectors such as financials, industrials and utilities which all posted positive returns as credit spreads tightened during the year.

In addition, the Fund had positive performance from its yield curve positioning that came from the exposure to foreign rate markets such as the New Zealand, Australia, the United Kingdom, Brazil and Mexico. Security selection within U. S. TIPS contributed to performance as well. The Fund’s short duration positioning also contributed to performance as rates rose during the period.

Among the top individual contributors were Societe Generale SA (3.60% due 5/3/2023) and Vale Overseas, Ltd. (6.25% due 8/10/2026).

Among the largest detractors were Kingdom of Spain Senior Notes (1.00% due 11/30/2030), U. S. Treasury Notes (0.13% due 4/15/2019) and Monumental Global Funding III (4.38% due 05/22/2018).

For the year ended May 31, 2018, the Inflation Protected Fund returned 1.11% compared to 0.74% for the Bloomberg Barclays U.S. TIPS Index.

* The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
1.11%	0.67%	2.95%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

319

VALIC Company I International Equities Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The International Equities Index Fund posted a return of 7.63% for the twelve-month period ended May 31, 2018, compared to a return of 7.97% for the MSCI EAFE Index (net).

This fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when MSCI rebalances its indices.

Consumer staples, industrials, and consumer discretionary holdings led the MSCI EAFE Index (net) higher during the twelve-month period, while utilities, materials, and financial companies were prominent laggards.

Top individual contributors to performance included Royal Dutch Shell PLC, Class A, BP PLC, Royal Dutch Shell PLC, Class B, Toyota Motor Corp. and HSBC Holdings PLC.

The top individual detractors from performance included Reckitt Benckiser Group PLC, Nestle SA, Sanofi, Roche Holding AG, and British American Tobacco PLC.

The Fund uses stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the MSCI EAFE Index (net). During the twelve-month period, stock index futures contributed to relative performance.

For the year ended May 31, 2018, the International Equities Index Fund returned 7.63% compared to 7.97% for the MSCI EAFE Index (net).

* The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
7.63%	5.66%	1.49%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

320

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the year ended May 31, 2018, the International Government Bond Fund posted a return of 0.32% compared to -0.56% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 2.06% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 1.28% for the Blended Index.

Overall, security selection was the primary driver of performance over the course of the reporting period. Security selection within Mexico, Venezuela and Spain contributed to performance.

Country selection was a positive contributor to performance during the year. An underweight in Italy and an overweight in Belarus and Slovenia were the primary contributors.

Overall, sector selection had a negative effect on the relative performance of the fund. An underweight allocation to developed markets and an overweight allocation to emerging markets detracted from performance. In addition, the fund’s underweight position at the long end of the U.S. yield curve detracted from performance as the curve flattened during the period. The fund’s underweight in the U.S. Dollar detracted from performance as the U.S. Dollar appreciated during the period.

Among individual holdings, Kingdom of Spain Notes (2.90% due 10/31/2046), Federative Republic of Brazil Notes (10.25% due 1/10/2028) and United Mexican States Notes Mexico (3.38% due 2/23/2031) were the largest contributors.

Republic of Italy Notes (4.25% due 9/1/2019), Republic of Argentina Notes (2.50% due 12/31/2038) and Kingdom of Spain Notes (5.50% due 4/30/2021) were among the largest individual detractors.

For the year ended May 31, 2018, the International Government Bond Fund returned 0.32% compared to -0.56% for the JP Morgan EMBI Global Diversified Index, 2.06% for the FTSE WGBI Index (unhedged) and 1.28% for the Blended Index.

* The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets.

** The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

*** The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%).

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
0.32%	1.15%	2.97%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

321

VALIC Company I International Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Growth Fund posted a return of 18.38% for the twelve-month period ended May 31, 2018, compared to a return of 7.97% for the MSCI EAFE Index (net) and 9.67% for the MSCI ACWI ex USA Index (net).

A discussion with Morgan Stanley Investment Management, Inc. “MSIM”

Effective March 8, 2018, MSIM became subadvisor for the International Growth Fund. The portfolio outperfomed the benchmark, the MSCI ACWI ex USA Index (net) during the period of March 8, 2018 through May 31, 2018.

Stock selection and sector allocation contributed to the relative outperformance. Stock selection in the consumer discretionary sector was additive to performance. Stock selection and the underweight allocation to the financials sector was additive as well. Further bolstering performance was the overweight allocation and stock selection within the consumer staples sector.

From a geographic perspective, France, Italy and China added to the Fund’s outperformance.

The top performing names included Hermes International SCA., Moncler SpA and Foshan Haitian Flavouring & Food Co., Ltd.

Conversely, not holding firms in the energy and real estate sectors detracted from overall performance, as did stock selection within utilities.

Geographically, the underweight allocation (and minimal stock selection effects) were negative for Canada. Selection within Hong Kong and Belgium further detracted from overall performance results.

The bottom performing names included Tencent Holdings, Ltd., Anheuser-Busch InBev SA/NV. and Brookfield Infrastructure Partners L.P.

A discussion with American Century Investment Management, Inc. “American Century” — regarding their portion of the Fund (the “portfolio”)

Effective March 8, 2018, MSIM replaced American Century as subadviser to the International Growth Fund.

For the period June 1, 2017 through March 7, 2018, the portfolio outperformed the benchmark, the MSCI EAFE Index (net) during the period.

Stock selection and sector allocation contributed to the relative outperformance. Stock selection in the information technology, healthcare and financials sectors bolstered performance, while currency factors detracted slightly.

From a geographic perspective, holding Chinese firms, which are not part of the benchmark, added to performance. Stock selection in Japan was positive, albeit offset by the underweight allocation.

The top performing names included Alibaba Group Holdings, Ltd. ADR, Tencent Holdings Ltd. and Kering SA.

Conversely, stock selection and the underweight allocation in both the energy and materials sectors detracted from returns.

Geographically, holdings in Italy and India (not held in the benchmark) proved detrimental.

The bottom performing names included British American Tobacco PLC, Tata Motors, Ltd. and Rakuten, Inc.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

Effective March 8, 2018, MSIM replaced Invesco Advisers, Inc. as subadviser of the International Growth Fund. For the period June 1, 2017 through March 7, 2018, the portfolio slightly underperformed the benchmark, the MSCI EAFE Index (net).

At the sector level, stock selection in the financials and consumer staples sectors were the leading contributors to relative performance. An underweight allocation in the telecommunication services sector also helped relative performance.

Geographically, overweight exposure in China was the leading contributor to relative performance. Portfolio exposure in Brazil, a country not in the benchmark, also helped relative performance. Security selection in Germany contributed to relative performance as well.

The top preforming names included Kweichow Moutai Co., Ltd., Deutsche Boerse AG, and Brasil Bolsa Balcao.

At the sector level, security selection and the underweight positioning in the materials sector was the leading detractor from relative performance. Stock selection in the consumer discretionary sector detracted from both absolute and relative performance. Cash not being fully invested was also a drag on relative performance as well.

From a geographic perspective, underweight exposure in Japan was the leading detractor from both absolute and relative performance, security selection was also negative. Security selection in the United Kingdom was also a drag on relative performance. Security selection and allocation effects were negative in Israel.

The bottom performing names included Teva Pharmaceutical Industries, Ltd., British American Tobacco PLC.and Japan Tobacco, Inc.

A discussion with Massachusetts Financial Services Company “MFS” — regarding their portion of the Fund (the “portfolio”)

Effective March 8, 2018, MSIM replaced MFS as subadviser of the International Growth Fund. For the period June 1, 2017 through March 7, 2018, the portfolio slightly underperformed the benchmark, the MSCI EAFE Index (net). Sector allocation contributed to the relative outperformance, while stock selection detracted. Positioning in the financials and information technology sectors bolstered performance, while currency factors detracted overall.

322

VALIC Company I International Growth Fund

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

From a geographic perspective, holding Chinese firms, which are not part of the benchmark, as well as security selection in France and Spain enhanced returns.

The top performing names included Hermes International, TAL Education Group ADR, and Foshan Haitian Flavouring & Food Co., Ltd.

Conversely, stock selection in the consumer discretionary sector detracted from returns. Stock selection and an overweight positioning within the energy sector also detracted from results

Geographically, stock selection in Germany and the United Kingdom and an underweight position in Japan hampered results.

The bottom performing names included Brookfield Infrastructure Partners LP, Booking Holdings, Inc., and Anheuser-Busch InBev SA.

For the year ended May 31, 2018, the International Growth Fund returned 18.38% compared to 7.97% for the MSCI EAFE Index (net) and 9.67% for the MSCI ACWI ex USA Index (net).

* The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

** Effective March 8, 2018, the Fund changed its benchmark against which it measures its performance from the MSCI EAFE Index (net) to the MSCI ACWI ex USA Index (net). Fund management believes that the MSCI ACWI ex USA Index (net) is more representative of the securities in which the Fund invests. The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
18.38%	7.86%	4.16%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

323

VALIC Company I Large Cap Core Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Columbia Management Investment Advisers, LLC

The Large Cap Core Fund posted a return of 9.46% for the twelve-month period ended May 31, 2018, compared to a return of 14.60% for the Russell 1000^® Index.

The Fund underperformed the benchmark for the twelve-month period. Stock selection was the primary driver of underperformance during the period. Sector allocation positively contributed to relative performance.

Sector allocation within the real estate and utilities sectors, in addition to stock selection in financials, were the biggest contributors to performance for the period.

The top individual contributors to performance included Mastercard Inc., Class A, PVH Corp., and an underweight position in General Electric Co.

Stock selection within the health care, consumer discretionary, and consumer staples sectors were the biggest detractors to relative performance for the period.

Biggest individual detractors included Philip Morris International, Inc., Comcast Corp., Class A and Allergan PLC.

For the year ended May 31, 2018, the Large Cap Core Fund returned 9.46% compared to 14.60% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000^® Index.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
9.46%	12.02%	10.72%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

324

VALIC Company I Large Capital Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Massachusetts Financial Services Company

The Large Capital Growth Fund posted a return of 16.00% for the twelve-month period ended May 31, 2018, compared to a return of 21.02% for the Russell 1000^® Growth Index.

The Fund’s underperformance was driven by weak stock selection as well as sector allocation.

Stock selection and overweight positioning within both the consumer staples and financials sector was the most additive to performance.

The top performing names in the Fund included; Estee Lauder Cos., Inc., Nike, Inc. and Texas Instruments, Inc.

Weak selection in the consumer discretionary and information technology sectors (and the underweight allocation) detracted from overall results.

The bottom performing names included lack of positioning in Amazon.com, Inc., Boeing Co., and Netflix, Inc.

For the year ended May 31, 2018, the Large Capital Growth Fund returned 16.00% compared to 21.02% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
16.00%	13.20%	7.88%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

325

VALIC Company I Mid Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Mid Cap Index Fund posted a return of 14.51% for the twelve-month period ended May 31, 2018, compared to a return of 14.86% for the S&P MidCap 400^® Index.

The Fund is passively managed to match the S&P MidCap 400^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

In terms of sectors, financials, information technology, and industrials led the mid-cap benchmark higher, while the telecommunication services and consumer staples sectors were the most notable laggards.

Among individual holdings, positions in ABIOMED, Inc., HollyFrontier Corp., and SVB Financial Group were the top contributors to relative performance during the fiscal period.

Conversely, Mallinckrodt Plc, Cirrus Logic, Inc., and TreeHouse Foods, Inc. were among the constituent holdings to detract the most from performance during the twelve-month period.

For the year ended May 31, 2018, the Mid Cap Index Fund returned 14.51% compared to 14.86% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®, “S&P^®,” and “S&P MidCap 400^®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
14.51%	11.86%	9.63%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

326

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Strategic Growth Fund posted a return of 19.17% for the twelve-month period ended May 31, 2018, compared to a return of 18.42% for the Russell Midcap^® Growth Index.

A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).

Stock selection was the primary driver of underperformance relative to the benchmark for the period. Sector allocation had negligible effects on returns.

Positive stock selection in the consumer staples, industrials and health care sectors added the most to relative performance.

The top performing names in the portfolio included Xpo Logistics, Inc., E* Trade Financial Corp. and Netapp, Inc.

Conversely, stock selection in the consumer discretionary, information technology and financial sectors detracted from relative returns.

The bottom performing names for the portfolio included Burlington Stores, Inc., Vulcan Matls Co., and Owens Corning.

A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).

The portfolio’s outperformance relative to the benchmark was driven by strong stock selection; sector allocation was also additive for the period.

Stock selection as well as the overweight allocation to the information technology sector added the most to relative performance. An underweight allocation to consumer discretionary, further aided by strong stock selection also was also beneficial. The financials sector was also additive, relatively speaking, from both an overweight allocation perspective as well as stock selection.

The top performing names in the portfolio included TD Ameritrade Holding Co., Wex, Inc., and LPL Financials Holdings, Inc.

Conversely, stock selection in the energy sector detracted from relative performance. The overweight allocation to healthcare as well as stock selection also detracted. Additionally, having access cash on hand proved detrimental to relative performance.

The bottom performing names for the portfolio included Celgene Corp., Puma Biotechnology, Inc., and Flex, Ltd.

For the year ended May 31, 2018, the Mid Cap Strategic Growth Fund returned 19.17% compared to 18.42% for the Russell Midcap^® Growth Index.

* The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
19.17%	11.93%	7.48%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

327

VALIC Company I Nasdaq-100^® Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Nasdaq-100^® Index Fund posted a return of 20.94% for the twelve-month period ended May 31, 2018, compared to a return of 21.66% for the Nasdaq-100^® Index.

The Fund is passively managed to match the NASDAQ 100^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

In terms of sectors, information technology and consumer discretionary led the benchmark higher. Consumer staples and telecommunication services sectors were the most notable laggards.

Top-contributing index holdings during the fiscal period included Amazon.com, Inc., Microsoft Corp. and Apple, Inc. Conversely, Comcast Corp., Class A, Kraft Heinz Co., and Celgene Corp. were the index holdings which detracted most significantly from the Fund’s performance.

For the year ended May 31, 2018, the Nasdaq-100^® Index Fund returned 20.94% compared to 21.66% for the Nasdaq-100^® Index.

* The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
20.94%	19.35%	13.76%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

328

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Science & Technology Fund posted a return of 30.08% for the twelve-month period ended May 31, 2018, compared to a return of 31.37% for the S&P^® North American Technology Sector Index.

A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark for the twelve-month period, driven primarily by stock selection. Sector allocation was a detractor from performance for the period.

Stock selection within the information technology services, technology hardware stores, and software industries sectors were the biggest contributors to performance for the period.

The top individual contributors to performance included Square, Inc, ServiceNow, Inc, and Netapp, Inc.

Stock selection within the semiconductors, an underweight to internet & direct marketing retail, and an overweight to the automobiles industries were the largest detractors from performance for the period.

The top individual detractors from performance included underweights to Amazon.com, Inc., Intel Corp., and Adobe Systems, Inc.

A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the benchmark for the twelve-month period. Industry allocation was a positive contributor to performance while stock selection was a detractor from performance for the period.

Stock selection within the information technology software and healthcare industries, and industry allocation in the media industry, were the biggest contributors to performance for the period.

The top individual contributors to performance included Amazon.com, Inc, Red Hat, Inc, and Microsoft Corp.

Stock selection within the media and semiconductors industries, and sector allocation in healthcare, were the largest detractors from performance for the period.

The top individual detractors from performance included Coherent, Inc., Roche Holdings AG and Symantec Corp.

A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark for the twelve-month period, driven primarily by industry allocation. Sector allocation also detracted from performance for the period.

Stock selection within the electronic equipment, software, and information technology services industries were the biggest contributors to performance for the period.

The top individual contributors to performance included Sunny Optical Technology Group Co., Ltd., Alphabet, Inc. and IBM Corp.

Stock selection within the semiconductor industry, and sector allocation within the internet & direct marketing retail and electronic equipment industries, were the largest detractors from performance for the period.

The top individual detractors from performance included an underweight in Amazon.com, Inc, and overweights in MACOM Technology Solutions Holdings, Inc. and Flex Ltd.

329

VALIC Company I Science & Technology Fund

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

For the year ended May 31, 2018, the Science & Technology Fund returned 30.08% compared to 31.37% for the S&P^® North American Technology Sector Index.

* The S&P^® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
30.08%	21.65%	13.52%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

330

VALIC Company I Small Cap Aggressive Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Victory Capital Management, Inc.

The Small Cap Aggressive Growth Fund posted a return of 37.58% for the twelve-month period ended May 31, 2018, compared to a return of 25.08% for the Russell 2000^® Growth Index.

The Fund’s outperformance was driven by both stock selection and sector allocation from a relative perspective.

Stock selection in the healthcare, information technology and consumer discretionary sectors contributed the most to performance.

The top performing names included Loco Oncology, Inc., RingCentral, Inc., Class A., and Ignyta, Inc.

Conversely, stock selection in the consumer staples sector was slightly negative. However, not being fulling invested (cash on hand) hindered performance the most.

The bottom performing names included Euronet Worldwide, Inc., Amedisys, Inc. and Five Prime Therapeutics, Inc.

For the year ended May 31, 2018, the Small Cap Aggressive Growth Fund returned 37.58% compared to 25.08% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
37.58%	17.35%	12.85%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

331

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Fund posted a return of 17.95% for the twelve-month period ended May 31, 2018, compared to a return of 20.76% for the Russell 2000^® Index.

A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark for the twelve-month period. Both stock selection and sector allocation were negative contributors for the period.

Stock selection and sector allocation within information technology as well as stock selection in utilities were the biggest contributors to performance for the period.

Top individual contributors to performance included Novanta, Inc, Grubhub, Inc, and Chegg, Inc.

Stock selection within the health care and energy sectors, in addition to sector allocation to consumer staples, were the largest detractors from performance during the period.

Biggest individual detractors from performance included Prothena Corp PLC, Tesaro, Inc, and Tile Shop Holdings, Inc.

A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark for the twelve-month period. Sector allocation was the larger contributor to relative performance, while stock selection also provided a positive contribution.

Stock selection within the health care and materials sectors, in addition to an underweight in the real estate sector, were the biggest contributors to performance for the period.

Top individual contributors to performance included Endocyte, Inc., CareDx, Inc. and Fate Therapeutics, Inc.

Stock selection within the information technology, consumer staples, and utilities sectors were the biggest detractors from performance for the period.

Biggest individual detractors from performance included Spark Networks SE ADR, Genocea Biosciences, Inc. and Edge Therapeutics, Inc.

A discussion with J.P. Morgan Investment Management Inc. (“JPMIM”) — regarding their portion of the Fund (the “portfolio”).

The portfolio underperformed the benchmark for the twelve-month period. Stock selection was the primary driver of underperformance during the period. Sector allocation was also a detractor to relative performance.

Stock selection within the information technology, financials, and energy sectors were the biggest contributors to performance for the period.

The top individual contributors to performance included Grubhub, Inc, Src Energy, Inc, Cabot Microelectronics Corp.

Stock selection within the health care, consumer discretionary, and materials sectors were the biggest detractors from performance during the period.

Biggest individual detractors from performance included Spectrum Brands Holdings, Inc., Toro Co. and Papa John’s International, Inc.

332

VALIC Company I Small Cap Fund

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

For the year ended May 31, 2018, the Small Cap Fund returned 17.95% compared to 20.76% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
17.95%	10.78%	9.58%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

333

VALIC Company I Small Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Small Cap Index Fund posted a return of 20.42% for the twelve-month period ended May 31, 2018, compared to a return of 20.76% for the Russell 2000^® Index.

The Fund is passively managed to match the Russell 2000^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

By sector, healthcare, financials, and information technology led the small-cap benchmark higher, while telecommunication services and real estate were the notable laggards.

Top-performing index holdings during the fiscal period included Nektar Therapeutics, Kite Pharma, Inc., and GrubHub, Inc.

Conversely, Cirrus Logic, Inc., MACOM Technology Solutions Holdings, Inc. and Ultra Petroleum Corp. detracted from performance for the period.

The Fund utilized stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the Russell 2000 and, therefore, have no material impact on the portfolio performance. During the twelve-month period, stock index futures contributed to relative performance.

For the year ended May 31, 2018, the Small Cap Index Fund returned 20.42% compared to 20.76% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

The Russell 2000^® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
20.42%	12.03%	9.46%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

334

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management Incorporated

The Small Cap Special Values Fund posted a return of 15.39% for the twelve-month period ended May 31, 2018, compared to a return of 16.35% for the Russell 2000^® Value Index.

Stock selection in the information technology and industrials sectors provided strong contributions to performance. An underweight to the lagging real estate sector also added to relative performance over the twelve month period.

Weak stock selection in the healthcare, materials, and consumer staples sectors were primary detractors from performance relative to the Index.

Large individual contributors were Novanta, Inc., Simpson Manufacturing Co., Inc., and Korn/Ferry International. TreeHouse Foods, Inc. was the largest individual detractor. Additional large individual detractors were HRG Group, Inc. and Patterson Cos., Inc.

For the year ended May 31, 2018, the Small Cap Special Values Fund returned 15.39% compared to 16.35% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
15.39%	12.96%	8.99%

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 Contract or Plans that invest in the Fund are not included in the Fund’s returns.

335

VALIC Company I Small-Mid Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Goldman Sachs Asset Management, L.P.

The Small-Mid Growth Fund posted a return of 20.07% for the twelve-month period ended May 31, 2018, compared to a return of 23.27% for the Russell 2500 Growth^® Index.

The portfolio underperformed the benchmark during the period, predominantly due to weak stock selection. Sector allocation was slightly negative to neutral.

During the reporting period, an underweight to real estate and stock selection in consumer staples contributed to relative returns.

The top performing names in the Fund included ABIOMED, Inc., Wingstop, Inc. and MGP Ingredients, Inc.

Conversely, underperformance of the Fund was due to weak stock selection in the healthcare, industrials and information technology sectors.

The bottom performing names in the Fund included Tesaro, Inc. and lack of positions in both Electronics For Imaging, Inc. and Middleby Corp.

For the year ended May 31, 2018, the Small-Mid Growth Fund returned 20.07% compared to 23.27% for the Russell 2500^® Growth Index.

* The Russell 2500^® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
20.07%	12.37%	9.05%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

336

VALIC Company I Stock Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Stock Index Fund posted a return of 13.99% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500^® Index.

The Fund is passively managed to match the S&P 500^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

By sector, information technology, financials, and consumer discretionary outperformed, while consumer staples and telecommunication services underperformed.

Top-performing index holdings during the fiscal period included Microsoft Corp., Amazon.com Inc., and Apple Inc.

Conversely, General Electric Co., Philip Morris International, Inc., and Comcast Corp., Class A hindered performance the most during the twelve-month period.

For the year ended May 31, 2018, the Stock Index Fund returned 13.99% compared to 14.38% for the S&P 500^® Index.

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

“Standard & Poor’s^®,” “S&P^®,” and “S&P 500^®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
13.99%	12.59%	8.78%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

337

VALIC Company I Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP

The Value Fund posted a return of 9.15% for the twelve-month period ended May 31, 2018, compared to a return of 8.25% for the Russell 1000^® Value Index.

Stock selection in the information technology sector provided a large contribution to outperformance during the period. An underweight to the lagging consumer staples sector and an overweight to the strong information technology sector were additional significant contributors.

On the negative side, stock selection in the consumer staples, consumer discretionary, and healthcare sectors were large detractors. Additionally, an overweight to the flat industrials sector weighed on relative returns.

Top individual contributors to benchmark-relative returns were NetApp, Inc., Marathon Oil Corp. and UnitedHealth Group, Inc. Top detractors were Roche Holding AG, British American Tobacco PLC, and Comcast Corp., Class A.

For the year ended May 31, 2018, the Value Fund returned 9.15% compared to 8.25% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

Average Annual Total Returns as of May 31, 2018
1 Year	5 Years	10 Years
9.15%	9.32%	6.83%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

338

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC COMPANY I

(the “Registrant”)

SUPPLEMENT DATED MARCH 9, 2018, TO THE REGISTRANT’S PROSPECTUS DATED OCTOBER 1, 2017, AS SUPPLEMENTED AND AMENDED TO DATE

Effective immediately, the last paragraph of the section entitled “ACCOUNT INFORMATION – Buying and Selling Shares” is deleted in its entirety and replaced with the following:

Your redemption proceeds typically will be sent within three business days after your request is submitted, but in any event, within seven days. Under normal circumstances, VC I expects to meet redemption requests by using cash or cash equivalents in a Fund’s portfolio or by selling portfolio assets to generate cash. During periods of stressed market conditions, a Fund may be more likely to limit cash redemptions and may determine to pay redemption proceeds by borrowing under a line of credit.

Additionally, shares of the International Growth Fund are offered through a separate prospectus. Therefore, the shares of the International Growth Fund are no longer offered through this Prospectus and all references to the International Growth Fund are hereby deleted from this Prospectus.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

Please retain this supplement for future reference.

VALIC COMPANY I

(the “Registrant”)

Supplement dated March 9, 2018, to the Registrant’s Statement of Additional Information (“SAI”)

dated October 1, 2017, as Supplemented and amended to date

The shares of the International Growth Fund are offered through a separate amendment to the Registrant’s registration statement. Therefore, all references to the International Growth Fund are hereby deleted from this SAI.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the SAI.

Please retain this supplement for future reference.

339

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS (Continued)

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC COMPANY I

Growth Fund

(the “Fund”)

Supplement dated March 9, 2018, to the Fund’s Prospectus dated October 1, 2017, as amended

In the section entitled “Fund Summary: Growth Fund – Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:

Name and Title	Portfolio Manager of the Fund Since
Scott Wilson, CFA Vice President and Portfolio Manager		2016
Richard Weiss Chief Investment Officer, Multi-Asset Strategies, Senior Vice President and Senior Portfolio Manager		2016
Gregory J. Woodhams, CFA Co-Chief Investment Officer, Growth Equity, Senior Vice President and Senior Portfolio Manager		2007
Justin M. Brown, CFA Vice President and Portfolio Manager		2016
Keith Lee, CFA Vice President and Senior Portfolio Manager		2016
Michael Li Vice President and Portfolio Manager		2016
Jeffrey Bourke, CFA Portfolio Manager		2016
Yulin Long, CFA Vice President, Portfolio Manager, and Senior Quantitative Analyst		2016
Tsuyoshi Ozaki Portfolio Manager		2017
Rajesh Gandhi, CFA Vice President and Senior Portfolio Manager		2016
James G. Gendelman Vice President and Portfolio Manager		2016
Jim Zhao Vice President and Portfolio Manager		2018

In the section entitled “Management – Investment Sub-Advisers,” the ninth paragraph on page 156 of the Prospectus is deleted in its entirety and replaced with the following:

American Century’s International Growth Strategy is managed by Rajesh Gandhi, James G. Gendelman and Jim Zhao. Mr. Gandhi, Vice President and Senior Portfolio Manager, has been a member of the International Growth team since joining American Century in 2002 and has been a portfolio manager since 2008. He is a CFA charterholder. Mr. Gendelman, Vice President and Portfolio Manager, has been a member of the International Growth team since joining American Century in 2015. Prior to joining American Century, he was a fund co-manager at Marsico Capital Management, LLC. Mr. Zhao, Vice President and Portfolio Manager, has been a member of the team that manages the fund since joining American Century in 2009 as a senior investment analyst. He became a vice president and senior investment analyst in 2016 and a vice president and portfolio manager in 2017.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

Please retain this supplement for future reference.

340

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS (Continued)

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC COMPANY I

Growth Fund

(the “Fund”)

Supplement dated March 9, 2018, to the Fund’s

Statement of Additional Information dated October 1, 2017, as amended

In the section entitled “Portfolio Managers – Other Accounts,” the information with respect to American Century Investment Management, Inc. (“American Century”) is supplemented with the following:

Other Accounts*

Registered  Investment Companies

Pooled  Investment Vehicles

Other Accounts

Subadviser

Portfolio Manager

No. of Accounts

Assets (in $ millions)

No. of Accounts

Total Assets (in $ millions)

No. of Accounts

Total Assets (in $ millions)

American Century

Jim Zhao

6

3,500

8

2,800

11

2,700

* As of November 24, 2017

Capitalized terms used but not defined herein shall have the meanings assigned to them by the SAI.

Please retain this supplement for future reference.

341

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS (Continued)

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC COMPANY I

Emerging Economies Fund

(the “Fund”)

Supplement dated March 28, 2018, to the Fund’s

Prospectus and Statement of Additional Information (“SAI”)

dated October 1, 2017, as supplemented and amended to date

All information with respect to George Iwanicki, a portfolio manager of the Fund associated with J.P. Morgan Investment Management Inc., is hereby deleted in its entirety.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus or SAI, as applicable.

Please retain this supplement for future reference.

342

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS (Continued)

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC COMPANY I

Global Social Awareness Fund

(the “Fund”)

Supplement dated May 7, 2018, to the Fund’s Prospectus dated October 1, 2017, as amended

Effective May 7, 2018:

In the section entitled “Fund Summary: Global Social Awareness Fund – Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:

Name and Title	Portfolio Manager of the Fund Since
Timothy Campion Senior Vice President and Lead Portfolio Manager		2014
Jane Bayar Algieri Vice President and Co-Portfolio Manager		2015

In the section entitled “Management – Investment Subadvisers,” the fourth paragraph with respect to SunAmerica Asset Management, LLC (“SunAmerica”) on page 162 of the Prospectus is deleted in its entirety and replaced with the following:

The Global Social Awareness Fund is managed by a team consisting of Timothy Campion and Jane Bayar Algieri, with Mr. Campion serving as team leader. Ms. Bayar Algieri joined SunAmerica in 2004 and is a Vice President and Portfolio Manager in the Investment Department. Prior to her current role, she served as an investment analyst for both equity and fixed income portfolios. Ms. Bayar Algieri received her B.A. from Baruch College and her M.B.A. from Rutgers School of Business. Her investment experience dates from 2004. Please see above for the biography of Mr. Campion.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

Please retain this supplement for future reference.

343

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS (Continued)

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC Company I

Value Fund

(the “Fund”)

Supplement dated May 24, 2018, to the Fund’s

Prospectus and Statement of Additional Information (“SAI”) dated October 1, 2017, as supplemented and amended to date

Karen H. Grimes, CFA, has announced her plan to retire and withdraw from the partnership of Wellington Management Group LLP, the ultimate holding company of Wellington Management Company LLP (“Wellington Management”), as of December 31, 2018. Accordingly, she will no longer serve as a portfolio manager to the Fund as of December 31, 2018. It is anticipated that Ms. Grimes’ portfolio manager responsibilities will transition by December 31, 2018 to Adam H. Illfelder, CFA, Managing Director and Equity Research Analyst of Wellington Management. Mr. Illfelder joined Wellington Management as an investment professional in 2005.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus or SAI, as applicable.

Please retain this supplement for future reference.

344

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS (Continued)

THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.

VALIC Company I

Global Real Estate Fund

(the “Fund”)

Supplement dated May 29, 2018, to the Fund’s

Prospectus dated October 1, 2017, as amended

Effective October 1, 2018, Grant Jackson, Portfolio Manager, will be added as a portfolio manager of the Fund’s domestic real estate securities. Mr. Jackson has been associated with Invesco Advisers, Inc. and/or its affiliates since 2005.

Additionally, effective immediately, in the section entitled “Fund Summary: Global Real Estate Fund – Investment Adviser,” the table under the heading “Portfolio Managers” with respect to Goldman Sachs Asset Management, L.P. (“GSAM”) is deleted in its entirety and replaced with the following:

Name and Title	Portfolio Manager of the Fund Since
Frankie Chun Wah Lee Vice President and Lead Portfolio Manager		2011
Abhinav Zutshi, CFA Vice President		2018

In the section entitled “Management – Investment Subadvisers,” the second paragraph with respect to GSAM on page 158 of the Prospectus is hereby deleted in its entirety and replaced with the following:

GSAM manages the portion of the Global Real Estate Fund that invests in international real estate securities. GSAM’s portion is managed by Frankie Chun Wah Lee and Abhinav Zutshi, CFA. Mr. Lee is a Vice President and Portfolio Manager on GSAM’s Real Estate Securities team and has been with GSAM since 2010. Prior to joining GSAM, Mr. Lee worked at Henderson Global Investors from 2006 to 2010 where he managed the Asia-Pacific real estate securities portfolio. Mr. Zutshi is a Research Analyst on the Global Real Assets team and has been with GSAM since 2009. Prior to joining GSAM, Mr. Zutshi worked as a software consultant at Zensar Technologies for two years from 2005.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

Please retain this supplement for future reference.

345

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

William F. Devin

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

Kenneth J. Lavery

Eric S. Levy

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

One Lincoln St.

Boston, Massachusetts 02111

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, NY 10105

Allianz Global Investors U.S. LLC

555 Mission St. Suite 1700

San Francisco, CA 94105

American Century Investment Management, Inc.

4500 Main Street

Kansas City, MO 64111

Barrow, Hanley, Mewhinney & Strauss, LLC

2200 Ross Avenue, 31st Floor

Dallas, TX 75201-2761

BlackRock Investment Management, LLC

1 University Square Dr.

Princeton, NJ 08540

Bridgeway Capital Management, Inc.

20 Greenway Plaza

Suite 450

Houston, TX 77046

Columbia Management

Investment Advisors, LLC

100 Federal Street

Boston, MA 02110

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, L.P.

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

Janus Capital Management LLC

151 Detroit Street

Denver, Colorado 80206

J.P. Morgan Investment

Management Inc.

270 Park Avenue

New York, NY 10017

Massachusetts Financial Services Company

500 Boylston Street

Boston, MA 02116

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue, 5^th Floor

New York, NY 10036

PineBridge Investments, LLC

399 Park Avenue

New York, NY 10022

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Templeton Global Advisors Limited

Lyford Cay

Nassau, Bahamas

Templeton Investment Counsel, LLC

300 SE 2nd St.

Ft. Lauderdale, FL 33301

Victory Capital Management, Inc.

Formerly RS Investment

Management Co. LLC

4900 Tiedeman Road

4^th Floor

Brooklyn, OH 44144

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

Wells Capital Management Incorporated

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

VALIC Retirement

Services Company (VRSCO)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

John T. Genoy,

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen D. Fuentes,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Christopher J. Tafone,

Assistant Secretary

346

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

VC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. VC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

347

VALIC.com — Account access

Manage your account online

You will need to create an online security profile with a unique user ID and password.

With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542.

• Print and download account transaction confirmations and tax statements

• View transaction history and download it to Quicken using Direct Connect^SM

• Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts

• Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more

With VALIC.com, you can initiate account transactions including:

• Change allocation

• Transfer money among investment options

• Rebalance account to your desired allocation mix

• Change contributions

• Automate future contribution increases

Start exploring VALIC.com today!

• Visit VALIC.com

• Register for online access

• Follow steps to create a security profile

PersonalDeliver- ^®

• It’s easy to sign up

• Simply visit VALIC.com today to get started

Please note:

Email delivery is not accessible to certain VALIC annuity contract owners.

Sign up today at VALIC.com

We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

Easy and secure. Sign up for PersonalDeliver- ^® today.

CLICK VALIC.com         CALL 1-800-448-2542         VISIT your financial advisor

Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (“VFA”), member FINRA, SIPC and an SEC-registered investment advisor. VFA registered representatives offer securities and other products under retirement plans and IRAs, and to clients outside of such arrangements.

Annuities issued by The Variable Annuity Life Insurance Company (“VALIC”). Variable annuities distributed by its affiliate, AIG Capital Services, Inc. (“ACS”), member FINRA. VALIC, VFA and ACS are members of American International Group, Inc. (“AIG”).

Copyright ^© The Variable Annuity Life Insurance Company. All rights reserved.

VC 23800 (06/2017) J102011 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 9530    [05/2018]    J101997

Item 2. Code of Ethics.

VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2018, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2018		2017
(a) Audit Fees	$	925,575	$	898,615
(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:

	2018		2017
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	269,506	$	296,820

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE16 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 2018 and 2017 were $295,961 and $322,505 respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. 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.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: August 7, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: August 7, 2018

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: August 7, 2018