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: November 30, 2018

Item 1. Reports to Stockholders

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

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

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

VALIC Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2018

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	24
Broad Cap Value Income Fund	28
Capital Conservation Fund	31
Core Equity Fund	45
Dividend Value Fund	48
Dynamic Allocation Fund	52
Emerging Economies Fund	55
Global Real Estate Fund	59
Global Social Awareness Fund	62
Global Strategy Fund	72
Government Money Market I Fund	80
Government Securities Fund	82
Growth Fund	88
Growth & Income Fund	95
Health Sciences Fund	100
Inflation Protected Fund	106
International Equities Index Fund	113
International Government Bond Fund	125
International Growth Fund	132
International Value Fund	134
Large Cap Core Fund	137
Large Capital Growth Fund	140
Mid Cap Index Fund	143
Mid Cap Strategic Growth Fund	152
Nasdaq-100® Index Fund	158
Science & Technology Fund	162
Small Cap Aggressive Growth Fund	167
Small Cap Fund	171
Small Cap Index Fund	185
Small Cap Special Values Fund	210
Small-Mid Growth Fund	214
Stock Index Fund	218
Value Fund	227
Statements of Assets and Liabilities	230
Statements of Operations	235
Statements of Changes in Net Assets	240
Notes to Financial Statements	249
Financial Highlights	273
Approval of Advisory Agreements	290
Supplements to the Prospectus	299

VALIC Company I

PRESIDENT’S LETTER (unaudited)

Dear Valued Investor:

We are pleased to provide you with the Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the six-month period ended November 30, 2018. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.

Domestically, the total return for the S&P 500^® Index,* widely regarded as the best single gauge of the U.S. equity market, rose 3.02% over the six-month period. The U.S. economy accelerated in 2018, with real GDP growth reaching 3.0% by the third quarter, attributed partially to the corporate tax cuts implemented in 2018. Corporate profits continued to be strong and appeared to help fuel the market’s advance before the October sell off began. Furthermore, the economy has seen wage growth in response to a tight labor market; as of November the unemployment rate has fallen to 3.7% and wage growth has risen to 3.25%. Additionally, the corporate tax cuts seemed to have helped stimulate consumer spending and the S&P 500 began the six-month reporting period with a strong start. It was the best August in four years for U.S. equities and the best third quarter in five years, as U.S. stocks lifted major stock market indices of large, mid, and small caps to record levels. Though profit growth and a strong labor market have appeared to boost sentiment to start the period, investor sentiment waned amid a multitude of conflicting currents in navigating the markets.

As anticipated, the Federal Reserve (the “Fed”) continued to increase the federal funds target rate, increasing the rate from 1.75% at the start of the period to 2.25% over 2 rate hikes during the reporting period. With the Federal Reserve committed to continuing to increase interest rates into 2019 as well as the ongoing threat of a burgeoning trade war between the U.S. and China, the tides changed in October and the markets entered into a sell off, with the S&P 500^® Index declining 6.84% during the month. Volatility began to climb in the period and spiked in October. Several technology and internet names led the selloff in the period, with the so-called FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google parent Alphabet) all entering a bear market — down at least 20% from recent highs — during the month.

Fixed income markets were mixed across most of the spectrum, with the Bloomberg Barclays U.S. Aggregate Bond Index,** a broad measure of the U.S. bond market, falling 0.30%. The treasury yield curve continued to flatten, a result of the federal funds rate increases and continued unwinding of quantitative easing, narrowing the spread between 2- and 10-Year Treasuries. Short-term yields rose while long-term yields fell significantly. Long Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Long Index,*** declined 3.89% for the period. Risk assets, predominantly high yield assets, slightly gained ground as evidenced by the 0.22% return of the FTSE High Yield Market Index.****

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, declined 7.97%. The pace of global expansion slowed throughout the world. Several weather related disruptions as well as continued political turmoil in select countries (most notably Italy and France) disrupted the upward momentum The MSCI Emerging Markets Index (net),****** designed to measure equity market performance in global emerging markets, declined 9.89%. Several emerging market countries, had sharp declines in consumer confidence and currencies (amongst the backdrop of a rising U.S. dollar). The growing trade war implications further complicated matters.

Planning for your financial future in such an uncertain world should be a top priority. We believe your investment with VALIC Company I is an important step that may help you reach your long-term financial goals. Another important step is to meet with your financial advisor periodically to ensure that you maintain a diversified portfolio appropriate for your goals and risk tolerance.

We appreciate being part of your investment program and thank you for your ongoing confidence in us. We look forward to helping you meet your investment goals in the years ahead.

Sincerely,

John T. Genoy, President

VALIC Company I

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

** The 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 U.S. Treasury Long Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value.

**** The FTSE High Yield Market Index measures the performance of high-yield debt issued by corporations domiciled in the US or Canada, including cash-pay, deferred interest securities, and debt issued under Rule 144A in unregistered form.

***** 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.

****** The 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. Net total return indices 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. Past performance of an index does not guarantee the future performance of any investment.

1

VALIC Company I

EXPENSE EXAMPLE — November 30, 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 June 1, 2018 and held until November 30, 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 November 30, 2018” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 November 30, 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 November 30, 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 — November 30, 2018 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2018		Ending Account Value Using Actual Return at November 30, 2018		Expenses Paid During the Six Months Ended November 30, 2018		Beginning Account Value at June 1, 2018		Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2018		Expenses Paid During the Six Months Ended November 30, 2018		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	952.34	$	3.82	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Blue Chip Growth	$	1,000.00	$	1,001.44	$	4.11	$	1,000.00	$	1,020.96	$	4.15		0.82	%
Broad Cap Value Income#	$	1,000.00	$	1,006.91	$	4.28	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Capital Conservation	$	1,000.00	$	992.66	$	3.25	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Core Equity#	$	1,000.00	$	1,023.30	$	3.75	$	1,000.00	$	1,021.36	$	3.75		0.74	%
Dividend Value	$	1,000.00	$	1,046.01	$	4.15	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Dynamic Allocation#	$	1,000.00	$	989.34	$	1.55	$	1,000.00	$	1,023.51	$	1.57		0.31	%
Emerging Economies	$	1,000.00	$	883.01	$	4.34	$	1,000.00	$	1,020.46	$	4.66		0.92	%
Global Real Estate	$	1,000.00	$	993.49	$	4.25	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Global Social Awareness	$	1,000.00	$	979.04	$	3.13	$	1,000.00	$	1,021.91	$	3.19		0.63	%
Global Strategy	$	1,000.00	$	979.20	$	3.23	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Government Money Market I	$	1,000.00	$	1,007.46	$	2.57	$	1,000.00	$	1,022.51	$	2.59		0.51	%
Government Securities	$	1,000.00	$	999.02	$	3.36	$	1,000.00	$	1,021.71	$	3.40		0.67	%
Growth#	$	1,000.00	$	989.06	$	3.69	$	1,000.00	$	1,021.36	$	3.75		0.74	%
Growth & Income#	$	1,000.00	$	1,030.59	$	4.33	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Health Sciences#	$	1,000.00	$	1,070.35	$	5.40	$	1,000.00	$	1,019.85	$	5.27		1.04	%
Inflation Protected	$	1,000.00	$	984.38	$	2.84	$	1,000.00	$	1,022.21	$	2.89		0.57	%
International Equities Index	$	1,000.00	$	920.38	$	2.02	$	1,000.00	$	1,022.96	$	2.13		0.42	%
International Government Bond	$	1,000.00	$	970.79	$	3.21	$	1,000.00	$	1,021.81	$	3.29		0.65	%
International Growth#	$	1,000.00	$	894.07	$	4.37	$	1,000.00	$	1,020.46	$	4.66		0.92	%
International Value#†	$	1,000.00	$	897.84	$	3.66	$	1,000.00	$	1,021.21	$	3.90		0.77	%
Large Cap Core	$	1,000.00	$	1,025.64	$	4.21	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Large Capital Growth	$	1,000.00	$	1,047.97	$	3.80	$	1,000.00	$	1,021.36	$	3.75		0.74	%
Mid Cap Index	$	1,000.00	$	971.82	$	1.73	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Mid Cap Strategic Growth	$	1,000.00	$	985.49	$	4.03	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Nasdaq-100® Index#	$	1,000.00	$	999.28	$	2.66	$	1,000.00	$	1,022.41	$	2.69		0.53	%
Science & Technology	$	1,000.00	$	938.02	$	4.71	$	1,000.00	$	1,020.21	$	4.91		0.97	%
Small Cap Aggressive Growth#	$	1,000.00	$	923.36	$	4.77	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Small Cap#	$	1,000.00	$	982.67	$	4.62	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Small Cap Index	$	1,000.00	$	943.88	$	1.95	$	1,000.00	$	1,023.06	$	2.03		0.40	%
Small Cap Special Values	$	1,000.00	$	944.36	$	4.19	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Small-Mid Growth#	$	1,000.00	$	983.38	$	4.57	$	1,000.00	$	1,020.46	$	4.66		0.92	%
Stock Index	$	1,000.00	$	1,028.38	$	1.68	$	1,000.00	$	1,023.41	$	1.67		0.33	%
Value#	$	1,000.00	$	1,008.39	$	4.28	$	1,000.00	$	1,020.81	$	4.31		0.85	%

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 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 November 30, 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 November 30, 2018” and the “Annualized Expense Ratio” would have been lower.

† See Note 1 to Financial Statements

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Registered Investment Companies	22.3	%
Exchanged — Traded Funds	9.0
Diversified Financial Services	7.7
Diversified Banking Institutions	4.3
Banks — Commercial	4.2
Sovereign	2.5
Computer Services	2.0
Telephone — Integrated	1.9
Applications Software	1.7
Banks — Super Regional	1.5
Private Equity	1.3
Diversified Manufacturing Operations	1.3
Enterprise Software/Service	1.2
United States Treasury Notes	1.1
Finance — Credit Card	1.0
Pharmacy Services	1.0
Real Estate Investment Trusts	1.0
Gas — Distribution	1.0
Electronic Components — Semiconductors	1.0
Networking Products	0.9
Soap & Cleaning Preparation	0.8
Diversified Minerals	0.8
U.S. Government Treasuries	0.8
Metal — Diversified	0.8
Semiconductor Components — Integrated Circuits	0.7
Investment Companies	0.7
Industrial Automated/Robotic	0.7
Investment Management/Advisor Services	0.6
Electric — Integrated	0.6
Steel — Producers	0.6
Medical — Drugs	0.5
Insurance — Property/Casualty	0.5
Machinery — Electrical	0.5
Web Hosting/Design	0.5
Web Portals/ISP	0.5
Software Tools	0.4
Electronic Components-Misc.	0.4
Internet Security	0.4
Computer Data Security	0.4
Commercial Services — Finance	0.4
Medical — Biomedical/Gene	0.4
Instruments — Controls	0.3
Satellite Telecom	0.3
Semiconductor Equipment	0.3
Machinery — General Industrial	0.3
Chemicals — Specialty	0.3
Banks — Fiduciary	0.3
Oil Companies — Exploration & Production	0.3
Computers — Integrated Systems	0.3
Insurance — Multi-line	0.3
Oil — Field Services	0.3
Auto/Truck Parts & Equipment — Original	0.3
Retail — Apparel/Shoe	0.3
Aerospace/Defense — Equipment	0.3
Electronic Measurement Instruments	0.3
Food — Misc./Diversified	0.3
Medical Instruments	0.3
Water	0.3
Telecom Services	0.2
Transport — Services	0.2
Computers	0.2
Cellular Telecom	0.2
Aerospace/Defense	0.2
Distribution/Wholesale	0.2
Cosmetics & Toiletries	0.2
Retail — Restaurants	0.2
Computer Software	0.2
Retail — Discount	0.2
Oil Companies — Integrated	0.2
Real Estate Operation & Development	0.2

Internet Infrastructure Software	0.2
Commercial Services	0.2
Savings & Loans/Thrifts	0.2
Medical Products	0.2
Insurance — Life/Health	0.2
Chemicals — Diversified	0.2
E-Commerce/Products	0.2
Metal — Copper	0.2
E-Commerce/Services	0.2
Auto — Cars/Light Trucks	0.2
Telecommunication Equipment	0.2
Human Resources	0.2
Consulting Services	0.2
Food — Retail	0.2
Medical — HMO	0.2
Building & Construction Products — Misc.	0.2
Airlines	0.1
Machinery — Material Handling	0.1
Apparel Manufacturers	0.1
Power Converter/Supply Equipment	0.1
Metal Processors & Fabrication	0.1
Tobacco	0.1
Internet Content — Information/News	0.1
United States Treasury Bonds	0.1
Telecom Equipment — Fiber Optics	0.1
Footwear & Related Apparel	0.1
Building Products — Air & Heating	0.1
Office Automation & Equipment	0.1
Real Estate Management/Services	0.1
Building — Heavy Construction	0.1
Metal — Aluminum	0.1
Retail — Building Products	0.1
Finance — Investment Banker/Broker	0.1
Import/Export	0.1
Food — Wholesale/Distribution	0.1
Brewery	0.1
Building — Residential/Commercial	0.1
Retail — Automobile	0.1
Retail — Home Furnishings	0.1
Building & Construction — Misc.	0.1
Audio/Video Products	0.1
Finance — Other Services	0.1
Consumer Products — Misc.	0.1
Medical Labs & Testing Services	0.1
Venture Capital	0.1
Machinery — Construction & Mining	0.1
Internet Content — Entertainment	0.1
Entertainment Software	0.1
Electric Products — Misc.	0.1
Beverages — Non-alcoholic	0.1
Athletic Equipment	0.1
Paper & Related Products	0.1
Oil Refining & Marketing	0.1
Computer Aided Design	0.1
Internet Connectivity Services	0.1
Energy — Alternate Sources	0.1
Finance — Consumer Loans	0.1
Cable/Satellite TV	0.1
Rubber/Plastic Products	0.1
Multimedia	0.1
Electronic Forms	0.1
Appliances	0.1
Oil Field Machinery & Equipment	0.1
Office Supplies & Forms	0.1
Engineering/R&D Services	0.1
Medical — Generic Drugs	0.1
Publishing — Books	0.1
Auto Repair Centers	0.1
Toys	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Publishing — Newspapers	0.1	%
Disposable Medical Products	0.1
Hotels/Motels	0.1
Building Products — Wood	0.1
Medical — Wholesale Drug Distribution	0.1
Miscellaneous Manufacturing	0.1
Electronic Security Devices	0.1
Finance — Mortgage Loan/Banker	0.1
Finance — Leasing Companies	0.1
Non-Ferrous Metals	0.1
Containers — Paper/Plastic	0.1
Building — Maintenance & Services	0.1
Advertising Agencies	0.1
Schools	0.1
	97.3	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 48.1%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		835	$	64,270
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		196		15,014
Boeing Co.		383		132,809
Dassault Aviation SA		29		44,334
Kawasaki Heavy Industries, Ltd.		3,400		79,215
Lockheed Martin Corp.		118		35,451
National Presto Industries, Inc.		140		17,987
Raytheon Co.		35		6,137
Spirit AeroSystems Holdings, Inc., Class A		29		2,374
				333,321
Aerospace/Defense - Equipment — 0.3%
AAR Corp.		1,019		44,520
Aerojet Rocketdyne Holdings, Inc.†		646		22,746
Barnes Group, Inc.		425		25,521
Kaman Corp.		852		48,368
L3 Technologies, Inc.		955		175,042
Moog, Inc., Class A		670		58,592
Triumph Group, Inc.#		1,861		31,283
				406,072
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		283		11,940
Agricultural Operations — 0.0%
Andersons, Inc.		1,125		37,193
Archer-Daniels-Midland Co.		58		2,669
				39,862
Airlines — 0.1%
Allegiant Travel Co.		113		15,188
Delta Air Lines, Inc.		716		43,468
Hawaiian Holdings, Inc.		1,603		64,345
SkyWest, Inc.		1,571		90,615
Southwest Airlines Co.		5		273
				213,889
Airport Development/Maintenance — 0.0%
Flughafen Zurich AG		244		39,968
Apparel Manufacturers — 0.1%
Christian Dior SE		117		43,705
Matsuoka Corp.		600		17,249
Michael Kors Holdings, Ltd.†		125		5,469
Moncler SpA		2,268		74,156
Oxford Industries, Inc.		566		45,501
PVH Corp.		28		3,094
Ralph Lauren Corp.		71		7,909
				197,083
Appliances — 0.1%
iRobot Corp.†#		260		24,804
Rational AG		38		21,621
SEB SA		316		45,499
				91,924
Applications Software — 1.7%
CDK Global, Inc.		4,748		239,299
Ebix, Inc.		228		10,766
Intuit, Inc.		418		89,674
Microsoft Corp.		6,476		718,124
Nemetschek SE		211		25,591
PTC, Inc.†		400		34,596
Red Hat, Inc.†		108		19,284
salesforce.com, Inc.†		5,809		829,293

Security Description	Shares		Value (Note 2)
Applications Software (continued)
ServiceNow, Inc.†		2,774	$	513,939
Tableau Software, Inc., Class A†		300		37,392
				2,517,958
Athletic Equipment — 0.1%
Amer Sports Oyj		1,543		57,785
Fox Factory Holding Corp.†		360		22,936
Vista Outdoor, Inc.†		2,202		25,103
				105,824
Athletic Footwear — 0.0%
NIKE, Inc., Class B		87		6,535
Audio/Video Products — 0.1%
Sony Corp.		2,300		121,755
Auto Repair Centers — 0.1%
Monro, Inc.#		1,009		82,052
Auto - Cars/Light Trucks — 0.2%
Suzuki Motor Corp.		1,900		94,653
Toyota Motor Corp.		2,500		150,467
				245,120
Auto - Heavy Duty Trucks — 0.0%
PACCAR, Inc.		135		8,400
Auto - Truck Trailers — 0.0%
Wabash National Corp.		855		13,287
Auto/Truck Parts & Equipment - Original — 0.3%
Allison Transmission Holdings, Inc.		835		39,337
American Axle & Manufacturing Holdings, Inc.†		3,696		46,015
BorgWarner, Inc.		230		9,103
Brembo SpA#		1,650		18,398
Cooper-Standard Holdings, Inc.†		565		41,313
Garrett Motion, Inc.†#		1,274		14,651
Gentherm, Inc.†		981		45,548
Hella GmbH & Co. KGaA		575		23,815
Koito Manufacturing Co., Ltd.		1,500		80,474
Lear Corp.		238		32,427
Methode Electronics, Inc.		939		28,452
Plastic Omnium SA		832		22,119
Schaeffler AG (Preference Shares)		2,160		18,588
				420,240
Auto/Truck Parts & Equipment - Replacement — 0.0%
Standard Motor Products, Inc.		556		29,284
B2B/E-Commerce — 0.0%
ePlus, Inc.†		139		11,363
Banks - Commercial — 3.5%
ABN AMRO Group NV CVA*		4,657		119,268
AIB Group PLC		24,646		108,225
Ameris Bancorp		891		38,162
Banco Bilbao Vizcaya Argentaria SA		48,874		278,839
Banco de Sabadell SA		7,548		9,674
BancorpSouth Bank		66		2,032
Bank of Hawaii Corp.#		232		18,502
Bank of Ireland Group PLC		12,232		77,457
Bank OZK		370		10,027
Bankia SA#		10,564		35,024
Banner Corp.		816		48,960
BB&T Corp.		4,313		220,394
CaixaBank SA		26,607		109,933
Cathay General Bancorp		134		5,302
Central Pacific Financial Corp.		914		25,629
Chemical Financial Corp.		113		5,334

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Chiba Bank, Ltd.		3,900	$	25,616
Citizens Financial Group, Inc.		4,607		167,510
City Holding Co.		15		1,151
Columbia Banking System, Inc.		1,650		67,122
Commerzbank AG†		1,976		17,019
Community Bank System, Inc.#		1,454		95,470
Cullen/Frost Bankers, Inc.#		297		29,795
Customers Bancorp, Inc.†		923		18,008
CVB Financial Corp.		1,936		44,993
Danske Bank A/S		4,199		83,842
DNB ASA		5,319		91,671
East West Bancorp, Inc.		770		41,341
Erste Group Bank AG		1,343		53,010
Fidelity Southern Corp.		2,003		47,531
FinecoBank Banca Fineco SpA		5,111		54,834
First BanCorp./Puerto Rico		6,951		62,907
First Commonwealth Financial Corp.		1,663		23,182
First Financial Bancorp		2,168		60,531
First Financial Bankshares, Inc.#		1,070		70,106
First Midwest Bancorp, Inc.		3,303		77,918
Fulton Financial Corp.		356		6,198
Glacier Bancorp, Inc.		1,382		65,258
Great Western Bancorp, Inc.		1,915		71,468
Hancock Holding Co.†		82		3,298
Hanmi Financial Corp.		873		19,590
Home BancShares, Inc.		600		11,766
Hope Bancorp, Inc.		4,716		71,683
Independent Bank Corp./Massachusetts		537		43,159
ING Groep NV		30,079		366,130
International Bancshares Corp.		52		1,996
Intesa Sanpaolo SpA		108,747		252,302
Jyske Bank A/S		925		36,379
KBC Group NV		2,345		168,764
Komercni Banka AS		978		38,432
LegacyTexas Financial Group, Inc.		486		18,862
M&T Bank Corp.		1,300		219,713
MB Financial, Inc.		220		10,094
NBT Bancorp, Inc.		1,561		60,832
Nordea Bank Abp		15,906		141,157
OFG Bancorp		2,004		36,433
Old National Bancorp		4,649		87,076
Opus Bank		66		1,426
PacWest Bancorp		432		17,384
Raiffeisen Bank International AG		2,695		79,610
Regions Financial Corp.		13,837		227,619
S&T Bancorp, Inc.		1,436		60,700
ServisFirst Bancshares, Inc.		501		19,724
Simmons First National Corp., Class A		2,962		87,083
Skandinaviska Enskilda Banken AB, Class A		6,399		66,730
Southside Bancshares, Inc.		1,871		63,857
SVB Financial Group†		114		29,048
Svenska Handelsbanken AB, Class A		12,527		138,006
Swedbank AB, Class A		4,024		93,589
Sydbank A/S		916		22,602
Synovus Financial Corp.		3,291		124,433
TCF Financial Corp.		6		135
Texas Capital Bancshares, Inc.†		76		4,534
Tompkins Financial Corp.#		52		4,252
TrustCo Bank Corp.		5,146		40,602
Trustmark Corp.		72		2,328
UMB Financial Corp.		94		6,361
Umpqua Holdings Corp.		632		12,160
Unione di Banche Italiane SpA		12,074		38,915
United Bankshares, Inc.		361		13,057
United Community Banks, Inc.		1,786		46,168

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Valley National Bancorp#		661	$	7,152
Westamerica Bancorporation		1,019		64,401
				5,248,785
Banks - Fiduciary — 0.3%
Bank of New York Mellon Corp.		5,465		280,409
Boston Private Financial Holdings, Inc.		4,429		56,204
Northern Trust Corp.		470		46,638
State Street Corp.		1,103		80,541
				463,792
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.		455		21,490
Banks - Super Regional — 1.5%
Comerica, Inc.		1,986		157,251
Fifth Third Bancorp		8,328		232,601
KeyCorp		5,809		106,537
National Bank Holdings Corp., Class A		705		26,247
PNC Financial Services Group, Inc.		2,008		272,646
SunTrust Banks, Inc.		3,650		228,819
US Bancorp		5,975		325,399
Wells Fargo & Co.		15,958		866,200
				2,215,700
Beverages - Non-alcoholic — 0.1%
Coca-Cola Co.		373		18,799
PepsiCo, Inc.		717		87,431
				106,230
Beverages - Wine/Spirits — 0.0%
Davide Campari-Milano SpA		5,882		49,157
Brewery — 0.1%
Asahi Group Holdings, Ltd.		2,000		83,760
Molson Coors Brewing Co., Class B		56		3,683
Royal Unibrew A/S		579		41,938
				129,381
Building & Construction Products - Misc. — 0.2%
American Woodmark Corp.†		176		11,773
Gibraltar Industries, Inc.†		1,197		43,283
Imerys SA		423		22,709
Nichias Corp.		1,200		23,289
Patrick Industries, Inc.†		283		11,241
Quanex Building Products Corp.		788		12,442
Simpson Manufacturing Co., Inc.		386		22,581
Trex Co., Inc.†		535		34,096
Wienerberger AG		1,530		34,337
				215,751
Building & Construction - Misc. — 0.1%
Comfort Systems USA, Inc.		359		18,905
HOCHTIEF AG		236		33,486
MYR Group, Inc.†		569		17,810
Penta-Ocean Construction Co., Ltd.		5,600		35,349
TopBuild Corp.†		383		19,514
				125,064
Building Products - Air & Heating — 0.1%
Daikin Industries, Ltd.		900		100,077
Johnson Controls International PLC		469		16,312
Nibe Industrier AB, Class B		4,404		45,743
				162,132

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.		347	$	12,648
PGT Innovations, Inc.†		740		14,260
				26,908
Building Products - Wood — 0.1%
Boise Cascade Co.		1,369		36,388
Universal Forest Products, Inc.		1,401		38,752
				75,140
Building - Heavy Construction — 0.1%
Ackermans & van Haaren NV		287		46,124
Aegion Corp.†		1,737		33,177
Arcosa, Inc.†		1,775		48,528
Boskalis Westminster NV#		1,092		30,363
				158,192
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		2,095		66,370
Building - Mobile Home/Manufactured Housing — 0.0%
Cavco Industries, Inc.†		86		14,152
LCI Industries		267		20,661
				34,813
Building - Residential/Commercial — 0.1%
M/I Homes, Inc.†		854		20,103
MDC Holdings, Inc.		1,021		30,068
Meritage Homes Corp.†		942		36,032
Open House Co., Ltd.		1,000		35,590
PulteGroup, Inc.		278		7,373
				129,166
Cable/Satellite TV — 0.1%
Charter Communications, Inc., Class A†		24		7,901
Comcast Corp., Class A		1,370		53,444
DISH Network Corp., Class A†		100		3,276
Telenet Group Holding NV		669		33,199
				97,820
Capacitors — 0.0%
KEMET Corp.		603		12,349
Casino Hotels — 0.0%
Wynn Resorts, Ltd.		6		656
Cellular Telecom — 0.2%
1&1 Drillisch AG		614		30,818
8x8, Inc.†		2,011		39,637
ATN International, Inc.		1,911		161,594
Sprint Corp.†		1,783		11,197
Sunrise Communications Group AG*		410		35,929
Tele2 AB, Class B		4,563		57,126
				336,301
Chemicals - Diversified — 0.2%
AdvanSix, Inc.†		481		13,810
DowDuPont, Inc.		49		2,835
Eastman Chemical Co.		555		43,745
Innophos Holdings, Inc.		600		16,644
Innospec, Inc.		569		41,958
Kureha Corp.		300		21,026
LyondellBasell Industries NV, Class A		721		67,276
Quaker Chemical Corp.		249		51,354
Westlake Chemical Corp.		23		1,667
				260,315

Security Description	Shares		Value (Note 2)
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.#		1,266	$	18,673
Chemicals - Plastics — 0.0%
A. Schulman, Inc. CVR†(1)(2)		1,774		2,581
Sumitomo Bakelite Co., Ltd.		1,500		54,500
				57,081
Chemicals - Specialty — 0.3%
Balchem Corp.		618		53,581
Fuchs Petrolub SE (Preference Shares)		905		37,431
H.B. Fuller Co.		1,147		55,331
Hawkins, Inc.		418		17,447
IMCD NV		684		45,476
Ingevity Corp.†		383		37,538
Kraton Corp.†		474		12,419
Nolato AB		220		9,588
Rogers Corp.†		173		22,258
Shin-Etsu Chemical Co., Ltd.		800		71,427
Stepan Co.		654		52,856
Toray Industries, Inc.		6,700		52,582
				467,934
Circuit Boards — 0.0%
TTM Technologies, Inc.†		965		11,474
Coal — 0.0%
CONSOL Energy, Inc.†		313		10,755
SunCoke Energy, Inc.†		1,735		16,933
				27,688
Coatings/Paint — 0.0%
Sherwin-Williams Co.		30		12,722
Commercial Services — 0.2%
Cintas Corp.		8		1,499
HMS Holdings Corp.†		1,837		65,654
Medifast, Inc.		108		16,038
Nutrisystem, Inc.#		354		13,165
Team, Inc.†#		939		15,691
Wirecard AG		1,106		167,235
				279,282
Commercial Services - Finance — 0.4%
Automatic Data Processing, Inc.		35		5,160
Cardtronics PLC, Class A†		1,280		41,523
EVERTEC, Inc.		1,509		41,241
Experian PLC		14,299		348,718
FleetCor Technologies, Inc.†		26		5,028
Green Dot Corp., Class A†		425		35,419
Morningstar, Inc.		128		15,122
PayPal Holdings, Inc.†		55		4,720
Travelport Worldwide, Ltd.		3,944		60,264
				557,195
Computer Aided Design — 0.1%
Autodesk, Inc.†		725		104,762
Computer Data Security — 0.4%
Check Point Software Technologies, Ltd.†		1,932		216,017
Fortinet, Inc.†		4,107		303,261
OneSpan, Inc.†		901		15,290
Qualys, Inc.†		304		23,943
				558,511
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		721		12,437

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Services — 2.0%
Accenture PLC, Class A		3,112	$	511,986
Amdocs, Ltd.		346		22,459
Atos SE		1,666		142,009
CACI International, Inc., Class A†		712		117,416
Capgemini SE		1,720		200,801
Cognizant Technology Solutions Corp., Class A		3,691		262,910
DXC Technology Co.		3,016		190,129
Engility Holdings, Inc.†		503		15,729
ExlService Holdings, Inc.†		308		17,852
Fujitsu, Ltd.		2,300		141,568
Insight Enterprises, Inc.†		1,146		51,089
International Business Machines Corp.		4,054		503,790
Leidos Holdings, Inc.		994		62,622
NEC Corp.		6,600		204,729
Nihon Unisys, Ltd.		2,500		63,758
Nomura Research Institute, Ltd.		1,700		74,997
NTT Data Corp.		16,900		196,520
Perspecta, Inc.		3,500		73,885
SCSK Corp.		2,200		87,367
Sopra Steria Group		214		21,898
Sykes Enterprises, Inc.†		1,561		43,115
Unisys Corp.†#		1,003		13,560
Virtusa Corp.†		329		14,584
				3,034,773
Computer Software — 0.2%
Akamai Technologies, Inc.†		29		1,994
Citrix Systems, Inc.		88		9,589
Software AG		669		27,255
Splunk, Inc.†		1,880		210,052
TiVo Corp.		4,049		40,085
				288,975
Computers — 0.2%
Apple, Inc.		1,675		299,121
Hewlett Packard Enterprise Co.		87		1,305
HP, Inc.		1,612		37,076
				337,502
Computers - Integrated Systems — 0.3%
Agilysys, Inc.†		660		10,883
Cray, Inc.†		1,535		40,232
Cubic Corp.		556		34,022
Ingenico Group SA		2,310		166,990
Mercury Systems, Inc.†		454		23,522
MTS Systems Corp.		521		26,805
OBIC Co., Ltd.		700		60,544
Otsuka Corp.		2,700		90,929
				453,927
Computers - Memory Devices — 0.0%
NetApp, Inc.		64		4,280
Computers - Other — 0.0%
3D Systems Corp.†		3,676		45,509
Computers - Periphery Equipment — 0.0%
Electronics For Imaging, Inc.†		1,496		41,409
Consulting Services — 0.2%
Booz Allen Hamilton Holding Corp.		1,300		66,703
FTI Consulting, Inc.†		1,131		79,453
Kelly Services, Inc., Class A		855		19,596
Link And Motivation, Inc.		2,300		21,284
Navigant Consulting, Inc.		1,786		45,757
				232,793

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 0.1%
Central Garden & Pet Co., Class A†		627	$	19,500
Kimberly-Clark Corp.		492		56,762
WD-40 Co.#		239		41,748
				118,010
Containers - Metal/Glass — 0.0%
Gerresheimer AG		409		29,128
Containers - Paper/Plastic — 0.1%
Packaging Corp. of America		154		15,064
Rengo Co., Ltd.		6,200		52,616
				67,680
Cosmetics & Toiletries — 0.2%
Avon Products, Inc.†		15,433		32,718
Colgate-Palmolive Co.		1,502		95,407
Fancl Corp.		1,100		28,733
Kao Corp.		500		36,841
Pola Orbis Holdings, Inc.		2,100		59,347
Procter & Gamble Co.		712		67,291
				320,337
Cruise Lines — 0.0%
Carnival Corp.		934		56,311
Norwegian Cruise Line Holdings, Ltd.†		8		410
				56,721
Data Processing/Management — 0.0%
Bottomline Technologies, Inc.†		324		17,843
Broadridge Financial Solutions, Inc.		69		7,305
CSG Systems International, Inc.		869		30,476
Fidelity National Information Services, Inc.		27		2,914
				58,538
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		3		690
Diagnostic Equipment — 0.0%
BioTelemetry, Inc.†		321		22,772
Repligen Corp.†#		387		25,027
				47,799
Diagnostic Kits — 0.0%
DiaSorin SpA		246		20,924
Meridian Bioscience, Inc.		775		14,678
OraSure Technologies, Inc.†		945		12,002
				47,604
Direct Marketing — 0.0%
DKSH Holding AG		410		27,793
Disposable Medical Products — 0.1%
CONMED Corp.		604		41,048
ICU Medical, Inc.†		23		5,531
Merit Medical Systems, Inc.†		505		31,840
				78,419
Distribution/Wholesale — 0.2%
Anixter International, Inc.†		893		57,117
Copart, Inc.†		217		11,106
Core-Mark Holding Co., Inc.		1,482		38,947
Dorman Products, Inc.†		607		53,331
Fossil Group, Inc.†#		1,034		19,987
G-III Apparel Group, Ltd.†		1,351		54,148
ScanSource, Inc.†		1,021		38,839
WW Grainger, Inc.		181		56,841
				330,316

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Banking Institutions — 4.3%
Banco Santander SA		118,745	$	565,438
Bank of America Corp.		49,708		1,411,707
BNP Paribas SA		8,408		423,465
Citigroup, Inc.		8,765		567,884
Credit Agricole SA		7,284		90,501
Credit Suisse Group AG		20,544		243,259
Deutsche Bank AG		8,934		81,583
Goldman Sachs Group, Inc.		883		168,379
JPMorgan Chase & Co.		17,190		1,911,356
Mitsubishi UFJ Financial Group, Inc.		15,200		82,940
Morgan Stanley		4,919		218,354
Natixis SA		13,591		75,432
Societe Generale SA		4,009		147,639
Sumitomo Mitsui Financial Group, Inc.		2,900		106,483
UBS Group AG		22,847		310,003
UniCredit SpA		10,449		134,806
				6,539,229
Diversified Financial Services — 0.0%
Cembra Money Bank AG		366		30,584
Diversified Manufacturing Operations — 0.4%
3M Co.		178		37,010
Aalberts Industries NV		1,248		44,050
Actuant Corp., Class A		1,561		39,962
Eaton Corp. PLC		688		52,935
EnPro Industries, Inc.		234		16,469
Fabrinet†		1,202		63,381
Federal Signal Corp.		1,572		36,879
General Electric Co.		1,330		9,975
Harsco Corp.†		763		20,410
Ingersoll-Rand PLC		228		23,602
Parker-Hannifin Corp.		7		1,204
Siemens AG		2,494		288,859
Standex International Corp.		189		15,063
Textron, Inc.		27		1,516
Tredegar Corp.		865		14,411
				665,726
Diversified Minerals — 0.8%
Anglo American PLC		8,875		177,347
BHP Billiton, Ltd.		27,055		601,207
BHP Group PLC		17,792		341,935
Lundin Mining Corp.		5,544		24,160
Sumitomo Metal Mining Co., Ltd.		3,700		107,814
				1,252,463
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		310		15,608
Drug Delivery Systems — 0.0%
Nektar Therapeutics†		7		283
E-Commerce/Products — 0.2%
Amazon.com, Inc.†		121		204,511
Delivery Hero SE†*		1,388		50,932
eBay, Inc.†		92		2,746
				258,189
E-Commerce/Services — 0.2%
Booking Holdings, Inc.†		44		83,243
Expedia Group, Inc.		92		11,113
Scout24 AG*		1,265		52,711
Shutterfly, Inc.†#		646		32,293
SMS Co., Ltd.		2,400		39,570
Stamps.com, Inc.†		161		27,605
				246,535

Security Description	Shares		Value (Note 2)
E-Marketing/Info — 0.0%
New Media Investment Group, Inc.		2,356	$	31,099
E-Services/Consulting — 0.0%
CDW Corp.		1		93
Perficient, Inc.†		1,581		40,015
				40,108
Electric Products - Misc. — 0.1%
AMETEK, Inc.		271		19,899
Casio Computer Co., Ltd#		4,200		58,604
Mabuchi Motor Co., Ltd.#		800		27,873
				106,376
Electric - Distribution — 0.0%
CenterPoint Energy, Inc.		2,169		60,754
Electric - Generation — 0.0%
CEZ AS		2,115		50,406
Electric - Integrated — 0.6%
A2A SpA		20,392		34,319
AES Corp.		3,853		59,683
American Electric Power Co., Inc.		84		6,530
Avista Corp#		7,785		404,976
Edison International		569		31,477
El Paso Electric Co.		4,098		226,824
Entergy Corp.		581		50,582
Hawaiian Electric Industries, Inc.		249		9,542
Southern Co.		632		29,912
				853,845
Electronic Components - Misc. — 0.4%
Benchmark Electronics, Inc.		1,649		39,312
Comtech Telecommunications Corp.		711		18,159
Hoya Corp.		800		49,108
Knowles Corp.†		3,095		47,168
Minebea Mitsumi, Inc.		5,600		90,871
Nidec Corp.		800		106,559
Omron Corp.		2,900		127,597
OSI Systems, Inc.†		427		30,915
Plexus Corp.†		1,001		61,101
Sanmina Corp.†		2,150		58,136
				628,926
Electronic Components - Semiconductors — 1.0%
Broadcom, Inc.		888		210,820
CEVA, Inc.†		424		11,020
CTS Corp.		467		13,548
Diodes, Inc.†		1,403		48,866
Intel Corp.		1,673		82,496
IPG Photonics Corp.†#		232		32,979
Megachips Corp#		700		16,970
Melexis NV		222		13,124
Microchip Technology, Inc.#		896		67,200
Micron Technology, Inc.†		205		7,905
NVIDIA Corp.		945		154,441
ON Semiconductor Corp.†		8,740		167,633
Photronics, Inc.†		2,157		20,923
Qorvo, Inc.†		57		3,751
Rambus, Inc.†		1,558		13,586
Semtech Corp.†		1,190		63,475
SOITEC†		207		12,716
STMicroelectronics NV#		5,500		81,160
Texas Instruments, Inc.		3,579		357,363
Xilinx, Inc.		1,071		99,046
				1,479,022

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Connectors — 0.0%
TE Connectivity, Ltd.		294	$	22,617
Electronic Forms — 0.1%
Adobe, Inc.†		377		94,586
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		349		19,370
FARO Technologies, Inc.†		247		12,281
FLIR Systems, Inc.		720		33,019
Itron, Inc.†		810		43,870
National Instruments Corp.		2,300		112,608
Sartorius AG (Preference Shares)		443		56,613
Trimble, Inc.†		1,047		39,817
Yokogawa Electric Corp.		3,800		69,830
				387,408
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		713		36,256
dormakaba Holding AG		38		27,150
Resideo Technologies, Inc.†		477		9,841
				73,247
Energy - Alternate Sources — 0.1%
Green Plains, Inc#		1,050		17,062
Renewable Energy Group, Inc.†#		1,240		33,418
REX American Resources Corp.†		223		15,519
SolarEdge Technologies, Inc.†#		834		32,468
				98,467
Engineering/R&D Services — 0.1%
Altran Technologies SA#		2,235		22,229
COMSYS Holdings Corp.		1,600		41,323
Exponent, Inc.		452		22,744
				86,296
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		2,049		30,571
Enterprise Software/Service — 1.2%
Donnelley Financial Solutions, Inc.†		964		16,060
Guidewire Software, Inc.†		2,100		195,216
LivePerson, Inc.†		1,472		27,777
ManTech International Corp., Class A		937		52,753
MicroStrategy, Inc., Class A†		241		31,243
Omnicell, Inc.†		364		28,112
Oracle Corp.		819		39,935
Oracle Corp. Japan		900		58,474
Progress Software Corp.		476		16,736
SPS Commerce, Inc.†		188		16,023
Tyler Technologies, Inc.†		1,300		250,588
Ultimate Software Group, Inc.†		1,000		263,920
Veeva Systems, Inc., Class A†		3,130		300,981
Workday, Inc., Class A†		2,742		449,688
				1,747,506
Entertainment Software — 0.1%
Activision Blizzard, Inc.		279		13,916
Capcom Co., Ltd.		4,700		92,476
				106,392
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.		932		56,815
Filtration/Separation Products — 0.0%
ESCO Technologies, Inc.		260		18,273
Finance - Consumer Loans — 0.1%
Enova International, Inc.†		1,294		28,649

Security Description	Shares		Value (Note 2)
Finance - Consumer Loans (continued)
PRA Group, Inc.†#		1,517	$	46,299
Synchrony Financial		200		5,196
World Acceptance Corp.†		165		17,975
				98,119
Finance - Credit Card — 0.2%
Capital One Financial Corp.		785		70,399
Discover Financial Services		449		32,014
Mastercard, Inc., Class A		325		65,348
Visa, Inc., Class A		1,070		151,629
				319,390
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		76		3,405
E*TRADE Financial Corp.		756		39,531
INTL. FCStone, Inc.†		462		18,000
Investment Technology Group, Inc.		1,350		40,675
Piper Jaffray Cos.		511		36,470
				138,081
Finance - Leasing Companies — 0.1%
GRENKE AG		329		28,064
Tokyo Century Corp.		900		43,012
				71,076
Finance - Mortgage Loan/Banker — 0.1%
Aareal Bank AG		779		25,550
LendingTree, Inc.†#		21		5,467
Zenkoku Hosho Co., Ltd.		1,200		41,044
				72,061
Finance - Other Services — 0.1%
Bolsas y Mercados Espanoles		957		27,919
Cboe Global Markets, Inc.		92		9,901
Euronext NV*		692		40,526
HomeStreet, Inc.†		973		25,901
WageWorks, Inc.†		467		15,565
				119,812
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc., Class A†		761		14,870
Firearms & Ammunition — 0.0%
Axon Enterprise, Inc.†		517		22,474
Sturm Ruger & Co., Inc.		231		12,384
				34,858
Fisheries — 0.0%
Salmar ASA		560		31,662
Food - Baking — 0.0%
Aryzta AG†		1,192		1,598
Food - Confectionery — 0.0%
Barry Callebaut AG		29		49,110
Hershey Co.		3		325
				49,435
Food - Dairy Products — 0.0%
Dean Foods Co.#		2,419		12,192
Glanbia PLC		2,639		47,574
				59,766
Food - Meat Products — 0.0%
Tyson Foods, Inc., Class A		8		472
Food - Misc./Diversified — 0.3%
Axfood AB		1,152		20,025

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified (continued)
B&G Foods, Inc.#		1,194	$	36,214
Cal-Maine Foods, Inc.#		702		32,797
Conagra Brands, Inc.		1,791		57,921
Corbion NV		650		18,851
Darling Ingredients, Inc.†		3,211		70,257
Fuji Oil Co., Ltd.		1,200		38,374
General Mills, Inc.		58		2,454
Ingredion, Inc.		194		20,265
J&J Snack Foods Corp.		134		21,021
John B. Sanfilippo & Son, Inc.		263		16,364
Kellogg Co.		149		9,484
Kraft Heinz Co.		78		3,987
Mondelez International, Inc., Class A		11		495
Viscofan SA		508		29,041
				377,550
Food - Retail — 0.2%
Colruyt SA#		739		47,231
Distribuidora Internacional de Alimentacion SA#		6,779		5,083
ICA Gruppen AB		1,006		36,478
Kesko Oyj, Class B		890		51,990
Kroger Co.		129		3,826
Seven & i Holdings Co., Ltd.		1,900		82,919
				227,527
Food - Wholesale/Distribution — 0.1%
Calavo Growers, Inc.#		157		15,430
Chefs’ Warehouse, Inc.†		307		11,700
SpartanNash Co.		963		18,056
Sysco Corp.		827		55,740
United Natural Foods, Inc.†		1,663		35,937
				136,863
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		693		19,265
Steven Madden, Ltd.		1,578		50,859
Wolverine World Wide, Inc.		2,934		101,517
				171,641
Funeral Services & Related Items — 0.0%
Matthews International Corp., Class A		1,087		45,795
Gambling (Non-Hotel) — 0.0%
International Game Technology PLC#		122		2,100
Gas - Distribution — 1.0%
Italgas SpA		6,366		34,116
Northwest Natural Holding Co.		3,526		233,879
Rubis SCA		934		50,488
South Jersey Industries, Inc#.		10,341		322,639
Spire, Inc.		10,649		840,313
				1,481,435
Golf — 0.0%
Callaway Golf Co.		1,615		27,665
Hazardous Waste Disposal — 0.0%
US Ecology, Inc.		185		12,889
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		871		18,099
Sleep Number Corp.†		384		14,723
				32,822
Hotels/Motels — 0.1%
Belmond, Ltd., Class A†		3,063		55,746
Marcus Corp.		508		21,570
				77,316

Security Description	Shares		Value (Note 2)
Human Resources — 0.2%
AMN Healthcare Services, Inc.†		446	$	28,410
Heidrick & Struggles International, Inc.		512		18,770
Insperity, Inc.		332		33,214
Korn/Ferry International		529		25,905
ManpowerGroup, Inc.		73		5,926
Recruit Holdings Co., Ltd.		1,800		49,568
Resources Connection, Inc.		1,192		20,073
Robert Half International, Inc.		212		13,108
TrueBlue, Inc.†		1,652		41,713
				236,687
Identification Systems — 0.0%
Brady Corp., Class A		1,067		46,479
Import/Export — 0.1%
ITOCHU Corp.		4,700		83,533
Mitsui & Co., Ltd.		3,400		53,433
				136,966
Industrial Automated/Robotic — 0.7%
Cognex Corp.		733		32,267
FANUC Corp.		900		155,129
Harmonic Drive Systems, Inc.#		3,000		101,373
Keyence Corp.		800		434,128
Rockwell Automation, Inc.		1,109		193,343
THK Co., Ltd.		2,000		45,826
Yaskawa Electric Corp.		1,300		40,589
				1,002,655
Instruments - Controls — 0.3%
Honeywell International, Inc.		3,146		461,676
Watts Water Technologies, Inc., Class A		633		46,690
				508,366
Insurance - Life/Health — 0.2%
Aflac, Inc.		885		40,480
American Equity Investment Life Holding Co.		2,765		94,369
Athene Holding, Ltd., Class A†		62		2,696
Dai-ichi Life Holdings, Inc.		6,800		118,605
Prudential Financial, Inc.		80		7,501
Unum Group		47		1,688
				265,339
Insurance - Multi-line — 0.3%
Allstate Corp.		831		74,117
ASR Nederland NV		1,913		82,793
CNA Financial Corp.		48		2,252
Hartford Financial Services Group, Inc.		805		35,573
Horace Mann Educators Corp.		1,362		54,861
Loews Corp.		1,079		51,857
Mapfre SA		12,943		37,019
Storebrand ASA		6,091		47,962
United Fire Group, Inc.		823		44,335
				430,769
Insurance - Property/Casualty — 0.5%
Ambac Financial Group, Inc.†		1,549		27,076
American National Insurance Co.		103		13,144
AMERISAFE, Inc.		342		22,090
Berkshire Hathaway, Inc., Class B†		614		133,999
Employers Holdings, Inc.		903		40,590
Fidelity National Financial, Inc.		27		907
Gjensidige Forsikring ASA		2,457		38,480
James River Group Holdings, Ltd.		477		18,155
MS&AD Insurance Group Holdings, Inc.		3,900		118,422
Navigators Group, Inc.		469		32,581

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
ProAssurance Corp.		1,038	$	45,392
Progressive Corp.		789		52,303
RLI Corp.		732		55,500
Safety Insurance Group, Inc.		364		31,966
Selective Insurance Group, Inc.		913		60,596
Stewart Information Services Corp.		1,160		48,790
Tryg A/S		1,571		39,179
Universal Insurance Holdings, Inc.		344		15,098
				794,268
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		2,119		102,750
Internet Content - Entertainment — 0.1%
Facebook, Inc., Class A†		672		94,490
Netflix, Inc.†		46		13,162
				107,652
Internet Content - Information/News — 0.1%
SINA Corp.†		2,897		187,639
Internet Gambling — 0.0%
Kindred Group PLC SDR		2,994		29,242
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		1,625		279,451
Internet Security — 0.4%
Palo Alto Networks, Inc.†		1,663		287,616
Symantec Corp.		10,023		221,608
Trend Micro, Inc.		1,800		103,229
				612,453
Investment Companies — 0.7%
Apollo Investment Corp.		13,674		71,789
Barings BDC, Inc.		2,256		22,605
BlackRock TCP Capital Corp.		3,700		53,169
Corporate Capital Trust, Inc.#		8,667		120,298
FS Investment Corp.#		15,460		92,296
Goldman Sachs BDC, Inc.#		2,537		53,353
Golub Capital BDC, Inc.#		3,763		69,653
L E Lundbergforetagen AB, Class B		967		28,986
Main Street Capital Corp.#		3,408		130,356
Medley Capital Corp.		2,286		7,955
New Mountain Finance Corp.#		4,472		60,864
Oaktree Specialty Lending Corp.		7,940		37,794
Pargesa Holding SA		494		34,290
Prospect Capital Corp.#		21,016		144,170
Solar Capital, Ltd.		2,754		58,357
Solar Senior Capital, Ltd.		4		62
Stellus Capital Investment Corp.		4		55
TCG BDC, Inc#.		3,940		61,070
				1,047,122
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.		56		6,223
Ameriprise Financial, Inc.		246		31,919
Amundi SA*		642		36,797
Ares Management Corp., Class A		5,730		128,581
Azimut Holding SpA#		1,521		18,756
BlackRock, Inc.		96		41,089
Blucora, Inc.†		1,964		60,805
Hamilton Lane, Inc., Class A		1,470		55,595
Partners Group Holding AG		710		466,610
Virtus Investment Partners, Inc.		336		31,920
Waddell & Reed Financial, Inc., Class A		2,658		54,117
WisdomTree Investments, Inc.		1,502		10,649
				943,061

Security Description	Shares		Value (Note 2)
Lasers - System/Components — 0.0%
II-VI, Inc.†		542	$	20,282
Leisure Products — 0.0%
Yamaha Corp.		1,100		47,386
Lighting Products & Systems — 0.0%
Signify NV*		1,319		35,088
Linen Supply & Related Items — 0.0%
UniFirst Corp.		317		48,948
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		922		32,888
Caterpillar, Inc.		99		13,431
Komatsu, Ltd.		2,300		61,454
				107,773
Machinery - Electrical — 0.5%
ABB, Ltd.		11,757		238,902
Disco Corp.		400		58,318
Franklin Electric Co., Inc.		845		38,236
Fuji Electric Co., Ltd.		2,800		87,936
Hitachi, Ltd.		6,200		179,585
Konecranes OYJ		871		29,688
Mitsubishi Electric Corp.		6,800		89,818
				722,483
Machinery - Farming — 0.0%
Husqvarna AB, Class B		5,390		42,520
Machinery - General Industrial — 0.3%
Albany International Corp., Class A		275		19,899
Applied Industrial Technologies, Inc.		1,203		78,472
Bucher Industries AG		84		22,892
Chart Industries, Inc.†		971		61,717
Duerr AG		637		23,665
DXP Enterprises, Inc.†		465		16,847
Hexagon AB, Class B		2,842		142,053
OC Oerlikon Corp. AG		2,520		29,644
Shima Seiki Manufacturing, Ltd.		1,100		34,111
Stabilus SA		271		19,498
Tennant Co.		607		36,329
Zardoya Otis SA		2,066		14,742
				499,869
Machinery - Material Handling — 0.1%
Daifuku Co., Ltd.		3,000		153,548
Dover Corp.		687		58,319
				211,867
Machinery - Pumps — 0.0%
SPX FLOW, Inc.†		1,419		53,255
Machinery - Thermal Process — 0.0%
Nissei ASB Machine Co., Ltd.		700		25,225
Medical Information Systems — 0.0%
athenahealth, Inc.†		48		6,389
Cerner Corp.†		259		14,998
Tabula Rasa HealthCare, Inc.†#		181		13,662
				35,049
Medical Instruments — 0.3%
Ambu A/S, Class B		1,961		39,397
AngioDynamics, Inc.†		1,184		25,444
Edwards Lifesciences Corp.†		261		42,285
Getinge AB, Class B		2,904		30,135
Intuitive Surgical, Inc.†		42		22,297
Medtronic PLC		403		39,305

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments (continued)
Natus Medical, Inc.†		1,027	$	36,335
Shimadzu Corp.		3,600		84,244
Sysmex Corp.		300		16,010
Topcon Corp.		2,700		41,695
				377,147
Medical Labs & Testing Services — 0.1%
BioMerieux		555		39,213
PeptiDream, Inc.†#		1,300		53,318
Quest Diagnostics, Inc.		284		25,154
				117,685
Medical Products — 0.2%
Abbott Laboratories		396		29,324
ABIOMED, Inc.†		72		23,953
Baxter International, Inc.		60		4,113
CryoLife, Inc.†		1,087		32,958
CYBERDYNE, Inc.†		1,700		12,111
GN Store Nord A/S		1,761		61,832
Integer Holdings Corp.†		282		24,979
Luminex Corp#.		498		14,626
Orthofix Medical, Inc.†		248		14,942
Stryker Corp.		10		1,755
Tactile Systems Technology, Inc.†		187		10,517
William Demant Holding A/S†#		1,415		41,333
				272,443
Medical - Biomedical/Gene — 0.4%
Acorda Therapeutics, Inc.†		1,080		22,064
AMAG Pharmaceuticals, Inc.†#		974		17,581
Amgen, Inc.		604		125,783
Biogen, Inc.†		230		76,756
Cambrex Corp.†		661		31,616
Celgene Corp.†		16		1,156
Emergent BioSolutions, Inc.†		425		30,957
Gilead Sciences, Inc.		223		16,043
H. Lundbeck A/S		803		33,091
Illumina, Inc.†		71		23,962
Innoviva, Inc.†#		771		14,078
Medicines Co.†#		1,567		34,678
Myriad Genetics, Inc.†#		686		22,117
Regeneron Pharmaceuticals, Inc.†		13		4,753
REGENXBIO, Inc.†#		641		38,402
Spectrum Pharmaceuticals, Inc.†#		1,101		15,920
Swedish Orphan Biovitrum AB†		2,146		46,364
				555,321
Medical - Drugs — 0.5%
AbbVie, Inc.		1,051		99,078
Allergan PLC		76		11,902
Bristol-Myers Squibb Co.		957		51,161
Corcept Therapeutics, Inc.†#		1,120		15,602
Enanta Pharmaceuticals, Inc.†		167		13,216
Ipsen SA		474		61,144
Jazz Pharmaceuticals PLC†		204		30,845
Johnson & Johnson		798		117,226
Merck & Co., Inc.		582		46,176
Pfizer, Inc.		1,775		82,058
Phibro Animal Health Corp., Class A		355		12,034
Recordati SpA		1,325		42,710
Shionogi & Co., Ltd.		2,400		158,846
Supernus Pharmaceuticals, Inc.†		496		23,520
Vanda Pharmaceuticals, Inc.†		627		15,700
Zoetis, Inc.		385		36,140
				817,358

Security Description	Shares		Value (Note 2)
Medical - Generic Drugs — 0.1%
Endo International PLC†		6,074	$	73,070
Momenta Pharmaceuticals, Inc.†		894		10,585
				83,655
Medical - HMO — 0.2%
Centene Corp.†		89		12,660
Cigna Corp.		224		50,037
Humana, Inc.		6		1,977
Magellan Health, Inc.†		806		43,943
Tivity Health, Inc.†#		410		16,794
UnitedHealth Group, Inc.		323		90,879
WellCare Health Plans, Inc.†		8		2,039
				218,329
Medical - Hospitals — 0.0%
Community Health Systems, Inc.†#		3,712		17,632
HCA Healthcare, Inc.		23		3,312
Select Medical Holdings Corp.†		2,100		40,698
				61,642
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		977		44,326
Medical - Outpatient/Home Medical — 0.0%
Amedisys, Inc.†		263		35,834
LHC Group, Inc.†		261		27,371
				63,205
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc.		559		30,650
Diplomat Pharmacy, Inc.†		1,343		20,790
Owens & Minor, Inc.#		1,831		13,971
Premier, Inc., Class A†		237		9,399
				74,810
Metal Processors & Fabrication — 0.1%
Aurubis AG		492		26,774
AZZ, Inc.		920		43,921
China Zhongwang Holdings, Ltd.		14,000		6,459
CIRCOR International, Inc.#		538		17,808
Mueller Industries, Inc.		1,974		47,020
NORMA Group		350		20,223
VAT Group AG*		281		29,350
				191,555
Metal - Aluminum — 0.1%
Alumina, Ltd.		20,621		33,620
Aluminum Corp of China, Ltd.†		34,000		12,239
Kaiser Aluminum Corp.		571		55,804
Norsk Hydro ASA		11,329		53,425
				155,088
Metal - Copper — 0.2%
Antofagasta PLC		3,322		33,921
First Quantum Minerals, Ltd.		5,808		53,331
Freeport-McMoRan, Inc.		11,594		138,432
Jiangxi Copper Co., Ltd.		11,000		13,285
Turquoise Hill Resources, Ltd.†		8,476		15,183
				254,152
Metal - Diversified — 0.8%
Boliden AB		2,305		51,681
China Molybdenum Co, Ltd., Class H		33,000		13,451
Glencore PLC		97,207		359,888
MMG, Ltd.†		20,000		9,916
Rio Tinto PLC		10,005		454,192

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal - Diversified (continued)
Rio Tinto, Ltd.		3,474	$	186,312
South32, Ltd.		43,200		98,510
				1,173,950
Metal - Iron — 0.0%
Fortescue Metals Group, Ltd.#		13,115		38,352
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,140		50,513
John Bean Technologies Corp.		283		23,359
				73,872
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		87		3,679
Yamaha Motor Co., Ltd.		2,200		45,254
				48,933
Multimedia — 0.1%
E.W. Scripps Co., Class A		699		12,323
Twenty-First Century Fox, Inc., Class B		299		14,660
Viacom, Inc., Class B		348		10,739
Walt Disney Co.		507		58,554
				96,276
Networking Products — 0.9%
Arista Networks, Inc.†		1,234		294,284
Cisco Systems, Inc.		15,994		765,633
LogMeIn, Inc.		2,500		230,575
NETGEAR, Inc.†		1,035		57,339
				1,347,831
Non-Ferrous Metals — 0.1%
Materion Corp.		811		42,886
Mitsubishi Materials Corp.		900		25,329
				68,215
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		900		161,820
Office Furnishings - Original — 0.0%
Interface, Inc.		723		11,713
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		530		51,092
Societe BIC SA		338		36,310
				87,402
Oil & Gas Drilling — 0.0%
Noble Corp. PLC†		8,621		35,950
Oil Companies - Exploration & Production — 0.3%
Aker BP ASA		1,407		40,063
Bonanza Creek Energy, Inc.†		575		15,255
Carrizo Oil & Gas, Inc.†#		2,814		48,147
ConocoPhillips		355		23,494
Continental Resources, Inc.†		2		91
Denbury Resources, Inc.†		15,120		34,171
Inpex Corp.		4,100		43,590
Laredo Petroleum, Inc.†		2,662		11,633
Lundin Petroleum AB		2,405		63,506
Occidental Petroleum Corp.		247		17,357
PDC Energy, Inc.†		2,097		71,172
SRC Energy, Inc.†#		7,941		45,820
Unit Corp.†		1,967		40,914
				455,213
Oil Companies - Integrated — 0.2%
Chevron Corp.		1,386		164,851

Security Description	Shares		Value (Note 2)
Oil Companies - Integrated (continued)
Exxon Mobil Corp.		1,477	$	117,421
				282,272
Oil Field Machinery & Equipment — 0.1%
Exterran Corp.†		1,285		28,912
National Oilwell Varco, Inc.		754		24,211
US Silica Holdings, Inc.#		2,678		38,001
				91,124
Oil Refining & Marketing — 0.1%
HollyFrontier Corp.		313		19,553
Marathon Petroleum Corp.		604		39,357
Phillips 66		453		42,365
Valero Energy Corp.		48		3,835
				105,110
Oil - Field Services — 0.3%
Archrock, Inc.		4,350		44,370
C&J Energy Services, Inc.†		2,032		34,910
Halliburton Co.		32		1,006
Helix Energy Solutions Group, Inc.†		4,787		39,253
KLX Energy Services Holdings, Inc.†		497		10,034
Matrix Service Co.†		787		16,086
Newpark Resources, Inc.†		2,592		19,932
Oil States International, Inc.†		2,050		45,961
ProPetro Holding Corp.†#		798		12,944
Saipem SpA†		7,487		32,780
SBM Offshore NV		2,275		34,672
Schlumberger, Ltd.		173		7,802
SEACOR Holdings, Inc.†		455		18,901
Subsea 7 SA		3,355		36,258
Superior Energy Services, Inc.†		5,640		30,738
TechnipFMC PLC		224		5,172
TGS NOPEC Geophysical Co. ASA		1,330		37,377
				428,196
Paper & Related Products — 0.1%
BillerudKorsnas AB		2,302		30,794
Clearwater Paper Corp.†		537		16,545
Domtar Corp.		67		2,920
Neenah, Inc.		209		14,396
P.H. Glatfelter Co.		1,166		14,866
Schweitzer-Mauduit International, Inc.		922		26,286
				105,807
Pharmacy Services — 0.0%
CVS Health Corp.		58		4,671
Express Scripts Holding Co.†		211		21,410
				26,081
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		413		31,062
U.S. Physical Therapy, Inc.		148		17,610
				48,672
Pipelines — 0.0%
Koninklijke Vopak NV		862		37,847
ONEOK, Inc.		54		3,317
Williams Cos., Inc.		132		3,342
				44,506
Power Converter/Supply Equipment — 0.1%
Powell Industries, Inc.		390		11,922
Schneider Electric SE		1,810		131,802
SPX Corp.†		1,653		48,896
				192,620

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Private Equity — 1.3%
3i Group PLC		25,280	$	269,508
AURELIUS Equity Opportunities SE & Co. KGaA		1,450		63,683
Brookfield Asset Management, Inc., Class A#		14,840		650,496
Eurazeo SE		2,652		198,984
Intermediate Capital Group PLC		12,530		162,175
KKR & Co, Inc. Class A#		21,920		502,406
Onex Corp.		2,660		164,967
				2,012,219
Publishing - Books — 0.1%
Lagardere SCA		1,359		38,452
Scholastic Corp.		971		44,870
				83,322
Publishing - Newspapers — 0.1%
Gannett Co., Inc.#		4,100		42,517
Schibsted ASA, Class A#		1,038		37,734
				80,251
Publishing - Periodicals — 0.0%
Axel Springer SE		605		38,577
Radio — 0.0%
Sirius XM Holdings, Inc.#		569		3,545
Real Estate Investment Trusts — 1.0%
Acadia Realty Trust		2,492		71,446
Agree Realty Corp.		380		22,637
Alexandria Real Estate Equities, Inc.		150		18,675
Apollo Commercial Real Estate Finance, Inc.		3,078		58,297
ARMOUR Residential REIT, Inc.#		1,241		27,476
Capstead Mtg. Corp.		5,970		46,148
CareTrust REIT, Inc.		2,118		42,402
CBL & Associates Properties, Inc.#		5,544		14,470
Cedar Realty Trust, Inc.		3,744		13,441
Chatham Lodging Trust		2,654		53,053
Chesapeake Lodging Trust		1,457		43,083
Cofinimmo SA		267		32,530
Community Healthcare Trust, Inc.		747		23,560
Covivio		448		43,722
DiamondRock Hospitality Co.		6,618		69,754
Easterly Government Properties, Inc.		1,143		20,825
EastGroup Properties, Inc.		266		26,605
Extra Space Storage, Inc.		196		18,812
Franklin Street Properties Corp.#		5,733		44,144
Government Properties Income Trust#		3,754		33,035
Hersha Hospitality Trust		2,029		38,754
Host Hotels & Resorts, Inc.		2,185		41,515
Independence Realty Trust, Inc.		4,918		49,672
Inmobiliaria Colonial SA		2,867		28,822
Invesco Mtg. Capital, Inc.		1,995		31,162
Kite Realty Group Trust		3,198		52,799
Lexington Realty Trust		2,461		21,608
LTC Properties, Inc.		793		36,827
Merlin Properties Socimi SA		4,752		60,094
National Storage Affiliates Trust		751		21,005
New York Mortgage Trust, Inc.#		7,369		45,688
Pennsylvania Real Estate Investment Trust		4,286		35,102
PennyMac Mtg. Investment Trust		1,512		31,828
PS Business Parks, Inc.		144		20,307
Public Storage		10		2,133
Redwood Trust, Inc.		1,953		32,596
Retail Opportunity Investments Corp.		2,515		45,522
RPT Realty#		1,595		22,793
Simon Property Group, Inc.		486		90,245
Summit Hotel Properties, Inc.		1,348		15,030

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Urstadt Biddle Properties, Inc., Class A		1,199	$	24,675
Washington Prime Group, Inc.#		6,736		42,100
Weyerhaeuser Co.		113		2,984
				1,517,376
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		261		11,400
Entra ASA*		1,311		17,281
Fabege AB		3,646		45,499
Fastighets AB Balder, Class B†		1,276		35,289
HFF, Inc., Class A		396		15,998
RE/MAX Holdings, Inc., Class A		1,083		35,707
				161,174
Real Estate Operations & Development — 0.2%
Aroundtown SA		7,374		63,228
Castellum AB		3,557		62,381
LEG Immobilien AG		694		79,794
Mitsui Fudosan Co., Ltd.		4,500		107,629
Tokyo Tatemono Co., Ltd.		2,300		26,219
Whitestone REIT		1,356		19,092
				358,343
Rental Auto/Equipment — 0.0%
Rent-A-Center, Inc.†		1,196		17,557
Retail - Apparel/Shoe — 0.3%
Abercrombie & Fitch Co., Class A		2,490		52,066
Ascena Retail Group, Inc.†		4,583		13,841
Buckle, Inc.#		857		16,369
Burlington Stores, Inc.†		94		15,581
Caleres, Inc.		1,579		47,733
Chico’s FAS, Inc.		5,032		27,173
Children’s Place, Inc.#		173		22,428
DSW, Inc., Class A		2,338		64,856
Express, Inc.†#		2,243		13,996
Foot Locker, Inc.		18		1,015
Gap, Inc.		137		3,739
Genesco, Inc.†		841		35,120
Guess?, Inc.		2,033		48,385
Lululemon Athletica, Inc.†		127		16,834
Ross Stores, Inc.		82		7,183
Tailored Brands, Inc.#		1,203		27,549
				413,868
Retail - Auto Parts — 0.0%
AutoZone, Inc.†		46		37,217
O’Reilly Automotive, Inc.†		8		2,774
				39,991
Retail - Automobile — 0.1%
Asbury Automotive Group, Inc.†		745		51,495
Group 1 Automotive, Inc.		616		34,619
Lithia Motors, Inc., Class A#		498		41,264
				127,378
Retail - Building Products — 0.1%
Home Depot, Inc.		762		137,404
Lowe’s Cos., Inc.		108		10,192
				147,596
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		106		6,847
Retail - Discount — 0.2%
Costco Wholesale Corp.		18		4,163
Dollar General Corp.		461		51,166

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount (continued)
Don Quijote Holdings Co., Ltd#.		2,300	$	139,605
Target Corp.		630		44,705
Walmart, Inc.		486		47,458
				287,097
Retail - Drug Store — 0.0%
Walgreens Boots Alliance, Inc.		126		10,668
Retail - Gardening Products — 0.0%
Tractor Supply Co.		21		1,998
Retail - Hair Salons — 0.0%
Regis Corp.†		966		17,649
Retail - Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.		813		16,658
La-Z-Boy, Inc.		1,161		33,936
Nitori Holdings Co., Ltd.		400		53,612
RH†#		186		21,602
				125,808
Retail - Jewelry — 0.0%
Movado Group, Inc.		421		15,846
Retail - Misc./Diversified — 0.0%
GameStop Corp., Class A#		3,356		45,843
Retail - Office Supplies — 0.0%
Office Depot, Inc.		18,274		59,025
Retail - Pawn Shops — 0.0%
EZCORP, Inc., Class A†#		1,631		15,527
FirstCash, Inc.		391		34,819
				50,346
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		18		5,360
Retail - Regional Department Stores — 0.0%
Kohl’s Corp.		108		7,254
Macy’s, Inc.		58		1,985
				9,239
Retail - Restaurants — 0.2%
BJ’s Restaurants, Inc.		240		13,037
Cannae Holdings, Inc.†		4,080		71,114
Chuy’s Holdings, Inc.†		731		15,643
Dave & Buster’s Entertainment, Inc.#		386		21,948
Dine Brands Global, Inc.#		404		36,029
Fiesta Restaurant Group, Inc.†		753		14,194
McDonald’s Corp.		203		38,268
Red Robin Gourmet Burgers, Inc.†#		406		14,084
Shake Shack, Inc., Class A†#		283		15,721
Sonic Corp.		726		31,545
Wingstop, Inc.		286		18,767
Yum! Brands, Inc.		6		553
				290,903
Rubber & Vinyl — 0.0%
Wacker Chemie AG		226		21,738
Rubber - Tires — 0.0%
Cooper Tire & Rubber Co.#		1,714		58,619
Rubber/Plastic Products — 0.1%
Hexpol AB		3,318		29,323
Proto Labs, Inc.†		245		31,529
Raven Industries, Inc.		407		16,423
Sekisui Plastics Co., Ltd.		2,100		19,998
				97,273

Security Description	Shares		Value (Note 2)
Satellite Telecom — 0.3%
Cellnex Telecom SA*		1,989	$	55,266
Eutelsat Communications SA		1,798		38,393
Iridium Communications, Inc.†#		17,187		410,426
				504,085
Savings & Loans/Thrifts — 0.2%
Axos Financial, Inc.†#		759		23,681
Banc of California, Inc.#		1,275		21,930
Berkshire Hills Bancorp, Inc.		745		25,442
Brookline Bancorp, Inc.		1,053		16,300
Dime Community Bancshares, Inc.		1,022		18,652
New York Community Bancorp, Inc#.		3,499		37,194
Northfield Bancorp, Inc.		1,545		21,769
Northwest Bancshares, Inc.		2,886		51,746
Oritani Financial Corp.		177		2,759
People’s United Financial, Inc.		11		186
Provident Financial Services, Inc.		1,692		43,451
Washington Federal, Inc.		456		13,137
				276,247
Schools — 0.1%
Career Education Corp.†		905		12,208
Strategic Education, Inc.		375		51,184
				63,392
Security Services — 0.0%
Loomis AB, Series B		936		31,542
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		1,482		136,225
Marvell Technology Group, Ltd.		7,685		123,805
Maxim Integrated Products, Inc.		2,472		138,234
MaxLinear, Inc.†#		653		13,321
NXP Semiconductors NV		3,402		283,625
Power Integrations, Inc.		640		40,550
QUALCOMM, Inc.#		4,498		262,054
Renesas Electronics Corp.†		13,400		63,692
				1,061,506
Semiconductor Equipment — 0.3%
Advanced Energy Industries, Inc.†		388		18,252
ASM International NV		609		26,065
ASM Pacific Technology, Ltd.		15,900		163,105
BE Semiconductor Industries NV		989		21,471
Brooks Automation, Inc.		678		20,584
Cabot Microelectronics Corp.		232		24,935
Cohu, Inc.		664		13,014
FormFactor, Inc.†		1,004		16,556
KLA-Tencor Corp.		170		16,755
Kulicke & Soffa Industries, Inc.		732		15,811
Lam Research Corp.		35		5,494
Siltronic AG		270		24,316
Teradyne, Inc.		3,800		135,622
				501,980
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		118		25,429
Software Tools — 0.4%
VMware, Inc., Class A†		3,910		654,299
Steel Pipe & Tube — 0.0%
Maruichi Steel Tube, Ltd.		500		14,853
Steel - Producers — 0.6%
AK Steel Holding Corp.†#		11,098		34,182
Angang Steel Co., Ltd.		10,000		8,166
ArcelorMittal		5,596		126,965
BlueScope Steel, Ltd.		4,635		38,336

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Steel - Producers (continued)
JFE Holdings, Inc.		6,600	$	116,443
Kobe Steel, Ltd.		2,600		21,393
Nippon Steel & Sumitomo Metal Corp.		6,500		118,971
Nucor Corp.		3,423		206,783
Steel Dynamics, Inc.		1,996		70,259
thyssenkrupp AG		3,672		68,707
voestalpine AG		966		32,135
				842,340
Steel - Specialty — 0.0%
Hitachi Metals, Ltd.		1,800		20,283
Outokumpu Oyj		4,183		17,417
				37,700
Storage/Warehousing — 0.0%
Mobile Mini, Inc.		875		35,368
Telecom Equipment - Fiber Optics — 0.1%
Finisar Corp.†		3,666		85,601
Harmonic, Inc.†		2,849		16,012
Oclaro, Inc.†		3,747		30,238
Viavi Solutions, Inc.†		4,106		41,635
				173,486
Telecom Services — 0.2%
Consolidated Communications Holdings, Inc.		12,793		176,032
Spok Holdings, Inc.		4,259		62,053
Vonage Holdings Corp.†		11,424		120,980
				359,065
Telecommunication Equipment — 0.2%
Juniper Networks, Inc.		8,372		240,360
Telephone - Integrated — 0.4%
AT&T, Inc.		1,997		62,386
CenturyLink, Inc.		609		11,449
Cincinnati Bell, Inc.†		9,203		114,301
Freenet AG		1,668		34,316
Frontier Communications Corp.		20,257		72,318
Nippon Telegraph & Telephone Corp.		3,000		123,684
SoftBank Group Corp.		1,400		117,486
Telefonica Deutschland Holding AG		8,254		33,500
Verizon Communications, Inc.		944		56,923
				626,363
Television — 0.0%
ION Media Networks, Inc.†(1)(2)(3)		18		14,999
RTL Group SA		501		30,043
				45,042
Theaters — 0.0%
Cinemark Holdings, Inc.		329		12,624
Tobacco — 0.1%
Altria Group, Inc.		1,556		85,315
Philip Morris International, Inc.		626		54,168
Universal Corp.		765		48,501
				187,984
Tools - Hand Held — 0.0%
Snap-on, Inc.#		218		36,240
Toys — 0.1%
Bandai Namco Holdings, Inc.		1,200		50,457
Nintendo Co., Ltd.		100		30,517
				80,974

Security Description	Shares		Value (Note 2)
Transactional Software — 0.0%
SimCorp A/S		529	$	33,761
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		857		45,635
Transport - Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		1,048		51,258
Transport - Marine — 0.0%
Dfds A/S		344		12,924
Transport - Rail — 0.0%
CSX Corp.		495		35,952
Kansas City Southern		80		8,244
Norfolk Southern Corp.		63		10,757
Union Pacific Corp.		54		8,304
				63,257
Transport - Services — 0.2%
bpost SA		1,276		16,498
C.H. Robinson Worldwide, Inc.		163		15,050
Echo Global Logistics, Inc.†		751		19,053
Expeditors International of Washington, Inc.		204		15,522
Forward Air Corp.		292		19,062
Hub Group, Inc., Class A†		1,125		49,995
Matson, Inc.		1,380		54,303
Sankyu, Inc.		1,400		65,649
SG Holdings Co., Ltd.		4,000		98,268
				353,400
Transport - Truck — 0.0%
ArcBest Corp.		922		37,120
Old Dominion Freight Line, Inc.		17		2,324
Saia, Inc.†		258		15,560
				55,004
Travel Services — 0.0%
HIS Co., Ltd.#		1,700		57,319
Venture Capital — 0.1%
Hercules Capital, Inc.		5,297		64,411
Jafco Co., Ltd.		1,200		43,871
				108,282
Veterinary Diagnostics — 0.0%
Neogen Corp.†		481		31,198
Water — 0.3%
American States Water Co.		2,908		195,069
California Water Service Group		3,818		174,559
				369,628
Web Hosting/Design — 0.5%
GoDaddy, Inc., Class A†		5,009		326,887
NIC, Inc.		2,164		28,132
Shopify, Inc., Class A†#		2,400		366,384
				721,403
Web Portals/ISP — 0.5%
Alphabet, Inc., Class A†		46		51,044
Alphabet, Inc., Class C†		149		163,070
Baidu, Inc. ADR†		1,484		279,407
United Internet AG		4,092		184,218
				677,739
Wire & Cable Products — 0.0%
Encore Wire Corp.		767		38,319
Insteel Industries, Inc.		576		15,863
				54,182

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(9)		Value (Note 2)
COMMON STOCKS (continued)
X-Ray Equipment — 0.0%
Varex Imaging Corp.†#		542	$	14,282
Total Common Stocks
(cost $76,706,842)				72,568,637
EXCHANGE-TRADED FUNDS — 9.0%
iShares Core S&P Small-Cap ETF		784		62,171
iShares MSCI Brazil ETF		125,900		5,010,820
iShares MSCI Europe Financials ETF#		72,700		1,339,861
iShares MSCI Europe Small-Cap ETF		55,000		2,652,650
iShares MSCI India ETF		113,700		3,791,895
iShares Russell 1000 Growth ETF		105		15,049
iShares Russell 1000 Value ETF		124		15,312
iShares S&P SmallCap 600 Value ETF		85		12,852
iShares US Telecommunications ETF#		9,600		275,616
iShares US Utilities ETF#		2,600		365,846
SPDR S&P 500 ETF Trust		153		42,174
Total Exchange-Traded Funds
(cost $14,508,132)				13,584,246
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0%
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.0% (1)(2)† (cost $0)		45,000		5
CLOSED END INVESTMENT TRUST — 0.0%
BB Biotech AG# (cost $50,041)		722		46,567
ASSET BACKED SECURITIES — 7.7%
Diversified Financial Services — 7.7%
BMW Vehicle Lease Trust Series 2017-2, Class A3 2.07% due 10/20/2020		555,000		549,906
Capital One Multi-Asset Execution Trust Series 2016-A6, Class A6 1.82% due 09/15/2022		1,000,000		988,794
Citibank Credit Card Issuance Trust Series 2018-A6, Class A6 3.21% due 12/07/2024		200,000		199,167
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		1,400,000		1,376,155
Hyundai Auto Receivables Trust Series 2017-B, ClassA3 1.77% due 01/18/2022		1,000,000		984,886
Kingsland VIII, Ltd. FRS Series 2018-8A, Class B 3.95% (3 ML+1.48%) due 04/20/2031*(6)		7,500,000		7,370,625
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		75,000		74,962
Total Asset Backed Securities
(cost $11,736,012)				11,544,495
U.S. CORPORATE BONDS & NOTES — 3.3%
Finance - Credit Card — 0.8%
American Express Credit Corp. FRS Senior Notes 2.91% (3 ML+0.33%) due 05/03/2019		1,290,000		1,290,462
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		893

Security Description	Principal Amount(9)		Value (Note 2)
Finance - Investment Banker/Broker (continued)
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
				907
Pharmacy Services — 1.0%
CVS Health Corp. FRS Senior Notes 2.96% (3 M + 0.63%) due 03/09/2020		1,500,000		1,501,120
Telephone - Integrated — 1.5%
AT&T, Inc. FRS Senior Notes 3.39% (3 ML+0.95%) due 07/15/2021		1,000,000		1,005,445
Verizon Communications, Inc. FRS Senior Notes 3.20% (3 ML+0.55%) due 05/22/2020		1,216,000		1,218,626
				2,224,071
Total U.S. Corporate Bonds & Notes
(cost $5,037,015)				5,016,560
FOREIGN CORPORATE BONDS & NOTES — 2.4%
Banks - Commercial — 0.7%
Royal Bank of Canada FRS Senior Notes 3.12% (3ML + 0.38%) due 03/02/2020		1,100,000		1,100,913
Diversified Manufacturing Operations — 0.9%
Siemens Financieringsmaatschappij NV FRS Company Guar. Notes 2.65% (3 ML+0.32%) due 09/13/2019*		1,290,000		1,291,443
Soap & Cleaning Preparation — 0.8%
Reckitt Benckiser Treasury Services PLC FRS Company Guar. Notes 2.93% (3 ML+0.56%) due 06/24/2022*		1,295,000		1,284,204
Total Foreign Corporate Bonds & Notes
(cost $3,696,550)				3,676,560
FOREIGN GOVERNMENT OBLIGATIONS — 2.5%
Sovereign — 2.5%
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD	52,000		37,144
Commonwealth of Australia Senior Notes 3.25% due 06/21/2039	AUD	33,000		25,008
Commonwealth of Australia Senior Notes 3.75% due 04/21/2037	AUD	47,000		38,300
Commonwealth of Australia Senior Bonds 4.50% due 04/21/2033	AUD	52,000		45,820
Government of Canada Notes 0.50% due 03/01/2022	CAD	60,000		42,763

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(9)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Canada Bonds 0.75% due 03/01/2021	CAD	103,000	$	75,105
Government of Canada Bonds 0.75% due 09/01/2021	CAD	69,000		49,952
Government of Canada Bonds 1.00% due 09/01/2022	CAD	63,000		45,364
Government of Canada Bonds 1.00% due 06/01/2027	CAD	60,000		40,766
Government of Canada Bonds 1.50% due 06/01/2023	CAD	57,000		41,605
Government of Canada Bonds 1.50% due 06/01/2026	CAD	54,000		38,539
Government of Canada Senior Notes 1.75% due 03/01/2023	CAD	61,000		45,057
Government of Canada Bonds 2.00% due 09/01/2023	CAD	34,000		25,347
Government of Canada Senior Notes 2.00% due 06/01/2028	CAD	54,000		39,688
Government of Canada Bonds 2.25% due 06/01/2025	CAD	53,000		39,902
Government of Canada Bonds 2.50% due 06/01/2024	CAD	56,000		42,740
Government of Canada Bonds 2.75% due 06/01/2022	CAD	51,000		39,083
Government of Canada Bonds 5.75% due 06/01/2029	CAD	44,000		43,699
Government of Canada Bonds 5.75% due 06/01/2033	CAD	49,000		52,256
Government of Japan Senior Notes 0.50% due 03/20/2038	JPY	3,300,000		28,667
Government of Japan Senior Notes 0.60% due 06/20/2037	JPY	13,400,000		119,359
Government of Japan Senior Notes 0.60% due 09/20/2037	JPY	12,900,000		114,665
Government of Japan Senior Notes 0.60% due 12/20/2037	JPY	3,800,000		33,706
Government of Japan Senior Notes 0.70% due 03/20/2037	JPY	11,000,000		99,832
Kingdom of Belgium Senior Notes 3.75% due 06/22/2045	EUR	36,000		58,694
Kingdom of Belgium Bonds 4.25% due 03/28/2041*	EUR	58,000		98,769

Security Description	Principal Amount(9)		Value (Note 2)
Sovereign (continued)
Kingdom of Spain Bonds 5.75% due 07/30/2032	EUR	80,000	$	132,939
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	73,000		117,398
Portuguese Republic Senior Notes 4.10% due 04/15/2037*	EUR	27,000		36,913
Portuguese Republic Senior Notes 4.10% due 02/15/2045*	EUR	15,000		20,397
Republic of Ireland Notes 1.70% due 05/15/2037	EUR	22,000		25,381
Republic of Ireland Bonds 2.00% due 02/18/2045	EUR	36,000		42,628
Republic of Italy Bonds 3.75% due 03/01/2021	EUR	90,000		107,646
Republic of Italy Senior Bonds 3.75% due 05/01/2021*	EUR	60,000		71,811
Republic of Italy Bonds 3.75% due 08/01/2021*	EUR	38,000		45,508
Republic of Italy Bonds 4.75% due 09/01/2021	EUR	92,000		112,938
Republic of Italy Bonds 4.75% due 09/01/2044*	EUR	22,000		28,453
Republic of Italy Bonds 5.50% due 11/01/2022	EUR	40,000		51,033
Republic of Italy Bonds 5.75% due 02/01/2033	EUR	30,000		42,087
United Kingdom Bonds 4.25% due 09/07/2039	GBP	91,000		160,971
United Mexican States Senior Notes 7.25% due 12/09/2021	MXN	15,000,000		708,157
United Mexican States Bonds 7.50% due 06/03/2027	MXN	16,000,000		711,338
Total Foreign Government Obligations
(cost $4,018,966)				3,777,428
RIGHTS — 0.0%
Real Estate Operations & Development — 0.0%
Buwog AG
(cost $50,472)		1,461		48,049
U.S. GOVERNMENT TREASURIES — 1.2%
United States Treasury Bonds — 0.1%
2.75% due 02/15/2028		82,000		80,302
2.88% due 05/15/2043		110,000		101,982
				182,284
United States Treasury Notes — 1.1%
1.63% due 08/31/2022		90,000		86,087
1.75% due 05/31/2022		85,000		81,912

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(9)			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.88% due 04/30/2022	$	64,000		$	61,988
1.88% due 07/31/2022		25,000			24,154
2.00% due 10/31/2022#		126,000			122,033
2.00% due 02/15/2023		151,000			145,839
2.00% due 08/15/2025		149,000			140,595
2.13% due 12/31/2022		138,000			134,119
2.13% due 05/15/2025		112,000			106,750
2.25% due 08/15/2027		121,000			114,123
2.25% due 11/15/2027		126,000			118,583
2.38% due 01/31/2023		114,000			111,871
2.50% due 03/31/2023		116,000			114,342
2.75% due 04/30/2023		130,000			129,446
3.00% due 09/30/2025		116,000			116,544
					1,608,386
Total U.S. Government Treasuries
(cost $1,785,837)					1,790,670
Total Long-Term Investment Securities
(cost $117,589,867)					112,053,217
SHORT-TERM INVESTMENT SECURITIES — 23.1%
Registered Investment Companies — 22.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(5)		30,089,723			30,089,723
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(4)(5)		3,637,123			3,637,123
					33,726,846
U.S. Government Treasuries — 0.8%
United States Treasury Bills 2.01% due 12/06/18(7)		1,220,000			1,219,784
Total Short-Term Investment Securities
(cost $34,946,501)					34,946,630
TOTAL INVESTMENTS
(cost $152,536,368)(8)		97.3	%		146,999,847
Other assets less liabilities		2.7			4,073,757
NET ASSETS		100.0	%	$	151,073,604

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $10,721,271 representing 7.1% 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) Securities classified as Level 3 (see Note 2).

(2) Illiquid security. At November 30, 2018, the aggregate value of these securities was $17,599 representing 0.0% of net assets.

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

As of November 30, 2018, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		3/5/2014		18	$	0	$	14,999		833.28		0.01	%

(4) At November 30, 2018, the Fund had loaned securities with a total value of $8,414,631. This was secured by collateral of $3,637,123, which was received in cash and subsequently invested in short-term investments currently valued at $3,637,123 as reported in the Portfolio of Investments. Additional collateral of $5,035,589 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	242,048
Federal National Mtg. Assoc.	zero coupon to 4.50%	02/01/2019 to 06/01/2048		365,899
Government National Mtg. Assoc.	1.89% to 14.55%	04/16/2025 to 11/20/2068		145,097
United States Treasury Bills	0.00%	12/06/2018 to 06/20/2019		180,283
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		4,102,262

(5) The rate shown is the 7-day yield as of November 30, 2018.

(6) Collateralized Loan Obligation

(7) The security or a portion thereof was pledge as collateral to cover margin requirements for open future contract.

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

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

ADR—American Depositary Receipt

AUD—Australian Dollar

CAD—Canadian Dollar

CVA—Certification Van Aadelen (Dutch Cert.)

ETF—Exchange-Traded Funds

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Yen

MXN—Mexican Peso

SDR—Swedish Depositary Receipt

FRS—Floating Rate Security

The rates shown on the FRS is the current interest rates as of November 30, 2018, and unless noted otherwise, the dates shown are the original maturity date.

Index Legend

3 ML—3 Month USD LIBOR

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type		Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	5		Long	MSCI Europe Index		December 2018	$	303,461	$	304,075	$	614
	1		Long	Nikkei 225 Index		December 2018		107,754		112,100		4,346
	52		Long	Russell 1000 E-mini Value Index		December 2018		3,241,079		3,152,500		(88,579	)
	18		Short	Russell 1000 Growth Index		December 2018		1,392,937		1,296,180		96,757
	15		Short	Russell 2000 Mini Index		December 2018		1,123,757		1,150,950		(27,193	)
	198		Long	SGX Nifty 50 Index		December 2018		4,289,560		4,320,360		30,800
	29		Short	S&P 500 E-mini Index		December 2018		4,199,346		3,999,535		199,811
	124		Long	U.S. Treasury 5 Year Notes		March 2019		14,002,602		14,007,156		4,554
	106		Long	U.S. Treasury 10 Year Notes		March 2019		12,641,424		12,662,029		20,605
											$	241,715

* 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 & Co. International PLC		AUD	136,300		USD	98,843		12/19/2018	$	–	$	(805	)
		AUD	62,800		USD	45,873		03/20/2019		–		(112	)
		CAD	986,400		USD	752,111		12/19/2018		9,375		–
		EUR	843,900		USD	992,861		12/19/2018		36,108		–
		EUR	108,100		USD	125,080		03/20/2019		1,522		–
		GBP	225,300		USD	295,864		12/19/2018		8,525		–
		JPY	68,071,800		USD	618,500		12/19/2018		17,971		–
		USD	79,265		CAD	104,500		12/19/2018		–		(579	)
		USD	87,505		EUR	74,500		12/19/2018		–		(3,043	)
		USD	124,665		GBP	96,900		12/19/2018		–		(1,082	)
		USD	212,842		JPY	23,690,700		12/19/2018		–		(3,842	)
										73,501		(9,463	)
Morgan Stanley Capital Services Inc		AUD	1,500,000		USD	1,083,408		12/19/2018		–		(13,227	)
		GBP	1,020,000		USD	1,318,494		12/19/2018		17,627		–
		JPY	758,500,000		USD	6,764,792		12/19/2018		73,312		–
		USD	541,712		AUD	750,000		12/19/2018		6,605		–
		USD	13,109,094		EUR	11,190,000		12/19/2018		–		(422,673	)
		USD	3,171,418		GBP	2,460,000		12/19/2018		–		(34,033	)
		USD	1,006,286		INR	73,800,000		12/19/2018		50,806		–
		USD	21,769,552		JPY	2,434,680,000		12/19/2018		–		(290,828	)
										148,350		(760,761	)
Net Unrealized Appreciation/(Depreciation)									$	221,851	$	(770,224	)

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

INR—Indian Rupee

JPY—Japanese Yen

USD—United States Dollar

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Chemicals-Plastics	$	54,500		—		$	2,581	$	57,081
Television		30,043		—			14,999		45,042
Other Industries		50,119,086		22,347,428	**		—		72,466,514
Exchange-Traded Funds		13,584,246		—			—		13,584,246
Preferred Securities/Capital Securities		—		—			5		5
Closed End Investment Trust		—		46,567	**		—		46,567
Asset Backed Securities		—		11,544,495			—		11,544,495
U.S. Corporate Bonds & Notes:
Finance-Investment Banker/Broker		—		893			14		907
Other Industries		—		5,015,653			—		5,015,653
Foreign Corporate Bonds & Notes		—		3,676,560			—		3,676,560
Foreign Government Obligations		—		3,777,428			—		3,777,428
Rights		—		48,049			—		48,049
U.S. Government Treasuries		—		1,790,670			—		1,790,670
Short-Term Investment Securities:
Registered Investment Companies		33,726,846		—			—		33,726,846
U.S. Government Treasuries		—		1,219,784			—		1,219,784
Total Investments at Value	$	97,514,721	$	49,467,527		$	17,599	$	146,999,847
Other Financial Instruments:†
Futures Contracts	$	357,487		—			—	$	357,487
Forward Foreign Currency Contracts		—		221,851			—		221,851
	$	357,487	$	221,851		$	—	$	579,338
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	115,772		—		$	—	$	115,772
Forward Foreign Currency Contracts		—		770,224			—		770,224
	$	115,772	$	770,224		$	—	$	885,996

* 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.

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

See Notes to Financial Statements

23

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

E-Commerce/Products	13.4	%
Applications Software	11.7
Medical — HMO	8.1
Finance — Credit Card	6.2
Web Portals/ISP	5.7
Internet Content — Entertainment	4.8
Aerospace/Defense	4.4
Medical Products	4.3
Commercial Services — Finance	3.5
E-Commerce/Services	3.3
Medical — Biomedical/Gene	2.7
Finance — Investment Banker/Broker	2.3
Diagnostic Equipment	2.1
Internet Application Software	2.0
Diversified Banking Institutions	1.8
Medical Instruments	1.7
Airlines	1.3
Auto — Cars/Light Trucks	1.3
Data Processing/Management	1.2
Retail — Restaurants	1.1
Electronic Components — Semiconductors	1.1
Enterprise Software/Service	1.1
Hotels/Motels	1.0
Medical — Drugs	1.0
Transport — Rail	1.0
Insurance Brokers	0.9
Retail — Discount	0.9
Retail — Apparel/Shoe	0.9
Machinery — General Industrial	0.8
Finance — Other Services	0.8
Computers	0.7
Instruments — Controls	0.7
Registered Investment Companies	0.6
Cruise Lines	0.6
Auto/Truck Parts & Equipment — Original	0.5
Software Tools	0.4
Semiconductor Components — Integrated Circuits	0.4
Electronic Measurement Instruments	0.4
Aerospace/Defense — Equipment	0.4
Computer Software	0.3
Entertainment Software	0.3
Coatings/Paint	0.3
Medical — Hospitals	0.2
Banks — Fiduciary	0.2
Diversified Financial Services	0.2
Insurance — Multi-line	0.2
Commercial Services	0.2
Containers — Metal/Glass	0.2
Insurance — Property/Casualty	0.1
Electric — Distribution	0.1
Investment Management/Advisor Services	0.1
Real Estate Investment Trusts	0.1
Electric — Integrated	0.1
Industrial Gases	0.1
Wireless Equipment	0.1
Retail — Perfume & Cosmetics	0.1
	100.0	%

* Calculated as a percentage of net assets

24

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Aerospace/Defense — 4.4%
Boeing Co.		84,325	$	29,240,537
Northrop Grumman Corp.		20,249		5,262,310
				34,502,847
Aerospace/Defense - Equipment — 0.4%
Harris Corp.		20,277		2,898,597
L3 Technologies, Inc.		600		109,974
				3,008,571
Airlines — 1.3%
Alaska Air Group, Inc.#		16,710		1,224,175
American Airlines Group, Inc.		42,180		1,693,949
Delta Air Lines, Inc.		60,408		3,667,370
United Continental Holdings, Inc.†		41,978		4,059,272
				10,644,766
Applications Software — 11.7%
Intuit, Inc.		58,537		12,557,943
Microsoft Corp.		402,097		44,588,536
Red Hat, Inc.†		40,329		7,201,146
salesforce.com, Inc.†		108,670		15,513,729
ServiceNow, Inc.†		67,746		12,551,302
				92,412,656
Auto - Cars/Light Trucks — 1.3%
Ferrari NV#		7,700		843,920
Tesla, Inc.†#		25,825		9,051,146
				9,895,066
Auto/Truck Parts & Equipment - Original — 0.5%
Aptiv PLC		52,378		3,765,978
Banks - Fiduciary — 0.2%
Northern Trust Corp.		1,100		109,153
State Street Corp.		22,049		1,610,018
				1,719,171
Beverages - Wine/Spirits — 0.0%
Constellation Brands, Inc., Class A		1,700		332,792
Casino Hotels — 0.0%
Wynn Resorts, Ltd.		1,008		110,275
Coatings/Paint — 0.3%
Sherwin-Williams Co.		4,900		2,077,943
Commercial Services — 0.2%
Cintas Corp.		4,378		820,350
CoStar Group, Inc.†		1,467		541,895
				1,362,245
Commercial Services - Finance — 3.5%
FleetCor Technologies, Inc.†		6,438		1,245,109
Global Payments, Inc.		71,221		7,963,220
IHS Markit, Ltd.†		2,216		118,268
PayPal Holdings, Inc.†		140,880		12,088,913
S&P Global, Inc.		11,200		2,048,032
Worldpay, Inc., Class A†		46,804		4,016,251
				27,479,793
Computer Software — 0.3%
Splunk, Inc.†		22,600		2,525,098
Computers — 0.7%
Apple, Inc.		29,400		5,250,252
Containers - Metal/Glass — 0.2%
Ball Corp.#		26,938		1,322,925

Security Description	Shares		Value (Note 2)
Cruise Lines — 0.6%
Norwegian Cruise Line Holdings, Ltd.†		16,451	$	844,265
Royal Caribbean Cruises, Ltd.		34,856		3,941,168
				4,785,433
Data Processing/Management — 1.2%
Fidelity National Information Services, Inc.		38,018		4,104,043
Fiserv, Inc.†		72,457		5,733,523
				9,837,566
Diagnostic Equipment — 2.1%
Danaher Corp.		72,438		7,934,859
Thermo Fisher Scientific, Inc.		35,429		8,841,307
				16,776,166
Diversified Banking Institutions — 1.8%
Citigroup, Inc.		3,600		233,244
Goldman Sachs Group, Inc.		200		38,138
JPMorgan Chase & Co.		39,388		4,379,552
Morgan Stanley		207,325		9,203,157
				13,854,091
Diversified Financial Services — 0.2%
Ant International Co., Ltd., Class C†(1)(2)(3)		273,650		1,535,177
E-Commerce/Products — 13.4%
Alibaba Group Holding, Ltd. ADR†		153,924		24,760,215
Amazon.com, Inc.†		47,625		80,494,346
				105,254,561
E-Commerce/Services — 3.3%
Booking Holdings, Inc.†		12,922		24,446,873
Ctrip.com International, Ltd. ADR†		1,380		39,813
IAC/InterActiveCorp†		7,900		1,405,884
				25,892,570
Electric - Distribution — 0.1%
Sempra Energy		8,482		977,296
Electric - Integrated — 0.1%
NextEra Energy, Inc.		4,241		770,632
Electronic Components - Misc. — 0.0%
Corning, Inc.		4,935		159,006
Electronic Components - Semiconductors — 1.1%
Broadcom, Inc.		843		200,137
Microchip Technology, Inc.#		1,432		107,400
NVIDIA Corp.		18,095		2,957,266
Texas Instruments, Inc.		36,200		3,614,570
Xilinx, Inc.		21,020		1,943,929
				8,823,302
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		5,000		361,750
Fortive Corp.		38,990		2,965,969
				3,327,719
Enterprise Software/Service — 1.1%
Workday, Inc., Class A†		52,285		8,574,740
Entertainment Software — 0.3%
Activision Blizzard, Inc.		29,685		1,480,688
Electronic Arts, Inc.†		8,598		722,834
				2,203,522
Finance - Credit Card — 6.2%
Mastercard, Inc., Class A		110,551		22,228,490
Visa, Inc., Class A#		190,864		27,047,337
				49,275,827

25

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Investment Banker/Broker — 2.3%
Charles Schwab Corp.		135,159	$	6,055,123
TD Ameritrade Holding Corp.		219,946		11,835,294
				17,890,417
Finance - Other Services — 0.8%
Intercontinental Exchange, Inc.		72,594		5,932,382
Hotels/Motels — 1.0%
Hilton Worldwide Holdings, Inc.		36,505		2,757,588
Marriott International, Inc., Class A		46,423		5,340,037
				8,097,625
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		4,400		707,828
Instruments - Controls — 0.7%
Honeywell International, Inc.		35,255		5,173,671
Insurance Brokers — 0.9%
Marsh & McLennan Cos., Inc.		14,318		1,270,007
Willis Towers Watson PLC		37,265		5,941,904
				7,211,911
Insurance - Multi-line — 0.2%
Chubb, Ltd.		11,036		1,475,955
Insurance - Property/Casualty — 0.1%
Progressive Corp.		16,084		1,066,208
Internet Application Software — 2.0%
Tencent Holdings, Ltd.		386,900		15,519,016
Internet Content - Entertainment — 4.8%
Facebook, Inc., Class A†		201,794		28,374,254
Netflix, Inc.†		31,942		9,139,565
				37,513,819
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		300		38,925
Raymond James Financial, Inc.		9,729		775,693
				814,618
Machinery - General Industrial — 0.8%
Roper Technologies, Inc.		20,100		5,981,559
Medical Instruments — 1.7%
Intuitive Surgical, Inc.†		25,377		13,471,888
Medical Products — 4.3%
Abbott Laboratories		29,600		2,191,880
Becton Dickinson and Co.		63,457		16,038,757
Stryker Corp.		89,360		15,679,105
				33,909,742
Medical - Biomedical/Gene — 2.7%
Alexion Pharmaceuticals, Inc.†		59,057		7,272,870
Biogen, Inc.†		107		35,708
Celgene Corp.†		555		40,082
Illumina, Inc.†		2,473		834,637
Vertex Pharmaceuticals, Inc.†		73,515		13,290,777
				21,474,074
Medical - Drugs — 1.0%
Eli Lilly & Co.		30,194		3,582,216
Merck & Co., Inc.		42,585		3,378,694
Pfizer, Inc.		10,600		490,038
Zoetis, Inc.		6,800		638,316
				8,089,264

Security Description	Shares/ Principal Amount			Value (Note 2)
Medical - HMO — 8.1%
Anthem, Inc.		40,336		$	11,700,263
Centene Corp.†		33,392			4,750,012
Cigna Corp.		59,433			13,276,143
Humana, Inc.		15,540			5,119,964
UnitedHealth Group, Inc.		91,494			25,742,752
WellCare Health Plans, Inc.†		12,611			3,214,292
					63,803,426
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		13,700			1,972,663
Real Estate Investment Trusts — 0.1%
American Tower Corp.		4,902			806,330
Retail - Apparel/Shoe — 0.9%
Ross Stores, Inc.		76,742			6,722,599
Retail - Discount — 0.9%
Dollar General Corp.		63,603			7,059,297
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		1,765			525,599
Retail - Restaurants — 1.1%
McDonald’s Corp.		18,408			3,470,092
Restaurant Brands International, Inc.		35,559			2,074,157
Yum! Brands, Inc.		37,606			3,468,025
					9,012,274
Semiconductor Components - Integrated Circuits — 0.4%
Maxim Integrated Products, Inc.		59,587			3,332,105
Semiconductor Equipment — 0.0%
Lam Research Corp.		400			62,784
Software Tools — 0.4%
VMware, Inc., Class A†		19,943			3,337,262
Tobacco — 0.0%
Philip Morris International, Inc.		1,000			86,530
Transport - Rail — 1.0%
Canadian Pacific Railway, Ltd.		10,302			2,179,285
CSX Corp.		48,000			3,486,240
Kansas City Southern		2,500			257,625
Norfolk Southern Corp.		3,200			546,368
Union Pacific Corp.		8,281			1,273,452
					7,742,970
Web Portals/ISP — 5.7%
Alphabet, Inc., Class A†		11,265			12,500,207
Alphabet, Inc., Class C†		29,969			32,798,973
					45,299,180
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		4,654			610,838
Total Long-Term Investment Securities
(cost $462,161,465)					783,161,820
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(4)	$	500,000			500,000
T. Rowe Price Government Reserve Fund 2.26%(4)		4,748,651			4,748,651
Total Short-Term Investment Securities
(cost $5,248,651)					5,248,651
TOTAL INVESTMENTS
(cost $467,410,116)(5)		100.0	%		788,410,471
Liabilities in excess of other assets		0.0			(319,465	)
NET ASSETS		100.0	%	$	788,091,006

26

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

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

At November 30, 2018, the Fund had loaned securities with a total value of $31,104,989. Additional collateral of $31,172,098 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	411,226
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		639,632
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		142,211
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		2,500,890
United States Treasury Notes/Bonds	0.13% to 8.75%	12/31/2018 to 05/15/2048		27,478,139

† 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 November 30, 2018, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Ant International Co., Ltd., Class C		06/07/2018		273,650	$	1,535,177	$	1,535,177	$	5.61		0.19	%

(3) Illiquid security. At November 30, 2018, the aggregate value of these securities was $1,535,177 representing 0.2% of net assets.

(4) The rate shown is the 7-day yield as of November 30, 2018.

(5) See Note 5 for cost of investment 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 November 30, 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:
Diversified Financial Services	$	—	$	—		$	1,535,177		1,535,177
Other Industries		766,107,627		15,519,016	**		—		781,626,643
Short-Term Investment Securities:		5,248,651		—			—		5,248,651
Total Investments at Value	$	771,356,278	$	15,519,016		$	1,535,177	$	788,410,471

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

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

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

See Notes to Financial Statements

27

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	7.7	%
Medical — HMO	5.5
Banks — Super Regional	4.1
Medical — Drugs	4.0
Electronic Components — Semiconductors	3.7
Electric — Integrated	3.3
Industrial Gases	3.1
Oil Companies — Integrated	3.1
Pharmacy Services	3.1
Cruise Lines	3.0
Banks — Fiduciary	3.0
Insurance — Property/Casualty	2.6
Finance — Consumer Loans	2.5
Retail — Auto Parts	2.5
Finance — Investment Banker/Broker	2.5
Oil Refining & Marketing	2.4
Chemicals — Diversified	2.3
Finance — Credit Card	2.2
Tobacco	2.1
Real Estate Investment Trusts	2.1
Diversified Banking Institutions	2.0
Retail — Discount	2.0
Medical Instruments	1.9
Retail — Building Products	1.8
Cable/Satellite TV	1.8
Insurance Brokers	1.6
Applications Software	1.6
Enterprise Software/Service	1.5
Tools — Hand Held	1.5
Aerospace/Defense — Equipment	1.5
Beverages — Non-alcoholic	1.4
Aerospace/Defense	1.4
Machinery — General Industrial	1.3
Rental Auto/Equipment	1.2
Semiconductor Components — Integrated Circuits	1.1
Building Products — Air & Heating	1.1
Registered Investment Companies	1.1
Commercial Services	1.1
Food — Catering	1.0
Savings & Loans/Thrifts	1.0
Building & Construction Products — Misc.	1.0
Diversified Manufacturing Operations	1.0
Building — Residential/Commercial	0.8
Computers	0.8
Apparel Manufacturers	0.7
Medical — Generic Drugs	0.7
Casino Hotels	0.3
Chemicals — Specialty	0.3
	99.3	%

* Calculated as a percentage of net assets

28

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Aerospace/Defense — 1.4%
Spirit AeroSystems Holdings, Inc., Class A		9,462	$	774,749
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		6,598		803,900
Apparel Manufacturers — 0.7%
Hanesbrands, Inc.#		24,044		382,540
Applications Software — 1.6%
Microsoft Corp.		7,812		866,273
Banks - Fiduciary — 3.0%
Bank of New York Mellon Corp.		16,927		868,524
State Street Corp.		10,302		752,252
				1,620,776
Banks - Super Regional — 4.1%
KeyCorp		38,542		706,860
US Bancorp		11,150		607,229
Wells Fargo & Co.		17,385		943,658
				2,257,747
Beverages - Non-alcoholic — 1.4%
Coca-Cola European Partners PLC		16,273		789,891
Building & Construction Products - Misc. — 1.0%
Owens Corning		10,372		540,900
Building Products - Air & Heating — 1.1%
Johnson Controls International PLC		17,843		620,579
Building - Residential/Commercial — 0.8%
Lennar Corp., Class A		10,545		450,588
Cable/Satellite TV — 1.8%
Comcast Corp., Class A		25,478		993,897
Casino Hotels — 0.3%
MGM Resorts International		6,513		175,590
Chemicals - Diversified — 2.3%
DowDuPont, Inc.		12,860		743,951
LyondellBasell Industries NV, Class A		5,231		488,105
				1,232,056
Chemicals - Specialty — 0.3%
Versum Materials, Inc.		4,681		162,150
Commercial Services — 1.1%
Nielsen Holdings PLC		21,405		581,574
Computers — 0.8%
Hewlett Packard Enterprise Co.		27,970		419,550
Cruise Lines — 3.0%
Norwegian Cruise Line Holdings, Ltd.†		15,684		804,903
Royal Caribbean Cruises, Ltd.		7,478		845,537
				1,650,440
Diversified Banking Institutions — 2.0%
JPMorgan Chase & Co.		10,044		1,116,792
Diversified Manufacturing Operations — 1.0%
General Electric Co.		69,716		522,870
Electric - Integrated — 3.3%
Dominion Energy, Inc.		12,338		919,181
Exelon Corp.		19,643		911,239
				1,830,420
Electronic Components - Semiconductors — 3.7%
Broadcom, Inc.		3,325		789,388
Microchip Technology, Inc.#		8,260		619,500

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Texas Instruments, Inc.		6,041	$	603,194
				2,012,082
Enterprise Software/Service — 1.5%
Oracle Corp.		16,976		827,750
Finance - Consumer Loans — 2.5%
Navient Corp.		35,885		412,678
SLM Corp.†		94,067		966,068
				1,378,746
Finance - Credit Card — 2.2%
American Express Co.		10,511		1,180,070
Finance - Investment Banker/Broker — 2.5%
E*TRADE Financial Corp.		13,717		717,262
Jefferies Financial Group, Inc.		28,973		633,060
				1,350,322
Food - Catering — 1.0%
Aramark		14,629		556,780
Industrial Gases — 3.1%
Air Products & Chemicals, Inc.		5,414		870,950
Linde PLC		5,355		851,713
				1,722,663
Insurance Brokers — 1.6%
Willis Towers Watson PLC		5,516		879,526
Insurance - Property/Casualty — 2.6%
Berkshire Hathaway, Inc., Class B†		4,405		961,347
Fidelity National Financial, Inc.		13,951		468,754
				1,430,101
Machinery - General Industrial — 1.3%
Wabtec Corp.#		7,671		725,677
Medical Instruments — 1.9%
Medtronic PLC		10,582		1,032,062
Medical - Drugs — 4.0%
Merck & Co., Inc.		6,680		529,991
Pfizer, Inc.		22,796		1,053,859
Sanofi ADR		12,852		582,838
				2,166,688
Medical - Generic Drugs — 0.7%
Teva Pharmaceutical Industries, Ltd. ADR†		16,535		356,164
Medical - HMO — 5.5%
Anthem, Inc.		3,846		1,115,609
Cigna Corp.		3,686		823,379
UnitedHealth Group, Inc.		3,766		1,059,602
				2,998,590
Oil Companies - Exploration & Production — 7.7%
ConocoPhillips		14,040		929,167
Hess Corp.		18,536		998,905
Kosmos Energy, Ltd.†#		73,580		395,861
Occidental Petroleum Corp.		11,897		836,002
Parsley Energy, Inc., Class A†		22,686		456,669
Vermilion Energy, Inc.#		24,583		611,625
				4,228,229
Oil Companies - Integrated — 3.1%
BP PLC ADR		21,320		860,262
Chevron Corp.		7,250		862,315
				1,722,577

29

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Refining & Marketing — 2.4%
Phillips 66		8,810	$	823,911
Valero Energy Corp.		6,211		496,259
				1,320,170
Pharmacy Services — 3.1%
CVS Health Corp.		12,520		1,004,104
Express Scripts Holding Co.†		7,046		714,958
				1,719,062
Real Estate Investment Trusts — 2.1%
Liberty Property Trust		13,319		603,217
MGM Growth Properties LLC, Class A		18,996		541,196
				1,144,413
Rental Auto/Equipment — 1.2%
AMERCO		1,835		635,736
Retail - Auto Parts — 2.5%
Advance Auto Parts, Inc.		4,759		845,722
O’Reilly Automotive, Inc.†		1,535		532,307
				1,378,029
Retail - Building Products — 1.8%
Lowe’s Cos., Inc.		10,554		995,981
Retail - Discount — 2.0%
Dollar General Corp.		9,912		1,100,133
Savings & Loans/Thrifts — 1.0%
New York Community Bancorp, Inc.#		51,941		552,133
Semiconductor Components - Integrated Circuits — 1.1%
QUALCOMM, Inc.#		10,750		626,295
Tobacco — 2.1%
Altria Group, Inc.		9,890		542,269
Philip Morris International, Inc.		6,993		605,104
				1,147,373

Security Description	Shares			Value (Note 2)
Tools - Hand Held — 1.5%
Stanley Black & Decker, Inc.		6,288		$	822,784
Total Long-Term Investment Securities
(cost $44,997,027)					53,803,418
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $592,358)		592,358			592,358
TOTAL INVESTMENTS
(cost $45,589,385)(3)		99.3	%		54,395,776
Other assets less liabilities		0.7			387,832
NET ASSETS		100.0	%	$	54,783,608

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

† Non-income producing security

(1) At November 30, 2018, the Fund had loaned securities with a total value of $3,045,864. This was secured by collateral of $592,358, which was received in cash and subsequently invested in short-term investments currently valued at $592,358 as reported in the Portfolio of Investments. Additional collateral of $2,514,448 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 November 30, 2018
United States Treasury Bills	0.00%	01/17/2019 to 04/25/2019	$	94,386
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		2,420,062

(2) The rate shown is the 7-day yield as of November 30, 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 November 30, 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	$	53,803,418	$	—	$	—	$	53,803,418
Short-Term Investment Securities		592,358		—		—		592,358
Total Investments at Value	$	54,395,776	$	—	$	—	$	54,395,776

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

See Notes to Financial Statements

30

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	23.1	%
Federal Home Loan Mtg. Corp.	13.5
United States Treasury Notes	13.0
United States Treasury Bonds	6.5
Diversified Banking Institutions	5.7
Government National Mtg. Assoc.	4.4
Banks — Commercial	3.6
Diversified Financial Services	3.3
Electric — Integrated	2.8
Telephone — Integrated	1.4
Auto — Cars/Light Trucks	1.2
Registered Investment Companies	1.2
Pipelines	1.0
Banks — Super Regional	1.0
Real Estate Investment Trusts	0.7
Oil Companies — Integrated	0.7
Savings & Loans/Thrifts	0.7
Medical — HMO	0.7
Medical Labs & Testing Services	0.6
Brewery	0.6
Cable/Satellite TV	0.6
Machinery — Farming	0.6
Insurance — Life/Health	0.5
Medical — Drugs	0.5
Aerospace/Defense — Equipment	0.5
Oil Companies — Exploration & Production	0.5
Computer Services	0.5
Chemicals — Diversified	0.5
Paper & Related Products	0.4
Networking Products	0.4
Finance — Other Services	0.4
Insurance — Multi-line	0.4
Food — Misc./Diversified	0.4
Cellular Telecom	0.3
Finance — Credit Card	0.3
Computers	0.3
Auto/Truck Parts & Equipment — Original	0.3
Transport — Rail	0.3
Insurance — Mutual	0.3
Enterprise Software/Service	0.3
Machinery — Construction & Mining	0.3
Electric — Distribution	0.2
Pharmacy Services	0.2
Retail — Mail Order	0.2
Electronic Measurement Instruments	0.2
Broadcast Services/Program	0.2
Retail — Discount	0.2
Beverages — Non-alcoholic	0.2
Electric — Generation	0.2
Machinery — General Industrial	0.2
Tools — Hand Held	0.2
Diversified Manufacturing Operations	0.2
Electronic Components — Semiconductors	0.2
Transport — Equipment & Leasing	0.2
Office Supplies & Forms	0.2
Insurance — Property/Casualty	0.1
Machinery — Electrical	0.1
Building & Construction Products — Misc.	0.1
Trucking/Leasing	0.1
Medical — Biomedical/Gene	0.1
Medical Instruments	0.1
Federal Home Loan Bank	0.1
Aerospace/Defense	0.1
SupraNational Banks	0.1
Commercial Services	0.1
Transport — Services	0.1
Television	0.1
Retail — Restaurants	0.1
Semiconductor Components — Integrated Circuits	0.1

Agricultural Chemicals	0.1	%
Chemicals — Specialty	0.1
Sovereign	0.1
Building Societies	0.1
Retail — Automobile	0.1
Transport — Marine	0.1
Data Processing/Management	0.1
Petrochemicals	0.1
Diversified Minerals	0.1
Retail — Building Products	0.1
Machinery — Pumps	0.1
Telecom Services	0.1
Building — Residential/Commercial	0.1
Insurance Brokers	0.1
Multimedia	0.1
Finance — Investment Banker/Broker	0.1
Medical — Generic Drugs	0.1
Gold Mining	0.1
Advertising Agencies	0.1
	100.4	%

Credit Quality#†

Aaa	64.8	%
Aa	3.1
A	11.0
Baa	16.6
Ba	2.6
Not Rated@	1.9
	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.

31

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 3.1%
Diversified Financial Services — 3.1%
American Express Credit Account Master Trust Series 2018-4, Class A 2.99% due 12/15/2023	$	125,000	$	124,685
Avis Budget Rental Car Funding AESOP LLC Series 2015-1A, Class A 2.50% due 07/20/2021*		100,000		98,612
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		262,000		261,249
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		186,000		186,324
CarMax Auto Owner Trust Series 2016-4, Class A4 1.60% due 06/15/2022		230,000		224,004
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		250,000		250,712
Chase Mtg. Finance Trust VRS Series 2016-2, Class M2 3.75% due 12/25/2045*(2)(3)		258,174		253,699
Citibank Credit Card Issuance Trust Series 2017-A3, Class A3 1.92% due 04/07/2022		115,000		113,297
Citibank Credit Card Issuance Trust Series 2018-A6, Class A6 3.21% due 12/07/2024		200,000		199,167
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(3)		125,000		121,829
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,764,000		1,735,268
CSMC Trust Series 2015-GLPA, Class A 3.88% due 11/15/2037*(1)		450,613		454,926
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		350,000		344,039
Ford Credit Auto Owner Trust Series 2016-C, Class B 1.73% due 03/15/2022		125,000		122,067
Ford Credit Auto Owner Trust/Ford Credit Series 2018-2, Class A 3.47% due 01/15/2030*		300,000		298,650
Ford Credit Floorplan Master Owner Trust Series 2017-1, Class A1 2.07% due 05/15/2022		287,000		282,291
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		195,057
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		240,000		239,227
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)		390,000		388,325
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		34,000		32,933
MSDB Trust VRS Series 2017-712F, Class A 3.43% due 07/11/2039*(1)(3)		790,000		754,600

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Nissan Auto Receivables Owner Trust Series 2016-C, Class A3 1.18% due 01/15/2021	$	162,840	$	161,227
Synchrony Credit Card Master Note Trust Series 2016-2, Class A 2.21% due 05/15/2024		100,000		97,491
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		225,000		224,886
Verizon Owner Trust Series 2018-1A, Class C 3.20% due 09/20/2022*		100,000		99,289
Total Asset Backed Securities
(cost $7,460,268)				7,263,854
U.S. CORPORATE BONDS & NOTES — 26.2%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		116,000		114,806
Aerospace/Defense — 0.1%
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		311,000		310,173
Aerospace/Defense - Equipment — 0.5%
Harris Corp. Senior Notes 4.40% due 06/15/2028		437,000		431,090
L3 Technologies, Inc. Company Guar. Notes 4.40% due 06/15/2028		156,000		155,239
United Technologies Corp. Senior Notes 1.90% due 05/04/2020		213,000		208,363
United Technologies Corp. Senior Notes 3.95% due 08/16/2025		154,000		152,119
United Technologies Corp. Senior Notes 4.13% due 11/16/2028		221,000		216,390
				1,163,201
Auto - Cars/Light Trucks — 1.1%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		490,000		483,388
Daimler Finance North America LLC# Company Guar. Notes 2.00% due 07/06/2021*		445,000		424,556
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		261,000		256,876
Daimler Finance North America LLC Company Guar. Notes 3.75% due 11/05/2021*		252,000		251,117
Ford Motor Credit Co. LLC Senior Notes 3.34% due 03/18/2021		627,000		605,255
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		333,000		316,596
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		320,000		316,785
				2,654,573

32

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial — 2.0%
Associated Bank NA Senior Notes 3.50% due 08/13/2021	$	274,000	$	271,743
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		973,000		984,768
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		540,000		534,826
Discover Bank Sub. Notes 4.68% due 08/09/2028		268,000		263,905
First Horizon National Corp. Senior Notes 3.50% due 12/15/2020		541,000		538,095
First Tennessee Bank NA Senior Notes 2.95% due 12/01/2019		258,000		256,550
Regions Bank Senior Notes 3.37% due 08/13/2021		364,000		361,868
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		632,000		793,571
Santander Holdings USA, Inc. Senior Notes 3.40% due 01/18/2023		334,000		316,355
SunTrust Bank Senior Notes 3.50% due 08/02/2022		226,000		223,920
ZB NA Senior Notes 3.50% due 08/27/2021		250,000		248,886
				4,794,487
Banks - Super Regional — 0.9%
Citibank NA Senior Notes 2.13% due 10/20/2020		429,000		418,219
Huntington National Bank Senior Notes 2.38% due 03/10/2020		254,000		250,934
Wells Fargo & Co. Senior Notes 3.00% due 02/19/2025		734,000		687,536
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		397,000		383,317
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		19,000		17,968
Wells Fargo Bank NA Senior Notes 3.55% due 08/14/2023		429,000		421,472
				2,179,446
Beverages - Non-alcoholic — 0.2%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023*		144,000		141,847
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025*		370,000		363,282
				505,129

Security Description	Principal Amount		Value (Note 2)
Brewery — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026*	$	274,000	$	258,481
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036*		129,000		121,347
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046*		430,000		399,714
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 2.65% due 02/01/2021		403,000		394,839
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		185,000		165,982
				1,340,363
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 3.50% due 06/15/2022*		267,000		260,987
Discovery Communications LLC Company Guar. Notes 3.90% due 11/15/2024*		271,000		262,590
				523,577
Building & Construction Products - Misc. — 0.1%
Owens Corning Senior Notes 4.30% due 07/15/2047		436,000		332,492
Building - Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		180,000		157,950
Cable/Satellite TV — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		39,000		35,522
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048		135,000		125,732
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		129,000		131,698
Comcast Corp. Company Guar. Notes 3.60% due 03/01/2024		401,000		398,309
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		84,000		75,470
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		308,000		301,350
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		263,000		256,087
				1,324,168

33

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.2%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 09/20/2029*	$	580,000	$	576,375
Chemicals - Diversified — 0.4%
Dow Chemical Co. Senior Notes 4.80% due 11/30/2028*		221,000		221,472
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028		636,000		644,575
				866,047
Chemicals - Specialty — 0.1%
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		179,000		223,561
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		26,000		20,931
Commercial Services — 0.1%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		290,000		277,503
Computer Services — 0.5%
IBM Credit LLC Senior Notes 2.65% due 02/05/2021		794,000		781,151
International Business Machines Corp.# Senior Notes 2.50% due 01/27/2022		351,000		338,380
				1,119,531
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		238,000		236,308
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.10% due 07/15/2036*		440,000		474,675
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		39,000		37,652
				748,635
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 4.20% due 10/01/2028		204,000		201,186
Diversified Banking Institutions — 3.0%
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		396,000		388,256
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		321,000		317,672
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		868,000		828,648
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		334,000		363,885

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023	$	304,000	$	291,467
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		533,000		514,539
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		215,000		205,157
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		114,000		104,783
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		131,000		141,752
Goldman Sachs Group, Inc. Senior Notes 2.91% due 06/05/2023		266,000		254,880
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		308,000		268,962
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		295,000		284,513
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		514,000		587,060
JPMorgan Chase & Co. Senior Notes 2.55% due 03/01/2021		408,000		399,639
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		457,000		407,067
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		1,601,000		1,621,444
				6,979,724
Electric - Distribution — 0.2%
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048*		517,000		504,506
Electric - Generation — 0.0%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		77,000		77,413
Electric - Integrated — 2.4%
Ameren Illinois Co. 1st Mtg. Bonds 4.50% due 03/15/2049		257,000		258,645
American Electric Power Co., Inc. Senior Notes 4.30% due 12/01/2028		208,000		207,305
Consumers Energy Co. 1st Mtg. Notes 4.35% due 04/15/2049		180,000		177,981
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		300,000		315,309
Duke Energy Carolinas LLC 1st Mtg. Bonds 3.95% due 11/15/2028		262,000		263,181
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		190,000		185,875

34

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Exelon Corp. Junior Sub. Notes 3.50% due 06/01/2022	$	267,000	$	258,885
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		165,000		163,950
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		242,000		231,588
FirstEnergy Corp. Senior Notes 4.85% due 07/15/2047		329,000		316,275
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		726,000		916,280
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		177,000		172,162
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		324,000		290,835
Nevada Power Co. General Ref. Mtg. 2.75% due 04/15/2020		207,000		206,299
Niagara Mohawk Power Corp. Senior Notes 4.28% due 12/15/2028*		252,000		253,229
Pacific Gas & Electric Co. Senior Notes 3.30% due 12/01/2027		266,000		219,364
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		281,000		278,974
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		193,000		185,551
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.35% due 02/01/2042		127,000		120,315
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		439,000		427,893
Southern California Edison Co.# 1st Mtg. Notes 4.13% due 03/01/2048		176,000		157,021
Tucson Electric Power Co. Senior Bonds 4.85% due 12/01/2048		168,000		168,892
				5,775,809
Electronic Components - Semiconductors — 0.2%
Intel Corp. Senior Notes 2.45% due 07/29/2020		378,000		374,455
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		28,000		28,276
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		530,000		521,665
				549,941

Security Description	Principal Amount		Value (Note 2)
Electronic Security Devices — 0.0%
Allegion US Holding Co., Inc. Company Guar. Notes 3.20% due 10/01/2024	$	83,000	$	77,338
Enterprise Software/Service — 0.3%
Oracle Corp. Senior Notes 2.95% due 11/15/2024		640,000		611,376
Finance - Credit Card — 0.3%
American Express Co. Senior Notes 2.50% due 08/01/2022		499,000		475,900
American Express Co. Senior Notes 4.20% due 11/06/2025		156,000		156,290
Capital One Financial Corp. Sub. Notes 3.75% due 07/28/2026		205,000		186,184
				818,374
Finance - Investment Banker/Broker — 0.1%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.15% due 01/23/2030		174,000		150,820
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000		1,807
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
				152,647
Finance - Other Services — 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.30% due 11/01/2020		352,000		345,023
National Rural Utilities Cooperative Finance Corp. Senior Notes 2.30% due 09/15/2022		192,000		184,042
National Rural Utilities Cooperative Finance Corp. Collateral Trust Notes 2.40% due 04/25/2022		146,000		140,807
				669,872
Food - Meat Products — 0.0%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		111,000		105,425
Food - Misc./Diversified — 0.4%
Conagra Brands, Inc. Senior Notes 4.60% due 11/01/2025		286,000		284,247
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		254,000		254,765
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		297,000		294,525
				833,537

35

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers — 0.1%
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048	$	164,000	$	155,428
Insurance - Life/Health — 0.1%
AXA Equitable Holdings, Inc. Senior Notes 5.00% due 04/20/2048*		94,000		82,819
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		230,000		172,120
				254,939
Insurance - Multi-line — 0.3%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		165,000		184,885
Metropolitan Life Global Funding I Sec. Notes 2.30% due 04/10/2019*		485,000		483,894
				668,779
Insurance - Mutual — 0.3%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		200,000		189,828
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		498,000		485,612
				675,440
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		273,000		267,091
Machinery - Construction & Mining — 0.3%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		198,000		189,942
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		133,000		132,345
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023		286,000		283,255
				605,542
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		341,000		339,309
Machinery - Farming — 0.4%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		465,000		459,848
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		238,000		232,988
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		144,000		144,158
				836,994

Security Description	Principal Amount		Value (Note 2)
Machinery - General Industrial — 0.2%
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028	$	471,000	$	459,486
Medical Instruments — 0.1%
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020		318,000		315,301
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		322,000		306,934
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		404,000		385,137
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		548,000		544,166
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		268,000		264,608
				1,500,845
Medical - Biomedical/Gene — 0.1%
Celgene Corp. Senior Notes 3.63% due 05/15/2024		175,000		169,674
Celgene Corp. Senior Notes 4.55% due 02/20/2048		178,000		154,139
				323,813
Medical - Drugs — 0.2%
AbbVie, Inc. Senior Notes 4.88% due 11/14/2048		206,000		187,594
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		215,000		212,736
Pfizer, Inc.# Senior Notes 3.00% due 09/15/2021		144,000		143,696
				544,026
Medical - Generic Drugs — 0.1%
Actavis, Inc. Company Guar. Notes 3.25% due 10/01/2022		156,000		150,857
Medical - HMO — 0.7%
Halfmoon Parent, Inc. Senior Sec. Notes 4.80% due 08/15/2038*		238,000		229,018
Halfmoon Parent, Inc. Senior Notes 4.90% due 12/15/2048*		234,000		222,779
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		957,000		917,279
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		172,000		171,244
				1,540,320

36

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Multimedia — 0.1%
Time Warner, Inc. Company Guar. Notes 4.85% due 07/15/2045	$	174,000	$	153,708
Networking Products — 0.4%
Cisco Systems, Inc. Senior Notes 2.20% due 02/28/2021		933,000		911,240
Office Supplies & Forms — 0.2%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028		358,000		356,689
Oil Companies - Exploration & Production — 0.5%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		392,000		417,047
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		295,000		288,402
Hess Corp. Senior Notes 5.60% due 02/15/2041		319,000		279,114
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		134,000		144,643
				1,129,206
Oil Companies - Integrated — 0.3%
Chevron Corp. Senior Notes 3.19% due 06/24/2023		720,000		707,234
Paper & Related Products — 0.4%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		380,000		378,315
Georgia - Pacific LLC Senior Notes 3.73% due 07/15/2023*		368,000		367,679
Georgia - Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		235,000		242,104
				988,098
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		202,000		198,268
Pharmacy Services — 0.2%
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		213,000		203,209
CVS Pass-Through Trust Pass-Through Certs. 4.70% due 01/10/2036*		117,710		115,874
CVS Pass-Through Trust Pass-Through Certs. 5.77% due 01/10/2033*		123,265		129,673
CVS Pass-Through Trust Pass-Through Certs. 5.93% due 01/10/2034*		122,025		130,018
				578,774

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	$	348,099
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		208,000		195,801
Energy Transfer Partners LP Company Guar. Notes 4.90% due 03/15/2035		48,000		42,618
Energy Transfer Partners LP Company Guar. Notes 6.63% due 10/15/2036		281,000		287,085
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		170,000		155,178
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		36,000		27,368
Kinder Morgan Energy Partners LP Company Guar. Notes 4.30% due 05/01/2024		247,000		244,781
Kinder Morgan Energy Partners LP Company Guar. Notes 6.95% due 01/15/2038		260,000		288,614
MPLX LP Senior Notes 4.00% due 03/15/2028		166,000		153,683
MPLX LP Senior Notes 4.80% due 02/15/2029		122,000		119,986
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		90,000		77,940
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026		219,000		209,023
				2,150,176
Real Estate Investment Trusts — 0.7%
Boston Properties LP Senior Notes 4.50% due 12/01/2028		365,000		363,855
EPR Properties Company Guar. Notes 4.95% due 04/15/2028		89,000		86,646
ERP Operating LP Senior Notes 4.15% due 12/01/2028		168,000		167,867
Kimco Realty Corp. Senior Notes 4.25% due 04/01/2045		116,000		99,311
National Retail Properties, Inc. Senior Notes 4.80% due 10/15/2048		88,000		83,129
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		293,000		297,438
UDR, Inc. Company Guar. Notes 3.50% due 01/15/2028		98,000		90,991
UDR, Inc. Company Guar. Notes 4.40% due 01/26/2029		252,000		250,715
Washington Prime Group LP# Senior Notes 5.95% due 08/15/2024		135,000		125,304

37

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Welltower, Inc. Senior Notes 3.95% due 09/01/2023	$	158,000	$	157,210
				1,722,466
Retail - Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 3.50% due 11/15/2024		226,000		209,802
Retail - Building Products — 0.1%
Home Depot, Inc. Senior Notes 4.50% due 12/06/2048		177,000		176,891
Retail - Discount — 0.2%
Wal-Mart Stores, Inc. Senior Notes 2.55% due 04/11/2023		535,000		516,101
Retail - Mail Order — 0.2%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		583,000		571,362
Retail - Restaurants — 0.1%
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		270,000		252,389
Savings & Loans/Thrifts — 0.7%
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		658,000		684,145
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		400,000		437,383
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		483,000		483,639
				1,605,167
Semiconductor Components - Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 3.45% due 05/20/2025		265,000		252,278
Telephone - Integrated — 0.8%
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		660,000		584,346
AT&T, Inc. Senior Notes 4.90% due 08/15/2037*		569,000		516,662
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		96,000		90,995
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		766,000		787,353
				1,979,356
Television — 0.1%
CBS Corp. Company Guar. Notes 3.70% due 08/15/2024		276,000		266,320

Security Description	Principal Amount		Value (Note 2)
Transport - Equipment & Leasing — 0.2%
GATX Corp. Senior Notes 4.35% due 02/15/2024	$	370,000	$	369,947
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		211,000		202,828
Transport - Rail — 0.2%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		123,000		118,882
Norfolk Southern Corp. Senior Notes 5.10% due 12/31/2049		248,000		236,203
				355,085
Transport - Services — 0.1%
FedEx Corp. Company Guar. Notes 4.05% due 02/15/2048		157,000		132,410
FedEx Corp.# Company Guar. Notes 4.95% due 10/17/2048		143,000		138,550
				270,960
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*		338,000		328,891
Total U.S. Corporate Bonds & Notes
(cost $63,606,800)				61,855,957
FOREIGN CORPORATE BONDS & NOTES — 7.2%
Agricultural Chemicals — 0.1%
Syngenta Finance NV Company Guar. Notes 4.44% due 04/24/2023*		240,000		230,791
Auto - Cars/Light Trucks — 0.1%
Hyundai Capital Services, Inc. Senior Notes 3.00% due 08/29/2022*		239,000		229,219
Auto/Truck Parts & Equipment - Original — 0.3%
Toyota Industries Corp. Senior Notes 3.24% due 03/16/2023*		740,000		729,425
Banks - Commercial — 1.4%
AIB Group PLC Senior Notes 4.75% due 10/12/2023*		449,000		441,264
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		486,000		474,711
Credit Suisse AG Senior Notes 3.00% due 10/29/2021		405,000		396,383
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		239,000		228,322
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		219,067
Intesa Sanpaolo SpA Senior Notes 3.88% due 01/12/2028*		471,000		379,943

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
National Australia Bank, Ltd. Senior Notes 3.63% due 06/20/2023	$	351,000	$	348,301
Royal Bank of Canada Senior Notes 3.70% due 10/05/2023		193,000		192,141
Toronto - Dominion Bank Senior Notes 1.85% due 09/11/2020		296,000		289,111
United Overseas Bank, Ltd. Senior Notes 3.20% due 04/23/2021*		206,000		205,047
Westpac Banking Corp.# Senior Notes 3.05% due 05/15/2020		203,000		202,131
				3,376,421
Building Societies — 0.1%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*		250,000		219,097
Cellular Telecom — 0.1%
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		198,140
Vodafone Group PLC Senior Notes 4.13% due 05/30/2025		107,000		104,388
				302,528
Chemicals - Diversified — 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		209,000		192,280
Diversified Banking Institutions — 1.9%
Banco Santander SA Senior Notes 3.85% due 04/12/2023		200,000		192,712
BNP Paribas SA Senior Notes 3.80% due 01/10/2024*		276,000		267,008
Credit Suisse Group AG Senior Notes 4.21% due 06/12/2024*		258,000		254,768
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		182,000		179,326
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		329,000		320,277
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.76% due 07/26/2023		278,000		277,508
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.78% due 03/02/2025		100,000		98,925
Mizuho Financial Group, Inc. Senior Notes 3.55% due 03/05/2023		1,213,000		1,201,521
Royal Bank of Scotland Group PLC Senior Notes 3.50% due 05/15/2023		200,000		190,541
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		270,000		262,839

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Royal Bank of Scotland Group PLC Senior Notes 5.08% due 01/27/2030	$	257,000	$	245,496
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		625,000		606,555
UniCredit SpA# Sub. Notes 5.86% due 06/19/2032*		531,000		449,690
				4,547,166
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 2.34% due 11/15/2020		469,000		446,020
Diversified Manufacturing Operations — 0.2%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.20% due 03/16/2020*		398,000		392,880
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		207,000		186,353
Electric - Generation — 0.2%
Electricite de France SA Senior Notes 4.88% due 09/21/2038*		315,000		284,941
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		122,000		118,351
				403,292
Electric - Integrated — 0.3%
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		393,000		368,593
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		416,000		358,278
				726,871
Finance - Leasing Companies — 0.0%
Aircastle, Ltd. Senior Notes 4.40% due 09/25/2023		116,000		114,430
Gold Mining — 0.1%
Kinross Gold Corp. Company Guar. Notes 4.50% due 07/15/2027		156,000		134,550
Insurance - Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		244,000		222,202
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		183,000		186,003
Insurance - Property/Casualty — 0.0%
Enstar Group, Ltd. Senior Notes 4.50% due 03/10/2022		97,000		97,005

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Machinery - Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027	$	250,000	$	229,741
CNH Industrial NV Senior Notes 4.50% due 08/15/2023		163,000		163,000
				392,741
Machinery - Pumps — 0.1%
Nvent Finance SARL Company Guar. Notes 4.55% due 04/15/2028		175,000		169,408
Medical - Drugs — 0.3%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		192,000		179,657
Takeda Pharmaceutical Co., Ltd. Senior Notes 4.40% due 11/26/2023*		515,000		519,340
				698,997
Oil Companies - Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 3.25% due 05/06/2022		335,000		330,554
Cenovus Energy, Inc.# Senior Notes 4.25% due 04/15/2027		278,000		247,846
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029*		100,000		91,880
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		210,000		173,775
Suncor Energy, Inc. Senior Notes 5.95% due 12/01/2034		124,000		136,678
				980,733
SupraNational Banks — 0.1%
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		300,000		302,376
Telephone - Integrated — 0.6%
British Telecommunications PLC Senior Notes 5.13% due 12/04/2028		227,000		226,402
Telecom Italia Capital SA# Company Guar. Notes 7.72% due 06/04/2038		626,000		613,480
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		362,000		319,833
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		204,000		184,410
				1,344,125
Transport - Rail — 0.1%
Canadian National Railway Co. Senior Notes 2.85% due 12/15/2021		204,000		201,051

Security Description	Principal Amount		Value (Note 2)
Transport - Rail (continued)
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115	$	140,000	$	158,135
				359,186
Total Foreign Corporate Bonds & Notes
(cost $17,848,996)				16,984,099
U.S. GOVERNMENT AGENCIES — 41.1%
Federal Home Loan Bank — 0.1%
5.50% due 07/15/2036		250,000		311,874
Federal Home Loan Mtg. Corp. — 13.5%
2.50% due 01/01/2028		205,551		200,723
2.50% due 04/01/2028		501,875		490,088
2.50% due 03/01/2031		661,578		637,672
2.50% due 10/01/2032		875,219		843,501
3.00% due 08/01/2027		137,577		136,490
3.00% due 10/01/2042		471,036		453,118
3.00% due 11/01/2042		590,822		568,281
3.00% due 04/01/2043		641,645		616,611
3.00% due 05/01/2043		819,969		788,107
3.00% due 08/01/2043		616,544		592,490
3.00% due 07/01/2045		832,434		796,048
3.00% due 10/01/2045		412,399		394,037
3.00% due 08/01/2046		2,478,283		2,365,240
3.50% due 01/01/2032		1,488,155		1,494,271
3.50% due 11/01/2041		557,241		551,325
3.50% due 03/01/2042		192,697		190,652
3.50% due 04/01/2042		1,083,624		1,072,123
3.50% due 06/01/2042		1,252,680		1,239,382
3.50% due 08/01/2042		242,079		239,510
3.50% due 03/01/2045		904,219		890,723
3.50% due 07/01/2045		1,105,945		1,089,063
3.50% due 08/01/2045		648,198		638,303
3.50% due 11/01/2045		428,636		422,092
3.50% due 12/01/2046		833,147		819,234
3.50% due 11/01/2047		6,375,118		6,254,953
4.00% due 09/01/2040		272,225		276,408
4.00% due 10/01/2045		778,379		784,265
4.00% due 11/01/2045		896,706		903,392
4.50% due 04/01/2044		150,933		155,413
4.50% due 03/01/2046		224,897		231,556
5.00% due 10/01/2033		391		411
5.00% due 06/01/2039		357,698		378,669
5.00% due 11/01/2043		445,010		472,017
5.50% due 02/01/2035		68,982		73,273
6.00% due 10/01/2033		94,782		102,523
6.00% due 03/01/2040		541		594
6.50% due 02/01/2035		1,813		1,988
6.75% due 09/15/2029		500,000		653,251
6.75% due 03/15/2031		250,000		334,005
Federal Home Loan Mtg. Corp. FRS 3.99% (6 ML+1.49%) due 02/01/2037		37,906		38,981
4.22% (12 ML+1.89%) due 11/01/2037		364,199		383,599
Federal Home Loan Mtg. Corp. REMIC Series 4740, Class BA 3.00% due 09/15/2045(2)		751,025		736,237
Series 4800, Class KG 3.50% due 11/15/2045(2)		100,000		97,247
Series 3820, Class DA 4.00% due 11/15/2035(2)		425,331		428,176
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.49% (6.80% - 1 ML) due 09/15/2039(2)(6)(7)		203,061		21,389

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2017 - HQA1, Class M1 3.48% (1 ML+1.20%) due 08/25/2029(2)	$	684,415	$	687,359
Series 2015 - DNA1, Class M2 4.13% (1 ML+1.85%) due 10/25/2027(2)		248,273		251,753
Series 2014 - DN1, Class M2 4.48% (1 ML+2.20%) due 02/25/2024(2)		384,641		392,938
Series 2014 - HQ2, Class M2 4.48% (1 ML+2.20%) due 09/25/2024(2)		509,384		520,698
Series 2016 - HQA1, Class M2 5.03% (1 ML+2.75%) due 09/25/2028(2)		278,875		283,408
Series 2015 - HQA2, Class M2 5.08% (1 ML+2.80%) due 05/25/2028(2)		21,844		22,312
				32,015,899
Federal National Mtg. Assoc. — 23.1%
2.50% due 04/01/2028		292,471		285,083
2.50% due 01/01/2032		704,085		679,344
3.00% due 10/01/2027		81,115		80,666
3.00% due 12/01/2027		705,061		698,112
3.00% due 01/01/2028		605,343		601,990
3.00% due 03/01/2030		2,564,519		2,539,276
3.00% due 10/01/2030		487,610		482,806
3.00% due 03/01/2042		672,157		646,794
3.00% due 12/01/2042		662,533		637,504
3.00% due 02/01/2045		578,534		554,761
3.00% due 09/01/2046		96,038		91,675
3.00% due 01/01/2047		1,365,320		1,303,143
3.00% due 04/01/2047		4,269,500		4,074,985
3.50% due 08/01/2026		127,803		128,234
3.50% due 09/01/2026		36,723		36,847
3.50% due 08/01/2027		42,605		42,748
3.50% due 10/01/2028		406,445		409,254
3.50% due 03/01/2033		1,460,267		1,465,183
3.50% due 12/01/2041		410,585		406,213
3.50% due 08/01/2042		1,236,515		1,219,889
3.50% due 07/01/2045		438,068		431,372
3.50% due 08/01/2045		502,549		494,861
3.50% due 09/01/2045		426,859		420,329
3.50% due 10/01/2045		696,854		686,194
3.50% due 11/01/2045		323,220		318,075
3.50% due 12/01/2045		2,421,821		2,384,771
3.50% due 02/01/2046		718,314		707,252
3.50% due 03/01/2046		388,439		381,819
3.50% due 07/01/2046		1,643,802		1,618,656
3.50% due 01/01/2047		2,549,038		2,505,813
3.50% due 04/01/2048		2,531,595		2,486,552
4.00% due 07/01/2040		106,121		107,002
4.00% due 10/01/2040		72,776		73,733
4.00% due 12/01/2040		986,978		999,825
4.00% due 10/01/2041		480,919		487,241
4.00% due 11/01/2041		466,814		473,097
4.00% due 01/01/2043		555,886		563,256
4.00% due 10/01/2043		736,289		744,962
4.00% due 10/01/2044		1,005,814		1,013,819
4.00% due 02/01/2045		1,114,145		1,127,372
4.00% due 06/01/2046		321,373		323,487

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 01/01/2047	$	655,687	$	659,807
4.00% due 05/01/2047		865,172		870,520
4.00% due 07/01/2047		2,547,573		2,563,190
4.00% due 08/01/2047		2,126,077		2,139,001
4.50% due 11/01/2022		45,500		46,473
4.50% due 10/01/2024		169,532		174,192
4.50% due 11/01/2040		161,691		168,194
4.50% due 12/01/2040		299,438		311,477
4.50% due 05/01/2041		235,159		244,509
4.50% due 08/01/2045		2,154,131		2,247,615
4.50% due 11/01/2047		2,724,012		2,803,193
4.50% due 06/01/2048		1,858,918		1,912,881
5.00% due 10/01/2033		2,363		2,507
5.00% due 03/01/2034		38,469		40,798
5.00% due 05/01/2040		89,441		94,843
5.00% due 06/01/2040		52,628		55,761
5.00% due 02/01/2045		296,255		314,165
5.50% due 12/01/2029		60,549		64,490
5.50% due 04/01/2033		52,148		56,100
5.50% due 12/01/2033		44,012		47,370
5.50% due 07/01/2037		252,047		270,375
5.50% due 08/01/2037		172,694		185,688
5.50% due 06/01/2038		23,411		25,178
6.00% due 12/01/2020		1,033		1,044
6.00% due 12/01/2036		309,518		338,475
6.00% due 11/01/2038		87,922		96,185
6.00% due 06/01/2040		64,821		70,893
6.50% due 10/01/2037		22,741		24,845
Federal National Mtg. Assoc. FRS 4.00% (12 ML+1.66%) due 07/01/2039		254,582		265,841
4.01% (12 ML+1.57%) due 05/01/2037		59,173		61,672
4.04% (6 ML+1.54%) due 09/01/2035		290,724		300,343
4.04% (12 ML+1.76%) due 05/01/2040		334,965		349,482
4.20% (1 Yr USTYCR+2.21%) due 10/01/2035		317,620		334,542
4.25% (1 Yr USTYCR+2.26%) due 11/01/2036		135,599		143,130
4.45% (12 ML+1.91%) due 08/01/2035		185,195		194,983
4.57% (12 ML+1.82%) due 10/01/2040		67,266		70,300
4.67% (12 ML+1.83%) due 10/01/2040		195,492		204,482
Federal National Mtg. Assoc. REMIC Series 2017-94, Class DA 3.00% due 06/25/2045(2)		463,581		454,311
Series 2017-100, Class NP 3.00% due 12/25/2047(2)		281,163		268,083
Series 2018-27, Class EA 3.00% due 05/25/2048(2)		1,328,861		1,274,313
				54,485,246
Government National Mtg. Assoc. — 4.4%
3.00% due 02/20/2045		524,344		508,896
3.00% due 05/20/2045		406,333		392,686
3.00% due 07/20/2045		67,534		65,252
3.00% due 11/20/2045		1,368,265		1,321,462
3.00% due 12/20/2045		641,570		619,558
3.00% due 09/20/2047		2,059,733		1,984,203
3.50% due 03/20/2045		352,283		349,121
3.50% due 04/20/2045		673,975		667,925

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
3.50% due 07/20/2045	$	147,185	$	145,863
3.50% due 03/20/2047		566,163		560,025
4.00% due 07/20/2045		208,515		212,156
4.00% due 10/20/2045		3,237,907		3,302,900
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(3)		200,000		185,502
				10,315,549
Total U.S. Government Agencies
(cost $100,351,202)				97,128,568
U.S. GOVERNMENT TREASURIES — 19.5%
United States Treasury Bonds — 6.5%
2.75% due 11/15/2042		423,000		384,038
2.75% due 08/15/2047		1,000,000		895,117
2.88% due 08/15/2028		108,000		106,709
2.88% due 11/15/2046#		400,000		367,953
3.00% due 05/15/2045		1,500,000		1,418,437
3.00% due 11/15/2045		2,800,000		2,645,344
3.00% due 05/15/2047		1,500,000		1,412,930
3.13% due 11/15/2041		2,398,000		2,337,207
3.13% due 02/15/2042		408,000		397,290
3.13% due 05/15/2048		2,519,100		2,428,275
3.63% due 02/15/2044		700,000		737,516
3.88% due 08/15/2040		174,000		190,788
4.25% due 05/15/2039		267,000		308,510
4.38% due 05/15/2040		200,000		234,844
4.75% due 02/15/2037		587,000		717,745
5.00% due 05/15/2037		159,000		200,265
5.25% due 11/15/2028		369,000		439,124
8.13% due 08/15/2019		92,000		95,443
				15,317,535
United States Treasury Notes — 13.0%
1.38% due 02/28/2019		6,547,000		6,530,831
1.63% due 08/15/2022		2,390,000		2,286,838
1.63% due 08/31/2022		2,000,000		1,913,047
1.63% due 02/15/2026		1,979,000		1,810,708
1.63% due 05/15/2026		427,000		389,387
1.75% due 09/30/2022		5,287,000		5,075,727
2.00% due 02/15/2025		1,800,000		1,706,273
2.00% due 11/15/2026		3,400,000		3,167,312
2.13% due 07/31/2024		882,000		846,754
2.25% due 11/15/2024#		620,000		597,695
2.25% due 08/15/2027		1,200,000		1,131,797
2.25% due 11/15/2027		1,400,000		1,317,586
2.38% due 01/31/2023		450,000		441,598
2.50% due 05/15/2024		3,000,000		2,941,406
2.88% due 07/31/2025		512,000		510,520
3.13% due 05/15/2019		11,000		11,027
3.63% due 08/15/2019		27,000		27,174
				30,705,680
Total U.S. Government Treasuries
(cost $47,722,602)				46,023,215
FOREIGN GOVERNMENT OBLIGATIONS — 0.1%
Sovereign — 0.1%
United Mexican States Senior Bonds 4.75% due 03/08/2044 (cost $241,792)		250,000		220,000

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES — 0.1%
Electric-Distribution — 0.0%
Entergy Louisiana LLC 4.7%	$	7,100	$	150,094
Telecom Services — 0.1%
Qwest Corp. 6.13%		8,425		165,972
Total Preferred Securities
(cost $388,087)				316,066
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.9%
Banks-Commercial — 0.2%
Cooperatieve Rabobank UA 11.00% due 06/30/2019*(8)		431,000		448,240
Banks-Super Regional — 0.1%
Huntington Bancshares, Inc. Series E 5.70% due 04/15/2023(8)		192,000		182,880
Wells Fargo Capital X 5.95% due 12/01/2086		89,000		92,560
				275,440
Diversified Banking Institutions — 0.8%
Bank of Nova Scotia 4.65% due 10/12/2022		560,000		508,928
HSBC Holdings PLC 6.00% due 05/22/2027(8)		351,000		319,410
HSBC Holdings PLC 6.25% due 03/23/2023(8)		337,000		317,926
JPMorgan Chase & Co.# Series U 6.13% due 04/30/2024		271,000		275,404
JPMorgan Chase & Co.# Series CC 4.63% due 11/01/2022		450,000		400,218
				1,821,886
Electric - Integrated — 0.1%
Dominion Resources, Inc. 5.75% due 10/01/2054		142,000		142,895
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		194,025
Insurance - Life/Health — 0.3%
Hanwha Life Insurance Co., Ltd. 4.70% due 04/23/2048*		447,000		422,994
Prudential Financial, Inc.# 4.50% due 09/15/2047		118,000		104,430
Prudential Financial, Inc. 5.63% due 06/15/2043		260,000		260,975
				788,399
Pipelines — 0.1%
Enterprise Products Operating LLC 5.25% due 08/16/2077		140,000		119,085
TransCanada Trust# 5.30% due 03/15/2077		141,000		124,926
TransCanada Trust 5.63% due 05/20/2075		108,000		100,494
				344,505

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount/ Shares			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc. 5.75% due 12/15/2053	$	396,000		$	394,020
Total Preferred Securities/Capital Securities
(cost $4,651,175)					4,409,418
Total Long-Term Investment Securities
(cost $242,270,922)					234,201,177
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(10)		1,991,955			1,991,955
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(9)(10)		800,043			800,043
Total Short-Term Investment Securities
(cost $2,791,998)					2,791,998
TOTAL INVESTMENTS
(cost $245,062,920)(11)		100.4	%		236,993,175
Liabilities in excess of other assets		(0.4	)		(882,872	)
NET ASSETS		100.0	%	$	236,110,303

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $22,397,918 representing 9.5% 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).

† 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 November 30, 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 November 30, 2018.

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

(9) At November 30, 2018, the Fund had loaned securities with a total value of $4,316,810. This was secured by collateral of $800,043, which was received in cash and subsequently invested in short-term investments currently valued at $800,043 as reported in the Portfolio of Investments. Additional collateral of $3,606,253 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 November 30, 2018
Federal Home Loan Mtg. Corp.	zero coupon to 15.20%	06/15/2027 to 10/15/2058	$	303,342
Federal National Mtg. Assoc.	1.75% to 17.14%	02/25/2031 to 10/25/2058		683,462
United States Treasury Bills	0.00%	12/06/2018 to 03/21/2019		134,807
United States Treasury Notes/Bonds	0.13% to 8.75%	01/31/2019 to 02/15/2047		2,484,642

(10) The rate shown is the 7-day yield as of November 30, 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 November 30, 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 November 30, 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	$	—	$	7,263,854	$	—	$	7,263,854
U.S Corporate Bonds & Notes:
Finance-Investment Banker/Broker		—		152,627		20		152,647
Other Industries		—		61,703,310		—		61,703,310
Foreign Corporate Bonds & Notes		—		16,984,099		—		16,984,099
U.S. Government Agencies		—		97,128,568		—		97,128,568
U.S. Government Treasuries		—		46,023,215		—		46,023,215
Foreign Government Obligations		—		220,000		—		220,000
Preferred Securities		316,066		—		—		316,066

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Preferred Securities/Capital Securities:
Finance-Investment Banker/Broker	$	—	$	—	$	8	$	8
Other Industries		—		4,409,410		—		4,409,410
Short-Term Investment Securities		2,791,998		—		—		2,791,998
Total Investments at Value	$	3,108,064	$	233,885,083	$	28	$	236,993,175

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

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

See Notes to Financial Statements

44

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Computers	7.4	%
Medical-HMO	6.5
Diversified Banking Institutions	5.9
Oil Companies-Integrated	5.8
Medical-Drugs	5.5
Applications Software	5.1
Web Portals/ISP	4.7
Cable/Satellite TV	3.9
Banks-Super Regional	3.6
Retail-Discount	3.2
Medical-Biomedical/Gene	3.2
Networking Products	3.0
Electric-Integrated	2.9
Computer Services	2.8
Building-Residential/Commercial	2.2
Tobacco	2.2
Transport-Rail	2.1
Retail-Building Products	2.0
Chemicals-Diversified	1.9
Medical Labs & Testing Services	1.8
E-Services/Consulting	1.8
Airlines	1.7
Cruise Lines	1.6
Retail-Auto Parts	1.5
Medical Products	1.4
Containers-Paper/Plastic	1.3
Electric Products-Misc.	1.3
Distribution/Wholesale	1.2
Food-Confectionery	1.2
Electronic Measurement Instruments	1.1
Finance-Auto Loans	1.1
Finance-Investment Banker/Broker	1.1
Financial Guarantee Insurance	1.0
Semiconductor Components-Integrated Circuits	0.9
Insurance-Multi-line	0.9
Metal-Copper	0.9
Retail-Apparel/Shoe	0.8
Finance-Consumer Loans	0.8
Banks-Commercial	0.7
Oil Companies-Exploration & Production	0.6
Pharmacy Services	0.6
Metal-Diversified	0.4
Repurchase Agreements	0.3
	99.9	%

* Calculated as a percentage of net assets

45

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Airlines — 1.7%
Delta Air Lines, Inc.		67,991	$	4,127,734
Applications Software — 5.1%
Microsoft Corp.		112,432		12,467,585
Banks-Commercial — 0.7%
Regions Financial Corp.		109,177		1,795,962
Banks-Super Regional — 3.6%
SunTrust Banks, Inc.		65,208		4,087,890
US Bancorp		86,801		4,727,182
				8,815,072
Building-Residential/Commercial — 2.2%
D.R. Horton, Inc.		111,222		4,139,683
Lennar Corp., Class A		30,266		1,293,266
				5,432,949
Cable/Satellite TV — 3.9%
Comcast Corp., Class A		177,622		6,929,034
DISH Network Corp., Class A†		82,462		2,701,455
				9,630,489
Chemicals-Diversified — 1.9%
DowDuPont, Inc.		79,772		4,614,810
Computer Services — 2.8%
Amdocs, Ltd.		29,954		1,944,314
Cognizant Technology Solutions Corp., Class A		70,148		4,996,642
				6,940,956
Computers — 7.4%
Apple, Inc.		73,588		13,141,345
Dell Technologies, Inc., Class V†		48,496		5,115,358
				18,256,703
Containers-Paper/Plastic — 1.3%
Packaging Corp. of America		33,625		3,289,198
Cruise Lines — 1.6%
Carnival Corp.		64,935		3,914,931
Distribution/Wholesale — 1.2%
KAR Auction Services, Inc.		52,829		3,018,649
Diversified Banking Institutions — 5.9%
Bank of America Corp.		216,641		6,152,604
JPMorgan Chase & Co.		75,441		8,388,285
				14,540,889
E-Services/Consulting — 1.8%
CDW Corp.		47,240		4,378,203
Electric Products-Misc. — 1.3%
Emerson Electric Co.		46,544		3,142,651
Electric-Integrated — 2.9%
AES Corp.		170,128		2,635,283
FirstEnergy Corp.#		120,191		4,546,825
				7,182,108
Electronic Measurement Instruments — 1.1%
Fortive Corp.		36,532		2,778,989
Finance-Auto Loans — 1.1%
Ally Financial, Inc.		101,093		2,697,161
Finance-Consumer Loans — 0.8%
SLM Corp.†		188,207		1,932,886
Finance-Investment Banker/Broker — 1.1%
E*TRADE Financial Corp.		50,444		2,637,717

Security Description	Shares		Value (Note 2)
Financial Guarantee Insurance — 1.0%
Assured Guaranty, Ltd.		58,099	$	2,371,601
Food-Confectionery — 1.2%
J.M. Smucker Co.		26,905		2,811,842
Insurance-Multi-line — 0.9%
Hartford Financial Services Group, Inc.		50,507		2,231,904
Medical Labs & Testing Services — 1.8%
Laboratory Corp. of America Holdings†		31,006		4,515,714
Medical Products — 1.4%
Baxter International, Inc.		50,046		3,430,653
Medical-Biomedical/Gene — 3.2%
Biogen, Inc.†		14,766		4,927,709
Gilead Sciences, Inc.		38,689		2,783,287
				7,710,996
Medical-Drugs — 5.5%
Novartis AG ADR		23,469		2,148,118
Novo Nordisk A/S ADR		63,797		2,974,216
Pfizer, Inc.		178,091		8,233,147
				13,355,481
Medical-HMO — 6.5%
Centene Corp.†		25,727		3,659,666
Humana, Inc.		16,554		5,454,046
UnitedHealth Group, Inc.		23,967		6,743,355
				15,857,067
Metal-Copper — 0.9%
Freeport-McMoRan, Inc.		174,449		2,082,921
Metal-Diversified — 0.4%
Rio Tinto PLC ADR#		19,133		894,659
Networking Products — 3.0%
Cisco Systems, Inc.		153,551		7,350,486
Oil Companies-Exploration & Production — 0.6%
Marathon Oil Corp.		92,733		1,547,714
Oil Companies-Integrated — 5.8%
BP PLC ADR		100,452		4,053,238
Chevron Corp.		45,244		5,381,321
Suncor Energy, Inc.		148,572		4,797,390
				14,231,949
Pharmacy Services — 0.6%
CVS Health Corp.		18,086		1,450,497
Retail-Apparel/Shoe — 0.8%
Urban Outfitters, Inc.†		52,152		1,986,470
Retail-Auto Parts — 1.5%
O’Reilly Automotive, Inc.†		10,784		3,739,676
Retail-Building Products — 2.0%
Lowe’s Cos., Inc.		52,093		4,916,016
Retail-Discount — 3.2%
Dollar General Corp.		13,526		1,501,251
Walmart, Inc.		65,846		6,429,862
				7,931,113
Semiconductor Components-Integrated Circuits — 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		60,452		2,272,391
Tobacco — 2.2%
Altria Group, Inc.		96,648		5,299,210
Transport-Rail — 2.1%
Norfolk Southern Corp.		29,958		5,115,029

46

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 4.7%
Alphabet, Inc., Class A†		5,144		$	5,708,039
Alphabet, Inc., Class C†		5,304			5,804,857
					11,512,896
Total Long-Term Investment Securities
(cost $191,815,929)					244,211,927
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)
(cost $79,920)		79,920			79,920
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $745,026 collateralized by $765,000 of United States Treasury Notes, bearing interest at 2.88% due 5/31/2025 and having an approximate value of $761,982 (cost $745,000)	$	745,000			745,000
TOTAL INVESTMENTS
(cost $192,640,849)(2)		99.9	%		245,036,847
Other assets less liabilities		0.1			313,830
NET ASSETS		100.0	%	$	245,350,677

† Non-income producing security

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

(1) At November 30, 2018, the Fund had loaned securities with a total value of $4,643,385. This was secured by collateral of $79,920, which was received in cash and subsequently invested in short-term investments currently valued at $79,920 as reported in the Portfolio of Investments. Additional collateral of $4,593,306 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 November 30, 2018
United States Treasury Bills	0.00%	12/13/2018 to 03/28/2019	$	4,040,285
United States Treasury Notes/Bonds	0.13% to 2.88%	02/15/2019 to 02/15/2044		553,021

(2) 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 November 30, 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	$	244,211,927	$	—	$	—	$	244,211,927
Short-Term Investment Securities		79,920		—		—		79,920
Repurchase Agreements		—		745,000		—		745,000
Total Investments at Value	$	244,291,847	$	745,000	$	—	$	245,036,847

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

See Notes to Portfolio of Investments

47

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Medical — Drugs	10.5	%
Diversified Banking Institutions	7.5
Oil Companies — Integrated	5.2
Retail — Apparel/Shoe	4.2
Telephone — Integrated	4.0
Food — Misc./Diversified	3.4
Tobacco	3.2
Banks — Super Regional	2.9
Medical — HMO	2.9
Advertising Agencies	2.7
Semiconductor Equipment	2.4
Cosmetics & Toiletries	2.3
Electric — Integrated	2.3
Beverages — Non-alcoholic	2.0
Medical — Wholesale Drug Distribution	2.0
Pharmacy Services	2.0
Pipelines	2.0
Enterprise Software/Service	1.9
Insurance — Multi-line	1.8
Chemicals — Diversified	1.7
Networking Products	1.7
Commercial Services — Finance	1.5
Applications Software	1.5
Computer Services	1.4
Oil Companies — Exploration & Production	1.3
Commercial Services	1.3
Medical — Biomedical/Gene	1.3
Medical Products	1.2
Retail — Regional Department Stores	1.2
Apparel Manufacturers	1.1
Cable/Satellite TV	1.1
Semiconductor Components — Integrated Circuits	1.0
Computers — Memory Devices	1.0
Insurance Brokers	1.0
Medical Instruments	0.9
Diversified Manufacturing Operations	0.9
Aerospace/Defense	0.7
Instruments — Controls	0.7
Insurance — Property/Casualty	0.7
Insurance — Life/Health	0.7
Wireless Equipment	0.7
Oil Refining & Marketing	0.6
Beverages — Wine/Spirits	0.5
Building Products — Air & Heating	0.5
Banks — Fiduciary	0.5
Retail — Building Products	0.4
Home Decoration Products	0.4
Building Products — Cement	0.3
Electronic Components — Semiconductors	0.3
Transport — Rail	0.3
E-Services/Consulting	0.3
Repurchase Agreements	0.3
Finance — Investment Banker/Broker	0.2
Computers	0.2
Toys	0.2
Retail — Discount	0.2
Paper & Related Products	0.2
Water Treatment Systems	0.2
Telecom Services	0.2
	95.6	%

* Calculated as a percentage of net assets

48

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Advertising Agencies — 2.7%
Interpublic Group of Cos., Inc.		492,567	$	11,575,324
Omnicom Group, Inc.		161,477		12,428,885
				24,004,209
Aerospace/Defense — 0.7%
BAE Systems PLC		195,638		1,228,703
Lockheed Martin Corp.		6,087		1,828,717
Northrop Grumman Corp.		13,296		3,455,365
				6,512,785
Apparel Manufacturers — 1.1%
Hanesbrands, Inc.#		632,548		10,063,839
Applications Software — 1.5%
Microsoft Corp.		116,901		12,963,152
Banks - Fiduciary — 0.5%
State Street Corp.		61,197		4,468,605
Banks - Super Regional — 2.9%
US Bancorp		124,684		6,790,290
Wells Fargo & Co.		349,392		18,964,998
				25,755,288
Beverages - Non-alcoholic — 2.0%
Coca-Cola Co.		244,038		12,299,515
PepsiCo, Inc.		47,153		5,749,837
				18,049,352
Beverages - Wine/Spirits — 0.5%
Diageo PLC		132,759		4,782,980
Building Products - Air & Heating — 0.5%
Johnson Controls International PLC		129,713		4,511,418
Building Products - Cement — 0.3%
CRH PLC		109,211		2,999,512
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		246,207		9,604,535
Chemicals - Diversified — 1.7%
DowDuPont, Inc.		87,138		5,040,933
LyondellBasell Industries NV, Class A		105,168		9,813,226
				14,854,159
Commercial Services — 1.3%
Nielsen Holdings PLC		423,048		11,494,214
Commercial Services - Finance — 1.5%
Experian PLC		55,135		1,344,608
H&R Block, Inc.#		436,519		11,790,378
				13,134,986
Computer Services — 1.4%
Cognizant Technology Solutions Corp., Class A		41,822		2,978,981
International Business Machines Corp.		77,174		9,590,413
				12,569,394
Computers — 0.2%
Lenovo Group, Ltd.		2,702,000		1,960,049
Computers - Memory Devices — 1.0%
Western Digital Corp.		197,027		8,943,056
Cosmetics & Toiletries — 2.3%
Procter & Gamble Co.		183,486		17,341,262
Unilever NV		59,794		3,319,165
				20,660,427

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions — 7.5%
Bank of America Corp.		561,792	$	15,954,893
Citigroup, Inc.		260,867		16,901,573
Goldman Sachs Group, Inc.		25,163		4,798,332
JPMorgan Chase & Co.		193,296		21,492,582
Morgan Stanley		158,986		7,057,389
				66,204,769
Diversified Manufacturing Operations — 0.9%
3M Co.		17,274		3,591,610
General Electric Co.		316,325		2,372,437
Siemens AG		18,620		2,156,596
				8,120,643
E-Services/Consulting — 0.3%
CDW Corp.		31,287		2,899,679
Electric - Integrated — 2.3%
Edison International		7,390		408,815
FirstEnergy Corp.#		181,478		6,865,312
NextEra Energy, Inc.		29,927		5,438,035
PG&E Corp.†		117,710		3,105,190
Public Service Enterprise Group, Inc.		83,202		4,650,992
				20,468,344
Electronic Components - Misc. — 0.0%
nVent Electric PLC		7,375		184,523
Electronic Components - Semiconductors — 0.3%
Samsung Electronics Co., Ltd. GDR		3,146		2,945,860
Enterprise Software/Service — 1.9%
Constellation Software, Inc.		3,593		2,464,301
Oracle Corp.		284,843		13,888,944
				16,353,245
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		47,359		2,121,683
Food - Misc./Diversified — 3.4%
General Mills, Inc.		236,989		10,027,004
Kellogg Co.		54,089		3,442,765
Kraft Heinz Co.		196,373		10,038,588
Mondelez International, Inc., Class A		47,560		2,139,249
Nestle SA		50,450		4,307,923
				29,955,529
Home Decoration Products — 0.4%
Newell Brands, Inc.#		148,223		3,468,418
Instruments - Controls — 0.7%
Honeywell International, Inc.		42,773		6,276,938
Insurance Brokers — 1.0%
Arthur J. Gallagher & Co.		54,464		4,197,540
Marsh & McLennan Cos., Inc.		48,267		4,281,283
				8,478,823
Insurance - Life/Health — 0.7%
AXA Equitable Holdings, Inc.		129,293		2,544,486
Brighthouse Financial, Inc.†		11,464		461,541
Prudential Financial, Inc.		28,667		2,687,818
				5,693,845
Insurance - Multi-line — 1.8%
Hartford Financial Services Group, Inc.		60,210		2,660,680
MetLife, Inc.		299,509		13,367,087
				16,027,767

49

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 0.7%
Travelers Cos., Inc.		45,624	$	5,948,001
Medical Instruments — 0.9%
Medtronic PLC		84,875		8,277,859
Medical Products — 1.2%
Koninklijke Philips NV		288,141		10,907,340
Medical - Biomedical/Gene — 1.3%
Gilead Sciences, Inc.		155,019		11,152,067
Medical - Drugs — 10.5%
AstraZeneca PLC		136,443		10,665,271
Bayer AG		51,838		3,786,057
Johnson & Johnson		81,921		12,034,195
Merck & Co., Inc.		283,712		22,509,710
Novartis AG ADR		54,682		5,005,044
Novo Nordisk A/S ADR		83,881		3,910,532
Pfizer, Inc.		756,332		34,965,228
				92,876,037
Medical - HMO — 2.9%
Anthem, Inc.		53,827		15,613,598
Humana, Inc.		8,033		2,646,632
UnitedHealth Group, Inc.		25,789		7,255,993
				25,516,223
Medical - Wholesale Drug Distribution — 2.0%
Cardinal Health, Inc.		249,655		13,688,584
McKesson Corp.		32,962		4,103,769
				17,792,353
Networking Products — 1.7%
Cisco Systems, Inc.		307,880		14,738,216
Oil Companies - Exploration & Production — 1.3%
Anadarko Petroleum Corp.		45,778		2,421,656
Devon Energy Corp.		132,308		3,576,285
Hess Corp.		69,395		3,739,697
Marathon Oil Corp.		105,353		1,758,342
				11,495,980
Oil Companies - Integrated — 5.2%
BP PLC		1,486,911		9,859,913
Chevron Corp.		98,187		11,678,362
Exxon Mobil Corp.		137,565		10,936,418
Suncor Energy, Inc.		360,604		11,643,903
TOTAL SA ADR		37,920		2,108,731
				46,227,327
Oil Refining & Marketing — 0.6%
Marathon Petroleum Corp.		85,874		5,595,550
Paper & Related Products — 0.2%
International Paper Co.		33,576		1,550,875
Pharmacy Services — 2.0%
CVS Health Corp.		219,360		17,592,710
Pipelines — 2.0%
Enterprise Products Partners LP		273,579		7,181,449
ONEOK, Inc.		62,265		3,824,939
Williams Cos., Inc.		256,454		6,493,415
				17,499,803
Retail - Apparel/Shoe — 4.2%
Foot Locker, Inc.		228,975		12,914,190
Gap, Inc.		388,940		10,614,172
L Brands, Inc.		405,351		13,421,172
				36,949,534

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Building Products — 0.4%
Lowe’s Cos., Inc.		41,290		$	3,896,537
Retail - Discount — 0.2%
Dollar General Corp.		15,975			1,773,065
Retail - Regional Department Stores — 1.2%
Macy’s, Inc.		312,407			10,690,568
Semiconductor Components - Integrated Circuits — 1.0%
QUALCOMM, Inc.#		109,122			6,357,448
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		69,978			2,630,473
					8,987,921
Semiconductor Equipment — 2.4%
KLA-Tencor Corp.		106,353			10,482,152
Lam Research Corp.		70,490			11,064,110
					21,546,262
Telecom Services — 0.2%
BCE, Inc.		31,513			1,351,277
Telephone - Integrated — 4.0%
Verizon Communications, Inc.		584,033			35,217,190
Tobacco — 3.2%
Altria Group, Inc.		291,117			15,961,945
Philip Morris International, Inc.		143,409			12,409,181
					28,371,126
Toys — 0.2%
Mattel, Inc.†#		131,059			1,821,720
Transport - Rail — 0.3%
Union Pacific Corp.		18,909			2,907,826
Water Treatment Systems — 0.2%
Pentair PLC		31,934			1,363,582
Wireless Equipment — 0.7%
Motorola Solutions, Inc.		43,203			5,670,394
Total Long-Term Investment Securities
(cost $793,928,206)					844,249,369
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $259,635)		259,635			259,635
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $2,740,096 collateralized by $2,840,000 of United States Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $2,795,236 (cost $2,740,000)	$	2,740,000			2,740,000
TOTAL INVESTMENTS
(cost $796,927,841)(3)		95.6	%		847,249,004
Other assets less liabilities		4.4			38,818,466
NET ASSETS		100.0	%	$	886,067,470

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

† Non-income producing security

(1) At November 30, 2018, the Fund had loaned securities with a total value of $30,324,326. This was secured by collateral of $259,635, which was received in cash and subsequently invested in short-term investments currently valued at $259,635 as reported in the Portfolio of Investments. Additional collateral of $31,058,153 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly

50

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

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 November 30, 2018
United States Treasury Bills	0.00%	01/17/2019 to 04/25/2019	$	2,240,444
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		28,817,709

(2) The rate shown is the 7-day yield as of November 30, 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 November 30, 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	$	787,304,557	$	56,944,812	**	$	—	$	844,249,369
Short-Term Investment Securities		259,635		—			—		259,635
Repurchase Agreements		—		2,740,000			—		2,740,000
Total Investments at Value	$	787,564,192	$	59,684,812		$	—	$	847,249,004

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

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

See Notes to Financial Statements

51

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	51.5	%
Domestic Fixed Income Investment Companies	20.6
United States Treasury Notes	10.2
International Equity Investment Companies	9.4
United States Treasury Bonds	5.4
Registered Investment Companies	2.5
International Fixed Income Investment Companies	0.4
Options — Purchased	0.4
	100.4	%

* Calculated as a percentage of net assets

52

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.9%(1)@
Domestic Equity Investment Companies — 51.5%
VALIC Co. I Blue Chip Growth Fund		313,150	$	6,535,444
VALIC Co. I Broad Cap Value Income Fund		565,741		9,063,176
VALIC Co. I Dividend Value Fund		661,732		8,576,049
VALIC Co. I Growth & Income Fund		167,623		3,840,244
VALIC Co. I Growth Fund		469,899		8,068,171
VALIC Co. I Large Cap Core Fund		620,931		7,451,171
VALIC Co. I Large Capital Growth Fund		475,754		7,483,616
VALIC Co. I Mid Cap Index Fund		147,704		4,024,938
VALIC Co. I Stock Index Fund		687,351		27,892,682
VALIC Co. I Value Fund		510,029		9,190,729
VALIC Co. II Capital Appreciation Fund		346,776		6,443,089
VALIC Co. II Large Cap Value Fund		169,995		3,700,790
VALIC Co. II Mid Cap Growth Fund		268,423		2,614,435
VALIC Co. II Mid Cap Value Fund		128,724		2,619,543
VALIC Co. II Small Cap Growth Fund		187,823		3,763,969
VALIC Co. II Small Cap Value Fund		275,535		3,840,957
Total Domestic Equity Investment Companies
(cost $100,481,249)				115,109,003
Domestic Fixed Income Investment Companies — 20.6%
VALIC Co. I Capital Conservation Fund		1,593,900		15,094,235
VALIC Co. I Government Securities Fund		888,912		9,066,900
VALIC Co. I Inflation Protected Fund		332,895		3,565,300
VALIC Co. II Core Bond Fund		1,244,710		13,181,479
VALIC Co. II High Yield Bond Fund		249,777		1,843,357
VALIC Co. II Strategic Bond Fund		297,306		3,181,170
Total Domestic Fixed Income Investment Companies
(cost $47,659,809)				45,932,441
International Equity Investment Companies — 9.4%
VALIC Co. I Emerging Economies Fund		295,335		2,318,378
VALIC Co. I Global Real Estate Fund		226,822		1,730,653
VALIC Co. I International Equities Index Fund		601,060		4,099,230
VALIC Co. I International Growth Fund		430,825		5,781,670
VALIC Co. I International Value Fund		607,845		5,823,157
VALIC Co. II International Opportunities Fund		72,170		1,335,149
Total International Equity Investment Companies
(cost $20,544,565)				21,088,237
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund (cost $896,476)		76,753		867,304
Total Affiliated Registered Investment Companies
(cost $169,582,099)				182,996,985

Security Description	Principal Amount/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 15.6%
United States Treasury Bonds — 5.4%
2.75% due 02/15/2028	$	2,872,100		$	2,812,639
2.88% due 05/15/2028		2,501,400			2,472,966
2.88% due 08/15/2028		3,001,400			2,965,524
3.13% due 11/15/2028		2,408,000			2,430,951
6.13% due 11/15/2027		316,000			392,914
6.38% due 08/15/2027		328,000			412,691
6.63% due 02/15/2027		32,500			41,144
6.75% due 08/15/2026		421,000			531,233
					12,060,062
United States Treasury Notes — 10.2%
1.50% due 08/15/2026#		3,594,000			3,235,161
1.63% due 02/15/2026#		2,187,000			2,001,019
1.63% due 05/15/2026#		3,043,100			2,775,046
2.00% due 11/15/2026		3,052,600			2,843,688
2.25% due 02/15/2027		3,744,000			3,546,562
2.25% due 08/15/2027		2,709,500			2,555,503
2.25% due 11/15/2027		2,771,700			2,608,538
2.38% due 05/15/2027		3,436,000			3,281,514
					22,847,031
Total U.S. Government Treasuries
(cost $36,095,837)					34,907,093
OPTIONS PURCHASED—0.4%
Options - Purchased(2) (cost $1,297,244)		33,000			827,976
Total Long-Term Investment Securities
(cost $206,975,180)					218,732,054
SHORT-TERM INVESTMENT SECURITIES — 2.5%
Registered Investment Companies — 2.5%
AllianceBernstein Government Portfolio, Class AB 2.24%(3) (cost $5,765,290)		5,765,290			5,765,290
TOTAL INVESTMENTS
(cost $212,740,470)(4)		100.4	%		224,497,344
Liabilities in excess of other assets		(0.4	)		(969,879	)
NET ASSETS		100.0	%	$	223,527,465

@ 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.

(1) See Note 3

(2) Options — Purchased

Over the Counter Purchased Put Options
Issue	Counter Party	Expiration Month	Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at November 30, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	Citibank NA	February 2019	$	2,525		8,000	$	22,081,360	$	227,538	$	200,721	$	(26,817	)
S&P 500 Index	Deutsche Bank AG	February 2019		2,525		11,000		30,361,870		466,169		275,992		(190,177	)
S&P 500 Index	Goldman Sachs International	February 2019		2,525		5,000		13,800,850		201,451		125,451		(76,000	)
S&P 500 Index	UBS AG	February 2019		2,525		9,000		24,841,530		402,086		225,812		(176,274	)
						33,000	$	91,085,610	$	1,297,244	$	827,976	$	(469,268	)

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

53

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

(3) The rate shown is the 7-day yield as of November 30, 2018.

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

Over the Counter Written Call Options
Issue	CounterParty	Expiration Month	Strike Price		No. of Contracts		Notional Amount*		Premiums Received		Value at November 30, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	Citibank NA	February 2019	$	2,990		8,000	$	22,081,360	$	100,690	$	51,460	$	49,230
S&P 500 Index	Deutsche Bank AG	February 2019		2,990		11,000		30,361,870		58,300		70,757		(12,457	)
S&P 500 Index	Goldman Sachs International	February 2019		2,990		5,000		13,800,850		29,274		32,162		(2,888	)
S&P 500 Index	UBS AG	February 2019		2,990		9,000		24,841,530		27,000		57,893		(30,893	)
						33,000	$	91,085,610	$	215,264	$	212,272	$	2,992

* 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)
	220	Long	S&P 500 E-Mini Index		December 2018	$	29,892,134	$	30,341,300	$	449,166

# 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 November 30, 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	$	182,996,985	$	—	$	—	$	182,996,985
U.S. Government Treasuries		—		34,907,093		—		34,907,093
Options Purchased		—		827,976		—		827,976
Short-Term Investment Securities		5,765,290		—		—		5,765,290
Total Investments at Value	$	188,762,275	$	35,735,069	$	—	$	224,497,344
Other Financial Instruments:†
Futures Contracts	$	449,166	$	—	$	—	$	449,166
Over the Counter Written Call Options		—		49,230		—		49,230
	$	449,166	$	49,230	$	—	$	498,396
LIABILITIES:
Other Financial Instruments:†
Over the Counter Written Call Options	$	—	$	46,238	$	—	$	46,238

* 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.

See Notes to Financial Statements

54

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	15.0	%
Oil Companies — Integrated	6.2
Diversified Financial Services	5.6
Internet Application Software	5.6
Electronic Components — Semiconductors	5.6
Semiconductor Components — Integrated Circuits	5.4
E-Commerce/Products	3.1
Chemicals — Diversified	2.6
Computer Services	2.3
Registered Investment Companies	2.2
Insurance — Multi-line	2.0
Electronic Components — Misc.	2.0
Finance — Mortgage Loan/Banker	1.9
Metal — Iron	1.9
Web Portals/ISP	1.8
Building Products — Cement	1.8
Real Estate Operations & Development	1.7
Oil Refining & Marketing	1.4
Schools	1.3
Tobacco	1.3
Building — Heavy Construction	1.2
Food — Misc./Diversified	1.2
Applications Software	1.1
Metal — Diversified	1.1
Oil Companies — Exploration & Production	1.1
Steel — Producers	1.0
Cellular Telecom	1.0
Building — Residential/Commercial	1.0
Diamonds/Precious Stones	0.8
Coal	0.8
Food — Retail	0.7
Metal Processors & Fabrication	0.7
Banks — Special Purpose	0.7
Retail — Convenience Store	0.7
Diversified Banking Institutions	0.7
Retail — Hypermarkets	0.6
Diversified Operations	0.6
Finance — Other Services	0.6
Circuit Boards	0.6
Gold Mining	0.6
Auto — Cars/Light Trucks	0.6
Semiconductor Equipment	0.6
Insurance — Reinsurance	0.5
Airlines	0.5
Banks — Money Center	0.5
Food — Confectionery	0.5
Diversified Operations/Commercial Services	0.5
Distribution/Wholesale	0.5
Textile — Products	0.4
Auto/Truck Parts & Equipment — Original	0.4
Retail — Apparel/Shoe	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Metal — Copper	0.3
Public Thoroughfares	0.3
Insurance — Property/Casualty	0.3
Medical — Drugs	0.3
Petrochemicals	0.3
Paper & Related Products	0.2
Photo Equipment & Supplies	0.2
Computers — Periphery Equipment	0.2
Building & Construction — Misc.	0.2
Finance — Leasing Companies	0.2
Chemicals — Fibers	0.2
Auto — Heavy Duty Trucks	0.2
Retail — Automobile	0.2
Food — Flour & Grain	0.2
Machinery — Construction & Mining	0.2
Data Processing/Management	0.2
Beverages — Wine/Spirits	0.2

Electric — Integrated	0.1
Electric — Distribution	0.1
Retail — Regional Department Stores	0.1
Transport — Rail	0.1
Appliances	0.1
Airport Development/Maintenance	0.1
Retail — Major Department Stores	0.1
	97.7	%

Country Allocation*

China	16.9	%
Cayman Islands	14.9
South Korea	14.2
Taiwan	14.1
Brazil	8.5
Russia	7.1
India	4.7
Thailand	4.4
United States	3.3
South Africa	2.8
Turkey	1.9
Hungary	1.9
Poland	0.9
Indonesia	0.8
Mexico	0.6
United Kingdom	0.3
Hong Kong	0.2
Cyprus	0.2
	97.7	%

* Calculated as a percentage of net assets

55

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Brazil — 8.5%
B3 SA - Brasil Bolsa Balcao		586,060	$	4,273,828
Banco do Brasil SA		679,473		7,841,965
Banco Santander Brasil SA		617,349		6,820,054
Cia Brasileira de Distribuicao (Preference Shares)		106,720		2,301,918
Estacio Participacoes SA		787,412		5,039,681
IRB Brasil Resseguros S/A		185,916		3,598,607
Itau Unibanco Holding SA ADR		1,149,287		10,722,843
Kroton Educacional SA		1,191,630		3,235,613
MRV Engenharia e Participacoes SA		971,651		3,047,873
Vale SA ADR#		847,726		11,613,846
				58,496,228
Cayman Islands — 14.9%
Alibaba Group Holding, Ltd. ADR†		133,693		21,505,856
ANTA Sports Products, Ltd.		538,000		2,455,138
Baidu, Inc. ADR†		66,275		12,478,257
Chailease Holding Co., Ltd.		462,000		1,440,032
China Conch Venture Holdings, Ltd.		1,030,500		3,193,638
China Maple Leaf Educational Systems, Ltd.		2,426,000		1,052,089
China Resources Cement Holdings, Ltd.		3,314,000		3,235,073
Country Garden Holdings Co., Ltd.#		3,726,000		4,606,720
Geely Automobile Holdings, Ltd.		1,414,000		2,783,342
Nexteer Automotive Group, Ltd.		912,000		1,379,039
Tencent Holdings, Ltd.		964,100		38,671,190
Tingyi Cayman Islands Holding Corp.		954,000		1,242,398
Uni-President China Holdings, Ltd.		2,185,000		1,996,786
Want Want China Holdings, Ltd.		4,366,000		3,219,308
Zhen Ding Technology Holding, Ltd.		957,000		2,443,092
Zhongsheng Group Holdings, Ltd.		670,000		1,369,282
				103,071,240
China — 16.9%
Anhui Conch Cement Co., Ltd.		1,159,000		6,049,801
Anhui Jinhe Industrial Co., Ltd., Class A		213,100		488,534
Anhui Kouzi Distillery Co., Ltd., Class A		101,700		533,136
Bank of Nanjing Co., Ltd., Class A		644,200		647,264
Baoshan Iron & Steel Co., Ltd., Class A		1,834,100		1,779,935
BOE Technology Group Co., Ltd., Class A		4,033,000		1,621,568
China Construction Bank Corp.		20,932,000		17,899,490
China Merchants Bank Co., Ltd.		2,185,000		9,070,153
China Petroleum & Chemical Corp.		6,248,000		5,307,198
China Railway Construction Corp., Ltd.		2,677,500		3,440,940
China Railway Group, Ltd., Class H		3,711,000		3,425,681
China Shenhua Energy Co., Ltd.		1,472,500		3,281,794
China Vanke Co., Ltd.		2,087,800		7,213,104
Chongqing Department Store Co., Ltd., Class A		138,900		601,469
Daqin Railway Co., Ltd., Class A		535,200		597,397
Grandblue Environment Co., Ltd., Class A		337,200		652,798
Gree Electric Appliances, Inc. of Zhuhai, Class A†		111,500		591,855
Huayu Automotive Systems Co., Ltd., Class A		190,000		465,439
Hubei Jumpcan Pharmaceutical Co., Ltd.		128,800		686,744
Industrial & Commercial Bank of China, Ltd.		19,023,000		13,556,645
PetroChina Co., Ltd.		8,786,000		6,124,339
Ping An Insurance Group Co. of China, Ltd.#		1,451,000		14,079,685
Postal Savings Bank of China Co., Ltd.*		5,738,000		3,468,620
Sany Heavy Industry Co., Ltd., Class A		552,700		641,201
Shanghai International Airport Co., Ltd., Class A		80,300		585,104
Shenzhen Expressway Co., Ltd.		2,102,000		2,073,877
Sinopec Shanghai Petrochemical Co., Ltd. Class A		2,577,400		1,862,578
Wangfujing Group Co., Ltd., Class A		242,400		512,795
Weichai Power Co., Ltd.#		2,227,000		2,398,822
Weifu High-Technology Group Co., Ltd., Class A		212,293		549,736
Wuliangye Yibin Co., Ltd., Class A		68,900		522,156
XCMG Construction Machinery Co., Ltd., Class A		1,153,300		554,412
Yanzhou Coal Mining Co., Ltd.		2,148,000		1,926,940

Security Description	Shares		Value (Note 2)
China (continued)
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.*		364,400	$	1,331,879
Zijin Mining Group Co., Ltd., Class H		5,692,000		2,145,951
				116,689,040
Cyprus — 0.2%
Ros Agro PLC GDR		108,087		1,182,472
Hong Kong — 0.2%
Sinotruk Hong Kong, Ltd.#		843,500		1,396,607
Hungary — 1.9%
MOL Hungarian Oil & Gas PLC		373,314		4,132,753
OTP Bank PLC		218,186		8,733,836
				12,866,589
India — 4.7%
Firstsource Solutions, Ltd.		1,533,220		1,143,572
Graphite India, Ltd.		150,715		2,025,404
HCL Technologies, Ltd.		546,075		7,956,067
HDFC Bank, Ltd. ADR		19,073		1,934,384
HEG, Ltd.		24,040		1,442,135
Housing Development Finance Corp., Ltd.		462,400		13,247,979
NIIT Technologies, Ltd.		196,262		3,082,584
Oil & Natural Gas Corp., Ltd.		891,590		1,783,734
				32,615,859
Indonesia — 0.8%
Bank Rakyat Indonesia Persero Tbk PT		23,192,900		5,897,421
Mexico — 0.6%
Wal-Mart de Mexico SAB de CV		1,822,420		4,514,471
Poland — 0.9%
Polski Koncern Naftowy Orlen SA		213,735		6,209,317
Russia — 7.1%
Alrosa PJSC		3,570,405		5,275,141
Lukoil PJSC ADR		151,449		11,086,067
Magnitogorsk Iron & Steel Works PJSC†		1,941,115		1,329,809
MMC Norilsk Nickel PJSC ADR#		402,931		7,542,868
Novatek PJSC GDR		14,756		2,509,996
Novolipetsk Steel GDR		64,892		1,527,558
RusHydro PJSC		124,226,698		964,496
Sberbank of Russia PJSC ADR#		812,654		9,629,950
Severstal PJSC GDR		132,568		1,947,424
Surgutneftegas OJSC (Preference Shares)		3,703,870		2,063,663
Tatneft PJSC ADR#		78,179		4,972,184
				48,849,156
South Africa — 2.8%
AngloGold Ashanti, Ltd.		198,970		1,992,519
Mondi, Ltd.		76,582		1,689,194
Nedbank Group, Ltd.		280,731		5,386,229
Sasol, Ltd.		255,963		7,522,175
SPAR Group, Ltd.#		218,594		3,088,951
				19,679,068
South Korea — 14.2%
Daelim Industrial Co., Ltd.		20,190		1,711,210
GS Engineering & Construction Corp.		37,055		1,441,276
Hana Financial Group, Inc.		208,086		7,003,569
Hyundai Marine & Fire Insurance Co., Ltd.		56,998		2,036,460
Industrial Bank of Korea		385,475		5,105,359
Korea Kumho Petrochemical Co., Ltd.		17,810		1,469,301
KT&G Corp.		97,999		9,090,822
LG Corp.		48,628		3,137,606
LG Uplus Corp.		228,150		3,602,529
Samsung Electro-Mechanics Co., Ltd.#		29,310		3,174,325

56

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
Samsung Electronics Co., Ltd.		931,460	$	34,970,490
Samsung SDS Co., Ltd.		19,220		3,378,434
Shinhan Financial Group Co., Ltd.		228,467		8,417,756
SK Holdings Co Ltd		8,488		2,138,193
SK Innovation Co., Ltd.		19,090		3,358,618
SK Telecom Co., Ltd.		12,730		3,281,581
Woori Bank		328,138		4,592,760
				97,910,289
Taiwan — 14.1%
AU Optronics Corp.		8,024,000		3,287,381
Catcher Technology Co., Ltd.		600,000		5,144,113
Chilisin Electronics Corp.		276,960		775,944
Chipbond Technology Corp.		768,000		1,494,970
CTBC Financial Holding Co., Ltd.		11,560,000		7,699,453
E.Sun Financial Holding Co., Ltd.		2,935,000		1,980,697
Far Eastern New Century Corp.		2,921,000		2,713,082
FLEXium Interconnect, Inc.		669,072		1,765,841
Fubon Financial Holding Co., Ltd.		4,720,000		7,473,134
Globalwafers Co., Ltd.		337,000		3,993,299
Largan Precision Co., Ltd.		15,000		1,655,076
Micro-Star International Co., Ltd.		692,000		1,626,633
Novatek Microelectronics Corp.		763,000		3,238,447
President Chain Store Corp.		451,000		4,672,699
Sino-American Silicon Products, Inc.		1,299,000		3,607,969
Taishin Financial Holding Co., Ltd.		3,055,000		1,343,040
Taiwan Cement Corp.		2,350,500		2,645,113
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		865,077		32,518,244
Uni-President Enterprises Corp.		2,033,000		4,777,579
Yageo Corp.		129,981		1,581,868
Yuanta Financial Holding Co., Ltd.		6,901,000		3,520,427
				97,515,009
Thailand — 4.4%
Indorama Ventures PCL		866,800		1,423,252
Kiatnakin Bank PCL		635,000		1,395,021
Krung Thai Bank PCL		6,651,400		4,085,391
Land & Houses PCL		6,285,300		1,930,263
PTT Exploration & Production PCL		781,100		3,135,088
PTT Global Chemical PCL		2,587,600		6,137,067
PTT PCL		6,287,500		9,511,308
Quality Houses PCL		13,251,900		1,192,721
Tisco Financial Group PCL		568,200		1,382,166
				30,192,277
Turkey — 1.9%
Eregli Demir ve Celik Fabrikalari TAS		1,542,213		2,239,668
Ford Otomotiv Sanayi AS		123,880		1,281,719
KOC Holding AS		810,937		2,394,849
Petkim Petrokimya Holding AS		2,139,470		2,166,286
Tekfen Holding AS		492,807		1,890,585
Turk Hava Yollari AO†		1,081,239		3,511,407
				13,484,514

Security Description	Shares			Value (Note 2)
United Kingdom — 0.3%
Antofagasta PLC		221,306		$	2,259,732
United States — 1.1%
Cognizant Technology Solutions Corp., Class A		103,631			7,381,636
Vietnam — 0.0%
Hoa Phat Group JSC†		2			3
Total Long-Term Investment Securities
(cost $615,562,772)					660,210,928
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $15,435,384)		15,435,384			15,435,384
TOTAL INVESTMENTS
(cost $630,998,156)(3)		97.7	%		675,646,312
Other assets less liabilities		2.3			15,950,530
NET ASSETS		100.0	%	$	691,596,842

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $4,800,499 representing 0.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At November 30, 2018, the Fund had loaned securities with a total value of $45,308,305. This was secured by collateral of $15,435,384, which was received in cash and subsequently invested in short-term investments currently valued at $15,435,384 as reported in the Portfolio of Investments. Additional collateral of $31,861,433 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
United States Treasury Bills	0.00%	12/13/2018 to 04/04/2019	$	9,907,198
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 02/15/2048		21,954,235

(2) The rate shown is the 7-day yield as of November 30, 2018.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	132	Long	MSCI Emerging Markets Index		December 2018	$	6,632,888	$	6,597,360	$	(35,528	)

* 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.

57

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	39,216,046	$	9,633,110		$	—	$	48,849,156
Other Countries		170,203,826		441,157,946	**		—		611,361,772
Short-Term Investment Securities:
Registered Investment Companies		15,435,384		—			—		15,435,384
Total Investments at Value	$	224,855,256	$	450,791,056		$	—	$	675,646,312
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	35,528	$	—		$	—	$	35,528

* 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.

See Notes to Financial Statements

58

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	71.3	%
Real Estate Operations & Development	15.6
Real Estate Management/Services	9.0
Registered Investment Companies	1.5
Hotels/Motels	1.2
	98.6	%

Country Allocation*

United States	48.0	%
Japan	12.8
United Kingdom	5.5
France	5.1
Germany	4.6
Australia	4.6
Hong Kong	4.3
Cayman Islands	3.5
Canada	3.3
Spain	1.3
Singapore	1.2
Sweden	1.2
Switzerland	1.0
Ireland	0.9
Norway	0.8
Bermuda	0.5
	98.6	%

* Calculated as a percentage of net assets

59

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Australia — 4.6%
BGP Holdings PLC†(1)(2)		479,213	$	104
GPT Group		1,647,307		6,352,809
Mirvac Group		3,307,662		5,310,022
Propertylink Group		3,398,188		2,934,517
Scentre Group		1,240,138		3,538,854
				18,136,306
Bermuda — 0.5%
Hongkong Land Holdings, Ltd. (OTC)		1,700		10,812
Hongkong Land Holdings, Ltd. (SGX)		324,000		2,110,581
				2,121,393
Canada — 3.3%
Allied Properties Real Estate Investment Trust		134,788		4,575,275
Canadian Apartment Properties REIT		98,864		3,479,382
Chartwell Retirement Residences		451,918		5,125,807
				13,180,464
Cayman Islands — 3.5%
CK Asset Holdings, Ltd.		1,666,000		12,034,535
Wharf Real Estate Investment Co., Ltd.		325,000		1,960,286
				13,994,821
France — 5.1%
Covivio		32,811		3,202,120
Gecina SA		37,528		5,260,885
Klepierre SA		194,266		6,377,997
Unibail-Rodamco-Westfield† (Euronext Paris)		1,379		237,047
Unibail-Rodamco-Westfield (Euronext Amsterdam)		30,258		5,206,192
				20,284,241
Germany — 4.6%
Instone Real Estate Group AG†*		41,559		875,017
Vonovia SE		357,068		17,277,139
				18,152,156
Hong Kong — 4.3%
Link REIT		547,000		5,207,942
Sun Hung Kai Properties, Ltd.		810,504		11,580,068
				16,788,010
Ireland — 0.9%
Green REIT PLC		2,300,522		3,733,722
Japan — 12.8%
Activia Properties, Inc.#		1,067		4,485,695
Daiwa House REIT Investment Corp.		2,130		4,827,987
GLP J-REIT		5,167		5,198,279
Invincible Investment Corp.#		9,919		4,119,331
Japan Retail Fund Investment Corp.		1,575		3,022,406
Kenedix Retail REIT Corp.		467		1,003,943
Mitsubishi Estate Co., Ltd.		679,500		10,905,050
Mitsui Fudosan Co., Ltd.		285,300		6,823,675
Sumitomo Realty & Development Co., Ltd.		272,000		10,087,353
				50,473,719
Norway — 0.8%
Entra ASA*		223,963		2,952,259
Singapore — 1.2%
Ascendas India Trust#		3,065,100		2,325,178
City Developments, Ltd.		382,800		2,363,376
				4,688,554

Security Description	Shares		Value (Note 2)
Spain — 1.3%
Aedas Homes SAU†*		50,988	$	1,268,801
Merlin Properties Socimi SA		319,410		4,039,244
				5,308,045
Sweden — 1.2%
Castellum AB		265,090		4,649,041
Switzerland — 1.0%
PSP Swiss Property AG		40,188		3,903,689
United Kingdom — 5.5%
Big Yellow Group PLC		369,262		4,113,885
British Land Co. PLC		392,170		2,822,738
Derwent London PLC		118,169		4,307,602
Tritax Big Box REIT PLC		2,239,409		3,864,747
Tritax EuroBox PLC†* (GBP)		672,689		840,367
Tritax EuroBox PLC†* (EUR)		598,267		739,418
UNITE Group PLC		459,752		4,887,780
				21,576,537
United States — 46.5%
Alexandria Real Estate Equities, Inc.		28,338		3,528,081
American Assets Trust, Inc.		10,162		422,942
American Campus Communities, Inc.		58,964		2,584,392
American Homes 4 Rent, Class A		38,504		802,038
American Tower Corp.		89,562		14,732,053
AvalonBay Communities, Inc.		36,079		6,875,575
Boston Properties, Inc.		47,460		6,226,752
Corporate Office Properties Trust		37,196		910,186
Cousins Properties, Inc.		60,590		511,985
Crown Castle International Corp.		80,810		9,285,069
CyrusOne, Inc.		33,791		1,894,999
Digital Realty Trust, Inc.		12,440		1,431,098
Duke Realty Corp.		58,581		1,667,215
EastGroup Properties, Inc.#		9,003		900,480
Empire State Realty Trust, Inc., Class A		72,162		1,168,303
Equinix, Inc.		23,311		8,981,262
Equity LifeStyle Properties, Inc.		22,620		2,251,369
Equity Residential		69,967		4,985,149
Essex Property Trust, Inc.		11,954		3,138,045
Extra Space Storage, Inc.		33,482		3,213,602
Federal Realty Investment Trust		19,514		2,577,604
HCP, Inc.		46,679		1,365,828
Healthcare Realty Trust, Inc.		135,310		4,194,610
Highwoods Properties, Inc.		43,585		1,890,281
Hilton Worldwide Holdings, Inc.		31,405		2,372,334
Host Hotels & Resorts, Inc.		67,418		1,280,942
Hudson Pacific Properties, Inc.		101,917		3,145,159
Invitation Homes, Inc.#		158,802		3,407,891
Kilroy Realty Corp.		40,543		2,841,659
Liberty Property Trust		46,264		2,095,297
Macerich Co.		36,694		1,845,341
Mid-America Apartment Communities, Inc.		48,053		4,976,369
National Health Investors, Inc.		22,606		1,762,816
National Retail Properties, Inc.		50,527		2,529,382
Park Hotels & Resorts, Inc.		109,407		3,371,924
Pebblebrook Hotel Trust#		24,328		849,534
PotlatchDeltic Corp.		58,377		2,165,787
Prologis, Inc.		143,747		9,679,923
Public Storage		29,887		6,373,702
QTS Realty Trust, Inc., Class A		17,150		696,118
Rayonier, Inc.		17,020		538,343
Realty Income Corp.		70,903		4,544,173
Regency Centers Corp.		18,415		1,172,299
Retail Opportunity Investments Corp.		180,918		3,274,616
SBA Communications Corp.†		33,551		5,730,846

60

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Simon Property Group, Inc.		52,315		$	9,714,372
STAG Industrial, Inc.		34,252			917,611
Sun Communities, Inc.		24,242			2,523,592
Sunstone Hotel Investors, Inc.		146,133			2,229,990
Terreno Realty Corp.		16,988			662,702
Ventas, Inc.		41,390			2,627,851
VICI Properties, Inc.		113,733			2,475,967
Washington Real Estate Investment Trust		91,804			2,475,036
Weingarten Realty Investors		66,411			1,916,621
Welltower, Inc.		40,037			2,895,876
Weyerhaeuser Co.		201,358			5,317,865
					183,950,856
Total Long-Term Investment Securities
(cost $373,044,119)					383,893,813
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.90%(3)	$	5,820,621			5,820,621
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(3)(4)		107,189			107,189
Total Short-Term Investment Securities
(cost $5,927,810)					5,927,810
TOTAL INVESTMENTS —
(cost $378,971,929)(5)		98.6	%		389,821,623
Other assets less liabilities		1.4			5,609,403
NET ASSETS —		100.0	%	$	395,431,026

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified

institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $6,675,862 representing 1.7% 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 November 30, 2018, the aggregate value of these securities was $104 representing 0.0% of net assets.

(3) The rate shown is the 7-day yield as of November 30, 2018.

(4) At November 30, 2018, the Fund had loaned securities with a total value of $5,421,927. This was secured by collateral of $107,189, which was received in cash and subsequently invested in short-term investments currently valued at $107,189 as reported in the Portfolio of Investments. Additional collateral of $5,483,175 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	41,594
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		64,697
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		14,384
United States Treasury Bills	0.00%	01/17/2019 to 04/04/2019		42,492
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		5,320,008

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

EUR—Euro Currency

GBP—British Pound

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 November 30, 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	$	—	$	18,136,202	**	$	104	$	18,136,306
Other Countries		197,379,179		168,378,328	**		—		365,757,507
Short-Term Investment Securities		5,927,810		—			—		5,927,810
Total Investments at Value	$	203,306,989	$	186,514,530		$	104	$	389,821,623

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

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

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

See Notes to Financial Statements

61

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	4.3	%
Applications Software	3.5
Banks — Commercial	3.3
Medical — Drugs	2.7
Finance — Credit Card	2.6
Insurance — Property/Casualty	2.5
Insurance — Multi-line	2.5
Medical — Biomedical/Gene	2.4
Web Portals/ISP	2.3
Insurance — Life/Health	2.3
Oil Companies — Exploration & Production	2.2
Cosmetics & Toiletries	2.1
Transport — Rail	2.0
Electronic Components — Semiconductors	2.0
Investment Management/Advisor Services	1.7
Computers	1.6
Telephone — Integrated	1.4
Commercial Services — Finance	1.4
Banks — Super Regional	1.3
Finance — Other Services	1.3
Beverages — Non-alcoholic	1.2
Medical Products	1.1
Enterprise Software/Service	1.1
Multimedia	1.1
Chemicals — Diversified	1.1
Chemicals — Specialty	1.1
Commercial Services	1.0
Diagnostic Equipment	1.0
Networking Products	1.0
Food — Misc./Diversified	1.0
Computer Services	1.0
Cable/Satellite TV	0.9
Transport — Services	0.9
Electric — Integrated	0.9
Gas — Distribution	0.9
Insurance — Reinsurance	0.8
Real Estate Management/Services	0.8
Consumer Products — Misc.	0.8
Data Processing/Management	0.8
Pipelines	0.8
Real Estate Operations & Development	0.8
Distribution/Wholesale	0.7
Electronic Components — Misc.	0.7
Investment Companies	0.7
E-Commerce/Services	0.7
Machinery — General Industrial	0.7
Food — Retail	0.6
Retail — Restaurants	0.6
Electric Products — Misc.	0.6
Diversified Manufacturing Operations	0.6
Machinery — Farming	0.6
Oil Companies — Integrated	0.5
Import/Export	0.5
Diversified Banking Institutions	0.5
Auto/Truck Parts & Equipment — Original	0.5
Industrial Automated/Robotic	0.5
Machinery — Electrical	0.5
Oil Refining & Marketing	0.5
Internet Content — Entertainment	0.5
Semiconductor Components — Integrated Circuits	0.5
Auto — Cars/Light Trucks	0.4
Insurance Brokers	0.4
Building & Construction Products — Misc.	0.4
Finance — Investment Banker/Broker	0.4
Semiconductor Equipment	0.4
Electronic Forms	0.4
Retail — Apparel/Shoe	0.4
Advertising Agencies	0.4
Private Equity	0.4

Medical Labs & Testing Services	0.4
Airport Development/Maintenance	0.4
Telecom Services	0.4
Steel — Producers	0.4
Electric — Distribution	0.4
Electronic Measurement Instruments	0.4
Cellular Telecom	0.4
Retail — Major Department Stores	0.3
Machinery — Construction & Mining	0.3
Industrial Gases	0.3
Oil — Field Services	0.3
Water	0.3
Hotels/Motels	0.3
Medical — HMO	0.3
Food — Dairy Products	0.3
Repurchase Agreements	0.3
Consulting Services	0.3
Retail — Auto Parts	0.3
U.S. Government Treasuries	0.3
Paper & Related Products	0.3
Building — Residential/Commercial	0.3
Audio/Video Products	0.3
Diversified Operations	0.3
Computer Aided Design	0.3
Food — Catering	0.2
Retail — Building Products	0.2
Banks — Fiduciary	0.2
Soap & Cleaning Preparation	0.2
Entertainment Software	0.2
Resorts/Theme Parks	0.2
Retail — Drug Store	0.2
Television	0.2
Toys	0.2
Medical — Hospitals	0.2
Non-Hazardous Waste Disposal	0.2
Medical Instruments	0.2
Tools — Hand Held	0.2
Public Thoroughfares	0.2
Machinery — Material Handling	0.2
Building Products — Air & Heating	0.2
Agricultural Chemicals	0.2
Rubber — Tires	0.2
Retail — Discount	0.2
Publishing — Periodicals	0.2
Building Products — Cement	0.2
Electric — Transmission	0.2
Retail — Jewelry	0.2
Food — Meat Products	0.2
Medical Information Systems	0.2
Rental Auto/Equipment	0.2
Gold Mining	0.2
Containers — Paper/Plastic	0.2
Auto — Heavy Duty Trucks	0.2
Dental Supplies & Equipment	0.2
Satellite Telecom	0.2
Optical Supplies	0.1
Office Automation & Equipment	0.1
E-Commerce/Products	0.1
Electronic Security Devices	0.1
Wireless Equipment	0.1
Metal — Copper	0.1
Office Supplies & Forms	0.1
Savings & Loans/Thrifts	0.1
Web Hosting/Design	0.1
Transactional Software	0.1
Computers — Memory Devices	0.1
Broadcast Services/Program	0.1
Coatings/Paint	0.1
Oil Field Machinery & Equipment	0.1
Telecommunication Equipment	0.1
Retail — Perfume & Cosmetics	0.1

62

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Apparel Manufacturers	0.1	%
Decision Support Software	0.1
Transport — Truck	0.1
Machinery — Pumps	0.1
Printing — Commercial	0.1
Power Converter/Supply Equipment	0.1
Retail — Catalog Shopping	0.1
Security Services	0.1
Computers — Integrated Systems	0.1
Respiratory Products	0.1
Containers — Metal/Glass	0.1
Finance — Leasing Companies	0.1
Aerospace/Defense	0.1
Electronic Connectors	0.1
Finance — Consumer Loans	0.1
Dialysis Centers	0.1
Metal Processors & Fabrication	0.1
Computer Software	0.1
Gas — Transportation	0.1
Instruments — Scientific	0.1
Retail — Consumer Electronics	0.1
Computer Data Security	0.1
Airlines	0.1
Retail — Automobile	0.1
Fisheries	0.1
Radio	0.1
Retail — Convenience Store	0.1
Metal — Diversified	0.1
Retail — Regional Department Stores	0.1
Machine Tools & Related Products	0.1
Food — Confectionery	0.1
Water Treatment Systems	0.1
Chemicals — Plastics	0.1
Steel — Specialty	0.1
Non-Ferrous Metals	0.1
MRI/Medical Diagnostic Imaging	0.1
Retail — Misc./Diversified	0.1
Food — Baking	0.1
Retail — Home Furnishings	0.1
Building Products — Wood	0.1
Electric — Generation	0.1
	99.9	%

* Calculated as a percentage of net assets

Country Allocation*

United States	58.3	%
Japan	9.2
United Kingdom	4.6
Canada	3.6
Switzerland	3.0
France	2.9
Germany	2.6
Australia	2.2
Netherlands	1.6
Hong Kong	1.5
Spain	1.4
Ireland	1.2
Sweden	1.1
Bermuda	0.8
Singapore	0.7
Finland	0.7
Denmark	0.7
Belgium	0.6
Jersey	0.6
Italy	0.6
Norway	0.5
Portugal	0.2
Curacao	0.2
Austria	0.2
SupraNational	0.2
Luxembourg	0.2
Cayman Islands	0.2
New Zealand	0.1
Israel	0.1
Papua New Guinea	0.1
	99.9	%

* Calculated as a percentage of net assets

63

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Australia — 2.2%
Amcor, Ltd.		22,626	$	222,511
APA Group		49,311		317,987
ASX, Ltd.		15,070		666,607
BGP Holdings PLC†(1)(2)		60,919		13
Coles Group, Ltd.†		11,407		97,631
Computershare, Ltd.		16,388		218,344
CSL, Ltd.		7,914		1,030,556
Dexus		63,132		483,354
Fortescue Metals Group, Ltd.		41,195		120,467
Goodman Group		33,750		253,460
GPT Group		103,827		400,407
Insurance Australia Group, Ltd.		91,121		486,439
Macquarie Group, Ltd.		1,658		139,535
Origin Energy, Ltd.†		22,646		107,280
QBE Insurance Group, Ltd.		23,435		194,421
Ramsay Health Care, Ltd.		6,273		249,571
Santos, Ltd.		125,876		509,954
Scentre Group		70,481		201,124
Sonic Healthcare, Ltd.		11,410		190,807
Stockland		80,658		214,992
Sydney Airport		38,727		192,674
Transurban Group		93,111		775,762
Vicinity Centres		94,165		183,990
Wesfarmers, Ltd.		11,407		263,715
Woodside Petroleum, Ltd.		15,244		347,135
Woolworths Group, Ltd.		11,583		245,520
				8,114,256
Austria — 0.2%
Erste Group Bank AG		7,963		314,313
OMV AG		6,429		326,070
voestalpine AG		5,591		185,990
				826,373
Belgium — 0.6%
Ageas		5,216		251,909
Groupe Bruxelles Lambert SA		5,139		462,800
KBC Group NV		3,665		263,762
Proximus SADP		11,201		310,050
UCB SA		8,212		690,541
Umicore SA		7,391		320,914
				2,299,976
Bermuda — 0.8%
Arch Capital Group, Ltd.†		15,420		441,320
Axalta Coating Systems, Ltd.†		5,302		132,709
Axis Capital Holdings, Ltd.		3,374		186,751
Everest Re Group, Ltd.		2,318		514,781
Hongkong Land Holdings, Ltd.		29,900		194,773
IHS Markit, Ltd.†		7,676		409,668
Invesco, Ltd.		12,366		251,648
Jardine Matheson Holdings, Ltd.		4,000		264,907
Jardine Strategic Holdings, Ltd.		6,000		231,547
Li & Fung, Ltd.		380,000		78,061
NWS Holdings, Ltd.		20,000		42,097
RenaissanceRe Holdings, Ltd.		1,124		149,054
Shangri-La Asia, Ltd.		70,000		99,298
				2,996,614
Canada — 3.6%
Agnico Eagle Mines, Ltd.		5,318		187,040
Alimentation Couche-Tard, Inc., Class B		4,191		219,951
AltaGas, Ltd.		7,389		80,361
ARC Resources, Ltd.		19,368		132,653
Bank of Montreal		7,598		566,884

Security Description	Shares		Value (Note 2)
Canada (continued)
BCE, Inc.		9,210	$	394,769
Brookfield Asset Management, Inc., Class A		14,200		622,442
Cameco Corp.		16,563		196,589
Canadian Imperial Bank of Commerce		2,567		215,422
Canadian National Railway Co.		7,893		678,181
Canadian Tire Corp., Ltd., Class A		2,465		275,229
CGI Group, Inc., Class A†		5,081		325,056
CI Financial Corp.		13,200		199,890
Crescent Point Energy Corp.		28,760		85,285
Encana Corp.		32,765		220,710
Fairfax Financial Holdings, Ltd.		849		401,404
First Capital Realty, Inc.		29,984		445,478
First Quantum Minerals, Ltd.		13,768		126,421
Fortis, Inc.		8,562		297,397
Franco-Nevada Corp.		2,469		170,962
Great-West Lifeco, Inc.		22,215		509,458
IGM Financial, Inc.		10,180		261,118
Industrial Alliance Insurance & Financial Services, Inc.		5,774		211,074
Intact Financial Corp.		8,048		644,312
Keyera Corp.		8,694		190,415
Manulife Financial Corp.		31,548		521,665
National Bank of Canada		5,260		239,910
Onex Corp.		3,661		227,047
Open Text Corp.		6,092		208,760
Pembina Pipeline Corp.		10,586		356,943
Power Corp. of Canada		15,066		300,492
Power Financial Corp.		11,025		233,254
RioCan Real Estate Investment Trust		7,948		147,935
Rogers Communications, Inc., Class B		5,695		303,770
Saputo, Inc.		6,025		187,237
Seven Generations Energy, Ltd., Class A†		3,485		26,571
Shaw Communications, Inc., Class B		29,396		553,339
Shopify, Inc., Class A†		480		73,063
Sun Life Financial, Inc.		8,746		322,548
Suncor Energy, Inc.		12,839		413,971
Thomson Reuters Corp.		13,378		675,918
Tourmaline Oil Corp.		6,974		96,580
Turquoise Hill Resources, Ltd.†		54,175		97,043
Vermilion Energy, Inc.		5,604		139,441
Waste Connections, Inc.		3,708		291,004
Wheaton Precious Metals Corp.		7,836		123,026
				13,198,018
Cayman Islands — 0.2%
CK Asset Holdings, Ltd.		30,808		222,545
Minth Group, Ltd.		10,000		33,736
WH Group, Ltd.*		232,000		169,290
Wharf Real Estate Investment Co., Ltd.		18,000		108,570
				534,141
Curacao — 0.2%
Schlumberger, Ltd.		19,117		862,177
Denmark — 0.7%
Chr. Hansen Holding A/S		2,648		239,146
DSV A/S		5,415		414,442
Genmab A/S†		894		135,880
Novo Nordisk A/S, Class B		24,237		1,129,686
Novozymes A/S, Class B		7,595		353,785
Pandora A/S		1,457		78,714
Vestas Wind Systems A/S		728		54,531
William Demant Holding A/S†		2,899		84,681
				2,490,865

64

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland — 0.7%
Elisa Oyj		8,794	$	352,728
Kone Oyj, Class B		3,953		195,891
Metso Oyj		7,856		224,646
Nokia Oyj		74,983		413,717
Nokian Renkaat Oyj		5,042		161,443
Nordea Bank Abp		21,352		189,487
Orion Oyj, Class B		5,436		182,018
Sampo Oyj, Class A		11,249		502,351
Stora Enso Oyj, Class R		13,189		168,173
UPM-Kymmene Oyj		10,130		270,027
				2,660,481
France — 2.9%
Accor SA		4,597		204,108
Aeroports de Paris		2,815		547,404
Air Liquide SA		4,601		556,325
Arkema SA		2,361		224,166
Atos SE		2,660		226,737
AXA SA		24,468		596,375
Bureau Veritas SA		12,706		281,454
Capgemini SE		2,743		320,231
Casino Guichard Perrachon SA		3,259		147,332
Cie de Saint-Gobain		5,254		194,799
CNP Assurances		12,364		283,701
Covivio		2,037		198,797
Credit Agricole SA		21,290		264,519
Danone SA		8,969		671,254
Dassault Systemes SE		2,614		314,998
EssilorLuxottica SA		5,692		723,007
Eutelsat Communications SA		9,358		199,823
Gecina SA		2,109		295,651
ICADE		2,531		200,653
Iliad SA		890		120,469
Klepierre SA		8,921		292,888
L’Oreal SA		5,556		1,313,377
Legrand SA		5,384		329,829
Orange SA		14,471		248,849
Schneider Electric SE		4,708		342,830
SCOR SE		8,324		400,230
Societe BIC SA		1,493		160,385
Sodexo SA		5,101		528,339
Veolia Environnement SA		10,211		218,123
Wendel SA		1,751		212,805
				10,619,458
Germany — 2.6%
Allianz SE		5,828		1,230,892
Beiersdorf AG		7,692		822,714
Brenntag AG		5,411		250,156
Commerzbank AG†		9,190		79,153
Continental AG		1,377		206,094
Covestro AG*		976		56,145
Deutsche Wohnen SE		5,229		250,725
Fraport AG Frankfurt Airport Services Worldwide		3,354		246,623
Fresenius SE & Co. KGaA		4,930		279,840
FUCHS PETROLUB SE (Preference Shares)		5,308		219,541
Hannover Rueck SE		2,979		413,861
Henkel AG & Co. KGaA		1,677		172,703
Henkel AG & Co. KGaA (Preference Shares)		3,268		377,047
Infineon Technologies AG		13,282		278,268
LANXESS AG		4,176		229,062
Merck KGaA		5,817		641,459
Muenchener Rueckversicherungs-Gesellschaft AG		3,369		730,955
SAP SE		14,724		1,514,495
Siemens AG		4,524		523,976

Security Description	Shares		Value (Note 2)
Germany (continued)
Symrise AG		4,994	$	402,909
Telefonica Deutschland Holding AG		42,775		173,605
TUI AG		12,628		179,865
Vonovia SE		9,834		475,829
				9,755,917
Hong Kong — 1.5%
AIA Group, Ltd.		135,400		1,110,578
Bank of East Asia, Ltd.		76,000		256,595
BOC Hong Kong Holdings, Ltd.		61,000		238,553
Hang Lung Properties, Ltd.		92,000		186,246
Hang Seng Bank, Ltd.		17,700		409,718
Henderson Land Development Co., Ltd.		41,367		212,518
Hong Kong & China Gas Co., Ltd.		448,226		903,964
Hong Kong Exchanges & Clearing, Ltd.		12,100		354,378
Link REIT		62,500		595,057
PCCW, Ltd.		360,000		211,184
Power Assets Holdings, Ltd.		20,000		135,470
Sun Hung Kai Properties, Ltd.		15,000		214,312
Swire Pacific, Ltd., Class A		16,500		182,402
Swire Properties, Ltd.		113,600		397,059
				5,408,034
Ireland — 1.2%
Accenture PLC, Class A		8,675		1,427,211
Alkermes PLC†#		3,693		134,573
CRH PLC		8,730		241,266
DCC PLC		4,121		311,306
Jazz Pharmaceuticals PLC†		1,834		277,301
Johnson Controls International PLC		14,883		517,631
Kerry Group PLC, Class A		6,361		657,541
Pentair PLC		4,813		205,515
Perrigo Co. PLC		2,305		143,555
Seagate Technology PLC		1,507		64,937
Willis Towers Watson PLC		3,025		482,336
				4,463,172
Israel — 0.1%
Check Point Software Technologies, Ltd.†		2,287		255,709
NICE, Ltd.†		1,980		229,989
				485,698
Italy — 0.6%
Assicurazioni Generali SpA		34,830		588,739
Intesa Sanpaolo SpA		146,572		340,068
Luxottica Group SpA		3,520		205,271
Recordati SpA		8,189		263,965
Snam SpA		61,634		270,174
Terna Rete Elettrica Nazionale SpA		60,973		340,962
UniCredit SpA		19,456		251,009
				2,260,188
Japan — 9.2%
Aeon Co., Ltd.		14,600		349,968
Ajinomoto Co., Inc.		11,000		190,173
Amada Holdings Co., Ltd.		8,800		95,579
Aozora Bank, Ltd.		5,200		170,967
Astellas Pharma, Inc.		32,800		504,071
Bridgestone Corp.		7,800		316,262
Canon, Inc.		17,600		499,056
Central Japan Railway Co.		1,900		391,518
Chiba Bank, Ltd.		27,000		177,342
Chubu Electric Power Co., Inc.		12,500		187,420
Chugai Pharmaceutical Co., Ltd.		5,000		342,430
Concordia Financial Group, Ltd.		45,800		215,206

65

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Dai Nippon Printing Co., Ltd.		8,000	$	185,155
Dai-ichi Life Holdings, Inc.		16,600		289,536
Daiichi Sankyo Co., Ltd.		15,200		557,974
Daikin Industries, Ltd.		2,200		244,633
Daito Trust Construction Co., Ltd.		200		26,141
Daiwa House Industry Co., Ltd.		9,500		299,401
Denso Corp.		13,700		633,255
Dentsu, Inc.		3,800		170,067
East Japan Railway Co.		5,600		509,113
Eisai Co., Ltd.		3,900		359,084
FANUC Corp.		2,800		482,623
FUJIFILM Holdings Corp.		4,600		182,890
Hankyu Hanshin Holdings, Inc.		4,800		162,798
Hisamitsu Pharmaceutical Co., Inc.		3,000		191,605
Hitachi Chemical Co., Ltd.		9,900		157,724
Hitachi Metals, Ltd.		17,700		199,447
Hitachi, Ltd.		8,800		254,895
Hoya Corp.		10,300		632,271
Idemitsu Kosan Co., Ltd.		7,100		258,551
Inpex Corp.		24,600		261,541
Isuzu Motors, Ltd.		15,000		213,701
JFE Holdings, Inc.		14,000		247,000
JTEKT Corp.		14,000		178,237
JXTG Holdings, Inc.		91,800		555,626
Kajima Corp.		500		6,925
Kao Corp.		4,600		338,939
KDDI Corp.		23,700		556,198
Keikyu Corp.		13,000		207,549
Keio Corp.		4,700		260,018
Keyence Corp.		900		488,394
Kintetsu Group Holdings Co., Ltd.		4,200		175,079
Komatsu, Ltd.		10,600		283,221
Kubota Corp.		25,000		426,947
Kyocera Corp.		5,600		302,422
Kyowa Hakko Kirin Co., Ltd.		10,000		204,995
LIXIL Group Corp.		10,600		137,477
Marubeni Corp.		51,300		383,365
Mazda Motor Corp.		15,000		159,985
MEIJI Holdings Co., Ltd.		1,700		133,736
Mitsubishi Chemical Holdings Corp.		39,800		325,581
Mitsubishi Corp.		16,100		434,600
Mitsubishi Electric Corp.		29,000		383,049
Mitsubishi Estate Co., Ltd.		10,000		160,486
Mitsui & Co., Ltd.		29,600		465,181
Mitsui Fudosan Co., Ltd.		12,000		287,011
MS&AD Insurance Group Holdings, Inc.		8,100		245,954
Murata Manufacturing Co., Ltd.		1,600		246,379
Nagoya Railroad Co., Ltd.		6,200		155,474
NGK Insulators, Ltd.		10,000		148,262
NGK Spark Plug Co., Ltd.		1,800		36,978
Nidec Corp.		3,500		466,194
Nikon Corp.		1,400		21,973
Nintendo Co., Ltd.		1,100		335,689
Nippon Steel & Sumitomo Metal Corp.		12,600		230,621
Nippon Telegraph & Telephone Corp.		13,700		564,824
Nitori Holdings Co., Ltd.		1,400		187,640
NOK Corp.		10,500		159,189
NSK, Ltd.		29,500		277,289
NTT DOCOMO, Inc.		24,700		571,942
Ono Pharmaceutical Co., Ltd.		5,900		142,805
Oriental Land Co., Ltd.		3,800		378,322
ORIX Corp.		19,200		310,897
Osaka Gas Co., Ltd.		9,200		167,685
Otsuka Holdings Co., Ltd.		6,100		297,638
Panasonic Corp.		27,800		285,188
Rakuten, Inc.		17,000		136,881

Security Description	Shares		Value (Note 2)
Japan (continued)
Resona Holdings, Inc.		74,600	$	395,809
Ryohin Keikaku Co., Ltd.		700		189,288
Santen Pharmaceutical Co., Ltd.		16,600		284,137
Secom Co., Ltd.		4,000		338,493
Sekisui House, Ltd.		11,400		171,831
Shimano, Inc.		900		131,813
Shin-Etsu Chemical Co., Ltd.		6,700		598,198
Shionogi & Co., Ltd.		4,000		264,744
Shiseido Co., Ltd.		1,400		89,182
Shizuoka Bank, Ltd.		18,000		161,582
SMC Corp.		700		237,290
SoftBank Group Corp.		12,800		1,074,156
Sony Corp.		12,900		682,888
Sumitomo Chemical Co., Ltd.		43,000		233,344
Sumitomo Corp.		34,800		534,894
Sumitomo Dainippon Pharma Co., Ltd.		7,400		242,428
Sumitomo Mitsui Financial Group, Inc.		14,200		521,398
Sumitomo Mitsui Trust Holdings, Inc.		5,800		232,717
Suntory Beverage & Food, Ltd.		4,900		205,584
Sysmex Corp.		2,700		144,093
Terumo Corp.		5,100		300,344
Tobu Railway Co., Ltd.		8,000		229,163
Tohoku Electric Power Co., Inc.		14,100		184,332
Tokio Marine Holdings, Inc.		10,400		513,882
Tokyo Electron, Ltd.		300		41,955
Tokyo Gas Co., Ltd.		9,200		237,021
Tokyu Corp.		13,500		235,000
Toppan Printing Co., Ltd.		10,000		161,150
Toray Industries, Inc.		28,000		219,746
TOTO, Ltd.		2,900		112,376
Toyoda Gosei Co., Ltd.		4,100		78,919
Toyota Industries Corp.		7,200		369,149
Toyota Motor Corp.		18,700		1,125,496
Toyota Tsusho Corp.		8,500		293,529
Unicharm Corp.		1,000		31,327
West Japan Railway Co.		4,500		313,531
Yahoo Japan Corp.		40,100		114,809
Yakult Honsha Co., Ltd.		3,400		256,089
Yamaguchi Financial Group, Inc.		19,000		196,924
Yamazaki Baking Co., Ltd.		9,000		188,935
				34,119,788
Jersey — 0.6%
Aptiv PLC		3,496		251,362
Experian PLC		8,984		219,098
Ferguson PLC		4,000		257,129
Randgold Resources, Ltd.		3,036		243,079
Shire PLC		16,732		973,699
WPP PLC		28,561		315,853
				2,260,220
Luxembourg — 0.2%
RTL Group SA		4,902		293,951
SES SA FDR		7,843		170,038
Tenaris SA		13,542		163,726
				627,715
Netherlands — 1.6%
Aegon NV		70,452		392,485
AerCap Holdings NV†		3,448		182,296
Akzo Nobel NV		3,724		313,903
ASML Holding NV		3,981		676,909
CNH Industrial NV		27,566		268,581
EXOR NV		4,981		292,786
Ferrari NV		1,458		159,472
Koninklijke Ahold Delhaize NV		21,039		542,685

66

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
Koninklijke DSM NV		3,564	$	318,309
Koninklijke KPN NV		50,803		150,888
Koninklijke Vopak NV		4,605		202,185
LyondellBasell Industries NV, Class A		6,634		619,018
NN Group NV		13,556		577,177
NXP Semiconductors NV		2,921		243,524
QIAGEN NV†		4,979		175,640
STMicroelectronics NV		5,602		82,483
Wolters Kluwer NV		11,114		671,056
				5,869,397
New Zealand — 0.1%
Auckland International Airport, Ltd.		22,556		112,014
Fletcher Building, Ltd.†		37,047		121,643
Spark New Zealand, Ltd.		95,487		278,301
				511,958
Norway — 0.5%
Equinor ASA†		7,937		185,447
Gjensidige Forsikring ASA		23,102		361,805
Marine Harvest ASA		10,328		241,717
Orkla ASA		35,200		291,609
Telenor ASA		11,202		217,695
Yara International ASA		8,507		343,046
				1,641,319
Papua New Guinea — 0.1%
Oil Search, Ltd.		36,637		196,823
Portugal — 0.2%
Banco Espirito Santo SA†(1)(2)		126,030		0
EDP - Energias de Portugal SA		93,029		325,131
Galp Energia SGPS SA		33,940		557,913
				883,044
Singapore — 0.7%
CapitaLand, Ltd.		80,000		182,673
City Developments, Ltd.		29,500		182,131
ComfortDelGro Corp., Ltd.		159,000		243,706
DBS Group Holdings, Ltd.		27,000		482,301
Jardine Cycle & Carriage, Ltd.		9,200		236,845
Oversea-Chinese Banking Corp., Ltd.		106,000		873,324
United Overseas Bank, Ltd.		27,000		496,803
				2,697,783
Spain — 1.4%
Aena SME SA*		1,353		215,192
Amadeus IT Group SA		6,764		485,897
Banco Bilbao Vizcaya Argentaria SA		92,461		527,514
Banco de Sabadell SA		138,750		177,827
Banco Santander SA		182,417		868,629
Bankia SA		5,878		19,488
Bankinter SA		27,525		230,791
CaixaBank SA		80,880		334,176
Enagas SA		7,953		218,594
Grifols SA		10,560		296,245
Red Electrica Corp. SA		13,704		295,784
Repsol SA		47,733		824,658
Telefonica SA		60,355		542,222
				5,037,017
SupraNational — 0.2%
HK Electric Investments & HK Electric Investments, Ltd.*		191,000		183,085
HKT Trust & HKT, Ltd.		123,000		178,056
Unibail-Rodamco-Westfield		2,019		347,389
				708,530

Security Description	Shares		Value (Note 2)
Sweden — 1.1%
Assa Abloy AB, Class B		30,513	$	568,042
Atlas Copco AB, Class A		11,320		278,993
Atlas Copco AB, Class B		7,859		178,520
Boliden AB		9,577		214,728
Epiroc AB, Class A†		11,320		92,900
Epiroc AB, Class B†		7,859		63,486
Essity AB, Class B		6,725		172,704
Hennes & Mauritz AB, Class B		7,515		138,793
Hexagon AB, Class B		5,022		251,018
Industrivarden AB, Class C		11,313		232,769
Investor AB, Class B		16,914		742,979
Sandvik AB		14,312		212,412
Skandinaviska Enskilda Banken AB, Class A		20,839		217,315
Svenska Handelsbanken AB, Class A		38,558		424,781
Telefonaktiebolaget LM Ericsson, Class B		32,965		275,581
				4,065,021
Switzerland — 3.0%
ABB, Ltd.		28,594		581,029
Baloise Holding AG		1,739		256,377
Chubb, Ltd.		13,729		1,836,116
Coca-Cola HBC AG		11,386		338,772
EMS-Chemie Holding AG		379		204,319
Garmin, Ltd.		4,306		287,038
Geberit AG		1,734		676,718
Givaudan SA		203		500,106
Kuehne & Nagel International AG		1,294		182,310
Pargesa Holding SA		6,739		467,766
Partners Group Holding AG		508		333,856
Schindler Holding AG (Participation Certificate)		1,303		261,096
Schindler Holding AG		1,585		300,738
SGS SA		169		401,364
Sika AG		3,120		386,538
Sonova Holding AG		3,591		582,414
Swatch Group AG		670		200,146
Swiss Life Holding AG		909		356,799
Swiss Prime Site AG		12,310		1,015,579
Swiss Re AG		4,613		421,623
Swisscom AG		1,889		906,595
Vifor Pharma AG		1,560		192,428
Zurich Insurance Group AG		1,749		549,155
				11,238,882
United Kingdom — 4.6%
3i Group PLC		53,962		575,284
Admiral Group PLC		4,576		121,777
Antofagasta PLC		29,780		304,080
Aon PLC		3,253		537,103
Ashtead Group PLC		12,566		281,984
Auto Trader Group PLC*		37,662		210,890
Aviva PLC		77,931		404,428
British Land Co. PLC		35,934		258,644
BT Group PLC		174,256		581,954
Bunzl PLC		33,711		1,040,188
Burberry Group PLC		11,844		268,339
Compass Group PLC		25,390		543,303
Croda International PLC		4,382		273,392
Direct Line Insurance Group PLC		85,325		357,231
Fresnillo PLC		16,790		161,348
Hammerson PLC		52,725		259,447
Hargreaves Lansdown PLC		10,788		262,520
InterContinental Hotels Group PLC		7,447		398,801
Intertek Group PLC		10,773		646,468
Investec PLC		31,544		191,768
ITV PLC		74,244		137,732

67

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Johnson Matthey PLC		5,956	$	223,125
Kingfisher PLC		40,468		129,186
Land Securities Group PLC		19,687		204,071
Legal & General Group PLC		161,043		502,852
Liberty Global PLC, Class A†		6,033		149,799
Liberty Global PLC, Class C†		7,042		171,050
London Stock Exchange Group PLC		7,068		363,443
Marks & Spencer Group PLC		41,696		155,567
Mediclinic International PLC		12,171		54,955
Melrose Industries PLC		84,584		191,550
Merlin Entertainments PLC*		36,892		158,462
Mondi PLC		10,072		219,576
National Grid PLC		70,378		747,684
Next PLC		6,024		376,309
Nielsen Holdings PLC		6,062		164,705
Pearson PLC		26,239		322,287
Persimmon PLC		2,734		66,229
RELX PLC†		58,177		1,213,992
Royal Mail PLC		26,021		106,272
Sage Group PLC		25,297		187,906
Schroders PLC		9,585		309,904
Segro PLC		54,440		419,591
Smith & Nephew PLC		25,446		462,831
Smiths Group PLC		18,020		320,108
SSE PLC		33,488		467,990
St James’s Place PLC		33,593		430,752
TechnipFMC PLC		8,742		201,853
Travis Perkins PLC		8,814		124,313
United Utilities Group PLC		43,128		418,424
Weir Group PLC		9,425		177,187
Whitbread PLC		4,680		274,391
				17,133,045
United States — 57.7%
A.O. Smith Corp.		4,170		197,575
Abbott Laboratories		11,386		843,133
AbbVie, Inc.		20,175		1,901,897
Activision Blizzard, Inc.		9,737		485,682
Acuity Brands, Inc.#		725		94,265
Adobe, Inc.†		6,278		1,575,087
Advance Auto Parts, Inc.		1,590		282,559
Advanced Micro Devices, Inc.†		6,209		132,252
Affiliated Managers Group, Inc.		2,068		229,796
Aflac, Inc.		19,838		907,390
Agilent Technologies, Inc.		8,640		625,104
AGNC Investment Corp.		9,173		162,362
Air Products & Chemicals, Inc.		5,168		831,376
Akamai Technologies, Inc.†		1,244		85,525
Albemarle Corp.#		3,348		322,479
Alexion Pharmaceuticals, Inc.†		2,695		331,889
Align Technology, Inc.†		1,208		277,707
Alleghany Corp.		398		251,150
Alliance Data Systems Corp.		920		184,331
Allstate Corp.		13,980		1,246,876
Alnylam Pharmaceuticals, Inc.†#		938		76,128
Alphabet, Inc., Class A†		4,082		4,529,591
Alphabet, Inc., Class C†		3,636		3,979,347
American Express Co.		15,233		1,710,209
American Tower Corp.		10,755		1,769,090
American Water Works Co., Inc.		5,568		531,243
Ameriprise Financial, Inc.		4,466		579,463
AMETEK, Inc.		4,930		362,010
Amgen, Inc.		12,489		2,600,834
Amphenol Corp., Class A		3,249		285,717
Anadarko Petroleum Corp.		8,297		438,911

Security Description	Shares		Value (Note 2)
United States (continued)
Analog Devices, Inc.		3,632	$	333,853
Annaly Capital Management, Inc.		16,295		163,602
Antero Resources Corp.†		6,732		88,391
Apache Corp.		11,520		404,698
Apple, Inc.		27,842		4,972,024
Applied Materials, Inc.		11,871		442,551
Arista Networks, Inc.†		107		25,517
Assurant, Inc.		2,911		283,066
Atmos Energy Corp.		4,547		435,011
Autodesk, Inc.†		4,061		586,814
Automatic Data Processing, Inc.		9,124		1,345,060
AvalonBay Communities, Inc.		1,148		218,774
Avery Dennison Corp.		3,669		353,692
Baker Hughes a GE Co., LLC		4,989		113,849
Ball Corp.#		6,352		311,947
Bank of New York Mellon Corp.		9,097		466,767
Baxter International, Inc.		9,257		634,567
BB&T Corp.		10,844		554,128
Berkshire Hathaway, Inc., Class B†		17,072		3,725,793
Best Buy Co., Inc.		3,967		256,229
Biogen, Inc.†		2,412		804,933
BioMarin Pharmaceutical, Inc.†		3,122		299,806
BlackRock, Inc.		2,225		952,322
Booking Holdings, Inc.†		616		1,165,398
Boston Properties, Inc.		1,856		243,507
Broadcom, Inc.		4,530		1,075,467
C.H. Robinson Worldwide, Inc.		4,142		382,431
Cabot Oil & Gas Corp.		10,408		261,865
Campbell Soup Co.#		2,840		111,328
Capital One Financial Corp.		8,990		806,223
CarMax, Inc.†#		3,715		245,450
Caterpillar, Inc.		4,114		558,146
CBRE Group, Inc., Class A†		6,735		294,185
CBS Corp., Class B		8,634		467,790
Celanese Corp.		5,247		529,580
Celgene Corp.†		10,195		736,283
Centene Corp.†		3,324		472,839
CenterPoint Energy, Inc.		9,924		277,971
CenturyLink, Inc.		23,530		442,364
Cerner Corp.†		10,843		627,918
CF Industries Holdings, Inc.		2,753		116,149
Charles Schwab Corp.		16,947		759,226
Cheniere Energy, Inc.†		4,155		253,954
Chipotle Mexican Grill, Inc.†		435		205,846
Church & Dwight Co., Inc.		5,892		389,991
Cincinnati Financial Corp.		7,048		576,033
Cintas Corp.		2,934		549,773
Cisco Systems, Inc.		67,029		3,208,678
CIT Group, Inc.		5,817		270,083
Citizens Financial Group, Inc.		9,141		332,367
Citrix Systems, Inc.†		1,735		189,063
Clorox Co.		7,198		1,192,133
CME Group, Inc.		5,673		1,078,324
CMS Energy Corp.		10,564		550,279
Cognizant Technology Solutions Corp., Class A		8,995		640,714
Colgate-Palmolive Co.		16,984		1,078,824
Comcast Corp., Class A		72,044		2,810,436
Comerica, Inc.		4,468		353,776
Concho Resources, Inc.†		2,390		311,513
Continental Resources, Inc.†		5,768		263,713
Cooper Cos., Inc.		1,050		292,772
Corning, Inc.		14,840		478,145
Crown Castle International Corp.		8,215		943,903
CSX Corp.		17,593		1,277,780
D.R. Horton, Inc.		5,759		214,350

68

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Danaher Corp.		15,390	$	1,685,821
Deere & Co.		8,676		1,343,739
Dell Technologies, Inc., Class V†		2,600		274,248
DENTSPLY SIRONA, Inc.		5,808		219,426
Devon Energy Corp.		32,561		880,124
Diamondback Energy, Inc.#		2,143		236,544
Digital Realty Trust, Inc.		2,876		330,855
Discover Financial Services		7,023		500,740
Discovery, Inc., Class C†		16,153		451,153
DISH Network Corp., Class A†		5,080		166,421
Dollar Tree, Inc.†		4,673		405,476
Dover Corp.		9,002		764,180
DXC Technology Co.		3,569		224,990
E*TRADE Financial Corp.		7,743		404,881
Eaton Vance Corp.		4,012		163,409
eBay, Inc.†		16,919		505,032
Ecolab, Inc.		6,409		1,028,580
Edwards Lifesciences Corp.†		4,134		669,749
Electronic Arts, Inc.†		4,406		370,412
Emerson Electric Co.		22,504		1,519,470
EOG Resources, Inc.		6,297		650,543
Equinix, Inc.		1,497		576,764
Equity Residential		4,349		309,866
Estee Lauder Cos., Inc., Class A		5,535		789,623
Eversource Energy		9,632		658,251
Expedia Group, Inc.		2,598		313,812
Expeditors International of Washington, Inc.		10,857		826,109
Extra Space Storage, Inc.		3,906		374,898
Fastenal Co.#		8,190		485,339
Federal Realty Investment Trust		3,058		403,931
Fidelity National Financial, Inc.		7,583		254,789
Fidelity National Information Services, Inc.		8,745		944,023
Fifth Third Bancorp		15,741		439,646
First Republic Bank		3,876		384,305
Fiserv, Inc.†		13,280		1,050,846
FleetCor Technologies, Inc.†		1,152		222,797
Flowserve Corp.		4,021		195,059
Ford Motor Co.		46,034		433,180
Fortive Corp.		7,695		585,359
Franklin Resources, Inc.#		7,712		261,360
Gartner, Inc.†#		1,580		242,040
General Mills, Inc.		20,561		869,936
Genuine Parts Co.		3,093		320,775
Gilead Sciences, Inc.		16,851		1,212,261
Hanesbrands, Inc.#		9,177		146,006
Hasbro, Inc.#		4,481		407,771
HCA Healthcare, Inc.		3,556		512,028
HCP, Inc.		7,868		230,218
HD Supply Holdings, Inc.†		3,493		139,371
Helmerich & Payne, Inc.		2,696		163,378
Hess Corp.		6,603		355,836
Hewlett Packard Enterprise Co.		19,643		294,645
HollyFrontier Corp.		3,459		216,084
Hormel Foods Corp.#		10,317		465,194
Host Hotels & Resorts, Inc.		16,843		320,017
HP, Inc.		24,752		569,296
Humana, Inc.		1,960		645,761
IAC/InterActiveCorp†		1,569		279,219
Illinois Tool Works, Inc.		2,451		340,812
Illumina, Inc.†		1,489		502,538
Incyte Corp.†		2,512		161,396
Ingredion, Inc.		1,834		191,580
Intel Corp.		57,070		2,814,122
Intercontinental Exchange, Inc.		16,675		1,362,681
International Flavors & Fragrances, Inc.		4,707		666,652

Security Description	Shares		Value (Note 2)
United States (continued)
International Paper Co.		7,172	$	331,275
Interpublic Group of Cos., Inc.		10,654		250,369
Intuit, Inc.		3,458		741,845
IPG Photonics Corp.†#		449		63,825
IQVIA Holdings, Inc.†		2,810		351,447
Iron Mountain, Inc.		4,511		153,239
J.M. Smucker Co.		1,985		207,452
JB Hunt Transport Services, Inc.		3,516		373,962
Jones Lang LaSalle, Inc.		2,807		401,962
Juniper Networks, Inc.		7,205		206,856
Kansas City Southern		2,001		206,203
KeyCorp		16,491		302,445
Kimberly-Clark Corp.		15,783		1,820,885
Kinder Morgan, Inc.		22,465		383,478
KLA-Tencor Corp.		417		41,100
Kohl’s Corp.		3,164		212,526
Kraft Heinz Co.		7,293		372,818
Kroger Co.		19,449		576,857
L Brands, Inc.		4,771		157,968
Laboratory Corp. of America Holdings†		3,264		475,369
Lam Research Corp.		2,596		407,468
Lear Corp.		2,301		313,511
Liberty Media Corp. — Liberty SiriusXM, Series C†		5,871		235,545
Lincoln National Corp.		4,705		296,274
LKQ Corp.†		10,988		305,906
Loews Corp.		5,566		267,502
Lowe’s Cos., Inc.		9,390		886,134
M&T Bank Corp.		3,811		644,097
Macerich Co.		2,125		106,866
Marathon Oil Corp.		50,149		836,987
Markel Corp.†		439		502,277
Marsh & McLennan Cos., Inc.		7,787		690,707
Martin Marietta Materials, Inc.#		905		172,574
Masco Corp.		5,856		185,577
Mastercard, Inc., Class A		14,855		2,986,895
Mattel, Inc.†#		7,944		110,422
McCormick & Co., Inc.		2,150		322,500
MercadoLibre, Inc.#		575		202,383
Microchip Technology, Inc.		1,466		109,950
Micron Technology, Inc.†		15,142		583,876
Microsoft Corp.		91,520		10,148,653
Mid-America Apartment Communities, Inc.		1,694		175,431
Monster Beverage Corp.†		6,084		363,093
Mosaic Co.		6,964		250,704
Motorola Solutions, Inc.		952		124,950
MSCI, Inc.		2,388		375,131
Nasdaq, Inc.		6,716		613,305
National Oilwell Varco, Inc.		13,658		438,558
NetApp, Inc.		3,588		239,930
Netflix, Inc.†		5,011		1,433,797
New York Community Bancorp, Inc.#		12,075		128,357
Newell Brands, Inc.#		7,862		183,971
Newfield Exploration Co.†		19,725		334,339
NiSource, Inc.		13,830		365,389
Noble Energy, Inc.		12,199		289,604
Norfolk Southern Corp.		4,381		748,012
Northern Trust Corp.		5,252		521,156
Nucor Corp.		9,846		594,797
NVIDIA Corp.		5,928		968,813
O’Reilly Automotive, Inc.†		1,151		399,144
Occidental Petroleum Corp.		6,941		487,744
OGE Energy Corp.		6,618		262,205
Omnicom Group, Inc.		11,877		914,173
ONEOK, Inc.		7,889		484,621
Oracle Corp.		40,001		1,950,449

69

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
PACCAR, Inc.		4,720	$	293,678
Parker-Hannifin Corp.		4,152		714,310
Parsley Energy, Inc., Class A†		2,061		41,488
Paychex, Inc.		9,280		656,653
PayPal Holdings, Inc.†		14,841		1,273,506
People’s United Financial, Inc.		22,008		371,055
PepsiCo, Inc.		28,141		3,431,514
Pioneer Natural Resources Co.		1,932		285,453
Plains GP Holdings LP, Class A		3,826		84,669
PNC Financial Services Group, Inc.		10,505		1,426,369
PPL Corp.		31,005		948,443
Principal Financial Group, Inc.		9,465		466,814
Procter & Gamble Co.		38,851		3,671,808
Progressive Corp.		10,826		717,656
Prologis, Inc.		6,021		405,454
Prudential Financial, Inc.		8,857		830,432
Public Storage		1,999		426,307
QUALCOMM, Inc.#		16,331		951,444
Quest Diagnostics, Inc.		6,487		574,554
Qurate Retail, Inc.†		15,276		339,433
Raymond James Financial, Inc.		5,302		422,728
Red Hat, Inc.†		2,356		420,687
Regeneron Pharmaceuticals, Inc.†		1,040		380,276
Regions Financial Corp.		21,191		348,592
Republic Services, Inc.		6,786		524,829
ResMed, Inc.		2,871		320,949
Robert Half International, Inc.		478		29,555
Rockwell Automation, Inc.		4,117		717,758
Roper Technologies, Inc.		4,838		1,439,740
Ross Stores, Inc.		6,969		610,484
S&P Global, Inc.		4,248		776,789
salesforce.com, Inc.†		8,590		1,226,308
SBA Communications Corp.†		5,672		968,834
Sealed Air Corp.		3,953		144,403
Seattle Genetics, Inc.†#		1,644		102,882
SEI Investments Co.		4,295		230,642
ServiceNow, Inc.†		1,324		245,297
Simon Property Group, Inc.		3,310		614,634
Snap-on, Inc.#		2,120		352,429
Southwest Airlines Co.		4,588		250,551
Square, Inc., Class A†#		2,156		150,575
Stanley Black & Decker, Inc.		3,498		457,713
Starbucks Corp.		23,035		1,536,895
Stryker Corp.		4,534		795,536
SunTrust Banks, Inc.		10,302		645,832
SVB Financial Group†		1,283		326,921
Synchrony Financial		10,798		280,532
T-Mobile US, Inc.†		2,928		200,422
T. Rowe Price Group, Inc.		6,856		681,212
Take-Two Interactive Software, Inc.†		576		63,170
Tapestry, Inc.		5,861		228,169
Targa Resources Corp.		5,071		226,319
TD Ameritrade Holding Corp.		8,363		450,013
Texas Instruments, Inc.		11,801		1,178,330
Thermo Fisher Scientific, Inc.		8,190		2,043,814
Tiffany & Co.		3,930		357,630
TJX Cos., Inc.		26,650		1,301,852
Toll Brothers, Inc.		6,710		221,229
Torchmark Corp.		7,853		678,578
Total System Services, Inc.		1,713		149,665
Tractor Supply Co.		1,874		178,274
TransDigm Group, Inc.†		831		300,548
Travelers Cos., Inc.		9,938		1,295,617
TripAdvisor, Inc.†		2,793		178,920
Twitter, Inc.†		7,166		225,371

Security Description	Shares/ Principal Amount			Value (Note 2)
United States (continued)
UGI Corp.		5,791		$	332,693
Ulta Beauty, Inc.†		1,451			432,093
Union Pacific Corp.		11,975			1,841,515
United Parcel Service, Inc., Class B		13,351			1,539,237
United Rentals, Inc.†		2,725			319,179
United Therapeutics Corp.†		1,305			154,121
US Bancorp		30,198			1,644,583
Vail Resorts, Inc.		1,362			380,243
Valero Energy Corp.		4,416			352,838
Varian Medical Systems, Inc.†		3,147			388,308
Veeva Systems, Inc., Class A†		1,246			119,815
Ventas, Inc.		5,335			338,719
VeriSign, Inc.†		2,698			421,050
Verisk Analytics, Inc.†		4,082			503,392
Vertex Pharmaceuticals, Inc.†		4,672			844,651
Viacom, Inc., Class B		7,902			243,856
Visa, Inc., Class A#		27,304			3,869,250
Vornado Realty Trust		3,640			261,934
Voya Financial, Inc.		7,253			326,022
Vulcan Materials Co.#		2,163			228,651
Walgreens Boots Alliance, Inc.		10,661			902,667
Walt Disney Co.		21,553			2,489,156
Waters Corp.†		1,325			263,119
WEC Energy Group, Inc.		6,906			500,547
Welltower, Inc.		4,073			294,600
Western Digital Corp.		3,913			177,611
Western Union Co.		11,620			217,643
WestRock Co.		4,699			221,370
Weyerhaeuser Co.		7,956			210,118
Whirlpool Corp.#		1,088			137,229
Workday, Inc., Class A†		1,287			211,068
Worldpay, Inc., Class A†		3,592			308,230
WR Berkley Corp.		1,772			139,598
WW Grainger, Inc.		518			162,673
Xerox Corp.		5,582			150,267
Yum! Brands, Inc.		5,094			469,769
Zoetis, Inc.		6,582			617,852
					213,180,178
Total Long-Term Investment Securities
(cost $295,266,910)					367,146,088
SHORT-TERM INVESTMENT SECURITIES — 0.3%
U.S. Government Treasuries — 0.3%
United States Treasury Bills 2.27% due 01/17/2019(3)	$	200,000			199,431
2.44% due 04/18/2019(3)		800,000			792,641
Total Short-Term Investment Securities
(cost $992,021)					992,072
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $1,081,038 collateralized by $1,125,000 of U.S. Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $1,107,268. (cost $1,081,000)		1,081,000			1,081,000
TOTAL INVESTMENTS
(cost $297,339,931)(4)		99.9	%		369,219,160
Other assets less liabilities		0.1			442,972
NET ASSETS		100.0	%	$	369,662,132

70

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $993,064 representing 0.4% 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).

At November 30, 2018, the Fund had loaned securities with a total value of $9,604,711. This was secured by collateral of $9,786,497 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$486,051
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048	756,018
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048	168,087
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019	859,961
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048	7,516,380

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

(2) Illiquid security. At November 30, 2018, the aggregate value of these securities was $13 representing 0% of net assets.

(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.

FDR—Fiduciary Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	28	Long	S&P 500 E-Mini Index		December 2018	$	3,864,511	$	3,861,620	$	(2,891	)

* 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 November 30, 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	$	97,631	$	8,016,612	**	$	13	$	8,114,256
Portugal		—		883,044	**		0		883,044
Other Countries		237,668,423		120,480,365	**		—		358,148,788
Short-Term Investment Securities:
U.S. Government Treasuries		—		992,072			—		992,072
Repurchase Agreements		—		1,081,000			—		1,081,000
Total Investments at Value	$	237,766,054	$	131,453,093		$	13	$	369,219,160
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,891	$	—		$	—	$	2,891

* 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.

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

See Notes to Financial Statements

71

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Sovereign	22.4	%
U.S. Government Agencies	6.8
Medical — Drugs	5.6
Foreign Government Obligations	5.5
U.S. Government Treasuries	5.0
Oil Companies — Integrated	4.9
Diversified Banking Institutions	4.6
Medical — Biomedical/Gene	3.4
Banks — Commercial	3.2
Cellular Telecom	1.7
Telecom Services	1.6
Insurance — Multi-line	1.6
Enterprise Software/Service	1.5
Semiconductor Components — Integrated Circuits	1.2
Electronic Components — Semiconductors	1.2
Web Portals/ISP	1.2
Chemicals — Diversified	1.2
Medical — Generic Drugs	1.0
Retail — Drug Store	1.0
Finance — Credit Card	1.0
Transport — Services	0.9
Cable/Satellite TV	0.9
Diversified Manufacturing Operations	0.9
Beverages — Non-alcoholic	0.9
Diversified Financial Services	0.8
Water	0.8
Diversified Operations	0.8
Electric — Generation	0.8
Food — Retail	0.8
Electronic Components — Misc.	0.8
Energy — Alternate Sources	0.8
Real Estate Operations & Development	0.7
Banks — Super Regional	0.7
Building Products — Cement	0.7
Retail — Building Products	0.7
Agricultural Chemicals	0.6
Telephone — Integrated	0.6
Food — Misc./Diversified	0.6
Audio/Video Products	0.6
Oil Companies — Exploration & Production	0.6
Retail — Auto Parts	0.6
Insurance — Life/Health	0.6
Satellite Telecom	0.6
Building & Construction Products — Misc.	0.6
Retail — Apparel/Shoe	0.6
Toys	0.5
Finance — Auto Loans	0.5
Telecommunication Equipment	0.4
Rubber — Tires	0.4
Medical Instruments	0.4
Aerospace/Defense	0.4
Cosmetics & Toiletries	0.4
Precious Metals	0.4
Diagnostic Kits	0.3
Aerospace/Defense — Equipment	0.3
Gold Mining	0.2
Central Bank	0.2
	98.0%

Country Allocation*

United States	29.5	%
Mexico	7.5
South Korea	7.1
United Kingdom	6.3
France	4.7
Japan	4.4
Brazil	4.0
Germany	3.8
India	3.6
Indonesia	3.5
Ireland	2.7
Switzerland	2.3
Netherlands	1.9
Argentina	1.7
China	1.5
Colombia	1.4
Cayman Islands	1.4
Canada	1.1
Israel	1.0
Jersey	1.0
Italy	0.9
Hong Kong	0.9
Thailand	0.8
Denmark	0.8
Singapore	0.7
Taiwan	0.7
Norway	0.6
Philippines	0.6
Ghana	0.6
Luxembourg	0.6
Bermuda	0.3
Ukraine	0.1
	98.0	%

* Calculated as a percentage of net assets

72

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 58.1%
Bermuda — 0.3%
Kunlun Energy Co., Ltd.		854,000	$	1,037,807
Canada — 1.1%
Alamos Gold, Inc., Class A#		243,830		785,133
Husky Energy, Inc.		154,000		1,912,467
Wheaton Precious Metals Corp.		86,700		1,361,203
				4,058,803
Cayman Islands — 1.4%
Baidu, Inc. ADR†		10,420		1,961,878
CK Hutchison Holdings, Ltd.		283,000		2,966,141
				4,928,019
China — 1.5%
China Life Insurance Co., Ltd.		966,000		2,077,247
China Telecom Corp., Ltd.		5,952,000		3,225,950
				5,303,197
Denmark — 0.8%
Vestas Wind Systems A/S		37,633		2,818,920
France — 4.7%
AXA SA		110,454		2,692,167
BNP Paribas SA		75,217		3,788,271
Cie de Saint-Gobain		54,289		2,012,840
Cie Generale des Etablissements Michelin SCA		14,571		1,525,772
Sanofi		42,471		3,843,864
Veolia Environnement SA		139,077		2,970,902
				16,833,816
Germany — 3.8%
Bayer AG		40,433		2,953,077
E.ON SE		287,426		2,934,162
LANXESS AG		31,853		1,747,200
Merck KGaA		23,620		2,604,650
Siemens AG ADR		55,543		3,223,716
				13,462,805
Hong Kong — 0.9%
China Mobile, Ltd.		308,000		3,070,407
Ireland — 2.7%
Allergan PLC		22,465		3,518,019
Bank of Ireland Group PLC		334,174		2,116,092
CRH PLC		91,117		2,518,149
Medtronic PLC		15,500		1,511,715
				9,663,975
Israel — 1.0%
Teva Pharmaceutical Industries, Ltd. ADR		170,770		3,678,386
Italy — 0.9%
Eni SpA		204,179		3,293,940
Japan — 4.4%
IHI Corp.		29,900		910,052
Mitsui Fudosan Co., Ltd.		109,600		2,621,363
Omron Corp.		38,000		1,671,960
Panasonic Corp.		211,300		2,167,633
Seven & i Holdings Co., Ltd.		67,200		2,932,702
SoftBank Group Corp.		25,900		2,173,487
Suntory Beverage & Food, Ltd.		73,500		3,083,758
				15,560,955
Jersey — 1.0%
Shire PLC		59,447		3,459,450

Security Description	Shares		Value (Note 2)
Luxembourg — 0.6%
SES SA FDR		93,887	$	2,035,489
Netherlands — 1.9%
ING Groep NV		223,312		2,718,490
LyondellBasell Industries NV, Class A		11,300		1,054,403
NXP Semiconductors NV		22,200		1,850,814
QIAGEN NV†		32,394		1,142,738
				6,766,445
Norway — 0.6%
Yara International ASA		57,111		2,303,008
Singapore — 0.7%
Singapore Telecommunications, Ltd.		1,156,300		2,597,966
South Korea — 2.0%
Hana Financial Group, Inc.		40,192		1,352,746
KB Financial Group, Inc. ADR		38,428		1,618,203
Samsung Electronics Co., Ltd.		112,178		4,211,581
				7,182,530
Switzerland — 2.3%
Novartis AG		14,267		1,302,386
Roche Holding AG		12,515		3,247,378
UBS Group AG		254,605		3,454,641
				8,004,405
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		348,914		2,550,669
Thailand — 0.8%
Bangkok Bank PCL NVDR		465,100		2,949,333
United Kingdom — 6.3%
BAE Systems PLC		221,053		1,388,322
Barclays PLC		333,662		695,474
BP PLC		755,262		5,008,247
HSBC Holdings PLC#		277,983		2,381,641
Kingfisher PLC		733,961		2,343,019
Royal Dutch Shell PLC, Class B		131,885		4,033,706
Standard Chartered PLC		440,376		3,422,824
Vodafone Group PLC ADR		140,547		3,020,355
				22,293,588
United States — 17.7%
Advance Auto Parts, Inc.		11,900		2,114,749
Ally Financial, Inc.		66,300		1,768,884
Alphabet, Inc., Class A†		2,000		2,219,300
Amgen, Inc.		14,590		3,038,367
Apache Corp.		32,160		1,129,781
Capital One Financial Corp.		38,320		3,436,538
Celgene Corp.†		27,390		1,978,106
Citigroup, Inc.		62,830		4,070,756
Comcast Corp., Class A		85,630		3,340,426
CommScope Holding Co., Inc.†		88,000		1,592,800
Coty, Inc., Class A#		164,200		1,369,428
Eastman Chemical Co.		17,040		1,343,093
Eli Lilly & Co.		18,330		2,174,671
Exxon Mobil Corp.		45,100		3,585,450
Gilead Sciences, Inc.		44,450		3,197,733
JPMorgan Chase & Co.		15,420		1,714,550
Kellogg Co.		34,100		2,170,465
Knowles Corp.†		81,440		1,241,146
Mattel, Inc.†#		135,100		1,877,890
Oracle Corp.		109,060		5,317,765
Tapestry, Inc.		50,600		1,969,858
United Parcel Service, Inc., Class B		29,400		3,389,526
Voya Financial, Inc.		67,550		3,036,372

73

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(3)		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Walgreens Boots Alliance, Inc.		41,700	$	3,530,739
Wells Fargo & Co.		47,800		2,594,584
				63,202,977
Total Common Stocks
(cost $204,042,956)				207,056,890
FOREIGN GOVERNMENT OBLIGATIONS — 22.6%
Argentina — 1.1%
Republic of Argentina Bonds 4.00% due 03/06/2020(1)	ARS	5,000		164
Republic of Argentina Notes 4.50% due 02/13/2020		439,000		411,563
Republic of Argentina Bonds 15.50% due 10/17/2026	ARS	79,847,000		1,603,013
Republic of Argentina Bonds 16.00% due 10/17/2023	ARS	43,574,000		949,859
Republic of Argentina Notes 18.20% due 10/03/2021	ARS	40,723,000		874,220
Republic of Argentina FRS Bonds BADLARPP+2.00% 52.03% due 04/03/2022	ARS	2,800,000		77,919
Republic of Argentina FRS Bonds ARLLMONP+0.00% 64.76% due 06/21/2020	ARS	10,000		309
				3,917,047
Brazil — 4.0%
Federative Republic of Brazil Bills zero coupon due 07/01/2020	BRL	1,650,000		380,936
Federative Republic of Brazil Bills zero coupon due 07/01/2021	BRL	10,680,000		2,248,243
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2019	BRL	10,720,000		2,893,105
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2021	BRL	3,660,000		1,021,112
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2023	BRL	11,195,000		3,106,594
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2025	BRL	15,050,000		4,140,766
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2027	BRL	2,160,000		588,332
				14,379,088
Colombia — 1.4%
Republic of Colombia Senior Notes 4.38% due 03/21/2023	COP	64,000,000		18,920

Security Description	Principal Amount(3)		Value (Note 2)
Colombia (continued)
Republic of Colombia Bonds 6.00% due 04/28/2028	COP	2,472,300,000	$	713,267
Republic of Colombia Bonds 7.50% due 08/26/2026	COP	6,500,700,000		2,094,070
Republic of Colombia Senior Notes 7.75% due 04/14/2021	COP	329,000,000		106,116
Republic of Colombia Bonds 7.75% due 09/18/2030	COP	4,849,000,000		1,566,693
Republic of Colombia Bonds 10.00% due 07/24/2024	COP	1,269,000,000		459,032
				4,958,098
Ghana — 0.6%
Republic of Ghana Bonds 18.75% due 01/24/2022	GHS	1,400,000		278,920
Republic of Ghana Bonds 19.00% due 11/02/2026	GHS	4,210,000		747,722
Republic of Ghana Bonds 19.75% due 03/25/2024	GHS	1,400,000		279,187
Republic of Ghana Bonds 19.75% due 03/15/2032	GHS	4,210,000		783,053
Republic of Ghana Bonds 21.50% due 03/09/2020	GHS	50,000		10,527
Republic of Ghana Bonds 24.50% due 06/21/2021	GHS	50,000		11,205
Republic of Ghana Bonds 24.75% due 03/01/2021	GHS	50,000		11,182
Republic of Ghana Bonds 24.75% due 07/19/2021	GHS	50,000		11,255
				2,133,051
India — 3.6%
Republic of India Senior Notes 6.79% due 05/15/2027	INR	380,000,000		5,130,662
Republic of India Senior Notes 6.84% due 12/19/2022	INR	40,000,000		562,451
Republic of India Senior Notes 7.16% due 05/20/2023	INR	150,000,000		2,117,799
Republic of India Senior Notes 7.68% due 12/15/2023	INR	128,000,000		1,846,675
Republic of India Senior Notes 8.08% due 08/02/2022	INR	142,000,000		2,078,605
Republic of India Senior Notes 8.20% due 02/15/2022	INR	60,000,000		878,973
				12,615,165

74

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Indonesia — 3.5%
Republic of Indonesia Senior Notes 5.63% due 05/15/2023	IDR	87,000,000	$	5,590
Republic of Indonesia Senior Notes 7.00% due 05/15/2022	IDR	294,000,000		20,122
Republic of Indonesia Senior Notes 8.25% due 07/15/2021	IDR	4,525,000,000		322,097
Republic of Indonesia Senior Notes 8.38% due 03/15/2024	IDR	90,369,000,000		6,441,615
Republic of Indonesia Senior Notes 8.38% due 03/15/2034	IDR	8,380,000,000		595,169
Republic of Indonesia Senior Notes 8.75% due 05/15/2031	IDR	3,184,000,000		233,691
Republic of Indonesia Senior Notes 9.00% due 03/15/2029	IDR	2,285,000,000		170,577
Republic of Indonesia Senior Bonds 10.25% due 07/15/2022	IDR	116,000,000		8,684
Republic of Indonesia Senior Notes 10.50% due 08/15/2030	IDR	260,000,000		21,478
Republic of Indonesia Senior Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		993,508
Republic of Indonesia Senior Bonds 11.50% due 09/15/2019	IDR	29,607,000,000		2,130,837
Republic of Indonesia Senior Bonds 12.80% due 06/15/2021	IDR	7,078,000,000		554,793
Republic of Indonesia Senior Bonds 12.90% due 06/15/2022	IDR	10,859,000,000		873,670
				12,371,831
Mexico — 2.8%
United Mexican States Bonds 2.50% due 12/10/2020(1)	MXN	2,578,086		121,577
United Mexican States Bonds 4.00% due 06/13/2019(1)	MXN	3,305,871		161,334
United Mexican States Senior Notes 5.00% due 12/11/2019	MXN	162,280,000		7,698,070
United Mexican States Bonds 6.50% due 06/10/2021	MXN	20,960,000		979,326
United Mexican States Bonds 8.00% due 06/11/2020	MXN	17,060,000		831,872
				9,792,179
Philippines — 0.6%
Republic of the Philippines Senior Notes 3.88% due 11/22/2019	PHP	121,440,000		2,256,947

Security Description	Principal Amount(3)		Value (Note 2)
South Korea — 4.9%
Bank of Korea Senior Bonds 1.72% due 12/02/2018	KRW	770,000,000	$	686,917
Republic of South Korea Senior Notes 1.25% due 12/10/2019	KRW	2,127,000,000		1,887,409
Republic of South Korea Senior Notes 1.38% due 09/10/2021	KRW	1,207,700,000		1,060,598
Republic of South Korea Senior Notes 1.50% due 06/10/2019	KRW	3,790,000,000		3,375,732
Republic of South Korea Senior Notes 1.75% due 12/10/2018	KRW	1,386,600,000		1,236,953
Republic of South Korea Senior Notes 1.88% due 03/10/2022	KRW	257,000,000		228,559
Republic of South Korea Senior Notes 2.00% due 03/10/2021	KRW	7,844,590,000		7,012,096
Republic of South Korea Senior Bonds 3.00% due 09/10/2024	KRW	579,100,000		542,995
Republic of South Korea Senior Notes 4.25% due 06/10/2021	KRW	1,400,000,000		1,319,231
				17,350,490
Ukraine — 0.1%
Government of Ukraine VRS Senior Bonds 0.00% due 05/31/2040*(2)		956,000		532,809
Total Foreign Government Obligations
(cost $90,484,578)				80,306,705
Total Long-Term Investment Securities
(cost $294,527,534)				287,363,595
SHORT-TERM INVESTMENT SECURITIES — 17.3%
Foreign Government Obligations — 5.5%
Republic of Argentina 0.00% due 09/30/2019	ARS	28,494,000		830,494
0.73% due 10/31/2019	ARS	15,508,000		433,887
1.16% due 04/30/2019	ARS	5,601,000		158,093
2.73% due 05/31/2019	ARS	12,704,000		351,208
3.00% due 04/30/2020	ARS	8,069,000		224,940
3.75% due 02/08/2019(1)	ARS	5,194,000		187,833
				2,186,455
Republic of South Korea 1.80% due 09/09/2019	KRW	768,000,000		684,701
United Mexican States 7.90% due 12/06/2018	MXN	21,201,400		1,040,262
7.90% due 01/31/2019	MXN	7,067,100		342,415
7.91% due 03/28/2019	MXN	14,134,300		676,002
7.92% due 03/28/2019	MXN	24,735,000		1,183,002
7.93% due 03/28/2019	MXN	7,067,100		337,999
7.94% due 05/23/2019	MXN	21,201,300		1,000,756
7.95% due 05/23/2019	MXN	5,300,400		250,193
7.99% due 01/31/2019	MXN	5,299,500		256,771
8.00% due 01/31/2019	MXN	8,043,200		389,709
8.00% due 02/14/2019	MXN	12005400		579,810
8.00% due 03/28/2019	MXN	3,533,000		168,973
8.01% due 02/14/2019	MXN	984,700		47,557

75

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(3)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Obligations (continued)
8.01% due 05/23/2019	MXN	43,511,200		$	2,053,842
8.02% due 05/23/2019	MXN	4,946,200			233,474
8.03% due 02/28/2019	MXN	7,003,200			337,120
8.03% due 03/28/2019	MXN	4,083,200			195,287
8.05% due 02/28/2019	MXN	1,107,700			53,323
8.05% due 09/12/2019	MXN	5,959,000			274,195
8.06% due 03/14/2019	MXN	4,001,800			192,018
8.06% due 05/23/2019	MXN	6,124,800			289,107
8.07% due 02/14/2019	MXN	11461300			553,532
8.07% due 05/23/2019	MXN	2,633,800			124,322
8.08% due 07/18/2019	MXN	3,028,800			141,146
8.09% due 05/23/2019	MXN	6,824,800			322,148
8.09% due 07/04/2019	MXN	2,107,000			98,501
8.09% due 07/18/2019	MXN	16,332,800			761,129
8.10% due 07/04/2019	MXN	8,603,000			402,187
8.11% due 05/23/2019	MXN	1,316,900			62,161
8.11% due 07/04/2019	MXN	7,113,900			332,572
8.11% due 09/12/2019	MXN	6,124,900			281,829
8.13% due 05/23/2019	MXN	4,001,800			188,895
8.13% due 09/12/2019	MXN	2,633,800			121,191
8.14% due 07/18/2019	MXN	8,694,700			405,184
8.14% due 09/12/2019	MXN	3,028,800			139,366
8.15% due 09/12/2019	MXN	4,001,800			184,137
8.17% due 04/25/2019	MXN	29,534,400			1,403,329
8.19% due 01/31/2019	MXN	3,603,900			174,616
8.24% due 03/28/2019	MXN	8,543,200			408,596
8.25% due 03/28/2019	MXN	4,239,800			202,777
8.26% due 03/28/2019	MXN	9,178,900			439,000
8.45% due 07/18/2019	MXN	3,179,900			148,187
					16,796,620
Total Foreign Government Obligations
(cost $20,082,042)					19,667,776
U.S. Government Agencies — 6.8%
Federal Home Loan Bank Disc. Notes 2.08% due 12/03/2018		24,115,000			24,115,000
U.S. Government Treasuries — 5.0%
United States Treasury Bills Disc. Notes 2.36% due 02/28/2019		18,080,000			17,978,741
Total Short-Term Investment Securities
(cost $62,169,257)					61,761,517
TOTAL INVESTMENTS
(cost $356,696,791)(4)		98.0	%		349,125,112
Other assets less liabilities		2.0			7,106,317
NET ASSETS		100.0	%	$	356,231,429

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

At November 30, 2018, the Fund had loaned securities with a total value of $5,668,171. Additional collateral of $5,861,432 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
United States Treasury Bills	0.00%	01/17/2019 to 04/25/2019	$	73,352
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		5,788,080

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $532,809 representing 0.1% 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) Denominated on United States Dollars unless otherwise indicated.

(4) 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 November 30, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

ARLLMONP—Argentina Blended Policy Rate

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	$	–	$	784,086
USD	11,200	03/08/2047		3 Months USD—LIBOR/Quarterly		2.70%/Semi-annually		–		981,486
USD	1,012	02/20/2048		3 Months USD—LIBOR/Quarterly		2.98%/Semi-annually		–		33,502
USD	1,012	02/22/2048		3 Months USD—LIBOR/Quarterly		3.00%/Semi-annually		–		29,129
USD	1,012	02/23/2048		3 Months USD—LIBOR/Quarterly		3.02%/Semi-annually		–		25,718
									$	1,853,921

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

USD—United States Dollar

LIBOR—London Interbank Offered rate

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		EUR	1,085,049		USD	1,258,005		12/05/2018	$	29,529	$	–
		EUR	234,146		USD	273,978		12/07/2018		8,842		–
		EUR	605,539		USD	711,312		12/18/2018		24,873		–
		EUR	584,552		USD	680,495		01/16/2019		15,909		–
		EUR	2,236,820		USD	2,571,448		01/28/2019		25,854		–
		EUR	2,236,820		USD	2,558,727		01/30/2019		12,712		–
		EUR	1,211,078		USD	1,380,241		02/19/2019		–		(550	)
		EUR	1,085,049		USD	1,244,117		03/04/2019		–		–
		USD	1,234,243		EUR	1,085,049		12/05/2018		–		(5,766	)
										117,719		(6,316	)
Barclays Bank PLC		EUR	183,000		USD	209,110		12/10/2018		1,841		–
		EUR	47,026		USD	55,815		12/28/2018		2,447		–
		EUR	94,051		USD	107,995		01/31/2019		935		–
		EUR	47,026		USD	53,910		02/28/2019		254		–
		JPY	116,230,000		USD	1,032,183		12/10/2018		7,842		–
		JPY	78,940,000		USD	711,931		01/17/2019		13,486		–
		JPY	12,425,000		USD	111,534		01/22/2019		1,557		–
		JPY	557,000,000		USD	4,982,579		02/08/2019		45,778		–
		JPY	40,123,600		USD	358,548		02/13/2019		2,784		–
		JPY	67,630,000		USD	599,458		02/28/2019		–		(907	)
		JPY	12,425,000		USD	110,880		05/20/2019		–		(186	)
										76,924		(1,093	)
BNP Paribas SA		EUR	118,000		USD	134,183		02/28/2019		–		(455	)
Citibank N.A.		EUR	89,576		USD	104,439		12/13/2018		2,953		–
		EUR	1,906,904		USD	2,224,613		01/15/2019		56,805		–
		EUR	1,104,900		USD	1,267,541		02/01/2019		9,703		–
		EUR	1,082,037		BRL	5,260,000		04/01/2019		111,597		–
		JPY	32,100,000		USD	290,945		12/10/2018		8,046		–
		JPY	79,600,000		USD	720,382		12/11/2018		18,815		–
		JPY	72,889,000		USD	676,728		01/25/2019		31,413		–
		JPY	280,651,280		USD	2,636,015		01/31/2019		150,120		–
		JPY	9,976,667		USD	88,859		02/13/2019		399		–
		JPY	40,176,667		USD	379,231		02/14/2019		22,969		–
		JPY	29,930,000		USD	285,551		02/15/2019		20,129		–
		JPY	38,770,000		USD	350,273		03/20/2019		5,524		–
		JPY	9,976,666		USD	90,138		04/15/2019		1,226		–
		JPY	80,345,200		USD	724,307		05/07/2019		6,917		–
		KRW	524,000,000		USD	487,465		12/20/2018		19,774		–
		KRW	2,989,000,000		USD	2,656,653		02/25/2019		–		(18,547	)
		KRW	538,612,000		USD	474,423		04/16/2019		–		(8,785	)
		KRW	1,051,000,000		USD	928,527		05/15/2019		–		(15,670	)
		KRW	1,245,000,000		USD	1,108,341		05/21/2019		–		(10,462	)
										466,390		(53,464	)
Deutsche Bank AG		EUR	595,000		USD	696,263		12/07/2018		22,510		–
		EUR	270,464		USD	316,053		12/12/2018		9,664		–
		EUR	595,000		USD	692,553		01/07/2019		16,591		–
		EUR	270,464		USD	315,580		01/15/2019		8,111		–
		EUR	68,878		USD	79,830		01/22/2019		1,483		–
		EUR	133,000		USD	153,883		01/24/2019		2,573		–
		EUR	68,877		USD	79,568		01/25/2019		1,203		–
		EUR	2,905,954		USD	3,334,873		01/31/2019		26,956		–
		EUR	3,247,000		USD	3,697,067		02/19/2019		–		(4,950	)
		EUR	2,907,096		USD	3,312,825		02/28/2019		–		(4,162	)
		JPY	23,100,000		USD	209,264		12/12/2018		5,644		–
		JPY	43,140,000		USD	396,282		12/18/2018		15,746		–
		JPY	58,120,000		USD	535,920		01/24/2019		21,401		–
		JPY	222,755,000		USD	2,037,474		02/19/2019		61,438		–
		JPY	459,286,000		USD	4,218,936		02/21/2019		144,015		–
		JPY	43,210,000		USD	389,395		03/26/2019		4,967		–
		JPY	39,300,000		USD	354,807		04/15/2019		4,565		–
		KRW	920,000,000		USD	866,249		12/11/2018		45,422		–
		KRW	920,000,000		USD	816,798		05/16/2019		–		(9,751	)
		KRW	2,075,000,000		USD	1,849,623		05/29/2019		–		(15,764	)
										392,289		(34,627	)

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs International		EUR	161,487		USD	186,453		12/24/2018	$	3,267	$	–
		EUR	161,526		USD	187,130		01/22/2019		3,397		–
		EUR	79,216		USD	91,122		01/29/2019		964		–
		EUR	484,500		USD	552,427		02/19/2019		32		–
		EUR	161,487		USD	186,422		02/21/2019		2,274		–
		EUR	236,784		USD	270,663		02/28/2019		494		–
		JPY	15,058,476		USD	135,875		12/18/2018		3,045		–
		JPY	11,563,000		USD	105,090		01/11/2019		2,831		–
		JPY	15,055,762		USD	133,937		02/19/2019		379		–
		JPY	15,055,762		USD	136,255		04/18/2019		2,043		–
										18,726		–
HSBC Bank PLC		EUR	517,579		USD	598,839		01/11/2019		10,638		–
		EUR	235,000		USD	270,519		02/14/2019		2,700		–
		JPY	48,100,000		USD	435,373		12/11/2018		11,436		–
		JPY	69,900,000		USD	633,152		12/12/2018		17,005		–
		JPY	111,200,000		USD	1,007,851		12/18/2018		26,962		–
		JPY	78,700,000		USD	700,561		01/11/2019		4,570		–
		JPY	379,935,000		USD	3,568,470		01/31/2019		203,159		–
		KRW	1,031,000,000		USD	913,238		01/24/2019		–		(8,271	)
		KRW	2,644,000,000		USD	2,331,261		01/30/2019		–		(32,507	)
		KRW	3,173,000,000		USD	2,839,628		02/19/2019		508		–
		KRW	1,485,000,000		USD	1,385,714		03/20/2019		55,185		–
		KRW	323,600,000		USD	287,083		04/18/2019		–		(3,258	)
		KRW	1,093,958,907		USD	974,530		04/29/2019		–		(7,508	)
										332,163		(51,544	)
JPMorgan Chase Bank N.A		AUD	1,019,000		USD	719,789		01/11/2019		–		(25,485	)
		AUD	2,038,000		USD	1,447,612		01/14/2019		–		(43,014	)
		AUD	2,403,500		USD	1,711,977		01/15/2019		–		(46,011	)
		AUD	5,929,000		USD	4,233,602		01/22/2019		–		(103,559	)
		AUD	1,740,000		USD	1,233,951		01/29/2019		–		(39,042	)
		AUD	1,019,000		USD	722,726		02/13/2019		–		(22,971	)
		AUD	2,403,500		USD	1,753,828		02/15/2019		–		(5,096	)
		EUR	2,120,000		USD	2,479,033		12/07/2018		78,435		–
		EUR	197,305		USD	227,507		01/11/2019		3,281		–
		EUR	74,000		USD	85,523		01/23/2019		1,342		–
		EUR	145,167		USD	167,763		01/25/2019		2,598		–
		EUR	686,000		USD	786,631		01/31/2019		5,741		–
		EUR	126,839		USD	145,181		02/08/2019		701		–
		EUR	84,559		USD	96,843		02/11/2019		499		–
		EUR	243,819		USD	277,270		02/19/2019		–		(717	)
		EUR	3,335,500		USD	3,837,426		02/20/2019		34,188		–
		EUR	520,827		USD	600,495		02/21/2019		6,583		–
		JPY	56,320,000		USD	509,328		12/14/2018		12,767		–
		JPY	27,300,000		USD	245,652		12/18/2018		4,840		–
		JPY	64,760,000		USD	578,400		01/15/2019		5,508		–
		JPY	25,450,000		USD	233,915		01/16/2019		8,757		–
		JPY	112,000,000		USD	1,038,971		01/25/2019		47,391		–
		JPY	116,200,000		USD	1,038,093		02/01/2019		8,759		–
		JPY	316,250,000		USD	2,940,534		02/06/2019		137,990		–
		JPY	116,480,000		USD	1,091,700		02/12/2019		58,988		–
		JPY	158,172,000		USD	1,446,210		02/15/2019		43,526		–
		JPY	152,440,000		USD	1,376,141		04/22/2019		16,780		–
		JPY	629,861,720		USD	5,690,913		04/23/2019		73,730		–
										552,404		(285,895	)
Morgan Stanley and Co., Inc.		EUR	69,000		USD	79,961		01/22/2019		1,475		–
		EUR	69,000		USD	79,723		01/23/2019		1,230		–
										2,705		–
Standard Chartered Bank		EUR	3,642,368		USD	4,233,408		12/06/2018		109,258		–
		EUR	1,210,000		USD	1,413,710		01/17/2019		37,929		–
		EUR	999,742		USD	1,143,505		01/30/2019		5,569		–
		EUR	1,019,570		USD	1,164,145		02/28/2019		819		–
		JPY	116,210,000		USD	1,038,517		02/01/2019		9,094		–
										162,669		–

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
UBS AG		EUR	176,932		USD	207,134		12/07/2018	$	6,784	$	–
		EUR	226,932		USD	263,820		01/09/2019		5,966		–
		EUR	1,679,100		USD	1,946,698		01/22/2019		36,759		–
		EUR	1,733,621		USD	1,998,336		02/21/2019		21,443		–
										70,952		–
Net Unrealized Appreciation (Depreciation)									$	2,192,941	$	(433,394	)

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 November 30, 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	$	88,699,269	$	118,357,621	**	$	—	$	207,056,890
Foreign Government Obligations		—		80,306,705			—		80,306,705
Short-Term Investment Securities:		—		61,761,517			—		61,761,517
Total Investments at Value	$	88,699,269	$	260,425,843		$	—	$	349,125,112
Other Financial Instruments:†
Centrally Cleared Interest Rate Swap Contracts	$	—	$	1,853,921		$	—	$	1,853,921
Forward Foreign Currency Contracts		—		2,192,941			—		2,192,941
	$	—	$	4,046,862		$	—	$	4,046,862
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	433,394		$	—	$	433,394

* 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.

See Notes to Financial Statements

79

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

U.S. Government Agencies	53.6	%
U.S. Government Treasuries	46.3
	99.9	%

Credit Quality†#

A-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 — 40.1 days

80

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 99.9%
U.S. Government Agencies — 53.6%
Federal Farm Credit Bank FRS 2.22% (1 ML-0.10%) due 12/03/2018	$	3,000,000	$	3,000,002
Federal Home Loan Bank
2.19% due 12/10/2018		9,000,000		8,995,140
2.19% due 12/14/2018		1,100,000		1,099,142
2.22% due 12/06/2018		13,000,000		12,996,055
2.22% due 12/10/2018		1,500,000		1,499,179
2.23% due 12/19/2018		10,000,000		9,989,000
2.26% due 12/27/2018		10,000,000		9,983,931
2.27% due 12/28/2018		5,000,000		4,991,638
2.28% due 12/28/2018		700,000		698,821
2.30% due 01/02/2019		9,000,000		8,981,928
2.33% due 01/09/2019		8,000,000		7,980,153
2.36% due 01/30/2019		14,000,000		13,945,983
2.37% due 01/30/2019		7,800,000		7,769,840
2.37% due 02/19/2019		7,500,000		7,461,333
2.42% due 02/22/2019		11,000,000		10,939,767
Federal Home Loan Bank FRS 2.20% (1 ML-0.14%) due 01/28/2019		10,000,000		10,000,000
2.23% (1 ML-0.08%) due 02/04/2019		3,000,000		3,000,012
2.52% (3 ML-0.16%) due 05/24/2019		7,000,000		7,001,503
Federal Home Loan Mtg. Corp. 2.32% due 01/18/2019		6,000,000		5,981,760
Federal National Mtg. Assoc. 1.13% due 12/14/2018		3,000,000		2,999,282
2.06% due 12/03/2018		28,000,000		27,996,842
2.22% due 12/19/2018		13,000,000		12,985,765
Federal National Mtg. Assoc. FRS 2.32% (1 ML) due 03/08/2019		3,000,000		3,000,595
Total U.S. Government Agencies
(amortized cost $183,297,671)				183,297,671
U.S. Government Treasuries — 46.3%
United States Treasury Bills
2.09% due 12/06/2018		4,500,000		4,498,698
2.10% due 12/27/2018		7,000,000		6,989,454
2.15% due 12/20/2018		9,000,000		8,989,844

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries (continued)
2.16% due 12/11/2018	$	5,000,000		$	4,997,006
2.17% due 12/06/2018		12,000,000			11,996,396
2.17% due 12/11/2018		8,000,000			7,995,182
2.18% due 12/27/2018		7,000,000			6,989,050
2.19% due 12/27/2018		5,000,000			4,992,124
2.24% due 01/02/2019		10,000,000			9,980,124
2.25% due 12/26/2018		9,000,000			8,985,938
2.29% due 01/22/2019		500,000			498,352
2.32% due 02/07/2019		10,000,000			9,956,442
2.37% due 02/21/2019		13,000,000			12,930,340
2.39% due 04/04/2019		5,000,000			4,959,252
2.40% due 04/04/2019		10,000,000			9,918,143
2.43% due 04/18/2019		8,000,000			7,926,492
United States Treasury Notes
1.13% due 01/31/2019		7,300,000			7,290,455
1.25% due 12/15/2018		5,000,000			4,998,132
1.25% due 12/31/2018		7,000,000			6,994,268
1.25% due 01/31/2019		3,000,000			2,996,780
1.38% due 12/31/2018		6,000,000			5,997,775
1.50% due 01/31/2019		7,300,000			7,290,148
Total U.S. Government Treasuries
(amortized cost $158,170,395)					158,170,395
TOTAL INVESTMENTS —
(amortized cost $341,468,066)(1)		99.9	%		341,468,066
Other assets less liabilities		0.1			469,904
NET ASSETS		100.0	%	$	341,937,970

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

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML—1 month USD LIBOR

3ML—3 month USD LIBOR

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Total Investments at Value	$	—	$	341,468,066	$	—	$	341,468,066

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

See Notes to Financial Statements

81

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	33.6	%
United States Treasury Notes	19.6
Federal Home Loan Mtg. Corp.	14.9
United States Treasury Bonds	11.2
Diversified Financial Services	5.9
Repurchase Agreements	4.5
Government National Mtg. Assoc.	2.7
Sovereign	1.6
Resolution Funding Corp	1.4
Diversified Banking Institutions	1.0
Federal Farm Credit Bank	0.7
Airlines	0.7
Pipelines	0.4
Multimedia	0.3
Pharmacy Services	0.3
Retail — Drug Store	0.2
Brewery	0.2
Medical Instruments	0.2
Electric — Integrated	0.2
Real Estate Investment Trusts	0.2
Chemicals — Diversified	0.1
Building Products — Air & Heating	0.1
Networking Products	0.1
Telephone — Integrated	0.1
Insurance — Mutual	0.1
Medical — Biomedical/Gene	0.1
Medical — Generic Drugs	0.1
Insurance — Property/Casualty	0.1
Oil Companies — Exploration & Production	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	100.9	%

Credit Quality Allocation†#

Aaa	91.5	%
Aa	0.9
A	1.4
Baa	2.5
Ba	0.1
Not Rated@	3.6
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

82

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.9%
Diversified Financial Services — 5.9%
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(1)	$	361,441	$	347,988
Cabela’s Credit Card Master Note Trust Series 2016-1, Class A1 1.78% due 06/15/2022		1,186,000		1,178,070
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.81% due 08/15/2045(1)(2)(3)		795,643		39,277
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		102,088		102,333
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.67% due 09/10/2035*(1)(3)		398,000		393,372
GS Mtg. Securities Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(1)		1,100,000		1,055,885
Progress Residential Trust Series 2015-SFR2, Class A 2.74% due 06/12/2032*		447,242		440,131
Progress Residential Trust Series 2017-SFR1, Class A 2.77% due 08/17/2034*		299,039		289,165
Progress Residential Trust Series 2015-SFR3, Class A 3.07% due 11/12/2032*		693,893		685,341
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX 3.34% due 08/25/2047*		1,000,000		985,030
Tricon American Homes Trust Series 2016-SFR1, Class A 2.59% due 11/17/2033*		562,581		540,463
UBS Commercial Mortgage Trust Series 2018-C14, Class A2 4.26% due 12/15/2051(8)		1,500,000		1,544,995
UBS - BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		215,718
WF - RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		310,000		315,811
Total Asset Backed Securities
(cost $8,311,507)				8,133,579
U.S. CORPORATE BONDS & NOTES — 4.2%
Airlines — 0.7%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		689,785		646,917
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		318,151		305,395
				952,312
Brewery — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026*		288,000		271,687
Chemicals - Diversified — 0.1%
Dow Chemical Co. Senior Notes 8.55% due 05/15/2019		200,000		204,741

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 0.6%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026	$	400,000	$	371,971
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		164,785
Morgan Stanley Senior Notes 2.50% due 04/21/2021		319,000		310,193
				846,949
Electric - Integrated — 0.2%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		227,165
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		101,265
Insurance - Mutual — 0.1%
New York Life Global Funding Senior Sec. Notes 2.00% due 04/13/2021*		154,000		149,331
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/03/2026		125,000		120,688
Medical Instruments — 0.2%
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		250,000		246,333
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		139,452
Multimedia — 0.3%
Time Warner, Inc. Company Guar. Notes 3.60% due 07/15/2025		500,000		468,721
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 4.95% due 02/15/2019		200,000		200,802
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024#		116,000		110,917
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		440,000		427,620
Pipelines — 0.4%
Buckeye Partners LP Senior Notes 4.88% due 02/01/2021		190,000		192,604
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		122,204
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		130,639

83

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 2.60% due 12/15/2019	$	171,000	$	169,110
				614,557
Real Estate Investment Trusts — 0.2%
Boston Properties LP Senior Notes 2.75% due 10/01/2026		240,000		214,705
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc. Senior Notes 3.80% due 11/18/2024		325,000		317,008
Telephone - Integrated — 0.1%
AT&T, Inc. Senior Notes 3.95% due 01/15/2025		171,000		165,041
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		86,278
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		20,702
				106,980
Total U.S. Corporate Bonds & Notes
(cost $6,094,723)				5,886,274
FOREIGN CORPORATE BONDS & NOTES — 0.6%
Building Products - Air & Heating — 0.1%
Johnson Controls International PLC Senior Notes 5.00% due 03/30/2020		200,000		203,611
Diversified Banking Institutions — 0.4%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026		217,000		197,761
Mizuho Financial Group, Inc. Senior Notes 2.95% due 02/28/2022		363,000		353,755
				551,516
Medical - Generic Drugs — 0.1%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		126,000		123,202
Total Foreign Corporate Bonds & Notes
(cost $912,084)				878,329
U.S. GOVERNMENT AGENCIES — 53.3%
Federal Farm Credit Bank — 0.7%
3.35% due 10/21/2025		1,000,000		1,008,087
Federal Home Loan Mtg. Corp. — 14.9%
3.50% due 06/01/2033		1,410,236		1,416,657
4.50% due 09/01/2019		5,824		5,933
4.50% due 09/01/2039		451,671		469,815
4.50% due 11/01/2039		239,712		249,317
4.50% due 02/01/2040		331,259		344,575
4.50% due 04/01/2040		31,074		32,324
4.50% due 06/01/2040		82,392		85,620
4.50% due 08/01/2040		367,206		381,932
4.50% due 03/01/2041		1,392,342		1,446,459
4.50% due 04/01/2041		148,601		154,572

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
4.50% due 06/01/2041	$	283,922	$	294,688
5.00% due 10/01/2034		22,551		23,584
5.50% due 12/01/2036		17,962		19,367
6.00% due 11/01/2033		56,265		61,735
6.50% due 02/01/2032		23,925		26,256
8.00% due 02/01/2030		735		737
8.00% due 08/01/2030		186		214
8.00% due 06/01/2031		1,406		1,546
Federal Home Loan Mtg. Corp. FRS 4.00% (12 ML+1.83%) due 12/01/2035		11,858		12,445
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)		949,342		916,729
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series KJ14, Class A2 2.81% due 09/25/2024(1)		591,000		577,839
Series K049, Class A2 3.01% due 07/25/2025(1)		430,000		420,522
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		994,031
Federal Home Loan Mtg. Corp. REMIC Series 4150, Class GE 2.00% due 01/15/2033(4)		1,214,167		1,161,346
Series 4186, Class JE 2.00% due 03/15/2033(4)		340,338		328,265
Series 4594, Class GN 2.50% due 02/15/2045(4)		811,967		785,821
Series 3981, Class PA 3.00% due 04/15/2031(4)		245,293		239,881
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,638,305
Series 4150, Class IG 3.00% due 01/15/2033(2)(4)		3,781,585		344,076
Series 4838, Class CY 3.00% due 01/15/2038(4)		1,000,000		916,560
Series 4365, Class HZ 3.00% due 01/15/2040(4)		797,051		736,734
Series 4599, Class PA 3.00% due 09/15/2045(4)		1,467,250		1,436,757
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		995,428
Series 3813, Class D 4.00% due 02/15/2026(4)		1,000,000		1,033,483
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		479,894
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,529,346
Series 3786, Class PB 4.50% due 07/15/2040(4)		1,000,000		1,019,148
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 4.19% (6.50%-1 ML) due 05/15/2042(2)(4)(5)		482,356		71,618
				20,653,559
Federal National Mtg. Assoc. — 33.6%
2.63% due 12/01/2026		1,953,705		1,858,074
2.81% due 04/01/2025		800,000		775,509
2.94% due 01/01/2026		1,595,000		1,549,193
3.00% due 03/01/2043		973,529		932,286
3.12% due 07/01/2029		3,500,000		3,329,923

84

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.30% due 02/01/2030	$	3,000,000	$	2,900,594
3.64% due 07/01/2028		1,500,000		1,502,209
3.69% due 05/01/2030		1,517,812		1,517,740
4.00% due 09/01/2040		106,750		108,147
4.00% due 10/01/2040		78,698		79,732
4.00% due 12/01/2040		136,338		138,129
4.00% due 01/01/2041		292,591		296,436
4.00% due 02/01/2041		1,106,678		1,121,220
4.00% due 03/01/2041		1,647,656		1,669,313
4.00% due 06/01/2042		950,543		959,608
4.00% due 03/01/2043		2,530,327		2,561,044
5.00% due 02/01/2019		909		940
5.00% due 12/01/2036		12,076		12,631
5.50% due 12/01/2033		21,015		22,586
5.50% due 10/01/2034		7,694		8,195
6.50% due 07/01/2032		5,321		5,931
7.00% due 09/01/2031		18,244		19,696
Federal National Mtg. Assoc. FRS 3.17% (12 ML+1.30%) due 02/01/2035		1,984		2,049
4.00% (6 ML+1.50%) due 01/01/2036		9,037		9,340
4.70% (1 Yr USTYCR+2.20%) due 11/01/2034		15,086		15,955
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027(1)		1,126,748		1,050,556
Federal National Mtg. Assoc. REMIC Series 2002-34, Class AO zero coupon due 05/18/2032(4)(6)		252,258		228,049
Series 2013-15, Class DC 2.00% due 03/25/2033(4)		893,881		847,336
Series 2011-126, Class EC 2.00% due 04/25/2040(4)		279,652		271,487
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		1,551,620		1,476,147
Series 2012-93, Class ME 2.50% due 01/25/2042(4)		2,047,984		1,982,045
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		672,011		649,774
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		2,421,266		2,415,598
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,900,000		2,768,640
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		823,676		808,778
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		571,034		562,109
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		576,740		566,364
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		1,816,458
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		1,037,654		1,012,117
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		782,508
Series 2012-50, Class VB 4.00% due 01/25/2029(4)		1,355,000		1,385,744
Series 2012-47, Class VB 4.00% due 04/25/2031(4)		2,000,000		2,027,180
Series 2004-90, Class GC 4.35% due 11/25/2034(4)		199,602		200,164
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		974,930		999,328

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2010-134, Class MB 4.50% due 12/25/2040(4)	$	250,000	$	262,065
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		66,708		71,904
Federal National Mtg. Assoc. REMIC VRS Series 2015-M13, Class A2 2.80% due 06/25/2025(1)(3)		515,000		494,559
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(3)		1,239,000		1,196,079
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(3)		1,273,000		1,250,555
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(2)(4)		195,800		44,027
				46,566,051
Government National Mtg. Assoc. — 2.7%
4.50% due 03/15/2038		19,730		20,452
4.50% due 03/15/2039		5,817		6,059
4.50% due 05/15/2039		159,053		165,497
4.50% due 06/15/2039		133,683		139,049
4.50% due 07/15/2039		288,285		299,924
4.50% due 09/15/2039		3,552		3,699
4.50% due 12/15/2039		64,999		67,101
4.50% due 04/15/2040		104,615		108,904
4.50% due 06/15/2040		277,184		288,620
4.50% due 08/15/2040		47,002		48,955
5.00% due 09/15/2035		1,459		1,551
5.00% due 02/15/2036		65,828		69,963
5.00% due 05/15/2036		6,148		6,410
6.00% due 01/15/2032		8,742		9,440
7.50% due 02/15/2029		4,292		4,375
7.50% due 07/15/2030		125		127
7.50% due 01/15/2031		4,895		5,299
Government National Mtg. Assoc. REMIC Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		436,061
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		297,017		309,459
Series 2008-6, Class GL 4.50% due 02/20/2038(4)		976,734		1,014,157
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		523,694		554,672
Series 2009-91, Class PR 5.00% due 09/20/2038(4)		165,124		166,410
				3,726,184
Resolution Funding Corp — 1.4%
zero coupon due 07/15/2020 STRIPS		2,000,000		1,909,264
Total U.S. Government Agencies
(cost $76,545,590)				73,863,145
U.S. GOVERNMENT TREASURIES — 30.8%
United States Treasury Bonds — 11.2%
zero coupon due 08/15/2024		2,040,000		1,727,793
2.88% due 08/15/2028		5,000,000		4,940,234
2.88% due 08/15/2045#		1,000,000		922,070
3.13% due 02/15/2043		1,000,000		969,570
3.75% due 08/15/2041		4,000,000		4,302,344
3.75% due 11/15/2043		1,000,000		1,074,883
3.88% due 08/15/2040		1,500,000		1,644,727
				15,581,621

85

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 19.6%
1.75% due 05/15/2023	$	8,000,000		$	7,628,125
2.00% due 02/15/2022		7,500,000			7,308,105
2.50% due 08/15/2023		3,000,000			2,952,188
2.63% due 08/15/2020		6,750,000			6,727,324
2.75% due 02/15/2024		2,500,000			2,484,082
					27,099,824
Total U.S. Government Treasuries
(cost $43,003,033)					42,681,445
FOREIGN GOVERNMENT OBLIGATIONS — 1.6%
Sovereign — 1.6%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,366,533)		2,641,000			2,240,009
Total Long-Term Investment Securities
(cost $137,233,470)					133,682,781
REPURCHASE AGREEMENTS — 4.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $6,222,218 collateralized by $6,435,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $6,409,614 (cost $6,222,000)		6,222,000			6,222,000
TOTAL INVESTMENTS
(cost $143,455,470)(7)		100.9	%		139,904,781
Liabilities in excess of other assets		(0.9	)		(1,196,759	)
NET ASSETS		100.0	%	$	138,708,022

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $4,736,370 representing 3.4% 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).

At November 30, 2018, the Fund had loaned securities with a total value of $1,041,847. This was secured by collateral of $1,062,640 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	zero coupon to 15.20%	06/15/2027 to 10/15/2058	$	291,643
Federal National Mtg. Assoc.	1.75% to 17.14%	02/25/2031 to 10/25/2058		657,104
United States Treasury Bills	0.00%	03/21/2019 to 03/21/2019		1,206
United States Treasury Notes/Bonds	0.13% to 8.13%	06/30/2019 to 02/15/2047		112,687

(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 November 30, 2018.

(6) Principal Only

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

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

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 November 30, 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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	6,588,584	$	1,544,995	$	8,133,579
U.S. Corporate Bonds & Notes		—		5,886,274		—		5,886,274
Foreign Corporate Bonds & Notes		—		878,329		—		878,329
U.S. Government Agencies		—		73,863,145		—		73,863,145
U.S. Government Treasuries		—		42,681,445		—		42,681,445
Foreign Government Obligations		—		2,240,009		—		2,240,009
Repurchase Agreements		—		6,222,000		—		6,222,000
Total Investments at Value	$	—	$	138,359,786	$	1,544,995	$	139,904,781

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

86

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

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

	Asset Backed Securities
Balance as of 05/31/2018	$	—
Accrued discounts		—
Accrued premiums		—
Realized Gain		—
Realized Loss		—
Change in unrealized appreciation		—
Change in unrealized depreciation		—
Net Purchases		1,544,995
Net Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 11/30/2018	$	1,544,995

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

Description	Fair Value at 11/30/18		Valuation Technique(s)	Unobservable Input	Range (weighted average)
Asset Backed Security	$	1,544,995	Market Approach	Purchase Price	$102.999660

See Notes to Financial Statements

87

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Applications Software	7.0	%
E-Commerce/Products	6.5
Web Portals/ISP	6.3
Finance — Credit Card	6.1
Computers	6.0
Medical — Biomedical/Gene	4.7
Internet Content — Entertainment	4.2
Aerospace/Defense	3.7
Medical — HMO	2.7
Medical Instruments	2.4
Commercial Services — Finance	2.0
Medical — Drugs	1.9
Retail — Apparel/Shoe	1.5
Retail — Discount	1.5
Retail — Major Department Stores	1.4
Cosmetics & Toiletries	1.4
Oil Companies — Exploration & Production	1.3
Electronic Components — Semiconductors	1.3
Retail — Restaurants	1.3
Athletic Footwear	1.3
Semiconductor Equipment	1.2
Multimedia	1.0
Beverages — Wine/Spirits	1.0
Semiconductor Components — Integrated Circuits	1.0
Tobacco	1.0
Real Estate Investment Trusts	0.9
Commercial Services	0.8
Food — Misc./Diversified	0.8
Transport — Truck	0.8
Retail — Auto Parts	0.8
Cruise Lines	0.8
Banks — Commercial	0.7
Exchange — Traded Funds	0.7
Machinery — General Industrial	0.7
Transport — Rail	0.7
Medical Products	0.7
Auto/Truck Parts & Equipment — Original	0.7
Apparel Manufacturers	0.7
Auto — Cars/Light Trucks	0.6
Airlines	0.6
Entertainment Software	0.6
Computer Software	0.6
Industrial Automated/Robotic	0.6
Diversified Banking Institutions	0.6
Electronic Forms	0.5
Medical Labs & Testing Services	0.5
Data Processing/Management	0.5
Human Resources	0.4
Beverages — Non-alcoholic	0.4
Diagnostic Equipment	0.4
Electronic Measurement Instruments	0.4
Diagnostic Kits	0.4
Internet Security	0.4
Banks — Super Regional	0.4
Engines — Internal Combustion	0.4
Insurance — Property/Casualty	0.4
Internet Application Software	0.4
Lighting Products & Systems	0.4
Aerospace/Defense — Equipment	0.4
Oil — Field Services	0.3
Finance — Other Services	0.3
E-Services/Consulting	0.3
Insurance — Life/Health	0.3
Casino Hotels	0.3
Finance — Investment Banker/Broker	0.3
Distribution/Wholesale	0.3
Networking Products	0.3
Non-Hazardous Waste Disposal	0.3
Decision Support Software	0.3

Oil Companies — Integrated	0.3
Oil Refining & Marketing	0.3
Computers — Memory Devices	0.2
Web Hosting/Design	0.2
Soap & Cleaning Preparation	0.2
Medical Information Systems	0.2
Food — Dairy Products	0.2
Software Tools	0.2
Footwear & Related Apparel	0.2
Retail — Building Products	0.2
Disposable Medical Products	0.2
Chemicals — Specialty	0.2
Enterprise Software/Service	0.2
Building — Residential/Commercial	0.2
Computer Services	0.2
Steel — Producers	0.2
Computer Aided Design	0.1
Chemicals — Diversified	0.1
Hotels/Motels	0.1
Health Care Cost Containment	0.1
Filtration/Separation Products	0.1
Transactional Software	0.1
Electronics — Military	0.1
Building Products — Cement	0.1
Food — Catering	0.1
Drug Delivery Systems	0.1
Machinery — Construction & Mining	0.1
Rental Auto/Equipment	0.1
Food — Retail	0.1
E-Marketing/Info	0.1
Food — Wholesale/Distribution	0.1
Audio/Video Products	0.1
Satellite Telecom	0.1
Brewery	0.1
Electronic Components — Misc.	0.1
Real Estate Operations & Development	0.1
Diversified Manufacturing Operations	0.1
Coatings/Paint	0.1
Casino Services	0.1
Registered Investment Companies	0.1
Computers — Integrated Systems	0.1
Agricultural Chemicals	0.1
Building Products — Air & Heating	0.1
Finance — Consumer Loans	0.1
Investment Management/Advisor Services	0.1
Insurance — Reinsurance	0.1
Transport — Services	0.1
	98.9	%

* Calculated as a percentage of net assets

88

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Aerospace/Defense — 3.7%
Boeing Co.		90,202	$	31,278,445
Lockheed Martin Corp.		36,102		10,846,124
MSA Safety, Inc.		11,803		1,286,409
Raytheon Co.		15,778		2,766,515
				46,177,493
Aerospace/Defense - Equipment — 0.4%
Astronics Corp.†		522		16,944
Astronics Corp., Class B†		78		2,498
United Technologies Corp.		35,680		4,347,251
				4,366,693
Agricultural Chemicals — 0.1%
Nutrien, Ltd.		14,220		732,485
Airlines — 0.6%
Delta Air Lines, Inc.		125,823		7,638,714
Apparel Manufacturers — 0.7%
Burberry Group PLC		25,920		587,245
Canada Goose Holdings, Inc.†		21,710		1,462,168
Columbia Sportswear Co.		19,923		1,819,568
Kering SA		2,690		1,178,142
Oxford Industries, Inc.		2,723		218,902
Under Armour, Inc., Class C†#		132,390		2,956,269
				8,222,294
Applications Software — 7.0%
Immersion Corp.†		25,733		244,206
Intuit, Inc.		13,322		2,857,969
Microsoft Corp.		533,403		59,149,059
salesforce.com, Inc.†		124,486		17,771,621
Tableau Software, Inc., Class A†		50,554		6,301,050
				86,323,905
Athletic Footwear — 1.3%
adidas AG		6,820		1,504,233
NIKE, Inc., Class B		196,282		14,744,704
				16,248,937
Audio/Video Products — 0.1%
Sony Corp.		23,300		1,233,433
Auto - Cars/Light Trucks — 0.6%
Peugeot SA		37,520		824,808
Tesla, Inc.†#		20,220		7,086,706
				7,911,514
Auto/Truck Parts & Equipment - Original — 0.7%
WABCO Holdings, Inc.†		67,783		8,232,245
Banks - Commercial — 0.7%
Bank Central Asia Tbk PT		137,800		250,983
CaixaBank SA		258,380		1,067,562
Central Pacific Financial Corp.		51,336		1,439,461
Erste Group Bank AG		43,722		1,725,783
HDFC Bank, Ltd.		24,410		741,994
Independent Bank Corp./Michigan		8,910		204,752
KBC Group NV		19,560		1,407,690
Merchants Bancorp		772		18,443
Standard Chartered PLC		94,130		731,626
Swedbank AB, Class A		64,900		1,509,423
United Community Banks, Inc.		5,051		130,568
				9,228,285
Banks - Super Regional — 0.4%
Comerica, Inc.		12,945		1,024,985
US Bancorp		73,210		3,987,017
				5,012,002

Security Description	Shares		Value (Note 2)
Beverages - Non-alcoholic — 0.4%
Coca-Cola Co.		70,017	$	3,528,857
Coca-Cola HBC AG		27,240		810,482
PepsiCo, Inc.		8,775		1,070,023
				5,409,362
Beverages - Wine/Spirits — 1.0%
Constellation Brands, Inc., Class A		42,465		8,312,948
Diageo PLC		79,590		2,867,432
Treasury Wine Estates, Ltd.		150,600		1,569,539
				12,749,919
Brewery — 0.1%
Heineken NV		11,322		1,036,359
Building Products - Air & Heating — 0.1%
Daikin Industries, Ltd.		6,500		722,779
Building Products - Cement — 0.1%
Continental Building Products, Inc.†		4,821		137,784
CRH PLC		48,860		1,350,316
				1,488,100
Building - Residential/Commercial — 0.2%
NVR, Inc.†		34		83,300
PulteGroup, Inc.		72,886		1,932,937
				2,016,237
Casino Hotels — 0.3%
Las Vegas Sands Corp.		68,469		3,761,687
Casino Services — 0.1%
Aristocrat Leisure, Ltd.		44,260		765,633
Cellular Telecom — 0.0%
T-Mobile US, Inc.†		3,813		261,000
Chemicals - Diversified — 0.1%
Symrise AG		21,770		1,756,374
Chemicals - Specialty — 0.2%
Novozymes A/S, Class B		12,550		584,595
Umicore SA		34,790		1,510,568
				2,095,163
Coatings/Paint — 0.1%
Akzo Nobel NV		7,230		609,430
Sherwin-Williams Co.		403		170,900
				780,330
Commercial Services — 0.8%
CoStar Group, Inc.†		5,452		2,013,914
Ecolab, Inc.		33,010		5,297,775
Intertek Group PLC		29,265		1,756,139
Medifast, Inc.		7,073		1,050,341
Wirecard AG		2,580		390,113
				10,508,282
Commercial Services - Finance — 2.0%
EVERTEC, Inc.		17,921		489,781
PayPal Holdings, Inc.†		216,036		18,538,049
S&P Global, Inc.		18,855		3,447,825
Square, Inc., Class A†#		31,540		2,202,754
				24,678,409
Computer Aided Design — 0.1%
Cadence Design Systems, Inc.†		39,561		1,781,827
Computer Data Security — 0.0%
Fortinet, Inc.†		4,385		323,788

89

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Services — 0.2%
Accenture PLC, Class A		1,353	$	222,595
Teradata Corp.†		46,728		1,758,375
				1,980,970
Computer Software — 0.6%
Akamai Technologies, Inc.†		19,722		1,355,887
Cornerstone OnDemand, Inc.†		6,526		356,450
InterXion Holding NV†		23,370		1,455,250
Splunk, Inc.†		36,779		4,109,318
				7,276,905
Computers — 6.0%
Apple, Inc.		413,892		73,912,833
Computers - Integrated Systems — 0.1%
OBIC Co., Ltd.		8,600		743,828
Computers - Memory Devices — 0.2%
NetApp, Inc.		27,363		1,829,764
TDK Corp.		14,500		1,156,250
				2,986,014
Cosmetics & Toiletries — 1.4%
Estee Lauder Cos., Inc., Class A		62,698		8,944,497
Procter & Gamble Co.		55,290		5,225,458
Shiseido Co., Ltd.		35,600		2,267,772
Unicharm Corp.		29,300		917,881
				17,355,608
Cruise Lines — 0.8%
Royal Caribbean Cruises, Ltd.		83,534		9,445,189
Data Processing/Management — 0.5%
DocuSign, Inc.†#		50,740		2,118,903
Fidelity National Information Services, Inc.		18,563		2,003,876
Fiserv, Inc.†		25,703		2,033,878
				6,156,657
Decision Support Software — 0.3%
MSCI, Inc.		20,340		3,195,211
Diagnostic Equipment — 0.4%
Lonza Group AG		10,210		3,310,784
Thermo Fisher Scientific, Inc.		8,067		2,013,120
				5,323,904
Diagnostic Kits — 0.4%
Genomic Health, Inc.†		5,686		449,478
IDEXX Laboratories, Inc.†		19,832		4,040,969
QIAGEN NV†		19,255		682,397
				5,172,844
Disposable Medical Products — 0.2%
CONMED Corp.		4,461		303,169
ICU Medical, Inc.†		7,526		1,809,928
				2,113,097
Distribution/Wholesale — 0.3%
Bunzl PLC		60,700		1,872,963
HD Supply Holdings, Inc.†		1,276		50,912
WW Grainger, Inc.		5,671		1,780,921
				3,704,796
Diversified Banking Institutions — 0.6%
JPMorgan Chase & Co.		61,370		6,823,730
Diversified Manufacturing Operations — 0.1%
Lydall, Inc.†		387		8,564
Parker-Hannifin Corp.		2,378		409,111

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Textron, Inc.		7,056	$	396,124
				813,799
Drug Delivery Systems — 0.1%
DexCom, Inc.†		10,598		1,373,395
E-Commerce/Products — 6.5%
Alibaba Group Holding, Ltd. ADR†		9,350		1,504,041
Amazon.com, Inc.†		43,930		74,249,168
ASOS PLC†		9,586		608,254
eBay, Inc.†		68,100		2,032,785
MonotaRO Co., Ltd.#		43,300		1,174,193
ZOZO, Ltd.		59,600		1,327,031
				80,895,472
E-Commerce/Services — 0.0%
Booking Holdings, Inc.†		10		18,919
Just Eat PLC†		60,149		446,966
Stamps.com, Inc.†		159		27,262
				493,147
E-Marketing/Info — 0.1%
CyberAgent, Inc.		22,500		1,027,072
QuinStreet, Inc.†		16,269		262,582
				1,289,654
E-Services/Consulting — 0.3%
CDW Corp.		42,686		3,956,138
Electronic Components - Misc. — 0.1%
Anritsu Corp.		59,800		981,309
Electronic Components - Semiconductors — 1.3%
Advanced Micro Devices, Inc.†		9,543		203,266
Broadcom, Inc.		43,184		10,252,313
Intel Corp.		41,867		2,064,462
NVIDIA Corp.		149		24,351
Qorvo, Inc.†		8,449		556,029
Xilinx, Inc.		36,750		3,398,640
				16,499,061
Electronic Forms — 0.5%
Adobe, Inc.†		25,738		6,457,407
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		32,766		2,370,620
FLIR Systems, Inc.		25,820		1,184,105
National Instruments Corp.		34,089		1,668,998
Stoneridge, Inc.†		788		21,079
				5,244,802
Electronics - Military — 0.1%
Thales SA		12,260		1,508,649
Engines - Internal Combustion — 0.4%
Cummins, Inc.		32,570		4,920,024
Enterprise Software/Service — 0.2%
Ultimate Software Group, Inc.†		7,685		2,028,225
Entertainment Software — 0.6%
Electronic Arts, Inc.†		53,462		4,494,550
Take-Two Interactive Software, Inc.†		17,671		1,937,979
Ubisoft Entertainment SA†		14,630		1,198,126
				7,630,655
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		27,600		1,546,704

90

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Consumer Loans — 0.1%
Synchrony Financial		27,561	$	716,035
Finance - Credit Card — 6.1%
American Express Co.		56,908		6,389,061
Discover Financial Services		27,473		1,958,825
Mastercard, Inc., Class A		99,172		19,940,514
Visa, Inc., Class A#		333,888		47,315,269
				75,603,669
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		83,507		3,741,114
Finance - Mortgage Loan/Banker — 0.0%
Mr. Cooper Group, Inc.†		829		12,543
Finance - Other Services — 0.3%
BGC Partners, Inc., Class A		774		8,158
Deutsche Boerse AG		12,440		1,590,002
London Stock Exchange Group PLC		47,790		2,457,407
				4,055,567
Food - Catering — 0.1%
Compass Group PLC		67,225		1,438,503
Food - Dairy Products — 0.2%
Danone SA		32,020		2,396,428
Food - Misc./Diversified — 0.8%
Associated British Foods PLC		42,210		1,304,723
Chr. Hansen Holding A/S		17,570		1,586,780
Kerry Group PLC, Class A		12,530		1,295,235
Mondelez International, Inc., Class A		131,259		5,904,030
				10,090,768
Food - Retail — 0.1%
Tesco PLC		531,840		1,341,355
Food - Wholesale/Distribution — 0.1%
US Foods Holding Corp.†		37,206		1,234,495
Footwear & Related Apparel — 0.2%
Deckers Outdoor Corp.†		16,131		2,149,294
Garden Products — 0.0%
Scotts Miracle-Gro Co.		197		14,968
Health Care Cost Containment — 0.1%
HealthEquity, Inc.†		19,176		1,700,719
Hotels/Motels — 0.1%
Accor SA		25,660		1,139,313
Huazhu Group, Ltd. ADR		17,991		567,436
				1,706,749
Human Resources — 0.4%
ASGN, Inc.†		436		30,193
BG Staffing, Inc.		12,333		305,612
Insperity, Inc.		9,438		944,177
Kforce, Inc.		20,642		654,145
Recruit Holdings Co., Ltd.		54,900		1,511,817
Robert Half International, Inc.		31,753		1,963,288
TrueBlue, Inc.†		1,696		42,824
				5,452,056
Industrial Automated/Robotic — 0.6%
Cognex Corp.		35,850		1,578,117
Keyence Corp.		5,600		3,038,893
Yaskawa Electric Corp.		72,500		2,263,648
				6,880,658

Security Description	Shares		Value (Note 2)
Insurance - Life/Health — 0.3%
AIA Group, Ltd.		400,600	$	3,285,802
Aviva PLC		125,709		652,376
				3,938,178
Insurance - Property/Casualty — 0.4%
Progressive Corp.		41,045		2,720,873
Travelers Cos., Inc.		14,613		1,905,097
				4,625,970
Insurance - Reinsurance — 0.1%
Essent Group, Ltd.†		17,951		692,191
Internet Application Software — 0.4%
Tencent Holdings, Ltd.		113,900		4,568,664
Internet Content - Entertainment — 4.2%
Facebook, Inc., Class A†		269,759		37,930,813
Netflix, Inc.†		42,767		12,236,922
Twitter, Inc.†		63,953		2,011,322
				52,179,057
Internet Content - Information/News — 0.0%
HealthStream, Inc.		6,828		168,242
Spotify Technology SA†		2,630		358,679
				526,921
Internet Security — 0.4%
Palo Alto Networks, Inc.†		29,245		5,057,923
Investment Companies — 0.0%
Melrose Industries PLC		235,860		534,133
Investment Management/Advisor Services — 0.1%
Blucora, Inc.†		10,318		319,445
LPL Financial Holdings, Inc.		5,818		373,341
				692,786
Lighting Products & Systems — 0.4%
Acuity Brands, Inc.		34,750		4,518,195
Machinery - Construction & Mining — 0.1%
Epiroc AB, Class A†		90,416		742,022
Hyster-Yale Materials Handling, Inc.		385		25,206
Komatsu, Ltd.		22,500		601,176
				1,368,404
Machinery - General Industrial — 0.7%
Hexagon AB, Class B		26,210		1,310,071
Nordson Corp.		10,360		1,247,447
Wabtec Corp.#		64,470		6,098,862
				8,656,380
Medical Information Systems — 0.2%
athenahealth, Inc.†		713		94,900
Cerner Corp.†		40,472		2,343,734
				2,438,634
Medical Instruments — 2.4%
Boston Scientific Corp.†		157,906		5,948,319
Edwards Lifesciences Corp.†		35,285		5,716,523
Intuitive Surgical, Inc.†		31,831		16,898,123
Sysmex Corp.		14,900		795,179
				29,358,144
Medical Labs & Testing Services — 0.5%
Eurofins Scientific SE		1,510		657,137
ICON PLC†		2,210		319,831
Quest Diagnostics, Inc.		59,681		5,285,946
				6,262,914

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 0.7%
ABIOMED, Inc.†		11,399	$	3,792,219
Integer Holdings Corp.†		6,667		590,563
Penumbra, Inc.†#		11,349		1,580,008
Straumann Holding AG		1,580		967,133
Surmodics, Inc.†		1,857		112,516
Terumo Corp.		24,000		1,413,381
				8,455,820
Medical - Biomedical/Gene — 4.7%
Alexion Pharmaceuticals, Inc.†		25,910		3,190,817
Alnylam Pharmaceuticals, Inc.†#		21,850		1,773,346
Amgen, Inc.		20,942		4,361,172
Biogen, Inc.†		42,413		14,154,066
Bluebird Bio, Inc.†#		11,410		1,402,175
Celgene Corp.†		102,346		7,391,428
CSL, Ltd.		20,690		2,694,238
Exelixis, Inc.†		85,295		1,732,341
Illumina, Inc.†		8,452		2,852,550
Incyte Corp.†		17,332		1,113,581
Ionis Pharmaceuticals, Inc.†#		41,030		2,391,639
Regeneron Pharmaceuticals, Inc.†		20,690		7,565,298
Sage Therapeutics, Inc.†#		15,480		1,784,689
Vertex Pharmaceuticals, Inc.†		34,297		6,200,555
				58,607,895
Medical - Drugs — 1.9%
AbbVie, Inc.		49,611		4,676,829
Allergan PLC		10,797		1,690,810
AstraZeneca PLC		41,380		3,234,530
Bristol-Myers Squibb Co.		48,690		2,602,967
Eli Lilly & Co.		23,143		2,745,686
Novartis AG		18,030		1,645,897
Novo Nordisk A/S, Class B		25,385		1,183,194
Zoetis, Inc.		58,778		5,517,491
				23,297,404
Medical - HMO — 2.7%
Tivity Health, Inc.†#		35,671		1,461,084
UnitedHealth Group, Inc.		90,021		25,328,309
WellCare Health Plans, Inc.†		24,902		6,347,022
				33,136,415
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		12,520		568,032
Metal Processors & Fabrication — 0.0%
Global Brass & Copper Holdings, Inc.		3,832		124,042
Multimedia — 1.0%
Entravision Communications Corp., Class A		1,181		3,815
Liberty Media Corp. — Liberty Formula One, Series C†		32,794		977,917
Vivendi SA		36,600		913,716
Walt Disney Co.		95,141		10,987,834
				12,883,282
Networking Products — 0.3%
Arista Networks, Inc.†		8,618		2,055,221
LogMeIn, Inc.		174		16,048
Telefonaktiebolaget LM Ericsson, Class B		183,270		1,532,104
				3,603,373
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		26,669		2,062,580
Waste Management, Inc.		13,565		1,271,719
				3,334,299

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production — 1.3%
Concho Resources, Inc.†		59,429	$	7,745,976
Continental Resources, Inc.†		32,462		1,484,163
EOG Resources, Inc.		61,645		6,368,545
Lundin Petroleum AB		41,050		1,083,958
				16,682,642
Oil Companies - Integrated — 0.3%
Royal Dutch Shell PLC, Class A		68,742		2,078,995
TOTAL SA		19,000		1,057,694
				3,136,689
Oil Refining & Marketing — 0.3%
CVR Energy, Inc.		46,253		1,745,588
Neste Oyj		17,200		1,345,681
				3,091,269
Oil - Field Services — 0.3%
Halliburton Co.		137,308		4,315,590
Pharmacy Services — 0.0%
Express Scripts Holding Co.†		329		33,384
Real Estate Investment Trusts — 0.9%
Equity Residential		54,436		3,878,565
GEO Group, Inc.		11,073		257,336
SBA Communications Corp.†		41,123		7,024,220
Tanger Factory Outlet Centers, Inc.#		11,165		264,052
				11,424,173
Real Estate Operations & Development — 0.1%
Aroundtown SA		102,810		881,533
Recreational Vehicles — 0.0%
MasterCraft Boat Holdings, Inc.†		7,648		198,160
Rental Auto/Equipment — 0.1%
Localiza Rent a Car SA		193,100		1,343,760
Retail - Apparel/Shoe — 1.5%
ANTA Sports Products, Ltd.		308,000		1,405,544
Burlington Stores, Inc.†		14,014		2,322,961
Fast Retailing Co., Ltd.		2,300		1,196,247
HUGO BOSS AG		6,240		430,791
Ross Stores, Inc.		82,689		7,243,557
Tailored Brands, Inc.#		30,767		704,564
Tapestry, Inc.		147,056		5,724,890
				19,028,554
Retail - Auto Parts — 0.8%
AutoZone, Inc.†		3,113		2,518,635
O’Reilly Automotive, Inc.†		19,974		6,926,584
				9,445,219
Retail - Building Products — 0.2%
Home Depot, Inc.		11,843		2,135,530
Retail - Discount — 1.5%
B&M European Value Retail SA		313,384		1,395,366
Costco Wholesale Corp.		35,860		8,293,701
Don Quijote Holdings Co., Ltd.		20,200		1,226,096
Magazine Luiza SA		26,200		1,115,414
Target Corp.		39,956		2,835,278
Walmart, Inc.		39,328		3,840,379
				18,706,234
Retail - Drug Store — 0.0%
Walgreens Boots Alliance, Inc.		427		36,154
Retail - Major Department Stores — 1.4%
TJX Cos., Inc.		363,438		17,753,946

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants — 1.3%
Chipotle Mexican Grill, Inc.†		13,311	$	6,298,898
Darden Restaurants, Inc.		22,223		2,456,531
Ruth’s Hospitality Group, Inc.		13,077		319,994
Starbucks Corp.		90,361		6,028,886
Texas Roadhouse, Inc.		17,476		1,153,940
				16,258,249
Satellite Telecom — 0.1%
Cellnex Telecom SA*		39,220		1,089,763
Schools — 0.0%
Cambium Learning Group, Inc.†		2,520		36,490
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.		59,710		5,488,543
Maxim Integrated Products, Inc.		104,267		5,830,611
Taiwan Semiconductor Manufacturing Co., Ltd.		127,000		928,409
				12,247,563
Semiconductor Equipment — 1.2%
Applied Materials, Inc.		219,362		8,177,815
ASML Holding NV		42,696		7,259,812
				15,437,627
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		18,828		1,246,226
Reckitt Benckiser Group PLC		16,000		1,331,168
				2,577,394
Software Tools — 0.2%
VMware, Inc., Class A†		13,636		2,281,848
Steel-Producers — 0.2%
Steel Dynamics, Inc.		53,002		1,865,670
Telecom Services — 0.0%
Vonage Holdings Corp.†		2,426		25,691
Tobacco — 1.0%
Altria Group, Inc.		194,102		10,642,613
Swedish Match AB		28,900		1,130,030
				11,772,643
Transactional Software — 0.1%
Amadeus IT Group SA		21,180		1,521,479
Transport - Rail — 0.7%
Canadian Pacific Railway, Ltd.		4,430		936,947
Union Pacific Corp.		49,697		7,642,404
				8,579,351
Transport - Services — 0.1%
DSV A/S		8,634		660,811
Transport - Truck — 0.8%
ArcBest Corp.		33,206		1,336,874
JB Hunt Transport Services, Inc.		37,540		3,992,754
XPO Logistics, Inc.†		57,107		4,332,137
				9,661,765
Web Hosting/Design — 0.2%
VeriSign, Inc.†		18,342		2,862,453
Web Portals/ISP — 6.3%
Alphabet, Inc., Class A†		54,129		60,064,245
Alphabet, Inc., Class C†		13,500		14,774,805
Baidu, Inc. ADR†		12,030		2,265,008
Yandex NV, Class A†		29,120		859,040
				77,963,098
Total Common Stocks
(cost $973,171,705)				1,214,311,985

Security Description	Shares			Value (Note 2)
EXCHANGE-TRADED FUNDS — 0.7%
iShares Russell 1000 Growth ETF (cost $9,136,806)		62,357		$	8,937,005
Total Long-Term Investment Securities
(cost $982,308,511)					1,223,248,990
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $749,194)		749,194			749,194
TOTAL INVESTMENTS
(cost $983,057,705)(3)		98.9	%		1,223,998,184
Other assets less liabilities		1.1			13,899,929
NET ASSETS		100.0	%	$	1,237,898,113

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $1,089,763 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At November 30, 2018, the Fund had loaned securities with a total value of $24,704,184 This was secured by collateral of $749,194, which was received in cash and subsequently invested in short-term investments currently valued at $749,194 as reported in the Portfolio of Investments. Additional collateral of $24,056,531 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	179,788
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		279,648
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		62,174
United States Treasury Bills	0.00%	12/13/2018 to 04/25/2019		1,696,852
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 02/15/2048		21,838,069

(2) The rate shown is the 7-day yield as of November 30, 2018.

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Funds

93

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		JPY	192,040,275		USD	1,714,984		12/28/2018	$	19,002	$	–
		USD	441,233		JPY	49,446,250		12/28/2018		–		(4,554	)
										19,002		(4,554	)
Credit Suisse		EUR	5,514,262		USD	6,480,854		12/31/2018		220,655		–
		USD	1,457,698		EUR	1,269,163		12/31/2018		–		(16,850	)
										220,655		(16,850	)
UBS AG		CHF	653,260		USD	681,712		12/31/2018		25,713		–
		USD	658,195		CHF	653,260		12/31/2018		–		(2,196	)
										25,713		(2,196	)
Net Unrealized Appreciation (Depreciation)									$	265,370	$	(23,600	)

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 November 30, 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	$	1,093,410,975	$	120,901,010	**	$	—	$	1,214,311,985
Exchange-Traded Funds		8,937,005		—			—		8,937,005
Short-Term Investment Securities:
Registered Investment Companies		749,194		—			—		749,194
Total Investments at Value	$	1,103,097,174	$	120,901,010		$	—	$	1,223,998,184
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	265,370		$	—	$	265,370
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	23,600		$	—	$	23,600

* 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.

See Notes to Financial Statements

94

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Applications Software	5.7	%
Medical — Drugs	5.4
Computers	4.2
Diversified Banking Institutions	3.8
Web Portals/ISP	3.4
Medical — HMO	3.3
E-Commerce/Products	3.3
Electronic Components — Semiconductors	2.8
Electric — Integrated	2.7
Oil Companies — Exploration & Production	2.6
Finance — Credit Card	2.6
Medical — Biomedical/Gene	2.5
Banks — Super Regional	2.3
Beverages — Non-alcoholic	2.3
Real Estate Investment Trusts	2.2
Medical Instruments	2.1
Transport — Rail	2.0
Chemicals — Diversified	1.8
Oil Companies — Integrated	1.8
Cable/Satellite TV	1.7
Commercial Services — Finance	1.7
Insurance — Property/Casualty	1.7
Aerospace/Defense	1.6
Telephone — Integrated	1.6
Retail — Building Products	1.4
Retail — Auto Parts	1.4
Insurance — Multi-line	1.4
Tobacco	1.4
Internet Content — Entertainment	1.4
Multimedia	1.1
Diversified Manufacturing Operations	1.1
Instruments — Controls	1.0
Semiconductor Components — Integrated Circuits	1.0
Medical Products	1.0
Food — Misc./Diversified	0.9
Cosmetics & Toiletries	0.9
Enterprise Software/Service	0.9
Finance — Investment Banker/Broker	0.8
Retail — Apparel/Shoe	0.8
Tools — Hand Held	0.8
Retail — Discount	0.7
Oil Refining & Marketing	0.7
Diagnostic Equipment	0.7
Data Processing/Management	0.7
Finance — Other Services	0.7
Insurance — Life/Health	0.6
Electronic Forms	0.6
Machinery — Construction & Mining	0.6
Airlines	0.5
E-Commerce/Services	0.5
Aerospace/Defense — Equipment	0.5
Pharmacy Services	0.5
Electric — Distribution	0.5
Retail — Restaurants	0.5
Auto — Heavy Duty Trucks	0.5
Cellular Telecom	0.4
Auto/Truck Parts & Equipment — Original	0.4
Investment Management/Advisor Services	0.4
Brewery	0.4
Retail — Consumer Electronics	0.4
Entertainment Software	0.4
Apparel Manufacturers	0.4
Pipelines	0.3
Containers — Paper/Plastic	0.3
Banks — Fiduciary	0.3
Building Products — Wood	0.3
Hotels/Motels	0.3
Engines — Internal Combustion	0.3
Networking Products	0.3

Building — Residential/Commercial	0.2
Banks — Commercial	0.2
Computer Services	0.2
Broadcast Services/Program	0.2
Auto — Cars/Light Trucks	0.2
Insurance — Reinsurance	0.2
Machinery — Farming	0.2
Electronic Connectors	0.2
Retail — Regional Department Stores	0.2
Insurance Brokers	0.1
Office Supplies & Forms	0.1
Computer Software	0.1
Cruise Lines	0.1
Electronic Measurement Instruments	0.1
Distribution/Wholesale	0.1
Metal — Copper	0.1
Industrial Gases	0.1
Medical — Generic Drugs	0.1
Gold Mining	0.1
Beverages — Wine/Spirits	0.1
Wireless Equipment	0.1
Commercial Services	0.1
	99.2	%

* Calculated as a percentage of net assets

95

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Aerospace/Defense — 1.6%
Boeing Co.		1,481	$	513,551
General Dynamics Corp.		5,545		1,025,215
Northrop Grumman Corp.		1,602		416,328
				1,955,094
Aerospace/Defense - Equipment — 0.5%
United Technologies Corp.		5,026		612,368
Airlines — 0.5%
Delta Air Lines, Inc.		8,844		536,919
United Continental Holdings, Inc.†		1,288		124,550
				661,469
Apparel Manufacturers — 0.4%
PVH Corp.		3,976		439,388
Applications Software — 5.7%
Microsoft Corp.		51,892		5,754,304
salesforce.com, Inc.†		9,092		1,297,974
				7,052,278
Auto - Cars/Light Trucks — 0.2%
Ford Motor Co.		27,645		260,139
Auto - Heavy Duty Trucks — 0.5%
PACCAR, Inc.		9,001		560,042
Auto/Truck Parts & Equipment - Original — 0.4%
Aptiv PLC		2,076		149,264
BorgWarner, Inc.		2,358		93,330
Magna International, Inc.		6,233		310,840
				553,434
Banks - Commercial — 0.2%
Citizens Financial Group, Inc.		3,128		113,734
Regions Financial Corp.		9,876		162,460
				276,194
Banks - Fiduciary — 0.3%
Bank of New York Mellon Corp.		2,323		119,193
State Street Corp.		4,015		293,175
				412,368
Banks - Super Regional — 2.3%
Huntington Bancshares, Inc.#		13,491		196,834
KeyCorp		38,066		698,130
SunTrust Banks, Inc.		10,124		634,674
Wells Fargo & Co.		25,435		1,380,612
				2,910,250
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc.#		987		44,247
Beverages - Non-alcoholic — 2.3%
Coca-Cola Co.		29,372		1,480,349
PepsiCo, Inc.		11,479		1,399,749
				2,880,098
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A		389		76,151
Brewery — 0.4%
Molson Coors Brewing Co., Class B		8,253		542,800
Broadcast Services/Program — 0.2%
Discovery, Inc., Class A†#		8,724		268,001
Building Products - Wood — 0.3%
Masco Corp.		12,297		389,692

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial — 0.2%
Lennar Corp., Class A		6,603	$	282,146
Cable/Satellite TV — 1.7%
Charter Communications, Inc., Class A†		2,690		885,548
Comcast Corp., Class A		30,523		1,190,702
DISH Network Corp., Class A†		3,166		103,718
				2,179,968
Cellular Telecom — 0.4%
T-Mobile US, Inc.†		8,101		554,513
Chemicals - Diversified — 1.8%
Celanese Corp.		3,267		329,739
DowDuPont, Inc.		23,859		1,380,243
Eastman Chemical Co.		7,238		570,499
				2,280,481
Commercial Services — 0.1%
Cintas Corp.		334		62,585
Commercial Services - Finance — 1.7%
Automatic Data Processing, Inc.		7,504		1,106,240
H&R Block, Inc.#		2,143		57,882
PayPal Holdings, Inc.†		11,162		957,811
				2,121,933
Computer Services — 0.2%
Accenture PLC, Class A		1,676		275,736
Computer Software — 0.1%
Citrix Systems, Inc.		1,195		130,219
Computers — 4.2%
Apple, Inc.		23,582		4,211,274
Hewlett Packard Enterprise Co.		32,255		483,825
HP, Inc.		22,223		511,129
				5,206,228
Containers - Paper/Plastic — 0.3%
Packaging Corp. of America		697		68,180
WestRock Co.		7,388		348,049
				416,229
Cosmetics & Toiletries — 0.9%
Estee Lauder Cos., Inc., Class A		3,697		527,414
Procter & Gamble Co.		6,478		612,236
				1,139,650
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.		1,150		130,031
Data Processing/Management — 0.7%
Fidelity National Information Services, Inc.		6,828		737,083
First Data Corp., Class A†		5,212		99,445
				836,528
Diagnostic Equipment — 0.7%
Danaher Corp.		3,234		354,252
Thermo Fisher Scientific, Inc.		2,092		522,059
				876,311
Distribution/Wholesale — 0.1%
HD Supply Holdings, Inc.†		3,132		124,967
Diversified Banking Institutions — 3.8%
Bank of America Corp.		71,407		2,027,959
Citigroup, Inc.		19,274		1,248,763
Goldman Sachs Group, Inc.		2,090		398,542
Morgan Stanley		24,649		1,094,169
				4,769,433

96

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations — 1.1%
Eaton Corp. PLC		10,764	$	828,182
Ingersoll-Rand PLC		4,714		487,993
				1,316,175
Drug Delivery Systems — 0.0%
Nektar Therapeutics†		1,020		41,198
E-Commerce/Products — 3.3%
Amazon.com, Inc.†		2,455		4,149,367
E-Commerce/Services — 0.5%
Booking Holdings, Inc.†		107		202,431
Expedia Group, Inc.		3,773		455,741
				658,172
Electric - Distribution — 0.5%
Sempra Energy#		5,241		603,868
Electric - Integrated — 2.7%
Ameren Corp.		2,407		165,168
Evergy, Inc.		1,547		91,845
Exelon Corp.		18,171		842,953
NextEra Energy, Inc.		6,833		1,241,625
PG&E Corp.†		1,548		40,836
Public Service Enterprise Group, Inc.		2,609		145,843
Xcel Energy, Inc.		15,941		836,106
				3,364,376
Electronic Components - Semiconductors — 2.8%
Broadcom, Inc.		2,753		653,589
Intel Corp.		5,048		248,917
Microchip Technology, Inc.#		1,639		122,925
Micron Technology, Inc.†		2,455		94,665
NVIDIA Corp.		5,714		933,839
Texas Instruments, Inc.		14,920		1,489,762
				3,543,697
Electronic Connectors — 0.2%
TE Connectivity, Ltd.		3,163		243,330
Electronic Forms — 0.6%
Adobe, Inc.†		3,075		771,487
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		1,733		125,383
Engines - Internal Combustion — 0.3%
Cummins, Inc.		2,457		371,154
Enterprise Software/Service — 0.9%
Oracle Corp.		14,606		712,189
Workday, Inc., Class A†		2,289		375,396
				1,087,585
Entertainment Software — 0.4%
Electronic Arts, Inc.†		5,293		444,983
Finance - Credit Card — 2.6%
Alliance Data Systems Corp.		1,084		217,190
American Express Co.		1,774		199,167
Capital One Financial Corp.		9,499		851,871
Mastercard, Inc., Class A		1,784		358,709
Visa, Inc., Class A		11,282		1,598,772
				3,225,709
Finance - Investment Banker/Broker — 0.8%
Charles Schwab Corp.		11,203		501,894
TD Ameritrade Holding Corp.		8,375		450,659
				952,553

Security Description	Shares		Value (Note 2)
Finance - Other Services — 0.7%
CME Group, Inc.		1,258	$	239,121
Intercontinental Exchange, Inc.		7,273		594,349
				833,470
Food - Misc./Diversified — 0.9%
Mondelez International, Inc., Class A		25,635		1,153,062
Gold Mining — 0.1%
Newmont Mining Corp.		2,543		82,241
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		4,941		373,243
Industrial Gases — 0.1%
Linde PLC		768		122,150
Instruments - Controls — 1.0%
Honeywell International, Inc.		8,879		1,302,993
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		1,972		174,916
Insurance - Life/Health — 0.6%
Lincoln National Corp.		6,824		429,707
Principal Financial Group, Inc.		2,600		128,232
Prudential Financial, Inc.		2,525		236,744
				794,683
Insurance - Multi-line — 1.4%
Chubb, Ltd.		4,264		570,268
Hartford Financial Services Group, Inc.		10,083		445,568
MetLife, Inc.		15,645		698,236
				1,714,072
Insurance - Property/Casualty — 1.7%
Berkshire Hathaway, Inc., Class B†		9,578		2,090,303
Insurance - Reinsurance — 0.2%
Everest Re Group, Ltd.		1,165		258,723
Internet Content - Entertainment — 1.4%
Facebook, Inc., Class A†		6,899		970,068
Netflix, Inc.†		2,539		726,484
				1,696,552
Investment Management/Advisor Services — 0.4%
T. Rowe Price Group, Inc.		5,497		546,182
Machinery - Construction & Mining — 0.6%
Caterpillar, Inc.		5,211		706,976
Machinery - Farming — 0.2%
Deere & Co.		1,639		253,848
Medical Instruments — 2.1%
Boston Scientific Corp.†		32,213		1,213,464
Intuitive Surgical, Inc.†		434		230,397
Medtronic PLC		12,041		1,174,359
				2,618,220
Medical Products — 1.0%
Becton Dickinson and Co.		1,570		396,817
Zimmer Biomet Holdings, Inc.		7,045		824,406
				1,221,223
Medical - Biomedical/Gene — 2.5%
Alexion Pharmaceuticals, Inc.†		3,306		407,134
Amgen, Inc.		1,817		378,390
Biogen, Inc.†		1,596		532,617
Celgene Corp.†		5,299		382,694
Gilead Sciences, Inc.		8,248		593,361

97

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Illumina, Inc.†		791	$	266,962
Vertex Pharmaceuticals, Inc.†		2,987		540,020
				3,101,178
Medical - Drugs — 5.4%
AbbVie, Inc.		3,016		284,318
Allergan PLC		2,239		350,627
Bristol-Myers Squibb Co.		7,313		390,953
Eli Lilly & Co.		7,684		911,630
Johnson & Johnson		11,019		1,618,691
Merck & Co., Inc.		15,915		1,262,696
Pfizer, Inc.		41,251		1,907,034
Zoetis, Inc.		702		65,897
				6,791,846
Medical - Generic Drugs — 0.1%
Mylan NV†		2,826		95,688
Medical - HMO — 3.3%
Anthem, Inc.		2,353		682,535
Cigna Corp.		5,490		1,226,356
UnitedHealth Group, Inc.		7,966		2,241,314
				4,150,205
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		10,435		124,594
Multimedia — 1.1%
Walt Disney Co.		11,976		1,383,108
Networking Products — 0.3%
Cisco Systems, Inc.		7,578		362,759
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		1,616		155,782
Oil Companies - Exploration & Production — 2.6%
Concho Resources, Inc.†		1,267		165,141
Diamondback Energy, Inc.#		4,933		544,504
EOG Resources, Inc.		9,635		995,392
Occidental Petroleum Corp.		11,914		837,197
Pioneer Natural Resources Co.		4,878		720,724
				3,262,958
Oil Companies - Integrated — 1.8%
Chevron Corp.		14,152		1,683,239
Exxon Mobil Corp.		7,241		575,659
				2,258,898
Oil Refining & Marketing — 0.7%
Marathon Petroleum Corp.		13,537		882,071
Pharmacy Services — 0.5%
CVS Health Corp.		7,550		605,510
Pipelines — 0.3%
ONEOK, Inc.		6,991		429,457
Real Estate Investment Trusts — 2.2%
AvalonBay Communities, Inc.		2,975		566,946
Digital Realty Trust, Inc.		828		95,253
Equinix, Inc.		473		182,237
Equity Residential		1,606		114,428
Federal Realty Investment Trust		2,025		267,482
Host Hotels & Resorts, Inc.		6,487		123,253
Prologis, Inc.		10,297		693,400
Ventas, Inc.		4,236		268,944
Vornado Realty Trust		6,500		467,740
				2,779,683

Security Description	Shares			Value (Note 2)
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		336		$	39,356
Retail - Apparel/Shoe — 0.8%
Ross Stores, Inc.		10,809			946,868
Retail - Auto Parts — 1.4%
Advance Auto Parts, Inc.		1,439			255,725
AutoZone, Inc.†		1,084			877,032
O’Reilly Automotive, Inc.†		1,870			648,478
					1,781,235
Retail - Building Products — 1.4%
Home Depot, Inc.		7,312			1,318,500
Lowe’s Cos., Inc.		5,051			476,663
					1,795,163
Retail - Consumer Electronics — 0.4%
Best Buy Co., Inc.		7,062			456,135
Retail - Discount — 0.7%
Dollar General Corp.		6,179			685,807
Dollar Tree, Inc.†		2,412			209,289
					895,096
Retail - Regional Department Stores — 0.2%
Macy’s, Inc.		5,426			185,678
Retail - Restaurants — 0.5%
Yum! Brands, Inc.		6,091			561,712
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.		14,155			1,301,128
Telephone - Integrated — 1.6%
AT&T, Inc.		12,924			403,746
Verizon Communications, Inc.		25,555			1,540,966
					1,944,712
Tobacco — 1.4%
Altria Group, Inc.		8,660			474,828
Philip Morris International, Inc.		14,216			1,230,110
					1,704,938
Tools - Hand Held — 0.8%
Snap-on, Inc.#		2,490			413,938
Stanley Black & Decker, Inc.		3,986			521,568
					935,506
Transport - Rail — 2.0%
Norfolk Southern Corp.		6,556			1,119,371
Union Pacific Corp.		9,275			1,426,310
					2,545,681
Web Portals/ISP — 3.4%
Alphabet, Inc., Class A†		1,945			2,158,269
Alphabet, Inc., Class C†		1,882			2,059,718
					4,217,987
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		543			71,269
TOTAL INVESTMENTS
(cost $100,822,351)(1)		99.2	%		123,889,066
Other assets less liabilities		0.8			1,013,536
NET ASSETS		100.0	%	$	124,902,602

† Non-income producing security

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

98

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

At November 30, 2018, the Fund had loaned securities with a total value of $2,170,846. This was secured by collateral of $2,220,322 received in the form offixed of of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	349,138
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		543,059
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		120,739
United States Treasury Bills	0.00%	12/06/2018 to 04/04/2019		12,447
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		1,194,939

(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)
	7	Long	S&P 500 E-Mini Index		December 2018	$	944,114	$	965,405	$	21,291

* 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 November 30, 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	$	123,889,066	$	—	$	—	$	123,889,066
Other Financial Instruments:†
Futures Contracts	$	21,291	$	—	$	—	$	21,291

* 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.

See Notes to Financial Statements

99

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	26.3	%
Medical — HMO	19.3
Medical — Drugs	16.2
Medical Products	11.6
Medical Instruments	6.2
Diagnostic Equipment	4.7
Therapeutics	4.4
Medical — Hospitals	2.5
Electronic Measurement Instruments	2.0
Registered Investment Companies	1.4
Pharmacy Services	1.3
Medical — Generic Drugs	0.9
Medical Labs & Testing Services	0.7
Drug Delivery Systems	0.5
Disposable Medical Products	0.5
Dental Supplies & Equipment	0.5
Diagnostic Kits	0.4
Instruments — Controls	0.4
Dialysis Centers	0.2
Patient Monitoring Equipment	0.2
Applications Software	0.2
Veterinary Diagnostics	0.1
Medical Imaging Systems	0.1
Physical Therapy/Rehabilitation Centers	0.1
X-Ray Equipment	0.1
Healthcare Safety Devices	0.1
	100.9	%

* Calculated as a percentage of net assets

100

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Dental Supplies & Equipment — 0.5%
Align Technology, Inc.†		16,832	$	3,869,509
Diagnostic Equipment — 4.7%
Danaher Corp.		107,135		11,735,568
GenMark Diagnostics, Inc.†#		180,542		940,624
Lonza Group AG		3,054		990,317
Quanterix Corp.†#		50,393		944,364
Thermo Fisher Scientific, Inc.		93,400		23,307,970
				37,918,843
Diagnostic Kits — 0.4%
Quidel Corp.†		52,671		3,203,450
Dialysis Centers — 0.2%
DaVita, Inc.†		26,355		1,741,011
Disposable Medical Products — 0.5%
ICU Medical, Inc.†		17,741		4,266,533
Drug Delivery Systems — 0.5%
DexCom, Inc.†		21,815		2,827,006
Nektar Therapeutics†		37,129		1,499,640
				4,326,646
Electronic Measurement Instruments — 2.0%
Agilent Technologies, Inc.		205,678		14,880,803
Sartorius AG (Preference Shares)		11,484		1,467,600
				16,348,403
Healthcare Safety Devices — 0.1%
Tandem Diabetes Care, Inc.†		9,500		349,790
Instruments - Controls — 0.4%
Mettler - Toledo International, Inc.†		4,736		3,015,222
Insurance - Life/Health — 0.0%
Trupanion, Inc.†#		10,400		311,272
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		50,468		946,275
Medical Instruments — 6.2%
Bruker Corp.		93,137		3,086,560
Intuitive Surgical, Inc.†		73,735		39,143,699
NuVasive, Inc.†		20,975		1,335,898
SI-BONE, Inc.†		15,050		270,298
Teleflex, Inc.		22,047		6,072,185
				49,908,640
Medical Labs & Testing Services — 0.5%
Catalent, Inc.†		13,800		547,170
Neuronetics, Inc.†		6,100		108,824
Teladoc Health, Inc.†#		51,472		3,214,426
				3,870,420
Medical Products — 11.2%
ABIOMED, Inc.†		7,248		2,411,265
AtriCure, Inc.†		40,000		1,339,600
Becton Dickinson and Co.		144,924		36,629,541
Cooper Cos., Inc.		23,875		6,657,066
Hologic, Inc.†		207,112		9,197,844
Integer Holdings Corp.†		6,000		531,480
Nevro Corp.†		24,100		1,000,391
Novocure, Ltd.†#		56,200		1,928,784
Penumbra, Inc.†#		16,218		2,257,870
Stryker Corp.		109,865		19,276,913
West Pharmaceutical Services, Inc.		45,332		4,966,574
Wright Medical Group NV†		123,770		3,460,609
Wright Medical Group NV CVR†		7,700		11,319
				89,669,256

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene — 26.2%
Abcam PLC		66,769	$	969,926
Abeona Therapeutics, Inc.†#		57,239		469,360
ACADIA Pharmaceuticals, Inc.†#		152,393		2,904,611
Acceleron Pharma, Inc.†#		98,210		5,198,255
Acerta Pharma BV, Class B(1)(3)		9,771,120		683,978
Achillion Pharmaceuticals, Inc.†		228,069		659,119
Alder Biopharmaceuticals, Inc.†#		164,061		2,195,136
Alexion Pharmaceuticals, Inc.†		144,881		17,842,095
Allakos, Inc.†#		14,885		876,875
Allogene Therapeutics, Inc.†#		19,784		618,844
Allogene Therapeutics, Inc.(2)(3)		35,304		1,049,094
Alnylam Pharmaceuticals, Inc.†#		39,100		3,173,356
Amarin Corp. PLC ADR†#		233,908		4,210,344
Amgen, Inc.		31,700		6,601,525
AnaptysBio, Inc.†#		12,646		943,139
Aptinyx, Inc.†		12,131		269,430
Arcus Biosciences, Inc.†#		19,301		220,417
Argenx SE ADR†#		39,221		3,795,416
Atara Biotherapeutics, Inc.†#		48,859		1,951,917
Audentes Therapeutics, Inc.†		33,546		820,200
Autolus Therapeutics PLC ADR†#		11,079		432,303
Avrobio, Inc.†		18,331		491,087
BeiGene, Ltd. ADR†		21,084		3,232,388
Biogen, Inc.†		27,049		9,026,792
BioMarin Pharmaceutical, Inc.†		76,730		7,368,382
Bluebird Bio, Inc.†#		42,891		5,270,875
Blueprint Medicines Corp.†		48,364		2,774,643
Cara Therapeutics, Inc.†#		39,161		711,947
Celgene Corp.†		61,080		4,411,198
CRISPR Therapeutics AG†		13,300		509,789
Cymabay Therapeutics, Inc.†#		6,353		56,732
CytomX Therapeutics, Inc.†		38,121		526,070
Denali Therapeutics, Inc.†#		19,100		366,147
Dicerna Pharmaceuticals, Inc.†		16,500		246,015
Editas Medicine, Inc.†#		23,379		728,490
Exact Sciences Corp.†#		56,950		4,440,961
Exelixis, Inc.†		54,830		1,113,597
Fate Therapeutics, Inc.†#		45,466		698,358
FibroGen, Inc.†		48,087		2,085,052
Five Prime Therapeutics, Inc.†		21,800		279,912
Forty Seven, Inc.†#		15,425		286,596
Gilead Sciences, Inc.		75,096		5,402,406
GlycoMimetics, Inc.†#		70,692		812,251
Guardant Health, Inc.†		15,703		561,068
Guardant Health, Inc.(2)(3)		24,819		842,444
Homology Medicines, Inc.†#		25,988		571,476
HTG Molecular Diagnostics, Inc.†#		104,120		370,667
Illumina, Inc.†		18,515		6,248,812
ImmunoGen, Inc.†		54,000		297,540
Immunomedics, Inc.†#		281,197		5,649,248
Incyte Corp.†		114,451		7,353,477
Insmed, Inc.†#		126,336		2,262,678
Ionis Pharmaceuticals, Inc.†#		22,197		1,293,863
Iovance Biotherapeutics, Inc.†#		102,953		995,556
Krystal Biotech, Inc.†#		7,897		200,426
Loxo Oncology, Inc.†#		38,230		5,368,257
MacroGenics, Inc.†		39,752		684,132
Menlo Therapeutics, Inc.†		30,000		180,300
Novavax, Inc.†#		132,800		274,896
Orchard Therapeutics PLC ADR†		32,777		493,622
Prothena Corp. PLC†#		23,296		279,785
PTC Therapeutics, Inc.†		61,481		2,183,805
Regeneron Pharmaceuticals, Inc.†		19,755		7,223,416
REGENXBIO, Inc.†#		20,700		1,240,137
Sage Therapeutics, Inc.†#		113,626		13,099,942

101

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Scholar Rock Holding Corp.†#		13,978	$	340,504
Seattle Genetics, Inc.†#		70,647		4,421,089
Shire PLC ADR		21,624		3,796,742
Spark Therapeutics, Inc.†#		43,540		1,834,340
Theravance Biopharma, Inc.†#		35,363		976,372
Tocagen, Inc.†#		35,125		453,112
Ultragenyx Pharmaceutical, Inc.†#		53,670		2,880,469
Vertex Pharmaceuticals, Inc.†		160,681		29,049,518
WaVe Life Sciences, Ltd.†#		14,980		716,793
Y-mAbs Therapeutics, Inc.†#		19,510		486,189
Zai Lab, Ltd. ADR†#		24,240		478,013
Zeneca, Inc. CVR†(1)(3)		23,110		14,213
				209,847,929
Medical - Drugs — 16.1%
AbbVie, Inc.		41,961		3,955,664
AC Immune SA†#		14,070		156,458
Aimmune Therapeutics, Inc.†#		75,528		1,793,790
Alkermes PLC†#		37,923		1,381,914
Allergan PLC		34,789		5,447,957
Apellis Pharmaceuticals, Inc.†		19,510		299,283
Array BioPharma, Inc.†		136,295		2,171,179
Ascendis Pharma A/S ADR†#		59,571		4,021,638
Astellas Pharma, Inc.		75,400		1,158,748
AstraZeneca PLC ADR#		243,900		9,712,098
Bristol - Myers Squibb Co.		80,039		4,278,885
Chugai Pharmaceutical Co., Ltd.		34,100		2,335,370
Corvus Pharmaceuticals, Inc.†#		36,893		220,620
Daiichi Sankyo Co., Ltd.		89,200		3,274,425
Eisai Co., Ltd.		30,900		2,845,049
Eli Lilly & Co.		127,600		15,138,464
Enanta Pharmaceuticals, Inc.†		30,209		2,390,740
Global Blood Therapeutics, Inc.†#		36,553		1,152,882
Intra - Cellular Therapies, Inc.†		14,937		215,840
Ironwood Pharmaceuticals, Inc.†#		90,021		1,244,090
Kyowa Hakko Kirin Co., Ltd.		47,400		971,676
Madrigal Pharmaceuticals, Inc.†#		6,620		765,603
Marinus Pharmaceuticals, Inc.†#		26,800		125,156
Merck & Co., Inc.		192,350		15,261,049
Minerva Neurosciences, Inc.†		56,480		446,757
MyoKardia, Inc.†#		33,522		2,080,711
Myovant Sciences, Ltd.†#		41,476		765,647
Novartis AG		134,078		12,239,523
Odonate Therapeutics, Inc.†#		14,205		223,871
Pfizer, Inc.		469,500		21,704,985
PhaseBio Pharmaceuticals, Inc.†#		32,614		92,950
Principia Biopharma, Inc.†		16,431		457,768
ProQR Therapeutics NV†#		20,400		388,824
Reata Pharmaceuticals, Inc., Class A†#		12,265		774,535
Rhythm Pharmaceuticals, Inc.†		13,527		399,452
Roche Holding AG		14,325		3,717,035
Rocket Pharmaceuticals, Inc.†#		22,925		369,322
TESARO, Inc.†#		23,472		1,088,631
TherapeuticsMD, Inc.†#		134,113		674,588
Tricida, Inc.†#		21,836		651,805
Zogenix, Inc.†#		56,100		2,305,149
				128,700,131
Medical - Generic Drugs — 0.9%
Amneal Pharmaceuticals, Inc.†#		114,133		2,021,295
Momenta Pharmaceuticals, Inc.†		28,200		333,888
Mylan NV†		57,100		1,933,406
Perrigo Co. PLC#		51,600		3,213,648
				7,502,237

Security Description	Shares/ Principal Amount		Value (Note 2)
Medical - HMO — 19.3%
Anthem, Inc.		86,472	$	25,082,933
Centene Corp.†		118,957		16,921,633
Cigna Corp.		109,600		24,482,448
Humana, Inc.		38,414		12,656,261
Molina Healthcare, Inc.†		42,493		5,936,697
UnitedHealth Group, Inc.		219,134		61,655,542
WellCare Health Plans, Inc.†		32,858		8,374,847
				155,110,361
Medical - Hospitals — 2.5%
Acadia Healthcare Co., Inc.†#		48,178		1,636,606
HCA Healthcare, Inc.		114,216		16,445,962
Universal Health Services, Inc., Class B		12,707		1,753,439
				19,836,007
Patient Monitoring Equipment — 0.2%
CareDx, Inc.†		15,899		465,364
Insulet Corp.†#		14,100		1,183,413
				1,648,777
Pharmacy Services — 1.1%
CVS Health Corp.		82,349		6,604,386
Express Scripts Holding Co.†		15,200		1,542,344
JAND, Inc. (dba Warby Parker), Class A(1)(2)(3)		36,095		552,218
				8,698,948
Physical Therapy/Rehabilitation Centers — 0.1%
Encompass Health Corp.		8,200		616,722
Therapeutics — 4.4%
Agios Pharmaceuticals, Inc.†#		36,562		2,405,780
G1 Therapeutics, Inc.†#		50,799		1,942,046
GW Pharmaceuticals PLC ADR†#		13,510		1,662,000
Merus NV†		15,600		193,596
Mirati Therapeutics, Inc.†#		15,200		586,568
Neurocrine Biosciences, Inc.†		129,279		11,411,457
Proteostasis Therapeutics, Inc.†		51,279		259,984
Sarepta Therapeutics, Inc.†#		94,134		12,187,529
Xencor, Inc.†#		105,098		4,415,167
Zafgen, Inc.†		53,200		268,128
				35,332,255
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		29,688		991,876
X-Ray Equipment — 0.1%
ViewRay, Inc.†#		62,026		416,196
Total Common Stocks
(cost $586,752,805)				788,446,709
CONVERTIBLE PREFERRED SECURITIES — 1.1%
Applications Software — 0.2%
Outset Medical, Inc Series C(1)(2)(3)		320,192		995,797
Outset Medical, Inc. Series D(1)(2)(3)		171,126		532,202
				1,527,999
Medical Information Systems — 0.0%
Doximity, Inc. Series C(1)(2)(3)		64,785		323,277
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C(1)(2)(3)		160,251		271,140

102

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Medical Labs & Testing Services — 0.2%
Tempus Labs, Inc. Series D(1)(2)(3)		60,677		$	980,474
Tempus Labs, Inc. Series E(1)(2)(3)		39,722			665,057
					1,645,531
Medical Products — 0.4%
Becton Dickinson and Co. Series A 6.13%		26,711			1,687,334
Kardium, Inc. Series D-5(1)(2)(3)		542,402			525,544
Shockwave Medical, Inc. Series A-1(1)(2)(3)		63,961			72,107
Shockwave Medical, Inc. Series B(1)(2)(3)		1,306			1,472
Shockwave Medical, Inc. Series C(1)(2)(3)		739,910			834,145
					3,120,602
Medical - Biomedical/Gene — 0.1%
Moderna Therapeutics, Inc. Series G(1)(2)(3)		43,581			459,801
Pharmacy Services — 0.2%
JAND, Inc. (dba Warby Parker) Series D(1)(2)(3)		75,264			1,151,464
JAND, Inc. (dba Warby Parker) Series E(1)(2)(3)		2,948			45,102
					1,196,566
Total Convertible Preferred Securities
(cost $7,202,767)					8,544,916
CONVERTIBLE BONDS & NOTES — 0.1%
Medical - Drugs — 0.1%
Ironwood Pharmaceuticals, Inc. Senior Notes 2.25% due 06/15/2022 (cost $865,000)	$	865,000			926,870
Total Long-Term Investment Securities
(cost $594,820,572)					797,918,495
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(5)		500,830			500,830
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(4)(5)		6,017,356			6,017,356
T. Rowe Price Government Reserve Fund 2.26%(5)		5,188,416			5,188,416
Total Short-Term Investment Securities
(cost $11,706,602)					11,706,602
TOTAL INVESTMENTS
(cost $606,527,174)(6)		100.9	%		809,625,097
Liabilities in excess of other assets		(0.9	)		(7,448,777	)
NET ASSETS		100.0	%	$	802,176,320

† 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 November 30, 2018, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Allogene Therapeutics, Inc.		10/15/2018		35,304	$	540,155	$	1,049,094	$	29.72		0.13	%
Guardant Health, Inc.		10/9/2018		24,819		276,594		842,444		33.94		0.11	%
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		552,218		15.30		0.07	%
Convertible Preferred Securities
Doximity, Inc.
Series C		4/10/2014		64,785		312,316		323,277		4.99		0.04	%
JAND, Inc. (dba Warby Parker)
Series D		4/23/2015		75,264		864,430		1,151,464		15.30		0.14	%
JAND, Inc. (dba Warby Parker)
Series E		3/9/2018		2,948		46,334		45,102		15.30		0.01	%
Kardium, Inc.
Series D-5		11/29/2018		542,402		525,533		525,544		0.97		0.07	%
Moderna Therapeutics, Inc.
Series G		1/31/2018		43,581		438,425		459,801		10.55		0.06	%
Outset Medical, Inc.
Series C		4/19/2017		320,192		829,778		995,797		3.11		0.12	%
Outset Medical, Inc.
Series D		8/20/2018		171,126		532,202		532,202		3.11		0.07	%
RefleXion Medical, Inc.
Series C		4/23/2018		160,251		271,145		271,140		1.69		0.03	%
Shockwave Medical, Inc.
Series A1		9/25/2017		63,961		64,601		72,107		1.13		0.01	%
Shockwave Medical, Inc.
Series B		9/25/2017		1,306		1,319		1,472		1.13		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		834,145		1.13		0.10	%
Tempus Labs, Inc.
Series D		3/20/2018		60,677		568,780		980,474		16.16		0.12	%
Tempus Labs, Inc.
Series E		8/23/2018		39,772		665,058		665,057		16.72		0.08	%
							$	9,301,338				1.16	%

(3) Illiquid security. At November 30, 2018, the aggregate value of these securities was $9,999,529 representing 1.2% of net assets.

103

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

(4) At November 30, 2018, the Fund had loaned securities with a total value of $134,821,710. This was secured by collateral of $6,017,356, which was received in cash and subsequently invested in short-term investments currently valued at $6,017,356 as reported in the Portfolio of Investments. Additional collateral of $131,714,216 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	925,372
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		1,439,351
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		320,014
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		2,923,740
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		126,105,739

(5) The rate shown is the 7-day yield as of November 30, 2018.

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Medical - Biomedical/Gene	$	206,288,274	$	2,861,464	#	$	698,191	$	209,847,929
Pharmacy Services		8,146,730		—			552,218		8,698,948
Other Industries		540,900,090		28,999,742	**		—		569,899,832
Convertible Preferred Securities:
Medical Products		1,687,334		—			1,433,268		3,120,602
Other Industries		—		—			5,424,314		5,424,314
Convertible Bonds & Notes		—		926,870			—		926,870
Short-Term Investment Securities		11,706,602		—			—		11,706,602
Total Investments at Value	$	768,729,030	$	32,788,076		$	8,107,991	$	809,625,097

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

# Amount includes $969,926 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).

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 May 31, 2018	$	1,879,685		$	4,674,661
Accrued Discounts
Accrued Premiums
Realized Gain		460,088			—
Realized Loss		—			—
Change in unrealized appreciation(1)		—			737,669
Change in unrealized depreciation(1)		(452,564	)		(946	)
Net purchases		—			1,722,792
Net sales		(636,800	)		(276,594	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of November 30, 2018	$	1,250,409		$	6,857,582

104

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2018 includes:

Common Stocks			Convertible Preferred Securities
$	(417	)	$	736,719

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 November 30, 2018.

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

Description	Fair Value at 11/30/18		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	552,218	Market Approach	Secondary Market Transactions*	$15.7170
				Market Transaction Price*	$15.7170
				Company Repurchase Price*	$12.3500
	$	698,191	Income Approach	Estimated Future Cash Distribution*	$0.07 - $0.615 ($0.3425)
Convertible Preferred Securities	$	3,897,464	Market Approach	Market Transaction Price*	$0.96892 - $16.7428 ($3.62572)
	$	980,474	Market Approach	Market Transaction Price*	$16.7428
				Discount for Future Cumulative Dividend Variance	3.5%
	$	459,801	Market Approach	Announced IPO price Range*	$22.00 - $24.00 ($23.00)
	$	1,196,566	Market Approach	Secondary Market Transactions*	$15.7170
				Market Transaction Price*	$15.7170
				Company Repurchase Price*	$12.3500
	$	323,277	Market Approach	Market Transaction Price*	$4.3100
				2018 Estimated Revenue Multiple*	8.9x
				2019 Estimated Revenue Multiple*	7.7x
				2018 Estimated Gross Profit Multiple*	11.1x
				Discount for Lack of Marketability	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 an inverse relationship.

See Notes to Financial Statements

105

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

United States Treasury Notes	32.4	%
United States Treasury Bonds	19.9
Sovereign	18.3
Diversified Banking Institutions	11.5
Diversified Financial Services	3.8
Registered Investment Companies	2.1
Pipelines	2.1
Banks — Commercial	1.8
Insurance — Life/Health	0.9
Finance — Consumer Loans	0.9
Banks — Super Regional	0.7
Chemicals — Diversified	0.6
Insurance — Multi-line	0.6
Gold Mining	0.5
Federal Home Loan Mtg. Corp.	0.5
Pharmacy Services	0.4
Gas — Distribution	0.4
Building Products — Cement	0.4
Oil Refining & Marketing	0.3
Building Products — Wood	0.3
Electric — Integrated	0.3
Medical — Drugs	0.3
Federal National Mtg. Assoc.	0.2
Oil Companies — Exploration & Production	0.2
Machinery — Farming	0.2
Banks — Money Center	0.1
Cable/Satellite TV	0.1
Diversified Minerals	0.1
Government National Mtg. Assoc.	0.1
Auto — Cars/Light Trucks	0.1
	100.1	%

Credit Quality#†

Aaa	66.5	%
Aa	1.7
A	8.7
Baa	13.8
Ba	3.5
B	0.1
Not Rated@	5.7
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

106

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Principal Amount(1)		Value (Note 2)
ASSET BACKED SECURITIES — 3.8%
Diversified Financial Services — 3.8%
Benchmark Mtg. Trust Series 2018-B3, Class A5 4.03% due 04/10/2051(2)	$	6,000,000	$	6,057,234
Benchmark Mtg. Trust Series 2018-B7, Class A4 4.51% due 05/15/2053(2)		6,000,000		6,272,862
BX Trust FRS Series 2018-MCSF, Class A 2.88% (1 ML+0.58%) due 04/15/2035*(2)		2,700,000		2,681,447
Chase Issuance Trust Series 2016-A4, Class A4 1.49% due 07/15/2022		2,000,000		1,950,292
COMM Mtg. Trust Series 2018-COR3, Class A3 4.23% due 05/10/2051(2)		6,000,000		6,100,177
DBCG Mtg. Trust FRS Series 2017-BBG, Class A 3.01% (1 ML+0.70%) due 06/15/2034*(2)		1,360,000		1,356,588
Store Master Funding I-VII Series 2018-1A, Class A1 3.96% due 10/20/2048*		1,697,073		1,705,159
Total Asset Backed Securities
(cost $26,063,558)				26,123,759
U.S. CORPORATE BONDS & NOTES — 13.1%
Auto - Cars/Light Trucks — 0.1%
Ford Motor Credit Co. LLC FRS Senior Notes 3.45% (3 ML+0.83%) due 08/12/2019		350,000		349,849
Banks - Commercial — 0.3%
Regions Financial Corp. Senior Notes 3.80% due 08/14/2023		1,978,000		1,959,345
Banks - Super Regional — 0.4%
SunTrust Banks, Inc. Senior Notes 4.00% due 05/01/2025		506,000		502,820
Wells Fargo & Co. FRS Senior Notes 3.78% (CPIYOY+1.50%) due 03/31/2021		2,000,000		1,961,000
				2,463,820
Building Products - Cement — 0.4%
Vulcan Materials Co. FRS Senior Notes 2.93% (3 ML+0.60%) due 06/15/2020		2,512,000		2,506,275
Building Products - Wood — 0.3%
Masco Corp. Senior Notes 3.50% due 11/15/2027		2,512,000		2,279,536
Cable/Satellite TV — 0.1%
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		906,000		886,437
Chemicals - Diversified — 0.6%
DowDuPont, Inc. Senior Notes 4.49% due 11/15/2025		2,213,000		2,235,404

Security Description	Principal Amount(1)		Value (Note 2)
Chemicals - Diversified (continued)
DowDuPont, Inc. Senior Notes 4.73% due 11/15/2028	$	2,000,000	$	2,026,965
				4,262,369
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		372,000		299,478
Diversified Banking Institutions — 7.5%
Bank of America Corp. FRS Senior Notes 3.80% (CPIYOY+1.10%) due 11/19/2024		2,000,000		1,822,500
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		220,000		210,026
Bank of America Corp. Senior Notes 4.24% due 04/24/2038		2,504,000		2,327,760
Bank of America Corp. FRS Senior Notes 4.80% (CPIYOY+2.10%) due 02/18/2020		1,600,000		1,602,000
Citigroup, Inc. FRS Senior Notes 3.14% (CPIYOY*1.38%) due 03/27/2025		2,000,000		1,804,800
Citigroup, Inc. FRS Senior Notes 3.28% (CPIYOY+1.00%) due 09/29/2024		2,000,000		1,832,200
Citigroup, Inc. FRS Senior Notes 3.74% (3 ML+1.10%) due 05/17/2024		3,020,000		2,993,761
Citigroup, Inc. FRS Senior Notes 3.75% (3 ML+1.19%) due 08/02/2021		1,475,000		1,488,277
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		2,673,000		2,550,629
Citigroup, Inc. FRS Senior Notes 4.78% (CPIYOY+2.50%) due 03/30/2020		4,000,000		3,921,200
Goldman Sachs Group, Inc. FRS Senior Notes 3.64% (3 ML+1.16%) due 04/23/2020		596,000		599,552
Goldman Sachs Group, Inc. FRS Senior Notes 3.68% (CPIYOY+1.40%) due 08/30/2023		4,000,000		3,864,900
Goldman Sachs Group, Inc. FRS Senior Notes 3.79% (3 ML+1.17%) due 11/15/2021		724,000		726,674
JPMorgan Chase & Co. Senior Notes 3.30% due 04/01/2026		2,200,000		2,067,701

107

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. FRS Senior Notes 3.53% (CPIYOY+1.25%) due 12/20/2023	$	2,000,000	$	1,910,400
JPMorgan Chase & Co. FRS Senior Notes 3.72% (3 ML+1.23%) due 10/24/2023		580,000		582,773
JPMorgan Chase & Co. FRS Senior Notes 4.28% (CPIYOY+2.00%) due 02/25/2021		1,000,000		1,000,800
JPMorgan Chase & Co. FRS Senior Notes 4.36% (CPIYOY+2.08%) due 04/28/2020		5,000,000		4,924,000
Morgan Stanley FRS Senior Notes 3.65% (3 ML+1.18%) due 01/20/2022		1,260,000		1,263,946
Morgan Stanley Senior Notes 3.74% due 04/24/2024		1,015,000		998,147
Morgan Stanley FRS Senior Notes 4.25% (CPIYOY+1.55%) due 08/24/2023		468,000		451,035
Morgan Stanley FRS Senior Notes 4.30% (CPIYOY+1.6%) due 09/26/2028(3)		1,402,000		1,349,425
Morgan Stanley FRS Senior Notes 4.70% (CPIYOY+2.00%) due 12/15/2019		1,813,000		1,815,266
Morgan Stanley FRS Senior Notes 4.70% (CPIYOY+2.00%) due 01/24/2020		2,203,000		2,200,246
Morgan Stanley FRS Senior Notes 4.70% (CPIYOY+2.00%) due 02/11/2020		2,000,000		2,005,000
Morgan Stanley FRS Senior Notes 4.70% (CPIYOY+2.00%) due 04/25/2023		3,870,000		3,840,975
Morgan Stanley FRS Senior Notes 4.70% (CPIYOY+2.00%) due 06/09/2023		664,000		655,700
				50,809,693
Electric - Integrated — 0.2%
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		1,318,000		1,261,294
Finance - Consumer Loans — 0.9%
SLM Corp. FRS Senior Notes 4.85% (CPIYOY+2.15%) due 12/15/2020		2,017,000		2,022,042

Security Description	Principal Amount(1)		Value (Note 2)
Finance - Consumer Loans (continued)
SLM Corp. FRS Senior Notes 4.95% (CPIYOY+2.25%) due 05/03/2019	$	3,745,000	$	3,763,725
				5,785,767
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 04/14/2011†		400,000		7,880
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 06/10/2014†		578,000		11,733
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 11/01/2014†		1,000,000		19,700
				39,313
Medical - Drugs — 0.3%
Bayer US Finance II LLC Company Guar. Notes 4.25% due 12/15/2025*		1,761,000		1,714,661
Metal - Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 4.00% due 04/16/2025*		338,000		320,399
Oil Companies - Exploration & Production — 0.2%
Apache Corp. Senior Notes 4.38% due 10/15/2028		678,000		636,567
Noble Energy, Inc. Senior Notes 3.85% due 01/15/2028		800,000		729,322
				1,365,889
Oil Refining & Marketing — 0.3%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028*		2,549,000		2,342,555
Pharmacy Services — 0.4%
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,164,000		3,018,564
Pipelines — 1.1%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		1,274,000		1,186,572
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		887,000		834,979
Energy Transfer Partners LP Company Guar. Notes 5.80% due 06/15/2038		1,067,000		1,005,697
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		1,299,000		1,185,738
Enterprise Products Operating LLC Company Guar. Notes 4.15% due 10/16/2028		3,026,000		2,950,014
				7,163,000
Total U.S. Corporate Bonds & Notes
(cost $91,358,265)				88,828,244

108

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 5.8%
Banks - Commercial — 1.4%
Barclays Bank PLC FRS Senior Notes 3.70% (CPIYOY+1.00%) due 05/22/2023(3)	$	9,800,000	$	9,520,700
Diversified Banking Institutions — 3.1%
Barclays PLC FRS Senior Notes 4.73% (3 ML+2.11%) due 08/10/2021		753,000		776,705
BNP Paribas SA FRS Senior Notes 3.42% (CPIYOY+1.14%) due 12/21/2020		431,000		425,074
Credit Agricole SA Sub. Notes 4.00% due 01/10/2033*#		2,548,000		2,315,005
Credit Suisse Group Funding Guernsey, Ltd. FRS Company Guar. Notes 4.73% (3 ML+2.29%) due 04/16/2021		2,379,000		2,459,860
HSBC Holdings PLC FRS Senior Notes 3.91% (3 ML+1.50%) due 01/05/2022		1,400,000		1,417,018
Royal Bank of Scotland Group PLC Senior Notes 3.50% due 05/15/2023		325,000		309,629
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		3,145,000		3,061,591
Societe Generale SA VRS Company Guar. Notes 3.60% due 05/03/2023(3)(4)(5)		10,000,000		9,635,000
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		738,000		624,993
				21,024,875
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		757,000		681,492
Gas - Distribution — 0.4%
National Grid PLC Senior Notes 1.25% due 10/06/2021	GBP	1,763,000		2,819,767
Gold Mining — 0.5%
Kinross Gold Corp. Company Guar. Notes 4.50% due 07/15/2027		456,000		393,300
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 10/01/2022*		1,497,000		1,499,697
Newcrest Finance Pty, Ltd. Company Guar. Notes 5.75% due 11/15/2041*		1,663,000		1,648,537
				3,541,534
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		496,000		504,140

Security Description	Principal Amount(1)		Value (Note 2)
Machinery - Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027	$	1,163,000	$	1,068,757
Total Foreign Corporate Bonds & Notes
(cost $40,315,691)				39,161,265
U.S. GOVERNMENT AGENCIES — 0.8%
Federal Home Loan Mtg. Corp. — 0.5%
Federal Home Loan Mtg. Corp. REMIC FRS Series 4012, Class NF 2.76% (1 ML+0.45%) due 12/15/2038(6)		484,525		488,866
Series 3925, Class FL 2.76% (1 ML+0.45%) due 01/15/2041(6)		1,118,894		1,124,636
Series 4001, Class FM 2.81% (1 ML+0.50%) due 02/15/2042(6)		395,766		397,672
Series 3355, Class BF 3.01% (1 ML+0.70%) due 08/15/2037(6)		407,018		412,952
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2014-HQ2, Class M2 4.52% (1 ML+2.20%) due 09/25/2024(6)		697,786		713,285
Series 2015-HQ1, Class M2 4.52% (1 ML+2.20%) due 03/25/2025(6)		49,758		49,841
				3,187,252
Federal National Mtg. Assoc. — 0.2%
Fannie Mae Connecticut Avenue Securities FRS Series 2014-C01, Class M1 3.92% (1 ML+1.60%) due 01/25/2024(6)		2,654		2,664
Series 2013-C01, Class M1 4.32% (1 ML+2.00%) due 10/25/2023(6)		283		283
Federal National Mtg. Assoc. REMIC FRS Series 2012-93, Class BF 2.72% (1 ML+0.40%) due 09/25/2042(6)		802,234		803,490
Series 2011-103, Class FD 2.77% (1 ML+0.45%) due 05/25/2040(6)		889,286		893,304
				1,699,741
Government National Mtg. Assoc. — 0.1%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 2.86% (1 ML+0.55%) due 02/16/2040(6)		364,637		367,071
Total U.S. Government Agencies (cost $5,244,267)				5,254,064
U.S. GOVERNMENT TREASURIES — 52.3%
United States Treasury Bonds — 19.9%
United States Treasury Bonds TIPS(7)
0.63% due 02/15/2043		6,417,459		5,556,534
0.75% due 02/15/2042		3,164,858		2,836,875
0.75% due 02/15/2045		8,407,675		7,425,575
0.88% due 02/15/2047		3,555,448		3,222,680
1.00% due 02/15/2046		7,361,142		6,898,196
1.00% due 02/15/2048		5,425,345		5,070,508

109

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
1.38% due 02/15/2044	$	4,641,126	$	4,743,799
1.75% due 01/15/2028		13,736,202		14,533,009
2.00% due 01/15/2026		4,464,123		4,757,060
2.13% due 02/15/2040		2,802,960		3,260,850
2.13% due 02/15/2041		4,806,717		5,621,856
2.38% due 01/15/2025		4,017,510		4,341,260
2.38% due 01/15/2027		5,006,920		5,514,432
2.50% due 01/15/2029		9,993,705		11,329,452
3.63% due 04/15/2028		22,474,224		27,499,905
3.88% due 04/15/2029		18,042,360		22,889,600
				135,501,591
United States Treasury Notes — 32.4%
United States Treasury Notes TIPS(7)
0.13% due 04/15/2019		24,239,025		23,937,615
0.13% due 04/15/2020		2,155,860		2,113,894
0.13% due 04/15/2021		21,221,520		20,655,336
0.13% due 01/15/2022		5,699,132		5,532,481
0.13% due 04/15/2022		16,815,114		16,251,107
0.13% due 07/15/2022		2,524,687		2,449,204
0.13% due 01/15/2023		27,940,970		26,911,123
0.13% due 07/15/2024		19,587,617		18,700,440
0.13% due 07/15/2026		6,720,147		6,290,600
0.25% due 01/15/2025		7,566,896		7,224,442
0.38% due 07/15/2023		8,135,250		7,927,028
0.38% due 07/15/2025		7,405,022		7,125,502
0.38% due 01/15/2027		5,998,300		5,676,360
0.38% due 07/15/2027		15,346,863		14,519,571
0.50% due 01/15/2028		11,768,755		11,180,624
0.63% due 04/15/2023		12,906,502		12,662,993
0.63% due 01/15/2024		8,113,875		7,955,407
0.63% due 01/15/2026		6,012,639		5,840,010
0.75% due 07/15/2028		16,291,206		15,858,683
1.13% due 01/15/2021		1,817,471		1,815,386
				220,627,806
Total U.S. Government Treasuries (cost $359,049,180)				356,129,397
FOREIGN GOVERNMENT OBLIGATIONS — 18.3%
Sovereign — 18.3%
Commonwealth of Australia Senior Notes 0.75% due 11/21/2027(7)	AUD	15,409,500		11,201,848
Commonwealth of Australia Senior Notes 2.50% due 09/20/2030(7)	AUD	3,274,425		2,842,628
Commonwealth of Australia Senior Notes 3.00% due 09/20/2025(7)	AUD	16,356,040		13,748,414
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2019	BRL	7,000,000		1,889,155
Government of Canada Bonds 4.00% due 12/01/2031(7)	CAD	11,706,080		12,313,829
Government of Canada Bonds 4.25% due 12/01/2021(7)	CAD	23,579,908		19,569,735
Government of France Bonds 0.10% due 03/01/2025(7)	EUR	3,101,670		3,712,843
Government of France Bonds 2.10% due 07/25/2023(7)	EUR	5,954,918		7,768,317

Security Description	Principal Amount(1)/ Shares		Value (Note 2)
Sovereign (continued)
Government of New Zealand Senior Notes 2.00% due 09/20/2025(7)	NZD	22,455,300	$	16,298,000
Kingdom of Spain Senior Notes 1.00% due 11/30/2030*(7)	EUR	7,776,675		9,367,113
Republic of Italy Senior Notes 0.10% due 05/15/2022*(7)	EUR	9,106,551		9,915,292
Republic of Italy Senior Notes 1.25% due 09/15/2032*(7)	EUR	2,074,420		2,052,547
Republic of Italy Bonds 2.10% due 09/15/2021*(7)	EUR	2,531,138		2,962,613
United Kingdom Inflation Linked Gilt Treasury Bonds 0.13% due 08/10/2028(7)	GBP	5,799,408		9,046,345
United Mexican States Bonds 2.50% due 12/10/2020(7)	MXN	42,865,307		2,021,438
Total Foreign Government Obligations
(cost $129,306,041)				124,710,117
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
Banco Santander SA FRS 4.00% (3 ML+0.52%) (cost $238,831)		9,950		194,622
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.9%
Banks - Commercial — 0.1%
Corestates Capital II FRS 3.09% (3 ML+0.65%) due 01/15/2027*		669,000		602,100
Banks - Money Center — 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*		1,145,000		956,075
Banks - Super Regional — 0.3%
SunTrust Capital III FRS 2.98% (3 ML+0.65%) due 03/15/2028		1,067,000		952,297
Wachovia Capital Trust II FRS 2.94% (3 ML+0.50%) due 01/15/2027		1,039,000		924,710
				1,877,007
Diversified Banking Institutions — 0.9%
BAC Capital Trust XIV FRS Series G 4.00% (3 ML+0.40%) due 12/21/2018(8)		3,161,000		2,477,434
Goldman Sachs Group, Inc. Series P 5.00% due 11/10/2022#(8)		2,539,000		2,234,320
HSBC Holdings PLC 6.00% due 05/22/2027(8)		1,018,000		926,380
Royal Bank of Scotland Group PLC 8.63% due 08/15/2021(8)		366,000		376,980
				6,015,114

110

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)/ Shares			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Electric - Integrated — 0.1%
WEC Energy Group, Inc. FRS 4.73% (3 ML+2.11%) due 05/15/2067		819,000		$	702,293
Insurance - Life/Health — 0.9%
Prudential Financial, Inc. 4.50% due 09/15/2047#		7,000,000			6,195,000
Insurance - Multi-line — 0.5%
Genworth Holdings, Inc. FRS 4.62% (3 ML+2.00%) due 11/15/2066		800,000			472,000
Hartford Financial Services Group, Inc. FRS 4.74% (3 ML+2.13%) due 02/12/2067*		3,202,000			2,681,675
					3,153,675
Pipelines — 1.0%
Andeavor Logistics LP 6.88% due 02/15/2023(8)		1,271,000			1,169,320
Enbridge, Inc. 5.50% due 07/15/2077		2,670,000			2,288,811
Energy Transfer Partners LP 6.25% due 02/15/2023(8)		2,554,000			2,247,520
EnLink Midstream Partners LP 6.00% due 12/15/2022(8)		475,000			380,213
Enterprise Products Operating LLC 5.25% due 08/16/2077		859,000			730,671
					6,816,535
Total Preferred Securities/Capital Securities
(cost $29,208,611)					26,317,799
Total Long-Term Investment Securities
(cost $680,784,444)					666,719,267
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(9)		9,892,513			9,892,513
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(9)(10)		4,107,740			4,107,740
Total Short-Term Investment Securities
(cost $14,000,253)					14,000,253
TOTAL INVESTMENTS
(cost $694,784,697)(11)		100.1	%		680,719,520
Liabilities in excess of other assets		(0.1	)		(478,638	)
NET ASSETS		100.0	%	$	680,240,882

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $45,427,948 representing 6.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

† Non-income producing security

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

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

(2) Commercial Mortgage Backed Security

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

(4) Illiquid security. At November 30, 2018, the aggregate value of these securities was $9,635,000 representing 1.4% 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 November 30, 2018.

(10) At November 30, 2018, the Fund had loaned securities with a total value of $8,364,062. This was secured by collateral of $4,107,740, which was received in cash and subsequently invested in short-term investments currently valued at $4,107,740 as reported in the Portfolio of Investments. Additional collateral of $4,463,646 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 November 30, 2018
United States Treasury Bills	0.00%	12/06/2018 to 03/21/2019	$	267,952
United States Treasury Notes/Bonds	0.13% to 8.75%	01/31/2019 to 02/15/2047		4,195,694

(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

VRS—Variable Rate Security

FRS—Floating Rate Security

The rates shown on FRS and VRS are the current interest rates at November 30, 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

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS —   November 30, 2018 (unaudited) —   (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	26,123,759	$	—	$	26,123,759
U.S. Corporate Bonds & Notes:
Diversified Banking Institutions		—		49,460,268		1,349,425		50,809,693
Other Industries		—		38,018,551		—		38,018,551
Foreign Corporate Bonds & Notes:
Banks - Commercial		—		—		9,520,700		9,520,700
Diversified Banking Institutions		—		11,389,875		9,635,000		21,024,875
Other Industries		—		8,615,690		—		8,615,690
U.S. Government Agencies		—		5,254,064		—		5,254,064
U.S. Government Treasuries		—		356,129,397		—		356,129,397
Foreign Government Obligations		—		124,710,117		—		124,710,117
Preferred Securities		194,622		—		—		194,622
Preferred Securities/Capital Securities		—		26,317,799		—		26,317,799
Short-Term Investment Securities		14,000,253		—		—		14,000,253
Total Investment at Value	$	14,194,875	$	646,019,520	$	20,505,125	$	680,719,520

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

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

	U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 05/31/2018	$	—		$	18,372,760
Accrued Discounts		—			4,025
Accrued Premiums		—			—
Realized Gain		—			—
Realized Loss		—			—
Change in unrealized appreciation(1)		—			20,000
Change in unrealized depreciation(1)		(52,575	)		(239,585	)
Net purchases		1,402,000			998,500
Net sales		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 11/30/2018	$	1,349,425		$	19,155,700

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2018 includes:

U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
$	(52,575	)	$	(219,585	)

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 November 30, 2018.

The Fund’s securities classified as Level 3, with a fair value of $20,505,125 at November 30, 2018, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).

See Notes to Financial Statements

112

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Medical — Drugs	7.5	%
Banks — Commercial	5.7
Diversified Banking Institutions	5.6
Oil Companies — Integrated	4.7
Auto — Cars/Light Trucks	3.1
Telephone — Integrated	2.6
Exchange — Traded Funds	2.6
Food — Misc./Diversified	2.6
Cosmetics & Toiletries	2.3
Registered Investment Companies	2.1
Insurance — Life/Health	2.1
Insurance — Multi-line	2.0
Electric — Integrated	1.9
Chemicals — Diversified	1.7
Real Estate Investment Trusts	1.7
Food — Retail	1.3
Transport — Rail	1.3
Real Estate Operations & Development	1.1
Repurchase Agreements	1.1
Tobacco	1.1
Diversified Minerals	1.1
Brewery	1.1
Metal — Diversified	1.1
Beverages — Wine/Spirits	1.0
Import/Export	1.0
Diversified Manufacturing Operations	1.0
Industrial Automated/Robotic	1.0
Electronic Components — Misc.	0.9
Medical — Biomedical/Gene	0.9
Machinery — Electrical	0.9
Enterprise Software/Service	0.9
Medical Products	0.9
Aerospace/Defense — Equipment	0.8
Chemicals — Specialty	0.8
Insurance — Property/Casualty	0.8
Gas — Distribution	0.8
Finance — Other Services	0.8
Cellular Telecom	0.7
Commercial Services	0.7
Semiconductor Equipment	0.7
Audio/Video Products	0.7
Soap & Cleaning Preparation	0.7
Auto/Truck Parts & Equipment — Original	0.7
Computer Services	0.7
Retail — Apparel/Shoe	0.6
Textile — Apparel	0.6
Insurance — Reinsurance	0.6
Diversified Operations	0.6
Building — Heavy Construction	0.6
Real Estate Management/Services	0.5
Transport — Services	0.5
Electric — Generation	0.5
Building Products — Cement	0.5
Food — Dairy Products	0.5
Investment Companies	0.5
Building & Construction — Misc.	0.5
Oil Companies — Exploration & Production	0.5
Rubber — Tires	0.4
Building & Construction Products — Misc.	0.4
Apparel Manufacturers	0.4
Machinery — Construction & Mining	0.4
Building — Residential/Commercial	0.4
Steel — Producers	0.4
Industrial Gases	0.4
Oil Refining & Marketing	0.4
Multimedia	0.4
Investment Management/Advisor Services	0.4
Electronic Components — Semiconductors	0.4
Telecom Services	0.4

Toys	0.4	%
Aerospace/Defense	0.3
Retail — Jewelry	0.3
Athletic Footwear	0.3
Human Resources	0.3
Office Automation & Equipment	0.3
Food — Catering	0.3
Dialysis Centers	0.3
Paper & Related Products	0.3
Power Converter/Supply Equipment	0.3
Auto — Heavy Duty Trucks	0.3
Hotels/Motels	0.3
Public Thoroughfares	0.3
Machinery — General Industrial	0.2
Casino Hotels	0.2
Distribution/Wholesale	0.2
Semiconductor Components — Integrated Circuits	0.2
Transactional Software	0.2
Wireless Equipment	0.2
Coatings/Paint	0.2
Machinery — Farming	0.2
Building Products — Air & Heating	0.2
Finance — Investment Banker/Broker	0.2
Beverages — Non-alcoholic	0.2
Optical Supplies	0.2
Networking Products	0.2
Finance — Leasing Companies	0.2
Advertising Services	0.2
Machine Tools & Related Products	0.2
Diagnostic Equipment	0.2
Resorts/Theme Parks	0.2
Medical Instruments	0.2
Photo Equipment & Supplies	0.2
Electric — Distribution	0.2
Gold Mining	0.2
Gambling (Non-Hotel)	0.2
Electric — Transmission	0.2
Airport Development/Maintenance	0.1
Security Services	0.1
Water	0.1
Airlines	0.1
Electric Products — Misc.	0.1
Commercial Services — Finance	0.1
Medical — Generic Drugs	0.1
Publishing — Periodicals	0.1
Transport — Marine	0.1
Food — Confectionery	0.1
Electronic Security Devices	0.1
Entertainment Software	0.1
Energy — Alternate Sources	0.1
U.S. Government Treasuries	0.1
Computer Aided Design	0.1
Internet Content — Information/News	0.1
E-Commerce/Products	0.1
Computer Data Security	0.1
Casino Services	0.1
Advertising Agencies	0.1
Private Equity	0.1
Web Portals/ISP	0.1
Electronics — Military	0.1
Computers — Integrated Systems	0.1
Fisheries	0.1
Agricultural Chemicals	0.1
Retail — Convenience Store	0.1
Diversified Operations/Commercial Services	0.1
Containers — Paper/Plastic	0.1
Satellite Telecom	0.1
Rental Auto/Equipment	0.1
Bicycle Manufacturing	0.1

113

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Cruise Lines	0.1	%
Retail — Home Furnishings	0.1
Pipelines	0.1
Computers — Memory Devices	0.1
Retail — Vision Service Center	0.1
Retail — Misc./Diversified	0.1
Printing — Commercial	0.1
Gas — Transportation	0.1
Metal Processors & Fabrication	0.1
Food — Meat Products	0.1
Tools — Hand Held	0.1
Retail — Discount	0.1
Travel Services	0.1
Applications Software	0.1
Diagnostic Kits	0.1
Steel Pipe & Tube	0.1
Internet Security	0.1
Retail — Building Products	0.1
Telecommunication Equipment	0.1
Miscellaneous Manufacturing	0.1
MRI/Medical Diagnostic Imaging	0.1
Building Products — Doors & Windows	0.1
Filtration/Separation Products	0.1
Metal Products — Distribution	0.1
Leisure Products	0.1
Motorcycle/Motor Scooter	0.1
	101.2	%

* Calculated as a percentage of net assets

Country Allocation*

Japan	23.6	%
United Kingdom	15.3
France	9.5
Germany	8.4
Switzerland	8.3
Australia	6.5
United States	5.9
Netherlands	4.2
Spain	2.9
Hong Kong	2.5
Sweden	2.3
Italy	1.8
Denmark	1.6
Singapore	1.2
Finland	1.2
Jersey	1.1
Belgium	1.0
Norway	0.7
Cayman Islands	0.6
Ireland	0.5
Israel	0.5
Bermuda	0.4
Luxembourg	0.3
SupraNational	0.2
Austria	0.2
New Zealand	0.2
Portugal	0.2
Papua New Guinea	0.1
	101.2	%

114

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Australia — 6.5%
AGL Energy, Ltd.		49,529	$	681,008
Alumina, Ltd.		202,302		329,825
Amcor, Ltd.		90,318		888,214
AMP, Ltd.		226,329		403,112
APA Group		86,579		558,314
Aristocrat Leisure, Ltd.		44,028		761,620
ASX, Ltd.		15,296		676,604
Aurizon Holdings, Ltd.		153,937		475,418
AusNet Services		134,686		152,419
Australia & New Zealand Banking Group, Ltd.		220,638		4,334,889
Bank of Queensland, Ltd.		28,533		207,110
Bendigo & Adelaide Bank, Ltd.		34,438		269,267
BGP Holdings PLC†(1)(2)		835,027		182
BHP Billiton, Ltd.		245,334		5,451,728
BlueScope Steel, Ltd.		43,496		359,751
Boral, Ltd.		88,786		332,297
Brambles, Ltd.		120,069		904,111
Caltex Australia, Ltd.		20,939		422,165
Challenger, Ltd.		44,293		309,663
CIMIC Group, Ltd.		8,179		244,003
Coca-Cola Amatil, Ltd.		38,634		243,998
Cochlear, Ltd.		4,542		565,601
Coles Group, Ltd.†		86,946		744,157
Commonwealth Bank of Australia		133,562		6,966,732
Computershare, Ltd.		37,645		501,559
Crown Resorts, Ltd.		28,859		247,566
CSL, Ltd.		34,424		4,482,671
Dexus		74,005		566,600
Domino’s Pizza Enterprises, Ltd.#		4,663		157,224
Flight Centre Travel Group, Ltd.#		4,505		161,429
Fortescue Metals Group, Ltd.		119,217		348,628
Goodman Group		124,972		938,529
GPT Group		133,930		516,499
Harvey Norman Holdings, Ltd.#		42,370		97,903
Healthscope, Ltd.		124,918		206,397
Incitec Pivot, Ltd.		132,250		365,199
Insurance Australia Group, Ltd.		181,729		970,139
LendLease Group		43,808		406,403
Macquarie Group, Ltd.		24,560		2,066,942
Medibank Private, Ltd.		215,182		382,255
Mirvac Group		294,148		472,216
National Australia Bank, Ltd.		207,109		3,736,499
Newcrest Mining, Ltd.		59,695		906,641
Orica, Ltd.		29,723		382,010
Origin Energy, Ltd.†		134,338		636,393
QBE Insurance Group, Ltd.		105,694		876,857
Ramsay Health Care, Ltd.		10,600		421,720
REA Group, Ltd.		4,257		237,743
Rio Tinto, Ltd.		31,588		1,694,074
Santos, Ltd.		142,529		577,419
Scentre Group		405,621		1,157,479
SEEK, Ltd.		26,513		359,409
Sonic Healthcare, Ltd.		30,348		507,504
South32, Ltd.		400,166		912,511
Stockland		184,857		492,732
Suncorp Group, Ltd.		97,683		954,843
Sydney Airport		86,856		432,124
Tabcorp Holdings, Ltd.		148,882		468,851
Telstra Corp., Ltd.		312,883		670,987
TPG Telecom, Ltd.#		26,010		137,017
Transurban Group		199,348		1,660,885
Treasury Wine Estates, Ltd.		56,335		587,118
Vicinity Centres		259,653		507,338
Wesfarmers, Ltd.		86,946		2,010,082
Westpac Banking Corp.		259,594		4,940,693

Security Description	Shares		Value (Note 2)
Australia (continued)
Woodside Petroleum, Ltd.		71,364	$	1,625,096
Woolworths Group, Ltd.		100,117		2,122,138
				68,186,510
Austria — 0.2%
ANDRITZ AG		5,819		280,049
Erste Group Bank AG		22,163		874,812
OMV AG		11,482		582,350
Raiffeisen Bank International AG		11,303		333,889
voestalpine AG		8,856		294,604
				2,365,704
Belgium — 1.0%
Ageas		14,223		686,906
Anheuser-Busch InBev SA#		57,989		4,463,329
Colruyt SA		5,107		326,401
Groupe Bruxelles Lambert SA		6,455		581,314
KBC Group NV		19,186		1,380,774
Proximus SADP		12,086		334,547
Solvay SA		5,696		616,285
Telenet Group Holding NV		4,203		208,574
UCB SA		9,951		836,773
Umicore SA		16,021		695,626
				10,130,529
Bermuda — 0.4%
CK Infrastructure Holdings, Ltd.		50,500		384,012
Dairy Farm International Holdings, Ltd.		26,026		229,210
Hongkong Land Holdings, Ltd.		89,800		584,970
Jardine Matheson Holdings, Ltd.		16,486		1,091,812
Jardine Strategic Holdings, Ltd.		16,561		639,109
Kerry Properties, Ltd.		50,000		172,168
Li & Fung, Ltd.#		456,000		93,673
NWS Holdings, Ltd.		116,000		244,160
Shangri-La Asia, Ltd.		82,000		116,321
Yue Yuen Industrial Holdings, Ltd.		56,500		164,281
				3,719,716
Cayman Islands — 0.6%
ASM Pacific Technology, Ltd.		23,200		237,990
CK Asset Holdings, Ltd.		198,808		1,436,112
CK Hutchison Holdings, Ltd.		205,808		2,157,087
Melco Resorts & Entertainment, Ltd. ADR		18,882		341,198
MGM China Holdings, Ltd.#		74,800		128,435
Minth Group, Ltd.		55,629		187,668
Sands China, Ltd.		190,000		826,464
WH Group, Ltd.*		666,500		486,345
Wharf Real Estate Investment Co., Ltd.		93,000		560,943
Wynn Macau, Ltd.		123,200		281,907
				6,644,149
Denmark — 1.6%
AP Moller-Maersk A/S, Series A		302		399,600
AP Moller-Maersk A/S, Series B#		487		693,214
Carlsberg A/S, Class B		8,160		903,791
Chr. Hansen Holding A/S		7,586		685,106
Coloplast A/S, Class B		8,844		843,499
Danske Bank A/S		56,193		1,122,012
DSV A/S		14,372		1,099,975
Genmab A/S†		4,680		711,316
H. Lundbeck A/S		5,263		216,883
ISS A/S		12,692		411,555
Novo Nordisk A/S, Class B		138,508		6,455,853
Novozymes A/S, Class B		17,028		793,186
Orsted A/S*		14,286		931,192
Pandora A/S#		8,411		454,403

115

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
Tryg A/S		8,541	$	213,002
Vestas Wind Systems A/S		14,897		1,115,868
William Demant Holding A/S†#		7,696		224,805
				17,275,260
Finland — 1.2%
Elisa Oyj		11,489		460,825
Fortum Oyj		35,081		731,534
Kone Oyj, Class B		26,180		1,297,352
Metso Oyj		8,920		255,071
Neste Oyj		10,032		784,876
Nokia Oyj		429,687		2,370,786
Nokian Renkaat Oyj		8,985		287,697
Nordea Bank Abp		232,041		2,059,239
Orion Oyj, Class B		7,933		265,627
Sampo Oyj, Class A		34,288		1,531,212
Stora Enso Oyj, Class R		43,889		559,630
UPM-Kymmene Oyj		40,729		1,085,678
Wartsila Oyj Abp		35,181		573,367
				12,262,894
France — 9.5%
Accor SA		13,526		600,559
Aeroports de Paris#		2,358		458,536
Air Liquide SA		32,340		3,910,353
Alstom SA		11,761		516,270
Amundi SA*		4,575		262,223
Arkema SA		5,087		482,987
Atos SE		7,157		610,059
AXA SA		146,800		3,578,052
BioMerieux		3,083		217,826
BNP Paribas SA		85,525		4,307,428
Bollore SA		67,322		295,728
Bouygues SA		16,706		642,712
Bureau Veritas SA		20,471		453,459
Capgemini SE		12,155		1,419,033
Carrefour SA		42,830		772,191
Casino Guichard Perrachon SA#		4,479		202,485
Cie de Saint-Gobain		37,729		1,398,855
Cie Generale des Etablissements Michelin SCA		13,083		1,369,959
CNP Assurances		13,685		314,012
Covivio		2,799		273,162
Credit Agricole SA		84,996		1,056,039
Danone SA		46,941		3,513,139
Dassault Aviation SA		173		264,473
Dassault Systemes SE		9,807		1,181,785
Edenred		17,948		686,484
Eiffage SA		6,095		581,542
Electricite de France SA		44,632		735,390
Engie SA		138,795		1,957,735
EssilorLuxottica SA		15,662		1,989,411
Eurazeo SE		3,693		277,092
Eutelsat Communications SA		12,083		258,011
Faurecia SA		5,730		224,766
Gecina SA		3,521		493,594
Getlink		37,353		485,674
Hermes International		2,410		1,309,336
ICADE		2,951		233,950
Iliad SA		2,096		283,711
Imerys SA		2,729		146,509
Ingenico Group SA		4,250		307,233
Ipsen SA		2,850		367,635
JCDecaux SA		5,304		180,246
Kering SA		5,755		2,520,522
Klepierre SA		15,797		518,635

Security Description	Shares		Value (Note 2)
France (continued)
L’Oreal SA		19,104	$	4,515,973
Legrand SA		20,636		1,264,180
LVMH Moet Hennessy Louis Vuitton SE#		21,271		6,121,406
Natixis SA		73,401		407,384
Orange SA		151,593		2,606,848
Pernod Ricard SA#		16,270		2,602,492
Peugeot SA		44,558		979,526
Publicis Groupe SA		15,466		917,225
Remy Cointreau SA		1,912		221,536
Renault SA		14,551		1,023,103
Rexel SA		23,208		278,488
Safran SA		25,265		3,169,891
Sanofi		86,166		7,798,507
Schneider Electric SE		41,636		3,031,880
SCOR SE		13,018		625,925
SEB SA		1,712		246,501
Societe BIC SA		2,293		246,325
Societe Generale SA		58,498		2,154,296
Sodexo SA		6,886		713,222
Suez		27,947		416,170
Teleperformance		4,394		729,461
Thales SA		7,968		980,499
TOTAL SA		182,397		10,153,697
Ubisoft Entertainment SA†		5,994		490,880
Valeo SA		18,041		518,076
Veolia Environnement SA		40,591		867,087
Vinci SA		38,207		3,345,027
Vivendi SA		77,792		1,942,072
Wendel SA		2,211		268,711
				100,295,189
Germany — 8.4%
1&1 Drillisch AG		4,022		201,873
adidas AG		14,359		3,167,050
Allianz SE		33,672		7,111,634
Axel Springer SE		3,159		201,432
BASF SE		70,019		5,100,290
Bayer AG		71,090		5,192,152
Bayerische Motoren Werke AG		25,002		2,044,031
Bayerische Motoren Werke AG (Preference Shares)		4,268		309,885
Beiersdorf AG		8,023		858,117
Brenntag AG		11,954		552,644
Commerzbank AG†		76,465		658,587
Continental AG		8,490		1,270,687
Covestro AG*		14,695		845,335
Daimler AG		69,501		3,909,919
Delivery Hero SE†*		7,040		258,330
Deutsche Bank AG		149,819		1,368,115
Deutsche Boerse AG		14,564		1,861,478
Deutsche Lufthansa AG		18,828		457,778
Deutsche Post AG		75,261		2,393,424
Deutsche Telekom AG		252,380		4,425,574
Deutsche Wohnen SE		26,949		1,292,176
E.ON SE		166,642		1,701,149
Evonik Industries AG		12,313		330,753
Fraport AG Frankfurt Airport Services Worldwide		2,972		218,534
Fresenius Medical Care AG & Co. KGaA		16,230		1,319,833
Fresenius SE & Co. KGaA		31,586		1,792,909
Fuchs Petrolub SE (Preference Shares)		5,792		239,560
GEA Group AG		14,246		384,680
Hannover Rueck SE		4,797		666,428
HeidelbergCement AG		11,196		743,964
Henkel AG & Co. KGaA		8,138		838,076
Henkel AG & Co. KGaA (Preference Shares)		13,597		1,568,761
HOCHTIEF AG		1,568		222,483

116

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
HUGO BOSS AG		5,210	$	359,683
Infineon Technologies AG		86,414		1,810,439
Innogy SE*		10,525		481,334
K+S AG		13,787		241,957
KION Group AG		5,376		301,205
LANXESS AG		6,662		365,424
MAN SE		2,793		285,617
Merck KGaA		10,031		1,106,149
METRO AG		12,925		198,364
MTU Aero Engines AG		3,896		810,514
Muenchener Rueckversicherungs-Gesellschaft AG		11,399		2,473,184
OSRAM Licht AG		7,527		344,681
Porsche Automobil Holding SE (Preference Shares)		11,683		747,662
ProSiebenSat.1 Media SE		17,080		346,553
Puma SE		636		319,047
RWE AG		38,499		832,359
SAP SE		74,857		7,699,710
Sartorius AG (Preference Shares)		2,710		346,325
Schaeffler AG (Preference Shares)		12,778		109,964
Siemens AG		58,250		6,746,600
Siemens Healthineers AG†*		11,408		493,895
Symrise AG		9,627		776,693
Telefonica Deutschland Holding AG		56,867		230,799
thyssenkrupp AG		33,940		635,057
TUI AG		33,617		478,819
Uniper SE		15,193		390,587
United Internet AG		9,359		421,333
Volkswagen AG		2,476		408,916
Volkswagen AG (Preference Shares)		14,054		2,368,548
Vonovia SE		37,014		1,790,964
Wirecard AG		8,922		1,349,065
Zalando SE†*		8,449		262,095
				89,041,183
Hong Kong — 2.5%
AIA Group, Ltd.		917,800		7,527,982
Bank of East Asia, Ltd.		91,800		309,940
BOC Hong Kong Holdings, Ltd.		284,500		1,112,597
CLP Holdings, Ltd.		127,000		1,399,939
Galaxy Entertainment Group, Ltd.		182,000		1,124,942
Hang Lung Group, Ltd.		65,000		180,271
Hang Lung Properties, Ltd.		157,000		317,833
Hang Seng Bank, Ltd.		58,500		1,354,152
Henderson Land Development Co., Ltd.		99,938		513,420
Hong Kong & China Gas Co., Ltd.		703,924		1,419,646
Hong Kong Exchanges & Clearing, Ltd.		90,000		2,635,868
Hysan Development Co., Ltd.		47,000		224,653
Link REIT		167,500		1,594,754
MTR Corp., Ltd.		111,500		578,544
New World Development Co., Ltd.		436,000		586,144
PCCW, Ltd.		317,000		185,959
Power Assets Holdings, Ltd.		108,000		731,539
Sino Land Co., Ltd.		230,000		395,622
SJM Holdings, Ltd.		151,000		136,034
Sun Hung Kai Properties, Ltd.		122,500		1,750,218
Swire Pacific, Ltd., Class A		41,000		453,240
Swire Properties, Ltd.		90,800		317,367
Techtronic Industries Co., Ltd.		107,500		581,511
Wharf Holdings, Ltd.		93,000		249,637
Wheelock & Co., Ltd.		62,000		356,886
				26,038,698
Ireland — 0.5%
AIB Group PLC		61,793		271,344
Bank of Ireland Group PLC		72,372		458,282

Security Description	Shares		Value (Note 2)
Ireland (continued)
CRH PLC		63,789	$	1,762,900
DCC PLC		6,768		511,264
James Hardie Industries PLC CDI		33,930		397,675
Kerry Group PLC, Class A		12,098		1,250,578
Paddy Power Betfair PLC		6,479		582,557
Smurfit Kappa Group PLC		17,156		463,599
				5,698,199
Isle of Man — 0.0%
GVC Holdings PLC		41,433		391,515
Israel — 0.5%
Azrieli Group, Ltd.		2,835		142,465
Bank Hapoalim B.M.		83,519		574,455
Bank Leumi Le-Israel B.M.		104,803		689,416
Bezeq The Israeli Telecommunication Corp., Ltd.		151,008		174,710
Check Point Software Technologies, Ltd.†		9,953		1,112,845
Elbit Systems, Ltd.		1,778		218,820
Israel Chemicals, Ltd.		54,467		320,909
Mizrahi Tefahot Bank, Ltd.		10,898		198,322
NICE, Ltd.†		4,621		536,756
Teva Pharmaceutical Industries, Ltd. ADR		73,740		1,588,360
				5,557,058
Italy — 1.8%
Assicurazioni Generali SpA		89,354		1,510,370
Atlantia SpA		37,666		773,645
Davide Campari-Milano SpA		43,370		362,450
Enel SpA		620,097		3,364,281
Eni SpA		194,666		3,140,470
Intesa Sanpaolo SpA		1,134,376		2,631,917
Leonardo SpA		31,206		309,038
Luxottica Group SpA		13,293		775,188
Mediobanca Banca di Credito Finanziario SpA		47,292		418,191
Moncler SpA		13,639		445,950
Pirelli & C SpA†*		30,626		216,068
Poste Italiane SpA*		39,914		303,890
Prysmian SpA		18,311		335,399
Recordati SpA		7,907		254,875
Snam SpA		174,196		763,592
Telecom Italia SpA†		863,229		562,117
Telecom Italia SpA (RSP)		482,839		272,599
Terna Rete Elettrica Nazionale SpA#		108,462		606,521
UniCredit SpA		152,406		1,966,243
				19,012,804
Japan — 23.6%
ABC-Mart, Inc.#		2,500		140,510
Acom Co., Ltd.#		31,600		116,083
Aeon Co., Ltd.		46,800		1,121,815
AEON Financial Service Co., Ltd.		8,700		168,612
Aeon Mall Co., Ltd.		8,800		158,224
AGC, Inc.		14,200		482,236
Air Water, Inc.		12,300		199,218
Aisin Seiki Co., Ltd.		12,400		490,836
Ajinomoto Co., Inc.		35,100		606,825
Alfresa Holdings Corp.		13,800		368,834
Alps Electric Co., Ltd.		15,202		352,345
Amada Holdings Co., Ltd.		26,600		288,909
ANA Holdings, Inc.		9,300		331,888
Aozora Bank, Ltd.		8,900		292,616
Asahi Group Holdings, Ltd.		27,700		1,160,074
Asahi Kasei Corp.		97,700		1,070,547
Asics Corp.		12,500		180,072
Astellas Pharma, Inc.		143,400		2,203,773
Bandai Namco Holdings, Inc.		15,100		634,914

117

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Bank of Kyoto, Ltd.		4,000	$	192,397
Benesse Holdings, Inc.		5,100		151,407
Bridgestone Corp.		46,400		1,881,352
Brother Industries, Ltd.		18,500		309,481
Calbee, Inc.		5,700		188,803
Canon, Inc.		76,800		2,177,699
Casio Computer Co., Ltd.		16,500		230,228
Central Japan Railway Co.		10,900		2,246,078
Chiba Bank, Ltd.		45,900		301,482
Chubu Electric Power Co., Inc.		46,600		698,702
Chugai Pharmaceutical Co., Ltd.		17,500		1,198,504
Chugoku Electric Power Co., Inc.		21,300		269,158
Coca-Cola Bottlers Japan Holdings, Inc.		9,402		269,185
Concordia Financial Group, Ltd.		90,000		422,895
Credit Saison Co., Ltd.		11,500		147,713
CyberAgent, Inc.		7,749		353,724
CYBERDYNE, Inc.†		7,721		55,005
Dai Nippon Printing Co., Ltd.		19,600		453,629
Dai-ichi Life Holdings, Inc.		81,300		1,418,027
Daicel Corp.		20,400		228,234
Daifuku Co., Ltd.		7,491		383,409
Daiichi Sankyo Co., Ltd.		43,200		1,585,820
Daikin Industries, Ltd.		18,900		2,101,620
Daito Trust Construction Co., Ltd.		5,600		731,962
Daiwa House Industry Co., Ltd.		43,000		1,355,182
Daiwa House REIT Investment Corp.		129		292,399
Daiwa Securities Group, Inc.		128,900		714,294
DeNA Co., Ltd.		8,000		148,484
Denso Corp.		33,200		1,534,602
Dentsu, Inc.		16,400		733,974
Disco Corp.		2,200		320,751
Don Quijote Holdings Co., Ltd.		9,300		564,489
East Japan Railway Co.		23,600		2,145,549
Eisai Co., Ltd.		19,100		1,758,590
Electric Power Development Co., Ltd.		11,000		283,152
FamilyMart UNY Holdings Co., Ltd.		4,800		681,520
FANUC Corp.		14,700		2,533,772
Fast Retailing Co., Ltd.		4,400		2,288,473
Fuji Electric Co., Ltd.		8,700		273,228
FUJIFILM Holdings Corp.		29,500		1,172,880
Fujitsu, Ltd.		15,100		929,425
Fukuoka Financial Group, Inc.		11,700		267,100
Hakuhodo DY Holdings, Inc.		18,300		280,420
Hamamatsu Photonics KK		10,800		376,077
Hankyu Hanshin Holdings, Inc.		17,800		603,709
Hikari Tsushin, Inc.		1,600		255,261
Hino Motors, Ltd.		19,700		201,313
Hirose Electric Co., Ltd.		2,535		267,526
Hisamitsu Pharmaceutical Co., Inc.		4,400		281,020
Hitachi Chemical Co., Ltd.		8,100		129,047
Hitachi Construction Machinery Co., Ltd.		8,500		234,749
Hitachi High-Technologies Corp.		4,700		167,641
Hitachi Metals, Ltd.		17,400		196,067
Hitachi, Ltd.		73,600		2,131,849
Honda Motor Co., Ltd.		124,300		3,507,644
Hoshizaki Corp.		4,200		326,105
Hoya Corp.		29,400		1,804,735
Hulic Co., Ltd.		23,000		210,316
Idemitsu Kosan Co., Ltd.		10,500		382,363
IHI Corp.		11,900		362,194
Iida Group Holdings Co., Ltd.		11,300		199,391
Inpex Corp.		78,000		829,277
Isetan Mitsukoshi Holdings, Ltd.		26,100		301,892
Isuzu Motors, Ltd.		42,000		598,362
ITOCHU Corp.		107,900		1,917,701

Security Description	Shares		Value (Note 2)
Japan (continued)
J. Front Retailing Co., Ltd.		18,700	$	256,239
Japan Airlines Co., Ltd.		9,500		342,624
Japan Airport Terminal Co., Ltd.		3,200		124,318
Japan Exchange Group, Inc.		40,700		733,848
Japan Post Bank Co., Ltd.		31,700		370,453
Japan Post Holdings Co., Ltd.		122,800		1,495,445
Japan Prime Realty Investment Corp.		60		234,418
Japan Real Estate Investment Corp.		99		547,033
Japan Retail Fund Investment Corp.		193		370,365
Japan Tobacco, Inc.		84,000		2,089,363
JFE Holdings, Inc.		38,700		682,778
JGC Corp.		15,300		223,648
JSR Corp.		13,900		223,818
JTEKT Corp.		15,900		202,426
JXTG Holdings, Inc.		248,700		1,505,275
Kajima Corp.		33,600		465,392
Kakaku.com, Inc.		11,500		231,591
Kamigumi Co., Ltd.		8,000		179,746
Kaneka Corp.		4,200		157,248
Kansai Electric Power Co., Inc.		55,300		830,121
Kansai Paint Co., Ltd.		15,500		290,697
Kao Corp.		37,600		2,770,462
Kawasaki Heavy Industries, Ltd.		11,200		260,943
KDDI Corp.		135,100		3,170,562
Keihan Holdings Co., Ltd.		7,700		321,526
Keikyu Corp.		17,599		280,974
Keio Corp.		7,900		437,052
Keisei Electric Railway Co., Ltd.		10,100		327,593
Keyence Corp.		7,400		4,015,681
Kikkoman Corp.		10,600		618,174
Kintetsu Group Holdings Co., Ltd.		13,300		554,418
Kirin Holdings Co., Ltd.		62,900		1,476,708
Kobayashi Pharmaceutical Co., Ltd.		3,601		250,828
Kobe Steel, Ltd.		23,900		196,649
Koito Manufacturing Co., Ltd.		8,000		429,194
Komatsu, Ltd.		70,400		1,881,013
Konami Holdings Corp.		7,800		350,925
Konica Minolta, Inc.		38,100		343,023
Kose Corp.		2,279		340,290
Kubota Corp.		75,300		1,285,963
Kuraray Co., Ltd.		24,100		374,509
Kurita Water Industries, Ltd.		7,900		212,105
Kyocera Corp.		24,500		1,323,096
Kyowa Hakko Kirin Co., Ltd.		19,400		397,690
Kyushu Electric Power Co., Inc.		29,100		341,807
Kyushu Railway Co.		12,300		406,508
Lawson, Inc.		3,700		242,230
LINE Corp.†#		5,500		195,077
Lion Corp.		16,900		333,340
LIXIL Group Corp.		20,800		269,766
M3, Inc.		32,800		533,783
Mabuchi Motor Co., Ltd.		3,600		125,428
Makita Corp.		16,900		663,256
Marubeni Corp.		120,300		899,003
Marui Group Co., Ltd.		15,800		340,730
Maruichi Steel Tube, Ltd.		3,500		103,969
Mazda Motor Corp.		42,700		455,424
McDonald’s Holdings Co. Japan, Ltd.#		5,000		224,199
Mebuki Financial Group, Inc.		71,700		216,808
Medipal Holdings Corp.		12,900		296,729
MEIJI Holdings Co., Ltd.		9,300		731,613
Minebea Mitsumi, Inc.		28,700		465,713
MISUMI Group, Inc.		20,900		477,282
Mitsubishi Chemical Holdings Corp.		97,800		800,045
Mitsubishi Corp.		103,000		2,780,362

118

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Mitsubishi Electric Corp.		139,200	$	1,838,635
Mitsubishi Estate Co., Ltd.		90,200		1,447,587
Mitsubishi Gas Chemical Co., Inc.		12,500		205,451
Mitsubishi Heavy Industries, Ltd.		23,800		905,119
Mitsubishi Materials Corp.		8,500		239,223
Mitsubishi Motors Corp.		51,100		314,971
Mitsubishi Tanabe Pharma Corp.		17,500		268,709
Mitsubishi UFJ Financial Group, Inc.		903,900		4,932,226
Mitsubishi UFJ Lease & Finance Co., Ltd.		31,100		169,589
Mitsui & Co., Ltd.		126,200		1,983,307
Mitsui Chemicals, Inc.		14,300		365,041
Mitsui Fudosan Co., Ltd.		68,900		1,647,919
Mitsui OSK Lines, Ltd.		8,499		199,831
Mizuho Financial Group, Inc.		1,834,700		3,044,691
MS&AD Insurance Group Holdings, Inc.		36,200		1,099,201
Murata Manufacturing Co., Ltd.		13,700		2,109,622
Nabtesco Corp.		8,900		246,471
Nagoya Railroad Co., Ltd.		12,700		318,471
NEC Corp.		20,400		632,798
Nexon Co., Ltd.†		33,600		397,227
NGK Insulators, Ltd.		20,400		302,455
NGK Spark Plug Co., Ltd.		12,100		248,577
NH Foods, Ltd.		6,200		230,054
Nidec Corp.		17,000		2,264,370
Nikon Corp.		26,700		419,062
Nintendo Co., Ltd.		8,500		2,593,962
Nippon Building Fund, Inc.		107		666,423
Nippon Electric Glass Co., Ltd.		5,900		158,525
Nippon Express Co., Ltd.		5,700		343,461
Nippon Paint Holdings Co., Ltd.#		11,200		397,128
Nippon Prologis REIT, Inc.		138		285,848
Nippon Steel & Sumitomo Metal Corp.		58,100		1,063,419
Nippon Telegraph & Telephone Corp.		52,700		2,172,717
Nippon Yusen KK		12,500		212,197
Nissan Chemical Corp.		9,300		505,092
Nissan Motor Co., Ltd.		178,000		1,564,556
Nisshin Seifun Group, Inc.		16,500		346,672
Nissin Foods Holdings Co., Ltd.		4,500		290,578
Nitori Holdings Co., Ltd.		6,000		804,171
Nitto Denko Corp.		12,300		672,904
NOK Corp.		7,300		110,674
Nomura Holdings, Inc.		264,400		1,185,414
Nomura Real Estate Holdings, Inc.		9,700		191,676
Nomura Real Estate Master Fund, Inc.		274		366,294
Nomura Research Institute, Ltd.		8,500		374,983
NSK, Ltd.		29,500		277,289
NTT Data Corp.		47,700		554,676
NTT DOCOMO, Inc.		100,900		2,336,393
Obayashi Corp.		50,200		500,960
OBIC Co., Ltd.		4,900		423,809
Odakyu Electric Railway Co., Ltd.		22,399		502,360
Oji Holdings Corp.		61,500		359,957
Olympus Corp.		22,100		622,499
Omron Corp.		14,600		642,385
Ono Pharmaceutical Co., Ltd.		29,000		701,921
Oracle Corp. Japan		2,800		181,919
Oriental Land Co., Ltd.		15,200		1,513,289
ORIX Corp.		100,100		1,620,875
Osaka Gas Co., Ltd.		29,200		532,219
Otsuka Corp.		7,200		242,477
Otsuka Holdings Co., Ltd.		29,700		1,449,155
Panasonic Corp.		167,430		1,717,590
Park24 Co., Ltd.		7,800		210,706
Persol Holdings Co., Ltd.#		13,474		252,567
Pola Orbis Holdings, Inc.		6,732		190,247

Security Description	Shares		Value (Note 2)
Japan (continued)
Rakuten, Inc.		65,600	$	528,198
Recruit Holdings Co., Ltd.		83,183		2,290,664
Renesas Electronics Corp.†		64,000		304,199
Resona Holdings, Inc.		167,100		886,592
Ricoh Co., Ltd.		51,200		497,048
Rinnai Corp.		2,700		193,726
Rohm Co., Ltd.		7,200		501,079
Ryohin Keikaku Co., Ltd.		1,814		490,527
Sankyo Co., Ltd.		3,600		144,044
Santen Pharmaceutical Co., Ltd.		28,600		489,537
SBI Holdings, Inc.		17,100		388,051
Secom Co., Ltd.		15,900		1,345,509
Sega Sammy Holdings, Inc.		14,100		200,014
Seibu Holdings, Inc.		16,800		310,678
Seiko Epson Corp.		21,500		341,682
Sekisui Chemical Co., Ltd.		30,000		486,808
Sekisui House, Ltd.		46,400		699,382
Seven & i Holdings Co., Ltd.		56,900		2,483,196
Seven Bank, Ltd.		46,700		144,857
SG Holdings Co., Ltd.		7,228		177,571
Sharp Corp.		13,300		197,306
Shimadzu Corp.		17,000		397,821
Shimamura Co., Ltd.		1,600		136,218
Shimano, Inc.		5,700		834,818
Shimizu Corp.		40,200		345,097
Shin-Etsu Chemical Co., Ltd.		28,000		2,499,934
Shinsei Bank, Ltd.		12,700		174,446
Shionogi & Co., Ltd.		21,400		1,416,378
Shiseido Co., Ltd.		29,000		1,847,343
Shizuoka Bank, Ltd.		34,500		309,699
Showa Denko KK#		10,300		412,853
Showa Shell Sekiyu KK		14,600		226,432
SMC Corp.		4,400		1,491,539
SoftBank Group Corp.		62,900		5,278,469
Sohgo Security Services Co., Ltd.		5,500		258,856
Sompo Holdings, Inc.		25,400		982,070
Sony Corp.		96,400		5,103,129
Sony Financial Holdings, Inc.		13,700		287,508
Stanley Electric Co., Ltd.		11,000		320,266
Subaru Corp.		46,600		1,036,338
SUMCO Corp.#		17,804		272,906
Sumitomo Chemical Co., Ltd.		116,400		631,656
Sumitomo Corp.		85,900		1,320,328
Sumitomo Dainippon Pharma Co., Ltd.		12,300		402,955
Sumitomo Electric Industries, Ltd.		57,600		808,737
Sumitomo Heavy Industries, Ltd.		8,500		281,923
Sumitomo Metal Mining Co., Ltd.		18,100		527,416
Sumitomo Mitsui Financial Group, Inc.		102,300		3,756,268
Sumitomo Mitsui Trust Holdings, Inc.		25,100		1,007,103
Sumitomo Realty & Development Co., Ltd.		27,500		1,019,861
Sumitomo Rubber Industries, Ltd.#		13,600		181,864
Sundrug Co., Ltd.		5,680		192,488
Suntory Beverage & Food, Ltd.		10,900		457,319
Suzuken Co., Ltd.		5,900		317,755
Suzuki Motor Corp.		25,900		1,290,266
Sysmex Corp.		12,700		677,770
T&D Holdings, Inc.		41,600		591,656
Taiheiyo Cement Corp.		9,200		311,219
Taisei Corp.		15,900		699,450
Taisho Pharmaceutical Holdings Co., Ltd.		2,700		312,064
Taiyo Nippon Sanso Corp.		9,900		166,841
Takashimaya Co., Ltd.		11,400		165,798
Takeda Pharmaceutical Co., Ltd.#		54,100		2,041,335
TDK Corp.		9,900		789,440
Teijin, Ltd.		14,500		250,507

119

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Terumo Corp.		23,100	$	1,360,380
THK Co., Ltd.		8,700		199,345
Tobu Railway Co., Ltd.		15,000		429,682
Toho Co., Ltd.		8,600		299,383
Toho Gas Co., Ltd.		6,200		250,698
Tohoku Electric Power Co., Inc.		32,200		420,956
Tokio Marine Holdings, Inc.		51,300		2,534,820
Tokyo Century Corp.		3,216		153,695
Tokyo Electric Power Co. Holdings, Inc.†		114,300		693,765
Tokyo Electron, Ltd.		11,900		1,664,207
Tokyo Gas Co., Ltd.		31,000		798,657
Tokyo Tatemono Co., Ltd.		15,800		180,110
Tokyu Corp.		40,200		699,777
Tokyu Fudosan Holdings Corp.		37,700		212,390
Toppan Printing Co., Ltd.		19,400		312,631
Toray Industries, Inc.		106,700		837,388
Toshiba Corp.†		50,000		1,550,456
Tosoh Corp.		19,700		277,887
TOTO, Ltd.		10,700		414,627
Toyo Seikan Group Holdings, Ltd.		12,500		284,841
Toyo Suisan Kaisha, Ltd.		6,200		212,465
Toyoda Gosei Co., Ltd.		4,900		94,318
Toyota Industries Corp.		11,100		569,105
Toyota Motor Corp.		174,500		10,502,626
Toyota Tsusho Corp.		16,500		569,793
Trend Micro, Inc.		9,400		539,083
Tsuruha Holdings, Inc.		2,704		266,971
Unicharm Corp.		30,800		964,871
United Urban Investment Corp.		229		364,536
USS Co., Ltd.		17,499		310,715
West Japan Railway Co.		12,900		898,790
Yahoo Japan Corp.		112,800		322,953
Yakult Honsha Co., Ltd.		8,400		632,692
Yamada Denki Co., Ltd.		52,300		253,010
Yamaguchi Financial Group, Inc.		14,100		146,139
Yamaha Corp.		10,500		452,319
Yamaha Motor Co., Ltd.		20,600		423,741
Yamato Holdings Co., Ltd.#		23,500		621,222
Yamazaki Baking Co., Ltd.		9,300		195,233
Yaskawa Electric Corp.		18,400		574,498
Yokogawa Electric Corp.		16,500		303,211
Yokohama Rubber Co., Ltd.		7,700		161,170
ZOZO, Ltd.		14,693		327,149
				249,194,370
Jersey — 1.1%
Experian PLC		70,234		1,712,836
Ferguson PLC		17,711		1,138,501
Glencore PLC		881,071		3,261,975
Randgold Resources, Ltd.		6,898		552,292
Shire PLC		69,481		4,043,367
WPP PLC		96,767		1,070,135
				11,779,106
Luxembourg — 0.3%
ArcelorMittal		50,623		1,148,563
Eurofins Scientific SE		836		363,818
Millicom International Cellular SA SDR		5,199		306,921
RTL Group SA		3,073		184,274
SES SA FDR		27,523		596,704
Tenaris SA		37,289		450,833
				3,051,113
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		556,200		99,712

Security Description	Shares		Value (Note 2)
Netherlands — 4.2%
ABN AMRO Group NV CVA*		31,890	$	816,716
Aegon NV		133,477		743,594
AerCap Holdings NV†		9,536		504,168
Airbus SE		44,314		4,771,166
Akzo Nobel NV		19,211		1,619,330
ASML Holding NV		31,305		5,322,944
CNH Industrial NV		77,853		758,536
EXOR NV#		7,930		466,130
Ferrari NV		9,371		1,024,977
Fiat Chrysler Automobiles NV†		81,599		1,351,720
Heineken Holding NV		9,107		807,275
Heineken NV		19,748		1,807,632
ING Groep NV		295,710		3,599,828
Koninklijke Ahold Delhaize NV		95,348		2,459,430
Koninklijke DSM NV		13,734		1,226,615
Koninklijke KPN NV		260,489		773,667
Koninklijke Philips NV		71,084		2,690,826
Koninklijke Vopak NV		5,559		244,071
NN Group NV		22,870		973,741
NXP Semiconductors NV		26,399		2,200,885
QIAGEN NV†		16,261		573,627
Randstad NV		9,054		440,894
STMicroelectronics NV		52,110		767,260
Unilever NV CVA		118,072		6,557,016
Wolters Kluwer NV		22,275		1,344,950
				43,846,998
New Zealand — 0.2%
a2 Milk Co., Ltd.†#		55,931		398,137
Auckland International Airport, Ltd.		77,050		382,634
Fisher & Paykel Healthcare Corp., Ltd.		43,124		396,283
Fletcher Building, Ltd.†#		67,534		221,745
Meridian Energy, Ltd.		96,738		220,145
Ryman Healthcare, Ltd.		29,879		238,082
Spark New Zealand, Ltd.		144,809		422,052
				2,279,078
Norway — 0.7%
Aker BP ASA		8,199		233,461
DNB ASA		74,492		1,283,844
Equinor ASA†		88,591		2,069,915
Gjensidige Forsikring ASA		16,025		250,971
Marine Harvest ASA		31,445		735,940
Norsk Hydro ASA		106,420		501,855
Orkla ASA		62,271		515,875
Schibsted ASA, Class B		6,915		232,497
Telenor ASA		58,571		1,138,246
Yara International ASA		14,193		572,334
				7,534,938
Papua New Guinea — 0.1%
Oil Search, Ltd.		104,760		562,796
Portugal — 0.2%
Banco Espirito Santo SA†(1)(2)		213,818		0
EDP - Energias de Portugal SA		195,414		682,961
Galp Energia SGPS SA		37,890		622,843
Jeronimo Martins SGPS SA		19,737		235,180
				1,540,984
Singapore — 1.2%
Ascendas Real Estate Investment Trust		186,000		348,766
CapitaLand Commercial Trust		199,700		253,923
CapitaLand Mall Trust		190,700		313,240
CapitaLand, Ltd.		201,300		459,650
City Developments, Ltd.		31,700		195,713

120

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
ComfortDelGro Corp., Ltd.		159,900	$	245,085
DBS Group Holdings, Ltd.		135,200		2,415,079
Genting Singapore, Ltd.		479,900		339,686
Jardine Cycle & Carriage, Ltd.		8,100		208,527
Keppel Corp., Ltd.		112,600		499,896
Oversea - Chinese Banking Corp., Ltd.		238,000		1,960,860
SATS, Ltd.		49,700		173,656
Sembcorp Industries, Ltd.		76,300		145,924
Singapore Airlines, Ltd.		43,000		298,966
Singapore Exchange, Ltd.		61,400		328,725
Singapore Press Holdings, Ltd.#		126,100		243,125
Singapore Technologies Engineering, Ltd.		121,800		316,089
Singapore Telecommunications, Ltd.		619,300		1,391,438
Suntec Real Estate Investment Trust		176,900		227,555
United Overseas Bank, Ltd.		101,600		1,869,451
UOL Group, Ltd.		34,900		156,161
Venture Corp., Ltd.		20,552		225,537
Wilmar International, Ltd.		143,500		318,289
Yangzijiang Shipbuilding Holdings, Ltd.		149,400		135,745
				13,071,086
Spain — 2.9%
ACS Actividades de Construccion y Servicios SA		19,257		741,697
Aena SME SA*		5,271		838,343
Amadeus IT Group SA		33,787		2,427,112
Banco Bilbao Vizcaya Argentaria SA		505,747		2,885,419
Banco de Sabadell SA		407,344		522,066
Banco Santander SA		1,232,635		5,869,535
Bankia SA#		93,986		311,605
Bankinter SA		52,997		444,368
CaixaBank SA		271,968		1,123,704
Enagas SA		17,206		472,918
Endesa SA		24,543		547,032
Ferrovial SA		37,062		764,292
Grifols SA		23,614		662,456
Iberdrola SA		454,348		3,397,596
Industria de Diseno Textil SA		83,233		2,553,770
International Consolidated Airlines Group SA#		48,471		388,498
Mapfre SA		73,155		209,234
Naturgy Energy Group SA#		27,542		682,960
Red Electrica Corp. SA		34,117		736,375
Repsol SA		103,820		1,793,644
Siemens Gamesa Renewable Energy SA†#		18,116		256,598
Telefonica SA		356,118		3,199,321
				30,828,543
SupraNational — 0.2%
HK Electric Investments & HK Electric Investments, Ltd.#		191,269		183,343
HKT Trust & HKT, Ltd.		282,000		408,225
Unibail-Rodamco-Westfield		10,514		1,809,039
				2,400,607
Sweden — 2.3%
Alfa Laval AB		22,224		478,297
Assa Abloy AB, Class B		76,539		1,424,880
Atlas Copco AB, Class A		51,118		1,259,856
Atlas Copco AB, Class B		30,737		698,204
Boliden AB		21,540		482,954
Electrolux AB, Series B		19,095		435,057
Epiroc AB, Class A†		51,118		419,513
Epiroc AB, Class B†		30,737		248,296
Essity AB, Class B		46,657		1,198,195
Hennes & Mauritz AB, Class B		67,123		1,239,679
Hexagon AB, Class B		20,175		1,008,420
Husqvarna AB, Class B		32,194		253,967

Security Description	Shares		Value (Note 2)
Sweden (continued)
ICA Gruppen AB		6,065	$	219,917
Industrivarden AB, Class C		12,641		260,093
Investor AB, Class B		35,036		1,539,021
Kinnevik AB, Class B		18,565		472,135
L E Lundbergforetagen AB, Class B		5,449		163,337
Lundin Petroleum AB		14,176		374,329
Sandvik AB		85,721		1,272,230
Securitas AB, Class B		24,773		418,363
Skandinaviska Enskilda Banken AB, Class A		124,105		1,294,200
Skanska AB, Class B		25,847		407,515
SKF AB, Class B		28,849		455,733
Svenska Handelsbanken AB, Class A		113,977		1,255,647
Swedbank AB, Class A		69,690		1,620,827
Swedish Match AB		13,609		532,131
Tele2 AB, Class B		25,234		315,915
Telefonaktiebolaget LM Ericsson, Class B		234,582		1,961,063
Telia Co AB		212,368		980,795
Volvo AB, Class B		119,564		1,671,753
				24,362,322
Switzerland — 8.3%
ABB, Ltd.		139,571		2,836,078
Adecco Group AG#		12,795		635,917
Baloise Holding AG		3,746		552,265
Barry Callebaut AG		174		294,661
Chocoladefabriken Lindt & Spruengli AG		8		642,788
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		77		526,499
Cie Financiere Richemont SA		39,479		2,570,047
Clariant AG		15,166		300,402
Coca-Cola HBC AG		15,358		456,952
Credit Suisse Group AG		195,213		2,311,491
Dufry AG#		2,665		283,236
EMS-Chemie Holding AG		652		351,493
Geberit AG		2,805		1,094,690
Givaudan SA		719		1,771,311
Julius Baer Group, Ltd.		17,056		690,791
Kuehne & Nagel International AG		4,303		606,244
LafargeHolcim, Ltd.		37,169		1,668,927
Lonza Group AG		5,613		1,820,121
Nestle SA		237,333		20,265,854
Novartis AG		165,273		15,087,208
Pargesa Holding SA		2,435		169,018
Partners Group Holding AG		1,314		863,556
Roche Holding AG		53,644		13,919,486
Schindler Holding AG		1,692		321,040
Schindler Holding AG (Participation Certificate)		3,038		608,756
SGS SA		418		992,723
Sika AG		9,801		1,214,251
Sonova Holding AG		4,054		657,506
Straumann Holding AG		787		481,730
Swatch Group AG (TRQX)		3,931		230,856
Swatch Group AG (XEGT)		2,345		700,511
Swiss Life Holding AG		2,530		993,071
Swiss Prime Site AG		5,165		426,114
Swiss Re AG		23,932		2,187,359
Swisscom AG		1,997		958,428
Temenos AG		4,606		574,172
UBS Group AG		294,205		3,991,959
Vifor Pharma AG#		3,468		427,781
Zurich Insurance Group AG		11,501		3,611,111
				88,096,403

121

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom — 15.3%
3i Group PLC		73,696	$	785,666
Admiral Group PLC		16,036		426,753
Anglo American PLC#		80,414		1,606,894
Antofagasta PLC		31,048		317,028
Ashtead Group PLC		37,791		848,038
Associated British Foods PLC		27,389		846,602
AstraZeneca PLC		96,386		7,534,156
Auto Trader Group PLC*		76,440		428,030
Aviva PLC		307,141		1,593,930
Babcock International Group PLC#		19,564		142,092
BAE Systems PLC		242,545		1,523,303
Barclays PLC		1,303,689		2,717,366
Barratt Developments PLC		77,342		455,854
Berkeley Group Holdings PLC		9,892		407,771
BHP Group PLC		162,537		3,123,712
BP PLC		1,519,773		10,077,826
British American Tobacco PLC		174,949		6,102,907
British Land Co. PLC		75,653		544,531
BT Group PLC		639,606		2,136,059
Bunzl PLC		26,577		820,061
Burberry Group PLC		32,644		739,585
Carnival PLC		13,929		811,364
Centrica PLC		413,521		732,382
Coca-Cola European Partners PLC		16,246		788,581
Compass Group PLC		120,984		2,588,855
ConvaTec Group PLC*		103,982		201,413
Croda International PLC		9,960		621,402
Diageo PLC		187,809		6,766,296
Direct Line Insurance Group PLC		107,914		451,805
easyJet PLC		12,821		182,176
Fresnillo PLC		17,143		164,741
G4S PLC		120,688		298,776
GlaxoSmithKline PLC		378,365		7,829,343
Hammerson PLC		61,202		301,161
Hargreaves Lansdown PLC		21,725		528,666
HSBC Holdings PLC		1,524,446		12,915,633
Imperial Brands PLC		72,630		2,234,535
Informa PLC		95,351		841,767
InterContinental Hotels Group PLC		13,553		725,789
Intertek Group PLC		12,891		773,565
Investec PLC		49,838		302,984
ITV PLC		277,383		514,580
J Sainsbury PLC		133,982		520,893
John Wood Group PLC#		51,363		417,679
Johnson Matthey PLC		14,819		555,152
Kingfisher PLC#		168,621		538,288
Land Securities Group PLC		58,098		602,230
Legal & General Group PLC		454,635		1,419,583
Lloyds Banking Group PLC		5,507,147		3,886,978
London Stock Exchange Group PLC		24,346		1,251,894
Marks & Spencer Group PLC		127,465		475,570
Mediclinic International PLC#		28,234		127,483
Meggitt PLC		62,596		413,685
Melrose Industries PLC		370,599		839,265
Merlin Entertainments PLC#*		50,480		216,826
Micro Focus International PLC		33,387		657,021
Mondi PLC		28,576		622,975
National Grid PLC		258,441		2,745,635
Next PLC		11,009		687,713
NMC Health PLC#		7,968		336,597
Pearson PLC		59,761		734,029
Persimmon PLC		23,969		580,634
Prudential PLC		196,460		3,860,005

Security Description	Shares/ Principal Amount		Value (Note 2)
United Kingdom (continued)
Reckitt Benckiser Group PLC		50,552	$	4,205,826
RELX PLC (Euronext Amsterdam)†		73,654		1,536,953
RELX PLC (LSE)		81,877		1,707,756
Rio Tinto PLC		90,535		4,109,974
Rolls-Royce Holdings PLC		126,163		1,371,768
Rolls-Royce Holdings PLC (Entitlement Shares)†		6,131,110		7,813
Royal Bank of Scotland Group PLC		366,745		1,022,900
Royal Dutch Shell PLC, Class A		350,754		10,634,298
Royal Dutch Shell PLC, Class B		285,122		8,720,462
Royal Mail PLC		69,762		284,915
RSA Insurance Group PLC		79,738		551,644
Sage Group PLC		84,111		624,778
Schroders PLC		9,957		321,932
Segro PLC		75,266		580,105
Severn Trent PLC		18,728		437,230
Smith & Nephew PLC		68,833		1,251,985
Smiths Group PLC		31,436		558,430
SSE PLC		76,995		1,075,994
St James’s Place PLC		40,513		519,485
Standard Chartered PLC		214,031		1,663,557
Standard Life Aberdeen PLC		179,802		610,330
Taylor Wimpey PLC		253,825		434,453
Tesco PLC		743,375		1,874,868
Travis Perkins PLC#		19,863		280,148
Unilever PLC		93,087		5,040,237
United Utilities Group PLC		53,084		515,016
Vodafone Group PLC		2,028,199		4,364,416
Weir Group PLC		17,016		319,896
Whitbread PLC		13,967		818,893
WM Morrison Supermarkets PLC		165,586		502,311
				161,192,486
United States — 0.0%
International Flavors & Fragrances, Inc.		719		101,895
Total Common Stocks
(cost $1,029,027,771)				1,006,561,845
EXCHANGE-TRADED FUNDS — 2.6%
United States — 2.6%
iShares MSCI EAFE ETF (cost $26,760,749)		430,000		26,991,100
Total Long-Term Investment Securities
(cost $1,055,788,520)				1,033,552,945
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 2.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(3)(4)		22,539,862		22,539,862
U.S. Government Treasuries — 0.1%
United States Treasury Bills
2.24% due 01/03/2019(5)	$	500,000		499,036
2.41% due 04/04/2019(5)		200,000		198,380
2.42% due 04/11/2019(5)		100,000		99,132
2.50% due 05/23/2019(5)		100,000		98,829
2.54% due 07/18/2019(5)		385,000		378,889
				1,274,266
Total Short-Term Investment Securities
(cost $23,814,019)				23,814,128

122

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $11,474,402 collateralized by $11,895,000 of U.S. Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $11,707,511 (cost $11,474,000)	$	11,474,000		$	11,474,000
TOTAL INVESTMENTS —
(cost $1,091,076,539)(6)		101.2	%		1,068,841,073
Liabilities in excess of other assets		(1.2	)		(12,387,674	)
NET ASSETS —		100.0	%	$	1,056,453,399

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $7,042,035 representing 0.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Illiquid security. At November 30, 2018, the aggregate value of these securities was $182 representing 0.0% of net assets.

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

(3) At November 30, 2018, the Fund had loaned securities with a total value of $26,457,673. This was secured by collateral of $22,539,862, which was received in cash and subsequently invested in short-term investments currently valued at $22,539,862 as reported in the Portfolio of Investments. Additional collateral of $5,646,743 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 3.50%	01/15/2041 to 12/01/2047	$	80,412
Federal National Mtg. Assoc.	3.00% to 4.00%	11/25/2040 to 05/01/2048		32,030
Government National Mtg. Assoc.	4.50%	05/20/2048 to 06/20/2048		20,997
United States Treasury Bills	0.00%	12/13/2018 to 06/20/2019		270,644
United States Treasury Notes/Bonds	0.13% to 8.50%	12/31/2018 to 05/15/2048		5,242,660

(4) The rate shown is the 7-day yield as of November 30, 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

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Fiduciary Depositary Receipt

LSE—London Stock Exchange

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

SDR—Swedish Depositary Receipt

TRQX—Turquoise Stock Exchange

XEGT—Equiduct Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	233	Long	mini MSCI EAFE Index		December 2018	$	21,220,115	$	21,159,895	$	(60,220	)

* 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 November 30, 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	$	744,157	$	67,442,171	**	$	182	$	68,186,510
Portugal		—		1,540,984	**		0		1,540,984
United Kingdom		788,581		160,403,905	***		—		161,192,486
Other Countries		7,908,590		767,733,275	**		—		775,641,865
Exchange-Traded Funds		26,991,100		—			—		26,991,100
Short-Term Investment Securities:
Registered Investment Companies		22,539,862		—			—		22,539,862
U.S. Government Treasuries		—		1,274,266			—		1,274,266
Repurchase Agreements		—		11,474,000			—		11,474,000
Total Investments at Value	$	58,972,290	$	1,009,868,601		$	182	$	1,068,841,073
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	60,220	$	—		$	—	$	60,220

123

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

* 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 $160,396,092 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.

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

See Notes to Financial Statements

124

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Sovereign	64.8	%
United States Treasury Notes	22.2
United States Treasury Bonds	4.3
Registered Investment Companies	1.7
Oil Companies — Integrated	1.3
Electric — Distribution	0.8
Banks — Commercial	0.6
Oil Companies — Exploration & Production	0.4
Diversified Banking Institutions	0.3
Non-Ferrous Metals	0.2
Transport — Marine	0.2
Gas — Distribution	0.2
Paper & Related Products	0.2
Transport — Services	0.2
Diamonds/Precious Stones	0.2
Retail — Major Department Stores	0.2
Chemicals — Diversified	0.1
Platinum	0.1
Finance — Commercial	0.1
Metal — Diversified	0.1
Electric — Integrated	0.1
Gas — Transportation	0.1
Cellular Telecom	0.1
	98.5	%

Country Allocation*

United States	28.3	%
Japan	11.7
United Kingdom	4.9
Italy	4.9
Germany	4.4
France	3.8
Spain	3.4
Argentina	2.5
Mexico	2.3
Indonesia	1.8
Turkey	1.6
Sri Lanka	1.5
Colombia	1.5
Canada	1.5
Ivory Coast	1.4
Australia	1.3
Qatar	1.3
Oman	1.3
Chile	1.1
South Africa	1.2
Netherlands	1.1
Egypt	1.0
Poland	1.0
Uruguay	1.0
Dominican Republic	1.0
Belgium	0.9
Singapore	0.9
Austria	0.9
Ireland	0.8
Honduras	0.8
British Virgin Islands	0.7
Nigeria	0.6
Senegal	0.7
Lebanon	0.6
Ukraine	0.6
United Arab Emirates	0.6
Paraguay	0.6
Costa Rica	0.4
Ecuador	0.4
Malaysia	0.3
Romania	0.3

Angola	0.3	%
South Korea	0.3
Luxembourg	0.3
Peru	0.2
Bermuda	0.2
Cayman Islands	0.2
China	0.1
	98.5	%

Credit Quality†#

Aaa	35.1	%
Aa	10.1
A	17.4
Baa	17.5
Ba	5.9
B	7.2
Caa	0.6
Not Rated@	6.2
	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 percentage of total debt issues, excluding short-term securities

125

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 5.4%
Argentina — 0.2%
Capex SA Senior Notes 6.88% due 05/15/2024	$	290,000	$	242,541
YPF SA Senior Notes 6.95% due 07/21/2027		145,000		122,888
				365,429
Bermuda — 0.2%
China Resources Gas Group, Ltd. Senior Notes 4.50% due 04/05/2022		290,000		294,086
British Virgin Islands — 0.7%
State Grid Overseas Investment, Ltd. Company Guar. Notes 3.13% due 05/22/2023*		1,200,000		1,164,883
State Grid Overseas Investment, Ltd. Company Guar. Notes 4.13% due 05/07/2024*		200,000		201,264
				1,366,147
Cayman Islands — 0.2%
Fibria Overseas Finance, Ltd. Company Guar. Notes 5.50% due 01/17/2027		290,000		290,072
Chile — 0.3%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		310,000		273,966
Codelco, Inc. Senior Notes 3.63% due 08/01/2027		400,000		372,576
				646,542
China — 0.1%
Bank of China, Ltd. Sub. Notes 5.00% due 11/13/2024#		220,000		224,173
Indonesia — 0.4%
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		318,000		319,582
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		400,000		372,000
				691,582
Luxembourg — 0.3%
Millicom International Cellular SA Senior Notes 6.63% due 10/15/2026*		200,000		202,000
Rumo Luxembourg SARL Company Guar. Notes 7.38% due 02/09/2024		280,000		288,680
				490,680
Malaysia — 0.3%
Petronas Capital, Ltd. Company Guar. Notes 3.13% due 03/18/2022		600,000		590,212
Mexico — 1.3%
Comision Federal de Electricidad Senior Notes 4.75% due 02/23/2027*		200,000		181,250

Security Description	Principal Amount(1)		Value (Note 2)
Mexico (continued)
El Puerto de Liverpool SAB de CV Company Guar. Notes 3.88% due 10/06/2026	$	300,000	$	269,250
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		500,000		402,325
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029*		500,000		459,400
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		520,000		430,300
Petroleos Mexicanos Company Guar. Notes 7.19% due 09/12/2024	MXN	15,000,000		589,553
Unifin Financiera SAB de CV SOFOM ENR Company Guar. Notes 7.25% due 09/27/2023		290,000		260,179
				2,592,257
Netherlands — 0.1%
Petrobras Global Finance BV Company Guar. Notes 6.00% due 01/27/2028		150,000		140,872
Nigeria — 0.1%
Zenith Bank PLC Senior Notes 7.38% due 05/30/2022		290,000		284,843
Peru — 0.2%
Banco Internacional del Peru SAA Interbank Senior Notes 3.38% due 01/18/2023*		270,547		256,344
Transportadora de Gas del Peru SA Senior Notes 4.25% due 04/30/2028		220,000		209,825
				466,169
Singapore — 0.1%
Medco Platinum Road Pte, Ltd. Senior Sec. Notes 6.75% due 01/30/2025*		310,000		268,155
South Korea — 0.3%
Woori Bank Sub. Notes 5.13% due 08/06/2028		555,000		555,501
Turkey — 0.3%
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		300,000		271,500
Yapi ve Kredi Bankasi AS Senior Notes 5.75% due 02/24/2022		310,000		280,550
				552,050
United Kingdom — 0.3%
Petra Diamonds US Treasury PLC Sec. Notes 7.25% due 05/01/2022		300,000		277,125
Vedanta Resources PLC Senior Notes 6.13% due 08/09/2024		300,000		256,052
				533,177
Total Foreign Corporate Bonds & Notes
(cost $11,175,374)				10,351,947

126

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 64.8%
Angola — 0.3%
Republic of Angola Senior Notes 9.50% due 11/12/2025	$	530,000	$	559,193
Argentina — 2.3%
Republic of Argentina Senior Notes 4.63% due 01/11/2023		730,000		609,185
Republic of Argentina Senior Notes 5.25% due 01/15/2028	EUR	1,000,000		854,736
Republic of Argentina Senior Notes 5.63% due 01/26/2022		80,000		70,760
Republic of Argentina Senior Notes 5.88% due 01/11/2028		690,000		516,472
Republic of Argentina Senior Notes 6.88% due 01/26/2027		1,250,000		1,006,887
Republic of Argentina Senior Notes 8.28% due 12/31/2033		1,612,344		1,364,865
				4,422,905
Australia — 1.3%
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD	1,000,000		746,876
Commonwealth of Australia Senior Notes 2.75% due 06/21/2035	AUD	1,000,000		718,249
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD	1,400,000		1,074,639
				2,539,764
Austria — 0.9%
Republic of Austria Bonds 6.25% due 07/15/2027	EUR	1,000,000		1,688,657
Belgium — 0.9%
Kingdom of Belgium Senior Bonds 1.00% due 06/22/2026*	EUR	1,500,000		1,765,910
Canada — 1.5%
Government of Canada Bonds 2.25% due 06/01/2025	CAD	2,000,000		1,505,754
Government of Canada Bonds 4.00% due 06/01/2041	CAD	1,400,000		1,343,522
				2,849,276
Chile — 0.8%
Republic of Chile Senior Notes 2.25% due 10/30/2022		700,000		669,242
Republic of Chile Senior Notes 3.24% due 02/06/2028		1,000,000		942,500
				1,611,742

Security Description	Principal Amount(1)		Value (Note 2)
Colombia — 1.5%
Republic of Colombia Senior Notes 3.88% due 04/25/2027	$	600,000	$	567,906
Republic of Colombia Senior Notes 4.38% due 07/12/2021		600,000		606,900
Republic of Colombia Senior Notes 5.00% due 06/15/2045#		400,000		373,600
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		1,100,000		1,309,000
				2,857,406
Costa Rica — 0.4%
Republic of Costa Rica Senior Notes 4.25% due 01/26/2023		960,000		856,800
Dominican Republic — 1.0%
Dominican Republic Senior Bonds 5.88% due 04/18/2024		780,000		783,214
Dominican Republic Senior Bonds 6.85% due 01/27/2045#		600,000		574,500
Dominican Republic Senior Bonds 7.45% due 04/30/2044		500,000		507,750
				1,865,464
Ecuador — 0.4%
Republic of Ecuador Senior Notes 9.65% due 12/13/2026		800,000		744,240
Egypt — 1.0%
Government of Egypt Senior Notes 6.59% due 02/21/2028*		650,000		583,809
Government of Egypt Senior Notes 7.50% due 01/31/2027		900,000		866,844
Government of Egypt Senior Notes 8.50% due 01/31/2047		535,000		487,423
				1,938,076
France — 3.8%
Government of France Bonds 0.50% due 05/25/2025	EUR	2,000,000		2,311,362
Government of France Bonds 4.00% due 04/25/2060	EUR	350,000		655,763
Government of France Bonds 4.25% due 10/25/2023	EUR	1,400,000		1,924,485
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		757,823
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000		1,581,420
				7,230,853

127

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Germany — 4.4%
Federal Republic of Germany Bonds 0.50% due 02/15/2026	EUR	2,900,000	$	3,401,223
Federal Republic of Germany Bonds 1.00% due 08/15/2025	EUR	1,700,000		2,062,120
Federal Republic of Germany Bonds 1.75% due 02/15/2024	EUR	800,000		1,000,432
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	350,000		640,184
Federal Republic of Germany Bonds 6.50% due 07/04/2027	EUR	800,000		1,399,466
				8,503,425
Honduras — 0.8%
Republic of Honduras Senior Notes 6.25% due 01/19/2027		850,000		824,712
Republic of Honduras Senior Notes 8.75% due 12/16/2020		600,000		637,824
				1,462,536
Indonesia — 1.4%
Republic of Indonesia Senior Notes 2.95% due 01/11/2023		810,000		768,163
Republic of Indonesia Senior Notes 3.70% due 01/08/2022		550,000		541,978
Republic of Indonesia Senior Notes 4.35% due 01/11/2048#		400,000		348,159
Republic of Indonesia Senior Notes 5.88% due 01/15/2024		700,000		738,436
Republic of Indonesia Senior Notes 6.63% due 02/17/2037		300,000		338,263
				2,734,999
Ireland — 0.8%
Republic of Ireland Bonds 1.00% due 05/15/2026	EUR	600,000		698,768
Republic of Ireland Bonds 2.00% due 02/18/2045	EUR	750,000		888,075
				1,586,843
Italy — 4.9%
Republic of Italy Bonds 0.65% due 10/15/2023	EUR	700,000		735,324
Republic of Italy Bonds 1.50% due 06/01/2025	EUR	1,100,000		1,156,983
Republic of Italy Bonds 1.60% due 06/01/2026	EUR	600,000		624,831
Republic of Italy Bonds 1.85% due 05/15/2024	EUR	1,100,000		1,203,592

Security Description	Principal Amount(1)		Value (Note 2)
Italy (continued)
Republic of Italy Bonds 2.25% due 09/01/2036*	EUR	700,000	$	665,204
Republic of Italy Bonds 4.50% due 03/01/2024	EUR	750,000		931,257
Republic of Italy Bonds 5.00% due 09/01/2040*	EUR	1,000,000		1,320,086
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		855,596
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	750,000		1,071,326
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		788,212
				9,352,411
Ivory Coast — 1.4%
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033*		1,200,000		1,003,411
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		800,000		719,632
Republic of Ivory Coast Senior Notes 6.63% due 03/22/2048*	EUR	1,000,000		975,191
				2,698,234
Japan — 11.7%
Government of Japan Senior Bonds 0.10% due 06/20/2027	JPY	330,000,000		2,928,327
Government of Japan Senior Notes 0.10% due 12/20/2027	JPY	200,000,000		1,771,502
Government of Japan Senior Notes 0.10% due 06/20/2028	JPY	300,000,000		2,650,275
Government of Japan Senior Bonds 0.80% due 06/20/2023	JPY	150,000,000		1,376,171
Government of Japan Senior Bonds 1.10% due 06/20/2020	JPY	132,000,000		1,185,052
Government of Japan Senior Bonds 1.20% due 09/20/2035	JPY	60,000,000		592,769
Government of Japan Senior Notes 1.60% due 06/20/2030	JPY	125,000,000		1,279,996
Government of Japan Senior Bonds 1.80% due 06/20/2030	JPY	100,000,000		1,044,073
Government of Japan Senior Bonds 1.80% due 12/20/2031	JPY	53,000,000		559,508
Government of Japan Senior Notes 1.90% due 09/20/2042	JPY	120,000,000		1,333,526
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	85,000,000		952,855

128

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Japan (continued)
Government of Japan Senior Bonds 2.00% due 09/20/2041	JPY	100,000,000	$	1,125,966
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY	60,000,000		626,846
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,364,198
Government of Japan Senior Bonds 2.10% due 12/20/2030	JPY	60,000,000		647,962
Government of Japan Senior Bonds 2.20% due 03/20/2051	JPY	33,000,000		400,276
Government of Japan Senior Notes 2.30% due 12/20/2036	JPY	230,000,000		2,649,027
				22,488,329
Lebanon — 0.6%
Lebanese Republic Senior Notes 6.60% due 11/27/2026		1,000,000		759,870
Lebanese Republic Senior Notes 6.85% due 03/23/2027		580,000		445,150
				1,205,020
Mexico — 1.0%
United Mexican States Senior Notes 4.00% due 10/02/2023#		500,000		492,755
United Mexican States Senior Notes 4.15% due 03/28/2027		220,000		210,115
United Mexican States Senior Notes 4.35% due 01/15/2047		700,000		581,000
United Mexican States Senior Notes 4.60% due 02/10/2048		700,000		603,057
				1,886,927
Netherlands — 1.0%
Kingdom of the Netherlands Bonds 0.75% due 07/15/2027*	EUR	1,700,000		1,992,562
Nigeria — 0.5%
Republic of Nigeria Senior Notes 7.14% due 02/23/2030*		260,000		227,271
Republic of Nigeria Senior Notes 7.70% due 02/23/2038*		300,000		257,586
Republic of Nigeria Senior Notes 8.75% due 01/21/2031*		550,000		530,838
				1,015,695

Security Description	Principal Amount(1)		Value (Note 2)
Oman — 1.3%
Sultanate of Oman Senior Notes 4.75% due 06/15/2026	$	1,400,000	$	1,260,280
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		1,400,000		1,221,500
				2,481,780
Paraguay — 0.6%
Republic of Paraguay Senior Notes 5.00% due 04/15/2026		600,000		594,000
Republic of Paraguay Senior Notes 6.10% due 08/11/2044		500,000		498,750
				1,092,750
Poland — 1.0%
Republic of Poland Senior Notes 3.00% due 03/17/2023		600,000		585,108
Republic of Poland Bonds 5.75% due 09/23/2022	PLN	4,500,000		1,343,353
				1,928,461
Qatar — 1.3%
State of Qatar Senior Notes 3.25% due 06/02/2026		950,000		902,827
State of Qatar Senior Notes 4.50% due 01/20/2022		450,000		459,865
State of Qatar Senior Notes 4.50% due 04/23/2028		1,100,000		1,121,450
				2,484,142
Romania — 0.3%
Government of Romania Senior Notes 6.13% due 01/22/2044		550,000		585,183
Senegal — 0.7%
Republic of Senegal Bonds 6.25% due 05/23/2033		1,000,000		842,160
Republic of Senegal Senior Notes 6.75% due 03/13/2048*		540,000		444,825
				1,286,985
Singapore — 0.8%
Republic of Singapore Senior Bonds 2.75% due 03/01/2046	SGD	2,000,000		1,449,479
South Africa — 1.2%
Republic of South Africa Senior Notes 4.30% due 10/12/2028#		830,000		716,365
Republic of South Africa Senior Notes 5.65% due 09/27/2047		500,000		427,670
Republic of South Africa Senior Notes 5.88% due 05/30/2022		500,000		512,500

129

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
South Africa (continued)
Republic of South Africa Senior Notes 5.88% due 09/16/2025	$	550,000	$	546,887
				2,203,422
Spain — 3.4%
Kingdom of Spain Notes 1.30% due 10/31/2026*	EUR	1,000,000		1,141,650
Kingdom of Spain Senior Notes 2.75% due 10/31/2024*	EUR	1,000,000		1,261,714
Kingdom of Spain Senior Bonds 4.40% due 10/31/2023*	EUR	1,150,000		1,545,832
Kingdom of Spain Senior Notes 4.65% due 07/30/2025*	EUR	1,400,000		1,965,133
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	400,000		643,276
				6,557,605
Sri Lanka — 1.5%
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023*		580,000		519,108
Republic of Sri Lanka Senior Notes 5.88% due 07/25/2022		300,000		273,034
Republic of Sri Lanka Senior Notes 6.25% due 10/04/2020		550,000		528,000
Republic of Sri Lanka Senior Notes 6.25% due 07/27/2021		500,000		473,250
Republic of Sri Lanka Senior Notes 6.83% due 07/18/2026		1,240,000		1,103,619
				2,897,011
Turkey — 1.3%
Republic of Turkey Senior Notes 5.20% due 02/16/2026	EUR	1,000,000		1,108,326
Republic of Turkey Senior Notes 6.63% due 02/17/2045		700,000		587,496
Republic of Turkey Senior Notes 7.25% due 12/23/2023		760,000		754,300
				2,450,122
Ukraine — 0.6%
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,300,000		1,182,675
United Arab Emirates — 0.6%
Abu Dhabi Government Senior Notes 3.13% due 10/11/2027		1,250,000		1,163,885
United Kingdom — 4.6%
United Kingdom Gilt Treasury Bonds 0.75% due 07/22/2023	GBP	1,200,000		1,516,232

Security Description	Principal Amount(1)		Value (Note 2)
United Kingdom (continued)
United Kingdom Gilt Treasury Bonds 1.50% due 01/22/2021	GBP	500,000	$	647,037
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	300,000		405,814
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000		627,335
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP	370,000		606,160
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2021	GBP	1,000,000		1,377,159
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		361,607
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	1,000,000		1,724,724
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040	GBP	450,000		803,179
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP	400,000		806,448
				8,875,695
Uruguay — 1.0%
Oriental Republic of Uruguay Senior Notes 4.38% due 10/27/2027		800,000		789,600
Oriental Republic of Uruguay Senior Notes 4.50% due 08/14/2024#		600,000		605,106
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050		500,000		471,250
				1,865,956
Total Foreign Government Obligations
(cost $130,329,181)				124,362,418
U.S. CORPORATE BONDS & NOTES — 0.1%
United States — 0.1%
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025 (cost $297,885)		300,000		271,440
U.S. GOVERNMENT TREASURIES — 26.5%
United States — 26.5%
United States Treasury Bonds
2.75% due 02/15/2028		1,200,000		1,175,156
2.88% due 05/15/2028		3,000,000		2,965,899
2.88% due 11/15/2046#		800,000		735,906
3.00% due 05/15/2042		720,000		685,294
3.00% due 02/15/2048		700,000		658,410
3.38% due 05/15/2044		1,200,000		1,213,453
3.75% due 11/15/2043		500,000		537,442
United States Treasury Notes
1.50% due 10/31/2019#		2,000,000		1,977,891
1.75% due 09/30/2019		3,000,000		2,976,563
1.75% due 12/31/2020		2,000,000		1,957,734
1.75% due 05/15/2023		3,000,000		2,860,547
1.88% due 11/30/2021		2,000,000		1,945,859

130

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount/ Shares(1)			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States (continued)
1.88% due 10/31/2022	$	2,000,000		$	1,927,500
2.00% due 01/15/2021		2,000,000			1,966,328
2.00% due 11/30/2022		3,000,000			2,903,906
2.00% due 02/15/2025#		1,000,000			947,930
2.00% due 08/15/2025		2,500,000			2,358,985
2.13% due 05/15/2025		1,500,000			1,429,688
2.25% due 11/15/2024		3,000,000			2,892,070
2.25% due 11/15/2025		2,000,000			1,913,906
2.25% due 02/15/2027		1,000,000			947,266
2.25% due 11/15/2027		1,500,000			1,411,699
2.38% due 08/15/2024#		2,050,000			1,993,465
2.50% due 08/15/2023		2,000,000			1,968,125
2.50% due 05/15/2024		3,000,000			2,941,406
2.63% due 11/15/2020		600,000			597,703
2.75% due 11/15/2023		2,000,000			1,989,453
2.75% due 02/15/2024		1,200,000			1,192,359
3.38% due 11/15/2019		1,800,000			1,809,983
Total U.S. Government Treasuries
(cost $52,231,897)					50,881,926
Total Long-Term Investment Securities
(cost $194,034,337)					185,867,731
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Registered Investment Companies — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(3)		2,482,306			2,482,306
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(2)(3)		855,373			855,373
Total Short-Term Investment Securities
(cost $3,337,679)					3,337,679
TOTAL INVESTMENTS —
(cost $197,372,016)(4)		98.5	%		189,205,410
Other assets less liabilities		1.5			2,791,467
NET ASSETS —		100.0	% $		191,996,877

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $19,896,508 representing 10.4% 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) At November 30, 2018, the Fund had loaned securities with a total value of $8,913,280. This was secured by collateral of $855,373, which was received in cash and subsequently invested in short-term investments currently valued at $855,373 as reported in the Portfolio of Investments. Additional collateral of $8,431,544 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	zero coupon to 15.20%	06/15/2027 to 10/15/2058	$	1,018,857
Federal National Mtg. Assoc.	zero coupon to 17.14%	02/01/2019 to 10/25/2058		1,904,202
Government National Mtg. Assoc.	1.89% to 14.55%	04/16/2025 to 11/20/2068		2,796,922
United States Treasury Bills	0.00%	12/06/2018 to 03/21/2019		294,405
United States Treasury Notes/Bonds	0.13% to 8.75%	01/31/2019 to 02/15/2047		2,417,158

(3) The rate shown in the 7-day yield as of November 30, 2018.

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

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Yen

MXN—Mexican Peso

PLN—Polish Zloty

SGD—Singapore Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	—	$	10,351,947	$	—	$	10,351,947
Foreign Government Obligations:		—		124,362,418		—		124,362,418
U.S. Corporate Bonds & Notes		—		271,440		—		271,440
U.S. Government Treasuries		—		50,881,926		—		50,881,926
Short-Term Investment Securities:		3,337,679		—		—		3,337,679
Total Investments at Value	$	3,337,679	$	185,867,731	$	—	$	189,205,410

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

See Notes to Financial Statements

131

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Apparel Manufacturers	11.0	%
Food — Misc./Diversified	9.4
E-Commerce/Services	9.0
Registered Investment Companies	7.4
Transport — Services	7.3
Soap & Cleaning Preparation	4.9
Industrial Automated/Robotic	4.9
Food — Confectionery	4.8
Beverages — Wine/Spirits	4.5
Brewery	4.3
Banks — Commercial	4.2
Computer Services	4.1
Electric — Transmission	3.1
Schools	3.0
Medical — Biomedical/Gene	2.7
Insurance — Life/Health	2.7
Private Equity	2.4
Cosmetics & Toiletries	2.4
Beverages — Non-alcoholic	2.3
Food — Dairy Products	2.1
Retail — Restaurants	1.1
	97.6	%

Country Allocation*

United States	16.0	%
United Kingdom	14.0
Japan	11.0
France	9.5
Denmark	8.5
Switzerland	6.9
Italy	5.8
Belgium	4.3
India	4.2
Cayman Islands	4.1
Bermuda	3.1
Sweden	2.7
Hong Kong	2.7
Canada	2.4
China	2.4
	97.6	%

* Calculated as a percentage of net assets

132

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 90.2%
Belgium — 4.3%
Anheuser-Busch InBev SA#		244,335	$	18,806,111
Bermuda — 3.1%
Brookfield Infrastructure Partners LP		354,055		13,514,279
Canada — 2.4%
Brookfield Asset Management, Inc., Class A#		245,125		10,756,085
Cayman Islands — 4.1%
Haidilao International Holding, Ltd.†*		2,183,000		4,832,510
TAL Education Group ADR†		461,125		12,943,779
				17,776,289
China — 2.4%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,166,927		10,640,759
Denmark — 8.5%
Chr. Hansen Holding A/S		162,074		14,637,213
DSV A/S		296,637		22,703,393
				37,340,606
France — 9.5%
Danone SA		123,520		9,244,433
Hermes International		41,416		22,501,026
Pernod Ricard SA#		61,042		9,764,062
				41,509,521
Hong Kong — 2.7%
AIA Group, Ltd.		1,427,918		11,712,074
India — 4.2%
HDFC Bank, Ltd.		606,287		18,429,374
Italy — 5.8%
Moncler SpA		781,340		25,547,211
Japan — 11.0%
Calbee, Inc.#		491,800		16,290,076
Keyence Corp.		39,500		21,435,053
Pigeon Corp.		251,800		10,379,605
				48,104,734
Sweden — 2.7%
Vitrolife AB		697,456		11,904,195
Switzerland — 6.9%
Chocoladefabriken Lindt & Spruengli AG		258		20,729,904
Kuehne & Nagel International AG		66,035		9,303,577
				30,033,481
United Kingdom — 14.0%
Diageo PLC		280,605		10,109,507

Security Description	Shares			Value (Note 2)
United Kingdom (continued)
Fevertree Drinks PLC		324,635		$	9,901,192
Reckitt Benckiser Group PLC		259,771			21,612,431
Rightmove PLC		3,492,789			19,487,838
					61,110,968
United States — 8.6%
Booking Holdings, Inc.†		10,466			19,800,416
EPAM Systems, Inc.†		137,335			17,887,884
					37,688,300
Total Long-Term Investment Securities
(cost $409,140,123)				$	394,873,987
SHORT-TERM INVESTMENT SECURITIES — 7.4%
Registered Investment Companies — 7.4%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $32,485,110)		32,485,110			32,485,110
TOTAL INVESTMENTS
(cost $441,625,233)(3)		97.6	%		427,359,097
Other assets less liabilities		2.4			10,306,421
NET ASSETS		100.0	%	$	437,665,518

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $4,832,510 representing 1.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At November 30, 2018, the Fund had loaned securities with a total value of $31,849,917. This was secured by collateral of $32,485,110, which was received in cash and subsequently invested in short-term investments currently valued at $32,485,110 as reported in the Portfolio of Investments. Additional collateral of $817,888 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
United States Treasury Bills	0.00%	12/13/2018 to 04/04/2019	$147,852
United States Treasury Notes/Bonds	0.13% to 8.50%	12/31/2018 to 02/15/2046	670,036

(2) The rate shown is the 7-day yield as of November 30, 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 November 30, 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	$	79,734,953	$	315,139,034	**	$	—	$	394,873,987
Short-Term Investment Securities		32,485,110		—			—		32,485,110
Total Investments at Value	$	112,220,063	$	315,139,034		$	—	$	427,359,097

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

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

See Notes to Financial Statements

133

VALIC Company I International Value Fund@

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Cellular Telecom	7.4	%
Finance — Investment Banker/Broker	5.9
Registered Investment Companies	5.1
Diversified Manufacturing Operations	5.0
Oil Companies — Integrated	4.8
Banks — Commercial	4.2
Diversified Banking Institutions	3.6
Insurance — Reinsurance	3.4
Building & Construction Products — Misc.	3.2
Sugar	3.2
Oil — Field Services	3.1
Diversified Financial Services	2.9
Machinery — Electrical	2.9
Food — Misc./Diversified	2.8
Diversified Minerals	2.6
Computer Data Security	2.5
Wire & Cable Products	2.5
Telephone — Integrated	2.5
Insurance — Life/Health	2.4
Retail — Drug Store	2.3
Retail — Building Products	2.3
Medical — Drugs	2.3
Chemicals — Diversified	2.3
Electronic Components — Misc.	2.1
Medical Products	2.1
Agricultural Chemicals	2.1
Banks — Mortgage	2.1
Auto/Truck Parts & Equipment — Original	1.8
Industrial Automated/Robotic	1.8
Investment Management/Advisor Services	1.8
Building Products — Doors & Windows	1.7
Enterprise Software/Service	1.7
Diversified Operations	1.4
Electric — Integrated	1.4
Food — Retail	1.3
Retail — Consumer Electronics	0.7
Electronic Components — Semiconductors	0.5
Insurance — Multi-line	0.5
	102.2	%

Country Allocation*

United Kingdom	14.9	%
Japan	11.8
Germany	11.2
Netherlands	6.6
Hong Kong	6.1
France	5.7
Italy	5.2
United States	5.1
Canada	4.7
South Korea	3.5
Bermuda	3.2
Switzerland	2.8
Ireland	2.8
Israel	2.5
China	2.3
Norway	2.3
South Africa	2.3
Malaysia	1.9
British Virgin Islands	1.8
Cayman Islands	1.7
Singapore	1.4
Australia	1.4
Russia	1.0
	102.2	%

* Calculated as a percentage of net assets

@ See Note 1

134

VALIC Company I International Value Fund@

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Australia — 1.4%
Origin Energy, Ltd.†		2,140,647	$	10,140,782
Bermuda — 3.2%
Cosan, Ltd., Class A		2,591,292		23,036,586
British Virgin Islands — 1.8%
Hollysys Automation Technologies, Ltd.		665,696		13,187,438
Canada — 4.7%
Home Capital Group, Inc.†#		1,128,800		14,961,177
Lundin Mining Corp.		4,293,700		18,711,115
				33,672,292
Cayman Islands — 1.7%
Xinyi Glass Holdings, Ltd.		11,412,000		12,322,975
China — 2.3%
Shanghai Pharmaceuticals Holding Co., Ltd.		6,882,900		16,977,029
France — 5.7%
Cie de Saint-Gobain		626,653		23,234,028
Orange SA#		1,047,027		18,005,057
				41,239,085
Germany — 11.2%
CECONOMY AG		1,135,945		5,294,726
METRO AG		616,786		9,466,023
Muenchener Rueckversicherungs-Gesellschaft AG		114,048		24,744,425
Rheinmetall AG		143,251		13,269,309
SAP SE		118,504		12,189,193
Siemens AG		141,135		16,346,461
				81,310,137
Hong Kong — 6.1%
China Everbright, Ltd.		8,688,000		16,242,322
China Mobile, Ltd.		2,803,000		27,942,700
				44,185,022
Ireland — 2.8%
Greencore Group PLC#		8,306,379		19,913,072
Israel — 2.5%
Check Point Software Technologies, Ltd.†		163,659		18,298,713
Italy — 5.2%
Eni SpA		921,143		14,860,439
Prysmian SpA		990,779		18,147,925
UniCredit SpA		330,402		4,262,630
				37,270,994
Japan — 11.8%
Daiwa Securities Group, Inc.		3,886,100		21,534,659
Hitachi, Ltd.		717,500		20,782,628
Mitsubishi UFJ Financial Group, Inc.		4,012,300		21,893,538
Nomura Holdings, Inc.		4,756,300		21,324,454
				85,535,279
Malaysia — 1.9%
CIMB Group Holdings Bhd		9,944,300		13,723,208
Netherlands — 6.6%
Koninklijke Philips NV		400,735	$	15,169,492
NN Group NV		413,622		17,610,883
OCI NV†#		657,809		15,130,314
				47,910,689
Norway — 2.3%
DNB ASA		965,551		16,640,934

Security Description	Shares			Value (Note 2)
Russia — 1.0%
Mobile TeleSystems PJSC ADR		939,397		$	6,960,932
Singapore — 1.4%
Keppel Corp., Ltd.		2,311,700			10,262,962
South Africa — 2.3%
Sasol, Ltd.		555,772			16,332,886
South Korea — 3.5%
Hana Financial Group, Inc.		144,737			4,871,427
Samsung Electronics Co., Ltd.		107,234			4,025,965
SK Telecom Co., Ltd.		64,657			16,667,490
					25,564,882
Switzerland — 2.8%
Novartis AG		181,657			16,582,847
Zurich Insurance Group AG		12,056			3,785,371
					20,368,218
United Kingdom — 14.9%
BP PLC		2,972,182			19,708,952
John Wood Group PLC		2,704,535			21,993,029
Kingfisher PLC		5,285,391			16,872,518
Man Group PLC		6,983,932			12,945,702
Sensata Technologies Holding PLC†		334,333			15,466,245
Smiths Group PLC		1,077,718			19,144,619
Vodafone Group PLC		737,879			1,587,818
					107,718,883
Total Long-Term Investment Securities
(cost $744,552,850)					702,572,998
SHORT-TERM INVESTMENT SECURITIES — 5.1%
Registered Investment Companies — 5.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2)		27,757,947			27,757,947
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15% due 12/31/2030(2)		8,840,016			8,840,016
Total Short-Term Investment Securities
(cost $36,597,963)					36,597,963
TOTAL INVESTMENTS
(cost $781,150,813)(3)		102.2	%		739,170,961
Liabilities in excess of other assets		(2.2	)		(15,951,148	)
NET ASSETS		100.0	%	$	723,219,813

@ See Note 1

† Non-income producing security

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

(1) At November 30, 2018, the Fund had loaned securities with a total value of $29,596,574. This was secured by collateral of $27,757,947, which was received in cash and subsequently invested in short-term investments currently valued at $27,757,947 as reported in the Portfolio of Investments. Additional collateral of $3,442,283 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.

135

VALIC Company I International Value Fund@

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
United States Treasury Bills	0.00%	01/08/2019 to 04/04/2019	$	240,737
United States Treasury Notes/Bonds	0.13% to 7.63%	01/31/2019 to 05/15/2047		3,201,546

(2) The rate shown is the 7-day yield as of November 30, 2018.

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

ADR—American Depositary Receipt

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

Barclays Bank PLC

EUR

32,218,000

USD

37,663,809

12/28/2018

$

1,100,011

$

–

GBP

37,993,000

USD

49,741,575

12/28/2018

1,255,628

–

Net Unrealized Appreciation (Depreciation)

$

2,355,639

$

–

EUR—Euro Currency

GBP—Pound Sterling

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	110,622,206	$	591,950,792	**	$	—	$	702,572,998
Short-Term Investment Securities		36,597,963		—			—		36,597,963
Total Investments at Value	$	147,220,169	$	591,950,792		$	—	$	739,170,961
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	2,355,639		$	—	$	2,355,639

* 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.

See Notes to Financial Statements

136

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Medical — Drugs	7.1	%
Diversified Banking Institutions	6.0
Applications Software	5.1
Web Portals/ISP	4.1
E-Commerce/Products	4.1
Computers	4.1
Banks — Super Regional	3.3
Insurance — Property/Casualty	3.0
Medical — Biomedical/Gene	2.8
Electronic Components — Semiconductors	2.7
Telephone — Integrated	2.7
Finance — Credit Card	2.6
Tobacco	2.6
Real Estate Investment Trusts	2.5
Medical — HMO	2.5
Food — Misc./Diversified	2.5
Internet Content — Entertainment	2.5
Medical Instruments	2.5
Oil Companies — Exploration & Production	2.4
Oil Companies — Integrated	2.3
Data Processing/Management	2.1
Retail — Restaurants	2.1
Cable/Satellite TV	2.1
Aerospace/Defense	2.0
Instruments — Controls	1.9
Networking Products	1.3
Insurance Brokers	1.3
Repurchase Agreements	1.3
Chemicals — Diversified	1.3
Commercial Services — Finance	1.2
Pharmacy Services	1.2
Machinery — Construction & Mining	1.2
Retail — Building Products	1.1
Investment Management/Advisor Services	1.1
Coatings/Paint	1.0
Transport — Services	1.0
Electric — Integrated	0.9
Food — Wholesale/Distribution	0.8
Beverages — Wine/Spirits	0.7
Medical Products	0.7
Retail — Apparel/Shoe	0.7
Apparel Manufacturers	0.6
Airlines	0.6
Electric Products — Misc.	0.5
Entertainment Software	0.5
Semiconductor Equipment	0.5
Electronic Measurement Instruments	0.5
E-Commerce/Services	0.4
Retail — Discount	0.4
Banks — Fiduciary	0.4
Oil — Field Services	0.3
Metal — Copper	0.2
Cellular Telecom	0.2
Internet Security	0.2
Retail — Auto Parts	0.2
	99.9	%

* Calculated as a percentage of net assets

137

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Aerospace/Defense — 2.0%
General Dynamics Corp.		7,260	$	1,342,302
Lockheed Martin Corp.		7,305		2,194,641
				3,536,943
Airlines — 0.6%
Southwest Airlines Co.		18,402		1,004,933
Apparel Manufacturers — 0.6%
PVH Corp.		9,880		1,091,839
Applications Software — 5.1%
Microsoft Corp.		79,595		8,826,290
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		12,930		663,438
Banks - Super Regional — 3.3%
US Bancorp		28,645		1,560,007
Wells Fargo & Co.		75,665		4,107,096
				5,667,103
Beverages - Wine/Spirits — 0.7%
Constellation Brands, Inc., Class A		6,630		1,297,889
Cable/Satellite TV — 2.1%
Comcast Corp., Class A		93,173		3,634,679
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		6,200		424,390
Chemicals - Diversified — 1.3%
DowDuPont, Inc.		37,656		2,178,400
Coatings/Paint — 1.0%
Sherwin-Williams Co.		4,228		1,792,968
Commercial Services - Finance — 1.2%
S&P Global, Inc.		4,950		905,157
Total System Services, Inc.		14,105		1,232,354
				2,137,511
Computers — 4.1%
Apple, Inc.		39,588		7,069,625
Data Processing/Management — 2.1%
Fidelity National Information Services, Inc.		22,955		2,477,992
First Data Corp., Class A†		65,330		1,246,497
				3,724,489
Diversified Banking Institutions — 6.0%
Citigroup, Inc.		57,456		3,722,574
JPMorgan Chase & Co.		46,915		5,216,479
Morgan Stanley		34,280		1,521,689
				10,460,742
E-Commerce/Products — 4.1%
Amazon.com, Inc.†		3,285		5,552,208
eBay, Inc.†		52,520		1,567,722
				7,119,930
E-Commerce/Services — 0.4%
Expedia Group, Inc.		6,405		773,660
Electric Products-Misc. — 0.5%
Emerson Electric Co.		12,580		849,402
Electric - Integrated — 0.9%
American Electric Power Co., Inc.		19,800		1,539,252
Electronic Components - Semiconductors — 2.7%
Broadcom, Inc.		12,415		2,947,445
Microchip Technology, Inc.#		6,895		517,125

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
NVIDIA Corp.		7,080	$	1,157,085
				4,621,655
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		11,260		814,661
Entertainment Software — 0.5%
Activision Blizzard, Inc.		16,589		827,459
Finance - Credit Card — 2.6%
Mastercard, Inc., Class A		22,417		4,507,386
Food - Misc./Diversified — 2.5%
Conagra Brands, Inc.		44,563		1,441,167
Mondelez International, Inc., Class A		63,795		2,869,499
				4,310,666
Food - Wholesale/Distribution — 0.8%
Sysco Corp.		19,419		1,308,841
Instruments - Controls — 1.9%
Honeywell International, Inc.		23,046		3,382,000
Insurance Brokers — 1.3%
Aon PLC		13,437		2,218,583
Insurance - Property/Casualty — 3.0%
Berkshire Hathaway, Inc., Class B†		24,289		5,300,831
Internet Content - Entertainment — 2.5%
Facebook, Inc., Class A†		30,450		4,281,574
Internet Security — 0.2%
Palo Alto Networks, Inc.†		2,115		365,789
Investment Management/Advisor Services — 1.1%
BlackRock, Inc.		4,332		1,854,139
Machinery - Construction & Mining — 1.2%
Caterpillar, Inc.		14,870		2,017,413
Medical Instruments — 2.5%
Medtronic PLC		43,829		4,274,642
Medical Products — 0.7%
Abbott Laboratories		17,196		1,273,364
Medical - Biomedical/Gene — 2.8%
Alexion Pharmaceuticals, Inc.†		11,990		1,476,569
Biogen, Inc.†		10,320		3,443,990
				4,920,559
Medical - Drugs — 7.1%
Allergan PLC		13,790		2,159,514
Johnson & Johnson		37,048		5,442,351
Pfizer, Inc.		102,565		4,741,580
				12,343,445
Medical - HMO — 2.5%
Anthem, Inc.		10,160		2,947,111
Cigna Corp.		6,194		1,383,616
				4,330,727
Metal - Copper — 0.2%
Freeport-McMoRan, Inc.		35,580		424,825
Networking Products — 1.3%
Cisco Systems, Inc.		47,110		2,255,156
Oil Companies - Exploration & Production — 2.4%
Canadian Natural Resources, Ltd.		61,685		1,551,378
Cimarex Energy Co.		6,530		535,329
EOG Resources, Inc.		20,633		2,131,595
				4,218,302

138

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 2.3%
Chevron Corp.		33,985	$	4,042,176
Oil - Field Services — 0.3%
Halliburton Co.		16,293		512,089
Pharmacy Services — 1.2%
CVS Health Corp.		26,455		2,121,691
Real Estate Investment Trusts — 2.5%
American Tower Corp.		16,625		2,734,646
Equinix, Inc.		2,860		1,101,901
Weyerhaeuser Co.		19,125		505,091
				4,341,638
Retail - Apparel/Shoe — 0.7%
Tapestry, Inc.		30,345		1,181,331
Retail - Auto Parts — 0.2%
AutoZone, Inc.†		414		334,955
Retail - Building Products — 1.1%
Lowe’s Cos., Inc.		20,485		1,933,169
Retail - Discount — 0.4%
Dollar General Corp.		6,962		772,712
Retail - Restaurants — 2.1%
McDonald’s Corp.		12,970		2,444,975
Restaurant Brands International, Inc.		21,933		1,279,352
				3,724,327
Semiconductor Equipment — 0.5%
Lam Research Corp.		5,220		819,331
Telephone - Integrated — 2.7%
AT&T, Inc.		92,945		2,903,602
Verizon Communications, Inc.		28,393		1,712,098
				4,615,700
Tobacco — 2.6%
Philip Morris International, Inc.		51,535		4,459,324
Transport - Services — 1.0%
FedEx Corp.		7,788		1,783,452

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 4.1%
Alphabet, Inc., Class A†		2,502		$	2,776,344
Alphabet, Inc., Class C†		3,978			4,353,643
					7,129,987
Total Long-Term Investment Securities
(cost $145,743,675)					171,417,382
REPURCHASE AGREEMENTS — 1.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated11/30/2018, to be repurchased 12/03/2018 in the amount of $2,202,077 collateralized by $2,255,000 of U.S. Treasury Notes, bearing interest at 2.90% due 05/31/2025 and having an approximate value of $2,246,104 (cost $2,202,000)	$	2,202,000			2,202,000
TOTAL INVESTMENTS
(cost $147,945,675)(1)		99.9	%		173,619,382
Other assets less liabilities		0.1			235,344
NET ASSETS		100.0	%	$	173,854,726

† Non-income producing security

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

At November 30, 2018, the Fund had loaned securities with a total value of $399,375. This was secured by collateral of $409,068 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 November 30, 2018
United States Treasury Notes/Bonds	0.13% to 8.75%	01/15/2019 to 05/15/2048	$409,068

(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 November 30, 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	$	171,417,382	$	—	$	—	$	171,417,382
Repurchase Agreements		—		2,202,000		—		2,202,000
Total Investments at Value	$	171,417,382	$	2,202,000	$	—	$	173,619,382

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

See Notes to Financial Statements

139

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Web Portals/ISP	6.4	%
Computer Services	5.4
Finance — Credit Card	5.1
Applications Software	4.7
Cosmetics & Toiletries	4.6
Data Processing/Management	4.2
Diagnostic Equipment	4.2
Commercial Services — Finance	3.5
Semiconductor Components — Integrated Circuits	3.2
Athletic Footwear	3.1
Insurance Brokers	3.1
Medical Products	2.9
Electronic Components — Semiconductors	2.9
Retail — Restaurants	2.8
Cable/Satellite TV	2.7
Computers	2.6
Consulting Services	2.3
Soap & Cleaning Preparation	2.1
Chemicals — Diversified	2.0
Commercial Services	2.0
Entertainment Software	2.0
Private Equity	1.8
Transport — Rail	1.8
E-Commerce/Products	1.8
Instruments — Controls	1.7
Retail — Major Department Stores	1.6
Machinery — General Industrial	1.6
Instruments — Scientific	1.6
Coatings/Paint	1.5
Medical — Drugs	1.5
Electronic Connectors	1.5
Aerospace/Defense — Equipment	1.4
Beverages — Non-alcoholic	1.3
Textile — Apparel	1.2
Electronic Measurement Instruments	1.2
Apparel Manufacturers	1.2
Pharmacy Services	0.9
Multimedia	0.8
Gambling (Non-Hotel)	0.8
Finance — Other Services	0.7
U.S. Government Agencies	0.7
Finance — Investment Banker/Broker	0.5
Retail — Auto Parts	0.5
Diversified Manufacturing Operations	0.4
Oil — Field Services	0.1
Veterinary Diagnostics	0.1
	100.0	%

* Calculated as a percentage of net assets

140

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Aerospace/Defense - Equipment — 1.4%
United Technologies Corp.		54,549	$	6,646,250
Apparel Manufacturers — 1.2%
VF Corp.		68,408		5,560,886
Applications Software — 4.7%
Microsoft Corp.		199,234		22,093,058
Athletic Footwear — 3.1%
adidas AG		21,396		4,719,145
NIKE, Inc., Class B		129,701		9,743,139
				14,462,284
Beverages - Non-alcoholic — 1.3%
PepsiCo, Inc.		49,072		5,983,840
Cable/Satellite TV — 2.7%
Comcast Corp., Class A		321,258		12,532,275
Chemicals - Diversified — 2.0%
LyondellBasell Industries NV, Class A		14,205		1,325,469
PPG Industries, Inc.		75,004		8,200,187
				9,525,656
Coatings/Paint — 1.5%
Sherwin-Williams Co.		17,040		7,226,153
Commercial Services — 2.0%
Ecolab, Inc.		59,273		9,512,724
Commercial Services - Finance — 3.5%
Equifax, Inc.		15,958		1,638,408
Experian PLC		222,569		5,427,914
Moody’s Corp.		58,392		9,288,415
				16,354,737
Computer Services — 5.4%
Accenture PLC, Class A		105,221		17,310,959
Cognizant Technology Solutions Corp., Class A		111,742		7,959,383
				25,270,342
Computers — 2.6%
Apple, Inc.		69,754		12,456,669
Consulting Services — 2.3%
Verisk Analytics, Inc.†		89,770		11,070,436
Cosmetics & Toiletries — 4.6%
Colgate-Palmolive Co.		152,362		9,678,034
Estee Lauder Cos., Inc., Class A		58,034		8,279,130
L’Oreal SA		16,171		3,822,645
				21,779,809
Data Processing/Management — 4.2%
Fidelity National Information Services, Inc.		92,250		9,958,387
Fiserv, Inc.†		122,890		9,724,286
				19,682,673
Diagnostic Equipment — 4.2%
Danaher Corp.		68,759		7,531,861
Thermo Fisher Scientific, Inc.		48,155		12,017,080
				19,548,941
Diversified Manufacturing Operations — 0.4%
Colfax Corp.†		71,915		1,793,560
E-Commerce/Products — 1.8%
Alibaba Group Holding, Ltd. ADR†		51,734		8,321,931
Electronic Components - Semiconductors — 2.9%
Texas Instruments, Inc.		134,816		13,461,378

Security Description	Shares		Value (Note 2)
Electronic Connectors — 1.5%
Amphenol Corp., Class A		81,211	$	7,141,695
Electronic Measurement Instruments — 1.2%
Fortive Corp.		73,792		5,613,357
Entertainment Software — 2.0%
Electronic Arts, Inc.†		109,669		9,219,873
Finance - Credit Card — 5.1%
Mastercard, Inc., Class A		47,205		9,491,509
Visa, Inc., Class A#		102,712		14,555,318
				24,046,827
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		58,362		2,614,618
Finance - Other Services — 0.7%
CME Group, Inc.		17,290		3,286,483
Gambling (Non-Hotel) — 0.8%
Paddy Power Betfair PLC		41,322		3,681,512
Instruments - Controls — 1.7%
Mettler-Toledo International, Inc.†		12,303		7,832,828
Instruments - Scientific — 1.6%
Waters Corp.†		37,096		7,366,524
Insurance Brokers — 3.1%
Aon PLC		87,148		14,389,006
Machinery - General Industrial — 1.6%
Nordson Corp.		61,883		7,451,332
Medical Products — 2.9%
Abbott Laboratories		132,791		9,833,174
Cooper Cos., Inc.		13,328		3,716,246
				13,549,420
Medical - Drugs — 1.5%
Eli Lilly & Co.		24,636		2,922,815
Zoetis, Inc.		45,522		4,273,150
				7,195,965
Multimedia — 0.8%
Twenty-First Century Fox, Inc., Class A		42,389		2,096,984
Walt Disney Co.		14,894		1,720,108
				3,817,092
Oil - Field Services — 0.1%
Schlumberger, Ltd.		11,688		527,129
Pharmacy Services — 0.9%
CVS Health Corp.		31,954		2,562,711
Express Scripts Holding Co.†		15,318		1,554,317
				4,117,028
Private Equity — 1.8%
Blackstone Group LP		258,495		8,719,036
Retail - Auto Parts — 0.5%
AutoZone, Inc.†		2,815		2,277,532
Retail - Major Department Stores — 1.6%
TJX Cos., Inc.		157,830		7,709,996
Retail - Restaurants — 2.8%
Starbucks Corp.		198,924		13,272,209
Semiconductor Components - Integrated Circuits — 3.2%
Analog Devices, Inc.		97,896		8,998,600
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		159,894		6,010,416
				15,009,016

141

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Soap & Cleaning Preparation — 2.1%
Church & Dwight Co., Inc.		57,012		$	3,773,624
Reckitt Benckiser Group PLC		73,096			6,081,442
					9,855,066
Textile - Apparel — 1.2%
LVMH Moet Hennessy Louis Vuitton SE		20,354			5,857,510
Transport - Rail — 1.8%
Union Pacific Corp.		55,497			8,534,329
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		9,443			315,491
Web Portals/ISP — 6.4%
Alphabet, Inc., Class A†		26,931			29,883,984
Total Long-Term Investment Securities
(cost $335,860,412)					466,568,460
SHORT-TERM INVESTMENT SECURITIES — 0.7%
U.S. Government Agencies — 0.7%
Federal Home Loan Bank Disc. Notes 2.07% due 12/03/2018 (cost $3,171,640)	$	3,172,000			3,172,000
TOTAL INVESTMENTS
(cost $339,032,052)(1)		100.0	%		469,740,460
Other assets less liabilities		0.0			27,463
NET ASSETS		100.0	%	$	469,767,923

† Non-income producing security

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

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

At November 30, 2018, the Fund had loaned securities with a total value of $14,040,627. This was secured by collateral of $14,059,982 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
United States Treasury Bills	0.00%	03/07/2019 to 04/25/2019	$	1,744,307
United States Treasury Notes/Bonds	0.13% to 8.75%	02/28/2019 to 08/15/2047		12,315,675

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	436,978,293	$	29,590,167	**	$	—	$	466,568,460
Short-Term Investment Securities		—		3,172,000			—		3,172,000
Total Investments at Value	$	436,978,293	$	32,762,167		$	—	$	469,740,460

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

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

See Notes to Financial Statements

142

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	8.7	%
Banks — Commercial	7.1
Repurchase Agreements	3.2
Gas — Distribution	2.5
Oil Companies — Exploration & Production	2.3
Retail — Restaurants	2.1
Electric — Integrated	2.1
Medical Instruments	2.1
Chemicals — Specialty	1.7
Insurance — Property/Casualty	1.7
Computer Services	1.6
Enterprise Software/Service	1.5
Medical Products	1.5
Machinery — General Industrial	1.4
Steel — Producers	1.3
Food — Misc./Diversified	1.3
Commercial Services — Finance	1.3
Insurance — Multi-line	1.2
Medical — Biomedical/Gene	1.1
Transport — Truck	1.1
Medical Labs & Testing Services	1.1
Diversified Manufacturing Operations	1.1
Electronic Parts Distribution	1.1
Insurance — Reinsurance	1.0
Investment Management/Advisor Services	1.0
Electronic Components — Misc.	1.0
Building — Residential/Commercial	0.9
Registered Investment Companies	0.9
Applications Software	0.9
Aerospace/Defense	0.9
Electronic Measurement Instruments	0.9
Electronic Components — Semiconductors	0.9
Disposable Medical Products	0.8
Semiconductor Components — Integrated Circuits	0.8
Data Processing/Management	0.8
Oil & Gas Drilling	0.8
Human Resources	0.7
Savings & Loans/Thrifts	0.7
Theaters	0.7
Distribution/Wholesale	0.7
Office Automation & Equipment	0.6
Oil — Field Services	0.6
Semiconductor Equipment	0.6
Medical — Drugs	0.6
Recreational Vehicles	0.6
Containers — Paper/Plastic	0.6
Garden Products	0.5
Hotels/Motels	0.5
Machine Tools & Related Products	0.5
Multimedia	0.5
Real Estate Management/Services	0.5
Coatings/Paint	0.5
Television	0.5
Commercial Services	0.5
Medical — HMO	0.5
Retail — Misc./Diversified	0.5
Funeral Services & Related Items	0.5
Building Products — Air & Heating	0.5
Insurance — Life/Health	0.5
Auto/Truck Parts & Equipment — Original	0.4
Engineering/R&D Services	0.4
Finance — Investment Banker/Broker	0.4
Resorts/Theme Parks	0.4
Footwear & Related Apparel	0.4
Industrial Automated/Robotic	0.4
Physical Therapy/Rehabilitation Centers	0.4
Hazardous Waste Disposal	0.4
Machinery — Pumps	0.4
Machinery — Construction & Mining	0.4

Building — Heavy Construction	0.4
Filtration/Separation Products	0.4
Finance — Consumer Loans	0.4
Finance — Other Services	0.4
Oil Refining & Marketing	0.4
Telecommunication Equipment	0.4
Insurance Brokers	0.4
Racetracks	0.4
Wireless Equipment	0.4
Miscellaneous Manufacturing	0.4
Retail — Apparel/Shoe	0.4
Medical Information Systems	0.4
Batteries/Battery Systems	0.4
Schools	0.4
Retail — Discount	0.4
Containers — Metal/Glass	0.4
Airlines	0.3
Water	0.3
Power Converter/Supply Equipment	0.3
Patient Monitoring Equipment	0.3
Lighting Products & Systems	0.3
Computers — Integrated Systems	0.3
Oil Companies — Integrated	0.3
Rental Auto/Equipment	0.3
Medical — Hospitals	0.3
Medical — Outpatient/Home Medical	0.3
Transport — Rail	0.3
Aerospace/Defense — Equipment	0.3
Health Care Cost Containment	0.3
Electric Products — Misc.	0.3
Gold Mining	0.3
Networking Products	0.3
Retail — Convenience Store	0.3
Telecom Equipment — Fiber Optics	0.3
Instruments — Controls	0.3
Retail — Mail Order	0.3
Pipelines	0.3
Cable/Satellite TV	0.3
Apparel Manufacturers	0.2
Building & Construction — Misc.	0.2
Transport — Marine	0.2
Retail — Catalog Shopping	0.2
Machinery — Farming	0.2
Casino Services	0.2
U.S. Government Treasuries	0.2
Publishing — Newspapers	0.2
Consumer Products — Misc.	0.2
Office Furnishings — Original	0.2
Multilevel Direct Selling	0.2
Food — Baking	0.2
Security Services	0.2
Chemicals — Diversified	0.2
Building Products — Cement	0.2
Computer Software	0.2
Machinery — Electrical	0.2
Building — Mobile Home/Manufactured Housing	0.2
Lasers — System/Components	0.2
Energy — Alternate Sources	0.2
Transactional Software	0.2
Steel — Specialty	0.2
Telephone — Integrated	0.2
Building & Construction Products — Misc.	0.2
Transport — Equipment & Leasing	0.2
Transport — Services	0.2
Food — Retail	0.2
Steel Pipe & Tube	0.2
Computers — Other	0.2
Metal Processors & Fabrication	0.2
Retail — Sporting Goods	0.2

143

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Paper & Related Products	0.2	%
Retail — Jewelry	0.2
Chemicals — Plastics	0.2
Electronic Security Devices	0.1
Publishing — Books	0.1
Printing — Commercial	0.1
Brewery	0.1
Home Furnishings	0.1
Publishing — Periodicals	0.1
Poultry	0.1
Wire & Cable Products	0.1
Cosmetics & Toiletries	0.1
Retail — Automobile	0.1
Dental Supplies & Equipment	0.1
Casino Hotels	0.1
Finance — Mortgage Loan/Banker	0.1
Housewares	0.1
Retail — Bedding	0.1
Retail — Petroleum Products	0.1
Quarrying	0.1
Metal Products — Distribution	0.1
E-Commerce/Services	0.1
Retail — Arts & Crafts	0.1
Oil Field Machinery & Equipment	0.1
Auction Houses/Art Dealers	0.1
Retail — Regional Department Stores	0.1
	100.7	%

* Calculated as a percentage of net assets

144

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Aerospace/Defense — 0.9%
Esterline Technologies Corp.†		50,289	$	5,970,813
MSA Safety, Inc.		66,377		7,234,429
Teledyne Technologies, Inc.†		68,156		15,306,475
				28,511,717
Aerospace/Defense - Equipment — 0.3%
Curtiss-Wright Corp.		83,467		9,214,757
Airlines — 0.3%
JetBlue Airways Corp.†		593,723		11,589,473
Apparel Manufacturers — 0.2%
Carter’s, Inc.		88,191		8,157,667
Applications Software — 0.9%
CDK Global, Inc.		245,654		12,380,962
PTC, Inc.†		201,257		17,406,718
				29,787,680
Auction Houses/Art Dealers — 0.1%
Sotheby’s†#		66,048		2,641,260
Auto/Truck Parts & Equipment - Original — 0.4%
Adient PLC#		164,798		3,902,416
Dana, Inc.		274,319		3,980,369
Delphi Technologies PLC		168,499		2,879,648
Visteon Corp.†		55,729		4,113,915
				14,876,348
Banks - Commercial — 7.1%
Associated Banc-Corp.		326,601		7,567,345
BancorpSouth Bank		170,440		5,247,848
Bank of Hawaii Corp.#		79,767		6,361,418
Bank OZK		229,416		6,217,174
Cathay General Bancorp		146,498		5,796,926
Chemical Financial Corp.#		135,503		6,395,742
Commerce Bancshares, Inc.		189,085		11,916,140
Cullen/Frost Bankers, Inc.#		121,285		12,167,311
East West Bancorp, Inc.		275,017		14,765,663
First Horizon National Corp.		616,793		10,170,917
FNB Corp.#		615,379		7,544,547
Fulton Financial Corp.		333,858		5,812,468
Hancock Holding Co.†		161,959		6,513,991
Home BancShares, Inc.#		304,959		5,980,246
International Bancshares Corp.		104,178		3,999,393
MB Financial, Inc.		159,797		7,331,486
PacWest Bancorp		232,347		9,349,643
Pinnacle Financial Partners, Inc.#		138,930		7,967,635
Prosperity Bancshares, Inc.#		125,912		8,737,034
Signature Bank		105,051		12,955,940
Synovus Financial Corp.		222,704		8,420,438
TCF Financial Corp.		318,247		7,157,375
Texas Capital Bancshares, Inc.†		95,192		5,679,155
Trustmark Corp.		128,332		4,150,257
UMB Financial Corp.		85,567		5,790,319
Umpqua Holdings Corp.		417,907		8,040,531
United Bankshares, Inc.#		197,032		7,126,647
Valley National Bancorp#		629,066		6,806,494
Webster Financial Corp.		175,031		10,531,615
Wintrust Financial Corp.		106,970		8,274,129
				234,775,827
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.		113,432		5,085,157
EnerSys		79,939		6,984,270
				12,069,427

Security Description	Shares		Value (Note 2)
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		16,388	$	4,499,162
Building & Construction Products - Misc. — 0.2%
Louisiana-Pacific Corp.		270,849		6,191,608
Building & Construction - Misc. — 0.2%
EMCOR Group, Inc.		110,414		8,044,764
Building Products - Air & Heating — 0.5%
Lennox International, Inc.		68,757		15,532,894
Building Products - Cement — 0.2%
Eagle Materials, Inc.		90,689		6,620,297
Building - Heavy Construction — 0.4%
Arcosa, Inc.†		1		27
Dycom Industries, Inc.†		59,280		3,927,893
Granite Construction, Inc.#		86,720		4,390,634
MasTec, Inc.†#		123,399		5,564,061
				13,882,615
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		95,005		6,442,289
Building - Residential/Commercial — 0.9%
KB Home		162,400		3,428,264
NVR, Inc.†		6,470		15,851,500
Toll Brothers, Inc.		257,295		8,483,016
TRI Pointe Group, Inc.†#		269,872		3,368,003
				31,130,783
Cable/Satellite TV — 0.3%
Cable One, Inc.		9,416		8,467,715
Casino Hotels — 0.1%
Boyd Gaming Corp.		153,414		3,807,735
Casino Services — 0.2%
Eldorado Resorts, Inc.†#		123,289		5,422,250
Scientific Games Corp.†#		104,104		2,027,946
				7,450,196
Chemicals - Diversified — 0.2%
Olin Corp.		316,934		6,823,589
Chemicals - Plastics — 0.2%
PolyOne Corp.		151,713		5,100,591
Chemicals - Specialty — 1.7%
Ashland Global Holdings, Inc.#		118,473		9,701,754
Cabot Corp.		116,827		5,747,888
Chemours Co.		335,618		9,558,401
Minerals Technologies, Inc.		67,002		3,770,873
NewMarket Corp.#		16,954		7,128,818
Sensient Technologies Corp.		80,232		5,155,708
Valvoline, Inc.#		362,001		7,634,601
Versum Materials, Inc.		206,764		7,162,305
				55,860,348
Coatings/Paint — 0.5%
RPM International, Inc.		253,247		16,701,640
Commercial Services — 0.5%
CoreLogic, Inc.†		153,616		6,215,303
Healthcare Services Group, Inc.#		139,944		6,605,357
Weight Watchers International, Inc.†#		73,334		3,668,167
				16,488,827
Commercial Services - Finance — 1.3%
MarketAxess Holdings, Inc.		71,303		15,524,802
Sabre Corp.		522,134		13,350,966
WEX, Inc.†		81,780		12,673,447
				41,549,215

145

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Services — 1.6%
CACI International, Inc., Class A†		46,885	$	7,731,805
Leidos Holdings, Inc.		285,591		17,992,233
MAXIMUS, Inc.		121,911		8,670,311
Perspecta, Inc.		270,492		5,710,086
Science Applications International Corp.		80,552		5,599,975
Teradata Corp.†		226,029		8,505,471
				54,209,881
Computer Software — 0.2%
j2 Global, Inc.		88,781		6,552,926
Computers - Integrated Systems — 0.3%
NCR Corp.†#		223,751		6,200,140
NetScout Systems, Inc.†#		137,556		3,683,750
				9,883,890
Computers - Other — 0.2%
Lumentum Holdings, Inc.†#		119,163		5,299,179
Consumer Products - Misc. — 0.2%
Helen of Troy, Ltd.†		49,994		7,150,642
Containers - Metal/Glass — 0.4%
Greif, Inc., Class A		49,231		2,524,073
Owens-Illinois, Inc.†		302,220		5,557,826
Silgan Holdings, Inc.		146,952		3,784,014
				11,865,913
Containers - Paper/Plastic — 0.6%
Bemis Co., Inc.		172,729		8,422,266
Sonoco Products Co.		189,025		10,876,499
				19,298,765
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co.†		102,557		4,286,883
Data Processing/Management — 0.8%
CommVault Systems, Inc.†		72,909		4,297,257
Dun & Bradstreet Corp.		70,458		10,113,541
Fair Isaac Corp.†		55,310		10,986,225
				25,397,023
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.#		156,609		3,973,170
Disposable Medical Products — 0.8%
ICU Medical, Inc.†		31,464		7,566,777
STERIS PLC		160,463		19,107,934
				26,674,711
Distribution/Wholesale — 0.7%
Pool Corp.		76,624		12,452,166
Watsco, Inc.		60,830		9,349,571
				21,801,737
Diversified Manufacturing Operations — 1.1%
Carlisle Cos., Inc.		113,369		11,962,697
Crane Co.		96,140		8,303,612
ITT, Inc.		166,248		9,218,451
Trinity Industries, Inc.		280,335		6,680,383
				36,165,143
E-Commerce/Services — 0.1%
Cars.com, Inc.†#		121,753		3,149,750
Electric Products - Misc. — 0.3%
Littelfuse, Inc.		47,599		9,108,069

Security Description	Shares		Value (Note 2)
Electric - Integrated — 2.1%
ALLETE, Inc.		97,473	$	7,932,353
Black Hills Corp.#		102,439		6,782,486
Hawaiian Electric Industries, Inc.		206,631		7,918,100
IDACORP, Inc.		95,636		9,395,281
MDU Resources Group, Inc.		372,004		9,846,946
NorthWestern Corp.		95,492		6,107,668
OGE Energy Corp.		379,051		15,018,000
PNM Resources, Inc.		151,168		6,533,481
				69,534,315
Electronic Components - Misc. — 1.0%
Gentex Corp.		510,351		11,493,104
Jabil, Inc.		290,905		7,263,898
nVent Electric PLC		309,199		7,736,159
Vishay Intertechnology, Inc.#		250,734		5,227,804
				31,720,965
Electronic Components - Semiconductors — 0.9%
Cree, Inc.†#		193,180		8,526,965
Monolithic Power Systems, Inc.		73,855		9,754,030
Silicon Laboratories, Inc.†		82,272		7,270,377
Synaptics, Inc.†		67,110		2,581,050
				28,132,422
Electronic Measurement Instruments — 0.9%
National Instruments Corp.		213,269		10,441,650
Trimble, Inc.†		474,368		18,040,215
				28,481,865
Electronic Parts Distribution — 1.1%
Arrow Electronics, Inc.†		165,847		12,765,244
Avnet, Inc.		219,692		9,626,903
SYNNEX Corp.		79,006		6,378,944
Tech Data Corp.†		72,781		6,546,651
				35,317,742
Electronic Security Devices — 0.1%
Resideo Technologies, Inc.†		234,936		4,846,730
Energy - Alternate Sources — 0.2%
First Solar, Inc.†		143,204		6,365,418
Engineering/R&D Services — 0.4%
AECOM†#		305,129		9,812,949
KBR, Inc.		267,020		4,958,561
				14,771,510
Enterprise Software/Service — 1.5%
Blackbaud, Inc.#		92,203		6,753,870
LiveRamp Holdings, Inc.†		147,027		6,954,377
Manhattan Associates, Inc.†		124,800		6,181,344
Tyler Technologies, Inc.†		73,352		14,139,331
Ultimate Software Group, Inc.†		59,212		15,627,231
				49,656,153
Filtration/Separation Products — 0.4%
Donaldson Co., Inc.#		244,775		13,717,191
Finance - Consumer Loans — 0.4%
Navient Corp.		446,968		5,140,132
SLM Corp.†		826,269		8,485,783
				13,625,915
Finance - Investment Banker/Broker — 0.4%
Evercore, Inc., Class A		77,727		6,417,141
Interactive Brokers Group, Inc., Class A		142,495		8,243,336
				14,660,477

146

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Mortgage Loan/Banker — 0.1%
LendingTree, Inc.†#		14,108	$	3,672,877
Finance - Other Services — 0.4%
SEI Investments Co.		250,005		13,425,268
Food - Baking — 0.2%
Flowers Foods, Inc.		348,187		6,890,621
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		35,204		1,232,492
Food - Misc./Diversified — 1.3%
Hain Celestial Group, Inc.†#		169,662		3,512,003
Ingredion, Inc.		134,796		14,080,790
Lancaster Colony Corp.		37,041		6,679,233
Post Holdings, Inc.†#		126,434		12,232,490
TreeHouse Foods, Inc.†#		106,742		5,614,629
				42,119,145
Food - Retail — 0.2%
Sprouts Farmers Market, Inc.†		241,187		5,552,125
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†		57,075		7,604,673
Skechers U.S.A., Inc., Class A†		256,390		6,922,530
				14,527,203
Funeral Services & Related Items — 0.5%
Service Corp. International		342,287		15,813,659
Garden Products — 0.5%
Scotts Miracle-Gro Co.#		74,694		5,675,250
Toro Co.		199,638		12,375,560
				18,050,810
Gas - Distribution — 2.5%
Atmos Energy Corp.		211,038		20,190,006
National Fuel Gas Co.#		163,118		8,783,904
New Jersey Resources Corp.#		167,533		8,130,377
ONE Gas, Inc.		99,669		8,480,835
Southwest Gas Holdings, Inc.		99,130		7,808,470
UGI Corp.		329,957		18,956,030
Vectren Corp.		157,672		11,322,426
				83,672,048
Gold Mining — 0.3%
Royal Gold, Inc.		124,316		9,093,715
Hazardous Waste Disposal — 0.4%
Clean Harbors, Inc.†		96,866		6,250,763
Stericycle, Inc.†		161,616		7,768,881
				14,019,644
Health Care Cost Containment — 0.3%
HealthEquity, Inc.†		102,799		9,117,243
Home Furnishings — 0.1%
Tempur Sealy International, Inc.†#		86,786		4,424,350
Hotels/Motels — 0.5%
Wyndham Destinations, Inc.†		188,678		7,824,477
Wyndham Hotels & Resorts, Inc.		189,692		9,509,260
				17,333,737
Housewares — 0.1%
Tupperware Brands Corp.		94,932		3,603,619
Human Resources — 0.7%
ASGN, Inc.†		99,354		6,880,265
Insperity, Inc.		72,403		7,243,196
ManpowerGroup, Inc.		123,158		9,997,966
				24,121,427

Security Description	Shares		Value (Note 2)
Industrial Automated/Robotic — 0.4%
Cognex Corp.		326,484	$	14,371,826
Instruments - Controls — 0.3%
Woodward, Inc.		105,372		8,817,529
Insurance Brokers — 0.4%
Brown & Brown, Inc.		439,907		12,766,101
Insurance - Life/Health — 0.5%
CNO Financial Group, Inc.		312,315		5,715,364
Primerica, Inc.		81,845		9,729,734
				15,445,098
Insurance - Multi-line — 1.2%
American Financial Group, Inc.		133,567		13,671,918
Genworth Financial, Inc., Class A†		950,194		4,427,904
Kemper Corp.		115,499		8,789,474
Old Republic International Corp.		539,570		12,167,304
				39,056,600
Insurance - Property/Casualty — 1.7%
Alleghany Corp.#.		28,348		17,888,438
First American Financial Corp.		211,907		10,241,465
Hanover Insurance Group, Inc.		80,725		9,259,965
Mercury General Corp.#		51,455		2,914,926
WR Berkley Corp.		182,624		14,387,119
				54,691,913
Insurance - Reinsurance — 1.0%
Aspen Insurance Holdings, Ltd.		113,286		4,742,152
Reinsurance Group of America, Inc.		120,807		18,046,149
RenaissanceRe Holdings, Ltd.		76,411		10,132,863
				32,921,164
Investment Management/Advisor Services — 1.0%
Eaton Vance Corp.		224,023		9,124,457
Federated Investors, Inc., Class B		181,667		4,810,542
Janus Henderson Group PLC		319,479		7,475,809
Legg Mason, Inc.		162,170		4,698,065
Stifel Financial Corp.		135,128		6,522,628
				32,631,501
Lasers - System/Components — 0.2%
Coherent, Inc.†#		46,115		6,371,248
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.		76,256		9,914,805
Machine Tools & Related Products — 0.5%
Kennametal, Inc.		154,952		6,480,092
Lincoln Electric Holdings, Inc.		123,684		10,630,640
				17,110,732
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		138,735		9,895,968
Terex Corp.#		123,084		4,069,157
				13,965,125
Machinery - Electrical — 0.2%
Regal Beloit Corp.		82,467		6,447,270
Machinery - Farming — 0.2%
AGCO Corp.		126,128		7,527,319
Machinery - General Industrial — 1.4%
IDEX Corp.		145,524		19,994,997
Nordson Corp.		99,320		11,959,121
Wabtec Corp.#		162,801		15,400,975
				47,355,093

147

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Pumps — 0.4%
Graco, Inc.		317,218	$	13,973,453
Medical Information Systems — 0.4%
Allscripts Healthcare Solutions, Inc.†#		331,376		3,383,349
Medidata Solutions, Inc.†#		113,254		8,744,341
				12,127,690
Medical Instruments — 2.1%
Avanos Medical, Inc.†		89,732		4,281,114
Bio-Techne Corp.		71,606		11,558,641
Cantel Medical Corp.		68,865		5,914,126
Integra LifeSciences Holdings Corp.†		134,098		7,191,676
LivaNova PLC†		92,218		9,331,539
NuVasive, Inc.†		97,589		6,215,443
Teleflex, Inc.		86,912		23,937,303
				68,429,842
Medical Labs & Testing Services — 1.1%
Catalent, Inc.†		274,943		10,901,490
Charles River Laboratories International, Inc.†		91,155		12,292,252
MEDNAX, Inc.†		177,382		7,130,756
Syneos Health, Inc.†		115,230		5,959,696
				36,284,194
Medical Products — 1.5%
Globus Medical, Inc., Class A†		139,086		6,716,463
Haemonetics Corp.†		98,101		10,524,275
Hill-Rom Holdings, Inc.		126,024		12,219,287
Inogen, Inc.†		33,225		4,896,036
West Pharmaceutical Services, Inc.		139,561		15,290,303
				49,646,364
Medical - Biomedical/Gene — 1.1%
Bio-Rad Laboratories, Inc., Class A†		38,023		10,435,793
Exelixis, Inc.†		565,613		11,487,600
Ligand Pharmaceuticals, Inc.†#		40,051		6,318,846
United Therapeutics Corp.†		82,674		9,763,799
				38,006,038
Medical - Drugs — 0.6%
Mallinckrodt PLC†#		157,915		3,756,798
PRA Health Sciences, Inc.†		109,947		12,835,213
Prestige Consumer Healthcare, Inc.†#		98,181		3,811,386
				20,403,397
Medical - HMO — 0.5%
Molina Healthcare, Inc.†		117,212		16,375,689
Medical - Hospitals — 0.3%
Acadia Healthcare Co., Inc.†#		167,527		5,690,892
Tenet Healthcare Corp.†		157,407		4,103,601
				9,794,493
Medical - Outpatient/Home Medical — 0.3%
Chemed Corp.		30,534		9,672,561
Metal Processors & Fabrication — 0.2%
Timken Co.		131,701		5,287,795
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		76,668		3,175,589
Miscellaneous Manufacturing — 0.4%
AptarGroup, Inc.		118,011		12,279,045
Multilevel Direct Selling — 0.2%
Nu Skin Enterprises, Inc., Class A		105,385		6,952,248

Security Description	Shares		Value (Note 2)
Multimedia — 0.5%
FactSet Research Systems, Inc.		72,796	$	17,069,934
Networking Products — 0.3%
LogMeIn, Inc.		98,437		9,078,844
Office Automation & Equipment — 0.6%
Pitney Bowes, Inc.		356,829		3,011,637
Zebra Technologies Corp., Class A†		101,897		18,321,080
				21,332,717
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		112,914		3,823,268
HNI Corp.		83,002		3,199,727
				7,022,995
Oil & Gas Drilling — 0.8%
Diamond Offshore Drilling, Inc.†#		122,587		1,544,596
Ensco PLC, Class A#		829,547		4,703,531
Nabors Industries, Ltd.		617,701		1,995,174
Patterson-UTI Energy, Inc.		417,567		5,795,830
Rowan Cos. PLC, Class A†		241,124		3,341,979
Transocean, Ltd.†#		815,214		7,565,186
				24,946,296
Oil Companies - Exploration & Production — 2.3%
Callon Petroleum Co.†#		431,880		3,692,574
Chesapeake Energy Corp.†#		1,731,320		5,055,454
CNX Resources Corp.†		404,345		5,596,135
Diamondback Energy, Inc.		100,190		11,058,956
EQT Corp.#		501,021		9,374,103
Gulfport Energy Corp.†		299,293		2,549,976
Matador Resources Co.†#		196,546		4,481,249
Oasis Petroleum, Inc.†#		506,936		3,619,523
QEP Resources, Inc.†		449,735		3,611,372
Range Resources Corp.		392,936		5,717,219
SM Energy Co.		195,791		3,994,136
Southwestern Energy Co.†		1,112,688		5,363,156
WPX Energy, Inc.†		749,279		10,452,442
				74,566,295
Oil Companies - Integrated — 0.3%
Murphy Oil Corp.#		308,705		9,847,689
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†#		71,257		2,797,550
Oil Refining & Marketing — 0.4%
Murphy USA, Inc.†		56,789		4,601,045
PBF Energy, Inc., Class A		227,446		8,797,611
				13,398,656
Oil - Field Services — 0.6%
Apergy Corp.†		146,776		5,031,481
Core Laboratories NV		83,908		6,973,594
McDermott International, Inc.†#		342,624		2,984,255
NOW, Inc.†#		205,705		2,774,960
Oceaneering International, Inc.†		186,997		3,139,680
				20,903,970
Paper & Related Products — 0.2%
Domtar Corp.		119,363		5,201,840
Patient Monitoring Equipment — 0.3%
Masimo Corp.†		91,088		10,057,937
Physical Therapy/Rehabilitation Centers — 0.4%
Encompass Health Corp.		187,625		14,111,276

148

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pipelines — 0.3%
Equitrans Midstream Corp.†		386,527	$	8,627,283
Poultry — 0.1%
Sanderson Farms, Inc.#		38,141		4,316,036
Power Converter/Supply Equipment — 0.3%
Hubbell, Inc.		103,949		11,451,022
Printing - Commercial — 0.1%
Deluxe Corp.		90,377		4,550,482
Publishing - Books — 0.1%
John Wiley & Sons, Inc., Class A		86,344		4,773,960
Publishing - Newspapers — 0.2%
New York Times Co., Class A#		267,807		7,185,262
Publishing - Periodicals — 0.1%
Meredith Corp.#		75,510		4,323,703
Quarrying — 0.1%
Compass Minerals International, Inc.#		64,243		3,218,574
Racetracks — 0.4%
Churchill Downs, Inc.		22,651		6,291,542
International Speedway Corp., Class A		46,382		1,963,814
Penn National Gaming, Inc.†		202,260		4,471,968
				12,727,324
Real Estate Investment Trusts — 8.7%
Alexander & Baldwin, Inc.†		128,485		2,663,494
American Campus Communities, Inc.		260,055		11,398,211
Camden Property Trust		176,124		16,759,960
CoreCivic, Inc.		225,017		4,939,123
CoreSite Realty Corp.		69,659		6,788,966
Corporate Office Properties Trust		206,586		5,055,159
Cousins Properties, Inc.		797,810		6,741,495
CyrusOne, Inc.#		198,539		11,134,067
Douglas Emmett, Inc.		306,348		11,310,368
EPR Properties		141,100		9,994,113
First Industrial Realty Trust, Inc.		239,093		7,665,322
GEO Group, Inc.		231,117		5,371,159
Healthcare Realty Trust, Inc.		237,666		7,367,646
Highwoods Properties, Inc.		196,347		8,515,569
Hospitality Properties Trust		311,931		8,372,228
JBG SMITH Properties		205,525		8,235,387
Kilroy Realty Corp.		191,018		13,388,452
Lamar Advertising Co., Class A		160,587		12,178,918
Liberty Property Trust		280,521		12,704,796
Life Storage, Inc.		88,438		8,635,086
Mack-Cali Realty Corp.		171,393		3,712,372
Medical Properties Trust, Inc.		692,430		11,958,266
National Retail Properties, Inc.		297,937		14,914,726
Omega Healthcare Investors, Inc.#		380,199		14,424,750
Pebblebrook Hotel Trust		252,741		8,825,715
PotlatchDeltic Corp.		130,522		4,842,366
Rayonier, Inc.		245,690		7,771,175
Sabra Health Care REIT, Inc.#		338,349		6,526,752
Senior Housing Properties Trust		451,002		6,205,788
Tanger Factory Outlet Centers, Inc.#		178,217		4,214,832
Taubman Centers, Inc.		115,753		6,127,964
Uniti Group, Inc.†#		333,420		6,645,061
Urban Edge Properties		216,396		4,314,936
Weingarten Realty Investors		226,047		6,523,717
				286,227,939
Real Estate Management/Services — 0.5%
Jones Lang LaSalle, Inc.		86,420		12,375,344
Realogy Holdings Corp.#		235,370		4,533,226
				16,908,570

Security Description	Shares		Value (Note 2)
Recreational Vehicles — 0.6%
Brunswick Corp.		164,584	$	8,729,535
Polaris Industries, Inc.		111,041		10,770,977
				19,500,512
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		131,283		6,144,044
Avis Budget Group, Inc.†		126,248		3,697,804
				9,841,848
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.		77,730		6,311,676
Six Flags Entertainment Corp.#		135,589		8,319,741
				14,631,417
Retail - Apparel/Shoe — 0.4%
American Eagle Outfitters, Inc.		319,776		6,692,912
Urban Outfitters, Inc.†		144,738		5,513,070
				12,205,982
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		185,377		3,145,848
Retail - Automobile — 0.1%
AutoNation, Inc.†#		109,150		4,052,739
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		265,942		3,425,333
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		87,421		7,744,626
Retail - Convenience Store — 0.3%
Casey’s General Stores, Inc.		69,450		8,991,691
Retail - Discount — 0.4%
Big Lots, Inc.		76,559		3,334,910
Ollie’s Bargain Outlet Holdings, Inc.†		97,571		8,654,548
				11,989,458
Retail - Jewelry — 0.2%
Signet Jewelers, Ltd.#		98,517		5,191,846
Retail - Mail Order — 0.3%
Williams-Sonoma, Inc.#		152,878		8,657,481
Retail - Misc./Diversified — 0.5%
Five Below, Inc.†		105,759		11,082,486
Sally Beauty Holdings, Inc.†#		228,004		4,813,164
				15,895,650
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		128,945		3,325,492
Retail - Regional Department Stores — 0.1%
Dillard’s, Inc., Class A		36,510		2,533,429
Retail - Restaurants — 2.1%
Brinker International, Inc.#		73,255		3,741,865
Cheesecake Factory, Inc.#		80,018		3,776,049
Cracker Barrel Old Country Store, Inc.		45,555		8,236,800
Domino’s Pizza, Inc.#		79,467		22,037,788
Dunkin’ Brands Group, Inc.		158,993		11,765,482
Jack in the Box, Inc.		48,855		4,332,950
Papa John’s International, Inc.#		42,606		2,044,662
Texas Roadhouse, Inc.		126,151		8,329,751
Wendy’s Co.		355,314		6,370,780
				70,636,127
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.#		145,235		5,225,555

149

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 0.7%
New York Community Bancorp, Inc.#		930,611	$	9,892,395
Sterling Bancorp		427,912		8,258,702
Washington Federal, Inc.		158,539		4,567,508
				22,718,605
Schools — 0.4%
Adtalem Global Education, Inc.†		113,737		6,567,175
Graham Holdings Co., Class B		8,318		5,481,229
				12,048,404
Security Services — 0.2%
Brink’s Co.		96,697		6,848,082
Semiconductor Components - Integrated Circuits — 0.8%
Cirrus Logic, Inc.†		115,806		4,335,777
Cypress Semiconductor Corp.		686,131		9,537,221
Integrated Device Technology, Inc.†		245,478		11,768,215
				25,641,213
Semiconductor Equipment — 0.6%
MKS Instruments, Inc.		103,983		8,158,506
Teradyne, Inc.		353,823		12,627,943
				20,786,449
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		42,526		5,551,344
Steel - Producers — 1.3%
Carpenter Technology Corp.#		89,690		3,863,845
Commercial Metals Co.		222,070		4,279,289
Reliance Steel & Aluminum Co.		137,306		11,046,268
Steel Dynamics, Inc.		445,579		15,684,381
United States Steel Corp.		336,335		7,755,885
				42,629,668
Steel - Specialty — 0.2%
Allegheny Technologies, Inc.†#		238,524		6,263,640
Telecom Equipment - Fiber Optics — 0.3%
Ciena Corp.†		270,629		8,827,918
Telecommunication Equipment — 0.4%
ARRIS International PLC†		321,699		9,940,499
Plantronics, Inc.		62,571		2,863,875
				12,804,374
Telephone - Integrated — 0.2%
Telephone & Data Systems, Inc.		174,749		6,243,782
Television — 0.5%
AMC Networks, Inc., Class A†#		86,244		5,162,566
TEGNA, Inc.		408,535		5,429,430
World Wrestling Entertainment, Inc., Class A#		82,308		6,087,500
				16,679,496
Theaters — 0.7%
Cinemark Holdings, Inc.		201,764		7,741,685
Live Nation Entertainment, Inc.†#		261,859		14,580,309
				22,321,994
Transactional Software — 0.2%
ACI Worldwide, Inc.†#		219,690		6,344,647
Transport - Equipment & Leasing — 0.2%
GATX Corp.#		71,547		5,974,890
Transport - Marine — 0.2%
Kirby Corp.†		102,265		7,806,910

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Rail — 0.3%
Genesee & Wyoming, Inc., Class A†		112,790		$	9,393,151
Transport - Services — 0.2%
Ryder System, Inc.		100,764			5,700,219
Transport - Truck — 1.1%
Knight-Swift Transportation Holdings, Inc.#		243,371			8,435,239
Landstar System, Inc.		77,987			8,506,822
Old Dominion Freight Line, Inc.		124,490			17,021,518
Werner Enterprises, Inc.		84,291			2,854,093
					36,817,672
Water — 0.3%
Aqua America, Inc.#		337,646			11,577,881
Wire & Cable Products — 0.1%
Belden, Inc.#		77,123			4,301,921
Wireless Equipment — 0.4%
InterDigital, Inc.		66,065			4,972,052
ViaSat, Inc.†#		106,232			7,344,880
					12,316,932
Total Long-Term Investment Securities
(cost $2,439,889,036)					3,181,578,894
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2)		29,942,454			29,942,454
U.S. Government Treasuries — 0.2%
United States Treasury Bills 2.03% due 12/06/2018(4)	$	2,000,000			1,999,646
2.11% due 01/03/2019(4)		1,000,000			998,072
2.12% due 12/27/2018(4)		250,000			249,633
2.37% due 03/28/2019(4)		3,100,000			3,076,580
2.54% due 07/18/2019(4)		1,000,000			984,126
					7,308,057
Total Short-Term Investment Securities
(cost $37,250,040)					37,250,511
REPURCHASE AGREEMENTS — 3.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $106,617,731 collateralized by $112,605,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $108,748,054. (cost $106,614,000)		106,614,000			106,614,000
TOTAL INVESTMENTS
(cost $2,583,753,076)(3)		100.7	%		3,325,443,405
Liabilities in excess of other assets		(0.7	)		(23,660,339	)
NET ASSETS		100.0	%	$	3,301,783,066

† Non-income producing security

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

(1) At November 30, 2018, the Fund had loaned securities with a total value of $336,734,152. This was secured by collateral of $29,942,454, which was received in cash and subsequently invested in short-term investments currently valued at $29,942,454 as reported in the Portfolio of Investments. Additional collateral of $315,810,465 was received in the form of fixed income pooled securities, which the Fund cannot sell or

150

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	26,090,381
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		40,581,733
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		9,022,614
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		15,272,587
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		224,843,150

(2) The rate shown is the 7-day yield as of November 30, 2018.

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	624	Long	S&P Mid Cap 400 E-Mini Index		December 2018	$	121,793,858	$	117,280,800	$	(4,513,058	)

* 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 November 30, 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	$	3,181,578,894	$	—	$	—	$	3,181,578,894
Short-Term Investment Securities:
Registered Investment Companies		29,942,454		—		—		29,942,454
U.S. Government Treasuries		—		7,308,057		—		7,308,057
Repurchase Agreements		—		106,614,000		—		106,614,000
Total Investments at Value	$	3,211,521,348	$	113,922,057	$	—	$	3,325,443,405
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	4,513,058	$	—	$	—	$	4,513,058

* 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.

See Notes to Financial Statements

151

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	5.5	%
Commercial Services — Finance	5.1
Enterprise Software/Service	4.5
Medical Products	3.6
Medical Instruments	3.4
Consulting Services	2.8
Commercial Services	2.5
Finance — Investment Banker/Broker	2.4
Real Estate Investment Trusts	2.4
Electronic Measurement Instruments	2.2
Instruments — Scientific	2.1
Apparel Manufacturers	2.1
Computer Services	2.0
Electronic Components — Misc.	2.0
Telecommunication Equipment	1.9
Semiconductor Equipment	1.9
Medical Labs & Testing Services	1.8
Commercial Paper	1.8
Computer Software	1.7
Insurance Brokers	1.7
Insurance — Property/Casualty	1.6
Disposable Medical Products	1.6
Retail — Apparel/Shoe	1.4
Registered Investment Companies	1.4
Electronic Connectors	1.4
Entertainment Software	1.4
Transport — Truck	1.4
Drug Delivery Systems	1.3
Therapeutics	1.3
Retail — Restaurants	1.2
Cruise Lines	1.2
Data Processing/Management	1.2
Medical — Biomedical/Gene	1.2
E-Commerce/Services	1.1
Aerospace/Defense — Equipment	1.1
Investment Management/Advisor Services	1.1
Aerospace/Defense	1.1
Applications Software	1.0
Diversified Manufacturing Operations	1.0
Computers — Memory Devices	1.0
Banks — Commercial	0.9
Printing — Commercial	0.9
Machinery — General Industrial	0.9
Beverages — Non-alcoholic	0.8
Diagnostic Kits	0.8
Electric Products — Misc.	0.8
Chemicals — Diversified	0.8
Containers — Paper/Plastic	0.8
Non-Hazardous Waste Disposal	0.8
Oil Companies — Exploration & Production	0.8
Medical Information Systems	0.7
Web Hosting/Design	0.7
Medical — HMO	0.7
Metal Processors & Fabrication	0.7
Auction Houses/Art Dealers	0.7
Retail — Perfume & Cosmetics	0.6
Retail — Discount	0.6
Motion Pictures & Services	0.6
Rental Auto/Equipment	0.6
Food — Catering	0.5
Hazardous Waste Disposal	0.5
Advertising Agencies	0.5
Wire & Cable Products	0.5
Real Estate Management/Services	0.5
Industrial Automated/Robotic	0.4
Airlines	0.4
Casino Hotels	0.4
Advertising Services	0.4
Retail — Mail Order	0.4

Internet Content — Information/News	0.4
Retail — Floor Coverings	0.4
Oil Refining & Marketing	0.4
Decision Support Software	0.3
Distribution/Wholesale	0.3
Internet Telephone	0.3
Finance — Consumer Loans	0.3
Multimedia	0.3
Medical — Drugs	0.3
E-Commerce/Products	0.2
Auto/Truck Parts & Equipment — Original	0.2
Building & Construction — Misc.	0.2
Retail — Petroleum Products	0.1
Veterinary Diagnostics	0.1
	100.9	%

* Calculated as a percentage of net assets

152

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.5%
Advertising Agencies — 0.5%
Omnicom Group, Inc.		18,846	$	1,450,577
Advertising Services — 0.4%
Trade Desk, Inc., Class A†#		8,526		1,214,529
Aerospace/Defense — 1.1%
Teledyne Technologies, Inc.†		13,354		2,999,041
Aerospace/Defense - Equipment — 1.1%
Harris Corp.		11,627		1,662,080
L3 Technologies, Inc.		8,315		1,524,056
				3,186,136
Airlines — 0.4%
Ryanair Holdings PLC ADR†		14,956		1,231,327
Apparel Manufacturers — 2.1%
Carter’s, Inc.		9,865		912,512
Gildan Activewear, Inc.		87,484		2,872,975
VF Corp.		26,420		2,147,682
				5,933,169
Applications Software — 1.0%
Intuit, Inc.		4,457		956,160
PTC, Inc.†		21,915		1,895,429
				2,851,589
Auction Houses/Art Dealers — 0.7%
Ritchie Bros. Auctioneers, Inc.		54,653		1,900,831
Auto/Truck Parts & Equipment - Original — 0.2%
Visteon Corp.†#		8,851		653,381
Banks - Commercial — 0.9%
First Republic Bank#		15,257		1,512,731
SVB Financial Group†		4,307		1,097,467
				2,610,198
Beverages - Non-alcoholic — 0.8%
Monster Beverage Corp.†		38,562		2,301,380
Building & Construction - Misc. — 0.2%
frontdoor, Inc.†		26,393		614,693
Casino Hotels — 0.4%
MGM Resorts International		45,455		1,225,467
Chemicals - Diversified — 0.8%
FMC Corp.		27,149		2,246,308
Commercial Services — 2.5%
CoStar Group, Inc.†		7,909		2,921,505
Edenred		46,618		1,783,068
ServiceMaster Global Holdings, Inc.†		52,786		2,336,836
				7,041,409
Commercial Services - Finance — 5.1%
Equifax, Inc.		14,074		1,444,977
Euronet Worldwide, Inc.†		6,842		804,688
Global Payments, Inc.		25,057		2,801,623
IHS Markit, Ltd.†		23,675		1,263,535
WEX, Inc.†		34,959		5,417,596
Worldpay, Inc., Class A†		33,794		2,899,863
				14,632,282
Computer Services — 2.0%
Amdocs, Ltd.		46,016		2,986,898
Elastic NV†		6,287		449,206
EPAM Systems, Inc.†		17,895		2,330,824
				5,766,928

Security Description	Shares		Value (Note 2)
Computer Software — 1.7%
Splunk, Inc.†		15,308	$	1,710,363
SS&C Technologies Holdings, Inc.		66,915		3,221,957
				4,932,320
Computers - Memory Devices — 1.0%
NetApp, Inc.		40,636		2,717,329
Consulting Services — 2.8%
Gartner, Inc.†#		10,099		1,547,066
Verisk Analytics, Inc.†		51,397		6,338,278
				7,885,344
Containers - Paper/Plastic — 0.8%
Sealed Air Corp.		60,748		2,219,124
Cruise Lines — 1.2%
Norwegian Cruise Line Holdings, Ltd.†		34,614		1,776,390
Royal Caribbean Cruises, Ltd.		15,398		1,741,052
				3,517,442
Data Processing/Management — 1.2%
Broadridge Financial Solutions, Inc.		9,115		965,005
Fidelity National Information Services, Inc.		22,449		2,423,370
				3,388,375
Decision Support Software — 0.3%
MSCI, Inc.		6,228		978,357
Diagnostic Kits — 0.8%
IDEXX Laboratories, Inc.†		11,080		2,257,661
Disposable Medical Products — 1.6%
ICU Medical, Inc.†		5,831		1,402,297
STERIS PLC		26,948		3,208,968
				4,611,265
Distribution/Wholesale — 0.3%
Ferguson PLC		14,883		956,711
Diversified Manufacturing Operations — 1.0%
A.O. Smith Corp.		23,284		1,103,196
Carlisle Cos., Inc.		15,613		1,647,484
				2,750,680
Drug Delivery Systems — 1.3%
DexCom, Inc.†		22,631		2,932,751
Heron Therapeutics, Inc.†#		31,235		897,382
				3,830,133
E-Commerce/Products — 0.2%
Wayfair, Inc., Class A†#		6,644		705,593
Electric Products - Misc. — 0.8%
AMETEK, Inc.		30,714		2,255,329
Electronic Components - Misc. — 2.0%
Flex, Ltd.†		157,018		1,373,907
Sensata Technologies Holding PLC†#		90,606		4,191,434
				5,565,341
Electronic Components - Semiconductors — 5.5%
Advanced Micro Devices, Inc.†		88,270		1,880,151
Microchip Technology, Inc.#		46,134		3,460,050
Monolithic Power Systems, Inc.		8,857		1,169,744
ON Semiconductor Corp.†		149,039		2,858,568
Xilinx, Inc.		68,015		6,290,027
				15,658,540
Electronic Connectors — 1.4%
TE Connectivity, Ltd.		52,959		4,074,136

153

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments — 2.2%
Agilent Technologies, Inc.		31,804	$	2,301,019
National Instruments Corp.		60,076		2,941,321
Trimble, Inc.†		27,222		1,035,253
				6,277,593
Enterprise Software/Service — 4.5%
Atlassian Corp. PLC, Class A†		32,818		2,820,379
Ceridian HCM Holding, Inc.†#		32,785		1,315,334
Constellation Software, Inc.		5,181		3,553,449
SVMK, Inc.†(2)(3)		44,965		593,943
Ultimate Software Group, Inc.†		6,703		1,769,056
Workday, Inc., Class A†		17,119		2,807,516
				12,859,677
Entertainment Software — 1.4%
Take-Two Interactive Software, Inc.†		23,655		2,594,244
Zynga, Inc., Class A†		357,307		1,293,451
				3,887,695
Finance - Consumer Loans — 0.3%
Synchrony Financial		33,729		876,279
Finance - Investment Banker/Broker — 2.4%
E*TRADE Financial Corp.		43,681		2,284,080
TD Ameritrade Holding Corp.		86,578		4,658,762
				6,942,842
Food - Catering — 0.5%
Aramark		40,910		1,557,035
Hazardous Waste Disposal — 0.5%
Clean Harbors, Inc.†		23,595		1,522,585
Industrial Automated/Robotic — 0.4%
Cognex Corp.		28,895		1,271,958
Instruments - Scientific — 2.1%
PerkinElmer, Inc.		39,278		3,419,543
Waters Corp.†		13,370		2,655,014
				6,074,557
Insurance Brokers — 1.7%
Aon PLC		20,125		3,322,839
Arthur J. Gallagher & Co.		19,800		1,525,986
				4,848,825
Insurance - Property/Casualty — 1.6%
Intact Financial Corp.		29,244		2,341,237
WR Berkley Corp.		28,815		2,270,045
				4,611,282
Internet Content - Information/News — 0.4%
Spotify Technology SA†		7,833		1,068,265
Internet Telephone — 0.3%
Twilio, Inc., Class A†#		9,435		891,513
Investment Management/Advisor Services — 1.1%
LPL Financial Holdings, Inc.		49,092		3,150,234
Machinery - General Industrial — 0.9%
Middleby Corp.†#		11,741		1,418,195
Wabtec Corp.#		10,671		1,009,477
				2,427,672
Medical Information Systems — 0.7%
athenahealth, Inc.†		16,049		2,136,122
Medical Instruments — 3.4%
Boston Scientific Corp.†		105,958		3,991,438

Security Description	Shares		Value (Note 2)
Medical Instruments (continued)
Bruker Corp.		35,218	$	1,167,124
Edwards Lifesciences Corp.†		19,082		3,091,475
Teleflex, Inc.		5,205		1,433,561
				9,683,598
Medical Labs & Testing Services — 1.8%
Catalent, Inc.†		63,398		2,513,731
IQVIA Holdings, Inc.†		20,388		2,549,927
				5,063,658
Medical Products — 3.6%
Cooper Cos., Inc.#		17,071		4,759,907
Globus Medical, Inc., Class A†		21,006		1,014,379
Haemonetics Corp.†		15,475		1,660,158
Novocure, Ltd.†#		26,159		897,777
Varian Medical Systems, Inc.†		16,525		2,039,020
				10,371,241
Medical - Biomedical/Gene — 1.2%
ACADIA Pharmaceuticals, Inc.†#		24,798		472,650
Celgene Corp.†		16,783		1,212,068
Exact Sciences Corp.†#		20,735		1,616,915
				3,301,633
Medical - Drugs — 0.3%
Alkermes PLC†#		14,803		539,421
DBV Technologies SA ADR†#		11,807		178,286
				717,707
Medical - HMO — 0.7%
WellCare Health Plans, Inc.†		7,795		1,986,790
Metal Processors & Fabrication — 0.7%
Rexnord Corp.†		68,378		1,935,781
Motion Pictures & Services — 0.6%
Dolby Laboratories, Inc., Class A		23,022		1,620,749
Multimedia — 0.3%
Liberty Media Corp. — Liberty Formula One, Series C†		26,352		785,817
Non-Hazardous Waste Disposal — 0.8%
Waste Connections, Inc.		27,936		2,192,417
Oil Companies - Exploration & Production — 0.8%
Marathon Oil Corp.		73,734		1,230,621
Parsley Energy, Inc., Class A†		45,762		921,189
				2,151,810
Oil Refining & Marketing — 0.4%
PBF Energy, Inc., Class A		26,475		1,024,053
Printing - Commercial — 0.9%
Cimpress NV†		21,151		2,552,080
Real Estate Investment Trusts — 2.4%
Crown Castle International Corp.		28,816		3,310,958
Lamar Advertising Co., Class A		46,752		3,545,672
				6,856,630
Real Estate Management/Services — 0.5%
CBRE Group, Inc., Class A†		30,121		1,315,685
Rental Auto/Equipment — 0.6%
United Rentals, Inc.†		13,446		1,574,930
Retail - Apparel/Shoe — 1.4%
Burlington Stores, Inc.†		8,665		1,436,311
Lululemon Athletica, Inc.†		20,186		2,675,654
				4,111,965

154

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 0.6%
Dollar Tree, Inc.†		19,353	$	1,679,260
Retail - Floor Coverings — 0.4%
Floor & Decor Holdings, Inc., Class A†#		31,591		1,046,610
Retail - Mail Order — 0.4%
Williams-Sonoma, Inc.#		19,017		1,076,933
Retail - Perfume & Cosmetics — 0.6%
Ulta Beauty, Inc.†		5,988		1,783,167
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		15,947		411,273
Retail - Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		2,090		989,009
Dunkin’ Brands Group, Inc.		34,660		2,564,840
				3,553,849
Semiconductor Equipment — 1.9%
Entegris, Inc.		33,920		997,248
KLA-Tencor Corp.		24,971		2,461,142
Lam Research Corp.		11,567		1,815,556
				5,273,946
Telecommunication Equipment — 1.9%
NICE, Ltd., ADR†#		45,622		5,298,539
Therapeutics — 1.3%
Neurocrine Biosciences, Inc.†		34,105		3,010,448
Sarepta Therapeutics, Inc.†#		4,688		606,956
				3,617,404
Transport - Truck — 1.4%
Old Dominion Freight Line, Inc.		10,624		1,452,620
XPO Logistics, Inc.†		31,663		2,401,955
				3,854,575
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†#		7,718		257,858
Web Hosting/Design — 0.7%
GoDaddy, Inc., Class A†		16,376		1,068,698
Wix.com, Ltd.†		10,478		986,818
				2,055,516
Wire & Cable Products — 0.4%
Belden, Inc.#		22,766		1,269,887
Total Common Stocks
(cost $217,831,164)				274,992,420
CONVERTIBLE PREFERRED SECURITIES — 1.2%
E-Commerce/Services — 1.1%
Airbnb, Inc., Series D†(1)(2)(3)		29,418		3,194,108
Wire & Cable Products — 0.1%
Belden, Inc. 6.75%		2,200		169,378
Total Convertible Preferred Securities
(cost $1,417,696)				3,363,486
Total Long-Term Investment Securities
(cost $219,248,860)				278,355,906
SHORT-TERM INVESTMENT SECURITIES — 3.2%
Commercial Paper — 1.8%
Credit Agricole 2.16% due 12/03/2018	$	5,000,000		4,999,095

Security Description	Shares			Value (Note 2)
Registered Investment Companies — 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(4)(5)		4,099,009		$	4,099,009
Total Short-Term Investment Securities
(cost $9,098,409)					9,098,104
TOTAL INVESTMENTS
(cost $228,347,269)(6)		100.9	%		287,454,010
Liabilities in excess of other assets		(0.9	)		(2,476,593	)
NET ASSETS		100.0	%	$	284,977,417

# 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 November 30, 2018, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Common Stocks
SVMK, Inc.		11/25/2014		44,965	$	739,674	$	593,943	$	13.21		0.21	%
Convertible Preferred Stocks
Airbnb, Inc. Series D		4/16/2014		29,418		1,197,696		3,194,108		108.58		1.12	%
							$	3,788,051				1.33	%

(3) Illiquid security. At November 30, 2018, the aggregate value of these securities was $3,788,051 representing 1.3% of net assets.

(4) At November 30, 2018, the Fund had loaned securities with a total value of $24,459,126. This was secured by collateral of $4,099,009, which was received in cash and subsequently invested in short-term investments currently valued at $4,099,009 as reported in the Portfolio of Investments. Additional collateral of $20,664,922 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	449,969
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		699,895
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		155,609
United States Treasury Bills	0.00%	12/06/2018 to 04/04/2019		1,758,196
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		17,601,253

155

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

(5) The rate shown is the 7-day yield as of November 30, 2018.

(6) 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 November 30, 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:
Enterprise Software/Service	$	—	$	593,943		$	—	$	593,943
Other Industries		271,658,698		2,739,779	**		—		274,398,477
Convertible Preferred Securities:
E-Commerce/Services		—		—			3,194,108		3,194,108
Wire & Cable Products		169,378		—			—		169,378
Short-Term Investment Securities:
Commercial Paper		—		4,999,095			—		4,999,095
Registered Investment Companies		4,099,009		—			—		4,099,009
Total Investments at Value	$	275,927,085	$	8,332,817		$	3,194,108	$	287,454,010

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

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

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

	Common Stocks		Convertible Preferred Securities
Balance as of 05/31/2018	$	466,287	$	3,207,052
Accrued discounts		—		—
Accrued premiums		—		—
Realized Gain		—		—
Realized Loss		—		—
Change in unrealized appreciation(1)		127,656		—
Change in unrealized depreciation(1)		—		(12,944	)
Net Purchases		—		—
Net Sales		—		—
Transfers into Level 3		—		—
Transfers out of Level 3†		593,943		—
Balance as of 11/30/2018	$	—	$	3,194,108

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2018 includes:

Common Stocks		Convertible Preferred Securities
$	—	$	(12,944	)

† This security was transferred from Level 3 due to the company listing its shares for public trading via an IPO offering.

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 November 30, 2018

156

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

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

Description	Fair Value at 11/30/18		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Convertible Preferred Securities	$	3,194,108	Market Approach	2018 Estimated Revenue Multiple*	8.81x
				2021 Estimated Revenue Multiple*	3.9x - 6.1x (5.0x)
				2021 Estimated Gross Profit Multiple*	4.6x
				2022 Estimated Revenue Multiple*	3.7x
				2022 Estimated Gross Profit Multiple*	4.3x
				Discount for Lack of Marketability	10% - 15% (11.7%)

(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 Financial Statements

157

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Applications Software	10.4	%
E-Commerce/Products	10.0
Computers	9.9
Web Portals/ISP	8.8
Repurchase Agreements	7.8
Electronic Components — Semiconductors	7.2
Medical — Biomedical/Gene	6.3
Internet Content — Entertainment	5.3
Cable/Satellite TV	3.1
Networking Products	2.6
Beverages — Non-alcoholic	2.3
Commercial Services — Finance	1.9
Semiconductor Components — Integrated Circuits	1.7
E-Commerce/Services	1.5
Food — Misc./Diversified	1.5
Electronic Forms	1.4
Retail — Discount	1.4
Entertainment Software	1.1
Multimedia	1.0
Retail — Restaurants	1.0
Semiconductor Equipment	1.0
Retail — Drug Store	1.0
Cellular Telecom	0.8
Transport — Rail	0.7
Medical Instruments	0.7
Auto — Cars/Light Trucks	0.7
Computer Aided Design	0.7
Data Processing/Management	0.7
Pharmacy Services	0.7
U.S. Government Treasuries	0.5
Computer Services	0.5
Hotels/Motels	0.5
Retail — Apparel/Shoe	0.4
Radio	0.3
Retail — Auto Parts	0.3
Electric — Integrated	0.3
Medical Products	0.3
Computers — Memory Devices	0.3
Enterprise Software/Service	0.3
Registered Investment Companies	0.3
Auto — Heavy Duty Trucks	0.2
Consulting Services	0.2
Commercial Services	0.2
Medical Information Systems	0.2
Airlines	0.2
Dental Supplies & Equipment	0.2
Retail — Perfume & Cosmetics	0.2
Diagnostic Kits	0.2
Computer Data Security	0.2
Medical — Generic Drugs	0.2
Distribution/Wholesale	0.2
Computer Software	0.2
Internet Security	0.2
Casino Hotels	0.1
Transport — Truck	0.1
Toys	0.1
Retail — Catalog Shopping	0.1
	100.2	%

* Calculated as a percentage of net assets

158

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 91.6%
Airlines — 0.2%
American Airlines Group, Inc.		26,404	$	1,060,385
Applications Software — 10.4%
Intuit, Inc.		14,831		3,181,694
Microsoft Corp.		439,664		48,754,341
				51,936,035
Auto - Cars/Light Trucks — 0.7%
Tesla, Inc.†		9,781		3,428,045
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		20,099		1,250,560
Beverages - Non-alcoholic — 2.3%
Monster Beverage Corp.†		31,679		1,890,603
PepsiCo, Inc.		81,091		9,888,236
				11,778,839
Cable/Satellite TV — 3.1%
Charter Communications, Inc., Class A†		13,294		4,376,385
Comcast Corp., Class A		262,168		10,227,174
Liberty Global PLC, Class A†		11,844		294,086
Liberty Global PLC, Class C†		31,654		768,876
				15,666,521
Casino Hotels — 0.1%
Wynn Resorts, Ltd.		6,229		681,453
Cellular Telecom — 0.8%
T-Mobile US, Inc.†		48,577		3,325,095
Vodafone Group PLC ADR		27,228		585,130
				3,910,225
Commercial Services — 0.2%
Cintas Corp.		6,094		1,141,894
Commercial Services - Finance — 1.9%
Automatic Data Processing, Inc.		25,118		3,702,896
PayPal Holdings, Inc.†		67,867		5,823,667
				9,526,563
Computer Aided Design — 0.7%
Autodesk, Inc.†		12,535		1,811,307
Cadence Design Systems, Inc.†		16,215		730,324
Synopsys, Inc.†		8,519		783,237
				3,324,868
Computer Data Security — 0.2%
Check Point Software Technologies, Ltd.†		8,957		1,001,482
Computer Services — 0.5%
Cognizant Technology Solutions Corp., Class A		33,268		2,369,680
Computer Software — 0.2%
Citrix Systems, Inc.		7,778		847,569
Computers — 9.9%
Apple, Inc.		276,928		49,453,802
Computers - Memory Devices — 0.3%
Seagate Technology PLC		16,466		709,520
Western Digital Corp.		16,705		758,240
				1,467,760
Consulting Services — 0.2%
Verisk Analytics, Inc.†		9,444		1,164,634
Data Processing/Management — 0.7%
Fiserv, Inc.†		23,217		1,837,161
Paychex, Inc.		20,584		1,456,524
				3,293,685

Security Description	Shares		Value (Note 2)
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		4,605	$	1,058,643
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		4,965		1,011,668
Distribution/Wholesale — 0.2%
Fastenal Co.		16,452		974,946
E-Commerce/Products — 10.0%
Amazon.com, Inc.†		27,965		47,265,604
eBay, Inc.†		56,737		1,693,599
JD.com, Inc. ADR†		52,900		1,123,067
				50,082,270
E-Commerce/Services — 1.5%
Booking Holdings, Inc.†		2,722		5,149,697
Ctrip.com International, Ltd. ADR†		26,714		770,699
Expedia Group, Inc.		7,835		946,390
MercadoLibre, Inc.		2,532		891,188
				7,757,974
Electric - Integrated — 0.3%
Xcel Energy, Inc.		29,189		1,530,963
Electronic Components - Semiconductors — 7.2%
Broadcom, Inc.		24,751		5,876,135
Intel Corp.		264,376		13,036,381
Microchip Technology, Inc.		13,506		1,012,950
Micron Technology, Inc.†		66,499		2,564,201
NVIDIA Corp.		34,860		5,697,170
Skyworks Solutions, Inc.		10,262		746,766
Texas Instruments, Inc.		55,742		5,565,839
Xilinx, Inc.		14,501		1,341,052
				35,840,494
Electronic Forms — 1.4%
Adobe, Inc.†		28,075		7,043,737
Enterprise Software/Service — 0.3%
Workday, Inc., Class A†		8,371		1,372,844
Entertainment Software — 1.1%
Activision Blizzard, Inc.		43,713		2,180,405
Electronic Arts, Inc.†		17,477		1,469,291
NetEase, Inc. ADR		4,376		993,658
Take-Two Interactive Software, Inc.†		6,526		715,707
				5,359,061
Food - Misc./Diversified — 1.5%
Kraft Heinz Co.		69,907		3,573,646
Mondelez International, Inc., Class A		84,087		3,782,233
				7,355,879
Hotels/Motels — 0.5%
Marriott International, Inc., Class A		19,895		2,288,522
Internet Content - Entertainment — 5.3%
Facebook, Inc., Class A†		138,276		19,442,988
Netflix, Inc.†		24,967		7,143,808
				26,586,796
Internet Security — 0.2%
Symantec Corp.		35,636		787,912
Medical Information Systems — 0.2%
Cerner Corp.†		18,864		1,092,414
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†		6,522		3,462,334

159

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 0.3%
Henry Schein, Inc.†		8,779	$	783,087
Hologic, Inc.†		15,602		692,885
				1,475,972
Medical - Biomedical/Gene — 6.3%
Alexion Pharmaceuticals, Inc.†		12,778		1,573,611
Amgen, Inc.		37,112		7,728,574
Biogen, Inc.†		11,550		3,854,466
BioMarin Pharmaceutical, Inc.†		10,182		977,777
Celgene Corp.†		40,328		2,912,488
Gilead Sciences, Inc.		74,327		5,347,084
Illumina, Inc.†		8,428		2,844,450
Incyte Corp.†		12,188		783,079
Regeneron Pharmaceuticals, Inc.†		6,086		2,225,346
Shire PLC ADR		4,320		758,506
Vertex Pharmaceuticals, Inc.†		14,653		2,649,116
				31,654,497
Medical - Generic Drugs — 0.2%
Mylan NV†		29,561		1,000,935
Multimedia — 1.0%
Twenty-First Century Fox, Inc., Class A		60,435		2,989,719
Twenty-First Century Fox, Inc., Class B		45,784		2,244,790
				5,234,509
Networking Products — 2.6%
Cisco Systems, Inc.		269,644		12,907,858
Pharmacy Services — 0.7%
Express Scripts Holding Co.†		32,236		3,270,987
Radio — 0.3%
Sirius XM Holdings, Inc.		257,330		1,603,166
Retail - Apparel/Shoe — 0.4%
Ross Stores, Inc.		21,589		1,891,196
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		4,619		1,601,777
Retail - Catalog Shopping — 0.1%
Qurate Retail, Inc.†		24,713		549,123
Retail - Discount — 1.4%
Costco Wholesale Corp.		25,144		5,815,304
Dollar Tree, Inc.†		13,640		1,183,543
				6,998,847
Retail - Drug Store — 1.0%
Walgreens Boots Alliance, Inc.		56,901		4,817,808
Retail - Perfume & Cosmetics — 0.2%
Ulta Beauty, Inc.†		3,427		1,020,526
Retail - Restaurants — 1.0%
Starbucks Corp.		77,352		5,160,925
Semiconductor Components - Integrated Circuits — 1.7%
Analog Devices, Inc.		21,310		1,958,815
Maxim Integrated Products, Inc.		15,940		891,365
NXP Semiconductors NV		19,743		1,645,974
QUALCOMM, Inc.		69,501		4,049,128
				8,545,282
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		56,361		2,101,138
ASML Holding NV		4,152		711,445
KLA-Tencor Corp.		8,952		882,309
Lam Research Corp.		9,035		1,418,134
				5,113,026

Security Description	Shares/ Principal Amount			Value (Note 2)
Toys — 0.1%
Hasbro, Inc.		7,278		$	662,298
Transport - Rail — 0.7%
CSX Corp.		49,241			3,576,374
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		6,269			666,771
Web Portals/ISP — 8.8%
Alphabet, Inc., Class A†		17,139			19,018,291
Alphabet, Inc., Class C†		20,061			21,955,360
Baidu, Inc. ADR†		16,096			3,030,555
					44,004,206
Total Long-Term Investment Securities
(cost $187,528,825)					458,666,540
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2)		1,364,499			1,364,499
U.S. Government Treasuries — 0.5%
United States Treasury Bills
2.10% due 01/03/2019(3)	$	1,200,000			1,197,687
2.31% due 02/14/2019(3)		200,000			199,059
2.35% due 03/28/2019(3)		300,000			297,733
2.45% due 05/09/2019(3)		600,000			593,589
2.49% due 07/18/2019(3)		300,000			295,238
					2,583,306
Total Short-Term Investment Securities
(cost $3,947,703)					3,947,805
REPURCHASE AGREEMENTS — 7.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $38,923,362 collateralized by $40,340,000 of United States Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $39,704,161 (cost $38,922,000)		38,922,000			38,922,000
TOTAL INVESTMENTS
(cost $230,398,528)(4)		100.2	%		501,536,345
Liabilities in excess of other assets		(0.2	)		(872,651	)
NET ASSETS		100.0	%	$	500,663,694

† Non-income producing security

(1) The rate shown is the 7-day yield as of November 30, 2018.

(2) At November 30, 2018, the Fund had loaned securities with a total value of $12,363,226. This was secured by collateral of $1,364,499, which was received in cash and subsequently invested in short-term investments currently valued at $1,364,499 as reported in the Portfolio of Investments. Additional collateral of $11,291,735 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	36,570
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		56,883
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		12,647
United States Treasury Bills	0.00%	12/06/2018 to 03/28/2019		647,230
United States Treasury Notes/Bonds	0.13% to 8.75%	12/31/2018 to 05/15/2048		10,538,405

160

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

(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)
	302	Long	NASDAQ 100 E-Mini Index		December 2018	$	44,200,640	$	41,974,980	$	(2,225,660	)

* 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 November 30, 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	$	458,666,540	$	—	$	—	$	458,666,540
Short-Term Investment Securities:
Registered Investment Companies		1,364,499		—		—		1,364,499
U.S. Government Treasuries		—		2,583,306		—		2,583,306
Repurchase Agreements		—		38,922,000		—		38,922,000
Total Investments at Value	$	460,031,039	$	41,505,306	$	—	$	501,536,345
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,225,660	$	—	$	—	$	2,225,660

* 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.

See Notes to Financial Statements

161

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Applications Software	10.7	%
Electronic Components — Semiconductors	9.7
E-Commerce/Products	8.6
Web Portals/ISP	7.2
Commercial Services — Finance	7.1
E-Commerce/Services	4.7
Enterprise Software/Service	4.4
Finance — Credit Card	4.2
Semiconductor Equipment	4.0
Internet Content — Entertainment	4.0
Semiconductor Components — Integrated Circuits	3.3
Internet Application Software	3.2
Registered Investment Companies	2.6
Internet Telephone	2.3
Internet Security	2.0
Computers — Memory Devices	1.9
Computer Services	1.9
Computers	1.9
Internet Content — Information/News	1.0
Entertainment Software	1.0
Repurchase Agreements	0.8
Computer Aided Design	0.7
Computer Software	0.7
Electronic Components — Misc.	0.7
Photo Equipment & Supplies	0.7
Retail — Apparel/Shoe	0.6
Auto — Cars/Light Trucks	0.6
Web Hosting/Design	0.5
Networking Products	0.5
Aerospace/Defense — Equipment	0.4
Lasers — System/Components	0.4
Wireless Equipment	0.4
Chemicals — Diversified	0.3
Office Automation & Equipment	0.3
Computers — Other	0.3
Electronic Measurement Instruments	0.3
Finance — Mortgage Loan/Banker	0.2
Medical Instruments	0.2
Medical — Drugs	0.2
Publishing — Newspapers	0.2
Computer Data Security	0.2
Retail — Vision Service Center	0.2
IT Services	0.1
E-Services/Consulting	0.1
Machinery — Electrical	0.1
Industrial Automated/Robotic	0.1
Transactional Software	0.1
	95.6	%

* Calculated as a percentage of net assets

162

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 91.5%
Advertising Services — 0.0%
Trade Desk, Inc., Class A†#		2,675	$	381,054
Aerospace/Defense - Equipment — 0.4%
Harris Corp.		37,299		5,331,892
Applications Software — 10.7%
Intuit, Inc.		12,811		2,748,344
Microsoft Corp.		618,150		68,546,653
New Relic, Inc.†		25,320		2,207,651
RealPage, Inc.†		18,830		971,251
Red Hat, Inc.†		31,644		5,650,353
salesforce.com, Inc.†		206,042		29,414,556
ServiceNow, Inc.†		139,542		25,852,946
Tableau Software, Inc., Class A†		53,340		6,648,298
				142,040,052
Auto - Cars/Light Trucks — 0.6%
Tesla, Inc.†#		22,442		7,865,472
Chemicals - Diversified — 0.3%
DowDuPont, Inc.		79,200		4,581,720
Commercial Services - Finance — 7.1%
Equifax, Inc.		44,309		4,549,205
FleetCor Technologies, Inc.†		46,211		8,937,207
Global Payments, Inc.		121,200		13,551,372
PayPal Holdings, Inc.†		301,912		25,907,069
Square, Inc., Class A†#		294,195		20,546,579
Total System Services, Inc.		78,964		6,899,085
TransUnion		76,847		4,962,011
WEX, Inc.†		54,246		8,406,502
				93,759,030
Computer Aided Design — 0.7%
Autodesk, Inc.†		2,395		346,078
Synopsys, Inc.†		100,600		9,249,164
				9,595,242
Computer Data Security — 0.2%
ForeScout Technologies, Inc.†		9,850		267,427
Fortinet, Inc.†		13,345		985,395
Sophos Group PLC*		214,615		996,117
				2,248,939
Computer Services — 1.9%
Accenture PLC, Class A		21,469		3,532,080
Capgemini SE		15,025		1,754,091
DXC Technology Co.		160,770		10,134,941
Elastic NV†		30,970		2,212,806
Genpact, Ltd.		207,683		6,309,410
Perspecta, Inc.		63,672		1,344,116
				25,287,444
Computer Software — 0.7%
Akamai Technologies, Inc.†		11,715		805,406
MongoDB, Inc.†#		103,575		8,586,368
				9,391,774
Computers — 1.9%
Apple, Inc.		105,910		18,913,408
Nutanix, Inc., Class A†		133,985		5,990,469
				24,903,877
Computers - Memory Devices — 1.9%
NetApp, Inc.		349,005		23,337,964
Pure Storage, Inc., Class A†		130,010		2,458,489
				25,796,453

Security Description	Shares		Value (Note 2)
Computers - Other — 0.3%
Lumentum Holdings, Inc.†#		89,462	$	3,978,375
E-Commerce/Products — 8.6%
Alibaba Group Holding, Ltd. ADR†#		210,513		33,863,121
Amazon.com, Inc.†		45,413		76,755,690
Etsy, Inc.†#		74,576		4,030,087
				114,648,898
E-Commerce/Services — 4.3%
Booking Holdings, Inc.†		12,417		23,491,474
Ctrip.com International, Ltd. ADR†		976,844		28,181,949
Expedia Group, Inc.		36,645		4,426,350
GrubHub, Inc.†#		19,635		1,537,224
				57,636,997
E-Services/Consulting — 0.1%
CDW Corp.		14,520		1,345,714
Electronic Components - Misc. — 0.7%
Flex, Ltd.†		654,395		5,725,956
Sensata Technologies Holding PLC†		49,100		2,271,366
Yageo Corp.		103,481		1,259,363
				9,256,685
Electronic Components - Semiconductors — 9.7%
Advanced Micro Devices, Inc.†#		712,013		15,165,877
ASPEED Technology, Inc.		39,000		718,891
Broadcom, Inc.		26,840		6,372,085
Cree, Inc.†#		141,795		6,258,831
Infineon Technologies AG		95,620		2,003,311
Intel Corp.		178,125		8,783,344
Microchip Technology, Inc.#		48,510		3,638,250
Micron Technology, Inc.†		678,181		26,150,659
NVIDIA Corp.		77,891		12,729,726
Qorvo, Inc.†		74,500		4,902,845
Samsung Electronics Co., Ltd.		512,305		19,233,845
Sino-American Silicon Products, Inc.		1,187,000		3,296,890
Texas Instruments, Inc.		157,380		15,714,393
Xilinx, Inc.		42,288		3,910,794
				128,879,741
Electronic Measurement Instruments — 0.3%
Chroma ATE, Inc.		334,000		1,302,161
Itron, Inc.†		42,991		2,328,393
				3,630,554
Enterprise Software/Service — 4.4%
Atlassian Corp. PLC, Class A†		18,425		1,583,445
AVEVA Group PLC		65,700		2,147,549
Guidewire Software, Inc.†		64,772		6,021,205
Oracle Corp.		65,100		3,174,276
Paycom Software, Inc.†#		118,010		15,668,188
Veeva Systems, Inc., Class A†		37,775		3,632,444
Workday, Inc., Class A†		156,202		25,617,128
				57,844,235
Entertainment Software — 1.0%
Nexon Co., Ltd.†		279,100		3,299,583
Take-Two Interactive Software, Inc.†		85,530		9,380,075
				12,679,658
Finance - Credit Card — 4.2%
Alliance Data Systems Corp.		13,688		2,742,528
Mastercard, Inc., Class A		72,455		14,568,527
Visa, Inc., Class A#		266,545		37,772,092
				55,083,147

163

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Mortgage Loan/Banker — 0.2%
Ellie Mae, Inc.†#		45,657	$	3,071,346
Industrial Automated/Robotic — 0.1%
Cognex Corp.		7,355		323,767
FANUC Corp.		4,000		689,462
				1,013,229
Internet Application Software — 3.2%
Okta, Inc.†		230,795		14,690,102
Tencent Holdings, Ltd.		683,727		27,425,097
				42,115,199
Internet Content - Entertainment — 4.0%
Facebook, Inc., Class A†		303,015		42,606,939
Netflix, Inc.†		35,870		10,263,483
				52,870,422
Internet Content - Information/News — 1.0%
Naspers, Ltd., Class N		50,361		10,117,162
Spotify Technology SA†		21,431		2,922,760
				13,039,922
Internet Security — 2.0%
FireEye, Inc.†#		30,650		613,306
Palo Alto Networks, Inc.†		48,880		8,453,796
Proofpoint, Inc.†		47,075		4,566,746
Symantec Corp.		471,041		10,414,717
Zscaler, Inc.†#		66,155		2,597,245
				26,645,810
Internet Telephone — 2.3%
RingCentral, Inc., Class A†		143,990		11,936,771
Twilio, Inc., Class A†#		203,630		19,240,999
				31,177,770
Lasers - System/Components — 0.4%
Coherent, Inc.†#		36,765		5,079,452
Machinery - Electrical — 0.1%
Bloom Energy Corp. Class A†#		69,610		1,145,085
Medical Instruments — 0.2%
Intuitive Surgical, Inc.†		5,666		3,007,909
Medical - Drugs — 0.2%
Grifols SA ADR		134,200		2,646,424
Networking Products — 0.5%
Arista Networks, Inc.†		19,720		4,702,826
Cisco Systems, Inc.		28,165		1,348,258
				6,051,084
Office Automation & Equipment — 0.3%
Zebra Technologies Corp., Class A†		22,725		4,085,955
Photo Equipment & Supplies — 0.7%
Largan Precision Co., Ltd.		51,000		5,627,257
Sunny Optical Technology Group Co., Ltd.		328,029		3,195,212
				8,822,469
Publishing - Newspapers — 0.2%
News Corp., Class A		180,400		2,341,592
Retail - Apparel/Shoe — 0.6%
Zalando SE†*		258,386		8,015,337
Retail - Vision Service Center — 0.1%
JAND, Inc., (dba Warby Parker), Class A†(1)(2)(3)		49,774		761,492
Semiconductor Components - Integrated Circuits — 3.3%
Marvell Technology Group, Ltd.		1,133,440		18,259,718

Security Description	Shares		Value (Note 2)
Semiconductor Components - Integrated Circuits (continued)
Maxim Integrated Products, Inc.		118,900	$	6,648,888
QUALCOMM, Inc.#		57,260		3,335,968
Taiwan Semiconductor Manufacturing Co., Ltd.		1,057,780		7,732,700
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		217,430		8,173,194
				44,150,468
Semiconductor Equipment — 4.0%
Applied Materials, Inc.		269,300		10,039,504
FormFactor, Inc.†		132,642		2,187,266
KLA-Tencor Corp.		105,253		10,373,736
Kulicke & Soffa Industries, Inc.		60,325		1,303,020
Lam Research Corp.		133,200		20,907,072
Teradyne, Inc.		169,397		6,045,779
Tokyo Electron, Ltd.		15,500		2,167,665
				53,024,042
Telecom Equipment - Fiber Optics — 0.0%
Viavi Solutions, Inc.†		45,440		460,762
Transactional Software — 0.1%
Amadeus IT Group SA		10,290		739,189
Web Hosting/Design — 0.5%
GoDaddy, Inc., Class A†		43,992		2,870,918
Shopify, Inc., Class A†#		6,230		951,072
VeriSign, Inc.†		21,173		3,304,258
				7,126,248
Web Portals/ISP — 7.1%
Alphabet, Inc., Class A†		30,926		34,317,036
Alphabet, Inc., Class C†		35,423		38,767,994
Mail.ru Group, Ltd. GDR†		364,765		9,136,213
NAVER Corp.		66,990		7,559,869
Yandex NV, Class A†		136,501		4,026,779
				93,807,891
Wireless Equipment — 0.4%
Motorola Solutions, Inc.		21,790		2,859,937
Samsung SD Co., Ltd.		10,270		1,902,722
				4,762,659
Total Common Stocks
(cost $1,097,898,293)				1,212,128,709
CONVERTIBLE PREFERRED SECURITIES — 0.7%
E-Commerce/Services — 0.4%
Airbnb, Inc., Series E†(1)(2)(3)		26,943		2,925,381
Uber Technologies, Inc., Series D†(1)(2)(3)		36,257		1,671,851
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)(3)		11,731		550,184
				5,147,416
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		939,374
Web Portals/ISP — 0.1%
Pinterest, Inc., Series G†(1)(2)(3)		205,650		1,083,775
Total Convertible Preferred Securities
(cost $7,504,511)				8,841,221

164

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 1.5%
Altaba, Inc.† (cost $13,204,766)		312,205		$	20,477,526
Total Long-Term Investment Securities
(cost $1,118,607,570)					1,241,447,456
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(4)		500,000			500,000
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(4)(5)		1,198,918			1,198,918
T. Rowe Price Government Reserve Fund 2.26%(4)		12,841,098			12,841,098
Total Short-Term Investment Securities
(cost $14,540,016)					14,540,016
REPURCHASE AGREEMENTS — 0.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $11,310,396 collateralized by $11,585,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $11,539,297 (cost $11,310,000)	$	11,310,000			11,310,000
TOTAL INVESTMENTS
(cost $1,144,457,586)(6)		95.6	%		1,267,297,472
Other assets less liabilities		4.4			57,754,879
NET ASSETS		100.0	%	$	1,325,052,351

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $9,011,454 representing 0.7% 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 November 30, 2018, the aggregate value of these securities was $9,602,713 representing 0.7% of net assets.

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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
JAND, Inc., (dba Warby Parker), Class A		03/09/2018		49,774	$	782,298	$	761,492	$	15.30		0.06	%
Convertible Preferred Securities
Airbnb, Inc., Series E		06/24/2015		16,260		1,513,715
		07/14/2015		10,683		994,527
				26,943		2,508,242		2,925,381		108.58		0.22
JAND, Inc., (dba Warby Parker), Series E		03/09/2018		61,401		965,040		939,374		15.30		0.07
Mesophere, Inc., Series D		05/04/2018		151,129		1,670,656		1,670,656		11.05		0.13
Pinterest, Inc., Series G		03/19/2015		205,650		1,476,380		1,083,775		5.27		0.08
Uber Technologies, Inc., Series D		06/05/2014		36,257		562,457		1,671,851		46.11		0.13
Xiaoju Kuaizhi, Inc., Series A-17		10/19/2015		11,731		321,737		550,184		46.90		0.03
							$	9,602,713				0.72	%

(4) The rate shown is the 7-day yield as of November 30, 2018.

(5) At November 30, 2018, the Fund had loaned securities with a total value of $145,825,854. This was secured by collateral of $1,198,918, which was received in cash and subsequently invested in short-term investments currently valued at $1,198,918 as reported in the Portfolio of Investments. Additional collateral of $146,296,156 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	3,891,206
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		6,052,495
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		1,345,663
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		13,896,371
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		121,110,421

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

165

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Retail - Vision Service Center	$	—	$	—		$	761,492	$	761,492
Other Industries		1,091,047,531		120,319,686	**		—		1,211,367,217
Convertible Preferred Securities		—		—			8,841,221		8,841,221
Registered Investment Companies		20,477,526		—			—		20,477,526
Short-Term Investment Securities		14,540,016		—			—		14,540,016
Repurchase Agreements		—		11,310,000			—		11,310,000
Total Investments at Value	$	1,126,065,073	$	131,629,686		$	9,602,713	$	1,267,297,472

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

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

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

See Notes to Financial Statements

166

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE November 30, 2018 — (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	11.0	%
Computer Software	7.1
Commercial Services — Finance	4.9
Chemicals — Specialty	3.9
Retail — Restaurants	3.9
Medical Products	3.4
Web Hosting/Design	3.1
Internet Telephone	3.0
Patient Monitoring Equipment	2.7
Repurchase Agreements	2.6
Machine Tools & Related Products	2.0
Enterprise Software/Service	1.9
Food — Misc./Diversified	1.9
Medical — Drugs	1.8
Diversified Manufacturing Operations	1.8
Recreational Centers	1.7
Retail — Building Products	1.7
Medical Labs & Testing Services	1.6
Steel — Specialty	1.6
Casino Services	1.5
Oil — Field Services	1.5
Banks — Commercial	1.5
Auto Repair Centers	1.4
Electronic Components — Semiconductors	1.4
Schools	1.4
Retail — Vision Service Center	1.4
Insurance — Multi-line	1.4
Applications Software	1.4
Computer Services	1.3
Distribution/Wholesale	1.3
Building & Construction Products — Misc.	1.3
Retail — Discount	1.2
Footwear & Related Apparel	1.2
Health Care Cost Containment	1.2
Auto/Truck Parts & Equipment — Original	1.1
Electric Products — Misc.	1.1
Airlines	1.0
Rubber/Plastic Products	1.0
Retail — Pawn Shops	0.9
Non-Hazardous Waste Disposal	0.9
Firearms & Ammunition	0.9
Semiconductor Equipment	0.9
Food — Retail	0.9
Retail — Pet Food & Supplies	0.9
Computers — Memory Devices	0.9
Gambling (Non-Hotel)	0.8
Oil Companies-Exploration & Production	0.8
Transport — Truck	0.8
Therapeutics	0.8
Insurance Brokers	0.8
Commercial Services	0.6
Insurance — Life/Health	0.6
Data Processing/Management	0.6
Educational Software	0.6
Lasers-System/Components	0.5
Semiconductor Components — Integrated Circuits	0.4
Registered Investment Companies	0.3
	100.1	%

* Calculated as a percentage of net assets

167

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Airlines — 1.0%
Azul SA ADR†#		59,040	$	1,593,490
Applications Software — 1.4%
MINDBODY, Inc., Class A†#		74,750		2,075,060
Auto Repair Centers — 1.4%
Monro, Inc.#		27,280		2,218,410
Auto/Truck Parts & Equipment - Original — 1.1%
Altra Industrial Motion Corp.		54,290		1,712,849
Banks - Commercial — 1.5%
Webster Financial Corp.		17,020		1,024,093
Western Alliance Bancorp†		25,743		1,206,575
				2,230,668
Building & Construction Products - Misc. — 1.3%
Simpson Manufacturing Co., Inc.		33,900		1,983,150
Casino Services — 1.5%
Eldorado Resorts, Inc.†#		53,480		2,352,050
Chemicals - Specialty — 3.9%
Ashland Global Holdings, Inc.		27,700		2,268,353
Ferro Corp.†		99,600		1,922,280
Versum Materials, Inc.		52,440		1,816,522
				6,007,155
Commercial Services — 0.6%
Weight Watchers International, Inc.†#		20,020		1,001,400
Commercial Services - Finance — 4.9%
Euronet Worldwide, Inc.†		31,478		3,702,128
Evo Payments, Inc., Class A†		2,590		67,832
Green Dot Corp., Class A†		29,520		2,460,197
WEX, Inc.†		8,660		1,342,040
				7,572,197
Computer Services — 1.3%
WNS Holdings, Ltd. ADR†		42,210		2,061,536
Computer Software — 7.1%
Cornerstone OnDemand, Inc.†		57,910		3,163,044
Envestnet, Inc.†		31,510		1,721,706
InterXion Holding NV†		42,434		2,642,365
SendGrid, Inc.†		74,940		3,418,014
				10,945,129
Computers - Memory Devices — 0.9%
Pure Storage, Inc., Class A†		69,250		1,309,518
Data Processing/Management — 0.6%
Fair Isaac Corp.†		4,900		973,287
Distribution/Wholesale — 1.3%
SiteOne Landscape Supply, Inc.†#		32,760		2,019,326
Diversified Manufacturing Operations — 1.8%
Harsco Corp.†		100,850		2,697,737
Educational Software — 0.6%
Arco Platform, Ltd., Class A†		37,986		898,369
Electric Products - Misc. — 1.1%
Littelfuse, Inc.		8,832		1,690,003
Electronic Components - Semiconductors — 1.4%
Monolithic Power Systems, Inc.		9,015		1,190,611
Silicon Laboratories, Inc.†		11,100		980,907
				2,171,518

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 1.9%
Black Knight, Inc.†		29,381	$	1,332,135
Coupa Software, Inc.†		25,750		1,659,072
				2,991,207
Firearms & Ammunition — 0.9%
Axon Enterprise, Inc.†		31,170		1,354,960
Food - Misc./Diversified — 1.9%
Nomad Foods, Ltd.†		142,030		2,871,847
Food - Retail — 0.9%
Sprouts Farmers Market, Inc.†		57,280		1,318,586
Footwear & Related Apparel — 1.2%
Steven Madden, Ltd.		55,827		1,799,304
Gambling (Non-Hotel) — 0.8%
Red Rock Resorts, Inc., Class A		49,890		1,305,122
Health Care Cost Containment — 1.2%
HealthEquity, Inc.†		20,100		1,782,669
Insurance Brokers — 0.8%
eHealth, Inc.†		30,460		1,173,319
Insurance - Life/Health — 0.6%
Primerica, Inc.		8,230		978,382
Insurance - Multi-line — 1.4%
Kemper Corp.		27,330		2,079,813
Internet Telephone — 3.0%
RingCentral, Inc., Class A†		55,731		4,620,100
Lasers - System/Components — 0.5%
II-VI, Inc.†		21,740		813,511
Machine Tools & Related Products — 2.0%
Kennametal, Inc.		72,040		3,012,713
Medical Labs & Testing Services — 1.6%
Teladoc Health, Inc.†#		39,140		2,444,293
Medical Products — 3.4%
Glaukos Corp.†#		10,760		708,869
Globus Medical, Inc., Class A†		40,810		1,970,715
iRhythm Technologies, Inc.†		9,080		672,646
Penumbra, Inc.†#		12,980		1,807,076
				5,159,306
Medical - Biomedical/Gene — 11.0%
Amicus Therapeutics, Inc.†#		127,917		1,412,204
Aptinyx, Inc.†		28,210		626,544
Assembly Biosciences, Inc.†		20,850		537,513
Audentes Therapeutics, Inc.†		36,790		899,515
Bluebird Bio, Inc.†#		10,998		1,351,544
Blueprint Medicines Corp.†		20,882		1,198,000
Celyad SA ADR†#		23,496		642,616
CytomX Therapeutics, Inc.†		39,830		549,654
Equillium, Inc.†		49,480		811,472
Exact Sciences Corp.†#		18,380		1,433,272
Immunomedics, Inc.†#		79,400		1,595,146
Iovance Biotherapeutics, Inc.†#		124,068		1,199,738
Ligand Pharmaceuticals, Inc.†#		10,679		1,684,826
Loxo Oncology, Inc.†#		11,429		1,604,860
Sage Therapeutics, Inc.†#		9,168		1,056,979
Sienna Biopharmaceuticals, Inc.†#		18,761		189,674
				16,793,557
Medical - Drugs — 1.8%
Aimmune Therapeutics, Inc.†#		40,910		971,612

168

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Apellis Pharmaceuticals, Inc.†		56,170	$	861,648
Kura Oncology, Inc.†#		68,500		869,950
				2,703,210
Non - Hazardous Waste Disposal — 0.9%
Advanced Disposal Services, Inc.†		50,680		1,365,826
Oil Companies - Exploration & Production — 0.8%
Matador Resources Co.†		27,950		637,260
SRC Energy, Inc.†		115,050		663,839
				1,301,099
Oil - Field Services — 1.5%
Newpark Resources, Inc.†		301,360		2,317,458
Patient Monitoring Equipment — 2.7%
Insulet Corp.†#		17,870		1,499,829
Masimo Corp.†		24,140		2,665,539
				4,165,368
Recreational Centers — 1.7%
Planet Fitness, Inc., Class A†		47,720		2,635,098
Retail - Building Products — 1.7%
At Home Group, Inc.†#		89,030		2,537,355
Retail - Discount — 1.2%
Ollie’s Bargain Outlet Holdings, Inc.†		21,249		1,884,786
Retail - Pawn Shops — 0.9%
FirstCash, Inc.		16,170		1,439,938
Retail - Pet Food & Supplies — 0.9%
Freshpet, Inc.†		39,880		1,316,040
Retail - Restaurants — 3.9%
Dave & Buster’s Entertainment, Inc.		40,810		2,320,457
Dine Brands Global, Inc.#		30,340		2,705,721
Wingstop, Inc.		14,240		934,429
				5,960,607
Retail - Vision Service Center — 1.4%
National Vision Holdings, Inc.†		57,640		2,119,423
Rubber/Plastic Products — 1.0%
Proto Labs, Inc.†		11,670		1,501,812
Schools — 1.4%
Grand Canyon Education, Inc.†		17,394		2,128,330
Semiconductor Components - Integrated Circuits — 0.4%
Cypress Semiconductor Corp.#		46,250		642,875
Semiconductor Equipment — 0.9%
MKS Instruments, Inc.		17,260		1,354,220
Steel - Specialty — 1.6%
Allegheny Technologies, Inc.†#		93,010		2,442,443
Therapeutics — 0.8%
GW Pharmaceuticals PLC ADR†#		9,540		1,173,611
Transport - Truck — 0.8%
Saia, Inc.†		19,870		1,198,360
Web Hosting/Design — 3.1%
Q2 Holdings, Inc.†		36,650		1,989,728
Wix.com, Ltd.†		30,200		2,844,236
				4,833,964
Total Long-Term Investment Securities
(cost $134,706,647)				149,033,364

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $373,750)	$	373,750		$	373,750
REPURCHASE AGREEMENTS — 2.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $4,038,141 collateralized by $4,140,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $4,123,668 (cost $4,038,000)		4,038,000			4,038,000
TOTAL INVESTMENTS
(cost $139,118,397)(3)		100.1	%		153,445,114
Liabilities in excess of other assets		(0.1	)		(125,391	)
NET ASSETS		100.0	%	$	153,319,723

† Non-income producing security

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

(1) At November 30, 2018, the Fund had loaned securities with a total value of $33,112,705. This was secured by collateral of $373,750, which was received in cash and subsequently invested in short-term investments currently valued at $373,750 as reported in the Portfolio of Investments. Additional collateral of $33,296,622 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	261,662
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		406,997
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		90,489
United States Treasury Bills	0.00%	01/17/2019 to 04/04/2019		291,219
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		32,246,255

(2) The rate shown is the 7-day yield as of November 30, 2018.

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

ADR—American Depositary Receipt

169

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	149,033,364	$	—	$	—	$	149,033,364
Short-Term Investment Securities		373,750		—		—		373,750
Repurchase Agreements		—		4,038,000		—		4,038,000
Total Investments at Value	$	149,407,114	$	4,038,000	$	—	$	153,445,114

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

See Notes to Financial Statements

170

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	10.4	%
Real Estate Investment Trusts	5.1
Distribution/Wholesale	2.7
Repurchase Agreements	2.6
Enterprise Software/Service	2.5
Medical — Biomedical/Gene	2.2
Electric — Integrated	2.0
Insurance — Property/Casualty	2.0
Medical — Drugs	1.9
Chemicals — Specialty	1.9
Miscellaneous Manufacturing	1.7
Medical — HMO	1.7
Transport — Truck	1.6
Applications Software	1.6
Garden Products	1.5
Medical Labs & Testing Services	1.5
Registered Investment Companies	1.4
Medical Products	1.4
Commercial Services	1.4
Food — Wholesale/Distribution	1.3
Building & Construction Products — Misc.	1.3
Computer Software	1.2
Metal Processors & Fabrication	1.2
Oil Companies — Exploration & Production	1.2
Retail — Restaurants	1.2
Physical Therapy/Rehabilitation Centers	1.1
Savings & Loans/Thrifts	1.1
Gas — Distribution	1.0
Disposable Medical Products	1.0
Recreational Vehicles	0.9
Machinery — General Industrial	0.9
Identification Systems	0.9
Aerospace/Defense	0.8
Chemicals — Diversified	0.8
Theaters	0.8
Semiconductor Equipment	0.8
Oil — Field Services	0.8
Finance — Investment Banker/Broker	0.8
Commercial Services — Finance	0.8
Real Estate Management/Services	0.8
Multimedia	0.8
Electronic Components — Semiconductors	0.7
Food — Misc./Diversified	0.7
Web Hosting/Design	0.7
Oil & Gas Drilling	0.7
Non-Hazardous Waste Disposal	0.7
Apparel Manufacturers	0.7
Investment Management/Advisor Services	0.7
Auto/Truck Parts & Equipment — Original	0.7
Retail — Discount	0.7
Building — Mobile Home/Manufactured Housing	0.6
Machine Tools & Related Products	0.6
E-Commerce/Services	0.6
Schools	0.6
Computers — Integrated Systems	0.6
Medical Instruments	0.5
Golf	0.5
Medical Information Systems	0.5
Hazardous Waste Disposal	0.5
Health Care Cost Containment	0.5
Real Estate Operations & Development	0.5
Power Converter/Supply Equipment	0.5
Finance — Consumer Loans	0.5
Medical — Wholesale Drug Distribution	0.5
Building — Maintenance & Services	0.5
Water	0.5
Retail — Apparel/Shoe	0.4
Aerospace/Defense — Equipment	0.4
Computer Aided Design	0.4

Machinery — Pumps	0.4
Auto Repair Centers	0.4
Building & Construction — Misc.	0.4
Security Services	0.4
Office Furnishings — Original	0.4
Finance — Other Services	0.4
Cable/Satellite TV	0.4
Containers — Metal/Glass	0.3
Engines — Internal Combustion	0.3
Educational Software	0.3
Electric Products — Misc.	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Consulting Services	0.3
Oil Field Machinery & Equipment	0.3
Transport — Services	0.3
Internet Application Software	0.3
Therapeutics	0.3
Machinery — Electrical	0.3
Brewery	0.3
Gold Mining	0.3
Filtration/Separation Products	0.2
Rubber/Plastic Products	0.2
Semiconductor Components — Integrated Circuits	0.2
Rental Auto/Equipment	0.2
Gambling (Non-Hotel)	0.2
Electronic Measurement Instruments	0.2
Retail — Home Furnishings	0.2
Insurance — Reinsurance	0.2
Building — Residential/Commercial	0.2
Diagnostic Kits	0.2
Beverages — Non-alcoholic	0.2
Internet Security	0.2
Telecom Services	0.2
Energy — Alternate Sources	0.2
Water Treatment Systems	0.2
Retail — Misc./Diversified	0.2
Steel Pipe & Tube	0.2
Medical — Hospitals	0.2
Finance — Mortgage Loan/Banker	0.2
Poultry	0.2
Food — Confectionery	0.2
Home Furnishings	0.2
Insurance — Multi-line	0.2
Human Resources	0.2
Retail — Vision Service Center	0.1
Airlines	0.1
Diversified Manufacturing Operations	0.1
Retail — Arts & Crafts	0.1
Entertainment Software	0.1
Specified Purpose Acquisitions	0.1
Superconductor Product & Systems	0.1
Investment Companies	0.1
Retail — Propane Distribution	0.1
Financial Guarantee Insurance	0.1
Finance — Leasing Companies	0.1
Advanced Materials	0.1
Advertising Services	0.1
Building Products — Doors & Windows	0.1
Food — Retail	0.1
Computer Data Security	0.1
Medical — Generic Drugs	0.1
Telecom Equipment — Fiber Optics	0.1
Seismic Data Collection	0.1
Vitamins & Nutrition Products	0.1
Banks — Super Regional	0.1
Transport — Equipment & Leasing	0.1
Wireless Equipment	0.1
Agricultural Operations	0.1
Chemicals — Plastics	0.1

171

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Computer Services	0.1	%
Diversified Operations/Commercial Services	0.1
Footwear & Related Apparel	0.1
Computers — Memory Devices	0.1
Electronic Components — Misc.	0.1
Instruments — Scientific	0.1
Medical — Outpatient/Home Medical	0.1
Electric — Distribution	0.1
Publishing — Newspapers	0.1
Steel — Producers	0.1
Data Processing/Management	0.1
Housewares	0.1
Athletic Equipment	0.1
Consumer Products — Misc.	0.1
Food — Canned	0.1
Telecommunication Equipment	0.1
Direct Marketing	0.1
Medical — Nursing Homes	0.1
Coal	0.1
Building — Heavy Construction	0.1
Computers — Periphery Equipment	0.1
Cosmetics & Toiletries	0.1
Transport — Rail	0.1
	100.9	%

* Calculated as a percentage of net assets

172

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Advanced Materials — 0.1%
Core Molding Technologies, Inc.		7,500	$	58,500
Haynes International, Inc.		8,700		286,839
				345,339
Advertising Agencies — 0.0%
Telaria, Inc.†		20,000		60,000
Advertising Services — 0.1%
Fluent, Inc.†		50,000		177,000
Marchex, Inc., Class B		40,000		123,200
Marin Software, Inc.†#		13,571		38,406
				338,606
Aerospace/Defense — 0.8%
MSA Safety, Inc.		11,199		1,220,579
Teledyne Technologies, Inc.†		5,850		1,313,793
				2,534,372
Aerospace/Defense - Equipment — 0.4%
Aerojet Rocketdyne Holdings, Inc.†		14,349		505,228
Barnes Group, Inc.		6,300		378,315
CPI Aerostructures, Inc.†		8,000		55,920
Moog, Inc., Class A		3,700		323,565
				1,263,028
Agricultural Operations — 0.1%
Alico, Inc.		2,860		94,523
Cadiz, Inc.†#		14,400		155,952
				250,475
Airlines — 0.1%
Hawaiian Holdings, Inc.		10,500		421,470
Apparel Manufacturers — 0.7%
Carter’s, Inc.		17,878		1,653,715
Cherokee, Inc.†		6,400		3,840
Delta Apparel, Inc.†		5,500		104,500
Lakeland Industries, Inc.†		10,000		132,500
Superior Group of Cos., Inc.		7,500		137,850
				2,032,405
Applications Software — 1.4%
Avalara, Inc.†#		957		30,614
Brightcove, Inc.†		9,000		64,620
BSQUARE Corp.†		15,000		31,650
Descartes Systems Group, Inc.†		22,900		673,718
Five9, Inc.†#		14,471		620,516
PagerDuty, Inc.†(1)(2)(3)		660		10,702
PDF Solutions, Inc.†#		14,540		134,495
Tableau Software, Inc., Class A†#		20,701		2,580,173
Telenav, Inc.†		28,000		117,040
Toast, Inc.†(1)(2)(3)		11		303
				4,263,831
Athletic Equipment — 0.1%
Clarus Corp.		16,400		185,648
Audio/Video Products — 0.0%
VOXX International Corp.†		20,000		100,400
Auto Repair Centers — 0.4%
Monro, Inc.#		14,325		1,164,909
Auto - Heavy Duty Trucks — 0.0%
REV Group, Inc.#		10,565		128,893
Auto/Truck Parts & Equipment - Original — 0.7%
Altra Industrial Motion Corp.		36,591		1,154,446
Gentherm, Inc.†		9,955		462,211

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Original (continued)
SORL Auto Parts, Inc.†#		15,300	$	41,769
Strattec Security Corp.		1,500		45,810
Visteon Corp.†#		3,701		273,208
				1,977,444
Auto/Truck Parts & Equipment - Replacement — 0.3%
Commercial Vehicle Group, Inc.†		1,100		7,678
Douglas Dynamics, Inc.		25,765		960,262
				967,940
Banks - Commercial — 10.4%
1st Constitution Bancorp#		6,400		126,592
AmeriServ Financial, Inc.		22,000		94,380
Associated Banc-Corp.		66,279		1,535,684
Atlantic Capital Bancshares, Inc.†		11,392		209,727
Bank of Commerce Holdings		7,640		92,444
BankUnited, Inc.		69,741		2,408,854
Baycom Corp.†		6,000		138,660
Blue Hills Bancorp, Inc.		12,107		287,420
Bridge Bancorp, Inc.		10,300		304,056
C&F Financial Corp.		3,000		157,740
Cadence BanCorp		57,404		1,177,356
Capstar Financial Holdings, Inc.		7,500		122,850
Chemung Financial Corp.		5,500		237,600
Citizens Holding Co.		4,500		93,465
Codorus Valley Bancorp, Inc.		3,472		83,371
Columbia Banking System, Inc.		6,669		271,295
Commerce Bancshares, Inc.#		24,414		1,538,542
CrossFirst Bankshares, Inc.†(1)(2)(3)		2,578		73,473
FB Financial Corp.		11,509		444,823
First Bancorp, Inc./Maine		7,165		203,701
First Bancshares, Inc.		3,800		133,836
First Bank		10,000		119,600
First Business Financial Services, Inc.		6,500		139,425
First Financial Bancorp		54,527		1,522,394
First Hawaiian, Inc.		61,038		1,588,209
First Horizon National Corp.		113,660		1,874,253
First Internet Bancorp		5,000		124,250
First Interstate BancSystem, Inc., Class A		15,620		678,377
First Northwest Bancorp		6,500		100,620
Great Western Bancorp, Inc.		35,576		1,327,696
Guaranty Bancorp		9,800		250,978
Hawthorn Bancshares, Inc.		3,120		70,793
Heritage Commerce Corp.		21,179		302,648
Heritage Financial Corp.#		10,000		349,700
Home BancShares, Inc.		32,800		643,208
Hope Bancorp, Inc.		14,600		221,920
IBERIABANK Corp.		22,360		1,671,410
Live Oak Bancshares, Inc.#		11,313		202,616
MBT Financial Corp.		15,300		174,726
MidSouth Bancorp, Inc.		9,800		129,556
National Commerce Corp.†		4,100		169,494
Northeast Bancorp		6,500		121,030
Northrim BanCorp, Inc.		3,600		131,292
Ohio Valley Banc Corp.		4,000		148,600
Origin Bancorp, Inc.		5,480		204,842
Pacific Mercantile Bancorp†		16,000		128,000
Penns Woods Bancorp, Inc.		3,200		138,400
Peoples Bancorp of North Carolina, Inc.		6,050		172,244
Pinnacle Financial Partners, Inc.		10,558		605,501
Premier Financial Bancorp, Inc.		5,892		109,650
Prosperity Bancshares, Inc.#		7,100		492,669
SB One Bancorp#		6,000		145,320
Seacoast Banking Corp. of Florida†		20,624		598,096
Shore Bancshares, Inc.		8,000		128,000

173

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Simmons First National Corp., Class A		9,200	$	270,480
South State Corp.		5,636		408,948
Spirit of Texas Bancshares, Inc.†#		6,000		121,800
Sterling Bancorp, Inc.		13,336		112,422
Texas Capital Bancshares, Inc.†		3,650		217,759
Towne Bank		12,000		343,320
United Bancshares, Inc.		6,000		134,520
United Security Bancshares		23,355		235,418
Unity Bancorp, Inc.		8,000		177,760
Univest Corp. of Pennsylvania		9,471		241,511
Webster Financial Corp.		6,515		392,008
Western Alliance Bancorp†		44,113		2,067,576
Western New England Bancorp, Inc.		8,000		79,440
Wintrust Financial Corp.		21,320		1,649,102
				30,973,450
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		4,537		259,607
Beverages - Non-alcoholic — 0.2%
Cott Corp.		38,632		573,685
Brewery — 0.3%
Boston Beer Co., Inc., Class A†#		2,807		770,634
Building & Construction Products - Misc. — 1.3%
Aspen Aerogels, Inc.†		28,200		94,752
Fortune Brands Home & Security, Inc.		27,910		1,222,458
Gibraltar Industries, Inc.†		12,955		468,453
Quanex Building Products Corp.		8,984		141,857
Simpson Manufacturing Co., Inc.		5,400		315,900
USG Corp.		34,732		1,494,865
				3,738,285
Building & Construction - Misc. — 0.4%
Willscot Corp.†#		84,534		1,164,879
Building Products - Air & Heating — 0.0%
Lennox International, Inc.		300		67,773
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc.#		350		66,741
Building Products - Doors & Windows — 0.1%
PGT Innovations, Inc.†		16,609		320,055
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		22,000		97,020
Building - Heavy Construction — 0.1%
Goldfield Corp.†		31,500		73,080
Orion Group Holdings, Inc.†		16,100		70,196
				143,276
Building - Maintenance & Services — 0.5%
Brightview Holdings, Inc.†		71,735		903,861
Rentokil Initial PLC		104,254		439,995
				1,343,856
Building - Mobile Home/Manufactured Housing — 0.6%
LCI Industries		20,263		1,567,951
Skyline Champion Corp.#		12,002		270,285
				1,838,236
Building - Residential/Commercial — 0.2%
Hovnanian Enterprises, Inc., Class A†#		61,200		77,724
New Home Co., Inc.†#		10,500		76,755
TRI Pointe Group, Inc.†#		35,517		443,252
				597,731

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.4%
Cable One, Inc.		1,162	$	1,044,975
Casino Hotels — 0.0%
Boyd Gaming Corp.		1,400		34,748
Casino Services — 0.0%
Gaming Partners International Corp.		8,967		116,123
Cellular Telecom — 0.0%
NII Holdings, Inc.†#		10,000		54,100
Chemicals - Diversified — 0.8%
Aceto Corp.		10,000		16,200
Quaker Chemical Corp.		12,062		2,487,667
				2,503,867
Chemicals - Plastics — 0.1%
PolyOne Corp.		7,400		248,788
Chemicals - Specialty — 1.9%
GCP Applied Technologies, Inc.†		69,587		1,899,725
Minerals Technologies, Inc.		3,500		196,980
Oil-Dri Corp. of America		4,900		144,011
PQ Group Holdings, Inc.†		96,270		1,477,745
Valvoline, Inc.		88,255		1,861,298
				5,579,759
Coal — 0.1%
Advanced Emissions Solutions, Inc.#		14,000		150,780
Commercial Services — 1.4%
Acacia Research Corp.†		40,000		127,200
Collectors Universe, Inc.		7,200		96,048
CoreLogic, Inc.†		35,156		1,422,412
Healthcare Services Group, Inc.#		6,800		320,960
HMS Holdings Corp.†		16,800		600,432
Performant Financial Corp.†		50,000		86,000
ServiceMaster Global Holdings, Inc.†		25,977		1,150,002
ServiceSource International, Inc.†		40,000		52,800
Team, Inc.†#		14,600		243,966
				4,099,820
Commercial Services - Finance — 0.8%
Euronet Worldwide, Inc.†		7,000		823,270
Evo Payments, Inc., Class A†#		2,800		73,332
Morningstar, Inc.		9,714		1,147,612
PRGX Global, Inc.†		26,500		247,245
				2,291,459
Communications Software — 0.0%
Seachange International, Inc.†		54,500		91,560
Computer Aided Design — 0.4%
Aspen Technology, Inc.†		14,176		1,223,389
Computer Data Security — 0.1%
CyberArk Software, Ltd.†		4,190		310,647
Computer Services — 0.1%
Alithya Group, Inc., Class A†		17,400		64,380
Information Services Group, Inc.†		27,400		113,710
StarTek, Inc.†		10,000		67,600
				245,690
Computer Software — 1.2%
Checkr, Inc.†(1)(2)(3)		700		8,603
Cision, Ltd.†		122,042		1,527,966
Computer Modelling Group, Ltd.		17,000		84,703
Cornerstone OnDemand, Inc.†		21,157		1,155,595
SS&C Technologies Holdings, Inc.		18,900		910,035
				3,686,902

174

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Integrated Systems — 0.6%
Agilysys, Inc.†		13,000	$	214,370
Cray, Inc.†		11,200		293,552
Cubic Corp.		10,829		662,627
StoneCo, Ltd., Class A†(2)(3)		16,632		372,415
StoneCo, Ltd., Class A†		7,010		165,226
				1,708,190
Computers - Memory Devices — 0.1%
Pure Storage, Inc., Class A†		7,692		145,456
Quantum Corp.†		35,600		85,084
				230,540
Computers - Periphery Equipment — 0.1%
Key Tronic Corp.†		9,633		65,504
TransAct Technologies, Inc.		7,500		77,250
				142,754
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		13,500		692,685
Franklin Covey Co.†		3,000		71,070
Huron Consulting Group, Inc.†		3,300		183,711
				947,466
Consumer Products - Misc. — 0.1%
Acme United Corp.		4,570		73,120
Central Garden & Pet Co., Class A†		1,600		49,760
CSS Industries, Inc.		4,500		48,780
				171,660
Containers - Metal/Glass — 0.3%
Crown Holdings, Inc.†#		20,219		1,036,830
Cosmetics & Toiletries — 0.1%
CCA Industries, Inc.†		3,421		8,039
Edgewell Personal Care Co.†		3,200		133,760
				141,799
Data Processing/Management — 0.1%
Amber Road, Inc.†		9,700		84,584
Innodata, Inc.†		52,600		102,570
				187,154
Diagnostic Kits — 0.2%
Quidel Corp.†		9,588		583,142
Direct Marketing — 0.1%
Quotient Technology, Inc.†#		13,390		164,563
Disposable Medical Products — 1.0%
ICU Medical, Inc.†		9,487		2,281,529
STERIS PLC		5,600		666,848
				2,948,377
Distribution/Wholesale — 2.7%
BlueLinx Holdings, Inc.†#		8,000		216,800
Educational Development Corp.		16,000		156,000
Houston Wire & Cable Co.†		14,739		89,908
KAR Auction Services, Inc.		38,264		2,186,405
Pool Corp.		27,795		4,516,965
SiteOne Landscape Supply, Inc.†#		11,026		679,643
Watsco, Inc.†#		600		92,220
				7,937,941
Diversified Manufacturing Operations — 0.1%
Federal Signal Corp.		2,100		49,266
GP Strategies Corp.†		8,000		105,920
LSB Industries, Inc.†		17,500		134,225

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Synalloy Corp.		7,900	$	127,269
				416,680
Diversified Operations/Commercial Services — 0.1%
Colliers International Group, Inc.		3,135		206,283
Volt Information Sciences, Inc.†		14,393		37,422
				243,705
E-Commerce/Products — 0.0%
EVINE Live, Inc.†		90,000		54,000
US Auto Parts Network, Inc.†		20,000		24,600
				78,600
E-Commerce/Services — 0.5%
A Place For Rover, Inc.†(1)(2)(3)		513		3,476
Cargurus, Inc.†		8,303		323,070
Eventbrite, Inc., Class A†		1,455		43,228
GrubHub, Inc.†#		12,031		941,907
Leaf Group, Ltd.†		25,000		203,750
				1,515,431
Educational Software — 0.3%
Instructure, Inc.†#		26,846		1,013,973
Electric Products - Misc. — 0.3%
Graham Corp.		5,800		144,536
Littelfuse, Inc.		800		153,080
Novanta, Inc.†		10,501		681,830
				979,446
Electric - Distribution — 0.1%
Genie Energy, Ltd., Class B		12,500		79,750
Spark Energy, Inc., Class A#		13,000		118,170
				197,920
Electric - Integrated — 2.0%
NorthWestern Corp.		37,954		2,427,538
PNM Resources, Inc.		16,900		730,418
Portland General Electric Co.		52,644		2,534,808
SCANA Corp.		7,400		345,284
				6,038,048
Electronic Components - Misc. — 0.1%
Bel Fuse, Inc., Class B		6,000		135,060
Sparton Corp.†		5,900		84,724
Sypris Solutions, Inc.†		7,000		7,700
				227,484
Electronic Components - Semiconductors — 0.7%
CTS Corp.		9,700		281,397
DSP Group, Inc.†		11,500		141,105
EMCORE Corp.†		32,200		146,510
GSI Technology, Inc.†		19,800		112,464
Impinj, Inc.†#		7,000		148,680
Inphi Corp.†#		10,948		436,716
Lattice Semiconductor Corp.†		75,925		444,920
MACOM Technology Solutions Holdings, Inc.†#		11,400		202,578
Monolithic Power Systems, Inc.		947		125,070
Pixelworks, Inc.†		22,000		85,580
Richardson Electronics, Ltd.		15,000		107,700
				2,232,720
Electronic Measurement Instruments — 0.2%
CyberOptics Corp.†#		6,700		135,943
National Instruments Corp.		9,997		489,453
				625,396

175

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Parts Distribution — 0.0%
Ballantyne Strong, Inc.†		14,000	$	32,900
Energy - Alternate Sources — 0.2%
Aemetis, Inc.†#		17,800		13,071
Amyris, Inc.†#		35,887		177,282
Clean Energy Fuels Corp.†		42,350		94,440
NextEra Energy Partners LP		6,100		284,870
				569,663
Engineering/R&D Services — 0.0%
Iteris, Inc.†#		26,210		119,780
Engines - Internal Combustion — 0.3%
Gates Industrial Corp. PLC†#		69,010		1,016,517
Enterprise Software/Service — 2.4%
Blackbaud, Inc.		16,714		1,224,301
Ceridian HCM Holding, Inc.†#		4,904		196,748
Coupa Software, Inc.†#		8,600		554,098
Guidewire Software, Inc.†#		18,148		1,687,038
Manhattan Associates, Inc.†		14,852		735,620
MicroStrategy, Inc., Class A†		3,007		389,827
Paycom Software, Inc.†#		1,000		132,770
SailPoint Technologies Holding, Inc.†		33,400		869,402
ServiceTitan, Inc.†(1)(2)(3)		191		5,022
SVMK, Inc.†		1,773		25,318
SVMK, Inc.†(2)(3)		5,062		66,864
Tyler Technologies, Inc.†		6,999		1,349,127
				7,236,135
Entertainment Software — 0.1%
Zynga, Inc., Class A†		113,000		409,060
Environmental Consulting & Engineering — 0.0%
Ecology and Environment, Inc., Class A		6,000		63,120
Filtration/Separation Products — 0.2%
ESCO Technologies, Inc.		9,545		670,823
Finance - Auto Loans — 0.0%
Consumer Portfolio Services, Inc.†		24,500		88,690
Finance - Consumer Loans — 0.5%
Asta Funding, Inc.		13,200		55,572
Encore Capital Group, Inc.†#		13,100		366,538
PRA Group, Inc.†#		17,600		537,152
Regional Management Corp.†		8,200		222,712
SLM Corp.†		31,208		320,506
				1,502,480
Finance - Investment Banker/Broker — 0.8%
JMP Group LLC		16,300		80,033
Lazard, Ltd., Class A		33,301		1,336,036
Moelis & Co., Class A		22,572		912,360
				2,328,429
Finance - Leasing Companies — 0.1%
California First National Bancorp		11,000		178,200
Marlin Business Services Corp.		7,500		190,500
				368,700
Finance - Mortgage Loan/Banker — 0.2%
Ellie Mae, Inc.†#		5,042		339,175
PennyMac Financial Services, Inc.		7,800		159,978
				499,153
Finance - Other Services — 0.4%
Cboe Global Markets, Inc.		9,782		1,052,739
Financial Guarantee Insurance — 0.1%
Radian Group, Inc.		20,200		371,680

Security Description	Shares		Value (Note 2)
Food - Canned — 0.1%
Seneca Foods Corp., Class A†		5,000	$	167,350
Food - Confectionery — 0.2%
Simply Good Foods Co.†		23,306		473,578
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.†		6,700		17,755
Food - Misc./Diversified — 0.7%
Cal-Maine Foods, Inc.		14,651		684,495
Lancaster Colony Corp.		400		72,128
Post Holdings, Inc.†#		8,300		803,025
TreeHouse Foods, Inc.†		12,500		657,500
				2,217,148
Food - Wholesale/Distribution — 1.3%
AMCON Distributing Co.		500		42,445
Performance Food Group Co.†		109,065		3,758,380
				3,800,825
Footwear & Related Apparel — 0.1%
Rocky Brands, Inc.		6,711		173,748
Gambling (Non-Hotel) — 0.2%
Dover Downs Gaming & Entertainment, Inc.†#		43,334		112,235
Monarch Casino & Resort, Inc.†		13,156		526,240
				638,475
Garden Products — 1.5%
Toro Co.		73,818		4,575,978
Gas - Distribution — 1.0%
Chesapeake Utilities Corp.		5,500		473,220
ONE Gas, Inc.		13,700		1,165,733
RGC Resources, Inc.		469		12,940
South Jersey Industries, Inc.#		11,572		361,046
Southwest Gas Holdings, Inc.		11,037		869,385
				2,882,324
Gold Mining — 0.3%
Franco-Nevada Corp.		4,400		304,670
Gold Resource Corp.		37,100		141,722
Northern Star Resources, Ltd.		29,305		171,250
Osisko Gold Royalties, Ltd.		17,800		133,569
				751,211
Golf — 0.5%
Acushnet Holdings Corp.		69,520		1,588,532
Hazardous Waste Disposal — 0.5%
Heritage-Crystal Clean, Inc.†		7,800		218,478
US Ecology, Inc.		19,419		1,352,922
				1,571,400
Health Care Cost Containment — 0.5%
HealthEquity, Inc.†#		17,293		1,533,716
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†		30,000		112,500
Retractable Technologies, Inc.†#		30,000		19,950
				132,450
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†#		9,000		458,820
Housewares — 0.1%
Libbey, Inc.		15,000		90,150
Lifetime Brands, Inc.		8,000		95,520
				185,670

176

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PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources — 0.2%
Computer Task Group, Inc.†		19,600	$	87,220
Cross Country Healthcare, Inc.†		12,991		117,828
RCM Technologies, Inc.		20,000		78,600
Willdan Group, Inc.†		4,600		173,374
				457,022
Identification Systems — 0.9%
Aware, Inc.†		14,500		52,925
Brady Corp., Class A		58,164		2,533,624
				2,586,549
Import/Export — 0.0%
Castle Brands, Inc.†#		40,000		35,968
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		3,000		114,630
Instruments - Scientific — 0.1%
Fluidigm Corp.†#		27,000		221,400
Insurance Brokers — 0.0%
Goosehead Insurance, Inc., Class A†#		4,384		111,441
Insurance - Multi-line — 0.2%
Assurant, Inc.		4,700		457,028
Insurance - Property/Casualty — 2.0%
FedNat Holding Co.		7,600		166,288
First Acceptance Corp.†		2,558		2,916
Hallmark Financial Services, Inc.†		13,000		148,200
Hanover Insurance Group, Inc.		5,500		630,905
Kinsale Capital Group, Inc.		17,767		1,105,285
ProAssurance Corp.		27,938		1,221,729
RLI Corp.		17,020		1,290,456
Safety Insurance Group, Inc.		3,258		286,118
Selective Insurance Group, Inc.		14,000		929,180
State Auto Financial Corp.		6,050		211,750
				5,992,827
Insurance - Reinsurance — 0.2%
Axis Capital Holdings, Ltd.		7,950		440,032
Essent Group, Ltd.†		4,300		165,808
				605,840
Internet Application Software — 0.3%
Anaplan, Inc.†#		1,955		54,740
Okta, Inc.†		1,300		82,745
Tucows, Inc., Class A†#		2,466		143,127
Zendesk, Inc.†		9,100		540,813
				821,425
Internet Connectivity Services — 0.0%
PC-Tel, Inc.		21,200		88,828
Internet Content - Information/News — 0.0%
DHI Group, Inc.†		25,000		44,250
Internet Security — 0.2%
Proofpoint, Inc.†		5,200		504,452
Zix Corp.†		10,000		66,600
				571,052
Investment Companies — 0.1%
B. Riley Financial, Inc.#		3,858		70,100
Barings BDC, Inc.#		12,783		128,086
Barnwell Industries, Inc.†		25,000		40,250
KCAP Financial, Inc.#		16,700		50,935
Medallion Financial Corp.†#		17,100		102,258
				391,629

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 0.7%
Eaton Vance Corp.		27,746	$	1,130,095
Focus Financial Partners, Inc. Class A†		18,210		563,053
Great Elm Capital Group, Inc.†		40,000		146,000
Manning & Napier, Inc.#		8,400		14,952
Silvercrest Asset Management Group, Inc., Class A		10,000		139,700
				1,993,800
Leisure Games — 0.0%
Peak Resorts, Inc.		23,600		121,068
Leisure Products — 0.0%
Escalade, Inc.		5,200		61,620
Machine Tools & Related Products — 0.6%
L.S. Starrett Co., Class A		8,000		37,200
Lincoln Electric Holdings, Inc.		20,947		1,800,395
				1,837,595
Machinery - Electrical — 0.3%
Bloom Energy Corp. Class A†#		5,212		85,737
BWX Technologies, Inc.		15,673		708,733
				794,470
Machinery - General Industrial — 0.9%
Applied Industrial Technologies, Inc.		24,719		1,612,420
Arotech Corp.†		34,800		96,396
Chart Industries, Inc.†		12,200		775,432
Gencor Industries, Inc.†		8,650		98,005
Intevac, Inc.†		6,100		28,792
Twin Disc, Inc.†		5,000		87,250
				2,698,295
Machinery - Pumps — 0.4%
CSW Industrials, Inc.†		4,858		257,328
Gardner Denver Holdings, Inc.†		3,800		94,050
Graco, Inc.		8,900		392,045
Mueller Water Products, Inc., Class A		42,100		443,313
				1,186,736
Medical Imaging Systems — 0.0%
Digirad Corp.		25,000		22,295
Medical Information Systems — 0.5%
Medidata Solutions, Inc.†#		20,412		1,576,011
Medical Instruments — 0.5%
Avanos Medical, Inc.†		12,800		610,688
Bovie Medical Corp.†		25,000		176,750
Bruker Corp.		13,890		460,315
NuVasive, Inc.†		6,000		382,140
				1,629,893
Medical Labs & Testing Services — 1.5%
Catalent, Inc.†		81,131		3,216,844
Syneos Health, Inc.†		23,675		1,224,471
				4,441,315
Medical Laser Systems — 0.0%
Cutera, Inc.†		5,000		102,500
IRIDEX Corp.†		8,100		38,394
				140,894
Medical Products — 1.4%
AtriCure, Inc.†#		5,400		180,846
ConforMIS, Inc.†		95,000		51,357
Electromed, Inc.†		13,900		79,230
Hanger, Inc.†		9,800		196,294
InfuSystem Holdings, Inc.†		25,000		85,750

177

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
InVivo Therapeutics Holdings Corp.†		972	$	1,934
Micron Solutions, Inc.†		6,425		18,890
Nevro Corp.†		2,548		105,768
OrthoPediatrics Corp.†		6,500		203,255
T2 Biosystems, Inc.†#		25,000		111,000
United-Guardian, Inc.		3,500		61,390
West Pharmaceutical Services, Inc.		24,549		2,689,588
Wright Medical Group NV†#		14,093		394,040
				4,179,342
Medical - Biomedical/Gene — 2.2%
Abeona Therapeutics, Inc.†		3,300		27,060
Acceleron Pharma, Inc.†#		6,100		322,873
Alder Biopharmaceuticals, Inc.†#		12,400		165,912
Allena Pharmaceuticals, Inc.†		13,000		121,810
Allogene Therapeutics, Inc.†#		1,676		52,425
Alpine Immune Sciences, Inc.†		3,750		18,000
AnaptysBio, Inc.†#		218		16,258
Aptevo Therapeutics, Inc.†		10,100		23,230
Aratana Therapeutics, Inc.†		3,000		19,500
Ardelyx, Inc.†		35,000		95,200
Argenx SE ADR†#		2,338		226,248
ArQule, Inc.†#		55,000		204,050
Asterias Biotherapeutics, Inc.†#		9,454		11,534
AVEO Pharmaceuticals, Inc.†#		66,464		137,580
BeiGene, Ltd. ADR†#		305		46,760
Blueprint Medicines Corp.†		4,229		242,618
Calithera Biosciences, Inc.†		16,600		81,838
Cara Therapeutics, Inc.†#		2,786		50,649
Clearside Biomedical, Inc.†		23,000		33,810
Crinetics Pharmaceuticals, Inc.†#		2,446		85,463
CytomX Therapeutics, Inc.†		6,090		84,042
Eiger BioPharmaceuticals, Inc.†		20,000		212,200
Exelixis, Inc.†		2,300		46,713
Five Prime Therapeutics, Inc.†		1,624		20,852
GlycoMimetics, Inc.†#		4,328		49,729
Guardant Health, Inc.†		1,311		46,842
Harvard Bioscience, Inc.†		45,000		177,750
ImmunoGen, Inc.†		2,762		15,219
Immunomedics, Inc.†#		9,400		188,846
Infinity Pharmaceuticals, Inc.†#		100,000		133,000
Insmed, Inc.†#		17,592		315,073
Loxo Oncology, Inc.†#		1,500		210,630
MacroGenics, Inc.†		2,343		40,323
Menlo Therapeutics, Inc.†#		19,400		116,594
Mustang Bio, Inc.†#		12,500		50,125
Oncocyte Corp.†#		50,000		85,000
Orchard Therapeutics PLC ADR†		1,966		29,608
Otonomy, Inc.†		35,000		78,750
OvaScience, Inc.†#		50,000		36,490
Ovid therapeutics, Inc.†#		14,000		56,420
Pacific Biosciences of California, Inc.†#		30,000		234,600
Palatin Technologies, Inc.†		100,000		80,940
Pfenex, Inc.†		14,000		57,960
Protalix BioTherapeutics, Inc.†#		22,016		9,544
PTC Therapeutics, Inc.†		1,600		56,832
Radius Health, Inc.†#		13,600		226,712
RTI Surgical, Inc.†		35,000		145,950
Sage Therapeutics, Inc.†#		7,371		849,803
Scholar Rock Holding Corp.†#		1,509		36,759
Seattle Genetics, Inc.†#		2,600		162,708
Spark Therapeutics, Inc.†#		2,220		93,529
Surface Oncology, Inc.†#		15,500		125,240
Ultragenyx Pharmaceutical, Inc.†#		1,200		64,404
VolitionRX, Ltd.†#		29,400		65,856

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
WaVe Life Sciences, Ltd.†#		4,644	$	222,215
XOMA Corp.†#		6,500		97,695
				6,507,771
Medical - Drugs — 1.9%
AcelRx Pharmaceuticals, Inc.†		32,100		108,177
Aeglea BioTherapeutics, Inc.†		25,000		210,500
Aimmune Therapeutics, Inc.†#		6,275		149,031
Alimera Sciences, Inc.†#		115,025		117,325
Alkermes PLC†#		4,433		161,539
Ascendis Pharma A/S ADR†#		5,033		339,778
BioSpecifics Technologies Corp.†		3,300		202,521
Chiasma, Inc.†		45,000		180,900
Chimerix, Inc.†		30,800		101,332
Conatus Pharmaceuticals, Inc.†#		19,500		87,360
Corbus Pharmaceuticals Holdings, Inc.†#		9,600		66,240
Corvus Pharmaceuticals, Inc.†#		3,722		22,258
Cumberland Pharmaceuticals, Inc.†		27,800		174,306
Enanta Pharmaceuticals, Inc.†		500		39,570
Global Blood Therapeutics, Inc.†#		5,730		180,724
Immune Design Corp.†		35,000		56,000
Kadmon Holdings, Inc.†#		37,000		90,280
KalVista Pharmaceuticals, Inc.†		8,600		206,916
Madrigal Pharmaceuticals, Inc.†#		470		54,355
Melinta Therapeutics, Inc.†#		8,000		16,960
Minerva Neurosciences, Inc.†		20,300		160,573
MyoKardia, Inc.†#		3,053		189,500
Navidea Biopharmaceuticals, Inc.†		85,500		16,587
Neos Therapeutics, Inc.†#		15,000		29,400
Pacira Pharmaceuticals, Inc.†		4,200		202,986
Pernix Therapeutics Holdings, Inc.†#		2,900		1,172
Prestige Consumer Healthcare, Inc.†#		47,256		1,834,478
Principia Biopharma, Inc.†		3,329		92,746
Reata Pharmaceuticals, Inc., Class A†#		700		44,205
scPharmaceuticals, Inc.†#		11,500		53,935
Spero Therapeutics, Inc.†#		6,200		50,716
TESARO, Inc.†#		3,379		156,718
TherapeuticsMD, Inc.†#		77,874		391,706
				5,790,794
Medical - Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†#		10,400		184,184
Momenta Pharmaceuticals, Inc.†		5,500		65,120
Teligent, Inc.†#		25,000		51,500
				300,804
Medical - HMO — 1.7%
Centene Corp.†		1,600		227,600
Molina Healthcare, Inc.†		23,642		3,303,024
Tivity Health, Inc.†#		34,551		1,415,209
				4,945,833
Medical - Hospitals — 0.2%
Acadia Healthcare Co., Inc.†#		12,270		416,812
Quorum Health Corp.†#		20,500		90,405
				507,217
Medical - Nursing Homes — 0.1%
Genesis Healthcare, Inc.†#		100,000		159,000
Medical - Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		1,620		220,725
Medical - Wholesale Drug Distribution — 0.5%
Premier, Inc., Class A†		35,393		1,403,686

178

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Processors & Fabrication — 1.2%
AZZ, Inc.		10,000	$	477,400
LB Foster Co., Class A†		6,700		129,645
RBC Bearings, Inc.†		18,650		2,853,823
Sun Hydraulics Corp.		4,777		199,105
				3,659,973
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		5,500		100,980
Metal - Aluminum — 0.0%
Constellium NV, Class A†		11,300		94,807
Miscellaneous Manufacturing — 1.7%
AptarGroup, Inc.		41,883		4,357,926
John Bean Technologies Corp.		9,117		752,517
				5,110,443
Multimedia — 0.8%
E.W. Scripps Co., Class A		48,244		850,542
FactSet Research Systems, Inc.#		6,016		1,410,692
				2,261,234
Networking Products — 0.0%
Black Box Corp.†		45,000		48,600
Non-Ferrous Metals — 0.0%
Uranium Energy Corp.†#		100,500		132,660
Non-Hazardous Waste Disposal — 0.7%
Advanced Disposal Services, Inc.†		49,330		1,329,443
Waste Connections, Inc.		9,950		780,876
				2,110,319
Office Furnishings - Original — 0.4%
Herman Miller, Inc.		32,968		1,116,296
Oil & Gas Drilling — 0.7%
Parker Drilling Co.†#		3,066		4,017
Patterson-UTI Energy, Inc.		148,872		2,066,343
Quintana Energy Services, Inc.†		15,000		89,400
				2,159,760
Oil Companies - Exploration & Production — 1.2%
Advantage Oil & Gas, Ltd.†		15,510		27,783
Approach Resources, Inc.†#		77,300		102,036
Centennial Resource Development, Inc., Class A†#		22,648		351,497
Contango Oil & Gas Co.†		21,600		87,480
Diamondback Energy, Inc.#		3,900		430,482
Earthstone Energy, Inc., Class A†		9,400		64,578
Evolution Petroleum Corp.		23,100		201,201
Jagged Peak Energy, Inc.†#		19,100		218,504
Jones Energy, Inc., Class A†#		2,115		2,157
Kosmos Energy, Ltd.†#		6,764		36,390
Lonestar Resources US, Inc., Class A†		30,000		203,700
Magnolia Oil & Gas Corp.†		9,500		115,710
Matador Resources Co.†#		11,090		252,852
Midstates Petroleum Co., Inc.†		15,000		124,650
Panhandle Oil and Gas, Inc., Class A		5,000		82,500
Seven Generations Energy, Ltd., Class A†		28,100		214,242
SRC Energy, Inc.†		131,493		758,715
VAALCO Energy, Inc.†		30,000		48,900
Venture Global LNG, Inc., Series B†(1)(2)(3)		4		20,800
Venture Global LNG, Inc., Series C†(1)(2)(3)		59		306,800
Yuma Energy, Inc.†#		25,270		4,690
				3,655,667
Oil Field Machinery & Equipment — 0.3%
Dril-Quip, Inc.†#		4,400		172,744

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment (continued)
Flotek Industries, Inc.†#		50,000	$	69,500
Mitcham Industries, Inc.†		22,400		79,296
Natural Gas Services Group, Inc.†		7,400		146,002
Smart Sand, Inc.†#		15,000		48,900
Superior Drilling Products, Inc.†		56,000		95,200
Thermon Group Holdings, Inc.†		13,100		295,929
				907,571
Oil Refining & Marketing — 0.0%
Adams Resources & Energy, Inc.		3,314		134,217
Oil - Field Services — 0.8%
CARBO Ceramics, Inc.†		2,200		10,076
Core Laboratories NV#		21,226		1,764,093
Era Group, Inc.†		15,000		150,900
Gulf Island Fabrication, Inc.†		8,400		66,360
Independence Contract Drilling, Inc.†		31,100		105,118
Key Energy Services, Inc.†		11,000		64,130
Nuverra Environmental Solutions, Inc.†#		6,300		58,905
PHI, Inc.†		14,000		49,420
Pioneer Energy Services Corp.†		48,900		123,717
				2,392,719
Paper & Related Products — 0.0%
Orchids Paper Products Co.†#		5,500		9,295
Pharmacy Services — 0.0%
BioScrip, Inc.†		35,000		138,250
Physical Therapy/Rehabilitation Centers — 1.1%
AAC Holdings, Inc.†#		18,000		35,460
Encompass Health Corp.		36,531		2,747,497
U.S. Physical Therapy, Inc.		3,759		447,283
				3,230,240
Pollution Control — 0.0%
Fuel Tech, Inc.†		75,000		90,750
Poultry — 0.2%
Sanderson Farms, Inc.#		4,300		486,588
Power Converter/Supply Equipment — 0.5%
Generac Holdings, Inc.†		26,400		1,502,688
Printing - Commercial — 0.0%
ARC Document Solutions, Inc.†		40,000		96,400
Publishing - Newspapers — 0.1%
Lee Enterprises, Inc.†		84,700		189,728
Radio — 0.0%
Saga Communications, Inc., Class A		123		4,563
Salem Media Group, Inc.		10,000		28,300
Townsquare Media, Inc., Class A		11,000		68,200
				101,063
Real Estate Investment Trusts — 5.1%
Acadia Realty Trust		10,200		292,434
Alexander & Baldwin, Inc.†		14,676		304,234
American Campus Communities, Inc.		14,200		622,386
CubeSmart		58,330		1,816,396
EastGroup Properties, Inc.#		32,782		3,278,856
Equity Commonwealth		13,200		419,364
First Industrial Realty Trust, Inc.		6,500		208,390
JBG SMITH Properties		2,700		108,189
National Retail Properties, Inc.		63,205		3,164,042
OUTFRONT Media, Inc.		73,241		1,521,948
Paramount Group, Inc.		33,927		484,138
PS Business Parks, Inc.		6,656		938,629
Regency Centers Corp.		4,135		263,234

179

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
RLJ Lodging Trust		84,284	$	1,714,337
				15,136,577
Real Estate Management/Services — 0.8%
FirstService Corp.		9,200		695,888
HFF, Inc., Class A		32,085		1,296,234
Maui Land & Pineapple Co., Inc.†		10,000		115,300
Redfin Corp.†#		10,564		179,165
				2,286,587
Real Estate Operations & Development — 0.5%
Consolidated-Tomoka Land Co.		3,100		179,862
Cushman & Wakefield PLC†		64,950		1,209,369
Stratus Properties, Inc.†		3,000		81,480
Trinity Place Holdings, Inc.†		10,000		49,300
				1,520,011
Recreational Vehicles — 0.9%
Brunswick Corp.		41,432		2,197,553
Malibu Boats, Inc., Class A†		11,013		533,250
				2,730,803
Rental Auto/Equipment — 0.2%
Aaron’s, Inc.		13,700		641,160
Resort/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.		1,070		86,884
Retail - Apparel/Shoe — 0.4%
Allbirds, Inc.†(1)(2)(3)		938		51,436
Burlington Stores, Inc.†		5,600		928,256
Destination Maternity Corp.†		7,800		34,242
Francesca’s Holdings Corp.†#		28,500		56,715
RTW RetailWinds, Inc.†		33,029		110,647
Tilly’s, Inc., Class A		8,068		92,863
				1,274,159
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		24,400		414,068
Retail - Automobile — 0.0%
America’s Car-Mart, Inc.†		500		37,105
Retail - Computer Equipment — 0.0%
PCM, Inc.†		6,700		126,965
Retail - Discount — 0.7%
BJ’s Wholesale Club Holdings, Inc.†#		46,140		1,077,831
Citi Trends, Inc.		3,500		71,750
Ollie’s Bargain Outlet Holdings, Inc.†		9,026		800,606
				1,950,187
Retail - Home Furnishings — 0.2%
Bassett Furniture Industries, Inc.		6,500		136,695
Kirkland’s, Inc.†		12,200		132,370
RH†#		2,152		249,933
Tuesday Morning Corp.†#		39,900		97,755
				616,753
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†		20,000		108,600
Five Below, Inc.†		2,900		303,891
Gaia, Inc.†#		9,400		122,576
				535,067
Retail - Petroleum Products — 0.0%
TravelCenters of America LLC†		20,000		92,200

Security Description	Shares		Value (Note 2)
Retail - Propane Distribution — 0.1%
Luxfer Holdings PLC		16,600	$	381,634
Retail - Restaurants — 1.2%
Chuy’s Holdings, Inc.†		8,770		187,678
Del Frisco’s Restaurant Group, Inc.†		4,100		28,167
Denny’s Corp.†		36,300		600,402
Dunkin’ Brands Group, Inc.#		9,700		717,800
Famous Dave’s of America, Inc.†		8,250		42,570
Fiesta Restaurant Group, Inc.†		12,319		232,213
J Alexander’s Holdings, Inc.†		13,000		132,860
Kona Grill, Inc.†#		7,700		11,550
Luby’s, Inc.†		25,000		38,000
Papa John’s International, Inc.#		10,583		507,878
Papa Murphy’s Holdings, Inc.†#		97		507
Potbelly Corp.†		10,000		101,800
Red Robin Gourmet Burgers, Inc.†#		8,139		282,342
Wingstop, Inc.		9,300		610,266
				3,494,033
Retail - Toy Stores — 0.0%
Build - A - Bear Workshop, Inc.†		8,000		48,800
Retail - Vision Service Center — 0.1%
JAND, Inc. (dba Warby Parker), Class A†(1)(2)(3)		4,462		68,264
National Vision Holdings, Inc.†		7,466		274,525
				342,789
Rubber/Plastic Products — 0.2%
Proto Labs, Inc.†		5,105		656,962
Savings & Loans/Thrifts — 1.1%
BankFinancial Corp.		9,300		138,849
Beneficial Bancorp, Inc.		20,965		324,538
Capitol Federal Financial, Inc.		28,867		405,293
Entegra Financial Corp.†		6,000		138,840
ESSA Bancorp, Inc.		9,000		144,450
First Financial Northwest, Inc.		10,000		152,200
Investors Bancorp, Inc.		26,500		325,420
Lake Shore Bancorp, Inc.		10,000		153,500
Malvern Bancorp, Inc.†		3,800		79,420
Meridian Bancorp, Inc.		22,660		370,491
Pacific Premier Bancorp, Inc.†#		8,100		250,047
Provident Financial Holdings, Inc.		6,714		117,831
SI Financial Group, Inc.		8,500		115,685
Southern Missouri Bancorp, Inc.		5,000		181,650
Territorial Bancorp, Inc.		4,500		125,325
Timberland Bancorp, Inc.		3,900		110,370
				3,133,909
Schools — 0.6%
2U, Inc.†#		6,144		358,748
American Public Education, Inc.†		6,372		201,610
Bridgepoint Education, Inc.†		14,500		116,000
Bright Horizons Family Solutions, Inc.†		3,316		403,491
Chegg, Inc.†#		17,180		480,181
Lincoln Educational Services Corp.†		20,000		47,400
Universal Technical Institute, Inc.†		37,000		119,140
				1,726,570
Security Services — 0.4%
Brink’s Co.		16,065		1,137,723
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†		34,927		129,928
Geospace Technologies Corp.†		8,900		138,395
				268,323

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Components - Integrated Circuits — 0.2%
Power Integrations, Inc.		10,296	$	652,355
Semiconductor Equipment — 0.8%
Cabot Microelectronics Corp.		16,541		1,777,827
Entegris, Inc.		16,500		485,100
MKS Instruments, Inc.		2,600		203,996
				2,466,923
Specified Purpose Acquisitions — 0.1%
Collier Creek Holdings†		14,012		141,241
J2 Acquisition, Ltd.†*		27,496		248,839
				390,080
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		4,048		528,426
Steel - Producers — 0.1%
Friedman Industries, Inc.		10,000		80,800
Shiloh Industries, Inc.†		13,600		108,392
				189,192
Superconductor Product & Systems — 0.1%
American Superconductor Corp.†#		40,000		400,000
Telecom Equipment - Fiber Optics — 0.1%
Clearfield, Inc.†		10,000		123,400
KVH Industries, Inc.†		14,357		161,803
				285,203
Telecom Services — 0.2%
Consolidated Communications Holdings, Inc.#		1		14
GTT Communications, Inc.†#		9,800		329,868
Ooma, Inc.†		6,500		97,110
Spok Holdings, Inc.		9,800		142,786
				569,778
Telecommunication Equipment — 0.1%
Communications Systems, Inc.		30,000		69,000
Wireless Telecom Group, Inc.†		53,200		95,760
				164,760
Telephone - Integrated — 0.0%
Alaska Communications Systems Group, Inc.†		77,000		115,500
Textile - Apparel — 0.0%
Tandy Leather Factory, Inc.†		15,000		96,600
Textile - Products — 0.0%
Dixie Group, Inc.†		10,000		12,800
Theaters — 0.8%
Cinemark Holdings, Inc.		65,245		2,503,451
Therapeutics — 0.3%
Actinium Pharmaceuticals, Inc.†#		32,100		18,634
Agios Pharmaceuticals, Inc.†#		2,733		179,832
G1 Therapeutics, Inc.†		1,710		65,373
Sarepta Therapeutics, Inc.†#		800		103,576
Xencor, Inc.†		8,633		362,672
Zafgen, Inc.†		15,000		75,600
				805,687
Toys — 0.0%
JAKKS Pacific, Inc.†#		30,000		69,000
Transport - Equipment & Leasing — 0.1%
Willis Lease Finance Corp.†		7,000		257,880
Transport - Marine — 0.0%
Hornbeck Offshore Services, Inc.†		10,000		29,900

Security Description	Shares		Value (Note 2)
Transport - Marine (continued)
Overseas Shipholding Group, Inc., Class A†		35,000	$	74,900
				104,800
Transport - Rail — 0.1%
Genesee & Wyoming, Inc., Class A†		1,700		141,576
Transport - Services — 0.3%
Matson, Inc.		13,600		535,160
Radiant Logistics, Inc.†		37,800		205,632
Steel Connect, Inc.†		71,500		119,405
				860,197
Transport - Truck — 1.6%
Knight-Swift Transportation Holdings, Inc.#		61,786		2,141,503
Landstar System, Inc.		18,767		2,047,104
P.A.M. Transportation Services, Inc.†		1,357		70,103
Patriot Transportation Holding, Inc.†		5,000		98,250
Schneider National, Inc., Class B		9,388		209,634
XPO Logistics, Inc.†		1		76
YRC Worldwide, Inc.†		22,000		124,520
				4,691,190
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		14,000		265,020
Water — 0.5%
California Water Service Group		10,600		484,632
Global Water Resources, Inc.		14,500		147,465
Middlesex Water Co.		3,896		201,968
PICO Holdings, Inc.†		10,000		97,500
SJW Group		7,270		407,411
				1,338,976
Water Treatment Systems — 0.2%
Evoqua Water Technologies Corp.†#		62,100		567,594
Web Hosting/Design — 0.7%
Q2 Holdings, Inc.†		34,947		1,897,273
Wix.com, Ltd.†		3,328		313,431
				2,210,704
Web Portals/ISP — 0.0%
Synacor, Inc.†#		44,000		78,320
Wireless Equipment — 0.1%
Frequency Electronics, Inc.†		10,000		107,600
ID Systems, Inc.†		12,000		72,960
TESSCO Technologies, Inc.		5,900		71,626
				252,186
Total Common Stocks
(cost $253,941,289)				288,348,031
CONVERTIBLE PREFERRED SECURITIES — 0.5%
Applications Software — 0.2%
Convoy, Inc., Series C Series C†(1)(2)(3)		12,094		85,875
PagerDuty, Inc. Series D†(1)(2)(3)		5,215		89,013
Toast, Inc., Series B†(1)(2)(3)		98		2,695
Toast, Inc., Series D†(1)(2)(3)		7,194		197,835
				375,418
Computer Software — 0.0%
Checkr, Inc., Series C†(1)(2)(3)		2,998		40,926

181

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
E-Commerce/Services — 0.1%
Farmers Business Network, Inc., Series C†(1)(2)(3)		8,287	$	174,358
Vroom, Inc. Series F†(1)(2)(3)		5,863		105,247
				279,605
Enterprise Software/Service — 0.1%
Plex Systems, Inc., Series B†(1)(2)(3)		50,422		107,399
ServiceTitan, Inc., Series A†(1)(2)(3)		4		105
ServiceTitan, Inc., Series D†(1)(2)(3)		1,942		51,064
				158,568
Food - Retail — 0.1%
Roofoods, Ltd. Series F†(1)(2)(3)		618		315,137
Footwear & Related Apparel — 0.0%
Allbirds, Inc., Series A†(1)(2)(3)		370		20,289
Allbirds, Inc., Series B†(1)(2)(3)		65		3,565
Allbirds, Inc., Series C†(1)(2)(3)		622		34,108
Allbirds, Inc., Series Seed†(1)(2)(3)		199		10,912
				68,874
Gas - Distribution — 0.0%
South Jersey Industries, Inc.†		2,633		134,494
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		84,221
Total Convertible Preferred Securities
(cost $1,322,664)				1,512,464
RIGHTS — 0.0%
Medical - Biomedical/Gene — 0.0%
Xoma Corp.†# Expires 12/14/2018 (Strike price $13.00) (cost $0)		746		1,515
WARRANTS† — 0.0%
Banks - Commercial — 0.0%
Grasshopper Bancorp, Inc.(1)(2)(3) Expires 04/12/2019		1,009		0
Specified Purpose Acquisitions — 0.0%
J2 Acquisition, Ltd. Expires 10/10/2020 (strike Price $11.50)		27,696		12,463
Total Warrants
(cost $277)				12,463
CONVERTIBLE BONDS & NOTES — 0.0%
Banks - Commercial — 0.0%
Grasshopper Bancorp, Inc. Notes zero coupon due 04/12/2019(1)(2)(3) (cost $10,090)		10,090		10,090
Total Long-Term Investment Securities
(cost $255,274,320)				289,884,563

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(5)	$	589,740		$	589,740
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(4)(5)		3,003,475			3,003,475
T. Rowe Price Government Reserve Fund 2.26%(5)		704,198			704,198
Total Short-Term Investment Securities
(cost $4,297,413)					4,297,413
REPURCHASE AGREEMENTS — 2.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $6,010,724 collateralized by $6,155,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $6,130,719		6,010,508			6,010,508
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $1,759,548 collateralized by $1,780,000 of United States Treasury Notes, bearing interest at 3.00% due 09/30/2025 and having an approximate value of $1,795,119		1,759,492			1,759,492
Total Repurchase Agreements
(cost $7,770,000)					7,770,000
TOTAL INVESTMENTS
(cost $267,341,733)(6)		100.9	%		301,951,976
Liabilities in excess of other assets		(0.9	)		(2,707,594	)
NET ASSETS		100.0	%	$	299,244,382

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $248,839 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 November 30, 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	%
Allbirds, Inc.		10/10/2018		938		51,436		51,436		54.84		0.02
Checkr, Inc.		06/29/2018		700		8,603		8,603		12.29		0.00
Crossfirst Bankshares, Inc.		10/23/2018		2,578		73,473		73,473		28.50		0.02

182

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Description	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
JAND, Inc. (dba Warby Parker), Class A		03/09/2018		4,462	$	70,129	$	68,264	$	15.30		0.02	%
PagerDuty, Inc.,		09/28/2018		660		10,702		10,702		16.22		0.00
ServiceTitan, Inc.		11/09/2018		191		5,022		5,022		26.29		0.00
StoneCo., Ltd., Class A		07/10/2017		16,632		124,794		372,415		22.39		0.12
SVMK, Inc.		11/25/2014		5,062		83,270		66,864		13.21		0.02
Toast, Inc.		09/14/2018		11		190		303		27.55		0.00
Venture Global LNG, Inc., Series B		03/08/2018		4		12,080		20,800		5,200		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		306,800		5,200		0.10
Convertible Preferred Securities
A Place For Rover, Inc., Series G		05/11/2018		7,335		55,221		55,221		7.53		0.02
Allbirds, Inc., Series A		10/10/2018		370		20,289		20,289		54.84		0.01
Allbirds, Inc., Series B		10/10/2018		65		3,565		3,565		54.84		0.00
Allbirds, Inc., Series C		10/09/2018		622		34,108		34,108		54.84		0.01
Allbirds, Inc., Series Seed		10/10/2018		199		10,912		10,912		54.84		0.00
Checkr, Inc., Series C		04/10/2018		2,998		40,926		40,926		13.65		0.01
Convoy, Inc., Series C		09/14/2018		12,094		85,875		85,875		7.10		0.03
Farmers Business Network, Inc., Series C		11/03/2017		8,287		153,012		174,358		21.04		0.06
JAND, Inc. (dba Warby Parker)		03/09/2018		5,505		86,522		84,221		15.30		0.03
PagerDuty, Inc., Series D		08/24/2018		4,684		79,950
		09/28/2018		531		9,063
				5,215		89,013		89,013		17.07		0.03
Plex Systems, Inc., Series B		06/09/2014		50,422		115,683		107,399		2.13		0.04
Roofoods, Ltd., Series F		09/12/2017		618		218,506		315,137		509.93		0.11
ServiceTitan, Inc., Series A		11/09/2018		4		105		105		26.29		0.00
ServiceTitan, Inc., Series D		11/09/2018		1,942		51,064		51,064		26.29		0.02
Toast, Inc., Series B		09/14/2018		98		1,696		2,695		27.50		0.00
Toast, Inc., Series D		06/27/2018		7,194		124,507		197,835		27.50		0.07
Vroom, Inc., Series F		06/30/2017		5,863		100,009		105,247		17.95		0.04
Warrants
Grasshopper Bancorp, Inc.		10/12/2018		1,009		0		0		0.00		0.00
Convertible Bonds & Notes
Grasshopper Bancorp, Inc. zero coupon due 04/12/2019		10/12/2018		10,090		10,090		10,090		1.00		0.00
							$	2,376,218				0.79	%

(3) Illiquid security. At November 30, 2018, the aggregate value of these securities was $2,376,218 representing 0.8% of net assets.

(4) At November 30, 2018, the Fund had loaned securities with a total value of $40,672,081. This was secured by collateral of $3,003,475, which was received in cash and subsequently invested in short-term investments currently valued at $3,003,475 as reported in the Portfolio of Investments. Additional collateral of $38,543,057 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	1,944,133
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		3,023,960
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		672,323
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		2,396,166
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		30,506,475

(5) The rate shown is the 7-day yield as of November 30, 2018.

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

ADR—American Depositary Receipt

183

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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	$	4,252,826	$	—		$	11,005	$	4,263,831
Banks - Commercial		30,899,977		—			73,473		30,973,450
Computer Software		3,678,299		—			8,603		3,686,902
Computers - Integrated Systems		1,335,775		372,415			—		1,708,190
E-Commerce/Services		1,511,955		—			3,476		1,515,431
Enterprise Software/Service		7,164,249		66,864			5,022		7,236,135
Oil Companies-Exploration & Production		3,328,067		—			327,600		3,655,667
Retail - Apparel/Shoe		1,222,723		—			51,436		1,274,159
Retail - Vision Service Center		274,525		—			68,264		342,789
Other Industries		233,251,482		439,995	**		—		233,691,477
Convertible Preferred Securities		134,494		—			1,377,970		1,512,464
Rights		—		1,515			—		1,515
Warrants		12,463		—			0		12,463
Convertible Bonds & Notes		—		—			10,090		10,090
Short-Term Investment Securities		4,297,413		—			—		4,297,413
Repurchase Agreements		—		7,770,000			—		7,770,000
Total Investments at Value	$	291,364,248	$	8,650,789		$	1,936,939	$	301,951,976

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

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

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

See Notes to Financial Statements

184

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	9.2	%
Real Estate Investment Trusts	7.3
Medical — Biomedical/Gene	4.7
Repurchase Agreements	3.0
Medical — Drugs	2.3
Registered Investment Companies	2.2
Medical Products	2.0
Enterprise Software/Service	1.9
Electric — Integrated	1.6
Retail — Restaurants	1.6
Savings & Loans/Thrifts	1.5
Oil Companies — Exploration & Production	1.4
Insurance — Property/Casualty	1.3
Chemicals — Specialty	1.2
Computer Services	1.2
Electronic Components — Semiconductors	1.1
Gas — Distribution	1.1
Human Resources	1.0
Oil — Field Services	1.0
Retail — Apparel/Shoe	0.9
Building & Construction Products — Misc.	0.8
Computer Software	0.8
Applications Software	0.8
Investment Management/Advisor Services	0.8
Distribution/Wholesale	0.8
Semiconductor Equipment	0.7
Insurance — Life/Health	0.7
Electronic Components — Misc.	0.7
Auto/Truck Parts & Equipment — Original	0.7
Commercial Services	0.7
E-Commerce/Services	0.7
Medical Instruments	0.7
Television	0.7
Food — Misc./Diversified	0.6
Schools	0.6
Aerospace/Defense — Equipment	0.6
Telecom Equipment — Fiber Optics	0.6
Building — Residential/Commercial	0.6
Footwear & Related Apparel	0.6
Retail — Misc./Diversified	0.6
Metal Processors & Fabrication	0.6
Semiconductor Components — Integrated Circuits	0.6
Diversified Manufacturing Operations	0.6
Medical Labs & Testing Services	0.5
Commercial Services — Finance	0.5
Airlines	0.5
U.S. Government Treasuries	0.5
Aerospace/Defense	0.5
Financial Guarantee Insurance	0.5
Machinery — General Industrial	0.5
Medical Information Systems	0.5
Building — Heavy Construction	0.5
Building & Construction — Misc.	0.5
Transport — Marine	0.5
Insurance — Multi-line	0.5
Finance — Investment Banker/Broker	0.4
Computers — Integrated Systems	0.4
Food — Wholesale/Distribution	0.4
Water	0.4
Rental Auto/Equipment	0.4
Medical — Outpatient/Home Medical	0.4
Consulting Services	0.4
Energy — Alternate Sources	0.4
Consumer Products — Misc.	0.4
Retail — Discount	0.4
Retail — Automobile	0.4
Wireless Equipment	0.4
Rubber/Plastic Products	0.4
Office Furnishings — Original	0.4

Therapeutics	0.4	%
Instruments — Controls	0.4
E-Commerce/Products	0.4
Chemicals — Diversified	0.4
Finance — Mortgage Loan/Banker	0.3
Computer Data Security	0.3
Diagnostic Equipment	0.3
Oil Refining & Marketing	0.3
Coal	0.3
Electronic Parts Distribution	0.3
Insurance — Reinsurance	0.3
Racetracks	0.3
Electronic Measurement Instruments	0.3
Printing — Commercial	0.3
Transport — Truck	0.3
Engineering/R&D Services	0.3
Transport — Services	0.3
Telecom Services	0.3
Finance — Consumer Loans	0.3
Power Converter/Supply Equipment	0.3
Computers — Other	0.3
Steel — Producers	0.3
Cellular Telecom	0.3
Medical — Generic Drugs	0.3
Miscellaneous Manufacturing	0.3
Machinery — Pumps	0.3
Data Processing/Management	0.3
Retail — Building Products	0.3
Recreational Centers	0.3
Diagnostic Kits	0.3
Health Care Cost Containment	0.3
Disposable Medical Products	0.3
Non — Hazardous Waste Disposal	0.2
Real Estate Management/Services	0.2
Building Products — Doors & Windows	0.2
Oil & Gas Drilling	0.2
Medical — Hospitals	0.2
Oil Field Machinery & Equipment	0.2
Transport — Equipment & Leasing	0.2
Advertising Services	0.2
Resorts/Theme Parks	0.2
Building — Mobile Home/Manufactured Housing	0.2
Publishing — Newspapers	0.2
Retail — Home Furnishings	0.2
Internet Content — Information/News	0.2
Machine Tools & Related Products	0.2
Telecommunication Equipment	0.2
Retail — Pawn Shops	0.2
Satellite Telecom	0.2
Networking Products	0.2
Firearms & Ammunition	0.2
Casino Services	0.2
Veterinary Diagnostics	0.2
Paper & Related Products	0.2
Real Estate Operations & Development	0.2
Cosmetics & Toiletries	0.2
Wire & Cable Products	0.2
Drug Delivery Systems	0.2
Retail — Jewelry	0.2
Batteries/Battery Systems	0.2
Athletic Equipment	0.2
Tobacco	0.2
Security Services	0.2
Transactional Software	0.2
Steel — Specialty	0.2
Web Hosting/Design	0.2
Medical — HMO	0.2
Telephone — Integrated	0.2
Environmental Consulting & Engineering	0.2

185

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)

Industry Allocation* (continued)

Medical — Nursing Homes	0.2	%
Lasers — System/Components	0.2
Internet Connectivity Services	0.2
Chemicals — Plastics	0.1
Hotels/Motels	0.1
Food — Confectionery	0.1
Precious Metals	0.1
Internet Security	0.1
Metal — Iron	0.1
Audio/Video Products	0.1
Building Products — Wood	0.1
Appliances	0.1
Golf	0.1
Gambling (Non-Hotel)	0.1
Beverages — Non-alcoholic	0.1
Auto Repair Centers	0.1
Internet Content — Entertainment	0.1
Publishing — Books	0.1
Brewery	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Electric Products — Misc.	0.1
Banks — Super Regional	0.1
Electric — Generation	0.1
Private Equity	0.1
Building — Maintenance & Services	0.1
Home Furnishings	0.1
Linen Supply & Related Items	0.1
Transport — Air Freight	0.1
Poultry	0.1
Publishing — Periodicals	0.1
Casino Hotels	0.1
Auto — Heavy Duty Trucks	0.1
Multimedia	0.1
Machinery — Electrical	0.1
Metal Products — Distribution	0.1
Recreational Vehicles	0.1
Dental Supplies & Equipment	0.1
Metal — Aluminum	0.1
Housewares	0.1
Identification Systems	0.1
Electronic Security Devices	0.1
Agricultural Operations	0.1
Finance — Other Services	0.1
Vitamins & Nutrition Products	0.1
Communications Software	0.1
Hazardous Waste Disposal	0.1
Independent Power Producers	0.1
Machinery — Farming	0.1
Healthcare Safety Devices	0.1
Broadcast Services/Program	0.1
Retirement/Aged Care	0.1
Steel Pipe & Tube	0.1
Storage/Warehousing	0.1
Retail — Office Supplies	0.1
Filtration/Separation Products	0.1
Retail — Vision Service Center	0.1
Rubber — Tires	0.1
Retail — Bedding	0.1
Retail — Petroleum Products	0.1
Quarrying	0.1
Building Products — Cement	0.1
Retail — Pet Food & Supplies	0.1
Optical Supplies	0.1
E-Marketing/Info	0.1
Funeral Services & Related Items	0.1
Containers — Metal/Glass	0.1
Finance — Commercial	0.1
Office Automation & Equipment	0.1
Building Products — Air & Heating	0.1

Computers — Periphery Equipment	0.1	%
Non-Ferrous Metals	0.1
Apparel Manufacturers	0.1
Physical Therapy/Rehabilitation Centers	0.1
Theaters	0.1
Machinery — Construction & Mining	0.1
Auction Houses/Art Dealers	0.1
Metal Products — Fasteners	0.1
Circuit Boards	0.1
X-Ray Equipment	0.1
Travel Services	0.1
Water Treatment Systems	0.1
Banks — Fiduciary	0.1
Medical — Wholesale Drug Distribution	0.1
Pipelines	0.1
Motion Pictures & Services	0.1
Banks — Mortgage	0.1
Photo Equipment & Supplies	0.1
Investment Companies	0.1
Finance — Leasing Companies	0.1
Retail — Leisure Products	0.1
Food — Retail	0.1
Educational Software	0.1
Computers — Voice Recognition	0.1
Retail — Drug Store	0.1
Capacitors	0.1
B2B/E-Commerce	0.1
Insurance Brokers	0.1
	102.1	%

* Calculated as a percentage of net assets

186

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Advanced Materials — 0.0%
Haynes International, Inc.		6,922	$	228,218
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A†		31,146		82,225
Telaria, Inc.†		24,476		73,428
				155,653
Advertising Sales — 0.0%
Boston Omaha Corp., Class A†#		2,815		69,165
Clear Channel Outdoor Holdings, Inc., Class A		20,667		105,608
				174,773
Advertising Services — 0.2%
Fluent, Inc.†		18,170		64,322
Trade Desk, Inc., Class A†#		18,142		2,584,328
				2,648,650
Aerospace/Defense — 0.5%
AeroVironment, Inc.†		11,825		905,795
Esterline Technologies Corp.†		14,592		1,732,508
Kratos Defense & Security Solutions, Inc.†#		49,123		653,336
MSA Safety, Inc.		19,016		2,072,554
National Presto Industries, Inc.		2,768		355,633
				5,719,826
Aerospace/Defense - Equipment — 0.6%
AAR Corp.		18,121		791,707
Aerojet Rocketdyne Holdings, Inc.†		38,971		1,372,169
Astronics Corp.†		11,794		382,833
Barnes Group, Inc.		26,656		1,600,693
Ducommun, Inc.†		5,931		232,673
Kaman Corp.		15,399		874,201
Moog, Inc., Class A		17,899		1,565,268
Triumph Group, Inc.#		27,182		456,929
				7,276,473
Agricultural Biotech — 0.0%
Calyxt, Inc.†#		3,317		38,212
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		53,266		176,843
Marrone Bio Innovations, Inc.†		30,417		46,234
				223,077
Agricultural Operations — 0.1%
Alico, Inc.		1,833		60,581
Andersons, Inc.		15,173		501,619
Cadiz, Inc.†#		12,607		136,534
Limoneira Co.		8,291		200,145
Tejon Ranch Co.†		11,731		211,979
				1,110,858
Airlines — 0.5%
Allegiant Travel Co.		7,193		966,811
Hawaiian Holdings, Inc.		28,112		1,128,416
Mesa Air Group, Inc.†#		5,419		65,461
SkyWest, Inc.		28,413		1,638,862
Spirit Airlines, Inc.†		38,273		2,454,065
				6,253,615
Apparel Manufacturers — 0.1%
Oxford Industries, Inc.		9,335		750,441
Superior Group of Cos., Inc.		5,050		92,819
				843,260
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		3,589		81,291

Security Description	Shares		Value (Note 2)
Appliances (continued)
iRobot Corp.†#		14,884	$	1,419,933
				1,501,224
Applications Software — 0.8%
Appfolio, Inc., Class A†		8,453		518,084
Avalara, Inc.†#		4,854		155,279
Brightcove, Inc.†		19,816		142,279
Ebix, Inc.		13,421		633,740
Five9, Inc.†		31,984		1,371,474
HubSpot, Inc.†		20,216		2,810,631
Immersion Corp.†		14,449		137,121
MINDBODY, Inc., Class A†#		24,300		674,568
New Relic, Inc.†		24,722		2,155,511
Park City Group, Inc.†		7,425		60,291
PDF Solutions, Inc.†#		15,436		142,783
Telenav, Inc.†		17,268		72,180
Upland Software, Inc.†		8,769		246,234
				9,120,175
Athletic Equipment — 0.2%
Clarus Corp.		11,658		131,968
Fox Factory Holding Corp.†		20,121		1,281,909
Nautilus, Inc.†		16,663		215,119
Vista Outdoor, Inc.†		31,834		362,908
				1,991,904
Auction Houses/Art Dealers — 0.1%
Sotheby’s†		20,790		831,392
Audio/Video Products — 0.1%
Daktronics, Inc.		20,050		179,448
Roku, Inc.†#		24,167		984,805
Sonos, Inc.†		8,942		109,808
Universal Electronics, Inc.†		7,513		259,048
				1,533,109
Auto Repair Centers — 0.1%
Monro, Inc.#		17,756		1,443,918
Auto - Heavy Duty Trucks — 0.1%
Blue Bird Corp.†#		8,129		155,508
Navistar International Corp.†		27,440		879,177
REV Group, Inc.#		16,708		203,838
				1,238,523
Auto - Truck Trailers — 0.0%
Wabash National Corp.		31,538		490,101
Auto/Truck Parts & Equipment - Original — 0.7%
Altra Industrial Motion Corp.		33,477		1,056,199
American Axle & Manufacturing Holdings, Inc.†		62,149		773,755
Cooper-Standard Holdings, Inc.†		9,883		722,645
Dana, Inc.		81,573		1,183,624
Gentherm, Inc.†		20,494		951,537
Meritor, Inc.†		46,227		762,746
Methode Electronics, Inc.		20,097		608,939
Miller Industries, Inc.		6,155		172,709
Modine Manufacturing Co.†		27,625		360,506
Spartan Motors, Inc.		19,025		153,151
Superior Industries International, Inc.		13,705		100,869
Tenneco, Inc.		28,366		957,353
Titan International, Inc.		28,014		182,371
Tower International, Inc.		11,057		310,923
				8,297,327
Auto/Truck Parts & Equipment - Replacement — 0.1%
Commercial Vehicle Group, Inc.†		16,862		117,697

187

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment - Replacement (continued)
Douglas Dynamics, Inc.		12,386	$	461,626
Motorcar Parts of America, Inc.†#		10,610		190,450
Standard Motor Products, Inc.		11,842		623,718
				1,393,491
B2B/E-Commerce — 0.1%
ePlus, Inc.†		7,462		610,018
Banks - Commercial — 9.2%
1st Constitution Bancorp		4,091		80,920
1st Source Corp.		8,751		423,198
Access National Corp.		8,485		224,343
ACNB Corp.		3,808		137,431
Allegiance Bancshares, Inc.†		6,563		248,935
American National Bankshares, Inc.		4,599		165,702
Ameris Bancorp		23,638		1,012,416
Ames National Corp.		4,802		131,863
Arrow Financial Corp.		6,809		236,749
Atlantic Capital Bancshares, Inc.†		14,228		261,937
Auburn National Bancorporation, Inc.		1,319		50,241
BancFirst Corp.		10,051		561,047
Bancorp, Inc.†		28,109		279,685
BancorpSouth Bank		52,524		1,617,214
Bank of Commerce Holdings		8,651		104,677
Bank of Marin Bancorp		7,586		323,846
Bank of N.T. Butterfield & Son, Ltd.		30,448		1,208,177
Bank of Princeton#		3,221		94,697
Bankwell Financial Group, Inc.		3,444		102,183
Banner Corp.		17,875		1,072,500
Bar Harbor Bankshares		8,504		218,808
Baycom Corp.†		5,706		131,866
BCB Bancorp, Inc.		7,555		88,469
Blue Hills Bancorp, Inc.		12,824		304,442
BOK Financial Corp.		3,673		309,634
Bridge Bancorp, Inc.		9,253		273,149
Bridgewater Bancshares, Inc.†		2,747		33,211
Bryn Mawr Bank Corp.		11,119		437,199
Business First Bancshares		5,945		150,349
Byline Bancorp, Inc.†#		9,088		188,485
C&F Financial Corp.		1,847		97,115
Cadence BanCorp		40,337		827,312
Cambridge Bancorp		2,059		180,039
Camden National Corp.		8,583		354,907
Capital City Bank Group, Inc.		6,370		171,480
Capstar Financial Holdings, Inc.		4,399		72,056
Carolina Financial Corp.		11,718		402,630
Cass Information Systems, Inc.		6,665		439,957
Cathay General Bancorp		43,140		1,707,050
CB Financial Services, Inc.#		2,605		68,121
CBTX, Inc.#		10,393		358,455
CenterState Bank Corp.		51,115		1,278,386
Central Pacific Financial Corp.		16,029		449,453
Central Valley Community Bancorp		6,426		130,769
Century Bancorp, Inc., Class A		1,599		130,718
Chemical Financial Corp.		39,789		1,878,041
Chemung Financial Corp.		1,826		78,883
Citizens & Northern Corp.		6,611		175,919
City Holding Co.		8,368		642,077
Civista Bancshares, Inc.		7,677		163,597
CNB Financial Corp.		8,100		215,946
Coastal Financial Corp.†#		3,554		56,686
Codorus Valley Bancorp, Inc.		5,079		121,943
Columbia Banking System, Inc.		40,782		1,659,012
Community Bank System, Inc.		28,010		1,839,137
Community Financial Corp.		2,701		81,354
Community Trust Bancorp, Inc.		8,644		399,439

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
ConnectOne Bancorp, Inc.		16,845	$	339,258
County Bancorp, Inc.		2,857		61,140
Customers Bancorp, Inc.†		16,359		319,164
CVB Financial Corp.		62,414		1,450,501
Eagle Bancorp, Inc.†		17,791		1,025,473
Enterprise Bancorp, Inc.		5,372		183,615
Enterprise Financial Services Corp.		12,689		567,071
Equity Bancshares, Inc., Class A†		7,455		281,575
Esquire Financial Holdings, Inc.†		3,329		83,491
Evans Bancorp, Inc.		2,603		105,421
Farmers & Merchants Bancorp, Inc.		4,980		204,529
Farmers National Banc Corp.		14,129		198,089
FB Financial Corp.		9,122		352,565
FCB Financial Holdings, Inc., Class A†		23,660		937,882
Fidelity D&D Bancorp, Inc.#		1,558		95,194
Fidelity Southern Corp.		12,223		290,052
Financial Institutions, Inc.		8,563		257,575
First Bancorp, Inc./Maine		5,664		161,028
First Bancorp, Inc./North Carolina		16,320		653,126
First BanCorp./Puerto Rico		119,211		1,078,860
First Bancshares, Inc.		6,905		243,194
First Bank		9,101		108,848
First Busey Corp.		24,380		699,462
First Business Financial Services, Inc.		4,626		99,228
First Choice Bancorp		5,005		112,062
First Commonwealth Financial Corp.		55,676		776,123
First Community Bancshares, Inc.		9,009		313,243
First Community Corp.		4,000		93,920
First Financial Bancorp		53,260		1,487,019
First Financial Bankshares, Inc.#		36,242		2,374,576
First Financial Corp.		6,643		310,162
First Foundation, Inc.†		21,243		340,100
First Guaranty Bancshares, Inc.#		2,685		59,553
First Internet Bancorp		5,444		135,283
First Interstate BancSystem, Inc., Class A		18,346		796,767
First Merchants Corp.		27,543		1,157,908
First Mid-Illinois Bancshares, Inc.		7,078		262,098
First Midwest Bancorp, Inc.		57,137		1,347,862
First Northwest Bancorp		5,315		82,276
First of Long Island Corp.		13,685		295,870
First United Corp.		3,812		68,730
Franklin Financial Network, Inc.†		7,131		240,315
Fulton Financial Corp.		96,114		1,673,345
German American Bancorp, Inc.		11,733		370,059
Glacier Bancorp, Inc.		47,361		2,236,386
Great Southern Bancorp, Inc.		6,158		334,256
Great Western Bancorp, Inc.		33,037		1,232,941
Green Bancorp, Inc.		14,765		300,320
Guaranty Bancorp		14,301		366,249
Guaranty Bancshares, Inc.		4,290		130,888
Hancock Whitney Corp.†		47,473		1,909,364
Hanmi Financial Corp.		17,798		399,387
HarborOne Bancorp, Inc.†		8,096		143,542
Heartland Financial USA, Inc.		16,377		895,822
Heritage Commerce Corp.		22,280		318,381
Heritage Financial Corp.		20,386		712,898
Hilltop Holdings, Inc.		40,136		784,257
Home BancShares, Inc.		88,870		1,742,741
Hope Bancorp, Inc.		69,449		1,055,625
Horizon Bancorp		20,646		359,240
Howard Bancorp, Inc.†#		7,289		115,895
IBERIABANK Corp.		30,962		2,314,409
Independent Bank Corp./Massachusetts#		15,175		1,219,615
Independent Bank Corp./Michigan		12,250		281,505
International Bancshares Corp.		30,841		1,183,986

188

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Investar Holding Corp.		4,954	$	124,494
Kearny Financial Corp.		54,119		716,536
Lakeland Bancorp, Inc.		25,097		414,853
Lakeland Financial Corp.		13,607		630,004
LCNB Corp.		5,015		80,441
LegacyTexas Financial Group, Inc.		26,529		1,029,590
Level One Bancorp, Inc.#		777		19,814
Live Oak Bancshares, Inc.#		14,193		254,197
Luther Burbank Corp.		11,363		118,175
Macatawa Bank Corp.		14,508		147,111
MB Financial, Inc.		46,313		2,124,840
MBT Financial Corp.		9,972		113,880
Mercantile Bank Corp.		9,050		289,057
Merchants Bancorp		8,984		214,628
Meta Financial Group, Inc.		15,573		355,999
Metropolitan Bank Holding Corp.†		3,635		130,787
Mid Penn Bancorp, Inc.		2,621		68,644
Middlefield Banc Corp.		1,697		77,264
Midland States Bancorp, Inc.		11,762		305,224
MidSouth Bancorp, Inc.		8,340		110,255
MidWestOne Financial Group, Inc.		6,221		178,792
MVB Financial Corp.		4,691		88,191
National Bankshares, Inc.#		3,770		163,203
National Commerce Corp.†		9,942		411,002
NBT Bancorp, Inc.		23,767		926,200
Nicolet Bankshares, Inc.†		4,638		240,944
Northeast Bancorp		4,112		76,565
Northrim BanCorp, Inc.		3,785		138,039
Norwood Financial Corp.		3,206		113,845
Oak Valley Bancorp#		3,866		72,410
OFG Bancorp		24,154		439,120
Ohio Valley Banc Corp.		2,288		84,999
Old Line Bancshares, Inc.		8,737		265,081
Old National Bancorp		84,282		1,578,602
Old Second Bancorp, Inc.		16,192		237,537
OP Bancorp†#		7,043		68,317
Opus Bank		10,992		237,427
Origin Bancorp, Inc.		9,737		363,969
Orrstown Financial Services, Inc.		4,146		85,491
Pacific City Financial Corp.#		6,608		106,389
Pacific Mercantile Bancorp†		8,665		69,320
Park National Corp.		7,659		732,430
PCSB Financial Corp.		9,246		183,810
Peapack Gladstone Financial Corp.		10,216		292,280
Penns Woods Bancorp, Inc.		2,551		110,331
People’s Utah Bancorp		8,575		277,058
Peoples Bancorp of North Carolina, Inc.		2,588		73,680
Peoples Bancorp, Inc.		9,855		343,939
Peoples Financial Services Corp.		3,841		163,281
Preferred Bank		7,772		398,082
Premier Financial Bancorp, Inc.		6,608		122,975
Provident Bancorp, Inc.†		2,405		65,368
QCR Holdings, Inc.		7,289		268,600
RBB Bancorp		7,742		168,234
Reliant Bancorp, Inc.#		5,632		132,465
Renasant Corp.		26,881		982,501
Republic Bancorp, Inc., Class A		5,356		231,754
Republic First Bancorp, Inc.†		24,529		185,194
S&T Bancorp, Inc.		19,199		811,542
Sandy Spring Bancorp, Inc.		19,322		695,978
SB One Bancorp#		3,986		96,541
Seacoast Banking Corp. of Florida†		25,640		743,560
Select Bancorp, Inc.†		6,272		79,278
ServisFirst Bancshares, Inc.#		25,944		1,021,415
Shore Bancshares, Inc.		7,025		112,400

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Sierra Bancorp		7,864	$	223,338
Simmons First National Corp., Class A		50,481		1,484,141
SmartFinancial, Inc.†		6,337		130,859
South State Corp.		20,382		1,478,918
Southern First Bancshares, Inc.†		3,827		144,431
Southern National Bancorp of Virginia, Inc.		10,897		172,826
Southside Bancshares, Inc.		18,527		632,327
Spirit of Texas Bancshares, Inc.†		1,161		23,568
State Bank Financial Corp.		21,038		507,016
Sterling Bancorp, Inc.		12,202		102,863
Stock Yards Bancorp, Inc.		12,013		376,608
Summit Financial Group, Inc.		6,107		128,491
Tompkins Financial Corp.#		8,221		672,231
Towne Bank		36,752		1,051,475
TriCo Bancshares		14,231		547,182
TriState Capital Holdings, Inc.†		13,680		343,505
Triumph Bancorp, Inc.†		13,375		511,995
TrustCo Bank Corp.		52,210		411,937
Trustmark Corp.		37,592		1,215,725
UMB Financial Corp.		25,282		1,710,833
Union Bankshares Corp.		36,526		1,293,020
United Bankshares, Inc.#		55,745		2,016,297
United Community Banks, Inc.		43,738		1,130,627
United Security Bancshares		7,317		73,755
Unity Bancorp, Inc.		4,307		95,702
Univest Corp. of Pennsylvania		16,082		410,091
Valley National Bancorp#		180,006		1,947,665
Veritex Holdings, Inc.†#		12,958		332,891
Washington Trust Bancorp, Inc.		8,396		441,630
WesBanco, Inc.		29,147		1,267,312
West Bancorporation, Inc.		8,858		181,589
Westamerica Bancorporation		14,369		908,121
Western New England Bancorp, Inc.		15,016		149,109
				108,267,184
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.		46,467		589,666
Parke Bancorp, Inc.		3,861		73,321
Union Bankshares, Inc.		2,171		97,695
				760,682
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		15,433		728,901
Banks - Super Regional — 0.1%
Amalgamated Bank, Class A		5,470		116,839
Independent Bank Group, Inc.		11,787		674,452
National Bank Holdings Corp., Class A		16,034		596,946
				1,388,237
Batteries/Battery Systems — 0.2%
EnerSys		23,490		2,052,321
Beverages - Non-alcoholic — 0.1%
Celsius Holdings, Inc.†#		12,737		49,929
Coca-Cola Bottling Co. Consolidated		2,621		557,015
National Beverage Corp.#		6,560		572,491
Primo Water Corp.†		18,281		265,440
				1,444,875
Beverages - Wine/Spirits — 0.0%
MGP Ingredients, Inc.#		7,375		501,426
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		4,685		1,286,220
Craft Brew Alliance, Inc.†		7,100		114,168
				1,400,388

189

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		10,102	$	140,115
MSG Networks, Inc., Class A†		33,002		883,793
				1,023,908
Building & Construction Products - Misc. — 0.8%
American Woodmark Corp.†		7,876		526,826
Armstrong Flooring, Inc.†		11,856		185,428
Builders FirstSource, Inc.†		63,026		852,742
Caesarstone, Ltd.#		12,783		200,054
Forterra, Inc.†#		10,524		51,567
Gibraltar Industries, Inc.†		17,807		643,901
Louisiana-Pacific Corp.		80,074		1,830,492
NCI Building Systems, Inc.†		23,768		269,767
Patrick Industries, Inc.†		13,281		527,521
Quanex Building Products Corp.		19,467		307,384
Simpson Manufacturing Co., Inc.		23,112		1,352,052
Summit Materials, Inc., Class A†#		62,536		906,772
Trex Co., Inc.†		32,968		2,101,050
				9,755,556
Building & Construction - Misc. — 0.5%
Comfort Systems USA, Inc.		20,434		1,076,054
EMCOR Group, Inc.		32,415		2,361,757
IES Holdings, Inc.†		4,650		81,654
MYR Group, Inc.†		8,974		280,886
NV5 Global, Inc.†		5,228		383,683
TopBuild Corp.†		19,778		1,007,689
Willscot Corp.†#		19,893		274,126
				5,465,849
Building Products - Air & Heating — 0.1%
AAON, Inc.#		23,010		873,229
Building Products - Cement — 0.1%
Continental Building Products, Inc.†		20,727		592,377
US Concrete, Inc.†#		8,969		352,751
				945,128
Building Products - Doors & Windows — 0.2%
Apogee Enterprises, Inc.		15,436		562,642
Griffon Corp.		19,299		234,676
JELD-WEN Holding, Inc.†#		38,553		734,820
Masonite International Corp.†		15,274		819,756
PGT Innovations, Inc.†		27,656		532,931
				2,884,825
Building Products - Wood — 0.1%
Boise Cascade Co.		21,682		576,308
Universal Forest Products, Inc.		33,441		924,978
				1,501,286
Building - Heavy Construction — 0.5%
Aegion Corp.†		17,888		341,661
Dycom Industries, Inc.†		16,844		1,116,084
Granite Construction, Inc.		24,516		1,241,245
MasTec, Inc.†#		36,170		1,630,905
Orion Group Holdings, Inc.†		15,686		68,391
Primoris Services Corp.		23,314		563,033
Sterling Construction Co., Inc.†		14,870		191,377
Tutor Perini Corp.†		20,871		388,409
				5,541,105
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		36,903		1,169,087
Brightview Holdings, Inc.†		13,786		173,704
				1,342,791

Security Description	Shares		Value (Note 2)
Building - Mobile Home/Manufactured Housing — 0.2%
Cavco Industries, Inc.†		4,770	$	784,951
LCI Industries		13,628		1,054,535
Skyline Champion Corp.#		16,091		362,369
Winnebago Industries, Inc.		17,252		431,818
				2,633,673
Building - Residential/Commercial — 0.6%
Beazer Homes USA, Inc.†		17,529		197,377
Century Communities, Inc.†		14,590		300,116
Green Brick Partners, Inc.†		13,678		113,527
Hovnanian Enterprises, Inc., Class A†#		67,640		85,903
Installed Building Products, Inc.†		12,250		474,443
KB Home		47,917		1,011,528
LGI Homes, Inc.†#		10,315		476,140
M/I Homes, Inc.†		15,445		363,575
MDC Holdings, Inc.		25,283		744,584
Meritage Homes Corp.†		21,612		826,659
New Home Co., Inc.†#		7,220		52,778
Taylor Morrison Home Corp., Class A†#		65,261		1,103,564
TRI Pointe Group, Inc.†#		84,427		1,053,649
William Lyon Homes, Class A†		17,814		221,428
				7,025,271
Cable/Satellite TV — 0.0%
WideOpenWest, Inc.†		16,513		154,231
Capacitors — 0.1%
KEMET Corp.		31,460		644,301
Casino Hotels — 0.1%
Boyd Gaming Corp.		45,928		1,139,933
Century Casinos, Inc.†		15,069		112,415
				1,252,348
Casino Services — 0.2%
Eldorado Resorts, Inc.†#		36,721		1,614,990
Scientific Games Corp.†#		30,652		597,101
				2,212,091
Cellular Telecom — 0.3%
8x8, Inc.†		51,294		1,011,005
ATN International, Inc.		5,824		492,478
Liberty Latin America, Ltd., Class A†		24,231		442,216
Liberty Latin America, Ltd., Class C†		63,409		1,172,432
NII Holdings, Inc.†#		49,523		267,919
				3,386,050
Chemicals - Diversified — 0.4%
AdvanSix, Inc.†		17,127		491,716
Codexis, Inc.†#		28,391		622,331
Innophos Holdings, Inc.		10,857		301,173
Innospec, Inc.		13,514		996,523
Koppers Holdings, Inc.†		11,486		214,099
Quaker Chemical Corp.		7,284		1,502,252
				4,128,094
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.#		28,254		416,746
Chemicals - Other — 0.0%
American Vanguard Corp.		16,246		271,633
Chemicals - Plastics — 0.1%
A. Schulman, Inc. CVR†(1)(2)		15,061		21,914
Landec Corp.†		15,116		232,937
PolyOne Corp.		44,540		1,497,435
				1,752,286

190

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Specialty — 1.2%
AgroFresh Solutions, Inc.†#		17,583	$	74,024
Balchem Corp.		17,885		1,550,630
Ferro Corp.†		47,023		907,544
GCP Applied Technologies, Inc.†		40,105		1,094,867
H.B. Fuller Co.		28,244		1,362,491
Hawkins, Inc.		5,402		225,480
Ingevity Corp.†		23,646		2,317,544
Kraton Corp.†		17,286		452,893
Minerals Technologies, Inc.		19,735		1,110,686
Oil-Dri Corp. of America		2,800		82,292
OMNOVA Solutions, Inc.†		24,413		198,966
PQ Group Holdings, Inc.†		20,406		313,232
Rogers Corp.†		10,237		1,317,092
Sensient Technologies Corp.#		23,730		1,524,890
Stepan Co.		11,303		913,508
Tronox, Ltd., Class A		52,215		552,435
Valhi, Inc.		14,086		28,876
				14,027,450
Circuit Boards — 0.1%
Park Electrochemical Corp.		10,731		191,119
TTM Technologies, Inc.†		52,321		622,097
				813,216
Coal — 0.3%
Advanced Emissions Solutions, Inc.#		10,307		111,006
Arch Coal, Inc., Class A#		10,163		825,947
Cloud Peak Energy, Inc.†		41,301		34,590
CONSOL Energy, Inc.†		15,663		538,181
Hallador Energy Co.		9,260		53,338
NACCO Industries, Inc., Class A		2,101		73,766
Peabody Energy Corp.		43,686		1,360,382
Ramaco Resources, Inc.†		3,334		17,670
SunCoke Energy, Inc.†		36,238		353,683
Warrior Met Coal, Inc.		24,083		570,767
				3,939,330
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		12,639		156,344
Coffee — 0.0%
Farmer Bros. Co.†		5,599		136,336
Commercial Services — 0.7%
Acacia Research Corp.†		26,996		85,847
Care.com, Inc.†		10,976		196,690
Emerald Expositions Events, Inc.		13,830		161,811
Forrester Research, Inc.		5,719		267,306
Healthcare Services Group, Inc.#		41,318		1,950,210
HMS Holdings Corp.†		46,208		1,651,474
Medifast, Inc.		6,518		967,923
National Research Corp.		6,151		245,240
Nutrisystem, Inc.#		16,453		611,887
PFSweb, Inc.†		8,475		52,121
ServiceSource International, Inc.†		43,137		56,941
SP Plus Corp.†		12,622		382,573
Team, Inc.†#		16,500		275,715
Weight Watchers International, Inc.†#		21,493		1,075,080
				7,980,818
Commercial Services - Finance — 0.5%
Cardtronics PLC, Class A†		22,127		717,800
CBIZ, Inc.†		28,773		606,822
Everi Holdings, Inc.†		36,376		244,447
EVERTEC, Inc.		33,984		928,783
Evo Payments, Inc., Class A†#		9,061		237,308

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
Green Dot Corp., Class A†		26,945	$	2,245,596
I3 Verticals, Inc., Class A†#		4,304		96,969
MoneyGram International, Inc.†		17,216		37,531
PRGX Global, Inc.†		11,683		109,002
Travelport Worldwide, Ltd.		69,992		1,069,478
				6,293,736
Communications Software — 0.1%
Avaya Holdings Corp.†		58,393		909,179
Digi International, Inc.†		14,977		177,328
				1,086,507
Computer Aided Design — 0.0%
Altair Engineering, Inc., Class A†		16,867		544,973
Computer Data Security — 0.3%
Carbon Black, Inc.†#		4,640		75,586
ForeScout Technologies, Inc.†		16,750		454,762
OneSpan, Inc.†		17,575		298,248
Qualys, Inc.†		18,805		1,481,082
Rapid7, Inc.†		20,365		647,607
Tenable Holdings, Inc.†#		7,021		199,958
Varonis Systems, Inc.†		15,742		911,619
				4,068,862
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		23,106		398,579
Computer Services — 1.2%
CACI International, Inc., Class A†		13,699		2,259,102
Carbonite, Inc.†		17,498		495,718
ConvergeOne Holdings, Inc.		14,787		185,133
Engility Holdings, Inc.†		10,122		316,515
ExlService Holdings, Inc.†		18,613		1,078,809
Information Services Group, Inc.†		19,040		79,016
Insight Enterprises, Inc.†		19,594		873,501
KeyW Holding Corp.†		27,134		265,099
MAXIMUS, Inc.		35,625		2,533,650
Perspecta, Inc.		80,129		1,691,523
Presidio, Inc.		17,688		249,047
Rimini Street, Inc.†#		5,452		28,023
Science Applications International Corp.		23,632		1,642,897
Sykes Enterprises, Inc.†		22,053		609,104
TTEC Holdings, Inc.		7,892		230,841
Unisys Corp.†#		28,146		380,534
Virtusa Corp.†		15,853		702,764
				13,621,276
Computer Software — 0.8%
Avid Technology, Inc.†		15,321		98,667
Box, Inc., Class A†		68,825		1,293,222
Cision, Ltd.†		30,042		376,126
Cloudera, Inc.†		57,644		711,327
Cornerstone OnDemand, Inc.†		30,331		1,656,679
Envestnet, Inc.†		24,637		1,346,166
j2 Global, Inc.		26,130		1,928,655
Remark Holdings, Inc.†#		14,352		18,945
SecureWorks Corp., Class A†#		4,788		86,232
SendGrid, Inc.†		16,121		735,279
Simulations Plus, Inc.		6,416		127,165
TiVo Corp.		67,346		666,725
Veritone, Inc.†		4,487		26,518
Yext, Inc.†		45,275		657,393
				9,729,099
Computers - Integrated Systems — 0.4%
Agilysys, Inc.†		8,643		142,523

191

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Integrated Systems (continued)
Cray, Inc.†		22,542	$	590,826
Cubic Corp.		14,120		864,003
Diebold Nixdorf, Inc.#		42,532		139,079
Maxwell Technologies, Inc.†#		22,839		57,326
Mercury Systems, Inc.†		26,205		1,357,681
MTS Systems Corp.		9,965		512,699
NetScout Systems, Inc.†		43,354		1,161,020
PAR Technology Corp.†#		6,346		126,095
USA Technologies, Inc.†		31,775		157,922
				5,109,174
Computers - Other — 0.3%
3D Systems Corp.†#		60,885		753,756
Lumentum Holdings, Inc.†#		34,964		1,554,849
PlayAGS, Inc.†		12,249		274,990
Stratasys, Ltd.†		28,254		604,353
Wesco Aircraft Holdings, Inc.†		30,216		287,657
				3,475,605
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		24,841		687,599
Mitek Systems, Inc.†#		18,246		174,614
				862,213
Computers - Voice Recognition — 0.1%
Vocera Communications, Inc.†#		16,616		660,320
Consulting Services — 0.4%
CRA International, Inc.		4,379		213,476
Franklin Covey Co.†		5,450		129,111
FTI Consulting, Inc.†		21,189		1,488,527
Hackett Group, Inc.		13,435		237,128
Huron Consulting Group, Inc.†		12,329		686,355
ICF International, Inc.		10,084		706,183
Kelly Services, Inc., Class A		17,439		399,702
Navigant Consulting, Inc.		25,011		640,782
Vectrus, Inc.†		6,219		150,686
				4,651,950
Consumer Products - Misc. — 0.4%
Central Garden & Pet Co.†#		5,792		196,059
Central Garden & Pet Co., Class A†		22,578		702,176
Helen of Troy, Ltd.†		14,768		2,112,267
Rosetta Stone, Inc.†		10,996		183,743
WD-40 Co.#		7,610		1,329,315
				4,523,560
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		14,263		731,264
Greif, Inc., Class B		3,107		164,019
				895,283
Containers - Paper/Plastic — 0.0%
Multi-Color Corp.		7,736		343,478
UFP Technologies, Inc.†		3,692		133,983
				477,461
Cosmetics & Toiletries — 0.2%
e.l.f. Beauty, Inc.†		12,423		158,517
Edgewell Personal Care Co.†		30,097		1,258,055
Inter Parfums, Inc.		9,703		599,354
Revlon, Inc., Class A†		4,538		113,405
				2,129,331
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		11,882		153,040

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.3%
Amber Road, Inc.†		13,061	$	113,892
Bottomline Technologies, Inc.†		22,434		1,235,440
CommVault Systems, Inc.†		21,924		1,292,201
CSG Systems International, Inc.		18,532		649,917
				3,291,450
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		45,729		1,160,145
Diagnostic Equipment — 0.3%
Accelerate Diagnostics, Inc.†#		14,535		214,682
BioTelemetry, Inc.†		18,099		1,283,943
GenMark Diagnostics, Inc.†		28,910		150,621
OPKO Health, Inc.†#		179,359		670,803
Oxford Immunotec Global PLC†		14,151		213,114
Quanterix Corp.†#		4,707		88,209
Repligen Corp.†#		21,796		1,409,547
				4,030,919
Diagnostic Kits — 0.3%
Celcuity, Inc.†#		3,241		87,183
Genomic Health, Inc.†		11,686		923,778
Meridian Bioscience, Inc.		23,168		438,802
OraSure Technologies, Inc.†		33,554		426,136
Quidel Corp.†		19,062		1,159,351
				3,035,250
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		7,292		120,974
Direct Marketing — 0.0%
Quotient Technology, Inc.†#		44,471		546,549
Disposable Medical Products — 0.3%
CONMED Corp.		14,064		955,790
Merit Medical Systems, Inc.†		29,725		1,874,161
Utah Medical Products, Inc.		1,915		181,714
				3,011,665
Distribution/Wholesale — 0.8%
Anixter International, Inc.†		16,437		1,051,310
BlueLinx Holdings, Inc.†#		4,967		134,606
Core-Mark Holding Co., Inc.		25,459		669,062
Dorman Products, Inc.†		14,981		1,316,231
Essendant, Inc.		20,801		262,925
Fossil Group, Inc.†#		25,444		491,833
G-III Apparel Group, Ltd.†		24,247		971,820
H&E Equipment Services, Inc.		17,741		392,963
Nexeo Solutions, Inc.†		18,282		177,884
ScanSource, Inc.†		14,047		534,348
SiteOne Landscape Supply, Inc.†#		22,274		1,372,969
Systemax, Inc.		6,817		190,126
Titan Machinery, Inc.†		10,511		184,258
Triton International, Ltd.		29,163		993,875
Veritiv Corp.†		6,415		194,695
				8,938,905
Diversified Manufacturing Operations — 0.6%
Actuant Corp., Class A		33,996		870,298
Chase Corp.		4,040		455,187
EnPro Industries, Inc.		11,546		812,607
Fabrinet†		20,102		1,059,978
Federal Signal Corp.		33,133		777,300
GP Strategies Corp.†		6,917		91,581
Harsco Corp.†		44,881		1,200,567
LSB Industries, Inc.†		12,034		92,301
Lydall, Inc.†		9,435		208,797

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations (continued)
NL Industries, Inc.†		4,656	$	19,741
Standex International Corp.		7,098		565,711
Synalloy Corp.		4,609		74,251
Tredegar Corp.		14,432		240,437
				6,468,756
Diversified Minerals — 0.0%
Covia Holdings Corp.†#		17,327		102,229
United States Lime & Minerals, Inc.		1,114		83,194
				185,423
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		11,349		571,422
Drug Delivery Systems — 0.2%
Antares Pharma, Inc.†#		80,494		290,583
Assertio Therapeutics, Inc.†		32,821		163,613
Heron Therapeutics, Inc.†#		38,434		1,104,209
Revance Therapeutics, Inc.†		18,298		374,011
Senseonics Holdings, Inc.†#		47,514		161,548
				2,093,964
E-Commerce/Products — 0.4%
1-800-flowers.com, Inc., Class A†		14,964		187,200
Etsy, Inc.†#		66,634		3,600,901
Lands’ End, Inc.†#		5,856		124,323
Overstock.com, Inc.†#		11,555		226,016
				4,138,440
E-Commerce/Services — 0.7%
Cargurus, Inc.†		27,901		1,085,628
Cars.com, Inc.†		39,227		1,014,802
ChannelAdvisor Corp.†		14,471		155,563
Groupon, Inc.†#		245,941		755,039
Leaf Group, Ltd.†		9,211		75,069
Liberty Expedia Holdings, Inc., Class A†		30,381		1,273,268
Shutterfly, Inc.†#		18,419		920,766
Shutterstock, Inc.		10,490		400,823
Stamps.com, Inc.†		9,806		1,681,337
Travelzoo, Inc.†		2,633		23,750
TrueCar, Inc.†		51,579		536,937
				7,922,982
E-Marketing/Info — 0.1%
Cardlytics, Inc.†#		3,315		47,670
Liquidity Services, Inc.†		14,550		94,284
New Media Investment Group, Inc.		33,255		438,966
QuinStreet, Inc.†		20,844		336,422
				917,342
E-Services/Consulting — 0.0%
Perficient, Inc.†		19,043		481,978
Educational Software — 0.1%
Instructure, Inc.†#		17,717		669,171
Electric Products - Misc. — 0.1%
Graham Corp.		5,343		133,147
nLight, Inc.†		3,883		74,165
Novanta, Inc.†		18,263		1,185,817
				1,393,129
Electric - Distribution — 0.0%
Spark Energy, Inc., Class A#		6,430		58,449
Unitil Corp.		8,119		411,633
				470,082

Security Description	Shares		Value (Note 2)
Electric - Generation — 0.1%
Atlantic Power Corp.†#		61,240	$	134,116
Ormat Technologies, Inc.		22,201		1,245,254
				1,379,370
Electric - Integrated — 1.6%
ALLETE, Inc.		28,736		2,338,536
Ameresco, Inc., Class A†		10,549		165,830
Avista Corp.#		36,561		1,901,903
Black Hills Corp.		29,882		1,978,487
El Paso Electric Co.		22,586		1,250,135
IDACORP, Inc.		28,158		2,766,242
MGE Energy, Inc.		19,473		1,286,971
NorthWestern Corp.		28,190		1,803,032
Otter Tail Corp.		21,973		1,074,919
PNM Resources, Inc.		44,398		1,918,882
Portland General Electric Co.		49,895		2,402,444
				18,887,381
Electronic Components - Misc. — 0.7%
Applied Optoelectronics, Inc.†#		10,463		215,433
Atkore International Group, Inc.†		21,763		444,401
AVX Corp.		26,025		429,152
Bel Fuse, Inc., Class B		5,379		121,081
Benchmark Electronics, Inc.		26,102		622,272
Comtech Telecommunications Corp.		12,823		327,499
IntriCon Corp.†		4,020		139,213
Kimball Electronics, Inc.†		14,445		254,810
Knowles Corp.†		48,727		742,600
NVE Corp.		2,660		254,136
OSI Systems, Inc.†		9,371		678,460
Plexus Corp.†		17,824		1,087,977
Sanmina Corp.†		37,807		1,022,301
Sparton Corp.†		5,354		76,883
Vishay Intertechnology, Inc.#		73,909		1,541,003
Vishay Precision Group, Inc.†		5,765		195,607
ZAGG, Inc.†		15,240		153,162
				8,305,990
Electronic Components - Semiconductors — 1.1%
Adesto Technologies Corp.†#		13,765		73,092
Alpha & Omega Semiconductor, Ltd.†		11,063		121,914
Amkor Technology, Inc.†		57,072		390,943
AXT, Inc.†#		21,212		116,878
CEVA, Inc.†		12,303		319,755
Cree, Inc.†#		56,151		2,478,505
CTS Corp.		18,241		529,171
Diodes, Inc.†		22,405		780,366
Impinj, Inc.†		9,106		193,411
Inphi Corp.†#		24,222		966,216
Kopin Corp.†#		34,474		57,227
Lattice Semiconductor Corp.†		65,294		382,623
MACOM Technology Solutions Holdings, Inc.†#		25,270		449,048
Photronics, Inc.†		37,860		367,242
Rambus, Inc.†		59,439		518,308
Rudolph Technologies, Inc.†		17,568		372,793
Semtech Corp.†		36,297		1,936,082
Silicon Laboratories, Inc.†		23,947		2,116,196
SMART Global Holdings, Inc.†#		5,551		190,344
Synaptics, Inc.†		19,688		757,201
Xperi Corp.		27,315		385,142
				13,502,457
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		15,929		884,059
FARO Technologies, Inc.†		9,373		466,026

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Fitbit, Inc., Class A†#		117,557	$	647,739
Itron, Inc.†		18,905		1,023,895
Mesa Laboratories, Inc.#		1,875		415,012
Stoneridge, Inc.†		15,320		409,810
				3,846,541
Electronic Parts Distribution — 0.3%
Digimarc Corp.†#		6,250		125,750
SYNNEX Corp.		23,190		1,872,360
Tech Data Corp.†		21,326		1,918,274
				3,916,384
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		17,185		873,857
Napco Security Technologies, Inc.†		6,610		109,330
ShotSpotter, Inc.†#		4,090		155,788
				1,138,975
Energy - Alternate Sources — 0.4%
Amyris, Inc.†#		17,342		85,669
Clean Energy Fuels Corp.†		76,508		170,613
Enphase Energy, Inc.†#		48,236		260,474
FuelCell Energy, Inc.†#		47,855		33,719
FutureFuel Corp.		14,400		248,688
Green Plains, Inc.#		21,973		357,061
Pattern Energy Group, Inc., Class A		45,103		933,181
Plug Power, Inc.†#		119,206		208,610
Renewable Energy Group, Inc.†#		20,585		554,766
REX American Resources Corp.†		3,174		220,879
Sunrun, Inc.†#		53,906		789,723
TerraForm Power, Inc., Class A#		40,788		469,062
TPI Composites, Inc.†		8,120		220,783
Vivint Solar, Inc.†		17,577		96,146
				4,649,374
Engineering/R&D Services — 0.3%
Argan, Inc.		8,165		354,933
Exponent, Inc.		28,778		1,448,109
Infrastructure and Energy Alternatives, Inc.†#		9,558		83,346
Iteris, Inc.†#		14,177		64,789
KBR, Inc.		78,662		1,460,753
Mistras Group, Inc.†		9,762		167,809
VSE Corp.		4,834		140,814
				3,720,553
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		23,144		345,308
Enterprise Software/Service — 1.9%
Alteryx, Inc., Class A†#		16,310		981,536
American Software, Inc., Class A		15,941		165,786
Apptio, Inc., Class A†		19,193		732,405
Asure Software, Inc.†#		7,001		39,836
Benefitfocus, Inc.†#		12,500		626,250
Blackbaud, Inc.		26,913		1,971,377
Blackline, Inc.†		20,048		859,458
Coupa Software, Inc.†#		29,658		1,910,865
Daily Journal Corp.†#		625		147,500
Domo, Inc., Class B†#		4,482		71,533
Donnelley Financial Solutions, Inc.†		18,776		312,808
eGain Corp.†		9,855		73,223
Everbridge, Inc.†		14,965		819,633
Evolent Health, Inc., Class A†#		38,008		976,806
Exela Technologies, Inc.†		26,430		119,992
Hortonworks, Inc.†		39,380		634,018
LivePerson, Inc.†		32,335		610,161

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
LiveRamp Holdings, Inc.†		42,866	$	2,027,562
Majesco†		3,126		22,351
ManTech International Corp., Class A		14,756		830,763
MicroStrategy, Inc., Class A†		5,295		686,444
MobileIron, Inc.†#		40,394		196,315
Model N, Inc.†		14,389		197,561
Omnicell, Inc.†		21,601		1,668,245
Progress Software Corp.		25,263		888,247
PROS Holdings, Inc.†		17,350		558,150
QAD, Inc., Class A		5,726		242,954
SailPoint Technologies Holding, Inc.†		29,235		760,987
SPS Commerce, Inc.†		9,413		802,270
Verint Systems, Inc.†		35,508		1,613,128
Workiva, Inc.†		15,884		594,220
				22,142,384
Entertainment Software — 0.0%
Glu Mobile, Inc.†		62,219		461,043
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.		30,913		1,884,456
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		14,198		997,835
Finance - Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.#		28,800		658,080
NewStar Financial, Inc. CVR†(1)(2)		17,919		9,676
On Deck Capital, Inc.†		28,477		223,260
				891,016
Finance - Consumer Loans — 0.3%
Curo Group Holdings Corp.†		6,535		87,112
Elevate Credit, Inc.†		11,491		55,616
Encore Capital Group, Inc.†#		14,503		405,794
Enova International, Inc.†		18,562		410,963
LendingClub Corp.†#		176,307		604,733
Nelnet, Inc., Class A		10,376		564,973
Ocwen Financial Corp.†		65,529		138,266
PRA Group, Inc.†#		24,885		759,490
Regional Management Corp.†		5,195		141,096
World Acceptance Corp.†		3,425		373,120
				3,541,163
Finance - Investment Banker/Broker — 0.4%
Arlington Asset Investment Corp., Class A#		15,716		135,000
Cowen, Inc.†#		15,642		248,864
Diamond Hill Investment Group, Inc.		1,820		306,306
GAIN Capital Holdings, Inc.#		15,253		112,110
Greenhill & Co., Inc.#		10,850		255,301
Houlihan Lokey, Inc.		18,624		787,795
INTL. FCStone, Inc.†		8,553		333,225
Investment Technology Group, Inc.		18,172		547,522
Ladenburg Thalmann Financial Services, Inc.		56,761		162,337
Moelis & Co., Class A		24,870		1,005,245
Oppenheimer Holdings, Inc., Class A		5,390		153,669
Piper Jaffray Cos.		8,192		584,663
PJT Partners, Inc., Class A		11,118		525,103
Siebert Financial Corp.†		4,135		53,383
				5,210,523
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		31,169		581,302
Marlin Business Services Corp.		4,837		122,860
				704,162

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Mortgage Loan/Banker — 0.3%
Ellie Mae, Inc.†#		19,060	$	1,282,166
Federal Agricultural Mtg. Corp., Class C		5,005		330,630
Granite Point Mtg. Trust, Inc.#		23,932		453,751
Impac Mtg. Holdings, Inc.†#		5,469		21,056
LendingTree, Inc.†#		4,442		1,156,430
Mr. Cooper Group, Inc.†		14,458		218,750
PennyMac Financial Services, Inc.		11,056		226,759
TPG RE Finance Trust, Inc.		19,602		386,355
				4,075,897
Finance - Other Services — 0.1%
HomeStreet, Inc.†		13,898		369,965
WageWorks, Inc.†		22,125		737,426
				1,107,391
Financial Guarantee Insurance — 0.5%
MBIA, Inc.†		49,358		459,523
MGIC Investment Corp.†		201,767		2,362,691
NMI Holdings, Inc., Class A†		34,705		678,136
Radian Group, Inc.		120,508		2,217,347
				5,717,697
Firearms & Ammunition — 0.2%
American Outdoor Brands Corp.†		29,960		364,913
Axon Enterprise, Inc.†		32,055		1,393,431
Sturm Ruger & Co., Inc.		9,374		502,540
				2,260,884
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		4,044		135,353
Food - Confectionery — 0.1%
Hostess Brands, Inc.†		55,048		641,309
Simply Good Foods Co.†		33,628		683,321
Tootsie Roll Industries, Inc.#		9,122		319,361
				1,643,991
Food - Dairy Products — 0.0%
Dean Foods Co.		50,872		256,395
Food - Meat Products — 0.0%
Nathan’s Famous, Inc.		1,592		116,805
Food - Misc./Diversified — 0.6%
B&G Foods, Inc.#		36,654		1,111,716
Cal-Maine Foods, Inc.		17,396		812,741
Darling Ingredients, Inc.†		91,412		2,000,095
J&J Snack Foods Corp.		8,383		1,315,041
John B. Sanfilippo & Son, Inc.		4,788		297,909
Lancaster Colony Corp.		10,537		1,900,032
				7,437,534
Food - Retail — 0.1%
Ingles Markets, Inc., Class A		7,864		228,764
Smart & Final Stores, Inc.†		12,854		81,494
Village Super Market, Inc., Class A		4,583		125,070
Weis Markets, Inc.		5,323		243,794
				679,122
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.#		8,842		868,992
Chefs’ Warehouse, Inc.†		12,123		462,007
Fresh Del Monte Produce, Inc.		16,971		571,074
Performance Food Group Co.†		56,810		1,957,673
SpartanNash Co.		19,861		372,394
United Natural Foods, Inc.†		28,114		607,543
				4,839,683

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.6%
Crocs, Inc.†		37,736	$	1,049,061
Deckers Outdoor Corp.†		16,834		2,242,962
Rocky Brands, Inc.		3,810		98,641
Steven Madden, Ltd.		48,583		1,565,830
Weyco Group, Inc.		3,403		112,707
Wolverine World Wide, Inc.		51,501		1,781,935
				6,851,136
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		9,816		167,265
Matthews International Corp., Class A		17,401		733,104
				900,369
Gambling (Non-Hotel) — 0.1%
Golden Entertainment, Inc.†#		10,131		183,270
Monarch Casino & Resort, Inc.†		6,306		252,240
Red Rock Resorts, Inc., Class A		38,770		1,014,223
				1,449,733
Gas - Distribution — 1.1%
Chesapeake Utilities Corp.		8,822		759,045
New Jersey Resources Corp.		48,650		2,360,985
Northwest Natural Holding Co.		15,962		1,058,759
ONE Gas, Inc.		29,073		2,473,822
RGC Resources, Inc.		4,122		113,726
South Jersey Industries, Inc.#		47,854		1,493,045
Southwest Gas Holdings, Inc.		27,360		2,155,147
Spire, Inc.		27,485		2,168,841
				12,583,370
Gold Mining — 0.0%
Gold Resource Corp.		29,356		112,140
Golf — 0.1%
Acushnet Holdings Corp.		19,302		441,050
Callaway Golf Co.		52,407		897,732
Drive Shack, Inc.†		33,716		157,454
				1,496,236
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		8,260		231,362
US Ecology, Inc.		12,219		851,298
				1,082,660
Health Care Cost Containment — 0.3%
CorVel Corp.†		5,062		352,821
HealthEquity, Inc.†#		30,194		2,677,906
				3,030,727
Healthcare Safety Devices — 0.1%
Tandem Diabetes Care, Inc.†		28,431		1,046,829
Home Furnishings — 0.1%
Ethan Allen Interiors, Inc.		13,338		277,164
Flexsteel Industries, Inc.		4,089		101,489
Hooker Furniture Corp.		6,453		194,429
Purple Innovation, Inc.†		2,431		17,406
Sleep Number Corp.†		19,175		735,169
				1,325,657
Hotels/Motels — 0.1%
BBX Capital Corp.		36,596		245,925
Belmond, Ltd., Class A†		49,963		909,327
Bluegreen Vacations Corp.#		4,157		57,699
Marcus Corp.		10,754		456,615
Red Lion Hotels Corp.†		8,867		79,980
				1,749,546

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Housewares — 0.1%
Lifetime Brands, Inc.		6,565	$	78,386
Tupperware Brands Corp.		28,001		1,062,918
				1,141,304
Human Resources — 1.0%
AMN Healthcare Services, Inc.†		26,328		1,677,094
ASGN, Inc.†		28,299		1,959,706
Barrett Business Services, Inc.		3,961		278,656
BG Staffing, Inc.		4,682		116,020
Cross Country Healthcare, Inc.†		19,787		179,468
Heidrick & Struggles International, Inc.		10,414		381,777
Insperity, Inc.		21,375		2,138,355
Kforce, Inc.		12,854		407,343
Korn/Ferry International		32,015		1,567,774
Paylocity Holding Corp.†		16,159		1,083,946
Resources Connection, Inc.		16,619		279,864
TriNet Group, Inc.†		24,325		1,116,761
TrueBlue, Inc.†		22,458		567,064
Willdan Group, Inc.†#		4,382		165,158
				11,918,986
Identification Systems — 0.1%
Brady Corp., Class A		26,181		1,140,444
Import/Export — 0.0%
Castle Brands, Inc.†#		51,415		46,232
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		19,424		350,215
Clearway Energy, Inc., Class C		38,805		708,579
				1,058,794
Industrial Audio & Video Products — 0.0%
GoPro, Inc., Class A†#		62,985		319,964
Turtle Beach Corp.†		4,382		70,944
				390,908
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		3,467		132,474
Ichor Holdings, Ltd.†#		13,401		243,898
				376,372
Instruments - Controls — 0.4%
Allied Motion Technologies, Inc.		3,897		184,367
Control4 Corp.†		14,511		315,904
Watts Water Technologies, Inc., Class A		15,495		1,142,911
Woodward, Inc.		29,892		2,501,363
				4,144,545
Instruments - Scientific — 0.0%
Fluidigm Corp.†#		14,638		120,032
Insurance Brokers — 0.1%
Crawford & Co., Class B		6,517		59,174
eHealth, Inc.†		10,459		402,881
Goosehead Insurance, Inc., Class A†#		5,441		138,310
				600,365
Insurance - Life/Health — 0.7%
American Equity Investment Life Holding Co.		49,957		1,705,032
CNO Financial Group, Inc.		91,650		1,677,195
FBL Financial Group, Inc., Class A		5,515		387,870
FGL Holdings†#		79,078		633,415
Health Insurance Innovations, Inc., Class A†#		7,124		262,306
Independence Holding Co.		2,603		100,190
National Western Life Group, Inc., Class A		1,272		390,758
Primerica, Inc.		24,054		2,859,540

Security Description	Shares		Value (Note 2)
Insurance - Life/Health (continued)
Trupanion, Inc.†		14,052	$	420,576
				8,436,882
Insurance - Multi-line — 0.5%
Citizens, Inc.†		27,591		217,969
Genworth Financial, Inc., Class A†		281,183		1,310,313
Horace Mann Educators Corp.		22,948		924,345
Kemper Corp.		29,407		2,237,873
United Fire Group, Inc.		11,730		631,895
				5,322,395
Insurance - Property/Casualty — 1.3%
Ambac Financial Group, Inc.†		25,261		441,562
AMERISAFE, Inc.		10,653		688,077
Donegal Group, Inc., Class A		5,226		75,254
Employers Holdings, Inc.		17,976		808,021
Enstar Group, Ltd.†		6,716		1,183,158
FedNat Holding Co.		6,409		140,229
Hallmark Financial Services, Inc.†		7,269		82,867
HCI Group, Inc.		4,080		221,748
Heritage Insurance Holdings, Inc.#		11,168		179,246
Investors Title Co.		769		143,096
James River Group Holdings, Ltd.		14,467		550,614
Kingstone Cos., Inc.		5,172		81,614
Kinsale Capital Group, Inc.		10,885		677,156
National General Holdings Corp.		34,371		912,550
Navigators Group, Inc.		11,551		802,448
NI Holdings, Inc.†		5,414		85,704
ProAssurance Corp.		29,608		1,294,758
Protective Insurance Corp., Class B		5,345		111,657
RLI Corp.		21,874		1,658,487
Safety Insurance Group, Inc.		8,179		718,280
Selective Insurance Group, Inc.		32,370		2,148,397
State Auto Financial Corp.		9,314		325,990
Stewart Information Services Corp.		13,050		548,883
Third Point Reinsurance, Ltd.†		43,845		452,480
Tiptree, Inc.		15,055		82,501
United Insurance Holdings Corp.#		11,459		222,305
Universal Insurance Holdings, Inc.		17,644		774,395
				15,411,477
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.†		18,077		1,253,098
EMC Insurance Group, Inc.		5,153		164,793
Essent Group, Ltd.†		53,565		2,065,466
Global Indemnity, Ltd.		4,686		160,542
Greenlight Capital Re, Ltd., Class A†#		16,641		176,228
Maiden Holdings, Ltd.		37,996		96,130
				3,916,257
Internet Application Software — 0.0%
Tucows, Inc., Class A†#		5,304		307,844
VirnetX Holding Corp.†		30,665		97,208
				405,052
Internet Connectivity Services — 0.2%
Boingo Wireless, Inc.†		22,879		572,890
Cogent Communications Holdings, Inc.		23,356		1,132,533
Internap Corp.†#		11,196		66,840
				1,772,263
Internet Content - Entertainment — 0.1%
Limelight Networks, Inc.†		60,929		200,456
Pandora Media, Inc.†		142,847		1,241,341
				1,441,797

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Content - Information/News — 0.2%
HealthStream, Inc.		14,445	$	355,925
LiveXLive Media, Inc.†#		2,679		13,636
TechTarget, Inc.†		11,330		163,038
XO Group, Inc.†		13,540		467,130
Yelp, Inc.†		45,237		1,523,130
				2,522,859
Internet Security — 0.1%
Imperva, Inc.†		19,429		1,078,504
Zix Corp.†		29,135		194,039
Zscaler, Inc.†#		7,766		304,893
				1,577,436
Investment Companies — 0.1%
B. Riley Financial, Inc.#		11,407		207,265
Columbia Financial, Inc.†#		27,701		436,568
PDL Community Bancorp†#		4,900		64,386
				708,219
Investment Management/Advisor Services — 0.8%
Altisource Portfolio Solutions SA†		5,559		131,971
Artisan Partners Asset Management, Inc., Class A		26,795		729,628
Ashford, Inc.†#		325		21,775
Associated Capital Group, Inc., Class A#		1,444		61,356
Blucora, Inc.†		26,539		821,647
BrightSphere Investment Group PLC		44,875		591,004
Cohen & Steers, Inc.		12,442		464,833
Federated Investors, Inc., Class B		54,017		1,430,370
Focus Financial Partners, Inc. Class A†		10,495		324,505
FRP Holdings, Inc.†		3,946		184,752
GAMCO Investors, Inc., Class A		2,354		50,752
Hamilton Lane, Inc., Class A		8,318		314,587
Pzena Investment Management, Inc., Class A		9,749		99,537
Silvercrest Asset Management Group, Inc., Class A		4,639		64,807
Stifel Financial Corp.		38,704		1,868,242
Virtus Investment Partners, Inc.		3,866		367,270
Waddell & Reed Financial, Inc., Class A#		43,376		883,135
Westwood Holdings Group, Inc.		4,619		181,157
WisdomTree Investments, Inc.		65,217		462,389
				9,053,717
Lasers - System/Components — 0.2%
Electro Scientific Industries, Inc.†		18,017		529,700
II-VI, Inc.†		34,473		1,289,979
				1,819,679
Leisure Products — 0.0%
Escalade, Inc.		5,940		70,389
Johnson Outdoors, Inc., Class A		2,718		193,793
Marine Products Corp.		4,192		91,134
				355,316
Linen Supply & Related Items — 0.1%
UniFirst Corp.		8,509		1,313,875
Machine Tools & Related Products — 0.2%
Kennametal, Inc.		45,435		1,900,092
Milacron Holdings Corp.†		38,672		551,076
				2,451,168
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		12,776		455,720
Hyster-Yale Materials Handling, Inc.		5,781		378,482
				834,202

Security Description	Shares		Value (Note 2)
Machinery - Electrical — 0.1%
Babcock & Wilcox Enterprises, Inc.†		17,870	$	15,825
Franklin Electric Co., Inc.		25,867		1,170,482
				1,186,307
Machinery - Farming — 0.1%
Alamo Group, Inc.		5,373		444,938
Lindsay Corp.#		5,984		605,342
				1,050,280
Machinery - General Industrial — 0.5%
Albany International Corp., Class A		16,014		1,158,773
Applied Industrial Technologies, Inc.		21,283		1,388,290
Chart Industries, Inc.†		17,180		1,091,961
DXP Enterprises, Inc.†		8,879		321,686
Gencor Industries, Inc.†		4,908		55,608
Kadant, Inc.		6,098		555,406
Manitex International, Inc.†#		8,104		59,078
Manitowoc Co, Inc.†		19,701		389,095
Tennant Co.		9,956		595,867
Twin Disc, Inc.†		4,719		82,346
				5,698,110
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		12,452		433,330
Machinery - Print Trade — 0.0%
Eastman Kodak Co.†#		9,433		37,166
Machinery - Pumps — 0.3%
Cactus, Inc., Class A†		21,187		611,881
CSW Industrials, Inc.†		8,661		458,773
Gorman-Rupp Co.		9,840		329,443
Mueller Water Products, Inc., Class A		86,268		908,402
NN, Inc.		15,431		110,795
SPX FLOW, Inc.†		23,508		882,255
				3,301,549
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.†		31,825		235,823
SEACOR Marine Holdings, Inc.†		9,208		165,652
				401,475
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		20,711		388,331
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†		97,183		992,238
Castlight Health, Inc., Class B†		43,791		114,295
Computer Programs & Systems, Inc.		6,423		171,366
Inovalon Holdings, Inc., Class A†#		38,414		510,906
Medidata Solutions, Inc.†#		32,198		2,486,008
NantHealth, Inc.†#		11,399		10,155
NextGen Healthcare, Inc.†		29,642		520,217
Tabula Rasa HealthCare, Inc.†#		9,763		736,911
				5,542,096
Medical Instruments — 0.7%
AngioDynamics, Inc.†		20,318		436,634
Avanos Medical, Inc.†		26,142		1,247,235
Cardiovascular Systems, Inc.†		18,103		558,840
Endologix, Inc.†		46,363		39,464
LivaNova PLC†		27,155		2,747,815
Natus Medical, Inc.†		17,972		635,849
NuVasive, Inc.†		28,673		1,826,183
TransEnterix, Inc.†#		89,091		277,073
				7,769,093

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.5%
Evolus, Inc.†#		5,076	$	75,937
Invitae Corp.†		36,580		509,560
Medpace Holdings, Inc.†		12,118		750,225
Miragen Therapeutics, Inc.†		14,494		50,439
Natera, Inc.†		18,354		317,891
Neuronetics, Inc.†#		3,560		63,511
R1 RCM, Inc.†		57,396		525,747
Syneos Health, Inc.†		34,581		1,788,529
Teladoc Health, Inc.†#		37,368		2,333,632
				6,415,471
Medical Laser Systems — 0.0%
Cutera, Inc.†		7,575		155,288
Medical Products — 2.0%
Accuray, Inc.†		46,629		191,179
AtriCure, Inc.†		18,695		626,096
Atrion Corp.		795		614,710
AxoGen, Inc.†#		18,907		633,006
Cerus Corp.†		74,002		388,510
CryoLife, Inc.†		19,833		601,337
CytoSorbents Corp.†		16,583		173,126
FONAR Corp.†		3,434		75,651
Glaukos Corp.†		18,407		1,212,653
Globus Medical, Inc., Class A†		40,546		1,957,966
Haemonetics Corp.†		28,977		3,108,653
Inogen, Inc.†		9,834		1,449,138
Inspire Medical Systems, Inc.†#		4,368		200,666
Integer Holdings Corp.†		17,351		1,536,952
Intersect ENT, Inc.†		16,691		500,897
Invacare Corp.#		18,372		101,046
iRadimed Corp.†		1,952		56,179
iRhythm Technologies, Inc.†		13,446		996,080
LeMaitre Vascular, Inc.		8,784		244,986
Luminex Corp.#		23,121		679,064
NanoString Technologies, Inc.†		14,024		242,194
Nevro Corp.†		16,231		673,749
Novocure, Ltd.†		41,034		1,408,287
Nuvectra Corp.†		7,755		154,867
NxStage Medical, Inc.†		36,159		1,021,130
Orthofix Medical, Inc.†		9,750		587,437
OrthoPediatrics Corp.†		3,862		120,765
Pulse Biosciences, Inc.†#		5,925		74,299
Rockwell Medical, Inc.†#		26,491		87,685
SeaSpine Holdings Corp.†		6,569		129,147
Sientra, Inc.†#		12,940		219,980
Surmodics, Inc.†		7,230		438,066
T2 Biosystems, Inc.†#		17,318		76,892
Tactile Systems Technology, Inc.†		9,802		551,264
Wright Medical Group NV†#		69,334		1,938,579
				23,072,236
Medical - Biomedical/Gene — 4.7%
Abeona Therapeutics, Inc.†#		17,428		142,910
ACADIA Pharmaceuticals, Inc.†#		54,877		1,045,956
Acceleron Pharma, Inc.†#		21,576		1,142,018
Achillion Pharmaceuticals, Inc.†		75,814		219,102
Acorda Therapeutics, Inc.†		24,304		496,531
ADMA Biologics, Inc.†#		10,785		56,837
Aduro Biotech, Inc.†#		35,769		88,707
Adverum Biotechnologies, Inc.†		30,355		108,974
Agenus, Inc.†#		48,557		117,022
AgeX Therapeutics, Inc.†		4,993		26,962
Albireo Pharma, Inc.†		5,079		134,340
Alder Biopharmaceuticals, Inc.†#		32,484		434,636
Aldeyra Therapeutics, Inc.†		9,470		84,946

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Allakos, Inc.†#		4,617	$	271,987
Allena Pharmaceuticals, Inc.†		6,464		60,568
AMAG Pharmaceuticals, Inc.†#		19,136		345,405
Amicus Therapeutics, Inc.†#		105,546		1,165,228
AnaptysBio, Inc.†#		10,582		789,206
ANI Pharmaceuticals, Inc.†		4,454		247,598
Aptinyx, Inc.†		7,423		164,865
Aratana Therapeutics, Inc.†#		25,338		164,697
Arbutus Biopharma Corp.†#		19,687		85,835
Arcus Biosciences, Inc.†#		5,177		59,121
Ardelyx, Inc.†		24,374		66,297
Arena Pharmaceuticals, Inc.†		27,679		1,135,116
ArQule, Inc.†#		60,460		224,307
Arrowhead Pharmaceuticals, Inc.†#		48,532		704,685
Arsanis, Inc.†#		2,900		11,281
Assembly Biosciences, Inc.†		11,721		302,167
Atara Biotherapeutics, Inc.†#		23,388		934,351
Audentes Therapeutics, Inc.†		18,136		443,425
AVEO Pharmaceuticals, Inc.†#		57,923		119,901
Avid Bioservices, Inc.†#		28,256		149,757
Avrobio, Inc.†		3,396		90,979
BioCryst Pharmaceuticals, Inc.†#		60,839		558,502
Biohaven Pharmaceutical Holding Co., Ltd.†		15,842		538,470
BioTime, Inc.†#		49,930		71,400
Blueprint Medicines Corp.†		23,055		1,322,665
Calithera Biosciences, Inc.†		17,321		85,393
Cambrex Corp.†		18,352		877,776
Cara Therapeutics, Inc.†		18,163		330,203
CASI Pharmaceuticals, Inc.†#		27,824		120,478
Cellular Biomedicine Group, Inc.†#		6,469		128,927
ChemoCentryx, Inc.†		12,526		125,886
ChromaDex Corp.†#		21,458		76,176
Clearside Biomedical, Inc.†#		15,589		22,916
Cohbar, Inc.†#		13,221		54,074
Constellation Pharmaceuticals, Inc.†#		2,251		13,281
Crinetics Pharmaceuticals, Inc.†		3,883		135,672
Cue Biopharma, Inc.†#		9,856		46,126
Cymabay Therapeutics, Inc.†		32,855		293,395
CytomX Therapeutics, Inc.†		24,817		342,475
Deciphera Pharmaceuticals, Inc.†		4,901		127,769
Denali Therapeutics, Inc.†#		25,407		487,052
Dicerna Pharmaceuticals, Inc.†		25,313		377,417
Dynavax Technologies Corp.†#		34,762		392,811
Editas Medicine, Inc.†#		25,450		793,022
Eidos Therapeutics, Inc.†#		4,045		57,156
ElectroCore LLC†#		3,365		22,411
Emergent BioSolutions, Inc.†		24,805		1,806,796
Endocyte, Inc.†		36,239		856,328
Enzo Biochem, Inc.†		24,555		75,629
Epizyme, Inc.†#		29,172		216,456
Esperion Therapeutics, Inc.†#		12,758		678,215
Evelo Biosciences, Inc.†#		2,990		29,661
Fate Therapeutics, Inc.†		28,001		430,095
FibroGen, Inc.†		41,683		1,807,375
Five Prime Therapeutics, Inc.†		18,699		240,095
Fortress Biotech, Inc.†#		19,504		23,795
Forty Seven, Inc.†#		4,553		84,595
Geron Corp.†#		94,186		151,639
GlycoMimetics, Inc.†#		18,992		218,218
GTx, Inc.†#		2,825		4,096
Halozyme Therapeutics, Inc.†		69,573		1,148,650
Harvard Bioscience, Inc.†		19,914		78,660
Helius Medical Technologies, Inc.†#		9,086		75,414
Homology Medicines, Inc.†#		5,824		128,070
Idera Pharmaceuticals, Inc.†		10,642		73,111

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
ImmunoGen, Inc.†		80,040	$	441,020
Immunomedics, Inc.†#		79,240		1,591,932
Innovate Biopharmaceuticals, Inc.†#		10,314		26,816
Innoviva, Inc.†		38,438		701,878
Inovio Pharmaceuticals, Inc.†#		46,232		247,341
Insmed, Inc.†#		42,699		764,739
Intercept Pharmaceuticals, Inc.†#		12,213		1,354,544
Intrexon Corp.†#		41,054		402,329
Iovance Biotherapeutics, Inc.†#		45,815		443,031
Karyopharm Therapeutics, Inc.†#		27,030		281,112
Kezar Life Sciences, Inc.†#		2,870		85,182
Kindred Biosciences, Inc.†		17,290		235,144
Kiniksa Pharmaceuticals, Ltd., Class A†#		3,618		73,156
Lexicon Pharmaceuticals, Inc.†#		24,094		195,161
Ligand Pharmaceuticals, Inc.†#		11,664		1,840,229
Liquidia Technologies, Inc.†#		2,720		60,819
Loxo Oncology, Inc.†#		14,997		2,105,879
MacroGenics, Inc.†		21,857		376,159
Magenta Therapeutics, Inc.†#		2,251		22,015
Medicines Co.†#		38,383		849,416
MeiraGTx Holdings PLC†#		2,063		27,871
Menlo Therapeutics, Inc.†#		5,366		32,250
Molecular Templates, Inc.†		5,037		25,941
Mustang Bio, Inc.†#		9,001		36,094
Myriad Genetics, Inc.†#		37,067		1,195,040
NantKwest, Inc.†#		15,724		26,888
NeoGenomics, Inc.†		35,394		580,462
Neon Therapeutics, Inc.†#		3,517		21,770
NewLink Genetics Corp.†#		16,230		30,675
Novavax, Inc.†#		212,552		439,983
Nymox Pharmaceutical Corp.†#		18,054		33,039
Omeros Corp.†#		25,550		356,423
Organovo Holdings, Inc.†#		63,606		61,641
Ovid therapeutics, Inc.†#		7,346		29,604
Pacific Biosciences of California, Inc.†#		67,927		531,189
Palatin Technologies, Inc.†		110,561		89,488
PDL BioPharma, Inc.†		79,932		245,391
Pfenex, Inc.†		15,869		65,698
Pieris Pharmaceuticals, Inc.†		28,951		98,144
PolarityTE, Inc.†#		5,573		82,480
Prothena Corp. PLC†#		22,403		269,060
PTC Therapeutics, Inc.†		25,245		896,702
Puma Biotechnology, Inc.†#		16,237		377,348
Radius Health, Inc.†#		22,563		376,125
REGENXBIO, Inc.†#		17,657		1,057,831
Replimune Group, Inc.†		4,169		62,493
resTORbio, Inc.†#		4,289		56,014
Retrophin, Inc.†#		22,558		553,573
Rigel Pharmaceuticals, Inc.†		93,611		264,919
RTI Surgical, Inc.†		31,707		132,218
Rubius Therapeutics, Inc.†		6,784		145,042
Sangamo Therapeutics, Inc.†#		56,547		699,486
Savara, Inc.†		15,978		143,323
Scholar Rock Holding Corp.†#		3,469		84,505
Selecta Biosciences, Inc.†#		10,037		60,523
Sienna Biopharmaceuticals, Inc.†#		8,597		86,916
Solid Biosciences, Inc.†#		6,796		211,899
Spark Therapeutics, Inc.†#		17,537		738,834
Spectrum Pharmaceuticals, Inc.†#		56,221		812,956
Stemline Therapeutics, Inc.†#		15,764		173,246
Surface Oncology, Inc.†		4,052		32,740
Syndax Pharmaceuticals, Inc.†		7,814		39,851
Synlogic, Inc.†#		8,588		73,084
Theravance Biopharma, Inc.†#		23,893		659,686
Tobira Therapeutics, Inc. CVR†(1)(2)		4,989		0

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Tocagen, Inc.†#		9,938	$	128,200
Translate Bio, Inc.†#		5,467		39,526
Tyme Technologies, Inc.†#		23,422		91,814
Ultragenyx Pharmaceutical, Inc.†#		26,215		1,406,959
UNITY Biotechnology, Inc.†#		2,814		36,188
Unum Therapeutics, Inc.†#		1,976		13,634
Veracyte, Inc.†#		15,776		193,098
Verastem, Inc.†#		38,311		195,386
Vericel Corp.†		23,957		421,164
Viking Therapeutics, Inc.†#		28,914		326,439
WaVe Life Sciences, Ltd.†#		9,827		470,222
XOMA Corp.†#		3,183		47,841
Zeneca, Inc. CVR†(1)(2)		3,950		2,429
ZIOPHARM Oncology, Inc.†#		73,361		245,759
Zomedica Pharmaceuticals Corp.†#		22,989		38,392
				54,937,466
Medical - Drugs — 2.3%
Achaogen, Inc.†#		17,505		28,183
Aclaris Therapeutics, Inc.†		14,903		138,896
Adamas Pharmaceuticals, Inc.†#		12,248		125,420
Aeglea BioTherapeutics, Inc.†		9,090		76,538
Aerie Pharmaceuticals, Inc.†#		19,835		791,218
Aimmune Therapeutics, Inc.†#		24,144		573,420
Akcea Therapeutics, Inc.†#		7,110		240,958
Akorn, Inc.†		52,066		357,173
Ampio Pharmaceuticals, Inc.†#		54,584		34,726
Apellis Pharmaceuticals, Inc.†		20,137		308,902
Aquestive Therapeutics, Inc.†		2,912		25,014
Array BioPharma, Inc.†#		113,686		1,811,018
Athenex, Inc.†#		24,510		324,022
Athersys, Inc.†#		63,227		121,396
Bellicum Pharmaceuticals, Inc.†		22,456		102,624
BioSpecifics Technologies Corp.†		3,208		196,875
Catalyst Biosciences, Inc.†		6,626		70,766
Catalyst Pharmaceuticals, Inc.†		53,781		136,335
Chimerix, Inc.†		24,573		80,845
Clovis Oncology, Inc.†#		26,548		456,891
Coherus Biosciences, Inc.†#		28,943		320,110
Collegium Pharmaceutical, Inc.†#		16,362		313,987
Concert Pharmaceuticals, Inc.†		11,872		170,126
Corbus Pharmaceuticals Holdings, Inc.†#		27,813		191,910
Corcept Therapeutics, Inc.†#		54,464		758,684
Corium International, Inc. CVR†(1)(2)		14,912		2,684
Corvus Pharmaceuticals, Inc.†#		7,732		46,237
CTI Biopharma Corp.†#		28,482		47,850
Cytokinetics, Inc.†		25,636		201,499
Dova Pharmaceuticals, Inc.†#		6,568		97,863
Durect Corp.†		87,396		77,678
Eagle Pharmaceuticals, Inc.†#		5,891		296,906
Eloxx Pharmaceuticals Inc†		12,505		194,703
Enanta Pharmaceuticals, Inc.†		9,341		739,247
Global Blood Therapeutics, Inc.†#		27,860		878,704
Horizon Pharma PLC†		92,201		1,842,176
Immune Design Corp.†		18,792		30,067
Insys Therapeutics, Inc.†#		14,988		90,078
Intellia Therapeutics, Inc.†#		18,525		331,783
Intra-Cellular Therapies, Inc.†		24,973		360,860
Ironwood Pharmaceuticals, Inc.†#		77,242		1,067,484
Jounce Therapeutics, Inc.†		8,791		37,977
Kadmon Holdings, Inc.†#		55,594		135,649
Kala Pharmaceuticals, Inc.†		6,491		40,893
Keryx Biopharmaceuticals, Inc.†		52,701		158,630
Kura Oncology, Inc.†#		15,776		200,355
Lannett Co., Inc.†#		16,189		95,515

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Madrigal Pharmaceuticals, Inc.†#		3,868	$	447,334
Mallinckrodt PLC†#		45,899		1,091,937
Marinus Pharmaceuticals, Inc.†#		20,299		94,796
MediciNova, Inc.†#		22,225		221,361
Melinta Therapeutics, Inc.†#		19,364		41,052
Minerva Neurosciences, Inc.†		17,067		135,000
MyoKardia, Inc.†#		18,970		1,177,468
Neos Therapeutics, Inc.†#		15,799		30,966
Ocular Therapeutix, Inc.†#		18,618		123,996
Odonate Therapeutics, Inc.†#		3,782		59,604
Optinose, Inc.†#		10,702		84,225
Pacira Pharmaceuticals, Inc.†		22,248		1,075,246
Paratek Pharmaceuticals, Inc.†#		17,560		132,929
Phibro Animal Health Corp., Class A		11,128		377,239
Prestige Consumer Healthcare, Inc.†#		29,012		1,126,246
Progenics Pharmaceuticals, Inc.†#		47,038		244,127
Ra Pharmaceuticals, Inc.†#		8,055		127,027
Reata Pharmaceuticals, Inc., Class A†		10,425		658,339
Rhythm Pharmaceuticals, Inc.†		8,487		250,621
Rocket Pharmaceuticals, Inc.†#		11,637		187,472
scPharmaceuticals, Inc.†#		3,793		17,789
Seres Therapeutics, Inc.†#		11,481		95,866
SIGA Technologies, Inc.†#		28,944		180,611
Sorrento Therapeutics, Inc.†#		60,957		210,911
Spero Therapeutics, Inc.†#		4,699		38,438
Spring Bank Pharmaceuticals, Inc.†#		7,818		87,874
Supernus Pharmaceuticals, Inc.†		27,303		1,294,708
Synergy Pharmaceuticals, Inc.†#		138,592		53,552
Syros Pharmaceuticals, Inc.†#		14,105		96,055
Tetraphase Pharmaceuticals, Inc.†		29,445		52,707
TG Therapeutics, Inc.†#		35,019		176,496
TherapeuticsMD, Inc.†#		101,864		512,376
Tricida, Inc.†#		6,509		194,294
Vanda Pharmaceuticals, Inc.†		28,630		716,895
Verrica Pharmaceuticals, Inc.†		3,236		38,832
Voyager Therapeutics, Inc.†		11,961		136,355
Xeris Pharmaceuticals, Inc.†#		3,689		76,768
Zogenix, Inc.†#		23,401		961,547
				27,359,934
Medical - Generic Drugs — 0.3%
Amneal Pharmaceuticals, Inc.†#		48,467		858,351
Amphastar Pharmaceuticals, Inc.†		19,824		430,577
Endo International PLC†		124,941		1,503,040
Momenta Pharmaceuticals, Inc.†		42,784		506,563
Teligent, Inc.†#		22,934		47,244
				3,345,775
Medical - HMO — 0.2%
Magellan Health, Inc.†		13,727		748,396
Tivity Health, Inc.†#		22,298		913,326
Triple-S Management Corp., Class B†		12,316		234,989
				1,896,711
Medical - Hospitals — 0.2%
Community Health Systems, Inc.†#		47,772		226,917
Quorum Health Corp.†#		16,331		72,020
Select Medical Holdings Corp.†		60,463		1,171,773
Surgery Partners, Inc.†#		10,379		148,939
Tenet Healthcare Corp.†		46,676		1,216,843
				2,836,492
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		27,484		1,246,949
Genesis Healthcare, Inc.†#		31,839		50,624

Security Description	Shares		Value (Note 2)
Medical - Nursing Homes (continued)
National HealthCare Corp.		6,765	$	564,539
				1,862,112
Medical - Outpatient/Home Medical — 0.4%
Addus HomeCare Corp.†		5,275		391,511
Amedisys, Inc.†		14,910		2,031,487
Civitas Solutions, Inc.†		8,957		124,323
LHC Group, Inc.†		16,440		1,724,063
Providence Service Corp.†		6,217		440,226
				4,711,610
Medical - Wholesale Drug Distribution — 0.1%
Diplomat Pharmacy, Inc.†#		31,652		489,973
Owens & Minor, Inc.#		34,059		259,870
				749,843
Metal Processors & Fabrication — 0.6%
AZZ, Inc.		14,437		689,222
CIRCOR International, Inc.		9,065		300,052
Global Brass & Copper Holdings, Inc.		12,131		392,680
LB Foster Co., Class A†		5,557		107,528
Mueller Industries, Inc.		31,615		753,069
Park-Ohio Holdings Corp.		4,988		179,867
RBC Bearings, Inc.†		13,326		2,039,145
Rexnord Corp.†		58,303		1,650,558
Sun Hydraulics Corp.		15,941		664,421
				6,776,542
Metal Products - Distribution — 0.1%
Lawson Products, Inc.†		3,726		114,761
Olympic Steel, Inc.		5,135		94,279
Worthington Industries, Inc.		23,418		969,973
				1,179,013
Metal Products - Fasteners — 0.1%
Eastern Co.		3,041		83,019
TriMas Corp.†		25,561		742,036
				825,055
Metal - Aluminum — 0.1%
Century Aluminum Co.†		27,853		250,120
Kaiser Aluminum Corp.		9,129		892,177
				1,142,297
Metal - Diversified — 0.0%
Ferroglobe Representation & Warranty Trust†(1)(2)		36,833		0
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc.†#		166,065		1,541,083
Miscellaneous Manufacturing — 0.3%
American Railcar Industries, Inc.		4,043		284,102
FreightCar America, Inc.†		6,659		63,527
Hillenbrand, Inc.		35,013		1,551,426
John Bean Technologies Corp.		17,460		1,441,148
				3,340,203
Motion Pictures & Services — 0.1%
Eros International PLC†#		19,944		182,089
IMAX Corp.†		29,909		555,111
				737,200
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		22,101		284,882
Multimedia — 0.1%
E.W. Scripps Co., Class A		25,434		448,401
Entravision Communications Corp., Class A		35,914		116,002

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia (continued)
Liberty Media Corp. - Liberty Braves, Series A†		5,545	$	138,681
Liberty Media Corp. - Liberty Braves, Series C†		19,878		496,950
Media General, Inc. CVR†#(1)(2)		61,443		0
				1,200,034
Networking Products — 0.2%
A10 Networks, Inc.†		27,868		175,568
Calix, Inc.†		24,939		240,661
Extreme Networks, Inc.†		64,000		421,120
Infinera Corp.†		84,112		362,523
NeoPhotonics Corp.†#		19,595		150,882
NETGEAR, Inc.†		17,422		965,179
				2,315,933
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		5,054		126,451
Non-Ferrous Metals — 0.1%
Energy Fuels, Inc.†		45,899		150,549
Materion Corp.		11,219		593,260
Uranium Energy Corp.†#		88,481		116,795
				860,604
Non-Hazardous Waste Disposal — 0.2%
Advanced Disposal Services, Inc.†		40,415		1,089,184
Casella Waste Systems, Inc., Class A†		22,228		725,744
Charah Solutions, Inc.†		4,126		26,861
Covanta Holding Corp.		65,568		1,085,806
				2,927,595
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		104,936		885,660
Office Furnishings - Original — 0.4%
CompX International, Inc.		920		13,708
Herman Miller, Inc.		33,169		1,123,102
HNI Corp.		24,210		933,296
Interface, Inc.		32,939		533,612
Kimball International, Inc., Class B		20,164		307,703
Knoll, Inc.		27,003		523,048
Steelcase, Inc., Class A		47,317		766,535
				4,201,004
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		57,720		468,686
Oil & Gas Drilling — 0.2%
Diamond Offshore Drilling, Inc.†#		36,141		455,376
Noble Corp. PLC†#		137,575		573,688
Ocean Rig UDW, Inc., Class A†		30,440		844,101
Quintana Energy Services, Inc.†		3,471		20,687
Rowan Cos. PLC, Class A†		71,088		985,280
				2,879,132
Oil Companies - Exploration & Production — 1.4%
Abraxas Petroleum Corp.†		88,641		144,485
Alta Mesa Resources, Inc., Class A†#		56,541		86,508
Approach Resources, Inc.†#		25,116		33,153
Berry Petroleum Corp.		7,341		90,955
Bonanza Creek Energy, Inc.†		10,510		278,830
California Resources Corp.†#		25,200		603,288
Callon Petroleum Co.†#		127,354		1,088,877
Carrizo Oil & Gas, Inc.†		48,754		834,181
Denbury Resources, Inc.†#		256,356		579,365
DLB Oil & Gas, Inc.†(1)(2)		3,000		0
Earthstone Energy, Inc., Class A†#		10,528		72,327
Eclipse Resources Corp.†#		49,074		54,963

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production (continued)
EP Energy Corp., Class A†#		23,081	$	25,389
Evolution Petroleum Corp.		14,203		123,708
Goodrich Petroleum Corp.†		4,945		71,307
Gulfport Energy Corp.†		97,421		830,027
Halcon Resources Corp.†#		74,417		208,368
HighPoint Resources Corp.†		60,642		197,693
Isramco, Inc.†		413		49,994
Jagged Peak Energy, Inc.†#		35,802		409,575
Laredo Petroleum, Inc.†		86,746		379,080
Lilis Energy, Inc.†#		24,800		51,088
Mammoth Energy Services, Inc.#		6,972		175,415
Matador Resources Co.†#		58,773		1,340,024
Midstates Petroleum Co., Inc.†		8,358		69,455
Northern Oil and Gas, Inc.†#		108,441		275,440
Oasis Petroleum, Inc.†		150,291		1,073,078
Panhandle Oil and Gas, Inc., Class A		8,790		145,035
PDC Energy, Inc.†		36,962		1,254,490
Penn Virginia Corp.†		6,921		402,456
Resolute Energy Corp.†#		12,178		433,050
Ring Energy, Inc.†		31,922		223,135
Rosehill Resources, Inc.†#		648		2,404
Sanchez Energy Corp.†#		43,918		30,747
SandRidge Energy, Inc.†		17,093		167,511
SilverBow Resources, Inc.†		3,952		96,705
Southwestern Energy Co.†		328,856		1,585,086
SRC Energy, Inc.†#		134,921		778,494
Talos Energy, Inc.†		11,236		217,079
Tellurian, Inc.†#		47,476		343,251
Ultra Petroleum Corp.†#		88,782		112,753
Unit Corp.†		29,187		607,090
W&T Offshore, Inc.†		51,853		301,266
WildHorse Resource Development Corp.†		15,222		281,303
Zion Oil & Gas, Inc.†#		30,392		13,780
				16,142,208
Oil Field Machinery & Equipment — 0.2%
Dril-Quip, Inc.†		20,900		820,534
Exterran Corp.†		18,069		406,552
Flotek Industries, Inc.†#		30,684		42,651
Forum Energy Technologies, Inc.†		45,183		302,274
Natural Gas Services Group, Inc.†		6,960		137,321
Profire Energy, Inc.†#		13,336		26,139
Smart Sand, Inc.†#		12,407		40,447
Thermon Group Holdings, Inc.†		18,071		408,224
US Silica Holdings, Inc.#		43,675		619,748
				2,803,890
Oil Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,206		48,843
CVR Energy, Inc.		8,798		332,036
Delek US Holdings, Inc.		46,601		1,854,254
Murphy USA, Inc.†		16,777		1,359,273
Par Pacific Holdings, Inc.†		17,345		293,477
Trecora Resources†		11,560		107,508
				3,995,391
Oil - Field Services — 1.0%
Archrock, Inc.		70,922		723,404
Basic Energy Services, Inc.†		10,698		67,183
Bristow Group, Inc.†#		18,345		71,912
C&J Energy Services, Inc.†		35,973		618,016
CARBO Ceramics, Inc.†#		11,490		52,624
DMC Global, Inc.		7,962		289,817
Era Group, Inc.†		11,253		113,205
Frank’s International NV†#		40,825		300,064

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services (continued)
FTS International, Inc.†		18,143	$	179,253
Helix Energy Solutions Group, Inc.†		78,471		643,462
Independence Contract Drilling, Inc.†		19,138		64,686
Keane Group, Inc.†		30,012		333,733
Key Energy Services, Inc.†		5,699		33,225
KLX Energy Services Holdings, Inc.†		11,216		226,451
Liberty Oilfield Services, Inc., Class A#		24,699		427,787
Matrix Service Co.†		14,761		301,715
McDermott International, Inc.†#		100,060		871,523
MRC Global, Inc.†		46,871		737,281
NCS Multistage Holdings, Inc.†#		5,453		39,807
Newpark Resources, Inc.†		49,712		382,285
Nine Energy Service, Inc.†		8,282		233,387
NOW, Inc.†#		60,164		811,612
Nuverra Environmental Solutions, Inc.†#		710		6,639
Oceaneering International, Inc.†		55,142		925,834
Oil States International, Inc.†		33,249		745,443
PHI, Inc.†		6,535		23,069
Pioneer Energy Services Corp.†		42,537		107,619
ProPetro Holding Corp.†#		39,533		641,225
SEACOR Holdings, Inc.†		9,546		396,541
Select Energy Services, Inc., Class A†		25,179		243,733
Solaris Oilfield Infrastructure, Inc., Class A†#		14,519		190,634
Superior Energy Services, Inc.†		85,534		466,160
TETRA Technologies, Inc.†		67,889		157,503
				11,426,832
Optical Supplies — 0.1%
STAAR Surgical Co.†		24,511		931,663
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		9,009		277,567
Neenah, Inc.		9,301		640,653
P.H. Glatfelter Co.		24,232		308,958
Schweitzer-Mauduit International, Inc.		17,134		488,490
Verso Corp., Class A†		19,226		484,880
				2,200,548
Patient Monitoring Equipment — 0.0%
CareDx, Inc.†		18,568		543,485
Pharmacy Services — 0.0%
BioScrip, Inc.†		70,557		278,700
Photo Equipment & Supplies — 0.1%
Ambarella, Inc.†#		18,053		721,939
Physical Therapy/Rehabilitation Centers — 0.1%
AAC Holdings, Inc.†#		7,340		14,460
U.S. Physical Therapy, Inc.		6,952		827,218
				841,678
Physicians Practice Management — 0.0%
Apollo Medical Holdings, Inc.†		1,853		33,206
Pipelines — 0.1%
NextDecade Corp.†#		4,362		21,941
SemGroup Corp., Class A#		44,125		716,149
				738,090
Pollution Control — 0.0%
CECO Environmental Corp.†		16,914		140,555
Poultry — 0.1%
Sanderson Farms, Inc.#		11,387		1,288,553
Power Converter/Supply Equipment — 0.3%
Energous Corp.†#		12,987		106,104
Generac Holdings, Inc.†		33,827		1,925,433

Security Description	Shares		Value (Note 2)
Power Converter/Supply Equipment (continued)
Powell Industries, Inc.		4,930	$	150,710
SPX Corp.†		24,011		710,245
SunPower Corp.†#		34,354		235,325
Vicor Corp.†		9,739		348,656
				3,476,473
Precious Metals — 0.1%
Coeur Mining, Inc.†		103,444		408,604
Hecla Mining Co.#		252,774		601,602
Tahoe Resources, Inc.†		173,211		607,971
				1,618,177
Printing - Commercial — 0.3%
Cimpress NV†		12,284		1,482,187
Deluxe Corp.		26,635		1,341,072
Ennis, Inc.		14,293		279,142
LSC Communications, Inc.		18,281		183,176
Quad/Graphics, Inc.		17,425		285,422
RR Donnelley & Sons Co.		39,388		249,326
				3,820,325
Private Equity — 0.1%
Kennedy-Wilson Holdings, Inc.		69,881		1,368,969
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		57,707		574,185
Scholastic Corp.		15,706		725,774
Tribune Publishing Co.†		9,609		140,195
				1,440,154
Publishing - Newspapers — 0.2%
Gannett Co., Inc.#		63,179		655,166
New York Times Co., Class A#		73,271		1,965,861
				2,621,027
Publishing - Periodicals — 0.1%
Meredith Corp.#		21,995		1,259,434
Value Line, Inc.		603		16,009
				1,275,443
Quarrying — 0.1%
Compass Minerals International, Inc.#		19,008		952,301
Racetracks — 0.3%
Churchill Downs, Inc.		6,568		1,824,328
Empire Resorts, Inc.†#		1,967		24,725
International Speedway Corp., Class A		13,509		571,971
Penn National Gaming, Inc.†		60,132		1,329,519
Speedway Motorsports, Inc.		6,387		111,006
				3,861,549
Radio — 0.0%
Beasley Broadcast Group, Inc., Class A		4,440		22,822
Entercom Communications Corp., Class A#		71,399		466,235
Saga Communications, Inc., Class A		2,128		78,949
				568,006
Real Estate Investment Trusts — 7.3%
Acadia Realty Trust		44,931		1,288,172
AG Mtg. Investment Trust, Inc.		15,670		284,567
Agree Realty Corp.		16,822		1,002,087
Alexander & Baldwin, Inc.†		38,088		789,564
Alexander’s, Inc.		1,187		368,647
American Assets Trust, Inc.		21,468		893,498
Americold Realty Trust#		48,136		1,290,045
Anworth Mtg. Asset Corp.		54,310		243,852
Apollo Commercial Real Estate Finance, Inc.#		68,785		1,302,788

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Arbor Realty Trust, Inc.#		36,254	$	429,610
Ares Commercial Real Estate Corp.		14,941		213,357
Armada Hoffler Properties, Inc.		27,123		412,541
ARMOUR Residential REIT, Inc.#		23,205		513,759
Ashford Hospitality Trust, Inc.		47,387		234,566
Blackstone Mtg. Trust, Inc., Class A#		62,362		2,188,906
Bluerock Residential Growth REIT, Inc.#		13,326		121,267
Braemar Hotels & Resorts, Inc.		16,314		154,983
BRT Apartments Corp.		5,032		57,415
Capstead Mtg. Corp.		51,319		396,696
CareTrust REIT, Inc.		44,823		897,356
CatchMark Timber Trust, Inc., Class A		27,388		227,046
CBL & Associates Properties, Inc.#		94,443		246,496
Cedar Realty Trust, Inc.		49,331		177,098
Chatham Lodging Trust		25,231		504,368
Cherry Hill Mtg. Investment Corp.		8,831		167,877
Chesapeake Lodging Trust		33,085		978,323
City Office REIT, Inc.		19,788		216,481
Clipper Realty, Inc.		8,288		106,915
Colony Credit Real Estate, Inc.		46,835		794,790
Community Healthcare Trust, Inc.		9,717		306,474
CoreCivic, Inc.		66,246		1,454,100
CorEnergy Infrastructure Trust, Inc.		6,633		240,446
CorePoint Lodging, Inc.†		23,074		324,651
Cousins Properties, Inc.		234,548		1,981,931
DiamondRock Hospitality Co.		115,630		1,218,740
Dynex Capital, Inc.		31,087		187,455
Easterly Government Properties, Inc.		33,762		615,144
EastGroup Properties, Inc.		19,621		1,962,492
Exantas Capital Corp.#		16,931		189,119
First Industrial Realty Trust, Inc.		69,475		2,227,368
Four Corners Property Trust, Inc.		37,782		1,048,073
Franklin Street Properties Corp.#		58,147		447,732
Front Yard Residential Corp.		27,505		247,820
GEO Group, Inc.		67,030		1,557,777
Getty Realty Corp.		18,267		558,788
Gladstone Commercial Corp.		15,680		300,115
Gladstone Land Corp.#		7,286		96,321
Global Medical REIT, Inc.		10,561		100,013
Global Net Lease, Inc.#		40,041		808,428
Government Properties Income Trust#		55,051		484,449
Great Ajax Corp.#		8,962		115,879
Healthcare Realty Trust, Inc.		69,159		2,143,929
Hersha Hospitality Trust		19,858		379,288
Independence Realty Trust, Inc.		48,650		491,365
Industrial Logistics Properties Trust#		11,256		237,164
InfraREIT, Inc.†		24,659		564,691
Innovative Industrial Properties, Inc.		3,579		176,624
Invesco Mtg. Capital, Inc.		62,667		978,859
Investors Real Estate Trust		66,884		356,492
iStar, Inc.#		36,295		387,631
Jernigan Capital, Inc.#		10,024		214,313
Kite Realty Group Trust		46,149		761,920
KKR Real Estate Finance Trust, Inc.		9,730		189,735
Ladder Capital Corp.		48,502		856,060
LaSalle Hotel Properties#		61,800		1,981,308
Lexington Realty Trust		120,167		1,055,066
LTC Properties, Inc.		21,942		1,018,986
Mack-Cali Realty Corp.		50,465		1,093,072
MedEquities Realty Trust, Inc.		15,957		109,146
Monmouth Real Estate Investment Corp.		43,167		601,316
National Health Investors, Inc.		22,806		1,778,412
National Storage Affiliates Trust		31,574		883,125
New Senior Investment Group, Inc.		41,621		221,007
New York Mortgage Trust, Inc.#		77,510		480,562

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
NexPoint Residential Trust, Inc.		9,207	$	335,963
NorthStar Realty Europe Corp.		24,916		407,626
One Liberty Properties, Inc.		8,348		220,554
Orchid Island Capital, Inc.#		29,186		197,589
Pebblebrook Hotel Trust#		38,013		1,327,414
Pennsylvania Real Estate Investment Trust#		38,370		314,250
PennyMac Mtg. Investment Trust		33,421		703,512
Physicians Realty Trust		101,885		1,814,572
Piedmont Office Realty Trust, Inc., Class A		71,473		1,324,395
PotlatchDeltic Corp.		37,640		1,396,444
Preferred Apartment Communities, Inc., Class A		22,278		333,279
PS Business Parks, Inc.		11,105		1,566,027
QTS Realty Trust, Inc., Class A		28,415		1,153,365
Ready Capital Corp.		9,851		146,780
Redwood Trust, Inc.		45,834		764,969
Retail Opportunity Investments Corp.		61,963		1,121,530
Rexford Industrial Realty, Inc.		50,635		1,652,726
RLJ Lodging Trust		96,987		1,972,716
RPT Realty#		44,246		632,275
Ryman Hospitality Properties, Inc.		24,948		1,848,896
Sabra Health Care REIT, Inc.		99,230		1,914,147
Saul Centers, Inc.		6,580		346,437
Select Income REIT		49,326		951,992
Seritage Growth Properties, Class A#		18,218		691,191
Spirit MTA REIT		24,003		233,549
STAG Industrial, Inc.		58,632		1,570,751
Summit Hotel Properties, Inc.		57,676		643,087
Sunstone Hotel Investors, Inc.		127,287		1,942,400
Tanger Factory Outlet Centers, Inc.#		51,254		1,212,157
Terreno Realty Corp.		31,995		1,248,125
Tier REIT, Inc.		28,190		663,593
UMH Properties, Inc.		18,522		241,342
Universal Health Realty Income Trust		7,148		501,861
Urban Edge Properties		61,018		1,216,699
Urstadt Biddle Properties, Inc., Class A		16,489		339,344
Washington Prime Group, Inc.#		104,249		651,556
Washington Real Estate Investment Trust		43,954		1,185,000
Western Asset Mtg. Capital Corp.#		22,561		227,640
Xenia Hotels & Resorts, Inc.		62,847		1,277,051
				86,229,260
Real Estate Management/Services — 0.2%
Farmland Partners, Inc.#		17,687		109,659
HFF, Inc., Class A		20,938		845,895
Marcus & Millichap, Inc.†		10,843		395,661
Maui Land & Pineapple Co., Inc.†		3,781		43,595
Newmark Group, Inc., Class A		12,975		108,990
RE/MAX Holdings, Inc., Class A		9,944		327,854
Redfin Corp.†#		44,156		748,886
RMR Group, Inc., Class A		3,927		253,841
Safety Income and Growth, Inc.		4,411		87,073
				2,921,454
Real Estate Operations & Development — 0.2%
American Realty Investors, Inc.†#		1,153		18,909
Consolidated-Tomoka Land Co.		2,170		125,903
Cushman & Wakefield PLC†		25,326		471,570
Essential Properties Realty Trust, Inc.		19,851		280,892
Forestar Group, Inc.†		5,881		94,331
Griffin Industrial Realty, Inc.		464		16,449
McGrath RentCorp		13,443		718,260
Stratus Properties, Inc.†		3,273		88,895
Transcontinental Realty Investors, Inc.†#		934		33,717
Trinity Place Holdings, Inc.†#		9,781		48,220

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Operations & Development (continued)
Whitestone REIT		21,287	$	299,721
				2,196,867
Recreational Centers — 0.3%
Planet Fitness, Inc., Class A†		49,329		2,723,947
St. Joe Co.†#		19,647		294,705
Town Sports International Holdings, Inc.†		8,077		57,428
				3,076,080
Recreational Vehicles — 0.1%
Camping World Holdings, Inc., Class A#		18,075		341,075
Malibu Boats, Inc., Class A†		11,416		552,763
MasterCraft Boat Holdings, Inc.†		10,281		266,381
				1,160,219
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		38,613		1,807,088
Avis Budget Group, Inc.†		37,231		1,090,496
CAI International, Inc.†		9,600		235,296
Herc Holdings, Inc.†		13,393		477,728
Hertz Global Holdings, Inc.†#		30,577		572,096
Rent-A-Center, Inc.†		24,742		363,213
Textainer Group Holdings, Ltd.†		15,204		169,525
				4,715,442
Resorts/Theme Parks — 0.2%
Marriott Vacations Worldwide Corp.		21,701		1,762,121
SeaWorld Entertainment, Inc.†		30,623		872,143
				2,634,264
Retail - Apparel/Shoe — 0.9%
Abercrombie & Fitch Co., Class A		37,942		793,367
American Eagle Outfitters, Inc.		89,965		1,882,967
Ascena Retail Group, Inc.†		97,650		294,903
Boot Barn Holdings, Inc.†		15,428		349,290
Buckle, Inc.		16,063		306,803
Caleres, Inc.		23,474		709,619
Cato Corp., Class A		12,647		191,096
Chico’s FAS, Inc.		71,288		384,955
Children’s Place, Inc.#		9,009		1,167,927
DSW, Inc., Class A		38,307		1,062,636
Duluth Holdings, Inc., Class B†#		4,601		144,379
Express, Inc.†#		40,591		253,288
Francesca’s Holdings Corp.†#		19,422		38,650
Genesco, Inc.†		10,839		452,637
Guess?, Inc.		32,116		764,361
J. Jill, Inc.†		9,162		56,530
RTW RetailWinds, Inc.†		16,147		54,092
Shoe Carnival, Inc.#		5,919		224,508
Tailored Brands, Inc.#		27,701		634,353
Tilly’s, Inc., Class A		8,078		92,978
Vera Bradley, Inc.†		12,644		139,337
Winmark Corp.		1,388		205,854
				10,204,530
Retail - Appliances — 0.0%
Conn’s, Inc.†#		10,958		305,838
Retail - Automobile — 0.4%
America’s Car-Mart, Inc.†		3,363		249,568
Asbury Automotive Group, Inc.†		11,234		776,494
Carvana Co.†#		18,057		781,688
Group 1 Automotive, Inc.		10,690		600,778
Lithia Motors, Inc., Class A#		12,796		1,060,277
Rush Enterprises, Inc., Class A		16,762		638,632
Rush Enterprises, Inc., Class B		2,477		95,835

Security Description	Shares		Value (Note 2)
Retail - Automobile (continued)
Sonic Automotive, Inc., Class A#		13,369	$	211,096
				4,414,368
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		75,009		966,116
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		21,411		142,811
Barnes & Noble, Inc.#		33,245		251,665
				394,476
Retail - Building Products — 0.3%
At Home Group, Inc.†#		24,656		702,696
Beacon Roofing Supply, Inc.†		38,025		1,325,551
BMC Stock Holdings, Inc.†		37,591		639,423
Foundation Building Materials, Inc.†#		8,222		80,411
GMS, Inc.†		18,163		341,283
Tile Shop Holdings, Inc.		22,421		132,508
				3,221,872
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		6,434		201,642
Retail - Discount — 0.4%
Big Lots, Inc.		22,398		975,657
BJ’s Wholesale Club Holdings, Inc.†#		39,539		923,631
Citi Trends, Inc.		7,088		145,304
Ollie’s Bargain Outlet Holdings, Inc.†		27,725		2,459,207
				4,503,799
Retail - Drug Store — 0.1%
Rite Aid Corp.†#		586,953		651,518
Retail - Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		15,870		200,438
Retail - Hair Salons — 0.0%
Regis Corp.†		19,742		360,686
Retail-Home Furnishings — 0.2%
Bassett Furniture Industries, Inc.		5,696		119,787
Haverty Furniture Cos., Inc.		10,537		215,903
Kirkland’s, Inc.†		8,781		95,274
La-Z-Boy, Inc.		26,035		761,003
Lovesac Co.†		1,970		34,534
Pier 1 Imports, Inc.#		45,572		65,624
RH†#		10,752		1,248,737
				2,540,862
Retail - Jewelry — 0.2%
Movado Group, Inc.		8,773		330,216
Signet Jewelers, Ltd.		32,919		1,734,831
				2,065,047
Retail - Leisure Products — 0.1%
MarineMax, Inc.†		14,517		308,196
Party City Holdco, Inc.†#		31,609		377,727
				685,923
Retail - Major Department Stores — 0.0%
J.C. Penney Co., Inc.†#		175,096		250,387
Retail - Misc./Diversified — 0.6%
Container Store Group, Inc.†		8,898		48,316
Five Below, Inc.†		30,470		3,192,951
Gaia, Inc.†#		6,276		81,839
GameStop Corp., Class A#		55,916		763,813
Hudson, Ltd., Class A†		22,184		460,318
PriceSmart, Inc.		12,334		825,021

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Misc./Diversified (continued)
Sally Beauty Holdings, Inc.†#		67,225	$	1,419,120
				6,791,378
Retail - Office Supplies — 0.1%
Office Depot, Inc.		309,750		1,000,492
Retail - Pawn Shops — 0.2%
EZCORP, Inc., Class A†#		27,924		265,837
FirstCash, Inc.		24,241		2,158,661
				2,424,498
Retail - Pet Food & Supplies — 0.1%
Freshpet, Inc.†		14,633		482,889
PetIQ, Inc.†#		6,214		193,877
PetMed Express, Inc.#		11,130		268,121
				944,887
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		37,368		963,721
Retail - Regional Department Stores — 0.0%
Dillard’s, Inc., Class A#		6,491		450,410
Retail - Restaurants — 1.6%
Biglari Holdings, Inc., Class A†		104		72,670
Biglari Holdings, Inc., Class B†		526		75,244
BJ’s Restaurants, Inc.		11,526		626,092
Bloomin’ Brands, Inc.		46,729		913,552
Bojangles’, Inc.†		9,709		156,218
Brinker International, Inc.#		24,474		1,250,132
Cannae Holdings, Inc.†		38,450		670,183
Carrols Restaurant Group, Inc.†		19,371		213,468
Cheesecake Factory, Inc.#		23,839		1,124,962
Chuy’s Holdings, Inc.†		9,334		199,748
Cracker Barrel Old Country Store, Inc.		10,736		1,941,176
Dave & Buster’s Entertainment, Inc.		22,222		1,263,543
Del Frisco’s Restaurant Group, Inc.†		18,450		126,752
Del Taco Restaurants, Inc.†		17,326		185,561
Denny’s Corp.†		34,579		571,937
Dine Brands Global, Inc.#		9,344		833,298
El Pollo Loco Holdings, Inc.†		11,955		182,553
Fiesta Restaurant Group, Inc.†		13,243		249,631
Habit Restaurants, Inc., Class A†		11,373		142,163
J Alexander’s Holdings, Inc.†		7,163		73,206
Jack in the Box, Inc.		15,163		1,344,806
Noodles & Co.†		7,811		61,785
Papa John’s International, Inc.#		12,383		594,260
Potbelly Corp.†		12,766		129,958
Red Robin Gourmet Burgers, Inc.†#		7,242		251,225
Ruth’s Hospitality Group, Inc.		16,107		394,138
Shake Shack, Inc., Class A†		13,751		763,868
Sonic Corp.		19,287		838,020
Texas Roadhouse, Inc.		37,824		2,497,519
Wingstop, Inc.		16,196		1,062,782
				18,810,450
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.#		11,195		41,310
Hibbett Sports, Inc.†#		10,579		163,869
Sportsman’s Warehouse Holdings, Inc.†#		20,711		93,199
Zumiez, Inc.†		10,352		204,141
				502,519
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		27,097		996,357
Retail - Vitamins & Nutrition Supplements — 0.0%
GNC Holdings, Inc., Class A†#		45,792		130,507

Security Description	Shares		Value (Note 2)
Retirement/Aged Care — 0.1%
Brookdale Senior Living, Inc.†		104,263	$	891,449
Capital Senior Living Corp.†		13,719		123,471
				1,014,920
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.#		28,292		967,586
Rubber/Plastic Products — 0.4%
Myers Industries, Inc.		19,630		323,895
Proto Labs, Inc.†		15,115		1,945,149
Raven Industries, Inc.		19,993		806,718
Trinseo SA		23,895		1,207,414
				4,283,176
Satellite Telecom — 0.2%
Gogo, Inc.†#		32,172		136,088
Intelsat SA†		25,445		632,817
Iridium Communications, Inc.†#		53,535		1,278,416
Loral Space & Communications, Inc.†		7,161		304,414
				2,351,735
Savings & Loans/Thrifts — 1.5%
Axos Financial, Inc.†#		33,006		1,029,787
Banc of California, Inc.#		23,994		412,697
BankFinancial Corp.		7,546		112,662
Beneficial Bancorp, Inc.		38,053		589,060
Berkshire Hills Bancorp, Inc.		22,710		775,547
Brookline Bancorp, Inc.		44,066		682,142
BSB Bancorp, Inc.†		4,696		154,170
Capitol Federal Financial, Inc.		71,861		1,008,928
Community Bankers Trust Corp.†		11,974		99,025
Dime Community Bancshares, Inc.		18,092		330,179
Entegra Financial Corp.†		3,744		86,636
ESSA Bancorp, Inc.		5,303		85,113
First Defiance Financial Corp.		11,122		313,418
First Financial Northwest, Inc.		4,649		70,758
First Savings Financial Group, Inc.#		1,016		58,237
Flagstar Bancorp, Inc.†		16,480		534,776
Flushing Financial Corp.		15,289		357,304
FS Bancorp, Inc.		1,762		84,329
Greene County Bancorp, Inc.#		1,694		57,562
Hingham Institution for Savings		740		164,428
Home Bancorp, Inc.		4,363		165,707
HomeTrust Bancshares, Inc.		9,766		253,818
Investors Bancorp, Inc.		137,879		1,693,154
Malvern Bancorp, Inc.†		3,562		74,446
Meridian Bancorp, Inc.		26,806		438,278
MutualFirst Financial, Inc.		3,259		115,336
Northfield Bancorp, Inc.		24,222		341,288
Northwest Bancshares, Inc.		53,358		956,709
OceanFirst Financial Corp.		26,487		682,570
Oconee Federal Financial Corp.#		528		13,834
Oritani Financial Corp.		22,384		348,967
Pacific Premier Bancorp, Inc.†#		25,418		784,654
Provident Financial Services, Inc.		34,593		888,348
Prudential Bancorp, Inc.		4,951		87,880
Riverview Bancorp, Inc.		11,827		96,272
SI Financial Group, Inc.		6,185		84,178
Southern Missouri Bancorp, Inc.		3,956		143,722
Territorial Bancorp, Inc.		4,340		120,869
Timberland Bancorp, Inc.		3,638		102,955
United Community Financial Corp.		27,041		258,782
United Financial Bancorp, Inc.		28,281		463,243
Washington Federal, Inc.		46,567		1,341,595
Waterstone Financial, Inc.		14,212		238,193

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
WSFS Financial Corp.		16,816	$	707,449
				17,409,005
Schools — 0.6%
Adtalem Global Education, Inc.†		33,394		1,928,170
American Public Education, Inc.†		8,935		282,703
Cambium Learning Group, Inc.†		8,073		116,897
Career Education Corp.†		37,901		511,284
Chegg, Inc.†		60,470		1,690,137
K12, Inc.†		20,526		489,750
Laureate Education, Inc., Class A†		46,614		687,557
Strategic Education, Inc.		11,653		1,590,518
				7,297,016
Security Services — 0.2%
Brink’s Co.		28,040		1,985,793
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		11,770		43,784
ION Geophysical Corp.†		5,928		52,463
				96,247
Semiconductor Components - Integrated Circuits — 0.6%
Cirrus Logic, Inc.†		34,178		1,279,624
Integrated Device Technology, Inc.†		72,303		3,466,206
MaxLinear, Inc.†#		34,864		711,226
Power Integrations, Inc.		15,975		1,012,176
				6,469,232
Semiconductor Equipment — 0.7%
ACM Research, Inc., Class A†#		4,663		51,992
Advanced Energy Industries, Inc.†		21,862		1,028,388
Aquantia Corp.†#		12,012		117,117
Axcelis Technologies, Inc.†		17,872		356,010
Brooks Automation, Inc.		38,761		1,176,784
Cabot Microelectronics Corp.		15,843		1,702,806
Cohu, Inc.		22,098		433,121
Entegris, Inc.		79,172		2,327,657
FormFactor, Inc.†		41,238		680,015
Nanometrics, Inc.†		12,706		408,117
Ultra Clean Holdings, Inc.†#		21,432		201,461
Veeco Instruments, Inc.†		26,961		236,178
				8,719,646
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc.		20,185		550,445
Northwest Pipe Co.†		5,326		125,641
Omega Flex, Inc.		1,623		89,914
TimkenSteel Corp.†#		22,303		246,225
				1,012,225
Steel - Producers — 0.3%
AK Steel Holding Corp.†#		175,680		541,094
Carpenter Technology Corp.		26,015		1,120,726
Commercial Metals Co.		64,946		1,251,510
Ryerson Holding Corp.†		8,879		72,719
Schnitzer Steel Industries, Inc., Class A		14,608		409,170
Shiloh Industries, Inc.†		8,223		65,537
				3,460,756
Steel - Specialty — 0.2%
Allegheny Technologies, Inc.†#		70,021		1,838,751
Universal Stainless & Alloy Products, Inc.†		4,679		91,568
				1,930,319

Security Description	Shares		Value (Note 2)
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		24,780	$	1,001,608
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		17,066		298,655
Telecom Equipment - Fiber Optics — 0.6%
Acacia Communications, Inc.†		15,258		654,263
Ciena Corp.†		79,935		2,607,480
Clearfield, Inc.†		6,264		77,298
Finisar Corp.†#		65,442		1,528,071
Harmonic, Inc.†		46,414		260,847
KVH Industries, Inc.†		9,023		101,689
Oclaro, Inc.†		93,859		757,442
Viavi Solutions, Inc.†		126,796		1,285,711
				7,272,801
Telecom Services — 0.3%
Consolidated Communications Holdings, Inc.#		39,128		538,401
Fusion Connect, Inc.†#		11,917		26,813
GTT Communications, Inc.†#		23,664		796,530
HC2 Holdings, Inc.†#		23,717		74,946
Ooma, Inc.†		10,188		152,209
ORBCOMM, Inc.†		40,797		386,755
RigNet, Inc.†		7,834		142,422
Spok Holdings, Inc.		10,207		148,716
Vonage Holdings Corp.†		123,318		1,305,938
				3,572,730
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		26,711		332,552
Aerohive Networks, Inc.†		18,509		67,743
Casa Systems, Inc.†		15,096		234,743
DASAN Zhone Solutions, Inc.†		3,275		42,575
Maxar Technologies, Ltd.		31,591		523,147
Plantronics, Inc.		18,492		846,379
Preformed Line Products Co.		1,708		109,585
Quantenna Communications, Inc.†		18,836		282,163
				2,438,887
Telephone - Integrated — 0.2%
Cincinnati Bell, Inc.†		25,576		317,654
Frontier Communications Corp.#		58,177		207,692
Shenandoah Telecommunications Co.		26,035		1,300,709
Windstream Holdings, Inc.†#		22,746		68,465
				1,894,520
Television — 0.7%
Central European Media Enterprises, Ltd., Class A†#		48,050		157,604
Gray Television, Inc.†		44,555		823,822
Nexstar Media Group, Inc., Class A#		24,972		2,063,686
Sinclair Broadcast Group, Inc., Class A		40,204		1,264,416
TEGNA, Inc.		120,926		1,607,107
World Wrestling Entertainment, Inc., Class A#		23,995		1,774,670
				7,691,305
Textile - Apparel — 0.0%
Unifi, Inc.†		8,711		241,904
Textile - Products — 0.0%
Culp, Inc.		6,223		127,509
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A#		28,980		395,577
National CineMedia, Inc.		43,021		297,275
Reading International, Inc., Class A†		9,363		142,973
				835,825

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Therapeutics — 0.4%
Akebia Therapeutics, Inc.†#		28,112	$	227,145
Anika Therapeutics, Inc.†		7,946		273,740
Fennec Pharmaceuticals, Inc.†#		6,469		43,342
Flexion Therapeutics, Inc.†#		18,728		305,454
G1 Therapeutics, Inc.†		11,621		444,271
La Jolla Pharmaceutical Co.†#		11,956		173,003
MannKind Corp.†#		78,099		139,016
Mersana Therapeutics, Inc.†#		7,021		37,211
Mirati Therapeutics, Inc.†#		11,247		434,022
Portola Pharmaceuticals, Inc.†#		36,305		793,264
Proteostasis Therapeutics, Inc.†		14,272		72,359
Recro Pharma, Inc.†		9,829		64,576
Vital Therapies, Inc.†		16,950		5,363
Xencor, Inc.†		25,769		1,082,556
Zafgen, Inc.†		16,996		85,660
				4,180,982
Tobacco — 0.2%
22nd Century Group, Inc.†		64,787		196,952
Pyxus International, Inc.†#		4,679		66,863
Turning Point Brands, Inc.		4,411		131,448
Universal Corp.		13,776		873,398
Vector Group, Ltd.		57,118		719,687
				1,988,348
Toys — 0.0%
Funko, Inc., Class A†#		5,854		87,986
Trading Companies & Distributors — 0.0%
EVI Industries, Inc.		2,090		73,986
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†#		6,611		79,530
Transactional Software — 0.2%
ACI Worldwide, Inc.†		63,993		1,848,118
InnerWorkings, Inc.†		24,004		101,297
				1,949,415
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		32,551		603,170
Atlas Air Worldwide Holdings, Inc.†		13,207		703,273
				1,306,443
Transport - Equipment & Leasing — 0.2%
GATX Corp.#		20,965		1,750,787
General Finance Corp.†		5,439		74,242
Greenbrier Cos., Inc.		17,651		863,310
Willis Lease Finance Corp.†		1,722		63,439
				2,751,778
Transport - Marine — 0.5%
Ardmore Shipping Corp.†		18,627		109,713
Costamare, Inc.		27,200		144,160
DHT Holdings, Inc.		51,247		231,637
Dorian LPG, Ltd.†		15,454		108,642
Eagle Bulk Shipping, Inc.†		26,602		124,497
Frontline, Ltd.†#		42,892		311,396
GasLog, Ltd.		22,717		471,605
Genco Shipping & Trading, Ltd.†		5,443		45,449
Golar LNG, Ltd.#		52,766		1,405,686
International Seaways, Inc.†#		12,128		233,828
Nordic American Tankers, Ltd.#		78,218		230,743
Overseas Shipholding Group, Inc., Class A†		31,786		68,022
Safe Bulkers, Inc.†		28,358		56,432
Scorpio Bulkers, Inc.		32,450		198,270
Scorpio Tankers, Inc.#		163,747		338,956

Security Description	Shares		Value (Note 2)
Transport - Marine (continued)
Ship Finance International, Ltd.		46,483	$	603,349
Teekay Corp.#		38,209		168,502
Teekay Tankers, Ltd., Class A		106,594		120,451
Tidewater, Inc.†#		15,739		374,273
				5,345,611
Transport - Services — 0.3%
CryoPort, Inc.†#		14,391		155,711
Daseke, Inc.†		22,876		91,962
Echo Global Logistics, Inc.†		15,599		395,747
Forward Air Corp.		16,364		1,068,242
Hub Group, Inc., Class A†		18,226		809,963
Matson, Inc.		23,627		929,722
Radiant Logistics, Inc.†		21,700		118,048
Universal Logistics Holdings, Inc.		4,635		108,320
				3,677,715
Transport - Truck — 0.3%
ArcBest Corp.		14,316		576,362
Covenant Transportation Group, Inc., Class A†		6,878		156,681
Heartland Express, Inc.		26,069		540,932
Marten Transport, Ltd.		21,809		424,839
P.A.M. Transportation Services, Inc.†		1,210		62,509
Saia, Inc.†		14,295		862,131
US Xpress Enterprises, Inc. Class A†		11,686		96,176
USA Truck, Inc.†		4,414		90,531
Werner Enterprises, Inc.		26,666		902,911
YRC Worldwide, Inc.†		18,514		104,789
				3,817,861
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		40,501		770,734
Venture Capital — 0.0%
Safeguard Scientifics, Inc.†		10,754		96,356
Veterinary Diagnostics — 0.2%
Heska Corp.†		3,714		386,182
Neogen Corp.†		28,040		1,818,674
				2,204,856
Virtual Reality Products — 0.0%
Vuzix Corp.†#		13,131		72,746
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		5,031		95,237
Natural Health Trends Corp.		4,107		87,808
Nature’s Sunshine Products, Inc.†		4,753		43,727
USANA Health Sciences, Inc.†		7,064		864,492
				1,091,264
Water — 0.4%
American States Water Co.		20,409		1,369,036
Artesian Resources Corp., Class A		4,422		160,784
California Water Service Group		26,784		1,224,565
Connecticut Water Service, Inc.		6,721		467,647
Consolidated Water Co., Ltd.		8,206		101,672
Global Water Resources, Inc.		6,031		61,335
Middlesex Water Co.		8,879		460,287
PICO Holdings, Inc.†		11,261		109,795
SJW Group		9,609		538,488
York Water Co.		7,181		237,835
				4,731,444
Water Treatment Systems — 0.1%
AquaVenture Holdings, Ltd.†		6,079		114,164
Energy Recovery, Inc.†#		20,093		164,160

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Water Treatment Systems (continued)
Evoqua Water Technologies Corp.†#		42,211	$	385,808
Pure Cycle Corp.†		9,535		100,117
				764,249
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†		39,143		324,887
NIC, Inc.		35,892		466,596
Q2 Holdings, Inc.†		20,420		1,108,602
				1,900,085
Web Portals/ISP — 0.0%
Meet Group, Inc.†		38,850		156,566
Wire & Cable Products — 0.2%
Belden, Inc.#		22,539		1,257,225
Encore Wire Corp.		11,357		567,396
Insteel Industries, Inc.		10,162		279,862
				2,104,483
Wireless Equipment — 0.4%
CalAmp Corp.†		19,149		338,937
InterDigital, Inc.		19,300		1,452,518
pdvWireless, Inc.†		5,220		226,757
Ribbon Communications, Inc.†		29,390		156,943
ViaSat, Inc.†#		30,879		2,134,974
				4,310,129
Wound, Burn & Skin Care — 0.0%
Dermira, Inc.†#		19,414		225,397
X-Ray Equipment — 0.1%
Varex Imaging Corp.†#		21,287		560,913
ViewRay, Inc.†#		33,620		225,590
				786,503
Total Common Stocks
(cost $879,446,086)				1,133,461,252
RIGHTS — 0.0%
Medical Products — 0.0%
Pulse Biosciences, Inc.†# Expires 12/06/2018 (Strike Price $13.33)		5,925		0
Medical - Biomedical/Gene — 0.0%
Xoma Corp.†# Expires 12/14/2018 (Strike Price $13.00)		365		742
Total Rights
(cost $0)				742
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 $879,446,086)				1,133,461,994
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Registered Investment Companies — 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(3)(4)		25,402,028		25,402,028

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 0.5%
United States Treasury Bills 2.11% due 01/03/2019(5)	$	3,000,000		$	2,994,217
2.12% due 12/27/2018(5)		740,000			738,912
2.25% due 02/07/2019(5)		500,000			497,892
2.37% due 03/28/2019(5)		2,000,000			1,984,890
					6,215,911
Total Short-Term Investment Securities
(cost $31,617,783)					31,617,939
REPURCHASE AGREEMENTS — 3.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $34,648,213 collateralized by $35,910,000 of U.S. Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $35,343,987 (cost $34,647,000)		34,647,000			34,647,000
TOTAL INVESTMENTS
(cost $945,710,869)(6)		102.1	%		1,199,726,933
Liabilities in excess of other assets		(2.1	)		(24,329,090	)
NET ASSETS		100.0	%	$	1,175,397,843

† 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 November 30, 2018, the aggregate value of these securities was $36,703 representing 0.0% of net assets.

(3) At November 30, 2018, the Fund had loaned securities with a total value of $203,215,729. This was secured by collateral of $25,402,028, which was received in cash and subsequently invested in short-term investments currently valued at $25,402,028 as reported in the Portfolio of Investments. Additional collateral of $183,170,310 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	5,857,815
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		9,111,415
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		2,025,758
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		9,167,252
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		157,008,070

(4) The rate shown is the 7-day yield as of November 30, 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

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	491	Long	Russell 2000 E-Mini Index		December 2018	$	39,840,351	$	37,674,430	$	(2,165,921	)

* 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 November 30, 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:
Chemicals-Plastics	$	1,730,372	$	—	$	21,914	$	1,752,286
Finance-Commercial		881,340		—		9,676		891,016
Medical-Biomedical/Gene		54,935,037		—		2,429		54,937,466
Medical-Drugs		27,357,250		—		2,684		27,359,934
Metal-Diversified		—		—		0		0
Multimedia		1,200,034		—		0		1,200,034
Oil Companies - Exploration & Production		16,142,208		—		0		16,142,208
Other Industries		1,031,178,308		—		—		1,031,178,308
Rights		—		742		—		742
Warrants		—		0		—		0
Short-Term Investment Securities:
Registered Investment Companies		25,402,028		—		—		25,402,028
U.S. Government Treasuries		—		6,215,911		—		6,215,911
Repurchase Agreements		—		34,647,000		—		34,647,000
Total Investment at Value	$	1,158,826,577	$	40,863,653	$	36,703	$	1,199,726,933
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	2,165,921	$	—	$	—	$	2,165,921

* 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.

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

See Notes to Financial Statements

209

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Banks — Commercial	11.6	%
Retail — Restaurants	5.8
Food — Misc./Diversified	3.5
Insurance — Property/Casualty	3.4
Real Estate Investment Trusts	3.4
Metal Processors & Fabrication	3.3
Chemicals — Diversified	3.1
Consumer Products — Misc.	3.0
Paper & Related Products	2.9
Electric — Integrated	2.8
Printing — Commercial	2.6
Building & Construction Products — Misc.	2.5
Building Products — Cement	2.1
Investment Management/Advisor Services	2.0
Chemicals — Specialty	2.0
Machinery — Pumps	1.9
Oil Companies — Exploration & Production	1.8
Electronic Components — Misc.	1.8
Machinery — Electrical	1.8
Computer Services	1.8
Investment Companies	1.7
Semiconductor Equipment	1.6
Containers — Metal/Glass	1.5
Electronic Measurement Instruments	1.5
Batteries/Battery Systems	1.4
Electric Products — Misc.	1.4
Registered Investment Companies	1.2
Oil — Field Services	1.2
Wire & Cable Products	1.2
Identification Systems	1.1
Miscellaneous Manufacturing	1.1
Machinery — General Industrial	1.1
Diversified Operations	1.0
Oil & Gas Drilling	1.0
Auto/Truck Parts & Equipment — Replacement	1.0
Medical — Drugs	1.0
Diversified Operations/Commercial Services	1.0
Beverages — Non-alcoholic	1.0
Networking Products	0.9
Footwear & Related Apparel	0.8
Publishing — Newspapers	0.8
Chemicals — Plastics	0.7
Food — Confectionery	0.6
Computers — Integrated Systems	0.6
Medical — Biomedical/Gene	0.6
Human Resources	0.6
Office Supplies & Forms	0.6
Quarrying	0.5
E-Marketing/Info	0.5
Medical Products	0.5
Apparel Manufacturers	0.4
Lasers — System/Components	0.4
Electronic Components — Semiconductors	0.3
Building Products — Doors & Windows	0.3
Finance — Leasing Companies	0.3
Telecom Services	0.3
Computer Software	0.3
Retail — Apparel/Shoe	0.3
Medical Instruments	0.2
Building — Mobile Home/Manufactured Housing	0.2
Oil Field Machinery & Equipment	0.2
Commercial Services — Finance	0.1
	96.1	%

* Calculated as a percentage of net assets

210

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.5%
Apparel Manufacturers — 0.4%
Delta Apparel, Inc.†		54,728	$	1,039,832
Auto/Truck Parts & Equipment - Replacement — 1.0%
Douglas Dynamics, Inc.		70,023		2,609,757
Banks - Commercial — 11.6%
Associated Banc-Corp.		156,199		3,619,131
First Citizens BancShares, Inc., Class A		12,481		5,360,215
First Hawaiian, Inc.		95,118		2,474,970
Hancock Holding Co.†		76,675		3,083,869
IBERIABANK Corp.		39,702		2,967,725
Renasant Corp.		105,017		3,838,371
South State Corp.		39,481		2,864,741
UMB Financial Corp.		87,471		5,919,163
				30,128,185
Batteries/Battery Systems — 1.4%
EnerSys		41,229		3,602,178
Beverages - Non-alcoholic — 1.0%
Cott Corp.		167,713		2,490,538
Building & Construction Products - Misc. — 2.5%
Quanex Building Products Corp.		122,424		1,933,075
Simpson Manufacturing Co., Inc.		75,998		4,445,883
				6,378,958
Building Products - Cement — 2.1%
Eagle Materials, Inc.		76,302		5,570,046
Building Products - Doors & Windows — 0.3%
Griffon Corp.		65,504		796,529
Building - Mobile Home/Manufactured Housing — 0.2%
Skyline Champion Corp.#		22,254		501,160
Chemicals - Diversified — 3.1%
Innophos Holdings, Inc.		17,931		497,406
Innospec, Inc.		80,090		5,905,837
Quaker Chemical Corp.		7,438		1,534,013
				7,937,256
Chemicals - Plastics — 0.7%
A. Schulman, Inc. CVR†(1)(4)		71,421		103,917
PolyOne Corp.		53,458		1,797,258
				1,901,175
Chemicals - Specialty — 2.0%
Ferro Corp.†		41,528		801,490
PQ Group Holdings, Inc.†		69,764		1,070,878
Sensient Technologies Corp.#		49,854		3,203,618
				5,075,986
Commercial Services - Finance — 0.1%
Liberty Tax, Inc.		27,238		332,031
Computer Services — 1.8%
Conduent, Inc.†		85,937		1,101,713
MAXIMUS, Inc.		17,543		1,247,658
Sykes Enterprises, Inc.†		79,155		2,186,261
				4,535,632
Computer Software — 0.3%
Cision, Ltd.†		55,559		695,599
Computers-Integrated Systems — 0.6%
NCR Corp.†#		59,803		1,657,141
Computers - Memory Devices — 0.0%
GlassBridge Enterprises, Inc.†(4)		58,692		14,673

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 3.0%
Central Garden & Pet Co.†#		77,361	$	2,618,670
Central Garden & Pet Co., Class A†		57,434		1,786,197
Helen of Troy, Ltd.†		24,405		3,490,647
				7,895,514
Containers - Metal/Glass — 1.5%
Silgan Holdings, Inc.		154,610		3,981,207
Diversified Operations — 1.0%
Spectrum Brands Holdings, Inc.		53,503		2,641,978
Diversified Operations/Commercial Services — 1.0%
Viad Corp.		50,051		2,520,068
E-Marketing/Info — 0.5%
New Media Investment Group, Inc.		101,904		1,345,133
Electric Products - Misc. — 1.4%
Novanta, Inc.†		55,171		3,582,253
Electric - Integrated — 2.8%
Hawaiian Electric Industries, Inc.		124,619		4,775,400
IDACORP, Inc.		25,416		2,496,868
				7,272,268
Electronic Components - Misc. — 1.8%
Atkore International Group, Inc.†		147,954		3,021,221
AVX Corp.		104,086		1,716,378
				4,737,599
Electronic Components - Semiconductors — 0.3%
DSP Group, Inc.†		67,589		829,317
Electronic Measurement Instruments — 1.5%
Badger Meter, Inc.		30,538		1,694,859
Orbotech, Ltd.†#		38,576		2,238,179
				3,933,038
Finance - Leasing Companies — 0.3%
Aircastle, Ltd.		40,852		761,890
Food - Confectionery — 0.6%
Hostess Brands, Inc.†		142,962		1,665,507
Food - Misc./Diversified — 3.5%
J&J Snack Foods Corp.		16,970		2,662,084
Nomad Foods, Ltd.†		226,527		4,580,376
TreeHouse Foods, Inc.†		37,325		1,963,295
				9,205,755
Footwear & Related Apparel — 0.8%
Steven Madden, Ltd.		66,355		2,138,622
Human Resources — 0.6%
Korn/Ferry International		33,246		1,628,057
Identification Systems — 1.1%
Brady Corp., Class A		67,460		2,938,558
Insurance - Property/Casualty — 3.4%
Hanover Insurance Group, Inc.		9,431		1,081,830
ProAssurance Corp.		76,405		3,341,190
Stewart Information Services Corp.		74,779		3,145,205
White Mountains Insurance Group, Ltd.		1,429		1,327,184
				8,895,409
Investment Companies — 1.3%
Apollo Investment Corp.#		288,123		1,512,646
New Mountain Finance Corp.#		127,818		1,739,603
				3,252,249

211

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Investment Management/Advisor Services — 2.0%
Artisan Partners Asset Management, Inc., Class A		107,854	$	2,936,864
Westwood Holdings Group, Inc.		56,250		2,206,125
				5,142,989
Lasers - System/Components — 0.4%
Coherent, Inc.†#		6,757		933,547
Machinery - Electrical — 1.8%
Franklin Electric Co., Inc.		103,142		4,667,175
Machinery - General Industrial — 1.1%
Kadant, Inc.		30,208		2,751,345
Machinery - Pumps — 1.9%
CSW Industrials, Inc.†		76,837		4,070,056
NN, Inc.		109,748		787,991
				4,858,047
Medical Instruments — 0.2%
Avanos Medical, Inc.†		10,564		504,008
Medical Products — 0.5%
Hanger, Inc.†		64,558		1,293,097
Medical - Biomedical/Gene — 0.6%
Innoviva, Inc.†#		89,794		1,639,638
Medical - Drugs — 1.0%
Prestige Consumer Healthcare, Inc.†#		66,368		2,576,406
Metal Processors & Fabrication — 3.3%
Global Brass & Copper Holdings, Inc.		104,365		3,378,295
Mueller Industries, Inc.		215,272		5,127,779
				8,506,074
Miscellaneous Manufacturing — 1.1%
Hillenbrand, Inc.		65,102		2,884,670
Networking Products — 0.9%
NETGEAR, Inc.†		44,067		2,441,312
Office Supplies & Forms — 0.6%
ACCO Brands Corp.		179,385		1,456,606
Oil & Gas Drilling — 1.0%
Patterson-UTI Energy, Inc.		189,296		2,627,428
Oil Companies - Exploration & Production — 1.8%
Berry Petroleum Corp.		56,552		700,679
Callon Petroleum Co.†#		75,317		643,960
Penn Virginia Corp.†		22,335		1,298,780
QEP Resources, Inc.†		265,851		2,134,784
				4,778,203
Oil Field Machinery & Equipment — 0.2%
Forum Energy Technologies, Inc.†		58,398		390,683
Oil - Field Services — 1.2%
C&J Energy Services, Inc.†#		61,912		1,063,648
Oil States International, Inc.†		61,288		1,374,077
TETRA Technologies, Inc.†		291,714		676,777
				3,114,502
Paper & Related Products — 2.9%
Neenah, Inc.		76,805		5,290,328
Schweitzer-Mauduit International, Inc.		80,501		2,295,084
				7,585,412
Printing - Commercial — 2.6%
Deluxe Corp.		65,920		3,319,072
Ennis, Inc.		160,053		3,125,835
LSC Communications, Inc.		35,325		353,957
				6,798,864

Security Description	Shares			Value (Note 2)
Publishing - Newspapers — 0.8%
A.H. Belo Corp., Class A		163,775		$	740,263
Gannett Co., Inc.#		130,627			1,354,602
					2,094,865
Quarrying — 0.5%
Compass Minerals International, Inc.#		27,662			1,385,866
Real Estate Investment Trusts — 3.4%
Acadia Realty Trust		62,679			1,797,007
Apollo Commercial Real Estate Finance, Inc.#		106,258			2,012,526
LaSalle Hotel Properties#		78,283			2,509,753
Washington Real Estate Investment Trust		91,550			2,468,188
					8,787,474
Retail - Apparel/Shoe — 0.3%
Buckle, Inc.#		30,827			588,795
Christopher & Banks Corp.†#		162,522			74,354
					663,149
Retail - Restaurants — 5.8%
Denny’s Corp.†		336,001			5,557,457
Dine Brands Global, Inc.#		70,663			6,301,726
Wendy’s Co.		174,490			3,128,606
					14,987,789
Semiconductor Equipment — 1.6%
Brooks Automation, Inc.		31,438			954,457
Cabot Microelectronics Corp.		29,660			3,187,857
					4,142,314
Telecom Services — 0.3%
Consolidated Communications Holdings, Inc.#		52,347			720,295
Textile - Products — 0.0%
Dixie Group, Inc.†		63,068			80,727
Wire & Cable Products — 1.2%
Belden, Inc.#		54,171			3,021,658
Total Common Stocks
(cost $236,978,677)					245,325,241
PREFERRED SECURITIES — 0.4%
Investment Companies — 0.4%
Steel Partners Holdings LP Series A 6.00% (cost $695,032)		45,530			962,504
Total Long-Term Investment Securities
(cost $237,673,709)					246,287,745
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(2)(3) (cost $3,213,630)		3,213,630			3,213,630
TOTAL INVESTMENTS
(cost $240,887,339)(5)		96.1	%		249,501,375
Other assets less liabilities		3.9			10,222,663
NET ASSETS		100.0	%	$	259,724,038

† 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).

212

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

(2) At November 30, 2018, the Fund had loaned securities with a total value of $33,019,740. This was secured by collateral of $3,213,630, which was received in cash and subsequently invested in short-term investments currently valued at $3,213,630 as reported in the Portfolio of Investments. Additional collateral of $30,650,760 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	282,025
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		438,671
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		97,530
United States Treasury Bills	0.00%	12/06/2018 to 04/04/2019		2,223,186
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		27,609,348

(3) The rate shown is the 7-day yield as of November 30, 2018.

(4) Illiquid security. At November 3, 2018, the aggregate value of these securities was $118,590 representing 0.0% of net assets.

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

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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:
Chemicals-Plastics	$	1,797,258	$	—	$	103,917	$	1,901,175
Other Industries		243,424,066		—		—		243,424,066
Preferred Securities		962,504		—		—		962,504
Short-Term Investment Securities:
Registered Investment Companies		3,213,630		—		—		3,213,630
Total Investments at Value	$	249,397,458	$	—	$	103,917	$	249,501,375

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

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

See Notes to Financial Statements

213

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	6.3	%
Enterprise Software/Service	6.0
Commercial Services — Finance	4.8
Banks — Commercial	4.4
Registered Investment Companies	4.0
Retail — Restaurants	3.7
Medical — Drugs	3.1
Medical Instruments	3.1
Web Hosting/Design	2.9
Therapeutics	2.9
Medical Products	2.8
Computer Software	2.5
Applications Software	2.3
Transport — Truck	1.9
Schools	1.8
Hotels/Motels	1.7
E-Commerce/Services	1.7
Aerospace/Defense — Equipment	1.6
Machinery — General Industrial	1.6
Veterinary Diagnostics	1.6
Resorts/Theme Parks	1.5
Computer Aided Design	1.5
Semiconductor Components — Integrated Circuits	1.5
Finance — Investment Banker/Broker	1.5
Machinery — Pumps	1.5
Chemicals — Specialty	1.4
Office Supplies & Forms	1.4
Beverages — Wine/Spirits	1.4
Electronic Measurement Instruments	1.3
Miscellaneous Manufacturing	1.3
Industrial Automated/Robotic	1.2
Oil Companies — Exploration & Production	1.1
Medical Labs & Testing Services	1.1
Finance — Other Services	1.1
Building & Construction Products — Misc.	1.0
Retail — Apparel/Shoe	1.0
Retail — Misc./Diversified	0.9
Instruments — Scientific	0.9
Electronic Components — Misc.	0.9
Commercial Services	0.9
Real Estate Investment Trusts	0.8
Decision Support Software	0.8
Telecom Equipment — Fiber Optics	0.8
Electronic Components — Semiconductors	0.8
Internet Application Software	0.7
Metal Processors & Fabrication	0.7
Building — Residential/Commercial	0.7
Finance — Consumer Loans	0.7
Semiconductor Equipment	0.7
Banks — Regional	0.7
Computer Data Security	0.7
Medical — Hospitals	0.7
Transport — Rail	0.6
Apparel Manufacturers	0.6
Investment Management/Advisor Services	0.6
Drug Delivery Systems	0.6
Distribution/Wholesale	0.6
Building — Mobile Home/Manufactured Housing	0.6
Consulting Services	0.6
Diagnostic Kits	0.5
Entertainment Software	0.5
Real Estate Management/Services	0.4
Health Care Cost Containment	0.4
Pipelines	0.3
Hazardous Waste Disposal	0.3
Building — Maintenance & Services	0.3
Internet Security	0.3
Telephone — Integrated	0.3
Television	0.2

Diversified Manufacturing Operations	0.2
Water Treatment Systems	0.2
E-Commerce/Products	0.2
Healthcare Safety Devices	0.1
Recreational Vehicles	0.1
Medical — Generic Drugs	0.1
	102.5	%

* Calculated as a percentage of net assets

214

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Aerospace/Defense - Equipment — 1.6%
HEICO Corp.		9,830	$	830,832
HEICO Corp., Class A		14,679		991,126
				1,821,958
Apparel Manufacturers — 0.6%
Carter’s, Inc.		7,511		694,767
Applications Software — 2.3%
PTC, Inc.†		20,953		1,812,225
Tableau Software, Inc., Class A†		5,985		745,970
				2,558,195
Banks - Commercial — 4.4%
Eagle Bancorp, Inc.†		37,280		2,148,819
First Republic Bank#		9,068		899,092
Glacier Bancorp, Inc.		18,965		895,528
Old Line Bancshares, Inc.		9,135		277,156
Signature Bank		5,206		642,056
				4,862,651
Banks - Regional — 0.7%
Amalgamated Bank, Class A		37,726		805,827
Beverages - Wine/Spirits — 1.4%
MGP Ingredients, Inc.#		22,614		1,537,526
Building & Construction Products - Misc. — 1.0%
Fortune Brands Home & Security, Inc.		14,794		647,977
Summit Materials, Inc., Class A†#		36,106		523,537
				1,171,514
Building - Maintenance & Services — 0.3%
Rollins, Inc.		4,958		315,130
Building - Mobile Home/Manufactured Housing — 0.6%
Thor Industries, Inc.		5,088		345,017
Winnebago Industries, Inc.		11,799		295,329
				640,346
Building - Residential/Commercial — 0.7%
M/I Homes, Inc.†		35,527		836,306
Chemicals - Specialty — 1.4%
Ashland Global Holdings, Inc.		15,717		1,287,065
Ingevity Corp.†		3,059		299,813
				1,586,878
Commercial Services — 0.9%
Healthcare Services Group, Inc.#		21,249		1,002,953
Commercial Services - Finance — 4.8%
Euronet Worldwide, Inc.†		7,129		838,442
Global Payments, Inc.		18,195		2,034,383
Green Dot Corp., Class A†		10,199		849,985
Total System Services, Inc.		18,325		1,601,055
				5,323,865
Computer Aided Design — 1.5%
Cadence Design Systems, Inc.†		37,977		1,710,484
Computer Data Security — 0.7%
ForeScout Technologies, Inc.†		28,173		764,897
Computer Software — 2.5%
InterXion Holding NV†#		32,376		2,016,054
Splunk, Inc.†		7,288		814,288
				2,830,342

Security Description	Shares		Value (Note 2)
Consulting Services — 0.6%
Gartner, Inc.†#		4,077	$	624,556
Decision Support Software — 0.8%
MSCI, Inc.		5,837		916,934
Diagnostic Kits — 0.5%
IDEXX Laboratories, Inc.†		2,545		518,569
Distribution/Wholesale — 0.6%
SiteOne Landscape Supply, Inc.†#		10,434		643,152
Diversified Manufacturing Operations — 0.2%
A.O. Smith Corp.		5,369		254,383
Drug Delivery Systems — 0.6%
DexCom, Inc.†		4,982		645,617
E-Commerce/Products — 0.2%
Farfetch, Ltd., Class A†#		8,932		203,203
E-Commerce/Services — 1.7%
GrubHub, Inc.†#		4,653		364,283
IAC/InterActiveCorp†		7,024		1,249,991
Upwork, Inc.†#		13,984		260,522
				1,874,796
Electronic Components - Misc. — 0.9%
Sensata Technologies Holding PLC†		22,067		1,020,819
Electronic Components - Semiconductors — 0.8%
Advanced Micro Devices, Inc.†#		40,039		852,831
Electronic Measurement Instruments — 1.3%
Badger Meter, Inc.		26,366		1,463,313
Enterprise Software/Service — 6.0%
Black Knight, Inc.†		83,804		3,799,673
Coupa Software, Inc.†#		10,049		647,457
SVMK, Inc.†		8,255		117,881
Ultimate Software Group, Inc.†		5,819		1,535,751
Veeva Systems, Inc., Class A†		6,126		589,076
				6,689,838
Entertainment Software — 0.5%
Take-Two Interactive Software, Inc.†		4,677		512,927
Finance-Consumer Loans — 0.7%
SLM Corp.†		79,844		819,998
Finance - Investment Banker/Broker — 1.5%
Lazard, Ltd., Class A		41,170		1,651,740
Finance - Other Services — 1.1%
Cboe Global Markets, Inc.		11,184		1,203,622
Hazardous Waste Disposal — 0.3%
US Ecology, Inc.		5,001		348,420
Health Care Cost Containment — 0.4%
HealthEquity, Inc.†		4,482		397,509
Healthcare Safety Devices — 0.1%
Tandem Diabetes Care, Inc.†		4,006		147,501
Hotels/Motels — 1.7%
Choice Hotels International, Inc.		24,143		1,880,015
Industrial Automated/Robotic — 1.2%
Cognex Corp.#		30,341		1,335,611
Instruments - Scientific — 0.9%
PerkinElmer, Inc.#		11,897		1,035,753
Internet Application Software — 0.7%
Zendesk, Inc.†		14,108		838,438

215

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Security — 0.3%
Proofpoint, Inc.†		2,977	$	288,799
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.		6,107		678,610
Machinery - General Industrial — 1.6%
IDEX Corp.		6,840		939,816
Welbilt, Inc.†#		61,655		852,072
				1,791,888
Machinery - Pumps — 1.5%
Mueller Water Products, Inc., Class A		27,220		286,627
Xylem, Inc.		18,686		1,363,704
				1,650,331
Medical Instruments — 3.1%
NuVasive, Inc.†		4,467		284,503
SI-BONE, Inc.†#		11,480		206,181
Teleflex, Inc.		10,933		3,011,167
				3,501,851
Medical Labs & Testing Services — 1.1%
Medpace Holdings, Inc.†		10,901		674,881
Teladoc Health, Inc.†#		9,219		575,726
				1,250,607
Medical Products — 2.8%
ABIOMED, Inc.†		1,327		441,466
Axonics Modulation Technologies, Inc.†#		18,624		245,837
Cooper Cos., Inc.#		3,409		950,531
West Pharmaceutical Services, Inc.		13,130		1,438,523
				3,076,357
Medical - Biomedical/Gene — 6.3%
ACADIA Pharmaceuticals, Inc.†#		42,111		802,636
Alder Biopharmaceuticals, Inc.†#		56,934		761,777
Amarin Corp. PLC ADR†#		27,205		489,690
Aratana Therapeutics, Inc.†		23,698		154,037
Bluebird Bio, Inc.†#		5,257		646,033
ElectroCore LLC†#		27,365		182,251
Evelo Biosciences, Inc.†#		14,129		140,160
Exact Sciences Corp.†#		6,555		511,159
Exelixis, Inc.†		64,653		1,313,102
Guardant Health, Inc.†#		20,260		723,890
Incyte Corp.†		4,416		283,728
Sage Therapeutics, Inc.†#		2,467		284,420
Spark Therapeutics, Inc.†#		4,410		185,793
UNITY Biotechnology, Inc.†#		23,363		300,448
Y-mAbs Therapeutics, Inc.†#		11,695		291,439
				7,070,563
Medical - Drugs — 3.1%
Alkermes PLC†#		30,372		1,106,756
BioSpecifics Technologies Corp.†		4,868		298,749
Marinus Pharmaceuticals, Inc.†#		46,131		215,432
PRA Health Sciences, Inc.†		9,006		1,051,360
TESARO, Inc.†#		18,115		840,174
				3,512,471
Medical - Generic Drugs — 0.1%
Endo International PLC†		7,056		84,884
Medical - Hospitals — 0.7%
Acadia Healthcare Co., Inc.†#		22,349		759,196
Metal Processors & Fabrication — 0.7%
RBC Bearings, Inc.†		5,473		837,478

Security Description	Shares		Value (Note 2)
Miscellaneous Manufacturing — 1.3%
John Bean Technologies Corp.		17,474	$	1,442,304
Office Supplies & Forms — 1.4%
Avery Dennison Corp.		16,061		1,548,280
Oil Companies - Exploration & Production — 1.1%
Centennial Resource Development, Inc., Class A†#		19,730		306,209
Diamondback Energy, Inc.#		3,300		364,254
Parsley Energy, Inc., Class A†		14,246		286,772
WPX Energy, Inc.†		21,366		298,056
				1,255,291
Pipelines — 0.3%
Cheniere Energy, Inc.†		5,748		351,318
Real Estate Investment Trusts — 0.8%
SBA Communications Corp.†		5,413		924,595
Real Estate Management/Services — 0.4%
HFF, Inc., Class A		10,612		428,725
Recreational Vehicles — 0.1%
Brunswick Corp.		1,822		96,639
Resort/Theme Parks — 1.5%
Vail Resorts, Inc.		6,153		1,717,795
Retail - Apparel/Shoe — 1.0%
Burlington Stores, Inc.†		6,552		1,086,060
Retail - Misc./Diversified — 0.9%
Five Below, Inc.†		10,091		1,057,436
Retail - Restaurants — 3.7%
Domino’s Pizza, Inc.		3,696		1,024,975
Dunkin’ Brands Group, Inc.		30,125		2,229,250
Wingstop, Inc.		13,778		904,112
				4,158,337
Schools — 1.8%
Bright Horizons Family Solutions, Inc.†		16,732		2,035,950
Semiconductor Components - Integrated Circuits — 1.5%
Marvell Technology Group, Ltd.		103,741		1,671,267
Semiconductor Equipment — 0.7%
MKS Instruments, Inc.		10,308		808,766
Telecom Equipment - Fiber Optics — 0.8%
Viavi Solutions, Inc.†		84,381		855,623
Telephone - Integrated — 0.3%
Zayo Group Holdings, Inc.†		10,869		286,072
Television — 0.2%
World Wrestling Entertainment, Inc., Class A#		3,561		263,372
Therapeutics — 2.9%
Agios Pharmaceuticals, Inc.†#		13,547		891,393
GW Pharmaceuticals PLC ADR†#		3,650		449,023
Neurocrine Biosciences, Inc.†		4,731		417,605
Proteostasis Therapeutics, Inc.†		56,998		288,980
Sarepta Therapeutics, Inc.†#		8,826		1,142,702
				3,189,703
Transport - Rail — 0.6%
Genesee & Wyoming, Inc., Class A†		2,121		176,637
Kansas City Southern		5,218		537,715
				714,352
Transport - Truck — 1.9%
Old Dominion Freight Line, Inc.		15,307		2,092,926

216

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Veterinary Diagnostics — 1.6%
Elanco Animal Health, Inc.†		20,753		$	693,358
Heska Corp.†		2,932			304,869
Neogen Corp.†		11,630			754,322
					1,752,549
Water Treatment Systems — 0.2%
Evoqua Water Technologies Corp.†		24,560			224,478
Web Hosting/Design — 2.9%
GoDaddy, Inc., Class A†		41,809			2,728,455
Wix.com, Ltd.†#		6,017			566,681
					3,295,136
Total Long-Term Investment Securities
(cost $101,168,294)					110,103,193
SHORT-TERM INVESTMENT SECURITIES — 4.0%
Registered Investment Companies — 4.0%
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.90%(2)	$	1,987,606			1,987,606
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2)		2,424,256			2,424,256
Total Short-Term Investment Securities
(cost $4,411,862)					4,411,862
TOTAL INVESTMENTS
(cost $105,580,156)(3)		102.5	%		114,515,055
Liabilities in excess of other assets		(2.5	)		(2,782,211	)
NET ASSETS		100.0	%	$	111,732,844

† Non-income producing security

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

(1) At November 30, 2018, the Fund had loaned securities with a total value of $21,340,828. This was secured by collateral of $2,424,256, which was received in cash and subsequently invested in short-term investments currently valued at $2,424,256 as reported in the Portfolio of Investments. Additional collateral of $19,282,997 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 November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	966,768
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		1,503,739
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		334,329
United States Treasury Bills	0.00%	12/06/2018 to 04/04/2019		596,876
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 02/15/2048		15,881,285

(2) The rate shown is the 7 day yield as of November 30, 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 November 30, 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	$	110,103,193	$	—	$	—	$	110,103,193
Short-Term Investment Securities:		4,411,862		—		—		4,411,862
Total Investments at Value	$	114,515,055	$	—	$	—	$	114,515,055

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

See Notes to Financial Statements

217

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Medical — Drugs	5.5	%
Applications Software	4.4
Diversified Banking Institutions	3.9
Computers	3.7
E-Commerce/Products	3.0
Web Portals/ISP	2.8
Real Estate Investment Trusts	2.8
Electronic Components — Semiconductors	2.8
Electric — Integrated	2.6
Finance — Credit Card	2.5
Oil Companies — Integrated	2.4
Repurchase Agreements	2.4
Medical — Biomedical/Gene	2.1
Insurance — Property/Casualty	2.1
Telephone — Integrated	2.1
Medical — HMO	2.0
Internet Content — Entertainment	2.0
Banks — Super Regional	2.0
Aerospace/Defense	1.8
Beverages — Non-alcoholic	1.6
Medical Products	1.6
Oil Companies — Exploration & Production	1.6
Commercial Services — Finance	1.4
Diversified Manufacturing Operations	1.4
Retail — Discount	1.4
Cosmetics & Toiletries	1.4
Retail — Restaurants	1.2
Retail — Building Products	1.2
Medical Instruments	1.2
Computer Services	1.2
Multimedia	1.1
Cable/Satellite TV	1.0
Tobacco	1.0
Transport — Rail	1.0
Networking Products	1.0
Insurance — Multi-line	0.9
Chemicals — Diversified	0.9
Food — Misc./Diversified	0.8
Diagnostic Equipment	0.7
Transport — Services	0.7
Pharmacy Services	0.7
Aerospace/Defense — Equipment	0.6
Enterprise Software/Service	0.6
Finance — Other Services	0.6
Investment Management/Advisor Services	0.5
Oil Refining & Marketing	0.5
Instruments — Controls	0.5
Industrial Gases	0.5
Electronic Forms	0.5
Insurance — Life/Health	0.5
Banks — Commercial	0.5
Semiconductor Components — Integrated Circuits	0.5
Insurance Brokers	0.5
Airlines	0.5
Data Processing/Management	0.5
Oil — Field Services	0.5
E-Commerce/Services	0.5
Banks — Fiduciary	0.4
Athletic Footwear	0.4
Pipelines	0.4
Auto — Cars/Light Trucks	0.4
Machinery — Construction & Mining	0.3
Retail — Auto Parts	0.3
Semiconductor Equipment	0.3
Entertainment Software	0.3
Finance — Investment Banker/Broker	0.3
Commercial Services	0.3
Computer Aided Design	0.3
Retail — Drug Store	0.3
Retail — Major Department Stores	0.3
Electric — Distribution	0.3
Electronic Measurement Instruments	0.3
Retail — Apparel/Shoe	0.3

Apparel Manufacturers	0.3	%
Consumer Products — Misc.	0.3
Electric Products — Misc.	0.3
Medical — Wholesale Drug Distribution	0.2
Hotels/Motels	0.2
Cruise Lines	0.2
Non-Hazardous Waste Disposal	0.2
Electronic Connectors	0.2
Medical — Hospitals	0.2
Distribution/Wholesale	0.2
Machinery — Farming	0.2
Medical Labs & Testing Services	0.2
Computers — Memory Devices	0.2
Beverages — Wine/Spirits	0.2
Coatings/Paint	0.1
Consulting Services	0.1
Electronic Components — Misc.	0.1
U.S. Government Treasuries	0.1
Food — Wholesale/Distribution	0.1
Building Products — Air & Heating	0.1
Building — Residential/Commercial	0.1
Machinery — General Industrial	0.1
Food — Meat Products	0.1
Tools — Hand Held	0.1
Auto/Truck Parts & Equipment — Original	0.1
Containers — Paper/Plastic	0.1
Food — Confectionery	0.1
Advertising Agencies	0.1
Building Products — Cement	0.1
Agricultural Operations	0.1
Computer Software	0.1
Medical — Generic Drugs	0.1
Dental Supplies & Equipment	0.1
Instruments — Scientific	0.1
Chemicals — Specialty	0.1
Casino Hotels	0.1
Food — Retail	0.1
Engines — Internal Combustion	0.1
Agricultural Chemicals	0.1
Auto — Heavy Duty Trucks	0.1
Retail — Regional Department Stores	0.1
Industrial Automated/Robotic	0.1
Wireless Equipment	0.1
Machinery — Pumps	0.1
Steel — Producers	0.1
Medical Information Systems	0.1
Paper & Related Products	0.1
Television	0.1
Finance — Consumer Loans	0.1
Diagnostic Kits	0.1
Metal — Copper	0.1
Gold Mining	0.1
Water	0.1
Retail — Perfume & Cosmetics	0.1
Containers — Metal/Glass	0.1
Web Hosting/Design	0.1
Soap & Cleaning Preparation	0.1
Respiratory Products	0.1
Retail — Consumer Electronics	0.1
Toys	0.1
Broadcast Services/Program	0.1
Decision Support Software	0.1
Real Estate Management/Services	0.1
Internet Security	0.1
Engineering/R&D Services	0.1
Machinery — Material Handling	0.1
Brewery	0.1
Oil Field Machinery & Equipment	0.1
Retail — Automobile	0.1
	100.0	%

* Calculated as a percentage of net assets

218

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.5%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		79,876	$	1,877,086
Omnicom Group, Inc.		46,698		3,594,345
				5,471,431
Aerospace/Defense — 1.8%
Boeing Co.		111,201		38,560,059
General Dynamics Corp.		57,965		10,717,149
Lockheed Martin Corp.		51,565		15,491,673
Northrop Grumman Corp.		36,240		9,418,051
Raytheon Co.		59,370		10,409,936
TransDigm Group, Inc.†		10,077		3,644,548
				88,241,416
Aerospace/Defense - Equipment — 0.6%
Arconic, Inc.		89,459		1,921,579
Harris Corp.		24,456		3,495,985
L3 Technologies, Inc.		16,302		2,987,994
United Technologies Corp.		169,366		20,635,545
				29,041,103
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		48,592		2,050,097
Mosaic Co.		73,806		2,657,016
				4,707,113
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		116,496		5,361,146
Airlines — 0.5%
Alaska Air Group, Inc.		25,630		1,877,654
American Airlines Group, Inc.		85,302		3,425,728
Delta Air Lines, Inc.		130,935		7,949,064
Southwest Airlines Co.		107,334		5,861,510
United Continental Holdings, Inc.†		47,658		4,608,528
				23,722,484
Apparel Manufacturers — 0.3%
Hanesbrands, Inc.		75,031		1,193,743
Michael Kors Holdings, Ltd.†		31,078		1,359,662
PVH Corp.		15,967		1,764,513
Ralph Lauren Corp.		11,499		1,280,989
Under Armour, Inc., Class A†		38,725		924,753
Under Armour, Inc., Class C†		39,702		886,546
VF Corp.		67,661		5,500,163
				12,910,369
Appliances — 0.0%
Whirlpool Corp.		13,437		1,694,809
Applications Software — 4.4%
Intuit, Inc.		53,836		11,549,437
Microsoft Corp.		1,595,962		176,976,226
Red Hat, Inc.†		36,916		6,591,721
salesforce.com, Inc.†		157,489		22,483,130
				217,600,514
Athletic Footwear — 0.4%
NIKE, Inc., Class B		266,504		20,019,781
Auto - Cars/Light Trucks — 0.4%
Ford Motor Co.		814,790		7,667,174
General Motors Co.		273,088		10,363,690
				18,030,864
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		72,958		4,539,447

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Original — 0.1%
Aptiv PLC		55,099	$	3,961,618
BorgWarner, Inc.		43,471		1,720,582
				5,682,200
Banks - Commercial — 0.5%
BB&T Corp.		161,184		8,236,502
Citizens Financial Group, Inc.		99,057		3,601,713
M&T Bank Corp.		29,927		5,057,962
Regions Financial Corp.		215,180		3,539,711
SVB Financial Group†		11,075		2,822,021
Zions Bancorporation		40,460		1,968,784
				25,226,693
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		191,466		9,824,121
Northern Trust Corp.		46,471		4,611,317
State Street Corp.		78,966		5,766,097
				20,201,535
Banks - Super Regional — 2.0%
Comerica, Inc.		33,654		2,664,724
Fifth Third Bancorp		138,684		3,873,444
Huntington Bancshares, Inc.		229,819		3,353,059
KeyCorp		218,957		4,015,671
PNC Financial Services Group, Inc.		96,634		13,120,965
SunTrust Banks, Inc.		95,891		6,011,407
US Bancorp		318,705		17,356,674
Wells Fargo & Co.		902,131		48,967,671
				99,363,615
Beverages - Non-alcoholic — 1.6%
Coca-Cola Co.		796,633		40,150,303
Monster Beverage Corp.†		82,796		4,941,265
PepsiCo, Inc.		294,358		35,894,015
				80,985,583
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		35,077		1,673,875
Constellation Brands, Inc., Class A		34,937		6,839,267
				8,513,142
Brewery — 0.1%
Molson Coors Brewing Co., Class B		38,957		2,562,202
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		32,519		998,984
Discovery, Inc., Class C†		74,856		2,090,728
				3,089,712
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		29,641		1,298,276
Building Products - Air & Heating — 0.1%
Johnson Controls International PLC		192,501		6,695,185
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		13,114		2,500,709
Vulcan Materials Co.		27,529		2,910,090
				5,410,799
Building Products - Wood — 0.0%
Masco Corp.		63,994		2,027,970
Building - Maintenance & Services — 0.0%
Rollins, Inc.		20,433		1,298,721
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		71,415		2,658,066

219

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building - Residential/Commercial (continued)
Lennar Corp., Class A		60,716	$	2,594,395
PulteGroup, Inc.		54,383		1,442,237
				6,694,698
Cable/Satellite TV — 1.0%
Charter Communications, Inc., Class A†		37,158		12,232,414
Comcast Corp., Class A		951,657		37,124,139
DISH Network Corp., Class A†		47,678		1,561,931
				50,918,484
Casino Hotels — 0.1%
MGM Resorts International		106,354		2,867,304
Wynn Resorts, Ltd.		20,350		2,226,290
				5,093,594
Chemicals - Diversified — 0.9%
DowDuPont, Inc.		480,227		27,781,132
Eastman Chemical Co.		29,404		2,317,623
FMC Corp.		28,020		2,318,375
LyondellBasell Industries NV, Class A		66,443		6,199,796
PPG Industries, Inc.		50,371		5,507,062
				44,123,988
Chemicals - Specialty — 0.1%
Albemarle Corp.		22,571		2,174,039
International Flavors & Fragrances, Inc.		21,065		2,983,436
				5,157,475
Coatings/Paint — 0.1%
Sherwin-Williams Co.		17,103		7,252,869
Commercial Services — 0.3%
Cintas Corp.		17,917		3,357,287
Ecolab, Inc.		52,914		8,492,168
Nielsen Holdings PLC		74,140		2,014,384
Quanta Services, Inc.†		30,971		1,087,082
				14,950,921
Commercial Services - Finance — 1.4%
Automatic Data Processing, Inc.		91,177		13,441,313
Equifax, Inc.		25,061		2,573,013
FleetCor Technologies, Inc.†		18,396		3,557,786
Global Payments, Inc.		32,923		3,681,121
H&R Block, Inc.		42,774		1,155,326
IHS Markit, Ltd.†		74,246		3,962,509
Moody’s Corp.		34,747		5,527,205
PayPal Holdings, Inc.†		246,354		21,139,637
S&P Global, Inc.		52,344		9,571,624
Total System Services, Inc.		34,929		3,051,747
Western Union Co.		93,085		1,743,482
				69,404,763
Computer Aided Design — 0.3%
ANSYS, Inc.†		17,545		2,842,641
Autodesk, Inc.†		45,501		6,574,894
Cadence Design Systems, Inc.†		58,860		2,651,054
Synopsys, Inc.†		30,925		2,843,245
				14,911,834
Computer Data Security — 0.0%
Fortinet, Inc.†		29,922		2,209,441
Computer Services — 1.2%
Accenture PLC, Class A		133,357		21,939,894
Cognizant Technology Solutions Corp., Class A		120,763		8,601,948
DXC Technology Co.		58,517		3,688,912
International Business Machines Corp.		189,971		23,607,696
				57,838,450

Security Description	Shares		Value (Note 2)
Computer Software — 0.1%
Akamai Technologies, Inc.†		35,279	$	2,425,431
Citrix Systems, Inc.		26,822		2,922,794
				5,348,225
Computers — 3.7%
Apple, Inc.		954,975		170,539,436
Hewlett Packard Enterprise Co.		306,290		4,594,350
HP, Inc.		329,342		7,574,866
				182,708,652
Computers - Memory Devices — 0.2%
NetApp, Inc.		53,961		3,608,372
Seagate Technology PLC		54,392		2,343,752
Western Digital Corp.		60,639		2,752,404
				8,704,528
Consulting Services — 0.1%
Gartner, Inc.†		18,902		2,895,597
Verisk Analytics, Inc.†		34,280		4,227,410
				7,123,007
Consumer Products - Misc. — 0.3%
Clorox Co.		26,658		4,415,098
Kimberly-Clark Corp.		72,359		8,348,058
				12,763,156
Containers - Metal/Glass — 0.1%
Ball Corp.		71,577		3,515,146
Containers - Paper/Plastic — 0.1%
Packaging Corp. of America		19,668		1,923,924
Sealed Air Corp.		33,053		1,207,426
WestRock Co.		53,095		2,501,305
				5,632,655
Cosmetics & Toiletries — 1.4%
Colgate-Palmolive Co.		180,600		11,471,712
Coty, Inc., Class A		93,756		781,925
Estee Lauder Cos., Inc., Class A		46,650		6,655,089
Procter & Gamble Co.		518,061		48,961,945
				67,870,671
Cruise Lines — 0.2%
Carnival Corp.		83,930		5,060,140
Norwegian Cruise Line Holdings, Ltd.†		45,747		2,347,736
Royal Caribbean Cruises, Ltd.		35,664		4,032,528
				11,440,404
Data Processing/Management — 0.5%
Broadridge Financial Solutions, Inc.		24,211		2,563,219
Fidelity National Information Services, Inc.		68,437		7,387,774
Fiserv, Inc.†		84,276		6,668,760
Jack Henry & Associates, Inc.		16,063		2,244,001
Paychex, Inc.		66,627		4,714,526
				23,578,280
Decision Support Software — 0.1%
MSCI, Inc.		18,489		2,904,437
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		15,212		3,497,087
DENTSPLY SIRONA, Inc.		46,276		1,748,307
				5,245,394
Diagnostic Equipment — 0.7%
Danaher Corp.		128,161		14,038,756
Thermo Fisher Scientific, Inc.		83,832		20,920,276
				34,959,032

220

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		18,022	$	3,672,163
Dialysis Centers — 0.0%
DaVita, Inc.†		26,400		1,743,984
Distribution/Wholesale — 0.2%
Copart, Inc.†		42,542		2,177,300
Fastenal Co.		59,721		3,539,066
LKQ Corp.†		66,202		1,843,064
WW Grainger, Inc.		9,463		2,971,760
				10,531,190
Diversified Banking Institutions — 3.9%
Bank of America Corp.		1,933,306		54,905,890
Citigroup, Inc.		523,773		33,935,253
Goldman Sachs Group, Inc.		73,079		13,935,435
JPMorgan Chase & Co.		699,490		77,776,293
Morgan Stanley		275,985		12,250,974
				192,803,845
Diversified Manufacturing Operations — 1.4%
3M Co.		122,090		25,384,953
A.O. Smith Corp.		30,083		1,425,332
Eaton Corp. PLC		90,182		6,938,603
General Electric Co.		1,808,847		13,566,352
Illinois Tool Works, Inc.		64,212		8,928,679
Ingersoll-Rand PLC		51,055		5,285,214
Parker-Hannifin Corp.		27,547		4,739,186
Textron, Inc.		51,701		2,902,494
				69,170,813
Drug Delivery Systems — 0.0%
Nektar Therapeutics†		35,896		1,449,839
E-Commerce/Products — 3.0%
Amazon.com, Inc.†		85,270		144,120,796
eBay, Inc.†		193,595		5,778,811
				149,899,607
E-Commerce/Services — 0.5%
Booking Holdings, Inc.†		9,880		18,691,774
Cars.com, Inc.†		1		26
Expedia Group, Inc.		24,744		2,988,828
TripAdvisor, Inc.†		21,290		1,363,837
				23,044,465
Electric Products - Misc. — 0.3%
AMETEK, Inc.		48,264		3,544,026
Emerson Electric Co.		130,800		8,831,616
				12,375,642
Electric - Distribution — 0.3%
CenterPoint Energy, Inc.		102,420		2,868,784
PPL Corp.		145,600		4,453,904
Sempra Energy		56,914		6,557,631
				13,880,319
Electric - Integrated — 2.6%
AES Corp.		137,714		2,133,190
Alliant Energy Corp.		48,654		2,208,405
Ameren Corp.		50,791		3,485,278
American Electric Power Co., Inc.		102,593		7,975,580
CMS Energy Corp.		58,955		3,070,966
Consolidated Edison, Inc.		64,749		5,202,582
Dominion Energy, Inc.		136,067		10,136,992
DTE Energy Co.		37,831		4,529,884
Duke Energy Corp.		148,260		13,131,388

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Edison International		67,810	$	3,751,249
Entergy Corp.		37,641		3,277,025
Evergy, Inc.		56,545		3,357,077
Eversource Energy		65,952		4,507,160
Exelon Corp.		201,031		9,325,828
FirstEnergy Corp.		101,154		3,826,656
NextEra Energy, Inc.		98,154		17,835,563
PG&E Corp.†		107,633		2,839,359
Pinnacle West Capital Corp.		23,305		2,082,535
Public Service Enterprise Group, Inc.		105,171		5,879,059
SCANA Corp.		29,684		1,385,055
Southern Co.		211,068		9,989,848
WEC Energy Group, Inc.		65,671		4,759,834
Xcel Energy, Inc.		105,955		5,557,340
				130,247,853
Electronic Components - Misc. — 0.1%
Corning, Inc.		168,586		5,431,841
Garmin, Ltd.		25,148		1,676,366
				7,108,207
Electronic Components - Semiconductors — 2.8%
Advanced Micro Devices, Inc.†		178,549		3,803,094
Broadcom, Inc.		89,845		21,330,101
Intel Corp.		959,672		47,321,426
IPG Photonics Corp.†		7,497		1,065,699
Microchip Technology, Inc.		49,026		3,676,950
Micron Technology, Inc.†		241,388		9,307,921
NVIDIA Corp.		126,541		20,680,596
Qorvo, Inc.†		26,149		1,720,866
Skyworks Solutions, Inc.		37,251		2,710,755
Texas Instruments, Inc.		202,340		20,203,649
Xilinx, Inc.		52,638		4,867,962
				136,689,019
Electronic Connectors — 0.2%
Amphenol Corp., Class A		62,511		5,497,218
TE Connectivity, Ltd.		72,524		5,579,271
				11,076,489
Electronic Forms — 0.5%
Adobe, Inc.†		101,912		25,568,702
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		66,344		4,799,988
FLIR Systems, Inc.		28,725		1,317,328
Fortive Corp.		64,014		4,869,545
Keysight Technologies, Inc.†		39,008		2,411,475
				13,398,336
Electronic Security Devices — 0.0%
Allegion PLC		19,773		1,811,009
Engineering/R&D Services — 0.1%
Fluor Corp.		29,267		1,197,898
Jacobs Engineering Group, Inc.		24,809		1,629,207
				2,827,105
Engines - Internal Combustion — 0.1%
Cummins, Inc.		31,270		4,723,646
Enterprise Software/Service — 0.6%
Oracle Corp.		588,295		28,685,264
Entertainment Software — 0.3%
Activision Blizzard, Inc.		158,678		7,914,859
Electronic Arts, Inc.†		63,441		5,333,485
Take-Two Interactive Software, Inc.†		23,691		2,598,192
				15,846,536

221

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Consumer Loans — 0.1%
Synchrony Financial		141,824	$	3,684,588
Finance - Credit Card — 2.5%
Alliance Data Systems Corp.		9,834		1,970,340
American Express Co.		146,951		16,498,189
Capital One Financial Corp.		99,573		8,929,706
Discover Financial Services		71,316		5,084,831
Mastercard, Inc., Class A		189,874		38,177,965
Visa, Inc., Class A		369,770		52,400,107
				123,061,138
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		250,262		11,211,738
E*TRADE Financial Corp.		54,046		2,826,065
Jefferies Financial Group, Inc.		60,357		1,318,800
				15,356,603
Finance - Other Services — 0.6%
Cboe Global Markets, Inc.		23,272		2,504,533
CME Group, Inc.		73,651		13,999,582
Intercontinental Exchange, Inc.		119,348		9,753,119
Nasdaq, Inc.		23,967		2,188,666
				28,445,900
Food - Confectionery — 0.1%
Hershey Co.		29,090		3,150,447
J.M. Smucker Co.		23,672		2,473,961
				5,624,408
Food - Meat Products — 0.1%
Hormel Foods Corp.		56,587		2,551,508
Tyson Foods, Inc., Class A		61,589		3,630,671
				6,182,179
Food - Misc./Diversified — 0.8%
Campbell Soup Co.		40,047		1,569,842
Conagra Brands, Inc.		97,618		3,156,966
General Mills, Inc.		124,037		5,248,006
Kellogg Co.		52,671		3,352,509
Kraft Heinz Co.		129,417		6,615,797
Lamb Weston Holdings, Inc.		30,475		2,337,433
McCormick & Co., Inc.		25,242		3,786,300
Mondelez International, Inc., Class A		305,231		13,729,290
				39,796,143
Food - Retail — 0.1%
Kroger Co.		165,809		4,917,895
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		99,525		6,707,985
Gas - Distribution — 0.0%
NiSource, Inc.		75,558		1,996,242
Gold Mining — 0.1%
Newmont Mining Corp.		111,015		3,590,225
Home Decoration Products — 0.0%
Newell Brands, Inc.		90,473		2,117,068
Home Furnishings — 0.0%
Leggett & Platt, Inc.		27,090		1,049,467
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.		62,061		4,688,088
Marriott International, Inc., Class A		59,940		6,894,898
				11,582,986
Human Resources — 0.0%
Robert Half International, Inc.		25,485		1,575,738

Security Description	Shares		Value (Note 2)
Independent Power Producers — 0.0%
NRG Energy, Inc.		63,152	$	2,426,931
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		25,634		4,469,032
Industrial Gases — 0.5%
Air Products & Chemicals, Inc.		45,636		7,341,463
Linde PLC		114,620		18,230,311
				25,571,774
Instruments - Controls — 0.5%
Honeywell International, Inc.		154,557		22,681,240
Mettler-Toledo International, Inc.†		5,248		3,341,191
				26,022,431
Instruments - Scientific — 0.1%
PerkinElmer, Inc.		23,046		2,006,385
Waters Corp.†		16,040		3,185,223
				5,191,608
Insurance Brokers — 0.5%
Aon PLC		50,503		8,338,550
Arthur J. Gallagher & Co.		38,006		2,929,122
Marsh & McLennan Cos., Inc.		105,100		9,322,370
Willis Towers Watson PLC		27,217		4,339,751
				24,929,793
Insurance - Life/Health — 0.5%
Aflac, Inc.		159,800		7,309,252
Brighthouse Financial, Inc.†		24,930		1,003,682
Lincoln National Corp.		45,097		2,839,758
Principal Financial Group, Inc.		55,115		2,718,272
Prudential Financial, Inc.		86,789		8,137,337
Torchmark Corp.		21,578		1,864,555
Unum Group		45,518		1,634,551
				25,507,407
Insurance - Multi-line — 0.9%
Allstate Corp.		72,060		6,427,031
American International Group, Inc.(1)		184,909		7,997,314
Assurant, Inc.		10,986		1,068,279
Chubb, Ltd.		96,417		12,894,810
Cincinnati Financial Corp.		31,483		2,573,106
Hartford Financial Services Group, Inc.		74,596		3,296,397
Loews Corp.		57,873		2,781,376
MetLife, Inc.		207,053		9,240,775
				46,279,088
Insurance - Property/Casualty — 2.1%
Berkshire Hathaway, Inc., Class B†		405,728		88,546,079
Progressive Corp.		121,359		8,044,888
Travelers Cos., Inc.		55,712		7,263,173
				103,854,140
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		8,503		1,888,346
Internet Content - Entertainment — 2.0%
Facebook, Inc., Class A†		501,935		70,577,080
Netflix, Inc.†		90,631		25,932,248
Twitter, Inc.†		149,842		4,712,531
				101,221,859
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		12,658		2,176,796
Internet Security — 0.1%
Symantec Corp.		129,359		2,860,128

222

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services — 0.5%
Affiliated Managers Group, Inc.		11,121	$	1,235,766
Ameriprise Financial, Inc.		29,526		3,830,998
BlackRock, Inc.		25,574		10,945,928
Franklin Resources, Inc.		63,623		2,156,183
Invesco, Ltd.		85,509		1,740,108
Raymond James Financial, Inc.		27,327		2,178,782
T. Rowe Price Group, Inc.		50,614		5,029,007
				27,116,772
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		123,695		16,781,701
Machinery - Farming — 0.2%
Deere & Co.		66,949		10,369,061
Machinery - General Industrial — 0.1%
Roper Technologies, Inc.		21,509		6,400,863
Machinery - Material Handling — 0.1%
Dover Corp.		30,741		2,609,604
Machinery - Pumps — 0.1%
Flowserve Corp.		27,234		1,321,122
Xylem, Inc.		37,384		2,728,284
				4,049,406
Medical Information Systems — 0.1%
Cerner Corp.†		68,475		3,965,387
Medical Instruments — 1.2%
Boston Scientific Corp.†		287,824		10,842,330
Edwards Lifesciences Corp.†		43,579		7,060,234
Intuitive Surgical, Inc.†		23,674		12,567,817
Medtronic PLC		281,078		27,413,537
				57,883,918
Medical Labs & Testing Services — 0.2%
IQVIA Holdings, Inc.†		33,731		4,218,736
Laboratory Corp. of America Holdings†		21,208		3,088,733
Quest Diagnostics, Inc.		28,444		2,519,285
				9,826,754
Medical Products — 1.6%
Abbott Laboratories		365,121		27,037,210
ABIOMED, Inc.†		9,340		3,107,231
Baxter International, Inc.		103,411		7,088,824
Becton Dickinson and Co.		55,687		14,074,889
Cooper Cos., Inc.		10,227		2,851,595
Henry Schein, Inc.†		31,866		2,842,447
Hologic, Inc.†		56,636		2,515,205
Stryker Corp.		64,605		11,335,593
Varian Medical Systems, Inc.†		19,053		2,350,950
Zimmer Biomet Holdings, Inc.		42,351		4,955,914
				78,159,858
Medical - Biomedical/Gene — 2.1%
Alexion Pharmaceuticals, Inc.†		46,383		5,712,066
Amgen, Inc.		134,715		28,054,399
Biogen, Inc.†		41,926		13,991,545
Celgene Corp.†		146,389		10,572,214
Gilead Sciences, Inc.		269,803		19,409,628
Illumina, Inc.†		30,594		10,325,475
Incyte Corp.†		36,722		2,359,388
Regeneron Pharmaceuticals, Inc.†		16,127		5,896,838
Vertex Pharmaceuticals, Inc.†		53,189		9,616,039
				105,937,592

Security Description	Shares		Value (Note 2)
Medical - Drugs — 5.5%
AbbVie, Inc.		315,161	$	29,710,227
Allergan PLC		66,409		10,399,649
Bristol-Myers Squibb Co.		339,637		18,156,994
Eli Lilly & Co.		198,938		23,602,004
Johnson & Johnson		558,353		82,022,056
Merck & Co., Inc.		553,519		43,916,197
Pfizer, Inc.		1,220,063		56,403,513
Zoetis, Inc.		100,280		9,413,284
				273,623,924
Medical-Generic Drugs — 0.1%
Mylan NV†		107,303		3,633,280
Perrigo Co. PLC		26,200		1,631,736
				5,265,016
Medical - HMO — 2.0%
Anthem, Inc.		54,103		15,693,657
Centene Corp.†		42,719		6,076,777
Cigna Corp.		50,650		11,314,197
Humana, Inc.		28,672		9,446,564
UnitedHealth Group, Inc.		200,316		56,360,910
WellCare Health Plans, Inc.†		10,401		2,651,007
				101,543,112
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		56,177		8,088,926
Universal Health Services, Inc., Class B		17,917		2,472,367
				10,561,293
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		33,322		2,962,326
Cardinal Health, Inc.		64,276		3,524,253
McKesson Corp.		41,577		5,176,336
				11,662,915
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		301,577		3,600,829
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		34,664		1,465,941
Multimedia — 1.1%
Twenty-First Century Fox, Inc., Class A		219,377		10,852,580
Twenty-First Century Fox, Inc., Class B		101,378		4,970,563
Viacom, Inc., Class B		73,559		2,270,031
Walt Disney Co.		309,535		35,748,197
				53,841,371
Networking Products — 1.0%
Arista Networks, Inc.†		10,746		2,562,706
Cisco Systems, Inc.		951,418		45,544,380
				48,107,086
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		45,370		3,508,916
Waste Management, Inc.		82,089		7,695,844
				11,204,760
Office Automation & Equipment — 0.0%
Xerox Corp.		43,147		1,161,517
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		18,194		1,753,902
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		22,674		1,374,044

223

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 1.6%
Anadarko Petroleum Corp.		106,577	$	5,637,923
Apache Corp.		79,605		2,796,524
Cabot Oil & Gas Corp.		91,821		2,310,216
Cimarex Energy Co.		19,846		1,626,975
Concho Resources, Inc.†		41,680		5,432,571
ConocoPhillips		241,863		16,006,493
Devon Energy Corp.		97,444		2,633,911
Diamondback Energy, Inc.		31,588		3,486,684
EOG Resources, Inc.		120,547		12,453,711
Hess Corp.		52,393		2,823,459
Marathon Oil Corp.		177,771		2,966,998
Newfield Exploration Co.†		41,596		705,052
Noble Energy, Inc.		100,550		2,387,057
Occidental Petroleum Corp.		159,159		11,184,103
Pioneer Natural Resources Co.		35,465		5,239,954
				77,691,631
Oil Companies - Integrated — 2.4%
Chevron Corp.		398,801		47,433,391
Exxon Mobil Corp.		881,170		70,053,015
				117,486,406
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		79,634		2,557,048
Oil Refining & Marketing — 0.5%
HollyFrontier Corp.		33,733		2,107,301
Marathon Petroleum Corp.		140,943		9,183,846
Phillips 66		88,895		8,313,460
Valero Energy Corp.		88,953		7,107,345
				26,711,952
Oil - Field Services — 0.5%
Baker Hughes a GE Co., LLC		105,814		2,414,675
Halliburton Co.		183,130		5,755,776
Schlumberger, Ltd.		288,073		12,992,092
TechnipFMC PLC		88,918		2,053,117
				23,215,660
Paper & Related Products — 0.1%
International Paper Co.		85,098		3,930,677
Pharmacy Services — 0.7%
CVS Health Corp.		268,924		21,567,672
Express Scripts Holding Co.†		117,014		11,873,410
				33,441,082
Pipelines — 0.4%
Kinder Morgan, Inc.		394,998		6,742,616
ONEOK, Inc.		85,592		5,257,916
Williams Cos., Inc.		251,703		6,373,120
				18,373,652
Publishing - Newspapers — 0.0%
News Corp., Class A		79,793		1,035,713
News Corp., Class B		25,760		345,184
				1,380,897
Real Estate Investment Trusts — 2.8%
Alexandria Real Estate Equities, Inc.		22,011		2,740,369
American Tower Corp.		91,750		15,091,957
Apartment Investment & Management Co., Class A		32,749		1,542,150
AvalonBay Communities, Inc.		28,767		5,482,127
Boston Properties, Inc.		32,139		4,216,637
Crown Castle International Corp.		86,339		9,920,351
Digital Realty Trust, Inc.		42,894		4,934,526
Duke Realty Corp.		74,358		2,116,229

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Equinix, Inc.		16,548	$	6,375,613
Equity Residential		76,649		5,461,241
Essex Property Trust, Inc.		13,747		3,608,725
Extra Space Storage, Inc.		26,328		2,526,961
Federal Realty Investment Trust		15,295		2,020,317
HCP, Inc.		97,784		2,861,160
Host Hotels & Resorts, Inc.		154,363		2,932,897
Iron Mountain, Inc.		59,554		2,023,049
Kimco Realty Corp.		87,701		1,433,911
Macerich Co.		22,017		1,107,235
Mid-America Apartment Communities, Inc.		23,687		2,453,026
Prologis, Inc.		131,020		8,822,887
Public Storage		31,187		6,650,940
Realty Income Corp.		60,366		3,868,857
Regency Centers Corp.		35,264		2,244,906
SBA Communications Corp.†		23,902		4,082,701
Simon Property Group, Inc.		64,355		11,950,080
SL Green Realty Corp.		18,017		1,737,199
UDR, Inc.		55,708		2,374,275
Ventas, Inc.		74,185		4,710,006
Vornado Realty Trust		36,031		2,592,791
Welltower, Inc.		77,429		5,600,440
Weyerhaeuser Co.		157,694		4,164,699
				137,648,262
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		65,771		2,872,877
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		17,222		2,017,213
Respiratory Products — 0.1%
ResMed, Inc.		29,708		3,321,057
Retail - Apparel/Shoe — 0.3%
Foot Locker, Inc.		24,332		1,372,325
Gap, Inc.		45,160		1,232,416
L Brands, Inc.		47,516		1,573,255
Ross Stores, Inc.		78,369		6,865,124
Tapestry, Inc.		59,948		2,333,776
				13,376,896
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		15,418		2,739,933
AutoZone, Inc.†		5,502		4,451,503
Genuine Parts Co.		30,544		3,167,718
O’Reilly Automotive, Inc.†		16,767		5,814,460
				16,173,614
Retail - Automobile — 0.1%
CarMax, Inc.†		36,747		2,427,874
Retail - Building Products — 1.2%
Home Depot, Inc.		238,126		42,938,880
Lowe’s Cos., Inc.		168,791		15,928,807
				58,867,687
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		50,590		3,267,608
Retail - Discount — 1.4%
Costco Wholesale Corp.		91,273		21,109,619
Dollar General Corp.		55,265		6,133,862
Dollar Tree, Inc.†		49,511		4,296,070
Target Corp.		109,548		7,773,526
Walmart, Inc.		298,678		29,165,907
				68,478,984

224

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Drug Store — 0.3%
Walgreens Boots Alliance, Inc.		175,566	$	14,865,173
Retail - Gardening Products — 0.0%
Tractor Supply Co.		25,351		2,411,641
Retail - Jewelry — 0.0%
Tiffany & Co.		22,675		2,063,425
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.		23,856		1,261,267
TJX Cos., Inc.		261,022		12,750,924
				14,012,191
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		11,818		3,519,282
Retail - Regional Department Stores — 0.1%
Kohl’s Corp.		34,697		2,330,597
Macy’s, Inc.		63,890		2,186,316
				4,516,913
Retail - Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		5,092		2,409,585
Darden Restaurants, Inc.		25,823		2,854,474
McDonald’s Corp.		161,465		30,437,767
Starbucks Corp.		258,202		17,227,238
Yum! Brands, Inc.		66,050		6,091,131
				59,020,195
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.		49,330		1,142,483
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		77,577		1,307,948
Semiconductor Components - Integrated Circuits — 0.5%
Analog Devices, Inc.		77,355		7,110,471
Maxim Integrated Products, Inc.		57,863		3,235,699
QUALCOMM, Inc.		252,284		14,698,066
				25,044,236
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		204,587		7,627,003
KLA-Tencor Corp.		32,494		3,202,609
Lam Research Corp.		32,797		5,147,817
				15,977,429
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		9,015		1,942,733
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		51,076		3,380,720
Steel - Producers — 0.1%
Nucor Corp.		65,839		3,977,334
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		71,761		2,060,258
Telephone - Integrated — 2.1%
AT&T, Inc.		1,511,417		47,216,667
CenturyLink, Inc.		197,826		3,719,129
Verizon Communications, Inc.		859,967		51,856,010
				102,791,806
Television — 0.1%
CBS Corp., Class B		70,456		3,817,306
Textile - Home Furnishings — 0.0%
Mohawk Industries, Inc.†		13,198		1,690,136

Security Description	Shares/ Principal Amount		Value (Note 2)
Tobacco — 1.0%
Altria Group, Inc.		392,356	$	21,512,880
Philip Morris International, Inc.		323,534		27,995,397
				49,508,277
Tools - Hand Held — 0.1%
Snap-on, Inc.		11,739		1,951,491
Stanley Black & Decker, Inc.		31,846		4,167,049
				6,118,540
Toys — 0.1%
Hasbro, Inc.		24,306		2,211,846
Mattel, Inc.†		71,627		995,615
				3,207,461
Transport - Rail — 1.0%
CSX Corp.		169,805		12,332,937
Kansas City Southern		21,262		2,191,049
Norfolk Southern Corp.		58,281		9,950,898
Union Pacific Corp.		153,908		23,667,972
				48,142,856
Transport - Services — 0.7%
C.H. Robinson Worldwide, Inc.		28,835		2,662,336
Expeditors International of Washington, Inc.		36,284		2,760,850
FedEx Corp.		50,634		11,595,186
United Parcel Service, Inc., Class B		144,312		16,637,730
				33,656,102
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc.		18,205		1,936,284
Water — 0.1%
American Water Works Co., Inc.		37,565		3,584,077
Water Treatment Systems — 0.0%
Pentair PLC		33,586		1,434,122
Web Hosting/Design — 0.1%
VeriSign, Inc.†		22,330		3,484,820
Web Portals/ISP — 2.8%
Alphabet, Inc., Class A†		62,212		69,033,546
Alphabet, Inc., Class C†		64,081		70,132,169
				139,165,715
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		33,772		4,432,574
Total Long-Term Investment Securities
(cost $2,273,986,318)				4,848,407,885
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(2)(3)		2,233		2,233
U.S. Government Treasuries — 0.1%
United States Treasury Bills 2.01% due 12/06/2018(4)	$	50,000		49,991
2.02% due 12/06/2018(4)		700,000		699,876
2.10% due 01/03/2019(4)		500,000		499,036
2.19% due 12/27/2018(4)		250,000		249,632
2.35% due 03/28/2019(4)		2,700,000		2,679,602
2.49% due 07/18/2019(4)		1,500,000		1,476,189
2.50% due 07/18/2019(4)		1,200,000		1,180,951
				6,835,277
Total Short-Term Investment Securities
(cost $6,837,227)				6,837,510

225

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $116,254,069 collateralized by $122,785,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $118,579,368 (cost $116,250,000)	$	116,250,000		$	116,250,000
TOTAL INVESTMENTS
(cost $2,397,073,545)(5)		100.0	%		4,971,495,395
Other assets less liabilities		0.0			497,898
NET ASSETS		100.0	%	$	4,971,993,293

† Non-income producing security

(1) Security represents an investment in an affiliated company (see Note 3)

(2) At November 30, 2018, the Fund had loaned securities with a total value of $50,848,076. This was secured by collateral of $2,233, which was received in cash and subsequently invested in short-term investments currently valued at $2,233 as reported in the Portfolio of Investments. Additional collateral of $52,199,785 was received in the form of fixed

income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
Federal Home Loan Mtg. Corp.	3.00% to 4.00%	12/15/2040 to 04/01/2048	$	3,968,932
Federal National Mtg. Assoc.	3.00% to 4.50%	07/25/2039 to 06/01/2048		6,173,391
Government National Mtg. Assoc.	2.50% to 5.00%	05/20/2046 to 08/20/2048		1,372,542
United States Treasury Bills	0.00%	12/06/2018 to 04/25/2019		4,009,362
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		36,675,558

(3) The rate shown is the 7-day yield as of November 30, 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)
	909	Long	S&P 500 E-Mini Index		December 2018	$	124,710,545	$	125,364,735	$	654,190

* 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 November 30, 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	$	4,848,407,885	$	—	$	—	$	4,848,407,885
Short-Term Investment Securities:
Registered Investment Companies		2,233		—		—		2,233
U.S. Government Treasuries		—		6,835,277		—		6,835,277
Repurchase Agreements		—		116,250,000		—		116,250,000
Total Investments at Value	$	4,848,410,118	$	123,085,277	$	—	$	4,971,495,395
Other Financial Instruments:†
Futures Contracts	$	654,190	$	—	$	—	$	654,190

* 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.

See Notes to Financial Statements

226

VALIC Company I Value Fund

PORTFOLIO PROFILE — November 30, 2018 (unaudited)

Industry Allocation*

Diversified Banking Institutions	10.4	%
Medical — Drugs	8.9
Oil Companies — Exploration & Production	5.8
Banks — Super Regional	4.6
Electric — Integrated	4.6
Oil Companies — Integrated	4.2
Semiconductor Components — Integrated Circuits	3.6
Real Estate Investment Trusts	3.1
Chemicals — Diversified	2.9
Telephone — Integrated	2.8
Repurchase Agreements	2.8
Cable/Satellite TV	2.8
Networking Products	2.6
Insurance — Multi-line	2.4
Electronic Components — Semiconductors	2.3
Medical — HMO	2.3
Diversified Manufacturing Operations	2.3
Food — Misc./Diversified	2.3
Medical Products	2.2
Tobacco	2.0
Medical Instruments	1.9
Investment Management/Advisor Services	1.8
Aerospace/Defense — Equipment	1.5
Machinery — Construction & Mining	1.4
Insurance Brokers	1.4
Banks — Commercial	1.4
Transport — Rail	1.2
Retail — Catalog Shopping	1.1
Aerospace/Defense	1.1
Insurance — Property/Casualty	1.1
Food — Wholesale/Distribution	1.0
Hotels/Motels	1.0
Wireless Equipment	1.0
Cosmetics & Toiletries	1.0
Retail — Building Products	1.0
Building & Construction Products — Misc.	1.0
Computers — Memory Devices	0.9
Oil — Field Services	0.9
Cruise Lines	0.8
Multimedia	0.6
Home Decoration Products	0.6
Semiconductor Equipment	0.5
Footwear & Related Apparel	0.4
Retail — Major Department Stores	0.4
	99.9	%

* Calculated as a percentage of net assets

227

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Aerospace/Defense — 1.1%
Lockheed Martin Corp.		4,390	$	1,318,888
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		14,980		1,825,163
Banks - Commercial — 1.4%
M&T Bank Corp.		9,830		1,661,368
Banks - Super Regional — 4.6%
PNC Financial Services Group, Inc.		19,623		2,664,411
Wells Fargo & Co.		55,676		3,022,093
				5,686,504
Building & Construction Products - Misc. — 1.0%
Fortune Brands Home & Security, Inc.		26,860		1,176,468
Cable/Satellite TV — 2.8%
Comcast Corp., Class A		86,548		3,376,238
Chemicals - Diversified — 2.9%
DowDuPont, Inc.		36,453		2,108,806
FMC Corp.		17,710		1,465,325
				3,574,131
Computers - Memory Devices — 0.9%
NetApp, Inc.		17,070		1,141,471
Cosmetics & Toiletries — 1.0%
Unilever NV		22,070		1,225,106
Cruise Lines — 0.8%
Norwegian Cruise Line Holdings, Ltd.†		19,180		984,318
Diversified Banking Institutions — 10.4%
Bank of America Corp.		122,880		3,489,792
Citigroup, Inc.		47,920		3,104,737
Goldman Sachs Group, Inc.		6,042		1,152,149
JPMorgan Chase & Co.		44,867		4,988,762
				12,735,440
Diversified Manufacturing Operations — 2.3%
Eaton Corp. PLC		19,345		1,488,404
Ingersoll-Rand PLC		12,904		1,335,822
				2,824,226
Electric - Integrated — 4.6%
Dominion Energy, Inc.		21,260		1,583,870
Edison International		18,334		1,014,237
Eversource Energy		29,024		1,983,500
NextEra Energy, Inc.		5,535		1,005,765
				5,587,372
Electronic Components - Semiconductors — 2.3%
Intel Corp.		58,232		2,871,420
Food - Misc./Diversified — 2.3%
Kraft Heinz Co.		26,491		1,354,220
Mondelez International, Inc., Class A		32,190		1,447,906
				2,802,126
Food - Wholesale/Distribution — 1.0%
US Foods Holding Corp.†		38,270		1,269,799
Footwear & Related Apparel — 0.4%
Skechers U.S.A., Inc., Class A†		19,840		535,680
Home Decoration Products — 0.6%
Newell Brands, Inc.#		29,850		698,490
Hotels/Motels — 1.0%
Hilton Worldwide Holdings, Inc.		16,569		1,251,622

Security Description	Shares		Value (Note 2)
Insurance Brokers — 1.4%
Marsh & McLennan Cos., Inc.		18,735	$	1,661,795
Insurance - Multi-line — 2.4%
Chubb, Ltd.		13,964		1,867,545
MetLife, Inc.		25,490		1,137,619
				3,005,164
Insurance - Property/Casualty — 1.1%
Intact Financial Corp.		16,180		1,295,350
Investment Management/Advisor Services — 1.8%
BlackRock, Inc.		2,748		1,176,171
Invesco, Ltd.		48,760		992,266
				2,168,437
Machinery - Construction & Mining — 1.4%
Caterpillar, Inc.		12,340		1,674,168
Medical Instruments — 1.9%
Medtronic PLC		23,745		2,315,850
Medical Products — 2.2%
Koninklijke Philips NV		35,229		1,333,565
Zimmer Biomet Holdings, Inc.		11,330		1,325,836
				2,659,401
Medical - Drugs — 8.9%
Allergan PLC		8,080		1,265,328
AstraZeneca PLC ADR#		37,280		1,484,490
Bristol-Myers Squibb Co.		27,540		1,472,288
Eli Lilly & Co.		16,230		1,925,527
Merck & Co., Inc.		36,988		2,934,628
Roche Holding AG		7,290		1,891,601
				10,973,862
Medical - HMO — 2.3%
Anthem, Inc.		4,600		1,334,322
UnitedHealth Group, Inc.		5,405		1,520,751
				2,855,073
Multimedia — 0.6%
Viacom, Inc., Class B		25,500		786,930
Networking Products — 2.6%
Cisco Systems, Inc.		67,459		3,229,262
Oil Companies - Exploration & Production — 5.8%
Canadian Natural Resources, Ltd.		48,110		1,209,966
Concho Resources, Inc.†		10,640		1,386,818
EOG Resources, Inc.		19,110		1,974,254
Occidental Petroleum Corp.		21,230		1,491,832
Pioneer Natural Resources Co.		7,460		1,102,215
				7,165,085
Oil Companies - Integrated — 4.2%
Chevron Corp.		30,671		3,648,009
Exxon Mobil Corp.		19,687		1,565,116
				5,213,125
Oil - Field Services — 0.9%
Halliburton Co.		34,640		1,088,735
Real Estate Investment Trusts — 3.1%
Brixmor Property Group, Inc.		42,460		700,590
Crown Castle International Corp.		16,110		1,851,039
Park Hotels & Resorts, Inc.		39,639		1,221,674
				3,773,303
Retail - Building Products — 1.0%
Home Depot, Inc.		6,694		1,207,062

228

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Catalog Shopping — 1.1%
Qurate Retail, Inc.†		60,370	$	1,341,421
Retail - Major Department Stores — 0.4%
TJX Cos., Inc.		8,900		434,765
Semiconductor Components - Integrated Circuits — 3.6%
Analog Devices, Inc.		17,359		1,595,639
Maxim Integrated Products, Inc.		22,705		1,269,664
QUALCOMM, Inc#.		27,530		1,603,898
				4,469,201
Semiconductor Equipment — 0.5%
KLA-Tencor Corp.		6,430		633,741
Telephone - Integrated — 2.8%
Verizon Communications, Inc.		56,645		3,415,694
Tobacco — 2.0%
Philip Morris International, Inc.		28,170		2,437,550
Transport - Rail — 1.2%
Union Pacific Corp.		9,340		1,436,305
Wireless Equipment — 1.0%
Nokia OYJ ADR#		227,520		1,244,535
Total Long-Term Investment Securities
(cost $96,071,584)				119,031,644

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $3,387,119 and collateralized by $3,430,000 of United States Treasury Notes, bearing interest at 3.00%, due 09/30/2025 and having an approximated value of $3,459,134 (cost $3,387,000)	$	3,387,000		$	3,387,000
TOTAL INVESTMENTS
(cost $99,458,584)(1)		99.9	%		122,418,644
Other assets less liabilities		0.1			183,191
NET ASSETS		100.0	%	$	122,601,835

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

At November 30, 2018, the Fund had loaned securities with total value of $4,020,556. This was secured by collateral of $4,222,951 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2018
United States Treasury Bills	0.00%	01/17/2019 to 04/25/2019	$	211,912
United States Treasury Notes/Bonds	zero coupon to 8.75%	12/15/2018 to 05/15/2048		4,011,039

† 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 November 30, 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	$	115,806,478	$	3,225,166	**	$	—	$	119,031,644
Repurchase Agreements		—		3,387,000			—		3,387,000
Total Investments at Value	$	115,806,478	$	6,612,166		$	—	$	122,418,644

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

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

See Notes to Financial Statements

229

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2018 (unaudited)

	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)*†	$	146,999,847	$	788,410,471	$	54,395,776	$	236,993,175		$	244,291,847	$	844,509,004	$	41,500,359
Investment securities, at value (affiliated)*†		–		–		–		–			–		–		182,996,985
Repurchase agreements (cost approximates value)		–		–		–		–			745,000		2,740,000		–
Cash		–		–		957,355		–			570		37,080,930		11,746
Foreign cash*		8,661,994		–		–		–			–		23,216		–
Cash collateral for futures contracts		–		–		–		–			–		–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–			–		–		–
Due from broker		860,000		–		–		–			–		–		31
Receivable for:
Fund shares sold		32,945		95,238		1,631		91,226			31,892		265,214		15,968
Dividends and interest		388,257		723,374		109,790		1,280,024			566,849		2,801,922		161,418
Investments sold		–		2,968,651		27,817		–			–		–		15,971
Investments sold on an extended settlement basis		15,173		–		–		–			–		–		2,244,281
Receipts on swap contracts		–		–		–		–			–		–		–
Securities lending income		7,018		5,680		655		1,001			702		5,610		–
Prepaid expenses and other assets		28,620		18,546		6,757		15,656			21,778		19,329		7,321
Due from investment adviser for expense reimbursements/fee waivers		–		–		6,716		–			36,145		–		479
Variation margin on futures contracts		41,615		–		–		–			–		–		155,100
Unrealized appreciation on forward foreign currency contracts		221,851		–		–		–			–		–		–
Unrealized appreciation on swap contracts		–		–		–		–			–		–		–
TOTAL ASSETS		157,257,320		792,221,960		55,506,497		238,381,082			245,694,783		887,445,225		227,109,659
LIABILITIES:
Payable for:
Fund shares reacquired		4,286		87,137		54,850		267,724			21,213		312,060		35,932
Investments purchased		1,404,139		3,451,301		–		–			–		133,840		11,746
Investments purchased on an extended settlement basis		42,482		–		–		1,008,271			–		–		2,435,109
Payments on swap contracts		–		–		–		–			–		–		–
Accrued foreign tax on capital gains		–		–		–		–			–		–		–
Investment advisory and management fees		62,457		454,645		31,985		97,967			160,626		509,199		45,830
Administrative service fee		8,332		41,852		3,048		13,069			13,394		48,032		2,241
Transfer agent fees and expenses		184		431		246		431			165		430		123
Directors’ fees and expenses		7,047		13,438		1,102		6,533			16,446		14,209		2,410
Other accrued expenses		123,528		82,150		39,300		76,741			52,342		100,350		46,531
Variation margin on futures contracts		37,199		–		–		–			–		–		–
Collateral upon return of securities loaned		3,637,123		–		592,358		800,043			79,920		259,635		–
Due to custodian		–		–		–		–			–		–		–
Due to broker		86,715		–		–		–			–		–		790,000
Call and put options written, at value@		–		–		–		–			–		–		212,272
Unrealized depreciation on forward foreign currency contracts		770,224		–		–		–			–		–		–
Swap premiums received		–		–		–		–			–		–		–
Unrealized depreciation on swap contracts		–		–		–		–			–		–		–
TOTAL LIABILITIES		6,183,716		4,130,954		722,889		2,270,779			344,106		1,377,755		3,582,194
NET ASSETS	$	151,073,604	$	788,091,006	$	54,783,608	$	236,110,303		$	245,350,677	$	886,067,470	$	223,527,465
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	139,980	$	377,666	$	34,188	$	249,342		$	103,437	$	683,549	$	185,193
Additional paid-in capital		141,026,681		335,376,077		35,736,639		238,576,441			154,390,793		680,812,957		198,255,506
Total distributable earnings (loss)		9,906,943		452,337,263		19,012,781		(2,715,480	)		90,856,447		204,570,964		25,086,766
NET ASSETS	$	151,073,604	$	788,091,006	$	54,783,608	$	236,110,303		$	245,350,677	$	886,067,470	$	223,527,465
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		13,998,031		37,766,642		3,418,789		24,934,203			10,343,694		68,354,918		18,519,320
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.79	$	20.87	$	16.02	$	9.47		$	23.72	$	12.96	$	12.07
*  Cost
Investment securities (unaffiliated)	$	152,536,368	$	467,410,116	$	45,589,385	$	245,062,920		$	191,895,849	$	794,187,841	$	43,158,371
Investment securities (affiliated)	$	–	$	–	$	–	$	–		$	–	$	–	$	169,582,099
Foreign cash	$	8,622,511	$	–	$	–	$	–		$	–	$	23,229	$	–
@ Premiums received on options written	$	–	$	–	$	–	$	–		$	–	$	–	$	215,264
† Including securities on loan	$	8,414,631	$	31,104,989	$	3,045,864	$	4,316,810		$	4,643,385	$	30,324,326	$	–

See Notes to Financial Statements

230

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2018 (unaudited) — (continued)

	EMERGING ECONOMIES FUND		GLOBAL REAL ESTATE FUND		GLOBAL SOCIAL AWARENESS FUND		GLOBAL STRATEGY FUND		GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	675,646,312	$	389,821,623	$	368,138,160	$	349,125,112	$	341,468,066		$	133,682,781		$	1,223,998,184
Investment securities, at value (affiliated)*†		–		–		–		–		–			–			–
Repurchase agreements (cost approximates value)		–		–		1,081,000		–		–			6,222,000			–
Cash		28,772,795		4,003,688		888		2,718,580		86,476			864			12,933,441
Foreign cash*		2,321,783		70,250		311,454		663,762		–			–			1,983
Cash collateral for futures contracts		–		–		–		–		–			–			–
Cash collateral for centrally cleared swap contracts		–		–		–		1,783,274		–			–			–
Due from broker		378,021		–		–		–		–			–			47
Receivable for:
Fund shares sold		785,333		68,028		13,038		13,092		388,901			40,945			430,664
Dividends and interest		475,260		683,831		887,944		1,676,567		223,387			546,157			1,457,937
Investments sold		–		1,383,562		–		124,734		–			–			2,938,464
Investments sold on an extended settlement basis		–		–		65,405		20,525		–			–			598,487
Receipts on swap contracts		–		–		–		161,207		–			–			–
Securites lending income		21,130		1,283		1,107		1,489		–			163			6,595
Prepaid expenses and other assets		19,925		12,614		23,149		18,289		32,759			25,988			40,350
Due from investment adviser for expense reimbursements/fee waivers		–		–		–		–		–			–			50,082
Variation margin on futures contracts		–		–		19,740		–		–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–		–		2,192,941		–			–			265,370
Unrealized appreciation on swap contracts		–		–		–		1,853,921		–			–			–
TOTAL ASSETS		708,420,559		396,044,879		370,541,885		360,353,493		342,199,589			140,518,898			1,242,721,604
LIABILITIES:
Payable for:
Fund shares reacquired		20,290		167,115		608,898		466,703		28,013			144,542			188,561
Investments purchased		–		–		–		–		–			–			2,931,665
Investments purchased on an extended settlement basis		–		–		–		490,161		–			1,546,946			–
Payments on swap contracts		–		–		–		197,048		–			–			–
Accrued foreign tax on capital gains		494,137		–		–		79,809		–			–			2,197
Investment advisory and management fees		432,937		233,072		153,388		147,771		113,004			54,743			690,362
Administrative service fee		37,776		21,230		20,462		19,713		18,843			7,303			66,809
Transfer agent fees and expenses		604		431		369		184		738			530			307
Directors’ fees and expenses		13,460		7,706		16,000		12,777		20,606			6,381			30,720
Other accrued expenses		371,969		77,110		80,601		148,237		80,415			50,431			140,076
Variation margin on futures contracts		17,160		–		–		–		–			–			–
Collateral upon return of securities loaned		15,435,384		107,189		–		–		–			–			749,194
Due to custodian		–		–		–		–		–			–			–
Due to broker		–		–		35		2,126,267		–			–			–
Call and put options written, at value@		–		–		–		–		–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–		–		433,394		–			–			23,600
Swap premiums received		–		–		–		–		–			–			–
Unrealized depreciation on swap contracts		–		–		–		–		–			–			–
TOTAL LIABILITIES		16,823,717		613,853		879,753		4,122,064		261,619			1,810,876			4,823,491
NET ASSETS	$	691,596,842	$	395,431,026	$	369,662,132	$	356,231,429	$	341,937,970		$	138,708,022		$	1,237,898,113
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	881,430	$	518,541	$	143,911	$	302,639	$	3,419,530		$	135,924		$	720,935
Additional paid-in capital		672,807,732		374,688,164		280,230,172		306,732,197		338,532,362			140,593,839			867,572,664
Total distributable earnings (loss)		17,907,680		20,224,321		89,288,049		49,196,593		(13,922	)		(2,021,741	)		369,604,514
NET ASSETS	$	691,596,842	$	395,431,026	$	369,662,132	$	356,231,429	$	341,937,970		$	138,708,022		$	1,237,898,113
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		88,142,964		51,854,100		14,391,123		30,263,934		341,953,032			13,592,426			72,093,492
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.85	$	7.63	$	25.69	$	11.77	$	1.00		$	10.20		$	17.17
*  Cost
Investment securities (unaffiliated)	$	630,998,156	$	378,971,929	$	296,258,931	$	356,696,791	$	341,468,066		$	137,233,470		$	983,057,705
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–		$	–		$	–
Foreign cash	$	2,322,300	$	70,809	$	313,895	$	657,094	$	–		$	–		$	1,974
@ Premiums received on options written	$	–	$	–	$	–	$	–	$	–		$	–		$	–
† Including securities on loan	$	45,308,305	$	5,241,927	$	9,604,711	$	5,668,171	$	–		$	1,041,847		$	24,704,184

See Notes to Financial Statements

231

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2018 (unaudited) — (continued)

	GROWTH & INCOME FUND		HEALTH SCIENCES FUND		INFLATION PROTECTED FUND		INTERNATIONAL EQUITIES INDEX FUND		INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND		INTERNATIONAL VALUE FUND#
ASSETS:
Investment securities, at value (unaffiliated)*†	$	123,889,066	$	809,625,097	$	680,719,520	$	1,057,367,073	$	189,205,410		$	427,359,097	$	739,170,961
Investment securities, at value (affiliated)*†		–		–		–		–		–			–		–
Repurchase agreements (cost approximates value)		–		–		–		11,474,000		–			–		–
Cash		797,892		525,544		24,329		634		1,402,306			41,555,328		–
Foreign cash*		–		27,057		241,649		5,787,178		768,767			374,112		8,297,466
Cash collateral for futures contracts		105,000		–		–		–		–			–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–			–		–
Due from broker		20		–		–		–		–			–		–
Receivable for:
Fund shares sold		66,001		87,567		857,385		1,172,358		27,975			565,681		71,062
Dividends and interest		247,545		687,007		2,872,812		4,753,952		1,669,242			782,948		2,056,090
Investments sold		418,610		1,790,912		–		–		–			–		1,824,506
Investments sold on an extended settlement basis		–		168,154		–		–		804,571			–		–
Receipts on swap contracts		–		–		–		–		–			–		–
Securites lending income		305		26,419		1,857		17,454		1,196			9,275		16,188
Prepaid expenses and other assets		10,976		17,964		14,320		43,506		13,502			26,947		30,254
Due from investment adviser for expense reimbursements/fee waivers		11,657		26,950		–		–		–			72,103		42,287
Variation margin on futures contracts		4,935		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			–		2,355,639
Unrealized appreciation on swap contracts		–		–		–		–		–			–		–
TOTAL ASSETS		125,552,007		812,982,671		684,731,872		1,080,616,155		193,892,969			470,745,491		753,864,453
LIABILITIES:
Payable for:
Fund shares reacquired		73,993		22,879		16,123		759,072		74,972			21,996		115,221
Investments purchased		442,434		3,982,850		–		–		796,782			–		286,112
Investments purchased on an extended settlement basis		–		–		–		–		–			–		–
Payments on swap contracts		–		–		–		–		–			–		–
Accrued foreign tax on capital gains		–		–		–		–		–			76,508		–
Investment advisory and management fees		76,833		628,771		243,951		262,257		79,449			334,737		411,401
Administrative service fee		6,833		42,703		35,539		59,179		10,598			24,046		40,294
Transfer agent fees and expenses		369		246		430		859		431			431		492
Directors’ fees and expenses		5,756		12,929		9,236		31,197		7,234			21,218		24,590
Other accrued expenses		43,187		98,617		77,971		405,480		71,253			115,927		149,348
Variation margin on futures contracts		–		–		–		104,850		–			–		–
Collateral upon return of securities loaned		–		6,017,356		4,107,740		22,539,862		855,373			32,485,110		27,757,947
Due to custodian		–		–		–		–		–			–		–
Due to broker		–		–		–		–		–			–		1,859,235
Call and put options written, at value@		–		–		–		–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			–		–
Swap premiums received		–		–		–		–		–			–		–
Unrealized depreciation on swap contracts		–		–		–		–		–			–		–
TOTAL LIABILITIES		649,405		10,806,351		4,490,990		24,162,756		1,896,092			33,079,973		30,644,640
NET ASSETS	$	124,902,602	$	802,176,320	$	680,240,882	$	1,056,453,399	$	191,996,877		$	437,665,518	$	723,219,813
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	54,516	$	366,123	$	635,107	$	1,547,968	$	169,923		$	326,055	$	755,137
Additional paid-in capital		81,005,047		502,501,903		675,177,330		1,026,005,289		201,819,454			343,107,548		742,488,167
Total distributable earnings (loss)		43,843,039		299,308,294		4,428,445		28,900,142		(9,992,500	)		94,231,915		(20,023,491	)
NET ASSETS	$	124,902,602	$	802,176,320	$	680,240,882	$	1,056,453,399	$	191,996,877		$	437,665,518	$	723,219,813
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		5,451,576		36,612,337		63,510,749		154,796,778		16,992,309			32,605,461		75,513,732
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	22.91	$	21.91	$	10.71	$	6.82	$	11.30		$	13.42	$	9.58
*  Cost
Investment securities (unaffiliated)	$	100,822,351	$	606,527,174	$	694,784,697	$	1,079,602,539	$	197,372,016		$	441,625,233	$	781,150,813
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	27,076	$	236,766	$	5,794,844	$	772,189		$	376,203	$	8,297,597
@ Premiums received on options written	$	–	$	–	$	–	$	–	$	–		$	–	$	–
† Including securities on loan	$	2,170,846	$	134,821,710	$	8,364,062	$	26,457,673	$	8,913,280		$	31,849,917	$	29,596,574
# See Note 1

See Notes to Financial Statements

232

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2018 (unaudited) — (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)*†	$	171,417,382	$	469,740,460	$	3,218,829,405	$	287,454,010	$	462,614,345	$	1,255,987,472	$	149,407,114
Investment securities, at value (affiliated)*†		–		–		–		–		–		–		–
Repurchase agreements (cost approximates value)		2,202,000		–		106,614,000		–		38,922,000		11,310,000		4,038,000
Cash		982		543		191		1,661,692		72		56,626,641		831
Foreign cash*		–		–		–		2		–		952,574		–
Cash collateral for futures contracts		–		–		–		–		–		–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–		–		–
Due from broker		–		–		–		–		49		–		–
Receivable for:
Fund shares sold		8,638		24,935		291,791		171,455		51,608		33,895		112,066
Dividends and interest		292,199		522,781		3,749,697		219,896		514,008		898,005		65,816
Investments sold		445,677		–		28,280,092		110,683		–		2,590,983		296,088
Investments sold on an extended settlement basis		–		–		–		–		–		–		–
Receipts on swap contracts		–		–		–		–		–		–		–
Securites lending income		87		2,218		57,432		4,972		3,450		24,883		4,784
Prepaid expenses and other assets		10,355		16,724		118,732		14,673		12,208		65,757		10,131
Due from investment adviser for expense reimbursements/fee waivers		–		–		–		–		11,151		–		2,016
Variation margin on futures contracts		–		–		780,000		–		218,950		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		174,377,320		470,307,661		3,358,721,340		289,637,383		502,347,841		1,328,490,210		153,936,846
LIABILITIES:
Payable for:
Fund shares reacquired		79,723		203,041		939,558		6,826		38,347		412,925		3,925
Investments purchased		283,392		–		24,794,477		324,285		–		621,196		77,642
Investments purchased on an extended settlement basis		–		–		–		–		–		–		–
Payments on swap contracts		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		–
Investment advisory and management fees		99,285		241,875		701,927		159,174		157,326		925,266		105,587
Administrative service fee		9,460		25,208		179,271		15,279		26,896		70,994		8,285
Transfer agent fees and expenses		434		210		1,107		430		862		862		184
Directors’ fees and expenses		3,842		11,490		97,614		7,780		6,569		44,001		2,425
Other accrued expenses		46,458		57,914		281,866		47,183		89,648		163,697		45,325
Variation margin on futures contracts		–		–		–		–		–		–		–
Collateral upon return of securities loaned		–		–		29,942,454		4,099,009		1,364,499		1,198,918		373,750
Due to custodian		–		–		–		–		–		–		–
Due to broker		–		–		–		–		–		–		–
Call and put options written, at value@		–		–		–		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Swap premiums received		–		–		–		–		–		–		–
Unrealized depreciation on swap contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		522,594		539,738		56,938,274		4,659,966		1,684,147		3,437,859		617,123
NET ASSETS	$	173,854,726	$	469,767,923	$	3,301,783,066	$	284,977,417	$	500,663,694	$	1,325,052,351	$	153,319,723
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	144,905	$	298,579	$	1,211,873	$	182,470	$	358,607	$	453,672	$	100,987
Additional paid-in capital		124,495,700		293,803,473		2,064,301,141		192,662,655		216,198,828		846,234,444		106,853,956
Total distributable earnings (loss)		49,214,121		175,665,871		1,236,270,052		92,132,292		284,106,259		478,364,235		46,364,780
NET ASSETS	$	173,854,726	$	469,767,923	$	3,301,783,066	$	284,977,417	$	500,663,694	$	1,325,052,351	$	153,319,723
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		14,490,450		29,857,918		121,187,334		18,247,047		35,860,678		45,367,214		10,098,733
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	12.00	$	15.73	$	27.25	$	15.62	$	13.96	$	29.21	$	15.18
*  Cost
Investment securities (unaffiliated)	$	145,743,675	$	339,032,052	$	2,477,139,076	$	228,347,269	$	191,476,528	$	1,133,147,586	$	135,080,397
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	–	$	–	$	2	$	–	$	936,539	$	–
@ Premiums received on options written	$	–	$	–	$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	399,375	$	14,040,627	$	336,734,152	$	24,459,126	$	12,363,226	$	145,825,854	$	33,112,705

See Notes to Financial Statements

233

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2018 (unaudited) — (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)*†	$	294,181,976	$	1,165,079,933	$	249,501,375	$	114,515,055	$	4,847,248,081	$	119,031,644
Investment securities, at value (affiliated)*†		–		–		–		–		7,997,314		–
Repurchase agreements (cost approximates value)		7,770,000		34,647,000		–		–		116,250,000		3,387,000
Cash		331,737		555		11,015,864		–		194		250
Foreign cash*		–		–		–		–		–		–
Cash collateral for futures contracts		–		–		–		–		–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–		–
Due from broker		–		48		–		–		–		–
Receivable for:
Fund shares sold		35,495		400,765		12,511		13,813		352,598		2,264
Dividends and interest		257,445		990,467		363,287		88,901		10,356,477		305,972
Investments sold		610,556		2,684		2,510,850		43,710		2,365,975		–
Investments sold on an extended settlement basis		–		15,165		–		–		11,720		–
Receipts on swap contracts		–		–		–		–		–		–
Securites lending income		23,262		114,781		4,338		6,316		10,889		696
Prepaid expenses and other assets		25,018		41,689		16,348		8,110		259,842		9,427
Due from investment adviser for expense reimbursements/fee waivers		31,428		–		–		6,343		–		11,992
Variation margin on futures contracts		–		174,305		–		–		640,845		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–
TOTAL ASSETS		303,266,917		1,201,467,392		263,424,573		114,682,248		4,985,493,935		122,749,245
LIABILITIES:
Payable for:
Fund shares reacquired		65,480		95,166		58,971		4,661		2,459,013		18,699
Investments purchased		623,449		5,642		195,761		395,126		9,230,116		–
Investments purchased on an extended settlement basis		–		2,684		–		–		–		–
Payments on swap contracts		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–
Investment advisory and management fees		218,049		280,472		162,155		77,017		970,646		77,393
Administrative service fee		16,305		63,865		14,421		6,043		268,997		6,618
Transfer agent fees and expenses		185		1,043		369		184		1,268		430
Directors’ fees and expenses		18,805		35,544		6,739		3,224		173,111		4,294
Other accrued expenses		76,787		183,105		48,489		38,893		395,258		39,976
Variation margin on futures contracts		–		–		–		–		–		–
Collateral upon return of securities loaned		3,003,475		25,402,028		3,213,630		2,424,256		2,233		–
Due to custodian		–		–		–		–		–		–
Due to broker		–		–		–		–		–		–
Call and put options written, at value@		–		–		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–
Swap premiums received		–		–		–		–		–		–
Unrealized depreciation on swap contracts		–		–		–		–		–		–
TOTAL LIABILITIES		4,022,535		26,069,549		3,700,535		2,949,404		13,500,642		147,410
NET ASSETS	$	299,244,382	$	1,175,397,843	$	259,724,038	$	111,732,844	$	4,971,993,293	$	122,601,835
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	263,831	$	546,033	$	198,701	$	82,084	$	1,225,101	$	68,030
Additional paid-in capital		221,357,820		724,148,864		205,418,597		77,754,086		2,052,349,876		92,307,002
Total distributable earnings (loss)		77,622,731		450,702,946		54,106,740		33,896,674		2,918,418,316		30,226,803
NET ASSETS	$	299,244,382	$	1,175,397,843	$	259,724,038	$	111,732,844	$	4,971,993,293	$	122,601,835
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		26,383,056		54,603,341		19,870,072		8,208,414		122,510,076		6,803,042
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.34	$	21.53	$	13.07	$	13.61	$	40.58	$	18.02
*  Cost
Investment securities (unaffiliated)	$	259,571,733	$	911,063,869	$	240,887,339	$	105,580,156	$	2,274,329,371	$	96,071,584
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	6,494,174	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–	$	–
@ Premiums received on options written	$	–	$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	40,672,081	$	203,215,729	$	33,019,740	$	21,340,828	$	50,848,076	$	4,020,556

See Notes to Financial Statements

234

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2018 (unaudited)

	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)	$	1,127,835		$	2,955,719		$	650,683		$	10,622		$	2,366,414		$	14,691,814		$	–
Dividends (affiliated)		–			–			–			–			–			–			699,962
Securities lending income		34,877			68,313			4,527			10,640			18,377			134,962			–
Interest (unaffiliated)		594,783			37,224			280			3,962,550			1,183			28,246			516,744
Total investment income*		1,757,495			3,061,256			655,490			3,983,812			2,385,974			14,855,022			1,216,706
EXPENSES:
Investment advisory and management fees		402,899			2,925,747			208,392			617,624			1,030,433			3,245,240			298,781
Administrative service fee		53,871			270,430			19,902			82,614			86,290			307,535			14,837
Transfer agent fees and expenses		547			1,242			728			1,275			497			1,277			364
Custodian fees		68,529			16,707			10,192			34,829			10,972			34,603			9,171
Reports to shareholders		9,247			48,938			3,446			14,475			14,945			55,789			13,131
Audit and tax fees		29,647			18,391			18,376			25,003			18,381			18,427			18,687
Legal fees		7,744			8,937			3,463			4,686			7,373			10,081			5,724
Directors’ fees and expenses		3,312			16,578			1,325			5,178			4,634			18,654			4,933
Interest expense		11,793			–			581			–			245			2,738			–
License fee		299			299			299			299			299			299			299
Other expenses		37,676			17,081			6,287			13,989			9,499			18,346			4,815
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		625,564			3,324,350			272,991			799,972			1,183,568			3,712,989			370,742
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(19,944	)		–			(232,345	)		–			(5,653	)
Fees paid indirectly (Note 7)		(1,985	)		–			(1,357	)		–			–			–			–
Net expenses		623,579			3,324,350			251,690			799,972			951,223			3,712,989			365,089
Net investment income (loss)		1,133,916			(263,094	)		403,800			3,183,840			1,434,751			11,142,033			851,617
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		1,195,918			41,155,394			4,975,335			(2,001,448	)		6,050,088			34,151,776			(779,618	)
Investments (affiliated)		–			–			–			–			–			–			1,696,106
Futures contracts		1,019,044			–			–			–			–			–			(1,117,525	)
Forward contracts		(904,451	)		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			503,715
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			1,337,181
Net realized foreign exchange gain (loss) on other assets and liabilities		(14,770	)		733			(134	)		–			(640	)		8,977			–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		1,295,741			41,156,127			4,975,201			(2,001,448	)		6,049,448			34,160,753			1,639,859
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(10,007,711	)		(39,951,124	)		(4,893,047	)		(3,118,480	)		(1,263,380	)		(2,535,617	)		(408,742	)
Investments (affiliated)		–			–			–			–			–			–			(5,040,512	)
Futures contracts		(149,846	)		–			–			–			–			–			1,048,372
Forward contracts		155,226			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			(133,777	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(48,849	)		(28	)		37			–			(6	)		2,976			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(10,051,180	)		(39,951,152	)		(4,893,010	)		(3,118,480	)		(1,263,386	)		(2,532,641	)		(4,534,659	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(8,755,439	)		1,204,975			82,191			(5,119,928	)		4,786,062			31,628,112			(2,894,800	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,621,523	)	$	941,881		$	485,991		$	(1,936,088	)	$	6,220,813		$	42,770,145		$	(2,043,183	)
*  Net of foreign withholding taxes on interest and dividends of	$	37,083		$	2,751		$	4,097		$	947		$	22,933		$	115,134		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

235

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2018 (unaudited) — (continued)

	EMERGING ECONOMIES FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	15,518,008		$	5,842,577		$	4,287,582		$	2,270,928		$	–		$	–		$	6,141,949
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		149,384			22,833			8,558			20,388			–			1,300			52,221
Interest (unaffiliated)		16,375			48,681			38,092			3,855,200			3,255,088			1,725,652			5,228
Total investment income*		15,683,767			5,914,091			4,334,232			6,146,516			3,255,088			1,726,952			6,199,398
EXPENSES:
Investment advisory and management fees		2,838,857			1,390,598			1,039,297			955,577			652,694			300,085			4,313,426
Administrative service fee		249,632			126,806			138,966			127,768			109,070			40,121			419,109
Transfer agent fees and expenses		2,233			1,275			1,094			547			2,199			1,003			911
Custodian fees		210,850			25,965			32,318			80,157			7,854			18,485			38,604
Reports to shareholders		49,623			18,171			24,122			18,985			15,663			4,618			78,623
Audit and tax fees		23,693			19,714			23,681			25,432			22,132			21,475			18,342
Legal fees		23,951			11,509			6,836			21,436			3,916			7,090			16,124
Directors’ fees and expenses		15,625			7,939			8,636			7,804			2,811			2,424			25,708
Interest expense		332			–			6,993			–			–			–			228
License fee		299			299			299			299			299			299			299
Other expenses		11,597			7,150			21,174			13,603			9,301			5,100			24,951
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,426,692			1,609,426			1,303,416			1,251,608			825,939			400,700			4,936,325
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			–			–			(313,485	)
Fees paid indirectly (Note 7)		(1,186	)		(63	)		–			(410	)		–			–			–
Net expenses		3,425,506			1,609,363			1,303,416			1,251,198			825,939			400,700			4,622,840
Net investment income (loss)		12,258,261			4,304,728			3,030,816			4,895,318			2,429,149			1,326,252			1,576,558
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(11,165,775	)		2,063,854			9,177,841			13,354,218			(412	)		54,613			37,013,702
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			–			464,071			–			–			–			(107,484	)
Forward contracts		–			–			–			6,550,814			–			–			501,075
Swap contracts		–			–			–			(38,712	)		–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(72,237	)		(12,867	)		(65,224	)		(200,911	)		–			–			2,933
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(11,238,012	)		2,050,987			9,576,688			19,665,409			(412	)		54,613			37,410,226
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(96,513,720	)		(9,187,426	)		(20,654,045	)		(32,647,909	)		–			(1,258,127	)		(55,588,608	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		(35,528	)		–			172,160			–			–			–			–
Forward contracts		–			–			–			(425,903	)		–			–			(167,999	)
Swap contracts		–			–			–			853,341			–			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(24,656	)		11,430			50,959			110,713			–			–			(361	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		639,892			–			–			(2,206	)		–			–			6,322
Net unrealized gain (loss) on investments and foreign currencies		(95,934,012	)		(9,175,996	)		(20,430,926	)		(32,111,964	)		–			(1,258,127	)		(55,750,646	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(107,172,024	)		(7,125,009	)		(10,854,238	)		(12,446,555	)		(412	)		(1,203,514	)		(18,340,420	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(94,913,763	)	$	(2,820,281	)	$	(7,823,422	)	$	(7,551,237	)	$	2,428,737		$	122,738		$	(16,763,862	)
*  Net of foreign withholding taxes on interest and dividends of	$	1,943,681		$	241,474		$	174,252		$	201,599		$	–		$	–		$	75,434
** Net of foreign withholding taxes on capital gains of	$	393,121		$	–		$	–		$	13,065		$	–		$	–		$	–

See Notes to Financial Statements

236

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2018 (unaudited) — (continued)

	GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			INTERNATIONAL VALUE FUND#
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,154,895		$	2,741,130		$	5,104		$	12,872,970		$	–		$	2,117,748		$	8,563,872
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		2,040			244,622			18,091			194,851			8,229			36,854			126,598
Interest (unaffiliated)		1,692			36,470			9,419,372			55,751			3,042,910			–			166,458
Total investment income*		1,158,627			3,022,222			9,442,567			13,123,572			3,051,139			2,154,602			8,856,928
EXPENSES:
Investment advisory and management fees		490,110			3,955,439			1,412,332			1,752,934			510,869			2,151,794			2,759,042
Administrative service fee		43,685			269,504			204,601			404,539			68,311			155,191			272,851
Transfer agent fees and expenses		1,094			728			1,275			2,704			1,276			1,275			1,457
Custodian fees		13,016			37,434			21,666			93,583			20,036			66,173			65,416
Reports to shareholders		7,683			44,715			31,936			83,239			12,276			41,850			87,637
Audit and tax fees		19,214			19,337			22,529			36,975			24,696			40,017			23,688
Legal fees		3,963			8,271			11,473			13,489			4,960			116,426			10,849
Directors’ fees and expenses		2,725			16,643			12,009			25,021			4,309			9,553			17,047
Interest expense		170			–			–			16,784			819			–			2,730
License fee		299			299			299			121,009			299			299			299
Other expenses		9,235			23,469			17,274			16,729			12,972			18,640			10,337
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		591,194			4,375,839			1,735,394			2,567,006			660,823			2,601,218			3,251,353
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(35,736	)		(165,043	)		–			–			–			(464,249	)		(121,311	)
Fees paid indirectly (Note 7)		(756	)		–			–			–			–			–			–
Net expenses		554,702			4,210,796			1,735,394			2,567,006			660,823			2,136,969			3,130,042
Net investment income (loss)		603,925			(1,188,574	)		7,707,173			10,556,566			2,390,316			17,633			5,726,886
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		7,096,369			35,950,990			(1,090,007	)		28,332,860			(5,031,816	)		(1,950,054	)		20,150,193
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		(50,805	)		–			–			(1,752,617	)		–			–			–
Forward contracts		–			–			–			–			–			–			(39,382	)
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			864			(27,078	)		(281,062	)		(72,096	)		(59,381	)		(298,388	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			2,916			–
Net realized gain (loss) on investments and foreign currencies		7,045,564			35,951,854			(1,117,085	)		26,299,181			(5,103,912	)		(2,006,519	)		19,812,423
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(3,759,283	)		19,209,786			(16,313,552	)		(129,832,241	)		(3,439,902	)		(48,821,314	)		(113,878,729	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		29,413			–			–			450,751			–			–			–
Forward contracts		–			–			–			–			–			–			2,355,639
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(1,791	)		17,490			14,491			21,387			4,809			9,721
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			(76,508	)		84,383
Net unrealized gain (loss) on investments and foreign currencies		(3,729,870	)		19,207,995			(16,296,062	)		(129,366,999	)		(3,418,515	)		(48,893,013	)		(111,428,986	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3,315,694			55,159,849			(17,413,147	)		(103,067,818	)		(8,522,427	)		(50,899,532	)		(91,616,563	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,919,619		$	53,971,275		$	(9,705,974	)	$	(92,511,252	)	$	(6,132,111	)	$	(50,881,899	)	$	(85,889,677	)
*  Net of foreign withholding taxes on interest and dividends of	$	309		$	9,420		$	3		$	1,011,469		$	(1,208	)	$	193,594		$	707,931
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	179,161
# See Note 1

See Notes to Financial Statements

237

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2018 (unaudited) — (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)	$	1,635,429		$	3,127,103		$	28,387,827		$	1,173,775		$	2,434,671		$	4,164,604		$	295,821
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		548			20,906			597,121			32,705			31,724			210,181			56,791
Interest (unaffiliated)		8,136			26,289			219,746			42,008			69,035			248,374			8,471
Total investment income*		1,644,113			3,174,298			29,204,694			1,248,488			2,535,430			4,623,159			361,083
EXPENSES:
Investment advisory and management fees		640,433			1,487,591			4,459,380			1,025,872			984,629			6,144,485			688,414
Administrative service fee		61,162			155,375			1,155,393			99,062			168,966			473,401			54,141
Transfer agent fees and expenses		1,310			996			3,280			1,275			2,523			2,524			547
Custodian fees		13,418			8,789			64,008			11,308			16,685			66,261			16,022
Reports to shareholders		10,391			27,455			194,750			22,236			32,570			94,645			11,030
Audit and tax fees		18,394			18,377			19,260			18,272			19,185			17,862			18,308
Legal fees		4,546			6,400			49,687			5,607			6,989			15,464			4,394
Directors’ fees and expenses		3,766			9,373			71,573			6,124			10,355			29,418			3,434
Interest expense		–			–			2,574			–			936			629			–
License fee		299			299			17,283			299			101,109			299			299
Other expenses		7,668			10,884			64,227			10,581			7,841			37,614			7,225
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		761,387			1,725,539			6,101,415			1,200,636			1,351,788			6,882,602			803,814
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			(11,151	)		–			(2,016	)
Fees paid indirectly (Note 7)		(5,599	)		–			–			(3,228	)		–			(24,481	)		(3,765	)
Net expenses		755,788			1,725,539			6,101,415			1,197,408			1,340,637			6,858,121			798,033
Net investment income (loss)		888,325			1,448,759			23,103,279			51,080			1,194,793			(2,234,962	)		(436,950	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		8,183,718			10,779,481			154,665,601			6,314,399			3,400,365			96,445,336			11,353,830
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			–			(1,785,783	)		–			1,534,119			–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		146			1,225			–			(2,001	)		–			(27,796	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		8,183,864			10,780,706			152,879,818			6,312,398			4,934,484			96,417,540			11,353,830
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(4,493,694	)		8,848,156			(269,127,167	)		(10,183,798	)		(5,075,960	)		(182,140,338	)		(23,596,059	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			–			(5,108,837	)		–			(2,163,487	)		–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(1,185	)		–			852			–			(27,965	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(4,493,694	)		8,846,971			(274,236,004	)		(10,182,946	)		(7,239,447	)		(182,168,303	)		(23,596,059	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3,690,170			19,627,677			(121,356,186	)		(3,870,548	)		(2,304,963	)		(85,750,763	)		(12,242,229	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,578,495		$	21,076,436		$	(98,252,907	)	$	(3,819,468	)	$	(1,110,170	)	$	(87,985,725	)	$	(12,679,179	)
*  Net of foreign withholding taxes on interest and dividends of	$	6,121		$	53,118		$	13,842		$	12,603		$	–		$	182,637		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

238

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2018 (unaudited) — (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)	$	1,853,378		$	8,656,384		$	2,624,948		$	352,196		$	52,907,595		$	1,438,047
Dividends (affiliated)		–			–			–			–			–			–
Securities lending income		193,029			1,018,977			35,899			39,131			97,013			7,803
Interest (unaffiliated)		24,874			113,903			10,823			16,170			159,635			4,513
Total investment income*		2,071,281			9,789,264			2,671,670			407,497			53,164,243			1,450,363
EXPENSES:
Investment advisory and management fees		1,431,405			1,839,946			1,133,190			509,223			6,081,324			475,172
Administrative service fee		107,650			424,994			101,013			40,050			1,707,635			40,721
Transfer agent fees and expenses		546			3,281			1,094			547			3,662			1,275
Custodian fees		25,899			57,546			9,755			5,571			80,667			8,820
Reports to shareholders		18,601			67,606			19,179			7,220			304,563			7,405
Audit and tax fees		18,602			19,135			18,325			18,440			19,360			18,354
Legal fees		5,854			11,188			5,123			4,038			96,558			4,160
Directors’ fees and expenses		6,809			27,824			6,352			2,562			104,238			2,511
Interest expense		–			2,092			–			–			5,644			–
License fee		299			50,856			299			299			25,545			299
Other expenses		23,088			24,478			12,224			7,041			74,108			6,151
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,638,753			2,528,946			1,306,554			594,991			8,503,304			564,868
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(141,199	)		–			–			(41,936	)		–			(47,054	)
Fees paid indirectly (Note 7)		(1,437	)		–			(10,462	)		–			–			(231	)
Net expenses		1,496,117			2,528,946			1,296,092			553,055			8,503,304			517,583
Net investment income (loss)		575,164			7,260,318			1,375,578			(145,558	)		44,660,939			932,780
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		16,553,941			86,766,969			12,987,854			10,555,063			148,601,405			4,832,898
Investments (affiliated)		–			–			–			–			63,069			–
Futures contracts		–			2,158,699			–			–			3,215,551			–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		435			37			–			–			–			(1,900	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		16,554,376			88,925,705			12,987,854			10,555,063			151,880,025			4,830,998
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(21,835,534	)		(161,421,431	)		(29,812,196	)		(12,122,977	)		(53,229,141	)		(4,924,438	)
Investments (affiliated)		–			–			–			–			(1,867,119	)		–
Futures contracts		–			(3,737,360	)		–			–			1,101,548			–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(1	)		–			–			–			–			(37	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(21,835,535	)		(165,158,791	)		(29,812,196	)		(12,122,977	)		(53,994,712	)		(4,924,475	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(5,281,159	)		(76,233,086	)		(16,824,342	)		(1,567,914	)		97,885,313			(93,477	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,705,995	)	$	(68,972,768	)	$	(15,448,764	)	$	(1,713,472	)	$	142,546,252		$	839,303
*  Net of foreign withholding taxes on interest and dividends of	$	6,115		$	2,883		$	3,029		$	–		$	76		$	6,449
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

239

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 Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,133,916		$	2,364,467		$	(263,094	)	$	(517,221	)	$	403,800		$	724,186		$	3,183,840		$	5,114,502
Net realized gain (loss) on investments and foreign currencies		1,295,741			11,066,363			41,156,127			91,974,141			4,975,201			4,376,539			(2,001,448	)		113,239
Net unrealized gain (loss) on investments and foreign currencies		(10,051,180	)		804,074			(39,951,152	)		87,961,568			(4,893,010	)		613,558			(3,118,480	)		(7,502,995	)
Net increase (decrease) in net assets resulting from operations		(7,621,523	)		14,234,904			941,881			179,418,488			485,991			5,714,283			(1,936,088	)		(2,275,254	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(9,363,224	)		–			(44,729,191	)		–			(4,899,434	)		–			(5,533,689	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(6,970,232	)		(973,761	)		7,813,126			(34,869,574	)		(5,233,929	)		2,377,357			(17,037,892	)		27,829,989
TOTAL INCREASE (DECREASE) IN NET ASSETS		(14,591,755	)		3,897,919			8,755,007			99,819,723			(4,747,938	)		3,192,206			(18,973,980	)		20,021,046
NET ASSETS:
Beginning 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
End of period	$	151,073,604		$	165,665,359		$	788,091,006		$	779,335,999		$	54,783,608		$	59,531,546		$	236,110,303		$	255,084,283

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(2,578,966	)	$	(464,379	)	$	(982,133	)	$	(4,881,977	)
Net Realized Gain on Securities		(6,784,258	)		(44,264,812	)		(3,917,301	)		(651,712	)
Total distributions to shareholders	$	(9,363,224	)	$	(44,729,191	)	$	(4,899,434	)	$	(5,533,689	)

See Notes to Financial Statements

240

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND						EMERGING ECONOMIES FUND
	For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,434,751		$	2,787,221		$	11,142,033		$	16,853,516		$	851,617		$	2,451,189		$	12,258,261		$	14,556,417
Net realized gain (loss) on investments and foreign currencies		6,049,448			29,359,748			34,160,753			94,280,648			1,639,859			14,443,270			(11,238,012	)		61,608,570
Net unrealized gain (loss) on investments and foreign currencies		(1,263,386	)		3,928,974			(2,532,641	)		(55,243,291	)		(4,534,659	)		6,213,878			(95,934,012	)		15,242,666
Net increase (decrease) in net assets resulting from operations		6,220,813			36,075,943			42,770,145			55,890,873			(2,043,183	)		23,108,337			(94,913,763	)		91,407,653
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(21,738,619	)		–			(45,267,581	)		–			(12,855,277	)		–			(12,115,507	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(13,830,649	)		(3,023,337	)		(40,882,961	)		64,858,084			(18,261,337	)		(15,050,927	)		(30,721,701	)		29,067,088
TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,609,836	)		11,313,987			1,887,184			75,481,376			(20,304,520	)		(4,797,867	)		(125,635,464	)		108,359,234
NET ASSETS:
Beginning 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
End of period	$	245,350,677		$	252,960,513		$	886,067,470		$	884,180,286		$	223,527,465		$	243,831,985		$	691,596,842		$	817,232,306

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(2,794,422	)	$	(15,413,785	)	$	(3,194,315	)	$	(12,115,507	)
Net Realized Gain on Securities		(18,944,197	)		(29,853,796	)		(9,660,962	)		–
Total distributions to shareholders	$	(21,738,619	)	$	(45,267,581	)	$	(12,855,277	)	$	(12,115,507	)

See Notes to Financial Statements

241

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GLOBAL REAL ESTATE FUND						GLOBAL SOCIAL AWARENESS FUND						GLOBAL STRATEGY FUND						GOVERNMENT MONEY MARKET I FUND
	For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,304,728		$	8,845,446		$	3,030,816		$	6,249,870		$	4,895,318		$	11,790,104		$	2,429,149		$	2,316,857
Net realized gain (loss) on investments and foreign currencies		2,050,987			8,435,494			9,576,688			9,962,794			19,665,409			21,023,299			(412	)		(17,092	)
Net unrealized gain (loss) on investments and foreign currencies		(9,175,996	)		5,628,410			(20,430,926	)		33,248,148			(32,111,964	)		(12,957,332	)		–			–
Net increase (decrease) in net assets resulting from operations		(2,820,281	)		22,909,350			(7,823,422	)		49,460,812			(7,551,237	)		19,856,071			2,428,737			2,299,765
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(18,582,951	)		–			(7,163,295	)		–			(5,241,605	)		(2,429,032	)		(2,316,563	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		35,028,218			(28,240,730	)		(50,966,429	)		(30,409,838	)		(25,854,840	)		(44,302,111	)		30,230,138			(19,057,602	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		32,207,937			(23,914,331	)		(58,789,851	)		11,887,679			(33,406,077	)		(29,687,645	)		30,229,843			(19,074,400	)
NET ASSETS:
Beginning of period		363,223,089			387,137,420			428,451,983			416,564,304			389,637,506			419,325,151			311,708,127			330,782,527
End of period	$	395,431,026		$	363,223,089		$	369,662,132		$	428,451,983		$	356,231,429		$	389,637,506		$	341,937,970		$	311,708,127

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(14,266,046	)	$	(7,163,295	)	$	–		$	(2,316,563	)
Net Realized Gain on Securities		(4,316,905	)		–			(5,241,605	)		–
Total distributions to shareholders	$	(18,582,951	)	$	(7,163,295	)	$	(5,241,605	)	$	(2,316,563	)

See Notes to Financial Statements

242

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT SECURITIES FUND						GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND
	For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,326,252		$	2,823,538		$	1,576,558		$	4,734,639		$	603,925		$	1,111,777		$	(1,188,574	)	$	(1,765,928	)
Net realized gain (loss) on investments and foreign currencies		54,613			77,920			37,410,226			89,476,870			7,045,564			12,299,348			35,951,854			65,429,789
Net unrealized gain (loss) on investments and foreign currencies		(1,258,127	)		(4,504,096	)		(55,750,646	)		118,383,039			(3,729,870	)		1,010,367			19,207,995			70,756,014
Net increase (decrease) in net assets resulting from operations		122,738			(1,602,638	)		(16,763,862	)		212,594,548			3,919,619			14,421,492			53,971,275			134,419,875
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(3,355,071	)		–			(49,138,428	)		–			(5,599,507	)		–			(88,495,403	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		17,160,557			(19,077,336	)		52,012,763			37,932,412			(7,189,426	)		(1,165,023	)		(21,027,646	)		25,669,542
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,283,295			(24,035,045	)		35,248,901			201,388,532			(3,269,807	)		7,656,962			32,943,629			71,594,014
NET ASSETS:
Beginning of period		121,424,727			145,459,772			1,202,649,212			1,001,260,680			128,172,409			120,515,447			769,232,691			697,638,677
End of period	$	138,708,022		$	121,424,727		$	1,237,898,113		$	1,202,649,212		$	124,902,602		$	128,172,409		$	802,176,320		$	769,232,691

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(3,355,071	)	$	(6,747,775	)	$	(1,175,306	)	$	–
Net Realized Gain on Securities		–			(42,390,653	)		(4,424,201	)		(88,495,403	)
Total distributions to shareholders	$	(3,355,071	)	$	(49,138,428	)	$	(5,599,507	)	$	(88,495,403	)

See Notes to Financial Statements

243

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INFLATION PROTECTED FUND						INTERNATIONAL EQUITIES INDEX FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH FUND
	For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,707,173		$	14,307,250		$	10,556,566		$	33,330,910		$	2,390,316		$	3,987,808		$	17,633		$	2,646,601
Net realized gain (loss) on investments and foreign currencies		(1,117,085	)		2,995,992			26,299,181			17,382,833			(5,103,912	)		1,729,560			(2,006,519	)		116,147,400
Net unrealized gain (loss) on investments and foreign currencies		(16,296,062	)		(9,917,134	)		(129,366,999	)		40,097,997			(3,418,515	)		(5,985,179	)		(48,893,013	)		(41,251,757	)
Net increase (decrease) in net assets resulting from operations		(9,705,974	)		7,386,108			(92,511,252	)		90,811,740			(6,132,111	)		(267,811	)		(50,881,899	)		77,542,244
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(17,222,662	)		–			(27,087,828	)		–			(1,876,878	)		–			(12,706,702	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		94,903,930			(26,672,263	)		(139,022,001	)		130,397,633			(21,619,432	)		35,950,420			(2,373,208	)		(13,137,209	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		85,197,956			(36,508,817	)		(231,533,253	)		194,121,545			(27,751,543	)		33,805,731			(53,255,107	)		51,698,333
NET ASSETS:
Beginning of period		595,042,926			631,551,743			1,287,986,652			1,093,865,107			219,748,420			185,942,689			490,920,625			439,222,292
End of period	$	680,240,882		$	595,042,926		$	1,056,453,399		$	1,287,986,652		$	191,996,877		$	219,748,420		$	437,665,518		$	490,920,625

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(11,648,724	)	$	(27,087,828	)	$	(1,811,048	)	$	(5,977,648	)
Net Realized Gain on Securities		(5,573,938	)		–			(65,830	)		(6,729,054	)
Total distributions to shareholders	$	(17,222,662	)	$	(27,087,828	)	$	(1,876,878	)	$	(12,706,702	)

See Notes to Financial Statements

244

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL VALUE FUND#						LARGE CAP CORE FUND						LARGE CAPITAL GROWTH FUND					MID CAP INDEX FUND
	For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)		For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,726,886		$	17,192,495		$	888,325		$	1,590,051		$	1,448,759	$	3,042,371		$	23,103,279		$	42,948,675
Net realized gain (loss) on investments and foreign currencies		19,812,423			(3,027,026	)		8,183,864			14,036,052			10,780,706		29,832,423			152,879,818			297,775,351
Net unrealized gain (loss) on investments and foreign currencies		(111,428,986	)		12,467,733			(4,493,694	)		406,370			8,846,971		31,584,585			(274,236,004	)		129,051,040
Net increase (decrease) in net assets resulting from operations		(85,889,677	)		26,633,202			4,578,495			16,032,473			21,076,436		64,459,379			(98,252,907	)		469,775,066
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(17,026,333	)		–			(10,658,752	)		–		(24,116,708	)		–			(251,922,042	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(60,306,953	)		(16,355,367	)		(11,072,965	)		3,348,553			4,058,793		(11,275,883	)		(34,053,178	)		(176,502,281	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(146,196,630	)		(6,748,498	)		(6,494,470	)		8,722,274			25,135,229		29,066,788			(132,306,085	)		41,350,743
NET ASSETS:
Beginning of period		869,416,443			876,164,941			180,349,196			171,626,922			444,632,694		415,565,906			3,434,089,151			3,392,738,408
End of period	$	723,219,813		$	869,416,443		$	173,854,726		$	180,349,196		$	469,767,923	$	444,632,694		$	3,301,783,066		$	3,434,089,151

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(17,026,333	)	$	(1,779,731	)	$	(2,630,596	)	$	(36,471,433	)
Net Realized Gain on Securities		–			(8,879,021	)		(21,486,112	)		(215,450,609	)
Total distributions to shareholders	$	(17,026,333	)	$	(10,658,752	)	$	(24,116,708	)	$	(251,922,042	)

# See Note 1

See Notes to Financial Statements

245

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 Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	51,080		$	99,961		$	1,194,793		$	2,122,593		$	(2,234,962	)	$	(4,083,723	)	$	(436,950	)	$	(807,858	)
Net realized gain (loss) on investments and foreign currencies		6,312,398			27,092,574			4,934,484			8,724,040			96,417,540			275,792,396			11,353,830			22,882,394
Net unrealized gain (loss) on investments and foreign currencies		(10,182,946	)		21,131,738			(7,239,447	)		71,186,630			(182,168,303	)		59,620,924			(23,596,059	)		20,365,970
Net increase (decrease) in net assets resulting from operations		(3,819,468	)		48,324,273			(1,110,170	)		82,033,263			(87,985,725	)		331,329,597			(12,679,179	)		42,440,506
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(13,166,234	)		–			(22,097,878	)		–			(111,885,016	)		–			(3,794,440	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,857,617	)		(3,673,803	)		28,260,846			19,177,671			9,605,302			53,829,175			8,829,077			6,132,843
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,677,085	)		31,484,236			27,150,676			79,113,056			(78,380,423	)		273,273,756			(3,850,102	)		44,778,909
NET ASSETS:
Beginning 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
End of period	$	284,977,417		$	291,654,502		$	500,663,694		$	473,513,018		$	1,325,052,351		$	1,403,432,774		$	153,319,723		$	157,169,825

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(248,682	)	$	(2,280,197	)	$	–		$	–
Net Realized Gain on Securities		(12,917,552	)		(19,817,681	)		(111,885,016	)		(3,794,440	)
Total distributions to shareholders	$	(13,166,234	)	$	(22,097,878	)	$	(111,885,016	)	$	(3,794,440	)

See Notes to Financial Statements

246

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 Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	575,164		$	1,278,111		$	7,260,318		$	12,415,698		$	1,375,578		$	3,207,922		$	(145,558	)	$	(241,300	)
Net realized gain (loss) on investments and foreign currencies		16,554,376			25,065,918			88,925,705			92,393,113			12,987,854			29,873,945			10,555,063			15,097,200
Net unrealized gain (loss) on investments and foreign currencies		(21,835,535	)		25,943,654			(165,158,791	)		127,374,952			(29,812,196	)		11,101,173			(12,122,977	)		6,033,180
Net increase (decrease) in net assets resulting from operations		(4,705,995	)		52,287,683			(68,972,768	)		232,183,763			(15,448,764	)		44,183,040			(1,713,472	)		20,889,080
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(49,921,996	)		–			(79,189,905	)		–			(27,811,569	)		–			(4,235,032	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(17,285,832	)		8,166,293			(50,059,213	)		(55,773,275	)		(25,572,454	)		1,765,218			(5,075,749	)		(5,521,385	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(21,991,827	)		10,531,980			(119,031,981	)		97,220,583			(41,021,218	)		18,136,689			(6,789,221	)		11,132,663
NET ASSETS:
Beginning 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
End of period	$	299,244,382		$	321,236,209		$	1,175,397,843		$	1,294,429,824		$	259,724,038		$	300,745,256		$	111,732,844		$	118,522,065

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(802,743	)	$	(11,889,979	)	$	(3,850,441	)	$	–
Net Realized Gain on Securities		(49,119,253	)		(67,299,926	)		(23,961,128	)		(4,235,032	)
Total distributions to shareholders	$	(49,921,996	)	$	(79,189,905	)	$	(27,811,569	)	$	(4,235,032	)

See Notes to Financial Statements

247

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018			For the Six Months Ended November 30, 2018 (Unaudited)			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	44,660,939		$	77,206,847		$	932,780			1,664,552
Net realized gain (loss) on investments and foreign currencies		151,880,025			116,128,701			4,830,998			7,087,770
Net unrealized gain (loss) on investments and foreign currencies		(53,994,712	)		423,697,672			(4,924,475	)		1,025,526
Net increase (decrease) in net assets resulting from operations		142,546,252			617,033,220			839,303			9,777,848
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		–			(251,051,797	)		–			(1,701,685	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(129,055,613	)		50,187,343			6,288,802			(2,934,952	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		13,490,639			416,168,766			7,128,105			5,141,211
NET ASSETS:
Beginning of period		4,958,502,654			4,542,333,888			115,473,730			110,332,519
End of period	$	4,971,993,293		$	4,958,502,654		$	122,601,835		$	115,473,730

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of regulation S-X. Below are the amounts as stated in the May 31, 2018 annual report.

Distributions to shareholders from:
Net Investment Income	$	(78,723,465	)	$	(1,701,685	)
Net Realized Gain on Securities		(172,328,332	)		–
Total distributions to shareholders	$	(251,051,797	)	$	(1,701,685	)

See Notes to Financial Statements

248

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	International Equities Index Fund
Blue Chip Growth Fund	International Government Bond Fund
Broad Cap Value Income Fund	International Growth Fund
Capital Conservation Fund	International Value 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
Global Real Estate Fund	Nasdaq-100® Index Fund
Global Social Awareness Fund	Science & Technology Fund
Global Strategy Fund	Small Cap Aggressive Growth Fund
Government Money Market I Fund	Small Cap Fund
Government Securities Fund	Small Cap Index Fund
Growth Fund	Small Cap Special Values Fund
Growth & Income Fund	Small-Mid Growth Fund
Health Sciences Fund	Stock Index Fund
Inflation Protected Fund	Value Fund

* The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of the underlying funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Funds”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”).

** Effective September 10, 2018, the name of the Foreign Value Fund changed to International Value Fund

Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100^® Index Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)

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

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.

249

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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 November 30, 2018, is reported on a schedule at the end of each Fund’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

For the Government Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Government Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Government Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded over the counter (“OTC”) are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the OTC market are valued at the mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

250

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The Growth Fund and the International Value Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

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

Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

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

Futures: During the period, the Asset Allocation Fund and Dynamic Allocation Fund used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. The Global Social Awareness Fund, Growth 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 at the end of each Fund’s Portfolio of Investments.

Options: During the period, the Dynamic Allocation Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

251

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Interest Rate Swap Agreements: During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of November 30, 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 six months ended November 30, 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 November 30, 2018, please refer to the Portfolio of Investments.

252

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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	$	18,778	$	—	$	22,837	$	—	$	221,851	$	263,466
Dynamic Allocation		—		—		155,100		827,976		—		983,076
Emerging Economies		—		—		—		—		—		—
Global Social Awareness		—		—		19,740		—		—		19,740
Global Strategy		—		1,853,921		—		—		2,192,941		4,046,862
Growth		—		—		—		—		265,370		265,370
Growth & Income		—		—		4,935		—		—		4,935
International Equities Index		—		—		—		—		—		—
International Value		—		—		—		—		2,355,639		2,355,639
Mid Cap Index		—		—		780,000		—		—		780,000
Nasdaq-100 Index		—		—		218,950		—		—		218,950
Small Cap Index		—		—		174,305		—		—		174,305
Stock Index		—		—		640,845		—		—		640,845

	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	$	—	$	—	$	37,199	$	—	$	770,224	$	807,423
Dynamic Allocation		`      —		—		—		212,272		—		212,272
Emerging Economies		—		—		17,160		—		—		17,160
Global Social Awareness		—		—		—		—		—		—
Global Strategy		—		—		—		—		433,394		433,394
Growth		—		—		—		—		23,600		23,600
Growth & Income		—		—		—		—		—		—
International Equities Index		—		—		104,850		—		—		104,850
International Value		—		—		—		—		—		—
Mid Cap Index		—		—		—		—		—		—
Nasdaq-100 Index		—		—		—		—		—		—
Small Cap Index		—		—		—		—		—		—
Stock Index		—		—		—		—		—		—

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	$	241,715
Dynamic Allocation		449,166
Emerging Economies		(35,528	)
Global Social Awareness		(2,891	)
Growth & Income		21,291
International Equities Index		(60,220	)
Mid Cap Index		(4,513,058	)
Nasdaq-100 Index		(2,225,660	)
Small Cap Index		(2,165,921	)
Stock Index		654,190

253

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts					Equity Contracts						Foreign Exchange Contracts
Fund	Futures Contracts(1)		Swap Contracts(2)			Futures Contracts(1)			Options*			Foreign  Exchange Contracts(3)			Total
Asset Allocation	$	158,505	$	—		$	860,539		$	—		$	(904,451	)	$	114,593
Dynamic Allocation		—		—			(1,117,525	)		162,318			—			(955,207	)
Emerging Economies		—		—			—			—			—			—
Global Social Awareness		—		—			464,071			—			—			464,071
Global Strategy		—		(38,712	)		—			—			6,550,814			6,512,102
Growth		—		—			(107,484	)		—			501,075			393,591
Growth & Income		—		—			(50,805	)		—			—			(50,805	)
International Equities Index		—		—			(1,752,617	)		—			—			(1,752,617	)
International Value		—		—			—			—			(39,382	)		(39,382	)
Mid Cap Index		—		—			(1,785,783	)		—			—			(1,785,783	)
Nasdaq-100 Index		—		—			1,534,119			—			—			1,534,119
Small Cap Index		—		—			2,158,699			—			—			2,158,699
Stock Index		—		—			3,215,551			—			—			3,215,551
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts					Equity Contracts						Foreign Exchange Contracts
Fund	Futures Contracts(4)		Swap Contracts(5)			Futures Contracts(4)			Options*			Foreign Exchange Contracts(6)			Total
Asset Allocation	$	25,159	$	—		$	(175,005	)	$	—		$	155,226		$	5,380
Dynamic Allocation		—		—			1,048,372			(613,206	)		—			435,166
Emerging Economies		—		—			(35,528	)		—			—			(35,528	)
Global Social Awareness		—		—			172,160			—			—			172,160
Global Strategy		—		853,341			—			—			(425,903	)		427,438
Growth		—		—			—			—			(167,999	)		(167,999	)
Growth & Income		—		—			29,413			—			—			29,413
International Equities Index		—		—			450,751			—			—			450,751
International Value		—		—			—			—			2,355,639			2,355,639
Mid Cap Index		—		—			(5,108,837	)		—			—			(5,108,837	)
Nasdaq-100 Index		—		—			(2,163,487	)		—			—			(2,163,487	)
Small Cap Index		—		—			(3,737,360	)		—			—			(3,737,360	)
Stock Index		—		—			1,101,548			—			—			1,101,548

* 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
Fund	Options Purchased(7)			Options Written(8)		Options Purchased(9)			Options Written(10)
Dynamic Allocation	$	(341,397	)	$	503,715	$	(479,429	)	$	(133,777	)

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

254

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2018.

	Average Amount Outstanding During the Period
Fund	Futures Contracts(2)		Foreign Exchange Contracts(2)		Purchased Put Options Contracts(1)		Written Call Options Contracts(1)		Interest  Rate Swap Contracts(2)
Asset Allocation	$	28,947,957	$	40,474,597	$	—	$	—	$	—
Dynamic Allocation		89,159,592		—		1,014,724		439,291		—
Emerging Economies		1,099,560		—		—		—		—
Global Social Awareness		12,306,811		—		—		—		—
Global Strategy		—		134,595,415		—		—		33,055,000
Growth		1,038,345		9,690,678		—		—		—
Growth & Income		1,451,073		—		—		—		—
International Equities Index		15,621,025		—		—		—		—
International Value		—		44,443,881		—		—		—
Mid Cap Index		97,195,775		—		—		—		—
Nasdaq-100 Index		30,372,751		—		—		—		—
Small Cap Index		32,097,765		—		—		—		—
Stock Index		78,913,281		—		—		—		—

(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 November 30, 2018. The repurchase agreements held by the Funds and the securities on loan as of November 30, 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
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
Morgan Stanley & Co. International PLC	$	73,501	$	—	$	—	$	73,501	$	9,463	$	—	$	—	$	9,463	$	64,038		$	—	$	64,038
Morgan Stanley Capital Services, Inc.		148,350		—		—		148,350		760,761		—		—		760,761		(612,411	)		612,411		—
Total	$	221,851	$	—	$	—	$	221,851	$	770,224	$	—	$	—	$	770,224	$	(548,373	)	$	612,411	$	64,038

(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
Citibank N.A.	$	—	$	—	$	200,721	$	200,721	$	—	$	—	$	51,460	$	51,460	$	149,261		$(149,261	)	$	—
Deutsche Bank		—		—		275,992		275,992		—		—		70,757		70,757		205,235		(205,235	)		—
Goldman Sachs International		—		—		125,451		125,451		—		—		32,162		32,162		93,289		(93,289	)		—
UBS AG		—		—		225,812		225,812		—		—		57,893		57,893		167,919		—			167,919
Total	$	—	$	—	$	827,976	$	827,976	$	—	$	—	$	212,272	$	212,272	$	615,704	$	(447,785	)	$	167,919

(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.

255

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) —   (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.	$	117,719	$	—	$	—	$	117,719	$	6,316	$	—	$	—	$	6,316	$	111,403		$	—		$	111,403
Barclays Bank PLC		76,924		—		—		76,924		1,093		—		—		1,093		75,831			—			75,831
BNP Paribas SA		—		—		—		—		455		—		—		455		(455	)		—			(455	)
Citibank N.A.		466,390		—		—		466,390		53,464		—		—		53,464		412,926			(120,076	)		292,850
Deutsch Bank AG		392,289		—		—		392,289		34,627		—		—		34,627		357,662			—			357,662
Goldman Sachs International		18,726		—		—		18,726		—		—		—		—		18,726			—			18,726
HSBC Bank PLC		332,163		—		—		332,163		51,544		—		—		51,544		280,619			—			280,619
JPMorgan Chase Bank N.A.		552,404		—		—		552,404		285,895		—		—		285,895		266,509			(266,509	)		—
Morgan Stanley and Co., Inc.		2,705		—		—		2,705		—		—		—		—		2,705			—			2,705
Standard Chartered Bank		162,669		—		—		162,669		—		—		—		—		162,669			(162,669	)		—
UBS AG		70,952		—		—		70,952		—		—		—		—		70,952			—			70,952
Total	$	2,192,941		—	$	—	$	2,192,941	$	433,394	$	—	$	—	$	433,394	$	1,759,547		$	(549,254	)	$	1,210,293

(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
Bank of America N.A.	$	19,002	$	—	$	—	$	19,002	$	4,554	$	—	$	—	$	4,554	$	14,448	$	—	$	14,448
Credit Suisse		220,655		—		—		220,655		16,850		—		—		16,850		203,805		—		203,805
UBS AG		25,713		—		—		25,713		2,196		—		—		2,196		23,517		—		23,517
Total	$	265,370	$	—	$	—	$	265,370	$	23,600	$	—	$	—	$	23,600	$	241,770	$	—	$	241,770

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	International Value Fund																	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
Barclays Bank PLC	$	2,355,639	$	—	$        —	$	2,355,639	$	—	$	—	$	—	$	—	$	2,355,639	$	(1,859,235	)	$	496,404

(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.

256

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund‘s yield.

Mortgage-Backed Dollar Rolls: TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

Investment Securities Loaned: To realize additional income, each Fund, except for the Dynamic Allocation Fund and the Government Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be 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.

257

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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.

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 August 2018, the SEC adopted amendments to certain financial statement disclosure requirements of Regulation S-X to conform them to GAAP for investment companies. The final rule became effective on November 5, 2018. All required changes have been made in accordance with Regulation S-X.

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

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.

258

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund‡	0.80% on the first $250 million
	0.75% on the next $250 million
	0.70% on the next $500 million
	0.65% on assets over $1 billion
Growth & Income Fund	0.75% on the first $500 million
	0.725% on assets over $500 million
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Small Cap Fund	0.90% on the first $250 million
	0.85% on the next $250 million
	0.80% on the next $500 million
	0.75% on assets over $1 billion
Health Sciences Fund*	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth Fund**	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
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%

259

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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
International 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.

** 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.

*** 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.

†† 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.

‡ 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.

260

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

‡‡ Pursuant to an Advisory Fee Wavier Agreement effective September 10, 2018, VALIC has agreed to waive International Value Fund’s advisory fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion.

For the six months ended November 30, 2018, the amount of investment advisory fees waived were as follows:

Fund	Amount
Core Equity	$	232,345
Dynamic Allocation		5,653
Growth		313,485
Health Sciences		165,043
International Growth		464,249
International Value		121,311
Small-Mid Growth		41,936

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.

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 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 (“WellsCap”)*—subadviser for the International Value Fund and Small Cap Special Values Fund.

* Effective September 10, 2018, WellsCap replaced Templeton Global Advisors Limited as subadviser for the International Value 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, 2019. For the purposes of the waived fee and reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. 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”).

261

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Broad Cap Value Income		0.85	%
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 six months ended November 30, 2018, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Broad Cap Value Income	$	19,944
Growth & Income		35,736
Nasdaq-100® Index		11,151
Small Cap Aggressive Growth		2,016
Small Cap		141,199
Value		47,054

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 six months ended November 30, 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 six months ended November 30, 2018, no amount was recouped by VALIC for the Dynamic Allocation Fund.

At November 30, 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@: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the six months ended November 30, 2018, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended November 30, 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 investment options that are specified in the plan as selected by the Directors. For the six months ended November 30, 2018, certain Directors of VC I have deferred $17,325 of director compensation.

@ 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.

262

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

At November 30, 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	%		—	%		—	%		—	%		—	%
Blue Chip Growth		0.01			—			95.25			0.83			1.46			0.20			2.25
Broad Cap Value Income		—			—			83.45			16.55			—			—			—
Capital Conservation		—			—			68.66			6.39			5.07			6.80			13.08
Core Equity		—			—			100.00			—			—			—			—
Dividend Value		—			—			88.63			0.97			3.49			1.48			5.43
Dynamic Allocation		1.54			—			98.46			—			—			—			—
Emerging Economies		0.01			0.00			96.71			0.34			1.68			0.24			1.02
Global Real Estate		—			—			80.16			0.44			8.88			2.30			8.22
Global Social Awareness		0.26			—			99.74			—			—			—			—
Global Strategy		—			—			100.00			—			—			—			—
Government Money Market I		4.53			0.00			95.47			—			—			—			—
Government Securities		0.61			—			73.06			6.54			4.09			5.83			9.87
Growth		—			—			99.35			0.65			—			—			—
Growth & Income		2.38			—			94.55			3.07			—			—			—
Health Sciences		0.01			—			99.99			—			—			—			—
Inflation Protected		—			—			88.47			0.52			3.49			1.96			5.56
International Equities Index		2.82			0.02			91.46			0.39			2.25			0.60			2.46
International Government Bond		—			—			66.39			0.45			8.51			8.66			15.99
International Growth		—			—			93.75			1.32			2.27			0.56			2.10
International Value		0.01			—			92.10			0.80			3.47			0.77			2.85
Large Cap Core		—			—			84.02			4.29			5.04			1.36			5.29
Large Capital Growth		—			—			92.96			1.59			2.15			0.34			2.96
Mid Cap Index		0.62			0.04			97.26			0.12			0.75			0.22			0.99
Mid Cap Strategic Growth		—			—			92.66			—			3.23			0.57			3.54
Nasdaq-100® Index		2.33			0.05			87.51			—			3.49			1.28			5.34
Science & Technology		0.52			0.00			94.24			—			1.84			0.62			2.78
Small Cap Aggressive Growth		—			—			100.00			—			—			—			—
Small Cap Fund		—			—			100.00			—			—			—			—
Small Cap Index		1.92			0.10			97.98			—			—			—			—
Small Cap Special Values		—			—			85.18			—			5.04			2.38			7.40
Small-Mid Growth		—			—			100.00			—			—			—			—
Stock Index		2.21			0.03			92.12			0.56			1.03			0.31			1.56
Value		—			—			65.38			7.50			10.12			2.61			14.39

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 six months ended November 30, 2018, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Value at 05/31/2018		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)			Change in Unrealized Gain/(Loss)			Value 11/30/2018
VALIC Co. I Blue Chip Growth Fund	$	7,031,944		—		—	$	31,231	$	553,055	$	126,742		$	(101,418	)	$	6,535,444
VALIC Co. I Broad Cap Value Income Fund		9,722,551		—		—		44,619		790,079		127,291			(41,206	)		9,063,176
VALIC Co. I Capital Conservation Fund		16,101,298		—		—		371,390		1,264,127		(31,391	)		(82,935	)		15,094,235
VALIC Co. I Dividend Value Fund		8,840,596		—		—		40,157		711,071		15,737			390,630			8,576,049
VALIC Co. I Emerging Economies Fund		2,848,116		—		—		12,529		218,662		4,278			(327,883	)		2,318,378
VALIC Co. I Global Real Estate Fund		1,890,673		—		—		8,924		158,016		(7,194	)		(3,734	)		1,730,653
VALIC Co. I Government Securities Fund		9,183,677		—		—		642,388		750,575		(39,592	)		31,002			9,066,900
VALIC Co. I Growth & Income Fund		4,010,587		—		—		17,848		316,032		105,251			22,590			3,840,244
VALIC Co. I Growth Fund		9,043,859		—		—		40,157		961,071		110,020			(164,794	)		8,068,171

263

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Security	Value at 05/31/2018		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value 11/30/2018
VALIC Co. I Inflation Protected Fund	$	3,921,304		—		—	$	17,848	$	316,032	$	(9,321	)	$	(48,499	)	$	3,565,300
VALIC Co. I International Equities Index Fund		4,833,579		—		—		22,310		395,040		7,108			(368,727	)		4,099,230
VALIC Co. I International Government Bond Fund		969,025		—		—		4,462		79,008		(3,658	)		(23,517	)		867,304
VALIC Co. I International Growth Fund		8,142,261		—		—		32,699		1,667,799		64,517			(790,008	)		5,781,670
VALIC Co. I International Value Fund		7,842,680		—		—		33,126		1,376,980		(116,512	)		(559,157	)		5,823,157
VALIC Co. I Large Cap Core Fund		7,841,315		—		—		35,696		632,063		(81,792	)		288,015			7,451,171
VALIC Co. I Large Capital Growth Fund		8,086,358		—		—		35,695		1,032,063		86,103			307,523			7,483,616
VALIC Co. I Mid Cap Index Fund		4,064,365		—		—		418,918		338,983		58,714			(178,076	)		4,024,938
VALIC Co. I Stock Index Fund		30,027,657		—		—		133,857		3,170,237		789,627			111,778			27,892,682
VALIC Co. I Value Fund		9,840,019		—		—		44,619		790,079		244,242			(148,072	)		9,190,729
VALIC Co. II Capital Appreciation Fund		7,189,706		31,163		333,793		396,188		953,055		291,515			(481,265	)		6,443,089
VALIC Co. II Core Bond Fund		14,049,943		327,292		5,030		694,790		1,106,111		(80	)		(457,063	)		13,181,479
VALIC Co. II High Yield Bond Fund		1,993,983		111,551		—		120,475		158,016		(12,764	)		(100,321	)		1,843,357
VALIC Co. II Mid Cap Growth Fund		2,020,250		2,654		315,813		1,229,531		203,919		14,808			(446,235	)		2,614,435
VALIC Co. II Mid Cap Value Fund		2,011,436		8,167		148,850		1,118,082		203,919		(22,723	)		(283,333	)		2,619,543
VALIC Co. II Large Cap Value Fund		3,984,804		46,111		128,903		192,862		316,032		(13,659	)		(147,185	)		3,700,790
VALIC Co. II International Opportunities Fund		2,001,015		15,579		—		23,649		439,655		17,611			(267,471	)		1,335,149
VALIC Co. II Small Cap Growth Fund		4,120,557		—		128,325		347,029		334,393		53,731			(422,955	)		3,763,969
VALIC Co. II Small Cap Value Fund		4,125,380		31,613		276,467		726,998		338,983		(62,890	)		(609,548	)		3,840,957
VALIC Co. II Strategic Bond Fund		3,474,509		125,832		—		141,450		276,528		(19,613	)		(138,648	)		3,181,170
	$	199,213,447	$	699,962	$	1,337,181	$	6,979,527	$	19,851,583	$	1,696,106		$	(5,040,512	)	$	182,996,985

Stock Index Fund

Security	Value at 05/31/2018		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at 11/30/18
American International Group, Inc.
Common Stock	$	10,013,788	$	—	$	—	$	26,727	$	239,151	$	63,069	$	(1,867,119	)	$	7,997,314

During the six months ended November 30, 2018, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Small-Mid Growth Fund
Goldman Sachs & Co.	$	1,528
KeyBanc Capital Markets, Inc.		186
Morgan Stanley & Co		2,310
Wells Fargo Securities		58

On September 19, 2018, the International Growth Fund purchased shares of Reckitt Benckiser Group PLC (“Reckitt”), causing the Fund to exceed its investment restriction limitation with respect to 75% of its total assets of not investing more than 5% of its total assets in the securities of any one issuer. The violation was corrected on September 27, 2018, when the Fund sold shares of Reckitt resulting in a gain of $2,916 to the Fund.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 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	$	76,876,708	$	115,537,841	$	3,076,993	$	1,285,046
Blue Chip Growth		131,644,402		127,572,267		—		—
Broad Cap Value Income		9,171,525		14,611,253		—		—
Capital Conservation		43,597,117		42,189,287		26,791,553		36,172,371
Core Equity		30,224,029		42,242,436		—		—
Dividend Value		243,207,647		274,137,617		—		—
Dynamic Allocation		4,942,381		19,851,583		8,652,261		9,985,146

264

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding  U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Emerging Economies	$	299,798,430	$	321,031,522	$	—	$	—
Global Real Estate		109,124,225		75,859,626		—		—
Global Social Awareness		6,143,471		35,338,053		—		—
Global Strategy		33,682,956		61,068,647		—		—
Government Securities		2,529,800		2,345,472		28,409,598		10,830,116
Growth		394,548,384		348,966,488		—		—
Growth & Income		29,980,010		35,251,252		—		—
Health Sciences		150,176,605		168,817,131		—		—
Inflation Protected		110,026,489		61,984,687		123,817,142		82,791,124
International Equities Index		92,155,786		211,478,356		—		—
International Government Bond		60,456,436		86,283,006		20,161,172		12,396,953
International Growth		83,316,392		102,914,993		—		—
International Value		822,008,360		861,591,989		—		—
Large Cap Core		47,994,548		55,950,114		—		—
Large Capital Growth		59,698,041		54,989,042		—		—
Mid Cap Index		292,628,380		313,031,005		—		—
Mid Cap Strategic Growth		51,048,390		55,381,337		—		—
Nasdaq-100® Index		17,224,083		6,300,757		—		—
Science & Technology		687,302,950		705,825,050		—		—
Small Cap Aggressive Growth		79,948,873		71,547,315		—		—
Small Cap		43,275,778		61,099,776		—		—
Small Cap Index		166,684,350		160,507,296		—		—
Small Cap Special Values		52,937,025		70,652,417		—		—
Small-Mid Growth		48,420,200		51,208,442		—		—
Stock Index		119,385,752		187,133,851		—		—
Value		27,632,207		20,633,234		—		—

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 November 30, 2018.

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Asset Allocation	$	153,425,679	$	4,568,395	$	(10,960,063	)	$	(6,391,668	)
Blue Chip Growth		468,062,408		330,349,964		(10,001,901	)		320,348,063
Broad Cap Value Income		45,790,409		11,888,849		(3,283,480	)		8,605,369
Capital Conservation		245,164,510		586,432		(8,757,767	)		(8,171,335	)
Core Equity		193,282,844		56,840,278		(5,086,275	)		51,754,003
Dividend Value		799,444,151		92,846,591		(45,041,738	)		47,804,853
Dynamic Allocation		213,850,777		17,192,400		(5,494,468	)		11,697,932
Emerging Economies		632,931,140		90,408,987		(48,199,370	)		42,209,617
Global Real Estate		389,296,390		26,442,857		(25,917,624	)		525,233
Global Social Awareness		299,323,294		99,661,354		(29,593,328	)		70,068,026
Global Strategy		358,597,564		27,123,650		(35,167,221	)		(8,043,571	)
Government Money Market I		341,468,066		—		—			—
Government Securities		143,455,470		780,736		(4,331,425	)		(3,550,689	)
Growth		987,564,358		269,849,916		(33,584,089	)		236,265,827
Growth & Income		101,066,346		26,403,518		(3,551,385	)		22,852,133
Health Sciences		609,745,251		236,600,268		(36,720,422	)		199,879,846
Inflation Protected		694,754,142		8,625,118		(22,659,740	)		(14,034,622	)
International Equities Index		1,110,118,679		123,046,037		(163,872,891	)		(40,826,854	)

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
International Government Bond*	$	197,396,162	$	1,271,359	$	(9,462,111	)	$	(8,190,752	)
International Growth		441,553,031		9,615,012		(23,808,946	)		(14,193,934	)
International Value		784,926,432		20,696,066		(64,095,898	)		(43,399,832	)
Large Cap Core		148,388,901		30,249,381		(5,018,900	)		25,230,481
Large Capital Growth		339,405,054		137,224,991		(6,889,585	)		130,335,406
Mid Cap Index		2,602,034,993		964,852,555		(246,552,979	)		718,299,576
Mid Cap Strategic Growth		228,598,374		67,625,002		(8,769,366	)		58,855,636
Nasdaq-100® Index		230,968,711		277,229,449		(8,825,302	)		268,404,147
Science & Technology		1,149,137,793		197,998,249		(79,838,570	)		118,159,679
Small Cap Aggressive Growth		139,723,691		23,133,961		(9,412,538	)		13,721,423
Small Cap		267,726,792		56,425,885		(22,200,701	)		34,225,184
Small Cap Index		948,233,917		374,102,673		(122,015,174	)		252,087,499
Small Cap Special Values		243,006,881		34,472,340		(27,977,846	)		6,494,494
Small-Mid Growth		105,972,923		15,811,383		(7,269,251	)		8,542,132
Stock Index		2,437,495,527		2,688,590,648		(153,489,232	)		2,535,101,416
Value		99,616,745		27,134,047		(4,332,148	)		22,801,899

@ Includes amounts for derivatives.

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2018.

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
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		—
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*		3,098,611		37,417			(6,561,381	)		1,876,878		—
International Growth		16,283,656		94,862,398			34,618,529			5,977,648		6,729,054
International Value		21,077,701		(17,185,268	)		68,002,382			17,026,333		—
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

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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
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, 2018.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of May 31, 2018, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

	Capital Loss Carryforward Unlimited
Fund	ST		LT
Asset Allocation	$	—	$	—
Blue Chip Growth		—		—
Broad Cap Value Income		—		—
Capital Conservation		51,240		355,536
Core Equity		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		37,915,107		—
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		—		—
International Value		758,697		16,426,571
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		—		—

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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		—		—
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*		576,435		2,225,375		637,143
International Growth		582,280		—		—
International Value		—		5,822,773		—
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, 2018.

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 six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		778,667		$	8,663,425			1,477,919		$	17,297,353			2,244,419		$	47,819,358			1,402,202		$	27,963,804
Reinvested dividends		—			—			807,871			9,363,224			—			—			2,156,663			44,729,191
Shares redeemed		(1,404,702	)		(15,633,657	)		(2,366,644	)		(27,634,338	)		(1,874,615	)		(40,006,232	)		(5,504,750	)		(107,562,569	)
Net increase (decrease)		(626,035	)	$	(6,970,232	)		(80,854	)	$	(973,761	)		369,804		$	7,813,126			(1,945,885	)	$	(34,869,574	)

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Broad Cap Value Income												Capital Conservation
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		68,348		$	1,112,937			471,995		$	7,967,286			2,244,772		$	21,345,920			5,166,082		$	50,616,708
Reinvested dividends		—			—			300,948			4,899,434			—			—			581,881			5,533,689
Shares redeemed		(391,368	)		(6,346,866	)		(633,963	)		(10,489,363	)		(4,039,360	)		(38,383,812	)		(2,885,164	)		(28,320,408	)
Net increase (decrease)		(323,020	)	$	(5,233,929	)		138,980		$	2,377,357			(1,794,588	)	$	(17,037,892	)		2,862,799		$	27,829,989
	Core Equity												Dividend Value
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		54,966		$	1,333,099			63,025		$	1,482,383			7,822,848		$	100,379,504			16,353,827		$	214,300,559
Reinvested dividends		—			—			935,799			21,738,619			—			—			3,550,399			45,267,581
Shares redeemed		(622,142	)		(15,163,748	)		(1,110,958	)		(26,244,339	)		(10,815,926	)		(141,262,465	)		(15,437,811	)		(194,710,056	)
Net increase (decrease)		(567,176	)	$	(13,830,649	)		(112,134	)	$	(3,023,337	)		(2,993,078	)	$	(40,882,961	)		4,466,415		$	64,858,084
	Dynamic Allocation												Emerging Economies
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		225,516		$	2,775,736			297,704		$	3,682,534			10,681,335		$	85,561,992			13,286,176		$	125,666,190
Reinvested dividends		—			—			1,036,716			12,855,277			—			—			1,246,451			12,115,507
Shares redeemed		(1,689,436	)		(21,037,073	)		(2,524,653	)		(31,588,738	)		(14,413,866	)		(116,283,693	)		(11,989,224	)		(108,714,609	)
Net increase (decrease)		(1,463,920	)	$	(18,261,337	)		(1,190,233	)	$	(15,050,927	)		(3,732,531	)	$	(30,721,701	)		2,543,403		$	29,067,088
	Global Real Estate												Global Social Awareness
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		8,980,086		$	68,925,789			2,831,665		$	22,115,683			84,621		$	2,261,315			605,245		$	15,284,134
Reinvested dividends		—			—			2,494,356			18,582,951			—			—			270,824			7,163,295
Shares redeemed		(4,439,427	)		(33,897,571	)		(8,742,964	)		(68,939,364	)		(2,024,250	)		(53,227,744	)		(2,060,012	)		(52,857,267	)
Net increase (decrease)		4,540,659		$	35,028,218			(3,416,943	)	$	(28,240,730	)		(1,939,629	)	$	(50,966,429	)		(1,183,943	)	$	(30,409,838	)
	Global Strategy												Government Money Market I
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		224,061		$	2,708,111			810,154		$	9,881,993			71,354,549		$	71,354,549			103,855,256		$	103,855,257
Reinvested dividends		—			—			428,586			5,241,605			2,429,032			2,429,032			2,316,563			2,316,563
Shares redeemed		(2,381,042	)		(28,562,951	)		(4,887,981	)		(59,425,709	)		(43,553,442	)		(43,553,443	)		(125,229,422	)		(125,229,422	)
Net increase (decrease)		(2,156,981	)	$	(25,854,840	)		(3,649,241	)	$	(44,302,111	)		30,230,139		$	30,230,138			(19,057,603	)	$	(19,057,602	)
	Government Securities												Growth
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,484,882		$	35,306,924			2,573,832		$	27,061,492			6,418,286		$	116,624,623			6,645,533		$	106,156,304
Reinvested dividends		—			—			330,549			3,355,071			—			—			2,838,731			49,138,428
Shares redeemed		(1,782,465	)		(18,146,367	)		(4,702,908	)		(49,493,899	)		(3,604,174	)		(64,611,860	)		(6,962,819	)		(117,362,320	)
Net increase (decrease)		1,702,417		$	17,160,557			(1,798,527	)	$	(19,077,336	)		2,814,112		$	52,012,763			2,521,445		$	37,932,412

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Growth & Income												Health Sciences
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		463,536		$	10,818,735			848,244		$	18,840,853			586,309		$	12,758,280			858,067		$	17,907,657
Reinvested dividends		—			—			248,646			5,599,507			—			—			4,331,640			88,495,403
Shares redeemed		(778,582	)		(18,008,161	)		(1,152,101	)		(25,605,383	)		(1,556,662	)		(33,785,926	)		(3,822,352	)		(80,733,518	)
Net increase (decrease)		(315,046	)	$	(7,189,426	)		(55,211	)	$	(1,165,023	)		(970,353	)	$	(21,027,646	)		1,367,355		$	25,669,542
	Inflation Protected												International Equities Index
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		12,239,226		$	131,984,366			5,920,191		$	65,685,432			18,279,797		$	130,763,760			52,755,829		$	394,356,148
Reinvested dividends		—			—			1,581,512			17,222,662			—			—			3,611,710			27,087,828
Shares redeemed		(3,425,565	)		(37,080,436	)		(9,870,891	)		(109,580,357	)		(37,337,384	)		(269,785,761	)		(38,309,717	)		(291,046,343	)
Net increase (decrease)		8,813,661		$	94,903,930			(2,369,188	)	$	(26,672,263	)		(19,057,587	)	$	(139,022,001	)		18,057,822		$	130,397,633
	International Government Bond												International Growth
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,377,983		$	27,272,589			6,443,883		$	76,886,003			2,517,761		$	35,345,436			2,741,488		$	39,692,685
Reinvested dividends		—			—			157,192			1,876,878			—			—			898,000			12,706,702
Shares redeemed		(4,260,386	)		(48,892,021	)		(3,605,707	)		(42,812,461	)		(2,619,016	)		(37,718,644	)		(4,620,939	)		(65,536,596	)
Net increase (decrease)		(1,882,403	)	$	(21,619,432	)		2,995,368		$	35,950,420			(101,255	)	$	(2,373,208	)		(981,451	)	$	(13,137,209	)
	International Value												Large Cap Core
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,773,899		$	18,084,108			5,803,770		$	63,996,631			407,850		$	5,041,527			1,214,266		$	14,496,114
Reinvested dividends		—			—			1,585,320			17,026,333			—			—			887,490			10,658,752
Shares redeemed		(7,764,567	)		(78,391,061	)		(8,987,230	)		(97,378,331	)		(1,325,316	)		(16,114,492	)		(1,813,851	)		(21,806,313	)
Net increase (decrease)		(5,990,668	)	$	(60,306,953	)		(1,598,140	)	$	(16,355,367	)		(917,466	)	$	(11,072,965	)		287,905		$	3,348,553
	Large Capital Growth												Mid Cap Index
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,749,471		$	27,747,272			331,446		$	4,858,302			7,769,688		$	221,999,981			3,798,494		$	105,244,851
Reinvested dividends		—			—			1,598,191			24,116,708			—			—			9,144,176			251,922,042
Shares redeemed		(1,504,201	)		(23,688,479	)		(2,743,999	)		(40,250,893	)		(9,048,217	)		(256,053,159	)		(18,855,439	)		(533,669,174	)
Net increase (decrease)		245,270		$	4,058,793			(814,362	)	$	(11,275,883	)		(1,278,529	)	$	(34,053,178	)		(5,912,769	)	$	(176,502,281	)
	Mid Cap Strategic Growth												Nasdaq-100® Index
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		569,109		$	8,974,272			645,972		$	10,110,629			3,353,204		$	48,282,118			3,384,690		$	44,985,893
Reinvested dividends		—			—			828,065			13,166,234			—			—			1,584,077			22,097,878
Shares redeemed		(725,739	)		(11,831,889	)		(1,761,437	)		(26,950,666	)		(1,383,200	)		(20,021,272	)		(3,636,392	)		(47,906,100	)
Net increase (decrease)		(156,630	)	$	(2,857,617	)		(287,400	)	$	(3,673,803	)		1,970,004		$	28,260,846			1,332,375		$	19,177,671

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Science & Technology												Small Cap Aggressive Growth
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,081,189		$	64,614,664			1,501,571		$	44,774,878			1,382,329		$	22,484,171			1,187,625		$	17,632,301
Reinvested dividends		—			—			3,617,362			111,885,016			—			—			238,195			3,794,440
Shares redeemed		(1,777,989	)		(55,009,362	)		(3,516,184	)		(102,830,719	)		(843,527	)		(13,655,094	)		(1,041,626	)		(15,293,898	)
Net increase (decrease)		303,200		$	9,605,302			1,602,749		$	53,829,175			538,802		$	8,829,077			384,194		$	6,132,843
	Small Cap												Small Cap Index
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		313,825		$	3,749,449			239,863		$	2,855,785			2,220,736		$	50,894,064			6,358,551		$	139,248,745
Reinvested dividends		—			—			4,461,304			49,921,996			—			—			3,615,977			79,189,905
Shares redeemed		(1,767,190	)		(21,035,281	)		(3,679,924	)		(44,611,488	)		(4,367,788	)		(100,953,277	)		(12,414,186	)		(274,211,925	)
Net increase (decrease)		(1,453,365	)	$	(17,285,832	)		1,021,243		$	8,166,293			(2,147,052	)	$	(50,059,213	)		(2,439,658	)	$	(55,773,275	)
	Small Cap Special Values												Small-Mid Growth
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,596,383		$	22,684,446			2,047,892		$	27,586,219			115,980		$	1,641,544			312,837		$	4,059,510
Reinvested dividends		—			—			2,064,704			27,811,569			—			—			303,804			4,235,032
Shares redeemed		(3,456,539	)		(48,256,900	)		(3,835,432	)		(53,632,570	)		(469,629	)		(6,717,293	)		(1,048,429	)		(13,815,927	)
Net increase (decrease)		(1,860,156	)	$	(25,572,454	)		277,164		$	1,765,218			(353,649	)	$	(5,075,749	)		(431,788	)	$	(5,521,385	)
	Stock Index												Value
	For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018						For the six months ended November 30, 2018 (unaudited)						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,475,397		$	224,726,016			7,731,176		$	305,031,584			887,324		$	16,247,881			595,935		$	10,684,832
Reinvested dividends		—			—			6,306,250			251,051,797			—			—			93,499			1,701,685
Shares redeemed		(8,609,286	)		(353,781,629	)		(12,953,890	)		(505,896,038	)		(545,780	)		(9,959,079	)		(867,818	)		(15,321,469	)
Net increase (decrease)		(3,133,889	)	$	(129,055,613	)		1,083,536		$	50,187,343			341,544		$	6,288,802			(178,384	)	$	(2,934,952	)

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 six months ended November 30, 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 Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, International Growth Fund and the International Value Fund.

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the 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.

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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 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 six months ended November 30, 2018, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Broad Cap Value Income		4	$	581	$	1,472,306		3.55	%
Core Equity		6		245		439,823		3.33	%
Dividend Value		5		2,738		5,713,422		3.41	%
Emerging Economies		1		332		3,424,706		3.49	%
Global Social Awareness		16		6,284		4,002,686		3.53	%
Growth		3		228		820,878		3.34	%
Growth & Income		4		170		433,214		3.52	%
International Equities Index		13		15,263		12,587,603		3.36	%
International Government Bond		10		819		830,735		3.55	%
International Value		10		2,730		2,781,612		3.52	%
Science & Technology		5		629		1,365,200		3.32	%
Stock Index		5		2,635		5,340,658		3.55	%

As of November 30, 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 six months ended November 30, 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 six months ended November 30, 2018, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from  Sales		Realized Gain  (Loss)
Growth	$	6,529,088	$	1,463,329	$	439,057
Health Sciences		—		90,080		52,541
Large Capital Growth		176,004		51,609		(2,368	)
Small Cap		18,565		8,560		182
Value		583,640		—		—

272

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.33		$	11.00		$	10.39		$	12.38		$	12.67		$	12.20		$	20.84		$	17.27		$	15.48		$	17.96		$	17.12		$	14.19
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.16			0.16			0.23			0.23			0.25			(0.01	)		(0.01	)		0.01			(0.02	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.62	)		0.83			0.71			(0.66	)		0.53			1.17			0.04			4.82			3.46			(0.24	)		2.62			3.66
Total income (loss) from investment operations		(0.54	)		0.99			0.87			(0.43	)		0.76			1.42			0.03			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	$	10.79		$	11.33		$	11.00		$	10.39		$	12.38		$	12.67		$	20.87		$	20.84		$	17.27		$	15.48		$	17.96		$	17.12
TOTAL RETURN(a)		(4.77	)%		8.91	%		8.35	%		(2.16	)%		6.24	%		12.04	%		0.14	%		27.87	%		23.49	%		0.17	%		15.61	%		25.69	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.78	%@		0.72	%		0.70	%		0.70	%		0.68	%		0.69	%		0.82	%@		0.83	%		0.84	%		0.84	%		0.83	%		0.84	%
Ratio of expenses to average net assets(c)		0.78	%@		0.72	%		0.70	%		0.70	%		0.68	%		0.69	%		0.82	%@		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	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.40	%@		1.40	%		1.51	%		2.00	%		1.81	%		1.96	%		(0.07	)%@		(0.07	)%		0.06	%		(0.09	)%		(0.12	)%		(0.10	)%
Ratio of net investment income (loss) to average net assets(c)		1.40	%@		1.40	%		1.51	%		2.00	%		1.81	%		1.96	%		(0.07	)%@		(0.07	)%		0.06	%		(0.09	)%		(0.12	)%		(0.10	)%
Portfolio turnover rate		55	%		84	%		161	%		102	%		131	%		99	%		16	%		24	%		27	%		30	%		30	%		34	%
Number of shares outstanding at end of period (000’s)		13,998			14,624			14,705			15,824			14,473			13,917			37,767			37,397			39,343			39,796			36,354			35,957
Net assets at end of period (000’s)	$	151,074		$	165,665		$	161,767		$	164,358		$	179,126		$	176,344		$	788,091		$	779,336		$	679,516		$	615,927		$	652,819		$	615,447

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

273

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund																		Capital Conservation Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.91		$	15.64		$	13.97		$	16.03		$	15.19		$	13.02		$	9.54		$	9.85		$	9.95		$	9.92		$	9.84		$	10.01
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.20			0.24			0.22			0.21			0.31			0.12			0.20			0.18			0.18			0.17			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			1.45			2.16			(1.11	)		1.38			2.06			(0.19	)		(0.29	)		(0.04	)		0.06			0.10			0.07
Total income (loss) from investment operations		0.11			1.65			2.40			(0.89	)		1.59			2.37			(0.07	)		(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	$	16.02		$	15.91		$	15.64		$	13.97		$	16.03		$	15.19		$	9.47		$	9.54		$	9.85		$	9.95		$	9.92		$	9.84
TOTAL RETURN(a)		0.69	%		10.34	%		17.25	%		(4.47	)%		10.70	%		18.24	%		(0.73	)%		(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	%		0.85	%		0.65	%@		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	%		0.92	%		0.95	%		0.65	%@		0.64	%		0.64	%		0.64	%		0.63	%		0.64	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.01	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.35	%@		1.20	%		1.57	%		1.49	%		1.33	%		2.14	%		2.58	%@		2.10	%		1.84	%		1.77	%		1.72	%		1.95	%
Ratio of net investment income (loss) to average net assets(c)		1.28	%@		1.13	%		1.49	%		1.42	%		1.26	%		2.04	%		2.58	%@		2.10	%		1.84	%		1.77	%		1.72	%		1.95	%
Portfolio turnover rate		16	%		24	%		20	%		26	%		23	%		27	%		29	%		53	%		56	%		71	%		193	%		129	%
Number of shares outstanding at end of period (000’s)		3,419			3,742			3,603			4,104			3,906			3,533			24,934			26,729			23,866			23,716			25,822			19,965
Net assets at end of period (000’s)	$	54,784		$	59,532		$	56,339		$	57,330		$	62,619		$	53,675		$	236,110		$	255,084		$	235,063		$	236,062		$	256,043		$	196,550

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

274

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund																		Dividend Value Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	23.18		$	21.92		$	19.51		$	20.38		$	18.63		$	15.61		$	12.39		$	12.09		$	11.54		$	13.23		$	13.23		$	11.62
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.26			0.25			0.21			0.19			0.16			0.16			0.26			0.25			0.31			0.28			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		0.40			3.13			3.14			(0.87	)		1.74			3.07			0.41			0.74			1.62			(0.24	)		0.85			1.59
Total income (loss) from investment operations		0.54			3.39			3.39			(0.66	)		1.93			3.23			0.57			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	$	23.72		$	23.18		$	21.92		$	19.51		$	20.38		$	18.63		$	12.96		$	12.39		$	12.09		$	11.54		$	13.23		$	13.23
TOTAL RETURN(a)		2.33	%		15.42	%		17.48	%		(3.07	)%		10.41	%		20.78	%		4.60	%		8.14	%		16.51	%		2.20	%		8.69	%		16.22	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%@		0.77	%		0.80	%		0.80	%		0.80	%		0.80	%		0.81	%@		0.81	%		0.82	%		0.82	%		0.82	%		0.82	%
Ratio of expenses to average net assets(c)		0.92	%@		0.93	%		0.92	%		0.92	%		0.92	%		0.93	%		0.81	%@		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)		1.11	%@		1.10	%		1.19	%		1.11	%		0.94	%		0.95	%		2.42	%@		2.06	%		2.13	%		2.55	%		2.06	%		2.20	%
Ratio of net investment income (loss) to average net assets(c)		0.93	%@		0.94	%		1.06	%		0.99	%		0.82	%		0.82	%		2.42	%@		2.06	%		2.12	%		2.54	%		2.05	%		2.19	%
Portfolio turnover rate		12	%		50	%		36	%		41	%		40	%		39	%		28	%		54	%		41	%		45	%		35	%		37	%
Number of shares outstanding at end of period (000’s)		10,344			10,911			11,023			11,771			13,047			14,433			68,355			71,348			66,882			50,727			48,504			46,936
Net assets at end of period (000’s)	$	245,351		$	252,961		$	241,647		$	229,637		$	265,955		$	268,866		$	886,067		$	884,180		$	808,699		$	585,505		$	641,719		$	621,033

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

275

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dynamic Allocation Fund																		Emerging Economies Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	12.20		$	11.74		$	10.76		$	12.04		$	11.93		$	10.87		$	8.89		$	7.94		$	6.18		$	7.84		$	8.12		$	8.09
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.12			0.15			0.17			0.16			0.18			0.14			0.16			0.13			0.13			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.17	)		1.00			1.13			(0.79	)		0.32			0.92			(1.18	)		0.92			1.74			(1.61	)		(0.30	)		(0.02	)
Total income (loss) from investment operations		(0.13	)		1.12			1.28			(0.62	)		0.48			1.10			(1.04	)		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	$	12.07		$	12.20		$	11.74		$	10.76		$	12.04		$	11.93		$	7.85		$	8.89		$	7.94		$	6.18		$	7.84		$	8.12
TOTAL RETURN(a)		(1.07	)%		9.45	%		11.98	%		(4.70	)%		4.04	%		10.11	%		(11.70	)%		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	%		0.31	%		0.32	%		0.32	%		0.32	%		0.92	%@		0.93	%		0.94	%		0.97	%		0.94	%		0.95	%
Ratio of expenses to average net assets(c)		0.31	%@		0.31	%		0.32	%		0.32	%		0.32	%		0.34	%		0.92	%@		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	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(b)		0.71	%@		0.97	%		1.30	%		1.50	%		1.33	%		1.65	%		3.28	%@		1.80	%		1.85	%		2.02	%		2.23	%		2.18	%
Ratio of net investment income (loss) to average net assets(c)		0.71	%@		0.96	%		1.30	%		1.51	%		1.33	%		1.63	%		3.28	%@		1.80	%		1.85	%		2.02	%		2.23	%		2.18	%
Portfolio turnover rate		6	%		15	%		14	%		20	%		31	%		9	%		41	%		53	%		69	%		64	%		65	%		55	%
Number of shares outstanding at end of period (000’s)		18,519			19,983			21,173			23,095			22,646			21,373			88,143			91,875			89,332			83,618			82,682			83,593
Net assets at end of period (000’s)	$	223,527		$	243,832		$	248,630		$	248,446		$	272,705		$	255,001		$	691,597		$	817,232		$	708,873		$	517,011		$	648,339		$	678,406

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

276

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Real Estate Fund																		Global Social Awareness Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	7.68		$	7.63		$	8.02		$	8.60		$	8.58		$	8.95		$	26.24		$	23.78		$	21.01		$	22.11		$	21.00		$	17.38
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.18			0.16			0.18			0.21			0.22			0.20			0.37			0.32			0.34			0.35			0.42
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.14	)		0.28			0.21			(0.14	)		0.28			0.48			(0.75	)		2.52			2.84			(1.02	)		1.20			3.49
Total income (loss) from investment operations		(0.05	)		0.46			0.37			0.04			0.49			0.70			(0.55	)		2.89			3.16			(0.68	)		1.55			3.91
Distributions from:
Net investment income		–			(0.31	)		(0.34	)		(0.26	)		(0.23	)		(0.49	)		–			(0.43	)		(0.39	)		(0.42	)		(0.44	)		(0.29	)
Net realized gain on securities		–			(0.10	)		(0.42	)		(0.36	)		(0.24	)		(0.58	)		–			–			–			–			–			–
Total distributions		–			(0.41	)		(0.76	)		(0.62	)		(0.47	)		(1.07	)		–			(0.43	)		(0.39	)		(0.42	)		(0.44	)		(0.29	)
Net asset value at end of period	$	7.63		$	7.68		$	7.63		$	8.02		$	8.60		$	8.58		$	25.69		$	26.24		$	23.78		$	21.01		$	22.11		$	21.00
TOTAL RETURN(a)		(0.65	)%		6.19	%		4.98	%		1.53	%		5.61	%		8.76	%		(2.10	)%		12.16	%		15.15	%		(2.83	)%		7.45	%		22.60	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.86	%		0.85	%		0.85	%		0.85	%		0.86	%		0.63	%@		0.62	%		0.62	%		0.63	%		0.62	%		0.64	%
Ratio of expenses to average net assets(c)		0.85	%@		0.86	%		0.85	%		0.85	%		0.85	%		0.86	%		0.63	%@		0.62	%		0.62	%		0.63	%		0.62	%		0.64	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–			0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.27	%@		2.34	%		2.04	%		2.18	%		2.46	%		2.51	%		1.46	%@		1.44	%		1.47	%		1.65	%		1.63	%		2.18	%
Ratio of net investment income (loss) to average net assets(c)		2.27	%@		2.34	%		2.04	%		2.18	%		2.46	%		2.51	%		1.46	%@		1.44	%		1.47	%		1.65	%		1.63	%		2.18	%
Portfolio turnover rate		21	%		50	%		47	%		71	%		44	%		41	%		2	%		5	%		23	%		0	%		88	%		99	%
Number of shares outstanding at end of period (000’s)		51,854			47,313			50,730			61,190			59,795			48,168			14,391			16,331			17,515			17,949			19,139			20,949
Net assets at end of period (000’s)	$	395,431		$	363,223		$	387,137		$	490,714		$	514,347		$	413,082		$	369,662		$	428,452		$	416,564		$	377,114		$	423,242		$	439,972

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

277

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund																		Government Money Market I Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	12.02		$	11.63		$	10.48		$	13.58		$	14.12		$	12.66		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.35			0.33			0.27			0.30			0.39			0.01			0.01			0.00			0.00			0.00			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.41	)		0.20			1.14			(1.80	)		(0.03	)		1.53			0.00			0.00			0.00			0.00			0.00			–
Total income (loss) from investment operations		(0.25	)		0.55			1.47			(1.53	)		0.27			1.92			0.01			0.01			0.00			0.00			0.00			0.00
Distributions from:
Net investment income		–			–			(0.10	)		(0.72	)		(0.37	)		(0.46	)		(0.01	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Net realized gain on securities		–			(0.16	)		(0.22	)		(0.85	)		(0.44	)		–			–			–			–			–			–			–
Total distributions		–			(0.16	)		(0.32	)		(1.57	)		(0.81	)		(0.46	)		(0.01	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Net asset value at end of period	$	11.77		$	12.02		$	11.63		$	10.48		$	13.58		$	14.12		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		(2.08	)%		4.72	%		14.16	%		(10.23	)%		2.14	%		15.32	%		0.75	%		0.72	%(e)		0.08	%		0.01	%(e)		0.01	%(e)		0.01	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%@		0.65	%		0.66	%		0.64	%		0.64	%		0.64	%		0.51	%@		0.51	%		0.45	%		0.26	%		0.14	%		0.16	%
Ratio of expenses to average net assets(c)		0.65	%@		0.65	%		0.66	%		0.64	%		0.64	%		0.64	%		0.51	%@		0.51	%		0.53	%		0.51	%		0.51	%		0.51	%
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)		2.56	%@		2.86	%		2.94	%		2.26	%		2.20	%		2.90	%		1.49	%@		0.71	%		0.08	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		2.56	%@		2.86	%		2.94	%		2.26	%		2.20	%		2.90	%		1.49	%@		0.71	%		(0.00	)%		(0.24	)%		(0.36	)%		(0.34	)%
Portfolio turnover rate		11	%		30	%		35	%		26	%		28	%		25	%		N/A			N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		30,264			32,421			36,070			41,208			37,891			39,108			341,953			311,723			330,780			343,490			343,881			367,402
Net assets at end of period (000’s)	$	356,231		$	389,638		$	419,325		$	431,935		$	514,564		$	552,074		$	341,938		$	311,708		$	330,783		$	343,490		$	343,363		$	366,768

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

See Notes to Financial Statements

278

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	10.21		$	10.63		$	10.85		$	10.82		$	10.73		$	10.95		$	17.36		$	15.00		$	13.47		$	16.40		$	16.76		$	13.93
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.23			0.21			0.22			0.22			0.24			0.02			0.07			0.10			0.12			0.10			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.12	)		(0.37	)		(0.18	)		0.08			0.11			(0.17	)		(0.21	)		3.02			2.56			(0.52	)		1.67			2.87
Total income (loss) from investment operations		(0.01	)		(0.14	)		0.03			0.30			0.33			0.07			(0.19	)		3.09			2.66			(0.40	)		1.77			2.97
Distributions from:
Net investment income		–			(0.28	)		(0.25	)		(0.27	)		(0.24	)		(0.25	)		–			(0.10	)		(0.12	)		(0.10	)		(0.11	)		(0.14	)
Net realized gain on securities		–			–			–			–			–			(0.04	)		–			(0.63	)		(1.01	)		(2.43	)		(2.02	)		–
Total distributions		–			(0.28	)		(0.25	)		(0.27	)		(0.24	)		(0.29	)		–			(0.73	)		(1.13	)		(2.53	)		(2.13	)		(0.14	)
Net asset value at end of period	$	10.20		$	10.21		$	10.63		$	10.85		$	10.82		$	10.73		$	17.17		$	17.36		$	15.00		$	13.47		$	16.40		$	16.76
TOTAL RETURN(a)		(0.10	)%		(1.32	)%		0.35	%		2.74	%		3.07	%		0.67	%		(1.09	)%		20.60	%		20.48	%		(0.63	)%		10.89	%		21.34	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.67	%@		0.66	%		0.64	%		0.64	%		0.64	%		0.65	%		0.74	%@		0.74	%		0.76	%		0.79	%		0.80	%		0.81	%
Ratio of expenses to average net assets(c)		0.67	%@		0.66	%		0.64	%		0.64	%		0.64	%		0.65	%		0.79	%@		0.79	%		0.81	%		0.81	%		0.80	%		0.81	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.21	%@		2.12	%		1.95	%		2.02	%		2.01	%		2.19	%		0.25	%@		0.42	%		0.71	%		0.78	%		0.60	%		0.65	%
Ratio of net investment income (loss) to average net assets(c)		2.21	%@		2.12	%		1.95	%		2.02	%		2.01	%		2.19	%		0.20	%@		0.37	%		0.66	%		0.77	%		0.60	%		0.65	%
Portfolio turnover rate		11	%		3	%		15	%		17	%		7	%		28	%		28	%		58	%		71	%		102	%		99	%		90	%
Number of shares outstanding at end of period (000’s)		13,592			11,890			13,689			14,278			14,967			15,115			72,093			69,279			66,758			70,537			62,664			60,543
Net assets at end of period (000’s)	$	138,708		$	121,425		$	145,460		$	154,987		$	161,977		$	162,121		$	1,237,898		$	1,202,649		$	1,001,261		$	949,998		$	1,027,988		$	1,014,642

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

279

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth & Income Fund																		Health Sciences Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	22.23		$	20.70		$	18.44		$	19.70		$	17.74		$	14.78		$	20.47		$	19.26		$	19.88		$	27.01		$	21.10		$	16.52
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.19			0.20			0.20			0.20			0.18			(0.03	)		(0.05	)		(0.04	)		(0.09	)		(0.14	)		(0.12	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.57			2.34			2.94			(0.34	)		1.94			2.91			1.47			3.86			1.80			(3.83	)		9.66			5.43
Total income (loss) from investment operations		0.68			2.53			3.14			(0.14	)		2.14			3.09			1.44			3.81			1.76			(3.92	)		9.52			5.31
Distributions from:
Net investment income		–			(0.21	)		(0.24	)		(0.24	)		(0.18	)		(0.13	)		–			–			–			–			–			–
Net realized gain on securities		–			(0.79	)		(0.64	)		(0.88	)		–			–			–			(2.60	)		(2.38	)		(3.21	)		(3.61	)		(0.73	)
Total distributions		–			(1.00	)		(0.88	)		(1.12	)		(0.18	)		(0.13	)		–			(2.60	)		(2.38	)		(3.21	)		(3.61	)		(0.73	)
Net asset value at end of period	$	22.91		$	22.23		$	20.70		$	18.44		$	19.70		$	17.74		$	21.91		$	20.47		$	19.26		$	19.88		$	27.01		$	21.10
TOTAL RETURN(a)		3.06	%		12.17	%		17.22	%		0.08	%		12.11	%		20.97	%		7.03	%		19.80	%		9.37	%		(13.12	)%		47.50	%		32.09	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.04	%@		1.06	%		1.07	%		1.06	%		1.09	%		1.11	%
Ratio of expenses to average net assets(c)		0.90	%@		0.90	%		0.91	%		0.91	%		0.90	%		0.93	%		1.09	%@		1.09	%		1.09	%		1.09	%		1.09	%		1.11	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.92	%@		0.88	%		1.03	%		1.08	%		1.05	%		1.10	%		(0.29	)%@		(0.23	)%		(0.21	)%		(0.40	)%		(0.59	)%		(0.59	)%
Ratio of net investment income (loss) to average net assets(c)		0.87	%@		0.83	%		0.97	%		1.02	%		1.00	%		1.02	%		(0.34	)%@		(0.27	)%		(0.23	)%		(0.43	)%		(0.59	)%		(0.59	)%
Portfolio turnover rate		23	%		43	%		34	%		33	%		38	%		169	%		19	%		44	%		30	%		31	%		26	%		59	%
Number of shares outstanding at end of period (000’s)		5,452			5,767			5,822			6,176			6,180			6,449			36,612			37,583			36,215			40,409			34,776			27,492
Net assets at end of period (000’s)	$	124,903		$	128,172		$	120,515		$	113,885		$	121,742		$	114,405		$	802,176		$	769,233		$	697,639		$	803,402		$	939,311		$	580,157

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

280

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Inflation Protected Fund																		International Equities Index Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	10.88		$	11.07		$	10.76		$	10.92		$	11.33		$	11.53		$	7.41		$	7.02		$	6.22		$	7.13		$	7.44		$	6.47
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.26			0.25			0.15			0.12			0.24			0.06			0.19			0.17			0.16			0.19			0.23
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.30	)		(0.14	)		0.10			(0.16	)		(0.30	)		(0.17	)		(0.65	)		0.35			0.81			(0.89	)		(0.25	)		0.92
Total income (loss) from investment operations		(0.17	)		0.12			0.35			(0.01	)		(0.18	)		0.07			(0.59	)		0.54			0.98			(0.73	)		(0.06	)		1.15
Distributions from:
Net investment income		–			(0.21	)		(0.03	)		(0.13	)		(0.21	)		(0.22	)		–			(0.15	)		(0.18	)		(0.18	)		(0.25	)		(0.18	)
Net realized gain on securities		–			(0.10	)		(0.01	)		(0.02	)		(0.02	)		(0.05	)		–			–			–			–			–			–
Total distributions		–			(0.31	)		(0.04	)		(0.15	)		(0.23	)		(0.27	)		–			(0.15	)		(0.18	)		(0.18	)		(0.25	)		(0.18	)
Net asset value at end of period	$	10.71		$	10.88		$	11.07		$	10.76		$	10.92		$	11.33		$	6.82		$	7.41		$	7.02		$	6.22		$	7.13		$	7.44
TOTAL RETURN(a)		(1.56	)%		1.11	%		3.29	%		(0.09	)%		(1.57	)%		0.73	%		(7.96	)%		7.63	%		15.98	%		(9.99	)%		(0.57	)%		17.90	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.57	%@		0.57	%		0.58	%		0.59	%		0.58	%		0.59	%		0.42	%@		0.42	%		0.44	%		0.43	%		0.44	%		0.46	%
Ratio of expenses to average net assets(c)		0.57	%@		0.57	%		0.58	%		0.59	%		0.58	%		0.59	%		0.42	%@		0.42	%		0.44	%		0.43	%		0.44	%		0.46	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.52	%@		2.29	%		2.33	%		1.38	%		1.12	%		2.16	%		1.74	%@		2.57	%		2.62	%		2.52	%		2.62	%		3.27	%
Ratio of net investment income (loss) to average net assets(c)		2.52	%@		2.29	%		2.33	%		1.38	%		1.12	%		2.16	%		1.74	%@		2.57	%		2.62	%		2.52	%		2.62	%		3.27	%
Portfolio turnover rate		24	%		34	%		42	%		33	%		33	%		45	%		8	%		17	%		11	%		4	%		40	%		60	%
Number of shares outstanding at end of period (000’s)		63,511			54,697			57,066			42,345			44,644			41,413			154,797			173,854			155,797			159,381			151,718			157,825
Net assets at end of period (000’s)	$	680,241		$	595,043		$	631,552		$	455,830		$	487,477		$	469,056		$	1,056,453		$	1,287,987		$	1,093,865		$	991,380		$	1,081,174		$	1,174,840

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

281

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Government Bond Fund																		International Growth Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.64		$	11.71		$	11.43		$	11.26		$	12.24		$	12.12		$	15.01		$	13.04		$	11.63		$	14.18		$	14.14		$	12.36
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.24			0.24			0.27			0.32			0.33			0.00			0.08			0.14			0.15			0.16			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.48	)		(0.20	)		0.04			0.23			(0.98	)		0.15			(1.59	)		2.29			1.45			(1.58	)		0.17			1.87
Total income (loss) from investment operations		(0.34	)		0.04			0.28			0.50			(0.66	)		0.48			(1.59	)		2.37			1.59			(1.43	)		0.33			2.03
Distributions from:
Net investment income		–			(0.11	)		–			(0.29	)		(0.29	)		(0.22	)		–			(0.19	)		(0.18	)		(0.17	)		(0.20	)		(0.25	)
Net realized gain on securities		–			–			–			(0.04	)		(0.03	)		(0.14	)		–			(0.21	)		–			(0.95	)		(0.09	)		–
Total distributions		–			(0.11	)		–			(0.33	)		(0.32	)		(0.36	)		–			(0.40	)		(0.18	)		(1.12	)		(0.29	)		(0.25	)
Net asset value at end of period	$	11.30		$	11.64		$	11.71		$	11.43		$	11.26		$	12.24		$	13.42		$	15.01		$	13.04		$	11.63		$	14.18		$	14.14
TOTAL RETURN(a)		(2.92	)%		0.32	%		2.45	%		4.61	%		(5.43	)%		4.12	%		(10.59	)%(e)		18.38	%		13.81	%		(9.20	)%		2.48	%		16.48	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%@		0.65	%		0.64	%		0.64	%		0.65	%		0.65	%		0.92	%@		0.98	%		1.01	%		1.01	%		1.01	%		1.01	%
Ratio of expenses to average net assets(c)		0.65	%@		0.65	%		0.64	%		0.64	%		0.65	%		0.65	%		1.12	%@		1.08	%		1.10	%		1.06	%		1.06	%		1.06	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.34	%@		2.04	%		2.03	%		2.45	%		2.69	%		2.78	%		0.01	%@		0.58	%		1.15	%		1.21	%		1.15	%		1.22	%
Ratio of net investment income (loss) to average net assets(c)		2.34	%@		2.04	%		2.03	%		2.45	%		2.69	%		2.78	%		(0.19	)%@		0.47	%		1.06	%		1.16	%		1.11	%		1.17	%
Portfolio turnover rate		40	%		95	%		70	%		95	%		43	%		42	%		19	%		130	%		39	%		36	%		44	%		53	%
Number of shares outstanding at end of period (000’s)		16,992			18,875			15,879			17,601			15,220			15,459			32,605			32,707			33,688			44,791			43,817			45,685
Net assets at end of period (000’s)	$	191,997		$	219,748		$	185,943		$	201,253		$	171,312		$	189,241		$	437,666		$	490,921		$	439,222		$	521,012		$	621,387		$	646,032

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

282

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Value Fund*																		Large Cap Core Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	10.67		$	10.54		$	8.78		$	10.44		$	11.44		$	9.61		$	11.70		$	11.35		$	10.77		$	13.74		$	14.25		$	12.85
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.21			0.20			0.18			0.20			0.27			0.06			0.11			0.12			0.12			0.11			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.16	)		0.13			1.75			(1.64	)		(0.94	)		1.78			0.24			0.98			1.44			(0.25	)		1.84			2.40
Total income (loss) from investment operations		(1.09	)		0.34			1.95			(1.46	)		(0.74	)		2.05			0.30			1.09			1.56			(0.13	)		1.95			2.55
Distributions from:
Net investment income		–			(0.21	)		(0.19	)		(0.20	)		(0.26	)		(0.22	)		–			(0.12	)		(0.11	)		(0.45	)		(0.16	)		(0.14	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.62	)		(0.87	)		(2.39	)		(2.30	)		(1.01	)
Total distributions		–			(0.21	)		(0.19	)		(0.20	)		(0.26	)		(0.22	)		–			(0.74	)		(0.98	)		(2.84	)		(2.46	)		(1.15	)
Net asset value at end of period	$	9.58		$	10.67		$	10.54		$	8.78		$	10.44		$	11.44		$	12.00		$	11.70		$	11.35		$	10.77		$	13.74		$	14.25
TOTAL RETURN(a)		(10.22	)%		3.19	%		22.36	%		(13.72	)%		(6.23	)%		21.39	%		2.56	%		9.46	%		14.97	%		1.84	%		14.34	%		20.28	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%@		0.79	%		0.80	%		0.79	%		0.79	%		0.80	%		0.83	%@		0.84	%		0.83	%		0.83	%		0.83	%		0.84	%
Ratio of expenses to average net assets(c)		0.80	%@		0.79	%		0.80	%		0.79	%		0.79	%		0.80	%		0.83	%@		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	%		0.01	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.40	%@		1.93	%		2.04	%		1.97	%		1.90	%		2.53	%		0.96	%@		0.88	%		1.03	%		0.93	%		0.75	%		1.09	%
Ratio of net investment income (loss) to average net assets(c)		1.37	%@		1.93	%		2.04	%		1.97	%		1.90	%		2.53	%		0.96	%@		0.88	%		1.03	%		0.93	%		0.75	%		1.09	%
Portfolio turnover rate		104	%		30	%		40	%		21	%		31	%		27	%		27	%		59	%		54	%		53	%		64	%		76	%
Number of shares outstanding at end of period (000’s)		75,514			81,504			83,103			93,244			94,932			94,131			14,490			15,408			15,120			15,240			13,111			12,606
Net assets at end of period (000’s)	$	723,220		$	869,416		$	876,165		$	818,993		$	990,964		$	1,077,192		$	173,855		$	180,349		$	171,627		$	164,060		$	180,201		$	179,649

* See Note 1

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

283

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund																		Mid Cap Index Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.01		$	13.66		$	12.21		$	12.75		$	13.97		$	12.46		$	28.04		$	26.43		$	24.87		$	28.52		$	27.24		$	24.44
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.10			0.10			0.09			0.11			0.08			0.19			0.35			0.30			0.32			0.32			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		0.67			2.09			1.87			0.04			1.35			2.58			(0.98	)		3.45			3.91			(1.06	)		2.86			3.99
Total income (loss) from investment operations		0.72			2.19			1.97			0.13			1.46			2.66			(0.79	)		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	$	15.73		$	15.01		$	13.66		$	12.21		$	12.75		$	13.97		$	27.25		$	28.04		$	26.43		$	24.87		$	28.52		$	27.24
TOTAL RETURN(a)		4.80	%		16.00	%		16.50	%		1.73	%		11.01	%		21.79	%		(2.82	)%		14.51	%		16.94	%		(0.69	)%		11.92	%		17.69	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%@		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%		0.35	%@		0.35	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of expenses to average net assets(c)		0.74	%@		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%		0.35	%@		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)		0.62	%@		0.70	%		0.76	%		0.73	%		0.83	%		0.57	%		1.34	%@		1.25	%		1.14	%		1.23	%		1.15	%		1.06	%
Ratio of net investment income (loss) to average net assets(c)		0.62	%@		0.70	%		0.76	%		0.73	%		0.83	%		0.57	%		1.34	%@		1.25	%		1.14	%		1.23	%		1.15	%		1.06	%
Portfolio turnover rate		12	%		21	%		23	%		24	%		26	%		137	%		9	%		15	%		14	%		15	%		13	%		11	%
Number of shares outstanding at end of period (000’s)		29,858			29,613			30,427			32,186			33,071			29,214			121,187			122,466			128,379			119,786			116,969			116,691
Net assets at end of period (000’s)	$	469,768		$	444,633		$	415,566		$	393,063		$	421,567		$	408,050		$	3,301,783		$	3,434,089		$	3,392,738		$	2,979,477		$	3,335,644		$	3,179,031

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

284

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund																		Nasdaq-100® Index Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	15.85		$	13.92		$	12.58		$	15.35		$	15.99		$	14.16		$	13.97		$	12.11		$	9.92		$	10.36		$	8.71		$	6.98
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.01			0.02			0.00			(0.03	)		(0.01	)		0.03			0.06			0.07			0.08			0.07			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.23	)		2.66			2.24			(0.82	)		1.83			2.12			(0.04	)		2.48			2.73			(0.02	)		1.79			1.74
Total income (loss) from investment operations		(0.23	)		2.67			2.26			(0.82	)		1.80			2.11			(0.01	)		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	$	15.62		$	15.85		$	13.92		$	12.58		$	15.35		$	15.99		$	13.96		$	13.97		$	12.11		$	9.92		$	10.36		$	8.71
TOTAL RETURN(a)		(1.45	)%		19.17	%		18.43	%		(2.91	)%		11.60	%		14.78	%		(0.07	)%		20.94	%		28.88	%		1.18	%		21.42	%		26.44	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%@		0.82	%		0.82	%		0.83	%		0.81	%		0.82	%		0.53	%@		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.81	%@		0.82	%		0.82	%		0.83	%		0.81	%		0.82	%		0.53	%@		0.54	%		0.55	%		0.56	%		0.54	%		0.57	%
Ratio of expense reductions to average net assets		0.00	%@		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	%@		0.03	%		0.12	%		0.00	%		(0.21	)%		(0.06	)%		0.47	%@		0.49	%		0.67	%		0.80	%		0.72	%		1.28	%
Ratio of net investment income (loss) to average net assets(c)		0.03	%@		0.03	%		0.12	%		0.00	%		(0.21	)%		(0.06	)%		0.47	%@		0.48	%		0.66	%		0.78	%		0.71	%		1.25	%
Portfolio turnover rate		18	%		40	%		38	%		95	%		47	%		65	%		1	%		3	%		4	%		8	%		7	%		8	%
Number of shares outstanding at end of period (000’s)		18,247			18,404			18,691			19,764			18,777			18,583			35,861			33,891			32,558			32,164			31,854			29,275
Net assets at end of period (000’s)	$	284,977		$	291,655		$	260,170		$	248,619		$	288,138		$	297,068		$	500,664		$	473,513		$	394,400		$	319,222		$	330,077		$	255,120

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

285

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund																		Small Cap Aggressive Growth Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	31.14		$	26.00		$	21.30		$	26.68		$	24.83		$	19.19		$	16.44		$	12.25		$	10.17		$	14.56		$	14.12		$	13.18
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.05	)		(0.09	)		(0.01	)		(0.02	)		(0.03	)		(0.04	)		(0.04	)		(0.09	)		(0.04	)		(0.03	)		(0.06	)		(0.11	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.88	)		7.89			6.56			(0.71	)		4.70			5.71			(1.22	)		4.68			2.67			(2.61	)		4.01			2.50
Total income (loss) from investment operations		(1.93	)		7.80			6.55			(0.73	)		4.67			5.67			(1.26	)		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	$	29.21		$	31.14		$	26.00		$	21.30		$	26.68		$	24.83		$	15.18		$	16.44		$	12.25		$	10.17		$	14.56		$	14.12
TOTAL RETURN(a)		(6.20	)%		30.08	%		31.82	%		0.39	%		19.52	%		29.55	%		(7.66	)%		37.58	%		26.17	%		(16.21	)%		30.24	%		17.46	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.97	%@		0.97	%		0.99	%		0.99	%		0.98	%		0.99	%		0.99	%@		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		0.97	%@		0.97	%		0.99	%		0.99	%		0.98	%		0.99	%		0.99	%@		1.00	%		1.02	%		1.01	%		1.01	%		1.02	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%@		0.00	%		0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.32	)%@		(0.33	)%		(0.06	)%		(0.07	)%		(0.12	)%		(0.18	)%		(0.54	)%@		(0.61	)%		(0.33	)%		(0.24	)%		(0.42	)%		(0.70	)%
Ratio of net investment income (loss) to average net assets(c)		(0.32	)%@		(0.33	)%		(0.06	)%		(0.07	)%		(0.12	)%		(0.18	)%		(0.55	)%@		(0.62	)%		(0.36	)%		(0.26	)%		(0.44	)%		(0.72	)%
Portfolio turnover rate		51	%		84	%		92	%		107	%		101	%		102	%		46	%		74	%		82	%		101	%		94	%		111	%
Number of shares outstanding at end of period (000’s)		45,367			45,064			43,461			43,694			38,035			37,726			10,099			9,560			9,176			10,084			7,959			7,180
Net assets at end of period (000’s)	$	1,325,052		$	1,403,433		$	1,130,159		$	930,756		$	1,014,902		$	936,688		$	153,320		$	157,170		$	112,391		$	102,540		$	115,869		$	101,410

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

286

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund																		Small Cap Index Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	11.54		$	11.59		$	10.96		$	14.18		$	15.00		$	13.46		$	22.81		$	20.23		$	17.91		$	21.23		$	20.40		$	18.13
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.05			0.03			0.04			0.02			0.00			0.13			0.22			0.21			0.24			0.24			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.22	)		1.97			1.58			(1.17	)		1.55			2.31			(1.41	)		3.85			3.43			(1.86	)		1.99			2.80
Total income (loss) from investment operations		(0.20	)		2.02			1.61			(1.13	)		1.57			2.31			(1.28	)		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	$	11.34		$	11.54		$	11.59		$	10.96		$	14.18		$	15.00		$	21.53		$	22.81		$	20.23		$	17.91		$	21.23		$	20.40
TOTAL RETURN(a)		(1.73	)%		17.95	%		14.64	%		(5.20	)%		11.10	%		17.13	%		(5.61	)%		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	%		0.93	%		0.40	%@		0.40	%		0.41	%		0.42	%		0.40	%		0.40	%
Ratio of expenses to average net assets(c)		1.02	%@		1.03	%		1.02	%		1.01	%		1.00	%		1.01	%		0.40	%@		0.40	%		0.41	%		0.42	%		0.40	%		0.40	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.36	%@		0.40	%		0.27	%		0.29	%		0.15	%		0.01	%		1.14	%@		0.99	%		1.07	%		1.26	%		1.15	%		1.03	%
Ratio of net investment income (loss) to average net assets(c)		0.27	%@		0.31	%		0.18	%		0.21	%		0.08	%		(0.07	)%		1.14	%@		0.99	%		1.07	%		1.26	%		1.15	%		1.03	%
Portfolio turnover rate		14	%		25	%		82	%		29	%		32	%		32	%		13	%		17	%		12	%		13	%		14	%		13	%
Number of shares outstanding at end of period (000’s)		26,383			27,836			26,815			27,431			24,990			24,251			54,603			56,750			59,190			55,029			52,734			54,260
Net assets at end of period (000’s)	$	299,244		$	321,236		$	310,704		$	300,734		$	354,294		$	363,807		$	1,175,398		$	1,294,430		$	1,197,209		$	985,833		$	1,119,463		$	1,106,865

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

287

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund																		Small-Mid Growth Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	13.84		$	13.17		$	12.05		$	13.74		$	13.87		$	11.32		$	13.84		$	11.94		$	11.23		$	13.57		$	14.54		$	12.67
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.15			0.19			0.16			0.18			0.12			(0.02	)		(0.03	)		(0.03	)		(0.04	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.83	)		1.84			1.97			(0.24	)		0.92			2.53			(0.21	)		2.43			1.34			(1.07	)		2.72			2.45
Total income (loss) from investment operations		(0.77	)		1.99			2.16			(0.08	)		1.10			2.65			(0.23	)		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	$	13.07		$	13.84		$	13.17		$	12.05		$	13.74		$	13.87		$	13.61		$	13.84		$	11.94		$	11.23		$	13.57		$	14.54
TOTAL RETURN(a)		(5.56	)%		15.39	%		17.65	%		1.49	%		8.16	%		23.43	%		(1.66	)%		20.07	%		11.94	%		(6.27	)%		19.75	%		18.77	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.86	%@		0.87	%		0.87	%		0.88	%		0.87	%		0.88	%		0.92	%@		0.95	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.86	%@		0.87	%		0.87	%		0.88	%		0.87	%		0.88	%		0.99	%@		1.01	%		1.01	%		1.00	%		1.00	%		1.03	%
Ratio of expense reductions to average net assets		0.01	%@		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)		0.90	%@		1.04	%		1.47	%		1.29	%		1.23	%		0.89	%		(0.24	)%@		(0.21	)%		(0.26	)%		(0.33	)%		(0.41	)%		(0.50	)%
Ratio of net investment income (loss) to average net assets(c)		0.90	%@		1.04	%		1.47	%		1.29	%		1.23	%		0.89	%		(0.31	)%@		(0.27	)%		(0.27	)%		(0.33	)%		(0.41	)%		(0.52	)%
Portfolio turnover rate		18	%		37	%		46	%		74	%		52	%		65	%		41	%		62	%		61	%		64	%		55	%		148	%
Number of shares outstanding at end of period (000’s)		19,870			21,730			21,453			19,831			17,394			17,993			8,208			8,562			8,994			9,812			9,713			8,584
Net assets at end of period (000’s)	$	259,724		$	300,745		$	282,609		$	238,888		$	238,986		$	249,579		$	111,733		$	118,522		$	107,389		$	110,230		$	131,771		$	124,839

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

288

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund																		Value Fund
	Six Months Ended November 30, 2018#			Year Ended May 31,															Six Months Ended November 30, 2018#			Year Ended May 31,
				2018			2017			2016			2015			2014						2018			2017			2016			2015			2014
PER SHARE DATA
Net asset value at beginning of period	$	39.46		$	36.47		$	33.14		$	36.60		$	34.65		$	30.07		$	17.87		$	16.62		$	14.93		$	15.46		$	14.18		$	12.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.36			0.63			0.61			0.63			0.62			0.55			0.14			0.26			0.25			0.26			0.21			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		0.76			4.49			4.96			(0.59	)		3.29			5.38			0.01			1.27			1.72			(0.57	)		1.29			1.81
Total income (loss) from investment operations		1.12			5.12			5.57			0.04			3.91			5.93			0.15			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	$	40.58		$	39.46		$	36.47		$	33.14		$	36.60		$	34.65		$	18.02		$	17.87		$	16.62		$	14.93		$	15.46		$	14.18
TOTAL RETURN(a)		2.84	%		13.99	%		17.08	%		1.38	%		11.41	%		20.01	%		0.84	%		9.15	%		13.22	%		(1.80	)%		10.65	%		16.26	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.33	%@		0.34	%		0.34	%		0.35	%		0.34	%		0.35	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.33	%@		0.34	%		0.34	%		0.35	%		0.34	%		0.35	%		0.93	%@		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	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.75	%@		1.62	%		1.75	%		1.83	%		1.68	%		1.71	%		1.53	%@		1.47	%		1.54	%		1.78	%		1.33	%		1.46	%
Ratio of net investment income (loss) to average net assets(c)		1.75	%@		1.62	%		1.75	%		1.83	%		1.68	%		1.71	%		1.45	%@		1.38	%		1.46	%		1.69	%		1.25	%		1.38	%
Portfolio turnover rate		2	%		3	%		3	%		3	%		3	%		4	%		17	%		19	%		15	%		15	%		16	%		16	%
Number of shares outstanding at end of period (000’s)		122,510			125,644			124,560			124,483			123,499			129,109			6,803			6,461			6,640			7,241			7,559			8,595
Net assets at end of period (000’s)	$	4,971,993		$	4,958,503		$	4,542,334		$	4,125,329		$	4,519,626		$	4,473,003		$	122,602		$	115,474		$	110,333		$	108,136		$	116,875		$	121,864

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

289

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

Approval of Advisory and Sub-Advisory Agreements

At an in-person meeting held on August 6-7, 2018, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, LP (“AllianceBernstein”), Allianz Global Investors US, LLC (“Allianz”), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco”), Invesco Asset Management Limited (“IAML”),¹ Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), Victory Capital Management Inc. (“Victory”), Wellington Management Company LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 6-7, 2018 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 16-17, 2018.

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

The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at an in-person meeting held on July 16-17, 2018, and executive sessions held during the August 2018 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 16-17, 2018 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2018 meeting. The continuation of all Advisory Contracts was approved at the August 2018 meeting for a one-year term beginning September 1, 2018 and ending August 31, 2019.

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

The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à -vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.

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

The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.

¹  Effective September 28, 2015, IAML became a sub-sub-adviser pursuant to an Investment Sub-Sub-Advisory Agreement between Invesco and IAML. The Board’s consideration and approval of VALIC’s Investment Sub-Advisory Agreement with Invesco included a consideration and approval of this Investment Sub-Sub-Advisory Agreement.

{W0317821; 2}{W0317821; 2}

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

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

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

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2017.

The Board received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2018 and that benchmark information provided by management was through the period ended May 31, 2018. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• Asset Allocation Fund (PineBridge Investment LLC (“PineBridge”)). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Blue Chip Growth Fund (T. Rowe). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Broad Cap Value Income Fund (Barrow, Hanley, Mewhinney & Strauss, Inc.). The Fund’s actual management fees and total expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Capital Conservation Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Core Equity Fund (BlackRock). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers.

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

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• Dividend Value Fund (BlackRock/SunAmerica). The Fund’s actual management fees, actual sub-advisory fees, and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Dynamic Allocation Fund (AllianceBernstein/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Emerging Economies Fund (JPMIM). The Fund’s actual management fees, actual sub-advisory fees, and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable.

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

• Foreign Value Fund (Templeton Global). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Universe.

The Fund underperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board noted management’s proposal to replace the Fund’s sub-adviser.

• Global Real Estate Fund (GSAM/Invesco/Invesco Asset Management Limited). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Universe. The Board noted the limited size of the Sub-Advisory Expense Universe.

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

• Global Social Awareness Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe.

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

• Global Strategy Fund (Franklin Advisers, Inc./Templeton Investment Counsel, LLC). The Fund’s actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were equal to the median of the Expense Group and below the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Government Money Market I Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Government Securities Fund (JPMIM). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Growth & Income Fund (JPMIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Growth Fund (American Century Investment Management, Inc.). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s actual sub-advisory fees were equal to the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Health Sciences Fund (T. Rowe). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Inflation Protected Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• International Equities Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Universe.

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

• International Government Bond Fund (PineBridge). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and below the median of its Sub-advisory Expense Universe.

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

• International Growth Fund (MSIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the fact that a portion of the Fund’s longer-term performance was attributable to a prior sub-adviser.

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• Large Cap Core Fund (Columbia). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses.

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

• Large Capital Growth Fund (MFS). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Mid Cap Strategic Growth Fund (Allianz Global Investors U.S. LLC (“Allianz”)/Janus Capital Management LLC). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Nasdaq-100^® Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Science & Technology Fund (T. Rowe/Allianz/Wellington Management Company LLP (“Wellington”)). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small Cap Fund (Bridgeway/JPMIM/T. Rowe). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

• Small Cap Aggressive Growth Fund (Victory Capital Management Inc.). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Small Cap Special Values Fund (WellsCap). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small-Mid Growth Fund (GSAM). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

• Stock Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Value Fund (Wellington). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019.

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

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

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

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

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

The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certain sub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and its affiliated life insurers (collectively, the “Life Companies”), the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

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

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

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

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

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

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

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

Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each 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 VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

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

In addition, at an in-person meeting held on August 6-7, 2018 (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 Wells Capital Management Incorporated (“WellsCap”) with respect to the International Value Fund (the “Fund,” and formerly known as the Foreign Value Fund). In connection with the approval of the Sub-Advisory Agreement with WellsCap, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, Templeton Global Advisors Limited (“Templeton”) with respect to the Fund.

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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 WellsCap; (2) the sub-advisory fees proposed to be charged in connection with WellsCap’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-advisory Expense Group/Universe”) and fee rates of other comparable funds and accounts managed by WellsCap; (3) the investment performance of a group of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of a comparable fund managed by WellsCap; (4) the costs of services and the benefits potentially to be derived in connection with the Sub-Advisory Agreement; (5) whether the Fund will benefit from possible economies of scale from engaging WellsCap; (6) information regarding WellsCap’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 WellsCap 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 WellsCap. The Board reviewed information provided by WellsCap relating to its operations and personnel. The Board also took into account their knowledge of WellsCap’s management, operations and the quality of their performance based on the Board’s experiences with WellsCap, which also manages certain other series of VC I. The Board also noted that WellsCap’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 WellsCap. The Board noted that WellsCap 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 WellsCap, 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 WellCap’s history and investment experience as well as information regarding the qualifications, background and responsibilities of WellsCap’s investment, compliance and other personnel who would provide services to the Fund. The Board also reviewed WellsCap’s brokerage practices. The Board also noted that it received information on WellsCap’s financial condition and the compliance function of WellsCap. The Board also considered WellsCap’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 WellsCap were expected to be satisfactory and that there was a reasonable basis to conclude that WellsCap would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-advisory Expense Group/Universe. The Board also considered expense information of comparable funds managed by WellsCap and the standard fee schedule charged by the WellsCap team; however, the Board noted that WellsCap served as the investment adviser to a comparable fund, as well as other circumstances of WellsCap’s relationships with the comparable funds that led to fee schedules that were different from the proposed fee schedule with respect to the Fund. The Board also noted that VALIC negotiated the sub-advisory fee with WellsCap at arm’s length, 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 considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund and that the sub-advisory fees are not paid by the Fund. The Board also took into account that management was requesting that the Board approve the Fee Waiver Agreement between VALIC and VC I under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of WellsCap will result in a reduction of the management fee paid by the Fund to VALIC.

The Board considered that the proposed sub-advisory fee payable to WellsCap is below the medians of the Fund’s Sub-advisory Expense Group/Universe, while the sub-advisory fee rate paid to Templeton was above the medians of the Fund’s Sub-advisory Expense Group/Universe, in each case based on the Fund’s assets as of May 31, 2018. The Board also considered that the sub-advisory fee rate payable to WellsCap 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 regarding the Fund’s investment performance compared against the Performance Group as of the period ended May 31, 2018. The Board also considered the performance of a proprietary fund managed by WellsCap using a similar investment strategy as that which WellsCap will use to manage the Fund. The Board noted that such comparable fund outperformed the Fund for the one-, three- and five-year periods ended May 31, 2018.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-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 Templeton with WellsCap. The Board also noted that VALIC would waive a portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if WellsCap is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was

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VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

negotiated with WellsCap at arm’s length. In considering the anticipated profitability to WellsCap 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 WellsCap 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 WellsCap’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in WellsCap’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the terms of the Sub-Advisory Agreement and the terms of the prior sub-advisory agreement with Templeton are 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) the amount of the sub-advisory fee payable by VALIC to the sub-adviser; (iv) certain confidentiality obligations of VALIC and VC I in the case of the current sub-advisory agreement with Templeton; (v) provisions relating to the sub-adviser’s ownership of, and obligations to surrender, books and records produced by the sub-adviser; (vi) the process for obtaining sub-adviser approval of material that refers to the sub-adviser and was prepared for distribution to shareholders; (vii) express terms permitting the sub-adviser’s use of the terms “VALIC” or “VC I” under the Sub-Advisory Agreement; and (viii) terms in the Sub-Advisory Agreement relating to obligations of VALIC to provide certain information to the sub-adviser. 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 WellsCap possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.

298

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.

Filed under Rule 497(e)

Registration No. 2-83631

VALIC Company I

Dynamic Allocation Fund

(the “Fund”)

Supplement dated November 30, 2018,

to the Fund’s Prospectus dated October 1, 2018

At the October 22-23, 2018 meeting of the Board of Directors (the “Board”) of VALIC Company I (the “Corporation”), the Board approved certain changes to the principal investment strategies of the Fund, including to reflect that AllianceBernstein L.P., who is responsible for managing the Overlay Component of the Fund, will no longer manage the Fund’s net equity exposure pursuant to a formula provided by The Variable Annuity Life Insurance Company, the Fund’s investment adviser (the “Adviser”), and developed by affiliated insurance companies of the Adviser.

Effective December 1, 2018, the following changes are made to the Prospectus:

The third and fourth paragraphs of the section titled “Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund” are hereby deleted in their entirety.

The eighth paragraph of the section titled “Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund” is hereby deleted in its entirety and replaced with the following:

AllianceBernstein may invest the Overlay Component in derivative instruments to increase or decrease the Fund’s overall net equity exposure and, therefore, its volatility and return potential. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. High levels of volatility may result from rapid and dramatic price swings. Through its use of derivative instruments, AllianceBernstein may adjust the Fund’s net equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Fund’s average net equity exposure over long term periods is expected to be approximately 60%-65%. The Fund’s net equity exposure is primarily adjusted through the use of derivative instruments, such as stock index futures and stock index options, and to a lesser extent options on stock index futures and stock index swaps, as the allocation among Underlying Funds in the Fund-of-Funds Component is expected to remain fairly stable. For example, when the market is in a state of higher volatility, AllianceBernstein may decrease the Fund’s net equity exposure by taking a short position in derivative instruments. A short sale involves the sale by the Fund of a security or instrument it does not own with the expectation of purchasing the same security or instrument at a later date at a lower price. The operation of the Overlay Component may therefore expose the Fund to leverage. Because derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly, the remainder of the assets in the Overlay Component will be invested in a variety of fixed income securities.

The ninth paragraph of the section titled “Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund” is hereby deleted in its entirety.

The following sentences are hereby added to the end of the tenth paragraph of the section titled “Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund”:

Efforts to manage the Fund’s volatility may also expose the Fund to additional costs. In addition, AllianceBernstein will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Fund exposure to certain severe and unanticipated market events that could significantly detract from returns.

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VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

The second sentence of the sections titled “Fund Summary: Dynamic Allocation Fund – Principal Risks of Investing in the Fund – Dynamic Allocation Risk” and “Investment Glossary – Investment Risks – Dynamic Allocation Risk” is hereby deleted and replaced with the following:

The Fund is subject to the risk that the investment process that will determine the selection of the Underlying Funds and the allocation and reallocation of the Fund’s assets among the various asset classes may not produce the desired result.

The second paragraph of the section titled “Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component (10%-30%)” is hereby deleted in its entirety and replaced with the following:

The Fund’s investment in derivative instruments will be used to increase or decrease the Fund’s overall net equity exposure, and therefore, its volatility and return potential. High levels of volatility may result from rapid and dramatic price swings. Through the use of derivative instruments, AllianceBernstein may adjust the Fund’s net equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Fund’s average net equity exposure over long-term periods is expected to be approximately 60%-65%. For example, when the market is in a state of higher volatility, AllianceBernstein may decrease the Fund’s net equity exposure by taking a short position in derivative instruments. The use of derivatives in this manner may expose the Fund to leverage when the Fund’s index futures position is larger than the collateral backing it. Trading in the Overlay Component will be managed in accordance with established guidelines in an attempt to maintain a relatively stable exposure to equity market volatility over time, subject to minimum and maximum net equity exposure ranges.

The third paragraph of the section titled “Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component (10%-30%)” is hereby deleted in its entirety.

The following sentences are hereby added to the end of the fourth paragraph of the section titled “Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component (10%-30%)”:

Efforts to manage the Fund’s volatility may also expose the Fund to additional costs. In addition, AllianceBernstein will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Fund exposure to certain severe and unanticipated market events that could significantly detract from returns.

The following is added as the last paragraph of the section titled “Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component (10%-30%)”:

AllianceBernstein uses a proprietary system to help it estimate the Fund’s expected volatility. The proprietary system used by AllianceBernstein may perform differently than expected and may negatively affect performance and the ability of the Fund to maintain its volatility within its target volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and various non-quantitative factors (e.g., market or trading system dysfunctions, and investor fear or over-reaction).

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

300

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.

Filed under Rule 497(e)

Registration No. 002-83631

VALIC Company I

Value Fund

(the “Fund”)

Supplement dated December 19, 2018, to the Fund’s Prospectus and Statement of Additional Information (“SAI”)

dated October 1, 2018, as supplemented and amended to date

Karen H. Grimes, CFA, a portfolio manager to the Fund, 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, as of December 31, 2018, all references to Ms. Grimes in the Fund’s Prospectus and SAI are deleted in their 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.

Filed under Rule 497(k)

Registration No. 002-83631

VALIC Company I

Value Fund

(the “Fund”)

Supplement dated December 19, 2018, to the Fund’s Summary Prospectus

dated October 1, 2018, as supplemented and amended to date

Karen H. Grimes, CFA, a portfolio manager to the Fund, 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, as of December 31, 2018, all references to Ms. Grimes in the Fund’s Prospectus are deleted in their entirety.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rule 497(e)

Registration No. 002-83631

VALIC Company I

(the “Registrant”)

Supplement dated December 20, 2018, to the Registrant’s Prospectus

dated October 1, 2018, as supplemented and amended to date

The third paragraph of the section entitled “ACCOUNT INFORMATION – Buying and Selling Shares” is hereby deleted in its entirety and replaced with the following:

For more information on such rules or procedures, you should review your Variable Contract prospectus, Plan document or custodial agreement. The Funds do not currently foresee any disadvantages to participants arising out of the fact that they may offer their shares to separate accounts of various insurance companies to serve as the investment medium for their variable annuity and variable life insurance contracts. Nevertheless, the Board of Directors intends to monitor events in order to identify any material irreconcilable conflicts which may possibly arise and to determine what action, if any, should be taken in response to such conflicts. If such a conflict were to occur, one or more insurance companies’ separate accounts might be required to withdraw their investments in the Funds and shares of another Fund may be substituted. This might force a Fund to sell portfolio securities at disadvantageous prices. In addition, VC I reserves the right to refuse to sell shares of any Fund to any separate account, plan sponsor, trustee or custodian, or financial intermediary, or may suspend or terminate the offering of shares of any Fund if such action is required by law or regulatory authority or is in the best interests of the shareholders of the Fund.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

301

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.

Filed under Rule 497(e)

Registration No. 002-83631

VALIC Company I

(the “Registrant”)

Supplement dated December 20, 2018, to the Registrant’s Statement of Additional Information (“SAI”)

dated October 1, 2018, as supplemented and amended to date

The fourth paragraph of the section entitled “OFFERING, PURCHASE, AND REDEMPTION OF FUND SHARES” is hereby deleted in its entirety and replaced with the following:

VC I redeems Fund shares for cash. VC I, pursuant to Rule 18f-1 under the 1940 Act, has filed a notification of election on Form 18f-1. Pursuant to this election, VC I has committed to pay the separate accounts, in cash, all redemptions made during any 90 day period, up to the lesser of $250,000 or 1% of VC I’s net asset value. This election is irrevocable while Rule 18f-1 is in effect, unless the SEC by order permits the withdrawal of the election.

Additionally, effective January 1, 2019, William F. Devin is retiring from the Registrant’s Board of Directors. Accordingly, the section entitled “MANAGEMENT OF VC I” will be deleted and replaced with the following:

MANAGEMENT OF VC I

The following table lists the Directors and officers of VC I, their ages, current position(s) held with VC I, length of time served, principal occupations during the past five years, number of funds overseen within the Fund Complex (as defined below) and other directorships/trusteeships held outside of the Fund Complex. Unless otherwise noted, the address of each executive officer and Director is 2929 Allen Parkway, Houston, Texas 77019. Directors who are not deemed to be “interested persons” of VC I as defined in the 1940 Act are referred to as “Independent Directors.” A Director who is deemed to be an “interested person” of VC I is referred to as “Interested Director.” Directors and officers of VC I are also directors or trustees and officers of some or all of the other investment companies managed or advised by VALIC, administered by SunAmerica and distributed by ACS, and/or other affiliates of VALIC.

Name and Age	Position(s) Held With Fund1	Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director2		Other Directorships Held by Director3
Independent Directors
Thomas J. Brown AGE: 72	Director		2005-Present	Retired.		49	Trustee, Virtus Funds (2011-Present).
Dr. Judith L. Craven AGE: 72	Director		1998-Present	Retired.		78	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).
Dr. Timothy J. Ebner AGE: 69	Director		1998-Present	Professor and Head - Department of Neuroscience Medical School (1980-Present) and Pickworth Chair (2000-Present), University of Minnesota; 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: 78	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 Chairman, January 2019 AGE: 68	Chairman and		2001-Present	Retired. Vice President, Massachusetts Capital Resource Co. (1982-2013).		49	None.

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SUPPLEMENTS TO THE PROSPECTUS — (continued)

Name and Age	Position(s) Held With Fund1	Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director2		Other Directorships Held by Director3
Independent Directors
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. Harbeck4 Harborside 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 64	Director		2001-Present	President (1995-Present), CEO (1997-Present) and Director (1992-Present), SunAmerica; Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman, President and CEO, Advisor Group, Inc. (2004-2016).		158	None.
Eric S. Levy5 2919 Allen Parkway Houston, TX 77019 AGE: 53	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.

¹  Directors serve until their successors are duly elected and qualified.

²  The term “Fund Complex” means two or more registered investment companies that (i) hold themselves out to investors as related companies for purposes of investment and investor services or (ii) have a common investment adviser or an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies, VALIC. The Fund Complex includes VC I (34 funds), VC II (15 funds), SunAmerica Specialty Series (7 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series Trust (55 portfolios), and Seasons Series Trust (20 portfolios).

³  Directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies regulated under the 1940 Act, other than those listed under the preceding column.

⁴  Mr. Harbeck is considered to be an Interested Director because he serves as President, CEO and Director, SunAmerica; Director, ACS; and Chairman, President and CEO, affiliates of the Adviser, and Advisor Group, Inc., which was an affiliate of the Adviser until May 6, 2016.

⁵  Mr. Levy is considered to be an Interested Director because he serves as an officer of the Adviser and AIG, the Adviser’s ultimate parent company.

Name and Age	Position(s) Held With Fund	Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
Officers
Gregory N. Bressler Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 52	Vice President		2005-Present	Senior Vice President and General Counsel (2005-Present); and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A

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SUPPLEMENTS TO THE PROSPECTUS — (continued)

Name and Age	Position(s) Held With Fund	Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
Officers
Kathleen D. Fuentes Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 49	Vice President, Chief Legal Officer and Secretary		2015-Present	Vice President and Deputy General Counsel, SunAmerica (2006-Present).		N/A	N/A
John T. Genoy Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 50	President and Principal Executive Officer		2014-Present	Chief Financial Officer (2002-Present), Senior Vice President (2004-Present), Chief Operating Officer (2006-Present) and Director (2014-Present), SunAmerica.		N/A	N/A
Christopher C. Joe AGE: 49	Chief Compliance Officer		2017-Present	Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).		N/A	N/A
Matthew J. Hackethal Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 47	Anti-Money Laundering (“AML”) Compliance Officer		2006-Present	Acting Chief Compliance Officer (2016-2017), Vice President (2011-Present), and Chief Compliance Officer, SunAmerica (2006-Present); AML Compliance Officer, SunAmerica Fund Complex (2006-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, SunAmerica (2014-Present).		N/A	N/A
Donna McManus Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 57	Vice President and Assistant Treasurer		2014-Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A
John Packs 99 High Street Boston, MA 02110 AGE: 62	Vice President and Senior Investment Officer		2001-Present	Senior Investment Officer, VALIC (2001-2013); Senior Vice President (2008-Present), SunAmerica.		N/A	N/A

304

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SUPPLEMENTS TO THE PROSPECTUS — (continued)

Name and Age	Position(s) Held With Fund	Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
Officers
Shawn Parry AGE: 46	Vice President and Assistant Treasurer		2014-Present	Vice President (2014-Present) and Assistant Vice President (2010-2014), SunAmerica.		N/A	N/A
Thomas M. Ward AGE: 51	Vice President		2008-Present	Vice President (2009-Present), VALIC; Vice President, VALIC Financial Advisors, Inc. (2009-Present).		N/A	N/A

Leadership Structure of the Board

Overall responsibility for oversight of the VC I funds (“VALIC Funds”) rests with the Board of Directors (the “Board”). The VALIC Funds have engaged VALIC as the investment adviser which oversees the day-to-day operations of the VALIC Funds and have engaged Subadvisers who manage the Funds’ assets on a day-to-day basis. The VALIC Funds have also engaged SunAmerica as the VALIC Funds’ administrator. The Board is responsible for overseeing VALIC, SunAmerica and the Subadvisers and any other service providers in the operations of the VALIC Funds in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws, VC I’s Amended and Restated Agreement and Declaration of Trust and Amended and Restated By-laws and the VALIC Funds’ investment objectives and strategies. The Board is presently composed of nine members, seven of whom are Independent Directors. The Board currently conducts regular in-person meetings at least quarterly and holds special in-person or telephonic meetings, or informal conference calls, to discuss specific matters that may arise or require action between regular Board meetings. The Independent Directors also meet at least quarterly in executive session, at which no Interested Director is present. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight responsibilities.

The Board has appointed Mr. Lavery, an Independent Director, to serve as Chairman of the Board. The Chairman’s role is to preside at all meetings of the Board and to act as a liaison with service providers, including VALIC, SunAmerica, officers, attorneys, and other Directors generally, between meetings. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has established four committees, i.e., Audit Committee, Governance Committee, Brokerage Committee and Compliance and Ethics Committee (each, a “Committee”) to assist the Board in the oversight and direction of the business and affairs of the Funds, and from to time may establish informal working groups to review and address the policies and practices of the Funds with respect to certain specified matters. The Committee system facilitates the timely and efficient consideration of matters by the Directors, and facilitates effective oversight of compliance with legal and regulatory requirements and of the Funds’ activities and associated risks. The standing Committees currently conduct an annual review of their charters, which includes a review of their responsibilities and operations. The Governance Committee and the Board as a whole also conduct an annual evaluation of the performance of the Board, including consideration of the effectiveness of the Board’s committee structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances efficient and effective oversight.

The VALIC Funds are subject to a number of risks, including, among others, investment, compliance, operational and valuation risks. Risk oversight forms part of the Board’s general oversight of the Funds and is addressed as part of various Board and Committee activities. Day-to-day risk management functions are subsumed within the responsibilities of VALIC and SunAmerica, who carry out the Funds’ investment management and business affairs, and also by the Funds’ Subadvisers and other service providers in connection with the services they provide to the Funds. Each of VALIC, SunAmerica, the Subadvisers and other service providers have their own, independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. As part of its regular oversight of the VALIC Funds, the Board, directly and/or through a Committee, interacts with and reviews reports from, among others, VALIC, SunAmerica, the Subadvisers and the Funds’ other service providers (including the Funds’ distributor and transfer agent), the Funds’ Chief Compliance Officer, the independent registered public accounting firm for the Funds, legal counsel to the Funds, and internal auditors, as appropriate, relating to the operations of the Funds. The Board recognizes that it may not be possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

Board and Committees

The Board believes that each Director’s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Directors lead to the conclusion that the Directors possess the requisite experience, qualifications, attributes and skills to serve on the Board. Among the attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Directors, VALIC, the Subadvisers, other service providers, legal counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors. The Board has also considered the contributions that each Director can make to the Board and the VALIC Funds. A Director’s ability to perform his or her duties effectively may have been attained, as set forth below, through the Director’s executive, business, consulting, public service and/or academic positions; experience from service as a Director of the VALIC Funds and the other funds/portfolios in the Fund Complex (and/or in other capacities), other investment funds, public companies, or non-profit entities or other organizations; educational background or professional training; and/or other life experiences. References to the qualifications, attributes and skills of Directors are pursuant to requirements of the SEC, do not constitute holding out the Board or any Director as having any special expertise or experience, and shall not impose any greater responsibility on any such person or on the Board by reason thereof.

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VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Thomas J. Brown. Mr. Brown has served as Director since 2005. Mr. Brown is also the Chairman of the Audit Committee and serves as the Audit Committee Financial Expert and as a member of each of the Brokerage Committee and Governance Committee. An “Audit Committee Financial Expert” is defined as a person who has the following attributes: (i) an understanding of generally accepted accounting principles and financial statements; (ii) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; (iii) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) an understanding of internal controls and procedures for financial reporting; and (v) an understanding of audit committee functions. Mr. Brown is a retired Chief Operating Officer and Chief Financial Officer of American General Asset Management, and previously was the Treasurer and CFO of the North American Funds. Mr. Brown also has substantial experience serving on boards of other mutual fund complexes, and is currently a trustee of Virtus Series Fund.

Dr. Judith L. Craven. Dr. Craven has served as Director since 1998. Dr. Craven is also the Chairman of the Compliance and Ethics Committee and serves as a member of both the Audit and the Governance Committees. Dr. Craven is a retired administrator, and has held numerous executive and directorship positions within the healthcare industry. Dr. Craven has substantial experience serving on local, state, and national boards, and is currently a director of Luby’s Restaurant and SYSCO Corporation, among other organizations.

Dr. Timothy J. Ebner. Dr. Ebner has served as Director since 1998. Dr. Ebner is also the Chairman of the Brokerage Committee and serves as a member of each of the Audit, the Compliance and Ethics and the Governance Committees. Dr. Ebner is Head of the Department of Neuroscience of the Medical School at the University of Minnesota. Dr. Ebner has experience serving on the boards of other mutual funds, as well as on the boards of several scientific foundations and non-profit organizations. Dr. Ebner is also an editor for the Journal of Neuroscience and is on the editorial board of three other neuroscience journals.

Judge Gustavo E. Gonzales, Jr. Judge Gonzales has served as Director since 1998. Judge Gonzales also serves a member of each of the Audit, the Governance, the Brokerage and the Compliance and Ethics Committees. Judge Gonzales has extensive experience practicing law with a litigation emphasis on criminal defense, as well as general practice. He is formerly the Judge of Municipal Court No. 5 in Dallas, Texas. Judge Gonzales also currently serves on the advisory board to Dallas Catholic Charities, Immigration and legal Division and volunteers at Dallas LaVoz del Anciano.

Peter A. Harbeck. Mr. Harbeck is President and Chief Executive Officer of SunAmerica and President, Chief Executive Officer and Chairman of Advisor Group, Inc. As President and Chief Executive Officer, Mr. Harbeck is responsible for all of SunAmerica’s mutual fund businesses. During his over twenty-year tenure at SunAmerica, Mr. Harbeck has held various positions, including Chief Operating Officer and Chief Administrative Officer. In addition, Mr. Harbeck has extensive experience on various fund and annuity boards, and currently sits on the Board of Governors for the Investment Company Institute.

Kenneth J. Lavery. Mr. Lavery has served as Director since 2001 and as Chairman of the Board since 2019. Mr. Lavery also serves as a member of each of the Audit, the Governance, the Brokerage and the Compliance and Ethics Committees. Mr. Lavery is a retired Vice President of Massachusetts Capital Resource Company at which he had thirty years’ experience. Mr. Lavery also has substantial experience serving on the boards of other mutual funds and fund complexes, and has both board and executive experience at other organizations.

Eric S. Levy. Mr. Levy has served as a Director since May 1, 2017. Mr. Levy is Executive Vice President of VALIC and Executive Vice President, Group Retirement of AIG. Mr. Levy is also a Registered Principal for VALIC Financial Advisors, Inc., an affiliate of VALIC. Mr. Levy’s experience spans thirty years in financial services, including mutual funds, sub-advisory services, retirement services and insurance products at Fidelity, Allmerica Financial, Putnam Investments and Mercer and Lincoln Financial Group.

Dr. John E. Maupin, Jr. Dr. Maupin has served as Director since 1998. Dr. Maupin is also the Chairman of the Governance Committee and also serves as a member of each of the Audit, the Brokerage and the Compliance and Ethics Committees. Dr. Maupin is the retired President and Chief Executive Officer of Morehouse School of Medicine in Atlanta, Georgia, and has extensive executive and administrative experience at other organizations and companies within the healthcare industry. Dr. Maupin also currently serves on the boards of LifePoint Hospitals, Inc., HealthSouth Corporation, and Regions Financials, Inc.

Effective January 1, 2019, for all VC I and VC II funds, Independent Directors and Trustees receive an annual retainer of $143,325 (Chairman receives an additional $55,000 retainer) and a meeting fee of $12,600 for each Board meeting and $4,000 for each Board meeting conducted by telephone. Audit Committee, Brokerage Committee, Compliance and Ethics Committee and Governance Committee members receive $2,500 for each meeting attended held in conjunction with a Board Meeting. The Audit Committee chair, also the Audit Committee Financial Expert, receives a retainer of $35,000. The Governance Committee chair receives a retainer of $25,000, the Compliance and Ethics Committee chair receives a retainer of $15,000, and the Brokerage Committee chair receives a retainer of $15,000.

The Audit Committee is comprised of all Independent Directors with Mr. Brown as Chairman and Mr. Brown serving as the “Audit Committee Financial Expert.” The Audit Committee recommends to the Board the selection of independent registered public accounting firm for the VALIC Funds and reviews with such independent accounting firm the scope and results of the annual audit, reviews the performance of the accounts, and considers any comments of the independent accounting firm regarding the VALIC Funds’ financial statements or books of account. The Audit Committee has a Sub-Committee to approve audit and non-audit services and it is comprised of Mr. Brown, Dr. Ebner and Dr. Maupin. During the VC I fiscal year ended May 31, 2018, the Audit Committee held 4 meetings.

The Governance Committee is comprised of all Independent Directors, with Dr. Maupin as Chairperson. The Governance Committee recommends to the Board nominees for Independent Director membership, reviews governance procedures and Board composition, and periodically reviews Director compensation. The VALIC Funds do not have a standing compensation committee. During the VC I fiscal year ended May 31, 2018, the Governance Committee held 3 meetings.

The Brokerage Committee is comprised of Dr. Ebner (Chairman), Mr. Brown, Judge Gonzales, Mr. Lavery and Dr. Maupin. The Brokerage Committee reviews brokerage issues but does not meet on a formal basis. During the VC I fiscal year ended May 31, 2018, the Brokerage Committee held 2 meetings.

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VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

The Compliance and Ethics Committee is comprised of Ms. Craven (Chairperson), Dr. Ebner, Judge Gonzales, Mr. Lavery and Dr. Maupin. The Compliance and Ethics Committee addresses issues that arise under the Code of Ethics for the Principal Executive and Principal Accounting Offices as well as any material compliance matters arising under Rule 38a-1 policies and procedures as approved by the Board. During the VC I fiscal year ended May 31, 2018, the Compliance and Ethics Committee held 2 meetings.

The Independent Directors are reimbursed for certain out-of-pocket expenses by VC I. The Directors and officers of VC I and members of their families as a group beneficially owned less than 1% of the common stock of each Fund outstanding as of May 31, 2018.

Independent Directors

Name of Director	Dollar Range of Equity Securities in the  Funds1		Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen  by Director in Family2
Thomas J. Brown	$	0	$	0
Dr. Judith L. Craven		0		0
Dr. Timothy J. Ebner		0		0
Judge Gustavo E. Gonzales, Jr.		0		0
Kenneth J. Lavery		0		0
Dr. John E. Maupin, Jr.		0		0

¹   Includes the value of shares beneficially owned by each Director in VC I as of December 31, 2017.

²  Includes VC I (34 series) and VC II (15 series).

Interested Directors

Name of Director	Dollar Range of Equity Securities in the  Funds1		Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen  by Director in Family2
Peter A. Harbeck	$	0	$	0
Eric S. Levy		0		0

¹   Includes the value of shares beneficially owned by each Director in VC I as of December 31, 2017.

²  Includes VC I (34 series) and VC II (15 series).

As of December 31, 2017, no Independent Directors or any of their immediate family members owned beneficially or of record any securities in VALIC or ACS or any person other than a registered investment company, directly or indirectly, controlling, controlled by or under common control with such entities.

Compensation of Directors

The following table sets forth information regarding compensation and benefits earned by the Independent Directors for the fiscal year ending May 31, 2018. Interested Directors are not eligible for compensation or retirement benefits and thus, are not shown below.

Compensation Table

Fiscal Year Ended May 31, 2018

Name of Director1	Aggregate Compensation from VC I		Total Compensation From Fund Complex Paid to Directors
Thomas J. Brown	$	152,850	$	254,750
Dr. Judith L. Craven2		139,350		430,811
William Devin2,3		164,850		491,888
Dr. Timothy Ebner4		120,998		201,663
Judge Gustavo E. Gonzales4		154,103		256,838
Kenneth J. Lavery		149,850		249,750
Dr. John E. Maupin, Jr.		134,850		224,750

¹   Directors receive no pension or retirement benefits from the Funds or any other funds in the Fund Complex.

²  Includes VC I, VC II, Anchor Series Trust, SunAmerica Senior Floating Rate Fund, Inc., SunAmerica Income Funds, SunAmerica Equity Funds, SunAmerica Series, Inc., SunAmerica Specialty Series and SunAmerica Money Market Funds, Inc.

³  William Devin retired from the Board effective January 1, 2019.

⁴  Dr. Ebner and Judge Gonzales have chosen to defer a portion of VC I compensation under the Deferred Compensation Plan discussed below. As of May 31, 2018, the current value of the deferred compensation is $610,666 and $459,566 for Dr. Ebner and Judge Gonzales, respectively.

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VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Effective January 1, 2001, the Board approved a Deferred Compensation Plan (the “Deferred Plan”) for its Independent Directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. The purpose of the Deferred Plan is to permit such Independent Directors to elect to defer receipt of all or some portion of the fees payable to them for their services to VC I, therefore allowing postponement of taxation of income and tax-deferred growth on the earnings. Under the Deferred Plan, an Independent Director may make an annual election to defer all or a portion of his/her future compensation from VC I.

At a meeting held on October 25-26, 2010, the Board of Directors revised the Fund’s retirement policy age of 75 to provide for a Director to request an additional year of eligibility as a Director if requested by the age of 74¹/₂, subject to approval by the Board, up to an additional maximum of five additional years (to age 80).

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rule 497(e)

Registration No. 002-83631

VALIC Company I

Small-Mid Growth Fund

(the “Fund”)

Supplement dated January 14, 2019 to the Fund’s

Prospectus dated October 1, 2018, as supplemented and amended to date

Steven M. Barry no longer serves as a portfolio manager for the Fund. Daniel Zimmerman and Michael DeSantis continue to serve as portfolio managers for the Fund. Accordingly, all references to Mr. Barry in the Fund’s Prospectus are deleted in their entirety.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

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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 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

309

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.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

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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 4873  (11/2018)    J103179

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Not applicable.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: February 7, 2019

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: February 7, 2019

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 7, 2019