UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street,

Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2019

Item 1. Reports to Stockholders

SAVING : INVESTING : PLANNING

VALIC Company I

Annual Report, May 31, 2019

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

ANNUAL REPORT MAY 31, 2019

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	87
Growth & Income Fund	94
Health Sciences Fund	99
Inflation Protected Fund	105
International Equities Index Fund	111
International Government Bond Fund	122
International Growth Fund	130
International Value Fund	133
Large Cap Core Fund	136
Large Capital Growth Fund	139
Mid Cap Index Fund	142
Mid Cap Strategic Growth Fund	151
Nasdaq-100® Index Fund	156
Science & Technology Fund	160
Small Cap Aggressive Growth Fund	165
Small Cap Fund	169
Small Cap Index Fund	182
Small Cap Special Values Fund	207
Small-Mid Growth Fund	211
Stock Index Fund	215
Value Fund	225
Statements of Assets and Liabilities	228
Statements of Operations	233
Statements of Changes in Net Assets	238
Notes to Financial Statements	247
Financial Highlights	274
Report of Independent Registered Public Accounting Firm	291
Approval of Subadvisory Agreements	292
Director and Officer Information	296
Shareholder Tax Information	298
Comparisons: Funds vs. Indexes	299
Supplements to the Prospectus	339

VALIC Company I

PRESIDENT’S LETTER (unaudited)

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ended May 31, 2019. We encourage you to carefully read this report and thank you for your investment.

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

Sincerely,

John T. Genoy, President

VALIC Company I

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

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

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

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

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

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

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

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

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

1

VALIC Company I

EXPENSE EXAMPLE — May 31, 2019 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2018 and held until May 31, 2019. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2019” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2019” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2019” column would have been higher and the “Ending Account Value” column would have been lower.

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

2

VALIC Company I

EXPENSE EXAMPLE — May 31, 2019 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2018		Ending Account Value Using Actual Return at May 31, 2019		Expenses Paid During the Six Months Ended May 31, 2019		Beginning Account Value at December 1, 2018		Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2019		Expenses Paid During the Six Months Ended May 31, 2019		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	1,014.14	$	3.72	$	1,000.00	$	1,021.24	$	3.73		0.74	%
Blue Chip Growth	$	1,000.00	$	1,040.73	$	4.17	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Broad Cap Value#	$	1,000.00	$	974.81	$	4.18	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Capital Conservation	$	1,000.00	$	1,068.86	$	3.30	$	1,000.00	$	1,021.74	$	3.23		0.64	%
Core Equity#	$	1,000.00	$	980.64	$	3.70	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Dividend Value	$	1,000.00	$	954.38	$	3.95	$	1,000.00	$	1,020.89	$	4.08		0.81	%
Dynamic Allocation#	$	1,000.00	$	1,025.62	$	1.67	$	1,000.00	$	1,023.29	$	1.66		0.33	%
Emerging Economies	$	1,000.00	$	999.43	$	4.69	$	1,000.00	$	1,020.24	$	4.73		0.94	%
Global Real Estate	$	1,000.00	$	1,088.07	$	4.48	$	1,000.00	$	1,020.64	$	4.33		0.86	%
Global Social Awareness†	$	1,000.00	$	1,027.28	$	3.23	$	1,000.00	$	1,021.74	$	3.23		0.64	%
Global Strategy	$	1,000.00	$	968.29	$	3.29	$	1,000.00	$	1,021.59	$	3.38		0.67	%
Government Money Market I	$	1,000.00	$	1,009.40	$	2.55	$	1,000.00	$	1,022.39	$	2.57		0.51	%
Government Securities	$	1,000.00	$	1,060.79	$	3.44	$	1,000.00	$	1,021.59	$	3.38		0.67	%
Growth#	$	1,000.00	$	1,037.89	$	3.81	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Growth & Income#	$	1,000.00	$	998.17	$	4.23	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Health Sciences#	$	1,000.00	$	963.14	$	5.14	$	1,000.00	$	1,019.70	$	5.29		1.05	%
Inflation Protected	$	1,000.00	$	1,051.55	$	2.86	$	1,000.00	$	1,022.14	$	2.82		0.56	%
International Equities Index	$	1,000.00	$	1,023.41	$	2.22	$	1,000.00	$	1,022.74	$	2.22		0.44	%
International Government Bond	$	1,000.00	$	1,063.63	$	3.40	$	1,000.00	$	1,021.64	$	3.33		0.66	%
International Growth#	$	1,000.00	$	1,116.57	$	4.54	$	1,000.00	$	1,020.64	$	4.33		0.86	%
International Value†#	$	1,000.00	$	959.77	$	3.76	$	1,000.00	$	1,021.09	$	3.88		0.77	%
Large Cap Core	$	1,000.00	$	1,005.29	$	4.25	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Large Capital Growth	$	1,000.00	$	1,073.52	$	3.88	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Mid Cap Index	$	1,000.00	$	969.74	$	1.77	$	1,000.00	$	1,023.14	$	1.82		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	1,090.37	$	4.27	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Nasdaq -100® Index#	$	1,000.00	$	1,028.31	$	2.68	$	1,000.00	$	1,022.29	$	2.67		0.53	%
Science & Technology	$	1,000.00	$	1,098.47	$	5.13	$	1,000.00	$	1,020.04	$	4.94		0.98	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,073.38	$	5.12	$	1,000.00	$	1,020.00	$	4.99		0.99	%
Small Cap#	$	1,000.00	$	997.88	$	4.58	$	1,000.00	$	1,020.34	$	4.63		0.92	%
Small Cap Index	$	1,000.00	$	961.62	$	2.01	$	1,000.00	$	1,022.89	$	2.07		0.41	%
Small Cap Special Values	$	1,000.00	$	986.09	$	4.36	$	1,000.00	$	1,020.54	$	4.43		0.88	%
Small-Mid Growth#	$	1,000.00	$	1,079.64	$	4.93	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Stock Index	$	1,000.00	$	1,005.76	$	1.70	$	1,000.00	$	1,023.24	$	1.72		0.34	%
Value#	$	1,000.00	$	984.62	$	4.21	$	1,000.00	$	1,020.69	$	4.28		0.85	%

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

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2019” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2019” and the “Annualized Expense Ratio” would have been lower.

† See Note 1 to Financial Statements

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

United States Treasury Notes	13.8	%
Diversified Financial Services	7.8
Registered Investment Companies	7.7
Exchange-Traded Funds	7.5
Banks — Commercial	4.4
Diversified Banking Institutions	2.7
Computer Services	2.0
Applications Software	2.0
Sovereign	1.9
Diversified Minerals	1.8
Telephone — Integrated	1.7
Metal — Diversified	1.5
Banks — Super Regional	1.5
Enterprise Software/Service	1.4
Diversified Manufacturing Operations	1.3
Brewery	1.1
Electronic Components — Semiconductors	1.1
Real Estate Investment Trusts	1.1
Pharmacy Services	1.0
Retail — Building Products	1.0
Soap & Cleaning Preparation	0.9
Networking Products	0.9
Steel — Producers	0.8
U.S. Government Treasuries	0.8
Cable/Satellite TV	0.8
Web Hosting/Design	0.8
Industrial Automated/Robotic	0.7
Semiconductor Components — Integrated Circuits	0.7
Oil Companies — Integrated	0.6
Instruments — Controls	0.6
Software Tools	0.5
Medical — Drugs	0.5
Metal — Iron	0.5
Insurance — Property/Casualty	0.5
Electronic Components — Misc.	0.4
Computers — Integrated Systems	0.4
Internet Security	0.4
Computer Data Security	0.4
Semiconductor Equipment	0.4
Machinery — Electrical	0.4
Commercial Services — Finance	0.4
Retail — Apparel/Shoe	0.4
Web Portals/ISP	0.4
Medical — Biomedical/Gene	0.3
Aerospace/Defense — Equipment	0.3
Machinery — General Industrial	0.3
Chemicals — Specialty	0.3
Auto/Truck Parts & Equipment — Original	0.3
Finance — Other Services	0.3
Food — Misc./Diversified	0.3
Metal — Copper	0.3
Insurance — Multi-line	0.3
United States Treasury Bonds	0.3
Computer Software	0.3
Electronic Measurement Instruments	0.2
Medical Products	0.2
Oil — Field Services	0.2
Aerospace/Defense	0.2
Food — Retail	0.2
Transport — Services	0.2
Retail — Restaurants	0.2
Oil Companies — Exploration & Production	0.2
Computers	0.2
Real Estate Operations & Development	0.2
Commercial Services	0.2
Real Estate Management/Services	0.2
Medical Instruments	0.2
E-Commerce/Products	0.2
Retail — Discount	0.2

Cosmetics & Toiletries	0.2
Finance — Credit Card	0.2
Building & Construction Products — Misc.	0.2
Chemicals — Diversified	0.2
Telecommunication Equipment	0.2
Auto — Cars/Light Trucks	0.2
Savings & Loans/Thrifts	0.2
Investment Management/Advisor Services	0.2
E-Commerce/Services	0.2
Electric — Integrated	0.2
Paper & Related Products	0.2
Internet Infrastructure Software	0.2
Human Resources	0.1
Medical — HMO	0.1
Building — Residential/Commercial	0.1
Consulting Services	0.1
Metal — Aluminum	0.1
Transport — Rail	0.1
Banks — Fiduciary	0.1
Consumer Products — Misc.	0.1
Airlines	0.1
Building Products — Air & Heating	0.1
Rental Auto/Equipment	0.1
Insurance — Life/Health	0.1
Metal Processors & Fabrication	0.1
Distribution/Wholesale	0.1
Machinery — Material Handling	0.1
Office Automation & Equipment	0.1
Medical Labs & Testing Services	0.1
Power Converter/Supply Equipment	0.1
Engineering/R&D Services	0.1
Building & Construction — Misc.	0.1
Import/Export	0.1
Retail — Automobile	0.1
Footwear & Related Apparel	0.1
Beverages — Non-alcoholic	0.1
Diagnostic Equipment	0.1
Building — Heavy Construction	0.1
Schools	0.1
Retail — Home Furnishings	0.1
Retail — Drug Store	0.1
Rubber/Plastic Products	0.1
Miscellaneous Manufacturing	0.1
Computer Aided Design	0.1
Internet Content — Information/News	0.1
Telecom Equipment — Fiber Optics	0.1
Firearms & Ammunition	0.1
Building — Mobile Home/Manufactured Housing	0.1
Disposable Medical Products	0.1
Finance — Consumer Loans	0.1
Retail — Pawn Shops	0.1
Internet Content — Entertainment	0.1
Entertainment Software	0.1
Medical — Nursing Homes	0.1
Tobacco	0.1
Containers — Paper/Plastic	0.1
Machinery — Construction & Mining	0.1
Environmental Consulting & Engineering	0.1
Finance — Investment Banker/Broker	0.1
Electric — Distribution	0.1
Transactional Software	0.1
Finance — Mortgage Loan/Banker	0.1
Leisure Products	0.1
Building — Maintenance & Services	0.1
Computers — Periphery Equipment	0.1
Medical — Hospitals	0.1
Appliances	0.1
Electronic Security Devices	0.1
Energy — Alternate Sources	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Data Processing/Management	0.1	%
Machinery — Pumps	0.1
Audio/Video Products	0.1
Building Products — Wood	0.1
Toys	0.1
Medical — Outpatient/Home Medical	0.1
Oil Field Machinery & Equipment	0.1
Pastoral & Agricultural	0.1
Food — Meat Products	0.1
Multimedia	0.1
Veterinary Diagnostics	0.1
Banks — Mortgage	0.1
Publishing — Books	0.1
Airport Development/Maintenance	0.1
	93.3	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 45.2%
Advertising Agencies — 0.0%
Omnicom Group, Inc.		630	$	48,737
Advertising Services — 0.0%
Stroeer SE & Co. KGaA		378		25,306
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		500		32,375
Boeing Co.		309		105,557
Kawasaki Heavy Industries, Ltd.#		3,400		75,565
Lockheed Martin Corp.		190		64,323
Northrop Grumman Corp.		51		15,466
Raytheon Co.		149		26,001
Spirit AeroSystems Holdings, Inc., Class A		29		2,350
				321,637
Aerospace/Defense - Equipment — 0.3%
AAR Corp.		906		27,261
Aerojet Rocketdyne Holdings, Inc.†		1,546		59,645
Barnes Group, Inc.		992		51,306
Kaman Corp.		647		35,980
L3 Technologies, Inc.		980		237,219
Moog, Inc., Class A		678		55,881
Triumph Group, Inc.#		1,440		27,921
				495,213
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		473		19,034
Mosaic Co.		224		4,809
OCI NV†		684		15,489
				39,332
Agricultural Operations — 0.0%
Andersons, Inc.		986		26,790
Archer-Daniels-Midland Co.		191		7,319
				34,109
Airlines — 0.1%
Air France-KLM†		1,311		11,330
Allegiant Travel Co.		280		39,231
Delta Air Lines, Inc.		240		12,360
Hawaiian Holdings, Inc.		1,227		30,650
SkyWest, Inc.		1,111		65,238
Southwest Airlines Co.		380		18,088
				176,897
Airport Development/Maintenance — 0.1%
Enav SpA*		4,761		25,764
Flughafen Zurich AG		221		37,236
				63,000
Apparel Manufacturers — 0.0%
Matsuoka Corp.		600		14,678
Oxford Industries, Inc.		445		31,702
PVH Corp.		28		2,385
Under Armour, Inc., Class A†#		246		5,609
				54,374
Appliances — 0.1%
De’Longhi SpA		528		10,390
iRobot Corp.†#		632		55,053
Rational AG		24		15,282
				80,725
Applications Software — 2.0%
CDK Global, Inc.		4,872		235,805
Ebix, Inc.#		558		26,187
Intuit, Inc.		319		78,107

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Microsoft Corp.		6,587	$	814,680
Nemetschek SE		165		25,307
Nuance Communications, Inc.†		145		2,490
PTC, Inc.†		410		34,464
salesforce.com, Inc.†		5,961		902,555
ServiceNow, Inc.†		2,846		745,453
Tableau Software, Inc., Class A†		307		34,528
				2,899,576
Athletic Equipment — 0.0%
Fox Factory Holding Corp.†		875		58,643
Athletic Footwear — 0.0%
NIKE, Inc., Class B		168		12,960
Audio/Video Products — 0.1%
Sony Corp.		1,600		76,959
Auto Repair Centers — 0.0%
Monro, Inc.#		771		61,456
Auto - Cars/Light Trucks — 0.2%
General Motors Co.		132		4,401
Suzuki Motor Corp.		1,900		90,501
Toyota Motor Corp.		2,500		147,266
				242,168
Auto - Truck Trailers — 0.0%
Wabash National Corp.		2,381		32,167
Auto/Truck Parts & Equipment - Original — 0.3%
Allison Transmission Holdings, Inc.		329		13,617
American Axle & Manufacturing Holdings, Inc.†		2,954		29,865
BorgWarner, Inc.		157		5,570
Brembo SpA#		2,035		21,842
CIE Automotive SA		743		17,927
Cie Plastic Omnium SA		819		18,802
Dorman Products, Inc.†		656		53,569
Garrett Motion, Inc.†#		2,272		34,943
Gentherm, Inc.†		1,097		41,006
Georg Fischer AG		37		31,267
Koito Manufacturing Co., Ltd.		1,500		69,154
Methode Electronics, Inc.		1,039		25,591
Rheinmetall AG		301		32,033
				395,186
B2B/E-Commerce — 0.0%
ePlus, Inc.†		331		23,388
Banks - Commercial — 3.7%
ABN AMRO Group NV CVA*		3,349		70,680
AIB Group PLC		10,719		43,759
Ameris Bancorp		1,090		38,466
Banca Generali SpA		21		528
Banca Mediolanum SpA		826		5,499
Banco Bilbao Vizcaya Argentaria SA		37,473		203,320
Banco BPM SpA†#		10,495		19,544
Banco Bradesco SA ADR		80,462		753,124
Banco Comercial Portugues SA†		135,162		37,964
Banco de Sabadell SA		31,630		35,024
Banco do Brasil SA		17,100		225,955
Banco Santander Brasil SA ADR		5,595		64,454
BancorpSouth Bank		1		27
Bank of Hawaii Corp.		137		10,365
Bank of Ireland Group PLC		9,563		50,956
Bank OZK		1		29
Bankinter SA		4,448		32,141
Banner Corp.		752		37,946
BAWAG Group AG*		584		24,712

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
BB&T Corp.		3,867	$	180,782
BPER Banca#		3,409		12,855
CaixaBank SA		8,595		26,401
Cathay General Bancorp		81		2,725
Central Pacific Financial Corp.		1,748		48,577
Chemical Financial Corp.		3		114
Chiba Bank, Ltd.		3,900		18,547
Citizens Financial Group, Inc.		2,803		91,322
City Holding Co.		13		950
Columbia Banking System, Inc.		1,660		55,361
Commerzbank AG		1,147		8,079
Community Bank System, Inc.#		941		58,163
Cullen/Frost Bankers, Inc.		180		16,429
Customers Bancorp, Inc.†		1,791		35,319
CVB Financial Corp.		1,848		37,976
Danske Bank A/S		3,002		48,933
DNB ASA		3,040		51,509
Eagle Bancorp, Inc.		795		42,199
East West Bancorp, Inc.		465		19,865
Erste Group Bank AG		2,255		79,927
Fidelity Southern Corp.		1,334		37,579
FinecoBank Banca Fineco SpA		2,134		22,047
First BanCorp./Puerto Rico		4,868		48,485
First Commonwealth Financial Corp.		4,157		52,253
First Financial Bancorp		2,154		48,077
First Financial Bankshares, Inc.#		6		340
First Midwest Bancorp, Inc.		2,487		48,472
Fulton Financial Corp.		18		284
Glacier Bancorp, Inc.		1,503		59,233
Great Western Bancorp, Inc.		1,353		42,038
Hancock Whitney Corp.		1		38
Hanmi Financial Corp.		2,429		50,086
Home BancShares, Inc.		5		88
HomeStreet, Inc.†		82		2,333
Hope Bancorp, Inc.		3,295		42,407
Independent Bank Corp./Massachusetts		625		43,344
ING Groep NV		21,245		229,351
International Bancshares Corp.		15		547
Intesa Sanpaolo SpA#		59,563		121,932
Itau Unibanco Holding SA ADR		74,491		662,970
Jyske Bank A/S		819		31,014
KBC Group NV		1,511		99,245
LegacyTexas Financial Group, Inc.		1,099		40,113
M&T Bank Corp.		882		140,767
NBT Bancorp, Inc.		1,223		43,967
Nordea Bank Abp		11,314		79,792
OFG Bancorp		1,607		30,179
Old National Bancorp		2,837		45,222
Opus Bank		1		20
PacWest Bancorp		1,622		58,943
Regions Financial Corp.		8,621		119,228
S&T Bancorp, Inc.		1,527		57,568
ServisFirst Bancshares, Inc.		1,197		37,514
Simmons First National Corp., Class A		2,060		46,989
Skandinaviska Enskilda Banken AB, Class A		8,776		77,898
Southside Bancshares, Inc.		1,599		52,079
SpareBank 1 SR Bank ASA		2,247		26,190
SVB Financial Group†		147		29,606
Svenska Handelsbanken AB, Class A		4,690		46,230
Swedbank AB, Class A		6,085		87,102
Sydbank A/S		1,148		21,511
Synovus Financial Corp.		7		224
TCF Financial Corp.		545		10,388
Tompkins Financial Corp.		32		2,529
TrustCo Bank Corp.		6,290		46,420

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Trustmark Corp.		44	$	1,398
UMB Financial Corp.		2		123
Umpqua Holdings Corp.		381		6,085
United Bankshares, Inc.		113		4,043
United Community Banks, Inc.		1,840		48,778
Valiant Holding AG		200		21,357
Valley National Bancorp#		1		10
Veritex Holdings, Inc.		1,596		40,586
Westamerica Bancorporation		688		41,204
Wintrust Financial Corp.		1,446		97,952
				5,494,704
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp.		3,046		130,034
Northern Trust Corp.		284		24,288
State Street Corp.		669		36,962
				191,284
Banks - Mortgage — 0.1%
Deutsche Pfandbriefbank AG*		2,145		29,561
Walker & Dunlop, Inc.		741		37,250
				66,811
Banks - Regional — 0.0%
Banque Cantonale Vaudoise		16		11,961
Banks - Super Regional — 0.7%
Comerica, Inc.		1,648		113,415
Fifth Third Bancorp		6,037		159,981
KeyCorp		3,530		56,374
National Bank Holdings Corp., Class A		1,295		45,442
PNC Financial Services Group, Inc.		481		61,212
SunTrust Banks, Inc.		518		31,085
US Bancorp		2,642		132,628
Wells Fargo & Co.		9,454		419,474
				1,019,611
Beverages - Non-alcoholic — 0.1%
Coca-Cola Co.		264		12,970
Coca-Cola Consolidated, Inc.		113		34,127
Monster Beverage Corp.†		512		31,673
PepsiCo, Inc.		427		54,656
				133,426
Bicycle Manufacturing — 0.0%
Shimano, Inc.		400		61,256
Brewery — 0.2%
Ambev SA ADR		44,013		196,738
Asahi Group Holdings, Ltd.		2,000		87,630
Royal Unibrew A/S		304		21,598
				305,966
Broadcast Services/Program — 0.0%
Discovery, Inc., Class C†		693		17,769
Fox Corp., Class B		100		3,471
				21,240
Building & Construction Products - Misc. — 0.2%
American Woodmark Corp.†		419		30,373
Forbo Holding AG		17		27,469
Gibraltar Industries, Inc.†		957		34,165
Nichias Corp.		1,200		19,950
Patrick Industries, Inc.†		671		27,370
PGT Innovations, Inc.†		2,104		31,476
Rockwool International A/S		53		13,526
Simpson Manufacturing Co., Inc.		830		50,497

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products - Misc. (continued)
Wienerberger AG		979	$	21,125
				255,951
Building & Construction - Misc. — 0.1%
Comfort Systems USA, Inc.		820		38,688
Peab AB		2,301		18,109
Penta-Ocean Construction Co., Ltd.		5,600		24,880
TopBuild Corp.†		797		63,178
				144,855
Building Products - Air & Heating — 0.1%
AAON, Inc.		842		38,218
Daikin Industries, Ltd.		600		72,692
Nibe Industrier AB, Class B		2,003		25,207
SPX Corp.†		1,182		35,153
				171,270
Building Products - Cement — 0.0%
Buzzi Unicem SpA#		573		11,180
US Concrete, Inc.†		576		26,824
				38,004
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.		997		36,141
Building Products - Wood — 0.1%
Boise Cascade Co.		1,315		29,193
Universal Forest Products, Inc.		1,527		49,246
				78,439
Building - Heavy Construction — 0.1%
Acciona SA		81		8,663
Ackermans & van Haaren NV		159		24,335
Aegion Corp.†		2,215		31,896
Arcosa, Inc.		1,294		43,854
Infrastrutture Wireless Italiane SpA*		2,216		20,096
				128,844
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		1,517		54,991
Bravida Holding AB*		3,437		28,098
				83,089
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		250		35,900
LCI Industries#		625		51,794
Winnebago Industries, Inc.#		849		27,287
				114,981
Building - Residential/Commercial — 0.1%
Century Communities, Inc.†		1,069		28,542
Installed Building Products, Inc.†		555		28,549
LGI Homes, Inc.†#		480		32,736
MDC Holdings, Inc.		1,095		34,416
Meritage Homes Corp.†		856		42,886
Open House Co., Ltd.		700		28,680
PulteGroup, Inc.		278		8,618
				204,427
Cable/Satellite TV — 0.1%
Charter Communications, Inc., Class A†		144		54,259
Modern Times Group AB, Class B†		1,511		17,546
NOS SGPS SA		4,802		30,291
				102,096

Security Description	Shares		Value (Note 2)
Capacitors — 0.0%
KEMET Corp.		1,622	$	25,790
Cellular Telecom — 0.0%
Sprint Corp.†		1,248		8,574
Sunrise Communications Group AG*#		311		21,467
				30,041
Chemicals - Diversified — 0.2%
AdvanSix, Inc.†		1,100		26,818
Braskem SA ADR†#		2,244		48,515
Celanese Corp.		33		3,133
Innophos Holdings, Inc.		1,090		28,983
Innospec, Inc.		585		47,215
KH Neochem Co., Ltd.		1,000		26,708
LyondellBasell Industries NV, Class A		233		17,300
Quaker Chemical Corp.		294		53,173
				251,845
Chemicals - Plastics — 0.0%
A. Schulman, Inc. CVR†(2)		1,774		529
Sumitomo Bakelite Co., Ltd.		1,500		51,057
				51,586
Chemicals - Specialty — 0.3%
Albemarle Corp.#		121		7,659
Balchem Corp.		771		69,922
Ferro Corp.†		2,230		30,194
H.B. Fuller Co.		1,217		47,987
IMCD NV#		507		41,220
Kraton Corp.†		985		24,103
Materion Corp.		616		37,237
Rogers Corp.†		406		56,024
Shin-Etsu Chemical Co., Ltd.		800		66,275
Stepan Co.		478		40,563
				421,184
Circuit Boards — 0.0%
TTM Technologies, Inc.†		2,560		21,837
Coatings/Paint — 0.0%
OC Oerlikon Corp. AG		2,499		27,255
Sherwin-Williams Co.		49		20,553
				47,808
Commercial Services — 0.2%
Applus Services SA		1,762		22,357
HMS Holdings Corp.†		1,927		58,639
Medifast, Inc.		291		37,524
Nielsen Holdings PLC		87		1,978
Wirecard AG		1,135		177,545
				298,043
Commercial Services - Finance — 0.4%
Automatic Data Processing, Inc.		35		5,604
Cardtronics PLC, Class A†		980		29,596
EVERTEC, Inc.		1,385		39,694
Experian PLC		14,674		443,521
FleetCor Technologies, Inc.†		68		17,558
PayPal Holdings, Inc.†		397		43,571
				579,544
Computer Aided Design — 0.1%
Autodesk, Inc.†		744		119,717
Computer Data Security — 0.4%
Check Point Software Technologies, Ltd.†		1,982		218,575
Fortinet, Inc.†		4,342		314,708

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Data Security (continued)
Qualys, Inc.†		738	$	65,394
				598,677
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		1,756		28,605
Computer Services — 2.0%
Accenture PLC, Class A		3,149		560,742
Atos SE		1,709		129,797
Capgemini SE#		1,765		196,956
Cognizant Technology Solutions Corp., Class A		3,718		230,256
DXC Technology Co.		3,065		145,710
ExlService Holdings, Inc.†		756		44,800
Fujitsu, Ltd.		2,200		148,854
Insight Enterprises, Inc.†		814		41,905
International Business Machines Corp.		3,706		470,625
Leidos Holdings, Inc.		1,020		76,837
NEC Corp.		6,700		246,889
Nihon Unisys, Ltd.		2,800		91,371
Nomura Research Institute, Ltd.		1,700		82,652
NTT Data Corp.		17,300		206,062
Perspecta, Inc.		3,591		77,961
SCSK Corp.		2,400		115,955
Sopra Steria Group		256		29,053
Sykes Enterprises, Inc.†		1,308		32,386
Tieto Oyj		545		15,330
Virtusa Corp.†		759		32,182
				2,976,323
Computer Software — 0.3%
Akamai Technologies, Inc.†		374		28,185
Citrix Systems, Inc.		344		32,377
InterXion Holding NV†		444		32,727
Red Hat, Inc.†		50		9,215
Software AG		400		13,080
Splunk, Inc.†		1,929		219,887
TiVo Corp.		3,884		27,965
				363,436
Computers — 0.2%
Apple, Inc.		1,637		286,589
HP, Inc.		995		18,587
				305,176
Computers - Integrated Systems — 0.4%
Bechtle AG		257		28,873
Cray, Inc.†		1,169		40,927
Cubic Corp.		729		41,130
Diebold Nixdorf, Inc.†		2,148		18,258
Ingenico Group SA		2,370		189,834
Itochu Techno-Solutions Corp.		1,300		32,268
Mercury Systems, Inc.†		1,084		74,536
MTS Systems Corp.		597		32,393
OBIC Co., Ltd.		700		84,042
Otsuka Corp.		2,400		93,069
				635,330
Computers - Memory Devices — 0.0%
NetApp, Inc.		64		3,789
Computers - Other — 0.0%
3D Systems Corp.†#		2,945		23,825
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		1,079		39,545
Logitech International SA		1,180		42,983
				82,528

Security Description	Shares		Value (Note 2)
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		1,358	$	85,785
FTI Consulting, Inc.†		797		66,884
Gartner, Inc.†		33		4,993
Link And Motivation, Inc.		2,300		12,673
Navigant Consulting, Inc.		1,430		31,460
				201,795
Consumer Products - Misc. — 0.1%
Central Garden & Pet Co., Class A†		1,543		39,454
Clorox Co.		185		27,530
Kimberly-Clark Corp.		245		31,333
Quanex Building Products Corp.		2,180		33,812
WD-40 Co.#		299		46,743
				178,872
Containers - Metal/Glass — 0.0%
Gerresheimer AG†		253		18,031
Containers - Paper/Plastic — 0.1%
Huhtamaki Oyj		751		28,519
Packaging Corp. of America		121		10,779
Rengo Co., Ltd.		7,200		57,193
				96,491
Cosmetics & Toiletries — 0.2%
Avon Products, Inc.†		11,602		43,624
Estee Lauder Cos., Inc., Class A		86		13,849
Fancl Corp.		1,300		34,944
Kao Corp.		500		38,876
Natura Cosmeticos SA		5,700		87,128
Pola Orbis Holdings, Inc.		1,400		38,710
Procter & Gamble Co.		42		4,322
				261,453
Data Processing/Management — 0.1%
Bottomline Technologies, Inc.†		842		36,778
CSG Systems International, Inc.		921		41,307
				78,085
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		5		1,422
Diagnostic Equipment — 0.1%
BioTelemetry, Inc.†		821		39,293
Repligen Corp.†		992		68,914
Sysmex Corp.		300		20,744
				128,951
Diagnostic Kits — 0.0%
DiaSorin SpA		176		17,986
Disposable Medical Products — 0.1%
CONMED Corp.		607		48,851
Merit Medical Systems, Inc.†		1,253		64,693
				113,544
Distribution/Wholesale — 0.1%
Anixter International, Inc.†		678		36,178
Core-Mark Holding Co., Inc.		1,159		42,744
G-III Apparel Group, Ltd.†		1,027		26,425
ScanSource, Inc.†		888		25,939
WW Grainger, Inc.		131		34,281
				165,567
Diversified Banking Institutions — 2.7%
Banco Santander SA		85,281		375,656
Bank of America Corp.		30,024		798,638

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Banking Institutions (continued)
BNP Paribas SA#		5,471	$	249,358
Citigroup, Inc.		7,416		460,904
Credit Agricole SA#		8,029		91,554
Credit Suisse Group AG		9,924		112,445
Deutsche Bank AG		6,180		41,957
Goldman Sachs Group, Inc.		851		155,299
JPMorgan Chase & Co.		9,489		1,005,454
Mitsubishi UFJ Financial Group, Inc.		15,200		70,132
Morgan Stanley		2,231		90,779
Natixis SA#		10,156		46,460
Societe Generale SA		4,740		118,666
Sumitomo Mitsui Financial Group, Inc.		2,900		100,827
UBS Group AG		16,256		187,013
UniCredit SpA		7,459		84,634
				3,989,776
Diversified Financial Services — 0.0%
Cembra Money Bank AG		315		28,226
Diversified Manufacturing Operations — 0.4%
3M Co.		109		17,413
Aalberts NV		991		32,605
Actuant Corp., Class A		1,873		41,468
EnPro Industries, Inc.		583		32,351
Fabrinet†		834		35,562
Federal Signal Corp.		1,568		37,459
General Electric Co.		2,005		18,927
Harsco Corp.†		1,898		47,450
Indutrade AB		919		26,794
Parker-Hannifin Corp.		7		1,066
Siemens AG		2,559		289,908
Standex International Corp.		489		31,804
Textron, Inc.		176		7,973
Trelleborg AB, Class B		1,780		23,699
				644,479
Diversified Minerals — 1.8%
Anglo American PLC		15,831		379,897
BHP Group PLC		31,736		715,106
BHP Group, Ltd.		48,424		1,264,432
China Hongqiao Group, Ltd.		32,500		23,432
Livent Corp.†		3,854		24,357
Lundin Mining Corp.		9,854		44,035
Sumitomo Metal Mining Co., Ltd.		5,300		138,019
				2,589,278
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		715		44,931
E-Commerce/Products — 0.2%
Amazon.com, Inc.†		122		216,559
B2W Companhia Global Do Varejo†		2,500		20,005
eBay, Inc.		441		15,845
Rocket Internet SE†*		896		23,952
				276,361
E-Commerce/Services — 0.2%
Booking Holdings, Inc.†		34		56,311
Expedia Group, Inc.		293		33,695
Scout24 AG*		647		32,148
Shutterfly, Inc.†		967		45,913
SMS Co., Ltd.		2,400		57,585
TripAdvisor, Inc.†		262		11,075
				236,727
E-Services/Consulting — 0.0%
CDW Corp.		78		7,678

Security Description	Shares		Value (Note 2)
E-Services/Consulting (continued)
Perficient, Inc.†		1,141	$	34,721
				42,399
Electric Products - Misc. — 0.0%
Emerson Electric Co.		124		7,470
Electric - Distribution — 0.1%
CenterPoint Energy, Inc.		348		9,897
Equatorial Energia SA		3,700		81,233
				91,130
Electric - Generation — 0.0%
Centrais Eletricas Brasileiras SA ADR		6,289		55,029
Electric - Integrated — 0.2%
A2A SpA		5,298		8,649
AES Corp.		2,367		37,398
Cia Energetica de Minas Gerais ADR		25,127		93,975
Edison International		70		4,156
Entergy Corp.		403		39,119
FirstEnergy Corp.		345		14,228
Hera SpA		4,651		16,906
Iren SpA		6,138		15,214
Southern Co.		96		5,136
				234,781
Electric - Transmission — 0.0%
Elia System Operator SA/NV		78		5,425
Electronic Components - Misc. — 0.4%
Advanced Energy Industries, Inc.†		905		45,404
Benchmark Electronics, Inc.		1,189		26,265
Hoya Corp.		800		55,366
Knowles Corp.†		2,248		35,361
Minebea Mitsumi, Inc.		5,600		81,346
Murata Manufacturing Co., Ltd.		1,600		69,111
Nidec Corp.		800		99,187
Omron Corp.		1,800		84,592
OSI Systems, Inc.†		407		42,161
Plexus Corp.†		719		35,612
Sanmina Corp.†		1,564		41,587
TKH Group NV CVA		667		31,090
				647,082
Electronic Components - Semiconductors — 1.1%
ams AG		536		17,698
Broadcom, Inc.		951		239,310
CEVA, Inc.†		1,201		27,419
CTS Corp.		1,167		30,879
Dialog Semiconductor PLC†		414		13,165
Diodes, Inc.†		1,024		31,672
Intel Corp.		1,122		49,413
IPG Photonics Corp.†		238		29,790
Marvell Technology Group, Ltd.		7,886		175,858
Microchip Technology, Inc.#		919		73,548
Micron Technology, Inc.†		53		1,728
NVIDIA Corp.		990		134,105
ON Semiconductor Corp.†		8,969		159,289
Qorvo, Inc.†		62		3,793
Rambus, Inc.†		3,698		42,009
SOITEC†		65		5,465
STMicroelectronics NV#		5,644		85,951
Texas Instruments, Inc.		3,348		349,230
Xilinx, Inc.		1,112		113,769
Xperi Corp.		1,455		30,569
				1,614,660

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Connectors — 0.0%
TE Connectivity, Ltd.		91	$	7,665
Electronic Forms — 0.0%
Adobe, Inc.†		3		813
Electronic Measurement Instruments — 0.2%
Badger Meter, Inc.		683		36,062
FARO Technologies, Inc.†		600		26,460
FLIR Systems, Inc.		738		35,668
Itron, Inc.†		810		45,886
National Instruments Corp.		2,360		91,072
Trimble, Inc.†		1,074		42,853
Yokogawa Electric Corp.		3,800		73,414
				351,415
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		801		46,706
dormakaba Holding AG		35		24,191
Resideo Technologies, Inc.†		489		9,623
				80,520
Energy - Alternate Sources — 0.1%
Green Plains, Inc.		1,824		23,803
SolarEdge Technologies, Inc.†		1,052		56,366
				80,169
Engineering/R&D Services — 0.1%
Alten SA		342		34,661
COMSYS Holdings Corp.		1,600		38,261
Exponent, Inc.		1,055		59,133
Gaztransport Et Technigaz SA		154		13,992
				146,047
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		3,150		29,610
Cummins, Inc.		128		19,297
				48,907
Enterprise Software/Service — 1.4%
Black Knight, Inc.†		273		15,476
Donnelley Financial Solutions, Inc.†		2,006		24,734
Guidewire Software, Inc.†		2,155		216,621
LivePerson, Inc.†		1,465		40,771
ManTech International Corp., Class A		749		45,966
MicroStrategy, Inc., Class A†		272		36,152
Omnicell, Inc.†		920		73,094
Oracle Corp.		1,117		56,520
Oracle Corp. Japan†		900		62,337
Progress Software Corp.		1,046		42,844
SPS Commerce, Inc.†		441		44,951
Tyler Technologies, Inc.†		1,334		284,609
Veeva Systems, Inc., Class A†		3,231		498,511
Workday, Inc., Class A†		2,813		574,190
				2,016,776
Entertainment Software — 0.1%
Activision Blizzard, Inc.		206		8,934
Capcom Co., Ltd.		4,700		96,037
				104,971
Environmental Consulting & Engineering — 0.1%
Sweco AB, Class B		868		22,284
Tetra Tech, Inc.		1,087		73,394
				95,678
Filtration/Separation Products — 0.0%
ESCO Technologies, Inc.		613		42,843

Security Description	Shares		Value (Note 2)
Finance - Consumer Loans — 0.1%
Encore Capital Group, Inc.†#		825	$	28,331
Enova International, Inc.†		1,161		24,787
PRA Group, Inc.†		1,266		34,954
World Acceptance Corp.†		187		24,738
				112,810
Finance - Credit Card — 0.2%
Discover Financial Services		153		11,406
Mastercard, Inc., Class A		374		94,057
Pagseguro Digital, Ltd., Class A†#		788		25,232
Visa, Inc., Class A		792		127,774
				258,469
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		833		34,661
E*TRADE Financial Corp.		381		17,069
Piper Jaffray Cos.		520		36,827
TD Ameritrade Holding Corp.		95		4,726
				93,283
Finance - Leasing Companies — 0.0%
GRENKE AG		228		21,768
Tokyo Century Corp.		900		36,208
				57,976
Finance - Mortgage Loan/Banker — 0.1%
Aareal Bank AG		1,021		29,937
Zenkoku Hosho Co., Ltd.		1,500		57,218
				87,155
Finance - Other Services — 0.3%
B3 SA - Brasil Bolsa Balcao		32,600		303,822
Euronext NV*		482		34,265
WageWorks, Inc.†		982		49,071
				387,158
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc., Class A†		1,568		42,744
Firearms & Ammunition — 0.1%
Axon Enterprise, Inc.†#		1,284		85,745
Sturm Ruger & Co., Inc.#		621		30,870
				116,615
Fisheries — 0.0%
Bakkafrost P/F		336		17,801
Leroy Seafood Group ASA#		1,790		12,262
Salmar ASA		268		12,245
				42,308
Food - Confectionery — 0.0%
Hershey Co.		119		15,703
Food - Dairy Products — 0.0%
Emmi AG		23		21,209
Food - Flour & Grain — 0.0%
Ebro Foods SA		601		12,613
Food - Meat Products — 0.1%
JBS SA		12,700		70,751
Food - Misc./Diversified — 0.3%
AAK AB		1,256		21,672
Axfood AB		1,004		19,324
B&G Foods, Inc.#		1,584		34,769
Cal-Maine Foods, Inc.		830		30,727
Corbion NV#		794		24,331
Fuji Oil Holdings, Inc.		3,000		90,627

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified (continued)
Glanbia PLC		2,154	$	35,917
Ingredion, Inc.		22		1,675
J&J Snack Foods Corp.		352		56,619
John B. Sanfilippo & Son, Inc.		438		33,573
Kellogg Co.		91		4,783
Kraft Heinz Co.		58		1,604
Lamb Weston Holdings, Inc.		14		829
Viscofan SA#		509		26,409
				382,859
Food - Retail — 0.2%
Cia Brasileira de Distribuicao ADR		10,267		226,696
Kroger Co.		330		7,527
Seven & i Holdings Co., Ltd.		1,900		63,969
Takeaway.com NV†*#		253		22,326
				320,518
Food - Wholesale/Distribution — 0.0%
Calavo Growers, Inc.#		421		36,816
Sysco Corp.		224		15,416
				52,232
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		1,542		29,792
Steven Madden, Ltd.		1,686		51,018
Wolverine World Wide, Inc.		1,969		55,014
				135,824
Forestry — 0.0%
Svenska Cellulosa AB SCA, Class B		3,320		25,366
Funeral Services & Related Items — 0.0%
Matthews International Corp., Class A		944		32,124
Gambling (Non-Hotel) — 0.0%
Evolution Gaming Group AB*		830		15,763
Gas - Distribution — 0.0%
Italgas SpA		2,402		15,217
Rubis SCA		539		26,887
				42,104
Golf — 0.0%
Callaway Golf Co.		2,505		36,824
Hazardous Waste Disposal — 0.0%
US Ecology, Inc.		522		31,069
Home Furnishings — 0.0%
Sleep Number Corp.†		829		28,857
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.		29		2,594
Human Resources — 0.1%
AMN Healthcare Services, Inc.†		1,090		52,800
Korn Ferry		1,330		57,296
ManpowerGroup, Inc.		73		6,243
Recruit Holdings Co., Ltd.		1,800		57,429
Robert Half International, Inc.		47		2,522
TrueBlue, Inc.†		1,544		32,795
				209,085
Identification Systems — 0.0%
Brady Corp., Class A		1,048		48,522
Import/Export — 0.1%
ITOCHU Corp.#		2,000		36,838
Mitsubishi Corp.		2,000		51,973

Security Description	Shares		Value (Note 2)
Import/Export (continued)
Mitsui & Co., Ltd.		3,400	$	52,316
				141,127
Independent Power Producers — 0.0%
NRG Energy, Inc.		474		16,135
Industrial Automated/Robotic — 0.7%
Cognex Corp.		752		30,531
FANUC Corp.		900		151,716
Harmonic Drive Systems, Inc.		3,000		98,775
Keyence Corp.		900		504,836
Rockwell Automation, Inc.		1,199		178,471
THK Co., Ltd.		2,000		40,416
Yaskawa Electric Corp.		1,300		37,532
				1,042,277
Instruments - Controls — 0.6%
ABB, Ltd.		12,065		220,876
Control4 Corp.†		1,132		26,783
Honeywell International, Inc.		3,120		512,647
Watts Water Technologies, Inc., Class A		579		47,125
				807,431
Insurance Brokers — 0.0%
Aon PLC		100		18,007
eHealth, Inc.†		458		32,317
				50,324
Insurance - Life/Health — 0.1%
Aflac, Inc.		126		6,464
American Equity Investment Life Holding Co.		2,151		60,895
Athene Holding, Ltd., Class A†		25		1,016
Dai-ichi Life Holdings, Inc.		6,000		86,282
Torchmark Corp.		136		11,630
Unum Group		72		2,267
				168,554
Insurance - Multi-line — 0.3%
Allstate Corp.		530		50,620
ASR Nederland NV		503		19,044
Grupo Catalana Occidente SA		406		14,125
Hartford Financial Services Group, Inc.		341		17,957
Helvetia Holding AG		74		9,070
Horace Mann Educators Corp.		1,174		47,559
Loews Corp.		269		13,816
MetLife, Inc.		287		13,262
Storebrand ASA		2,845		20,549
Sul America SA		10,800		96,084
Topdanmark A/S		131		7,024
Unipol Gruppo SpA		5,645		25,983
United Fire Group, Inc.		882		41,401
				376,494
Insurance - Property/Casualty — 0.5%
Ambac Financial Group, Inc.†		1,990		30,248
Berkshire Hathaway, Inc., Class B†		649		128,126
Employers Holdings, Inc.		1,100		45,694
James River Group Holdings, Ltd.		1,072		47,811
MS&AD Insurance Group Holdings, Inc.		3,900		123,197
ProAssurance Corp.		1,266		47,500
Progressive Corp.		153		12,130
RLI Corp.		781		67,072
Selective Insurance Group, Inc.		1,150		82,397
Stewart Information Services Corp.		1,020		41,953
Universal Insurance Holdings, Inc.		1,039		30,173
				656,301

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Connectivity Services — 0.0%
Masmovil Ibercom SA†		505	$	11,218
Internet Content - Entertainment — 0.1%
Facebook, Inc., Class A†		577		102,400
Netflix, Inc.†		16		5,493
				107,893
Internet Content - Information/News — 0.1%
SINA Corp.†		2,973		119,693
Internet Financial Services — 0.0%
Cerved Group SpA		2,590		22,756
Internet Gambling — 0.0%
Kindred Group PLC SDR		1,938		15,082
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		1,666		220,045
Internet Security — 0.4%
Palo Alto Networks, Inc.†		1,653		330,832
Symantec Corp.		10,286		192,657
Trend Micro, Inc.		1,800		80,794
				604,283
Internet Telephone — 0.0%
8x8, Inc.†#		2,240		54,051
Investment Companies — 0.0%
Aker ASA, Class A		89		5,097
KBC Ancora		590		28,217
Sofina SA		91		17,585
				50,899
Investment Management/Advisor Services — 0.2%
Affiliated Managers Group, Inc.		52		4,359
Ameriprise Financial, Inc.		126		17,417
Azimut Holding SpA#		1,433		23,764
Blucora, Inc.†		1,167		36,142
Boston Private Financial Holdings, Inc.		4,369		44,782
Raymond James Financial, Inc.		142		11,726
T. Rowe Price Group, Inc.		144		14,564
Virtus Investment Partners, Inc.#		271		27,531
Waddell & Reed Financial, Inc., Class A#		2,156		34,819
WisdomTree Investments, Inc.		3,776		22,694
				237,798
Lasers - System/Components — 0.0%
II-VI, Inc.†#		1,359		42,713
Leisure Products — 0.1%
CTS Eventim AG & Co. KGaA		500		22,437
Thule Group AB*		1,414		32,234
Yamaha Corp.		700		31,488
				86,159
Lighting Products & Systems — 0.0%
Signify NV*		834		22,284
Linen Supply & Related Items — 0.0%
UniFirst Corp.		357		56,684
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		898		26,428
Caterpillar, Inc.		194		23,243
Komatsu, Ltd.		2,100		46,163
				95,834
Machinery - Electrical — 0.4%
Disco Corp.#		400		55,194

Security Description	Shares		Value (Note 2)
Machinery - Electrical (continued)
Franklin Electric Co., Inc.		847	$	37,124
Fuji Electric Co., Ltd.		2,600		86,647
Hitachi, Ltd.		8,800		296,499
Konecranes OYJ		672		23,016
Mitsubishi Electric Corp.		6,900		85,643
				584,123
Machinery - General Industrial — 0.3%
Albany International Corp., Class A		638		44,705
Applied Industrial Technologies, Inc.		943		51,233
Bucher Industries AG		94		29,280
Chart Industries, Inc.†		710		54,407
Duerr AG		461		15,648
FLSmidth & Co. A/S#		420		16,381
Hexagon AB, Class B		2,916		135,373
Shima Seiki Manufacturing, Ltd.#		1,100		30,193
Tennant Co.		640		36,870
Valmet Oyj		698		16,082
Zardoya Otis SA		2,725		20,752
				450,924
Machinery - Material Handling — 0.1%
Daifuku Co., Ltd.		3,000		149,211
Jungheinrich AG (Preference Shares)		434		12,242
				161,453
Machinery - Pumps — 0.1%
Dover Corp.		184		16,451
Interpump Group SpA		711		20,718
SPX FLOW, Inc.†		1,128		40,270
				77,439
Machinery - Thermal Process — 0.0%
Nissei ASB Machine Co., Ltd.		700		18,610
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		1,065		25,549
Medical Information Systems — 0.0%
NextGen Healthcare, Inc.†		1,589		30,588
Tabula Rasa HealthCare, Inc.†#		539		24,347
				54,935
Medical Instruments — 0.2%
Ambu A/S, Class B#		853		13,262
Boston Scientific Corp.†		111		4,263
Edwards Lifesciences Corp.†		62		10,583
Elekta AB, Series B		1,803		23,434
Medtronic PLC		420		38,884
Natus Medical, Inc.†		1,178		29,332
Shimadzu Corp.		3,600		89,461
Tecan Group AG		144		34,526
Topcon Corp.		2,700		34,370
				278,115
Medical Labs & Testing Services — 0.1%
Evotec SE†		719		17,359
Medpace Holdings, Inc.†		671		36,221
PeptiDream, Inc.†		1,900		94,111
				147,691
Medical Laser Systems — 0.0%
Carl Zeiss Meditec AG BR		188		17,679

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 0.2%
Abbott Laboratories		461	$	35,096
ABIOMED, Inc.†		22		5,762
Baxter International, Inc.		54		3,966
Cardiovascular Systems, Inc.†		1,020		39,729
Cooper Cos., Inc.		125		37,224
CryoLife, Inc.†		1,209		34,759
GN Store Nord A/S		709		33,385
Hologic, Inc.†		149		6,557
Integer Holdings Corp.†		698		48,930
Luminex Corp.		1,447		30,532
Orthofix Medical, Inc.†		682		33,643
Tactile Systems Technology, Inc.†		484		23,246
Varian Medical Systems, Inc.†		11		1,389
				334,218
Medical - Biomedical/Gene — 0.3%
Amgen, Inc.		369		61,512
Argenx SE†		134		16,580
Biogen, Inc.†		169		37,060
Cambrex Corp.†		941		37,452
Celgene Corp.†		65		6,096
Emergent BioSolutions, Inc.†		1,105		44,112
Gilead Sciences, Inc.		564		35,109
Illumina, Inc.†		14		4,297
Innoviva, Inc.†		1,884		25,754
Medicines Co.†#		1,661		59,215
MorphoSys AG†		191		18,463
Myriad Genetics, Inc.†#		1,711		42,382
NeoGenomics, Inc.†		2,205		47,871
Regeneron Pharmaceuticals, Inc.†		17		5,129
REGENXBIO, Inc.†#		787		33,857
Swedish Orphan Biovitrum AB†		836		14,867
Vitrolife AB		497		10,597
				500,353
Medical - Drugs — 0.5%
AbbVie, Inc.		622		47,714
Amphastar Pharmaceuticals, Inc.†		1,223		23,543
Bristol-Myers Squibb Co.		765		34,708
Corcept Therapeutics, Inc.†		2,772		27,110
Daiichi Sankyo Co., Ltd.		1,500		72,508
Eli Lilly & Co.		136		15,768
Enanta Pharmaceuticals, Inc.†		419		37,907
Galapagos NV†#		251		28,526
Jazz Pharmaceuticals PLC†		44		5,524
Johnson & Johnson		710		93,116
Merck & Co., Inc.		682		54,021
Pfizer, Inc.		1,293		53,685
Phibro Animal Health Corp., Class A		901		26,652
Shionogi & Co., Ltd.		1,200		65,351
Spectrum Pharmaceuticals, Inc.†		3,442		25,333
Supernus Pharmaceuticals, Inc.†		1,321		39,670
Vanda Pharmaceuticals, Inc.†		1,640		24,075
				675,211
Medical - Generic Drugs — 0.0%
Endo International PLC†		5,084		25,166
Momenta Pharmaceuticals, Inc.†		2,958		34,401
				59,567
Medical - HMO — 0.1%
Hapvida Participacoes e Investimentos SA*		4,200		39,368
Magellan Health, Inc.†		613		40,476

Security Description	Shares		Value (Note 2)
Medical - HMO (continued)
Tivity Health, Inc.†#		1,324	$	24,229
UnitedHealth Group, Inc.		425		102,765
				206,838
Medical - Hospitals — 0.1%
HCA Healthcare, Inc.		317		38,344
Select Medical Holdings Corp.†		2,710		38,075
Universal Health Services, Inc., Class B		43		5,141
				81,560
Medical - Nursing Homes — 0.1%
Ensign Group, Inc.		1,123		59,811
Korian SA		353		14,062
Orpea		212		24,168
				98,041
Medical - Outpatient/Home Medical — 0.1%
LHC Group, Inc.†		642		72,726
Medical - Wholesale Drug Distribution — 0.0%
Amplifon SpA		122		2,704
Cardinal Health, Inc.		305		12,831
Galenica AG*		630		30,311
McKesson Corp.		21		2,565
Premier, Inc., Class A†		151		5,549
				53,960
Metal Processors & Fabrication — 0.1%
Aurubis AG		499		21,889
AZZ, Inc.		801		33,706
CIRCOR International, Inc.†		735		31,061
Mueller Industries, Inc.		1,389		37,433
NORMA Group		377		14,663
VAT Group AG*#		263		28,327
				167,079
Metal Products - Fasteners — 0.0%
SFS Group AG		251		19,945
Metal - Aluminum — 0.1%
Alumina, Ltd.		36,907		60,990
Aluminum Corp of China, Ltd.†		60,000		21,514
China Zhongwang Holdings, Ltd.		24,800		11,796
Kaiser Aluminum Corp.		409		36,450
Norsk Hydro ASA		20,233		70,617
				201,367
Metal - Copper — 0.3%
Antofagasta PLC		5,904		58,562
First Quantum Minerals, Ltd.		10,387		75,620
Freeport-McMoRan, Inc.		20,737		201,356
Jiangxi Copper Co., Ltd.		19,000		23,683
Turquoise Hill Resources, Ltd.†#		15,064		17,833
				377,054
Metal - Diversified — 1.5%
Boliden AB		4,118		93,573
Boliden AB†		4,118		1,842
China Molybdenum Co, Ltd., Class H#		57,000		17,803
Glencore PLC		171,454		553,084
MMG, Ltd.†		36,000		10,925
Rio Tinto PLC		17,634		1,013,061
Rio Tinto, Ltd.		5,597		388,205
South32, Ltd.		77,184		177,214
				2,255,707

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal - Iron — 0.5%
Fortescue Metals Group, Ltd.		23,474	$	130,110
Vale SA ADR		42,865		534,526
				664,636
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc.		1,303		48,511
John Bean Technologies Corp.		701		71,887
				120,398
Motorcycle/Motor Scooter — 0.0%
Yamaha Motor Co., Ltd.#		1,400		23,813
Multimedia — 0.1%
E.W. Scripps Co., Class A		1,638		24,931
Viacom, Inc., Class B		507		14,718
Walt Disney Co.		233		30,765
				70,414
Networking Products — 0.9%
Arista Networks, Inc.†		1,266		309,651
Cisco Systems, Inc.		14,526		755,788
LogMeIn, Inc.		2,565		184,244
NETGEAR, Inc.†		946		23,839
				1,273,522
Non-Ferrous Metals — 0.0%
Mitsubishi Materials Corp.		1,600		41,708
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		923		158,239
Office Furnishings - Original — 0.0%
Interface, Inc.		1,894		27,406
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		10		1,041
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd.#		10,599		25,014
Oil Companies - Exploration & Production — 0.2%
Cabot Oil & Gas Corp.		257		6,430
Carrizo Oil & Gas, Inc.†		2,451		24,951
ConocoPhillips		588		34,668
Denbury Resources, Inc.†#		13,495		19,433
Devon Energy Corp.		17		428
Gulfport Energy Corp.†		4,816		26,344
Inpex Corp.		4,100		32,932
Occidental Petroleum Corp.		319		15,877
PDC Energy, Inc.†		1,611		49,168
SRC Energy, Inc.†#		6,872		32,573
Unit Corp.†		2,251		21,655
Whiting Petroleum Corp.†#		2,295		42,182
				306,641
Oil Companies - Integrated — 0.6%
Chevron Corp.		480		54,648
Exxon Mobil Corp.		1,276		90,303
Petroleo Brasileiro SA ADR		20,068		289,581
Petroleo Brasileiro SA ADR (Preference Shares)		32,254		418,657
				853,189
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		1,036		42,735
National Oilwell Varco, Inc.		285		5,942
US Silica Holdings, Inc.#		2,226		23,106
				71,783

Security Description	Shares		Value (Note 2)
Oil Refining & Marketing — 0.0%
HollyFrontier Corp.		108	$	4,102
Phillips 66		147		11,877
				15,979
Oil - Field Services — 0.2%
Archrock, Inc.		3,586		31,808
C&J Energy Services, Inc.†		2,398		28,392
DMC Global, Inc.		405		27,394
Helix Energy Solutions Group, Inc.†		4,162		28,135
Newpark Resources, Inc.†		3,723		26,024
Oil States International, Inc.†		1,900		31,616
ProPetro Holding Corp.†		1,819		35,325
Saipem SpA†		5,848		24,909
SBM Offshore NV		1,317		23,229
Schlumberger, Ltd.		179		6,210
Subsea 7 SA		2,902		32,059
TGS NOPEC Geophysical Co. ASA		1,114		27,871
				322,972
Optical Recognition Equipment — 0.0%
Jenoptik AG		604		18,786
Paper & Related Products — 0.2%
BillerudKorsnas AB		1,260		15,087
Holmen AB		630		12,238
International Paper Co.		160		6,635
Neenah, Inc.		551		31,495
Schweitzer-Mauduit International, Inc.		914		28,599
Suzano SA		15,600		127,537
				221,591
Pastoral & Agricultural — 0.1%
Darling Ingredients, Inc.†		3,770		71,253
Patient Monitoring Equipment — 0.0%
Masimo Corp.†		81		10,590
Pharmacy Services — 0.0%
Cigna Corp.		131		19,391
CVS Health Corp.		187		9,793
				29,184
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		249		14,671
U.S. Physical Therapy, Inc.		378		42,226
				56,897
Pipelines — 0.0%
Kinder Morgan, Inc.		553		11,032
ONEOK, Inc.		54		3,436
				14,468
Power Converter/Supply Equipment — 0.1%
Schneider Electric SE		1,857		146,470
Publishing - Books — 0.1%
Lagardere SCA		1,174		28,521
Scholastic Corp.		1,046		34,612
				63,133
Publishing - Newspapers — 0.0%
Gannett Co., Inc.		3,606		28,343
Real Estate Investment Trusts — 1.1%
Acadia Realty Trust		1,821		49,804
Aedifica SA		279		25,684
Agree Realty Corp.		739		49,476
Alstria Office REIT-AG		1,620		25,301

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
American Tower Corp.		249	$	51,984
Apartment Investment & Management Co., Class A		284		14,186
Apollo Commercial Real Estate Finance, Inc.		2,079		38,212
Capstead Mtg. Corp.		5,468		43,252
CareTrust REIT, Inc.		2,083		50,638
Chatham Lodging Trust		2,638		50,228
Chesapeake Lodging Trust		1,483		42,666
Cofinimmo SA		99		12,481
DiamondRock Hospitality Co.		4,800		47,568
Easterly Government Properties, Inc.		3,044		56,040
Four Corners Property Trust, Inc.#		1,540		44,290
Franklin Street Properties Corp.		6,066		43,918
Global Net Lease, Inc.		2,665		49,063
Granite Point Mtg. Trust, Inc.		1,889		35,117
HCP, Inc.		22		698
Hersha Hospitality Trust#		2,210		37,680
Host Hotels & Resorts, Inc.		1,727		31,276
Independence Realty Trust, Inc.		5,181		56,887
Inmobiliaria Colonial SA		1,882		20,835
Invesco Mtg. Capital, Inc.		2,646		40,722
Kite Realty Group Trust		2,796		42,499
Lexington Realty Trust		4,905		44,979
LTC Properties, Inc.		907		40,588
Merlin Properties Socimi SA		2,084		27,705
National Storage Affiliates Trust		1,495		44,536
New York Mortgage Trust, Inc.		6,893		41,634
Office Properties Income Trust		1,538		36,774
Public Storage		26		6,185
Retail Opportunity Investments Corp.		2,858		47,843
RPT Realty#		3,920		47,706
Simon Property Group, Inc.		222		35,984
Summit Hotel Properties, Inc.		3,705		42,348
Warehouses De Pauw CVA		123		19,107
Washington Prime Group, Inc.#		7,715		31,631
Washington Real Estate Investment Trust		1,910		50,825
Whitestone REIT#		3,442		43,610
Xenia Hotels & Resorts, Inc.		2,451		51,250
				1,573,210
Real Estate Management/Services — 0.2%
ADO Properties SA*		370		19,931
BR Malls Participacoes SA		11,200		36,563
CBRE Group, Inc., Class A†		336		15,355
Deutsche Euroshop AG		983		29,255
Entra ASA*		1,521		22,665
Fabege AB		1,109		16,640
Fastighets AB Balder, Class B†		411		13,351
HFF, Inc., Class A		872		37,653
Hufvudstaden AB, Class A		553		9,054
Jones Lang LaSalle, Inc.		13		1,618
Kungsleden AB		2,431		18,822
RE/MAX Holdings, Inc., Class A		886		26,243
Relo Group, Inc.		500		13,313
Wallenstam AB		634		6,421
Wihlborgs Fastigheter AB		2,017		29,339
				296,223
Real Estate Operations & Development — 0.2%
CA Immobilien Anlagen AG		605		22,470
Castellum AB		332		6,304
Grand City Properties SA		832		21,376
Hemfosa Fastigheter AB		1,617		14,920
IMMOFINANZ AG		782		19,866
LEG Immobilien AG		191		22,811
Mitsui Fudosan Co., Ltd.		6,100		147,432

Security Description	Shares		Value (Note 2)
Real Estate Operations & Development (continued)
Nexity SA		508	$	22,386
TAG Immobilien AG		213		4,997
TLG Immobilien AG		602		17,653
				300,215
Recreational Vehicles — 0.0%
Dometic Group AB*		2,456		22,297
Recycling — 0.0%
Tomra Systems ASA#		715		21,482
Rental Auto/Equipment — 0.1%
Localiza Rent a Car SA		14,400		139,598
Rent-A-Center, Inc.†		1,292		30,827
				170,425
Retail - Apparel/Shoe — 0.4%
Abercrombie & Fitch Co., Class A		1,697		29,358
Boot Barn Holdings, Inc.†		853		22,289
Burlington Stores, Inc.†		94		14,719
Caleres, Inc.		1,530		28,856
Cato Corp., Class A		2,461		30,492
Children’s Place, Inc.#		433		40,122
Designer Brands, Inc.#		1,678		30,355
Foot Locker, Inc.		43		1,692
Gap, Inc.		137		2,559
Genesco, Inc.†		741		33,330
Guess?, Inc.#		1,672		27,036
Lojas Renner SA		20,240		227,161
Lululemon Athletica, Inc.†		112		18,546
Ross Stores, Inc.		169		15,715
				522,230
Retail - Auto Parts — 0.0%
Advance Auto Parts, Inc.		5		775
AutoZone, Inc.†		42		43,138
O’Reilly Automotive, Inc.†		29		10,770
				54,683
Retail - Automobile — 0.1%
Asbury Automotive Group, Inc.†		551		40,879
Group 1 Automotive, Inc.		482		34,795
Lithia Motors, Inc., Class A#		531		60,614
				136,288
Retail - Building Products — 0.1%
Home Depot, Inc.		278		52,778
Lowe’s Cos., Inc.		238		22,201
				74,979
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		106		6,643
Retail - Discount — 0.2%
Big Lots, Inc.		1,082		29,863
Dollar General Corp.		187		23,801
Dollar Tree, Inc.†		43		4,369
Magazine Luiza SA		1,000		49,950
Pan Pacific International Holdings Corp		2,200		135,488
Walmart, Inc.		254		25,766
				269,237
Retail - Drug Store — 0.1%
Raia Drogasil SA		6,000		106,148
Walgreens Boots Alliance, Inc.		383		18,897
				125,045

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Home Furnishings — 0.1%
La-Z-Boy, Inc.		1,286	$	41,396
Nitori Holdings Co., Ltd.		400		47,591
RH†#		439		37,381
				126,368
Retail - Major Department Stores — 0.0%
TJX Cos., Inc.		646		32,487
Retail - Misc./Diversified — 0.0%
GameStop Corp., Class A#		3,410		25,848
Retail - Office Supplies — 0.0%
Office Depot, Inc.		14,921		29,245
Retail - Pawn Shops — 0.1%
EZCORP, Inc., Class A†#		2,964		26,024
FirstCash, Inc.		909		86,100
				112,124
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		29		9,668
Retail - Regional Department Stores — 0.0%
Kohl’s Corp.#		140		6,905
Retail - Restaurants — 0.2%
BJ’s Restaurants, Inc.		710		29,742
Chipotle Mexican Grill, Inc.†		20		13,199
Darden Restaurants, Inc.		136		15,820
Dave & Buster’s Entertainment, Inc.		920		45,761
Dine Brands Global, Inc.#		425		40,129
Ruth’s Hospitality Group, Inc.		1,419		32,453
Shake Shack, Inc., Class A†		706		43,313
Starbucks Corp.		491		37,345
Wingstop, Inc.		683		54,421
				312,183
Rubber - Tires — 0.0%
Cooper Tire & Rubber Co.		1,332		36,737
Rubber/Plastic Products — 0.1%
Hexpol AB		3,223		23,363
Proto Labs, Inc.†		609		61,113
Raven Industries, Inc.		1,136		37,204
				121,680
Satellite Telecom — 0.0%
Cellnex Telecom SA*		1,070		37,580
Savings & Loans/Thrifts — 0.2%
Axos Financial, Inc.†#		1,385		37,824
Banc of California, Inc.		2,458		32,519
Brookline Bancorp, Inc.		2,708		38,860
Dime Community Bancshares, Inc.		2,152		38,263
Northfield Bancorp, Inc.		2,246		33,712
Northwest Bancshares, Inc.		2,354		39,477
Oritani Financial Corp.#		255		4,080
People’s United Financial, Inc.		7		108
Provident Financial Services, Inc.		193		4,601
Washington Federal, Inc.		275		8,682
				238,126
Schools — 0.1%
Career Education Corp.†		2,038		38,253
Strategic Education, Inc.		501		88,171
				126,424
Security Services — 0.0%
Loomis AB, Series B		603		19,517

Security Description	Shares		Value (Note 2)
Security Services (continued)
Prosegur Cia de Seguridad SA		3,446	$	14,652
				34,169
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		1,277		123,384
Maxim Integrated Products, Inc.		2,536		133,368
MaxLinear, Inc.†#		1,597		33,808
NXP Semiconductors NV		3,491		307,767
Power Integrations, Inc.		711		46,329
QUALCOMM, Inc.		4,610		308,040
Renesas Electronics Corp.†		13,700		61,150
				1,013,846
Semiconductor Equipment — 0.4%
ASM International NV		403		23,485
ASM Pacific Technology, Ltd.		16,300		157,847
BE Semiconductor Industries NV#		630		14,162
Brooks Automation, Inc.		1,656		58,771
Cabot Microelectronics Corp.		578		56,338
Cohu, Inc.		1,747		25,419
FormFactor, Inc.†		2,145		30,802
Kulicke & Soffa Industries, Inc.		1,856		35,988
Lam Research Corp.		116		20,255
Siltronic AG		158		10,843
Teradyne, Inc.		3,899		164,304
				598,214
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		65		13,333
Software Tools — 0.5%
VMware, Inc., Class A		4,012		710,044
Steel Pipe & Tube — 0.0%
Maruichi Steel Tube, Ltd.		800		20,954
Steel - Producers — 0.8%
Acerinox SA		1,199		11,305
AK Steel Holding Corp.†#		9,779		16,820
Angang Steel Co., Ltd.#		20,800		9,340
ArcelorMittal		10,001		147,522
BlueScope Steel, Ltd.		8,200		59,591
China Oriental Group Co., Ltd.		16,000		9,276
Companhia Siderurgica Nacional SA ADR		8,634		36,004
Gerdau SA ADR		25,157		87,546
JFE Holdings, Inc.		9,200		126,996
Kobe Steel, Ltd.		4,600		28,463
Maanshan Iron & Steel Co., Ltd.#		24,000		10,204
Nippon Steel Corp.		11,500		190,153
Nucor Corp.		5,039		241,872
SSAB AB, Class B		7,601		20,911
Steel Dynamics, Inc.		3,533		88,855
thyssenkrupp AG		6,567		83,123
voestalpine AG		1,717		44,672
				1,212,653
Steel - Specialty — 0.0%
APERAM SA		555		13,035
Hitachi Metals, Ltd.		3,200		31,648
				44,683
Storage/Warehousing — 0.0%
Mobile Mini, Inc.		1,199		36,773
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		87		2,509
Finisar Corp.†		2,597		54,485

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Equipment - Fiber Optics (continued)
Viavi Solutions, Inc.†		5,055	$	60,913
				117,907
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		1,685		26,421
Juniper Networks, Inc.		9,029		222,203
				248,624
Telephone - Integrated — 0.2%
AT&T, Inc.		1,287		39,356
CenturyLink, Inc.		1,713		17,901
Freenet AG		1,213		23,549
Nippon Telegraph & Telephone Corp.		3,000		134,250
SoftBank Group Corp.		1,000		93,829
Verizon Communications, Inc.		495		26,903
				335,788
Television — 0.0%
AMC Networks, Inc., Class A†		263		13,878
CBS Corp., Class B		203		9,801
ION Media Networks, Inc.†(2)(3)		18		16,944
				40,623
Theaters — 0.0%
Cinemark Holdings, Inc.		260		9,877
Tobacco — 0.1%
Altria Group, Inc.		957		46,951
Philip Morris International, Inc.		155		11,955
Universal Corp.		675		38,151
				97,057
Tools - Hand Held — 0.0%
Snap-on, Inc.#		196		30,560
Toys — 0.1%
Bandai Namco Holdings, Inc.		1,500		73,662
Transactional Software — 0.1%
SimCorp A/S		315		30,548
Worldline SA†*		958		57,574
				88,122
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		720		25,481
Transport - Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		895		24,353
Transport - Marine — 0.0%
Dfds A/S#		376		14,247
SEACOR Holdings, Inc.†		703		29,252
				43,499
Transport - Rail — 0.1%
CSX Corp.		255		18,990
Rumo SA†		14,600		72,033
Union Pacific Corp.		33		5,504
West Japan Railway Co.		1,300		101,723
				198,250
Transport - Services — 0.2%
C.H. Robinson Worldwide, Inc.		227		18,076
Expeditors International of Washington, Inc.		105		7,307
Forward Air Corp.		667		37,239
Hub Group, Inc., Class A†		911		35,492
Matson, Inc.		1,006		34,425
Panalpina Welttransport Holding AG†		122		25,899

Security Description	Shares/ Principal Amount(7)		Value (Note 2)
Transport - Services (continued)
Sankyu, Inc.		1,100	$	55,496
SG Holdings Co., Ltd.		3,100		84,011
United Parcel Service, Inc., Class B		206		19,141
				317,086
Transport - Truck — 0.0%
Saia, Inc.†		639		37,701
Travel Services — 0.0%
HIS Co., Ltd.		1,800		52,572
Veterinary Diagnostics — 0.1%
Neogen Corp.†		1,223		68,916
Water Treatment Systems — 0.0%
Kurita Water Industries, Ltd.		1,100		26,210
Web Hosting/Design — 0.8%
GoDaddy, Inc., Class A†		5,140		382,416
NIC, Inc.		2,131		34,011
Shopify, Inc., Class A†		2,463		677,079
VeriSign, Inc.†		23		4,484
				1,097,990
Web Portals/ISP — 0.4%
Alphabet, Inc., Class A†		43		47,580
Alphabet, Inc., Class C†		133		146,783
Baidu, Inc. ADR†		1,522		167,420
United Internet AG		4,199		150,277
				512,060
Wire & Cable Products — 0.0%
Encore Wire Corp.		598		29,846
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		1,285		34,284
Total Common Stocks
(cost $69,445,484)				66,646,681
EXCHANGE-TRADED FUNDS — 7.5%
iShares Core S&P Small-Cap ETF#		1,923		140,706
iShares MSCI Brazil ETF#		58,000		2,415,700
iShares MSCI Europe Small-Cap ETF		10,600		524,912
iShares MSCI India ETF#		44,600		1,604,708
iShares MSCI South Korea ETF		113,700		6,318,309
iShares Russell 1000 Growth ETF		105		15,561
SPDR S&P 500 ETF Trust#		153		42,116
Total Exchange-Traded Funds
(cost $11,639,405)				11,062,012
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0%
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(2) (cost $0)		45,000		4
ASSET BACKED SECURITIES — 7.8%
Diversified Financial Services — 7.8%
BMW Vehicle Lease Trust Series 2017-2, Class A3 2.07% due 10/20/2020		150,000		149,711
BMW Vehicle Lease Trust Series 2019-1, Class A4 3.38% due 08/22/2022		385,000		390,873
Citibank Credit Card Issuance Trust FRS Series 2017-A5, Class A5 3.06% (1 ML+0.62%) due 04/22/2026		500,000		503,237

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citibank Credit Card Issuance Trust Series 2018-A6, Class A6 3.21% due 12/07/2024	$	200,000	$	206,731
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		1,400,000		1,398,640
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		450,000		459,315
Hyundai Auto Receivables Trust Series 2017-B, ClassA3 1.77% due 01/18/2022		1,000,000		995,516
Kingsland VIII, Ltd. FRS Series 2018-8A, Class B 4.24% (3 ML+1.48%) due 04/20/2031*(1)		7,500,000		7,324,043
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4 3.25% due 10/15/2024		78,000		79,297
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		75,000		76,905
Total Asset Backed Securities
(cost $11,744,809)				11,584,268
U.S. CORPORATE BONDS & NOTES — 5.8%
Banks - Super Regional — 0.8%
Citibank NA FRS Senior Notes 2.89% (3 ML+0.35%) due 02/12/2021		1,160,000		1,161,232
Brewery — 0.9%
Anheuser-Busch InBev Finance, Inc. FRS Company Guar. Notes 3.84% (3 ML+1.26%) due 02/01/2021		1,300,000		1,320,772
Cable/Satellite TV — 0.7%
Comcast Corp. FRS Company Guar. Notes 3.03% (3 ML+0.44%) due 10/01/2021		1,050,000		1,054,109
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		757
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(2)		71,000		7
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(2)		69,000		7
				771
Pharmacy Services — 1.0%
CVS Health Corp. FRS Senior Notes 3.23% (3 ML+0.63%) due 03/09/2020		1,500,000		1,503,878
Retail - Building Products — 0.9%
Home Depot, Inc. FRS Senior Notes 2.83% (3 ML+0.31%) due 03/01/2022		1,300,000		1,302,121

Security Description	Principal Amount(7)		Value (Note 2)
Telephone - Integrated — 1.5%
AT&T, Inc. FRS Senior Notes 3.55% (3 ML+0.95%) due 07/15/2021	$	1,000,000	$	1,009,630
Verizon Communications, Inc. FRS Senior Notes 3.07% (3 ML+0.55%) due 05/22/2020		1,216,000		1,220,864
				2,230,494
Total U.S. Corporate Bonds & Notes
(cost $8,585,213)				8,573,377
FOREIGN CORPORATE BONDS & NOTES — 2.5%
Banks - Commercial — 0.7%
Royal Bank of Canada FRS Senior Notes 2.90% (3 ML+0.38%) due 03/02/2020		1,100,000		1,102,248
Diversified Manufacturing Operations — 0.9%
Siemens Financieringsmaatschappij NV FRS Company Guar. Notes 2.93% (3 ML+0.32%) due 09/13/2019*		1,290,000		1,291,112
Soap & Cleaning Preparation — 0.9%
Reckitt Benckiser Treasury Services PLC FRS Company Guar. Notes 3.16% (3 ML+0.56%) due 06/24/2022*		1,295,000		1,289,706
Total Foreign Corporate Bonds & Notes
(cost $3,696,550)				3,683,066
FOREIGN GOVERNMENT OBLIGATIONS — 1.9%
Sovereign — 1.9%
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD	52,000		42,686
Commonwealth of Australia Senior Notes 3.25% due 06/21/2039	AUD	33,000		27,913
Government of Canada Notes 0.50% due 03/01/2022	CAD	60,000		43,324
Government of Canada Bonds 2.00% due 09/01/2023	CAD	34,000		25,805
Government of Canada Bonds 2.25% due 02/01/2021	CAD	39,000		29,228
Government of Canada Bonds 2.75% due 06/01/2022	CAD	51,000		39,226
Government of France Bonds 4.50% due 04/25/2041	EUR	45,000		86,049
Government of Japan Senior Notes 0.10% due 01/01/2021	JPY	10,000,000		92,666
Government of Japan Senior Notes 0.10% due 03/01/2021	JPY	9,300,000		86,229
Government of Japan Senior Notes 0.10% due 09/20/2023	JPY	13,300,000		124,298

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Japan Senior Notes 0.10% due 12/20/2023	JPY	10,000,000	$	93,531
Government of Japan Senior Notes 0.10% due 12/20/2028	JPY	9,700,000		91,311
Government of Japan Senior Notes 0.50% due 03/20/2038	JPY	3,300,000		31,781
Government of Japan Senior Notes 0.50% due 12/20/2038	JPY	5,000,000		47,989
Government of Japan Senior Notes 0.60% due 09/20/2037	JPY	12,900,000		126,605
Government of Japan Senior Notes 0.60% due 12/20/2037	JPY	3,800,000		37,264
Government of Japan Senior Notes 0.70% due 03/20/2037	JPY	11,000,000		109,858
Government of Japan Senior Notes 2.00% due 06/20/2025	JPY	3,200,000		33,484
Government of Japan Senior Notes 2.10% due 12/20/2024	JPY	3,500,000		36,440
Government of Japan Senior Bonds 2.90% due 11/20/2030	JPY	3,200,000		39,475
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK	88,000		24,397
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK	306,000		35,894
Kingdom of Spain Senior Bonds 4.90% due 07/30/2040*	EUR	62,000		111,366
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR	33,000		62,838
Kingdom of Spain Bonds 5.75% due 07/30/2032	EUR	45,000		79,906
Portuguese Republic Senior Notes 1.95% due 06/15/2029*	EUR	19,000		23,543
Portuguese Republic Senior Notes 4.10% due 02/15/2045*	EUR	15,000		24,204
Portuguese Republic Senior Notes 4.10% due 04/15/2037*	EUR	38,000		59,263
Republic of Italy Bonds 4.75% due 09/01/2044*	EUR	22,000		30,127
Republic of Italy Bonds 5.00% due 09/01/2040*	EUR	17,000		23,682
Republic of Italy Bonds 5.50% due 11/01/2022	EUR	40,000		50,674
Republic of Italy Bonds 5.75% due 02/01/2033	EUR	30,000		43,977

Security Description	Principal Amount(7)		Value (Note 2)
Sovereign (continued)
Republic of Italy Bonds 7.25% due 11/01/2026	EUR	39,000	$	58,265
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	36,000		52,641
United Kingdom Gilt Treasury Bonds 0.50% due 07/22/2022	GBP	115,000		145,079
United Kingdom Gilt Treasury Bonds 0.75% due 07/22/2023	GBP	122,000		155,078
United Kingdom Gilt Treasury Bonds 1.00% due 04/22/2024	GBP	107,000		137,587
United Kingdom Gilt Treasury Bonds 1.75% due 09/07/2022	GBP	105,000		137,771
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	89,000		120,289
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2021	GBP	74,000		100,193
United Kingdom Gilt Treasury Bonds 4.00% due 03/07/2022	GBP	68,000		94,084
Total Foreign Government Obligations
(cost $2,791,555)				2,816,020
RIGHTS — 0.0%
Real Estate Operations & Development — 0.0%
BUWOG AG†#(2) (cost $0)		1,461		0
U.S. GOVERNMENT TREASURIES — 14.1%
United States Treasury Bonds — 0.3%
2.50% due 05/15/2046		134,000		131,875
2.88% due 05/15/2043		110,000		116,402
3.00% due 11/15/2045		79,000		85,613
3.75% due 11/15/2043		27,000		32,902
				366,792
United States Treasury Notes — 13.8%
1.38% due 03/31/2020		6,390,000		6,342,075
1.50% due 02/28/2023		118,000		116,216
1.63% due 08/31/2022		90,000		89,209
1.63% due 02/15/2026		183,000		178,425
1.88% due 04/30/2022		64,000		63,930
1.88% due 07/31/2022		25,000		24,976
2.00% due 10/31/2022		24,000		24,068
2.00% due 02/15/2023		151,000		151,425
2.00% due 08/15/2025		149,000		148,942
2.13% due 05/15/2025		112,000		112,774
2.38% due 01/31/2023		114,000		115,830
2.38% due 04/30/2020		6,390,000		6,394,992
2.50% due 05/31/2020		6,390,000		6,405,476
2.50% due 03/31/2023		116,000		118,488
2.75% due 02/28/2025		125,000		130,205
				20,417,031
Total U.S. Government Treasuries
(cost $20,634,316)				20,783,823
Total Long-Term Investment Securities
(cost $128,537,332)				125,149,251

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(7)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 8.50%
Registered Investment Companies — 7.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.32%(5)		10,082,291		$	10,082,291
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(4)(5)		1,272,012			1,272,012
					11,354,303
U.S. Government Treasuries — 0.8%
United States Treasury Bills 1.74 % due 01/02/2020(6)		1,210,000			1,193,910
Total Short-Term Investment Securities
(cost $12,546,519)					12,548,213
TOTAL INVESTMENTS
(cost $141,083,851)(8)		93.3	%		137,697,464
Other assets less liabilities		6.7			9,845,632
NET ASSETS		100.0	%	$	147,543,096

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $10,937,181 representing 7.4% of net assets.

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

(1) Collateralized Loan Obligation

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

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

As of May 31, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		03/05/2014		18	$	0	$	16,944	$	941.33		0.01	%

(4) At May 31, 2019, the Fund had loaned securities with a total value of $5,712,156. This was secured by collateral of $1,272,012, which was received in cash and subsequently invested in short-term investments currently valued at $1,272,012 as reported in the Portfolio of Investments. Additional collateral of $4,654,901 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 09/26/2019	$	420,447
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		4,234,454

(5) The rate shown is the 7-day yield as of May 31, 2019.

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

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

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

ADR—American Depositary Receipt

AUD—Australian Dollar

BR—Bearer Shares

CAD—Canadian Dollar

CVA—Certification Van Aadelen (Dutch Cert.)

CVR—Contingent Value Rights

DKK—Danish Krone

ETF—Exchange-Traded Funds

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

SDR—Swedish Depositary Receipt

FRS—Floating Rate Security

The rates shown on the FRS is the current interest rates as of May 31, 2019, and unless

noted otherwise, the dates shown are the original maturity date.

Index Legend

1 ML—1 Month USD LIBOR

3 ML—3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type		Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation
	29		Short	S&P 500 E-mini Index		June 2019	$	4,044,124	$	3,991,270	$	52,854
	18		Short	Russell 1000 E-mini Growth Index		June 2019		1,339,959		1,338,210		1,749
											$	54,603

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Futures Contracts
Number of Contracts		Type		Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized (Depreciation)
	371		Long	FTSA China A50 Index		June 2019	$	4,711,849	$	4,658,832	$	(53,017	)
	5		Long	MSCI Europe Index		June 2019		318,811		315,250		(3,561	)
	1		Long	Nikkei 225 Index		June 2019		106,904		102,125		(4,779	)
	140		Long	SGX Nifty 50 Index		June 2019		3,344,310		3,339,000		(5,310	)
	44		Short	U.S. Treasury 10 Year Notes		September 2019		5,545,973		5,577,000		(31,027	)
											$	(97,694	)
				Net Unrealized Appreciation (Depreciation)							$	(43,091	)

* 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	91,600		USD	65,289		06/19/2019	$	1,715	$	–
		CAD	363,200		USD	273,148		06/19/2019		4,319		–
		DKK	159,000		USD	24,220		06/19/2019		403		–
		EUR	753,000		USD	860,006		06/19/2019		17,731		–
		GBP	368,300		USD	487,086		06/19/2019		21,105		–
		GBP	333,700		USD	437,638		09/18/2019		13,619		–
		JPY	102,465,300		USD	934,985		06/19/2019		–		(11,700	)
		JPY	188,800		USD	1,747		09/18/2019		–		(9	)
		NOK	316,800		USD	37,265		06/19/2019		1,046		–
		USD	132,796		CAD	177,600		06/19/2019		–		(1,343	)
		USD	145,224		EUR	128,600		06/19/2019		–		(1,378	)
										59,938		(14,430	)
Morgan Stanley Capital Services, Inc.		EUR	830,000		USD	931,836		06/19/2019		3,432		–
		INR	317,700,000		USD	4,562,361		06/19/2019		11,029		–
		JPY	292,230,000		USD	2,655,641		06/19/2019		–		(44,295	)
		USD	1,530,693		CNH	10,290,000		06/19/2019		–		(46,772	)
		USD	9,384,037		EUR	8,240,000		06/19/2019		–		(167,112	)
		USD	1,919,466		GBP	1,440,000		06/19/2019		–		(97,545	)
		USD	3,140,823		INR	220,090,000		06/19/2019		12,160		–
		USD	8,968,679		JPY	994,380,000		06/19/2019		218,476		–
		USD	7,494,804		EUR	6,670,000		09/18/2019		21,443		–
										266,540		(355,724	)
Net Unrealized Appreciation/(Depreciation)									$	326,478	$	(370,154	)

AUD—Australian Dollar

CAD—Canadian Dollar

CNH—Yuan Renminbi Offshore

DKK—Danish Krone

EUR—Euro Currency

GBP—British Pound

INR—Indian Rupee

JPY—Japanese Yen

NOK—Norwegian Krone

USD—United States Dollar

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	51,057	$	—		$	529	$	51,586
Television		23,679		—			16,944		40,623
Other Industries		44,891,637		21,662,835	**		—		66,554,472
Exchange-Traded Funds		11,062,012		—			—		11,062,012
Preferred Securities/Capital Securities		—		—			4		4
Asset Backed Securities		—		11,584,268			—		11,584,268
U.S. Corporate Bonds & Notes:
Finance - Investment Banker/Broker		—		757			14		771
Other Industries		—		8,572,606			—		8,572,606
Foreign Corporate Bonds & Notes . . .		—		3,683,066			—		3,683,066
Foreign Government Obligations		—		2,816,020			—		2,816,020
Rights		—		—			0		0
U.S. Government Treasuries		—		20,783,823			—		20,783,823
Short-Term Investment Securities:
Registered Investment Companies		11,354,303		—			—		11,354,303
U.S. Government Treasuries		—		1,193,910			—		1,193,910
Total Investments at Value	$	67,382,688	$	70,297,285		$	17,491	$	137,697,464
Other Financial Instruments:†
Futures Contracts	$	54,603	$	—		$	—	$	54,603
Forward Foreign Currency Contracts		—		326,478			—		326,478
	$	54,603	$	326,478		$	—	$	381,081
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	97,694	$	—		$	—	$	97,694
Forward Foreign Currency Contracts		—		370,154			—		370,154
	$	97,694	$	370,154		$	—	$	467,848

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

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

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

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

See Notes to Financial Statements

23

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

E-Commerce/Products	12.8	%
Applications Software	11.6
Internet Content — Entertainment	6.9
Finance — Credit Card	6.8
Web Portals/ISP	5.5
Medical — HMO	5.2
Commercial Services — Finance	5.1
Aerospace/Defense	4.2
Medical Products	4.0
Diagnostic Equipment	2.4
E-Commerce/Services	2.4
Internet Application Software	2.2
Data Processing/Management	2.1
Medical — Biomedical/Gene	2.0
Finance — Investment Banker/Broker	2.0
Retail — Restaurants	1.4
Enterprise Software/Service	1.4
Pharmacy Services	1.4
Medical Instruments	1.3
Transport — Rail	1.2
Insurance Brokers	1.1
Hotels/Motels	1.1
Electronic Components — Semiconductors	1.1
Retail — Discount	1.0
Machinery — General Industrial	1.0
Software Tools	0.8
Retail — Apparel/Shoe	0.8
Instruments — Controls	0.8
Finance — Other Services	0.7
Cruise Lines	0.7
Computer Software	0.7
Semiconductor Components — Integrated Circuits	0.7
Aerospace/Defense — Equipment	0.7
Medical — Drugs	0.6
Entertainment Software	0.6
Auto/Truck Parts & Equipment-Original	0.6
Registered Investment Companies	0.5
Diversified Banking Institutions	0.5
Airlines	0.5
Electronic Measurement Instruments	0.5
Electric — Distribution	0.4
Industrial Gases	0.3
Oil Companies — Exploration & Production	0.3
Commercial Services	0.2
Diversified Financial Services	0.2
Coatings/Paint	0.2
Computers	0.2
Medical — Hospitals	0.2
Apparel Manufacturers	0.1
Retail — Perfume & Cosmetics	0.1
Insurance — Multi-line	0.1
Veterinary Diagnostics	0.1
Auto — Cars/Light Trucks	0.1
Wireless Equipment	0.1
Investment Management/Advisor Services	0.1
Insurance — Property/Casualty	0.1
Tobacco	0.1
Semiconductor Equipment	0.1
Casino Hotels	0.1
Containers — Metal/Glass	0.1
	100.1%

* Calculated as a percentage of net assets

24

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Aerospace/Defense — 4.2%
Boeing Co.		76,023	$	25,970,217
Northrop Grumman Corp.		23,567		7,146,693
				33,116,910
Aerospace/Defense - Equipment — 0.7%
Harris Corp.		27,077		5,068,544
Airlines — 0.5%
Delta Air Lines, Inc.		17,371		894,606
United Continental Holdings, Inc.†		40,686		3,159,268
				4,053,874
Apparel Manufacturers — 0.1%
VF Corp.		13,300		1,089,004
Applications Software — 11.6%
Intuit, Inc.		59,561		14,583,511
Microsoft Corp.		367,716		45,479,115
salesforce.com, Inc.†		96,905		14,672,386
ServiceNow, Inc.†		59,967		15,707,156
				90,442,168
Auto - Cars/Light Trucks — 0.1%
Ferrari NV		6,660		952,513
Auto/Truck Parts & Equipment - Original — 0.6%
Aptiv PLC		65,840		4,216,394
Beverages - Wine/Spirits — 0.0%
Constellation Brands, Inc., Class A		500		88,225
Casino Hotels — 0.1%
Wynn Resorts, Ltd.		5,608		601,907
Coatings/Paint — 0.2%
Sherwin-Williams Co.		3,510		1,472,270
Commercial Services — 0.2%
Cintas Corp.		3,578		793,708
CoStar Group, Inc.†		1,467		747,642
				1,541,350
Commercial Services - Finance — 5.1%
Automatic Data Processing, Inc.		4,900		784,588
FleetCor Technologies, Inc.†		11,538		2,979,227
Global Payments, Inc.		79,769		12,287,617
IHS Markit, Ltd.†		4,216		241,956
Moody’s Corp.		900		164,592
PayPal Holdings, Inc.†		136,393		14,969,132
S&P Global, Inc.		13,000		2,780,440
Worldpay, Inc., Class A†		46,205		5,620,376
				39,827,928
Computer Software — 0.7%
Splunk, Inc.†		46,600		5,311,934
Zoom Video Communications, Inc., Class A†#		2,107		167,991
				5,479,925
Computers — 0.2%
Apple, Inc.		8,151		1,426,996
Containers - Metal/Glass — 0.1%
Ball Corp.		8,338		511,870
Cruise Lines — 0.7%
Norwegian Cruise Line Holdings, Ltd.†		23,451		1,283,004
Royal Caribbean Cruises, Ltd.		34,943		4,254,660
				5,537,664
Data Processing/Management — 2.1%
Fidelity National Information Services, Inc.		63,924		7,690,057

Security Description	Shares		Value (Note 2)
Data Processing/Management (continued)
Fiserv, Inc.†		100,879	$	8,661,471
				16,351,528
Diagnostic Equipment — 2.4%
Danaher Corp.		72,342		9,549,867
Thermo Fisher Scientific, Inc.		34,618		9,242,314
				18,792,181
Diversified Banking Institutions — 0.5%
Citigroup, Inc.		6,229		387,133
Goldman Sachs Group, Inc.		500		91,245
JPMorgan Chase & Co.		1,400		148,344
Morgan Stanley		87,786		3,572,012
				4,198,734
Diversified Financial Services — 0.2%
ANT International Co., Ltd., Class C†(1)(2)		273,650		1,535,177
E-Commerce/Products — 12.8%
Alibaba Group Holding, Ltd. ADR†		157,219		23,466,508
Amazon.com, Inc.†		43,108		76,519,717
				99,986,225
E-Commerce/Services — 2.4%
Booking Holdings, Inc.†		8,317		13,774,781
Ctrip.com International, Ltd. ADR†		27,280		942,797
IAC/InterActiveCorp†		17,847		3,941,510
				18,659,088
Electric - Distribution — 0.4%
Sempra Energy		22,382		2,942,114
Electric - Integrated — 0.0%
NextEra Energy, Inc.		441		87,410
Electronic Components - Semiconductors — 1.1%
Broadcom, Inc.		6,743		1,696,808
Marvell Technology Group, Ltd.		68,900		1,536,470
Microchip Technology, Inc.#		4,203		336,366
NVIDIA Corp.		5,917		801,517
Texas Instruments, Inc.		28,941		3,018,836
Xilinx, Inc.		8,919		912,503
				8,302,500
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.		8,931		598,823
Fortive Corp.		41,953		3,194,721
				3,793,544
Enterprise Software/Service — 1.4%
Atlassian Corp. PLC, Class A†		3,325		418,551
Workday, Inc., Class A†		49,916		10,188,854
				10,607,405
Entertainment Software — 0.6%
Electronic Arts, Inc.†		48,424		4,507,306
Finance - Credit Card — 6.8%
Mastercard, Inc., Class A		99,993		25,147,240
Visa, Inc., Class A#		173,804		28,039,799
				53,187,039
Finance - Investment Banker/Broker — 2.0%
Charles Schwab Corp.		126,315		5,255,967
TD Ameritrade Holding Corp.		199,480		9,924,130
				15,180,097
Finance - Other Services — 0.7%
Intercontinental Exchange, Inc.		69,224		5,690,905

25

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 1.1%
Hilton Worldwide Holdings, Inc.		42,612	$	3,811,217
Marriott International, Inc., Class A		38,139		4,761,273
				8,572,490
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		6,188		1,259,815
Linde PLC		7,500		1,354,125
				2,613,940
Instruments - Controls — 0.8%
Honeywell International, Inc.		35,257		5,793,078
Insurance Brokers — 1.1%
Marsh & McLennan Cos., Inc.		21,218		2,028,441
Willis Towers Watson PLC		37,749		6,624,949
				8,653,390
Insurance - Multi-line — 0.1%
Chubb, Ltd.		7,236		1,056,963
Insurance - Property/Casualty — 0.1%
Progressive Corp.		10,162		805,643
Internet Application Software — 2.2%
Tencent Holdings, Ltd.		415,600		17,235,345
Internet Content - Entertainment — 6.9%
Facebook, Inc., Class A†		236,931		42,048,145
Netflix, Inc.†		35,142		12,063,546
Pinterest, Inc.†		531		13,232
				54,124,923
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		300		41,469
Raymond James Financial, Inc.		9,729		803,421
				844,890
Machinery - General Industrial — 1.0%
Roper Technologies, Inc.		21,797		7,496,424
Machinery - Pumps — 0.0%
Xylem, Inc.		700		51,954
Medical Instruments — 1.3%
Boston Scientific Corp.†		1,600		61,456
Intuitive Surgical, Inc.†		22,257		10,346,166
				10,407,622
Medical Products — 4.0%
Abbott Laboratories		23,324		1,775,656
Becton Dickinson and Co.		59,093		13,794,670
Stryker Corp.		85,845		15,730,238
				31,300,564
Medical - Biomedical/Gene — 2.0%
Alexion Pharmaceuticals, Inc.†		39,374		4,476,036
Illumina, Inc.†		273		83,787
Vertex Pharmaceuticals, Inc.†		66,484		11,048,311
				15,608,134
Medical - Drugs — 0.6%
Eli Lilly & Co.		30,454		3,530,837
Merck & Co., Inc.		1,519		120,320
Pfizer, Inc.		5,200		215,904
Zoetis, Inc.		8,000		808,400
				4,675,461
Medical - HMO — 5.2%
Anthem, Inc.		43,482		12,087,126

Security Description	Shares		Value (Note 2)
Medical - HMO (continued)
Centene Corp.†		46,836	$	2,704,779
Humana, Inc.		7,085		1,734,833
UnitedHealth Group, Inc.		80,762		19,528,252
WellCare Health Plans, Inc.†		16,117		4,451,354
				40,506,344
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		10,800		1,306,368
Oil Companies - Exploration & Production — 0.3%
Concho Resources, Inc.		11,900		1,166,319
Pioneer Natural Resources Co.		8,617		1,223,269
				2,389,588
Pharmacy Services — 1.4%
Cigna Corp.		70,817		10,482,332
Real Estate Investment Trusts — 0.0%
American Tower Corp.		1,097		229,021
Retail - Apparel/Shoe — 0.8%
Ross Stores, Inc.		68,187		6,340,709
Retail - Discount — 1.0%
Dollar General Corp.		62,320		7,932,090
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		3,265		1,088,486
Retail - Restaurants — 1.4%
Domino’s Pizza, Inc.		2,700		754,650
McDonald’s Corp.		22,671		4,494,979
Restaurant Brands International, Inc.		35,159		2,313,462
Yum! Brands, Inc.		33,706		3,449,809
				11,012,900
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		13,500		1,304,370
Maxim Integrated Products, Inc.		55,860		2,937,677
QUALCOMM, Inc.		14,200		948,844
				5,190,891
Semiconductor Equipment — 0.1%
KLA-Tencor Corp.		5,800		597,806
Lam Research Corp.		400		69,844
				667,650
Software Tools — 0.8%
VMware, Inc., Class A		36,686		6,492,688
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		2,235		64,457
Tobacco — 0.1%
Philip Morris International, Inc.		10,400		802,152
Transport - Rail — 1.2%
Canadian Pacific Railway, Ltd.		14,814		3,250,043
CSX Corp.		44,204		3,291,872
Kansas City Southern		4,670		529,018
Norfolk Southern Corp.		5,000		975,700
Union Pacific Corp.		9,083		1,514,863
				9,561,496
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc.		840		71,518
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		32,985		1,031,771
Web Portals/ISP — 5.5%
Alphabet, Inc., Class A†		9,853		10,902,345

26

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP (continued)
Alphabet, Inc., Class C†		29,245		$	32,275,659
					43,178,004
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		6,254			937,787
Total Long-Term Investment Securities
(cost $467,375,136)					777,775,868
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Registered Investment Companies — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.32%(3)		504,910			504,910
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4)		173,301			173,301
T. Rowe Price Government Reserve Fund 2.46%(3)		3,588,571			3,588,571
Total Short-Term Investment Securities
(cost $4,266,780)					4,266,782
TOTAL INVESTMENTS
(cost $471,641,916)(5)		100.1	%		782,042,650
Liabilities in excess of other assets		(0.1	)		(806,513	)
NET ASSETS		100.0	%	$	781,236,137

† Non-income producing security

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

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

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

of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, 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		0.20	%

(3) The rate shown is the 7-day yield as of May 31, 2019.

(4) At May 31, 2019, the Fund had loaned securities with a total value of $7,322,163. This was secured by collateral of $173,301, which was received in cash and subsequently invested in short-term investments currently valued at $173,301 as reported in the Portfolio of Investments. Additional collateral of $7,370,587 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	09/12/2019 to 10/03/2019	$	412,377
United States Treasury Notes/Bonds	0.13% to 8.75%	08/15/2019 to 11/15/2048		6,958,210

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	—	$	—		$	1,535,176	$	1,535,176
Other Industries		759,005,347		17,235,345	**		—		776,240,692
Short-Term Investment Securities:		4,266,782		—			—		4,266,782
Total Investments at Value	$	763,272,129	$	17,235,345		$	1,535,176	$	782,042,650

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

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

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

See Notes to Financial Statements

27

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	7.0	%
Electronic Components — Semiconductors	5.9
Industrial Gases	3.9
Medical — Drugs	3.6
Electric — Integrated	3.6
Cruise Lines	3.3
Medical — HMO	3.2
Real Estate Investment Trusts	3.0
Banks — Super Regional	3.0
Oil Companies — Integrated	2.8
Insurance — Property/Casualty	2.7
Finance — Consumer Loans	2.6
Banks — Fiduciary	2.5
Finance — Investment Banker/Broker	2.3
Finance — Credit Card	2.3
Oil Refining & Marketing	2.2
Retail — Discount	2.2
Diversified Banking Institutions	2.0
Cable/Satellite TV	2.0
Chemicals — Diversified	1.9
Medical Instruments	1.9
Insurance Brokers	1.8
Applications Software	1.8
Beverages — Non-alcoholic	1.7
Diversified Manufacturing Operations	1.6
Food — Catering	1.6
Aerospace/Defense — Equipment	1.6
E-Commerce/Products	1.5
Engineering/R&D Services	1.5
Retail — Building Products	1.5
Tools — Hand Held	1.5
Building — Residential/Commercial	1.5
Casino Hotels	1.5
Aerospace/Defense	1.5
Retail — Auto Parts	1.4
Semiconductor Components — Integrated Circuits	1.4
Enterprise Software/Service	1.3
Building Products — Air & Heating	1.3
Rental Auto/Equipment	1.3
Insurance — Multi-line	1.1
Savings & Loans/Thrifts	1.0
Machinery — General Industrial	1.0
Building & Construction Products — Misc.	1.0
Commercial Services	0.9
Tobacco	0.8
Pharmacy Services	0.8
Chemicals — Specialty	0.6
	98.4	%

* Calculated as a percentage of net assets

28

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Aerospace/Defense — 1.5%
Spirit AeroSystems Holdings, Inc., Class A		9,245	$	749,215
Aerospace/Defense - Equipment — 1.6%
United Technologies Corp.		6,447		814,256
Applications Software — 1.8%
Microsoft Corp.		7,633		944,049
Banks - Fiduciary — 2.5%
Bank of New York Mellon Corp.		16,538		706,007
State Street Corp.		10,065		556,092
				1,262,099
Banks - Super Regional — 3.0%
US Bancorp		15,250		765,550
Wells Fargo & Co.		16,986		753,669
				1,519,219
Beverages - Non-alcoholic — 1.7%
Coca-Cola European Partners PLC		15,899		880,805
Building & Construction Products - Misc. — 1.0%
Owens Corning		10,134		491,195
Building Products - Air & Heating — 1.3%
Johnson Controls International PLC		17,433		671,519
Building - Residential/Commercial — 1.5%
Lennar Corp., Class A		15,517		770,574
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		24,893		1,020,613
Casino Hotels — 1.5%
MGM Resorts International		30,424		755,124
Chemicals - Diversified — 1.9%
Dow, Inc.		4,187		195,784
DuPont de Nemours, Inc.		12,565		383,484
LyondellBasell Industries NV, Class A		5,111		379,492
				958,760
Chemicals - Specialty — 0.6%
Element Solutions, Inc.†		33,439		316,333
Commercial Services — 0.9%
Nielsen Holdings PLC		20,914		475,375
Cruise Lines — 3.3%
Norwegian Cruise Line Holdings, Ltd.†		15,324		838,376
Royal Caribbean Cruises, Ltd.		6,850		834,056
				1,672,432
Diversified Banking Institutions — 2.0%
JPMorgan Chase & Co.		9,814		1,039,891
Diversified Manufacturing Operations — 1.6%
General Electric Co.		89,060		840,726
E-Commerce/Products — 1.5%
eBay, Inc.		22,050		792,257
Electric - Integrated — 3.6%
Dominion Energy, Inc.		12,055		906,295
Exelon Corp.		19,192		922,751
				1,829,046
Electronic Components - Semiconductors — 5.9%
Broadcom, Inc.		3,249		817,578
Marvell Technology Group, Ltd.		42,340		944,182
Microchip Technology, Inc.#		8,070		645,842
Texas Instruments, Inc.		5,903		615,742
				3,023,344

Security Description	Shares		Value (Note 2)
Engineering/R&D Services — 1.5%
Jacobs Engineering Group, Inc.		10,464	$	787,835
Enterprise Software/Service — 1.3%
Oracle Corp.		13,649		690,639
Finance - Consumer Loans — 2.6%
Navient Corp.		35,063		457,222
SLM Corp.		91,910		874,064
				1,331,286
Finance - Credit Card — 2.3%
American Express Co.		10,271		1,178,186
Finance - Investment Banker/Broker — 2.3%
E*TRADE Financial Corp.		15,373		688,711
Jefferies Financial Group, Inc.		28,308		500,202
				1,188,913
Food - Catering — 1.6%
Aramark		23,710		824,871
Industrial Gases — 3.9%
Air Products & Chemicals, Inc.		5,290		1,076,991
Linde PLC		5,233		944,818
				2,021,809
Insurance Brokers — 1.8%
Willis Towers Watson PLC		5,390		945,945
Insurance - Multi-line — 1.1%
Chubb, Ltd.		3,724		543,965
Insurance - Property/Casualty — 2.7%
Berkshire Hathaway, Inc., Class B†		4,305		849,893
Fidelity National Financial, Inc.		13,631		525,475
				1,375,368
Machinery - General Industrial — 1.0%
Wabtec Corp.#		7,972		497,293
Medical Instruments — 1.9%
Medtronic PLC		10,339		957,185
Medical - Drugs — 3.6%
Merck & Co., Inc.		6,526		516,924
Pfizer, Inc.		19,715		818,567
Sanofi ADR		12,557		507,680
				1,843,171
Medical - HMO — 3.2%
Anthem, Inc.		3,147		874,803
UnitedHealth Group, Inc.		3,071		742,568
				1,617,371
Oil Companies - Exploration & Production — 7.0%
ConocoPhillips		8,584		506,113
EOG Resources, Inc.		6,838		559,895
Hess Corp.		18,111		1,011,681
Kosmos Energy, Ltd.#		86,692		534,023
Parsley Energy, Inc., Class A†		28,598		509,902
Vermilion Energy, Inc.#		20,993		440,013
				3,561,627
Oil Companies - Integrated — 2.8%
BP PLC ADR		17,959		731,290
Chevron Corp.		6,354		723,403
				1,454,693
Oil Refining & Marketing — 2.2%
Phillips 66		8,608		695,527
Valero Energy Corp.		6,141		432,326
				1,127,853

29

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Pharmacy Services — 0.8%
CVS Health Corp.		7,494	$	392,461
Real Estate Investment Trusts — 3.0%
Liberty Property Trust		16,279		772,764
MGM Growth Properties LLC, Class A		25,484		783,633
				1,556,397
Rental Auto/Equipment — 1.3%
AMERCO		1,793		660,218
Retail - Auto Parts — 1.4%
Advance Auto Parts, Inc.		4,650		720,750
Retail - Building Products — 1.5%
Lowe’s Cos., Inc.		8,417		785,138
Retail - Discount — 2.2%
Dollar General Corp.		8,723		1,110,263
Savings & Loans/Thrifts — 1.0%
New York Community Bancorp, Inc.#		50,750		503,948
Semiconductor Components - Integrated Circuits — 1.4%
QUALCOMM, Inc.		10,503		701,810
Tobacco — 0.8%
Philip Morris International, Inc.		5,091		392,669
Tools - Hand Held — 1.5%
Stanley Black & Decker, Inc.		6,144		781,640
Total Long-Term Investment Securities
(cost $44,307,032)				50,380,136

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) (cost $10,875)		10,875		$	10,875
TOTAL INVESTMENTS
(cost $44,317,907)(3)		98.4	%		50,391,011
Other assets less liabilities		1.6			821,242
NET ASSETS		100.0	%	$	51,212,253

† Non-income producing security

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

(1) At May 31, 2019, the Fund had loaned securities with a total value of $2,110,816. This was secured by collateral of $10,875, which was received in cash and subsequently invested in short-term investments currently valued at $10,875 as reported in the Portfolio of Investments. Additional collateral of $2,169,033 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 09/19/2019	$	116,442
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		2,052,591

(2) The rate shown is the 7-day yield as of May 31, 2019.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	50,380,136	$	—	$	—	$	50,380,136
Short-Term Investment Securities		10,875		—		—		10,875
Total Investments at Value	$	50,391,011	$	—	$	—	$	50,391,011

* 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 — May 31, 2019 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	23.4	%
Federal Home Loan Mtg. Corp.	12.2
United States Treasury Notes	10.6
Diversified Banking Institutions	5.1
United States Treasury Bonds	4.9
Diversified Financial Services	4.6
Government National Mtg. Assoc.	4.3
Registered Investment Companies	3.4
Banks — Commercial	2.6
Electric — Integrated	2.3
Pipelines	1.2
Auto — Cars/Light Trucks	1.1
Telephone — Integrated	1.1
U.S. Government Treasuries	1.0
Oil Companies — Integrated	0.9
Banks — Super Regional	0.8
Machinery — Farming	0.8
Medical — Drugs	0.7
Real Estate Investment Trusts	0.6
Food — Misc./Diversified	0.6
Cable/Satellite TV	0.6
Diversified Manufacturing Operations	0.5
Pharmacy Services	0.5
Computer Services	0.5
Oil Companies — Exploration & Production	0.5
Medical — HMO	0.5
Medical Labs & Testing Services	0.5
Electric — Distribution	0.4
Cellular Telecom	0.4
Paper & Related Products	0.4
Finance — Other Services	0.4
Brewery	0.4
Savings & Loans/Thrifts	0.4
Insurance — Life/Health	0.4
Chemicals — Diversified	0.4
Retail — Restaurants	0.3
Aerospace/Defense	0.3
Retail — Discount	0.3
Insurance — Mutual	0.3
Sovereign	0.3
Enterprise Software/Service	0.3
Beverages — Non-alcoholic	0.3
Machinery — Construction & Mining	0.3
Transport — Rail	0.3
Insurance — Property/Casualty	0.2
Retail — Mail Order	0.2
Trucking/Leasing	0.2
Computers	0.2
Transport — Equipment & Leasing	0.2
Banks — Special Purpose	0.2
Machinery — General Industrial	0.2
Chemicals — Specialty	0.2
Medical — Biomedical/Gene	0.2
Electronic Measurement Instruments	0.2
Electric — Generation	0.2
Broadcast Services/Program	0.2
Food — Meat Products	0.2
Gas — Distribution	0.2
Medical — Generic Drugs	0.2
Finance — Consumer Loans	0.2
Insurance — Reinsurance	0.2
Agricultural Chemicals	0.2
Sovereign Agency	0.1
Finance — Credit Card	0.1
Building & Construction Products — Misc.	0.1
Machinery — Electrical	0.1
Federal Home Loan Bank	0.1
Metal — Diversified	0.1
Insurance Brokers	0.1

SupraNational Banks	0.1	%
Television	0.1
Tools — Hand Held	0.1
Transport — Truck	0.1
Medical — Wholesale Drug Distribution	0.1
Commercial Services	0.1
Retail — Regional Department Stores	0.1
Advertising Agencies	0.1
Oil Refining & Marketing	0.1
Investment Management/Advisor Services	0.1
Oil — Field Services	0.1
Semiconductor Components — Integrated Circuits	0.1
Building Societies	0.1
Retail — Automobile	0.1
Transport — Marine	0.1
Petrochemicals	0.1
Diversified Minerals	0.1
Medical — Hospitals	0.1
Food — Retail	0.1
Insurance — Multi-line	0.1
Building — Residential/Commercial	0.1
Independent Power Producers	0.1
E-Commerce/Products	0.1
Electronic Parts Distribution	0.1
Finance — Investment Banker/Broker	0.1
Auto/Truck Parts & Equipment — Original	0.1
Beverages — Wine/Spirits	0.1
Office Supplies & Forms	0.1
Industrial Automated/Robotic	0.1
Retail — Drug Store	0.1
	99.0	%

Credit Quality#†

Aaa	62.1	%
Aa	2.4
A	10.8
Baa	19.8
Ba	2.2
Not Rated@	2.7
	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 — May 31, 2019

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 4.2%
Diversified Financial Services — 4.2%
American Express Credit Account Master Trust Series 2018-4, Class A 2.99% due 12/15/2023	$	125,000	$	126,813
Avis Budget Rental Car Funding AESOP LLC Series 2015-1A, Class A 2.50% due 07/20/2021*		100,000		99,936
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		262,000		265,724
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		400,000		422,682
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		186,000		192,828
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		500,000		537,644
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 3.50% (1 ML+1.00%) due 04/15/2034*(1)		100,000		99,813
CarMax Auto Owner Trust Series 2016-4, Class A4 1.60% due 06/15/2022		230,000		227,751
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		250,000		256,375
Chase Mtg. Finance Trust VRS Series 2016-2, Class M2 3.75% due 12/25/2045*(2)(3)		246,330		254,064
Citibank Credit Card Issuance Trust Series 2017-A3, Class A3 1.92% due 04/07/2022		115,000		114,534
Citibank Credit Card Issuance Trust Series 2018-A6, Class A6 3.21% due 12/07/2024		200,000		206,731
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(2)		125,000		131,700
CORE Mtg. Trust FRS Series 2019-CORE, Class A 3.32% (1 ML+0.88%) due 12/15/2031*(1)		270,000		270,444
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,764,000		1,783,604
CSMC Trust Series 2015-GLPA, Class A 3.88% due 11/15/2037*(1)		450,613		483,190
Discover Card Execution Note Trust Series 2015-A4, Class A4 2.19% due 04/17/2023		350,000		349,660
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		130,000		132,691
Ford Credit Auto Owner Trust Series 2016-C, Class B 1.73% due 03/15/2022		125,000		123,923
Ford Credit Auto Owner Trust Series 2018-2, Class A 3.47% due 01/15/2030*		300,000		312,208
Ford Credit Floorplan Master Owner Trust Series 2017-1, Class A1 2.07% due 05/15/2022		287,000		286,077

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*	$	200,000	$	199,547
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		240,000		240,042
Honda Auto Receivables Owner Trust Series 2019 -1, Class A3 2.83% due 03/20/2023		23,000		23,319
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		410,000		449,501
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		832,000		822,867
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4 3.25% due 10/15/2024		31,000		31,515
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)		390,000		390,015
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		34,000		33,816
MSDB Trust VRS Series 2017-712F, Class A 3.32% due 07/11/2039*(1)(2)		790,000		810,030
MTRO Commercial Mtg. Trust-TECH FRS Series 2019 -TECH, Class A 3.34% (1 ML+0.90%) due 12/15/2033*(1)		250,000		250,155
Nissan Auto Receivables Owner Trust Series 2016-C, Class A3 1.18% due 01/15/2021		87,679		87,260
Synchrony Credit Card Master Note Trust Series 2016-2, Class A 2.21% due 05/15/2024		100,000		99,915
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		225,000		230,715
Verizon Owner Trust Series 2018-1A, Class C 3.20% due 09/20/2022*		100,000		101,254
Total Asset Backed Securities
(cost $10,342,491)				10,448,343
U.S. CORPORATE BONDS & NOTES — 26.5%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024#		116,000		122,476
Interpublic Group of Cos., Inc. Senior Notes 5.40% due 10/01/2048#		131,000		139,487
				261,963
Aerospace/Defense — 0.3%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		450,000		465,761
General Dynamics Corp. Company Guar. Notes 2.88% due 05/11/2020		311,000		312,002
				777,763

32

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Agricultural Chemicals — 0.1%
Mosaic Co. Senior Notes 5.63% due 11/15/2043#	$	120,000	$	125,303
Auto - Cars/Light Trucks — 1.1%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		490,000		494,106
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		257,000		252,644
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		261,000		260,246
Ford Motor Credit Co. LLC Senior Notes 3.10% due 05/04/2023		521,000		501,085
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023		322,000		322,036
Hyundai Capital America Senior Notes 3.95% due 02/01/2022*		313,000		319,927
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		333,000		329,908
Toyota Motor Credit Corp. Senior Notes 3.45% due 09/20/2023		320,000		331,241
				2,811,193
Auto/Truck Parts & Equipment - Original — 0.1%
Lear Corp. Senior Notes 5.25% due 05/15/2049		171,000		161,341
Banks - Commercial — 1.4%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025#		878,000		939,440
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		540,000		553,841
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		482,000		653,736
SunTrust Bank Senior Notes 3.20% due 04/01/2024		657,000		669,357
SunTrust Bank Senior Notes 3.50% due 08/02/2022		226,000		230,086
Webster Financial Corp. Senior Notes 4.10% due 03/25/2029		471,000		486,285
				3,532,745
Banks - Super Regional — 0.8%
Bank of America NA Senior Notes 3.34% due 01/25/2023		372,000		378,889
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		1,560,000		1,602,922
				1,981,811

Security Description	Principal Amount		Value (Note 2)
Beverages - Non-alcoholic — 0.3%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025*	$	370,000	$	390,385
PepsiCo., Inc. Senior Notes 2.75% due 04/30/2025#		246,000		248,960
				639,345
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc. Company Guar. Notes 5.25% due 11/15/2048		136,000		149,557
Brewery — 0.4%
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036		234,000		241,417
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		142,000		146,919
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048#		109,000		108,280
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		399,000		451,193
				947,809
Broadcast Services/Program — 0.2%
Fox Corp. Senior Notes 5.48% due 01/25/2039*		179,000		203,744
Fox Corp. Senior Notes 5.58% due 01/25/2049*		219,000		254,741
				458,485
Building & Construction Products - Misc. — 0.1%
Owens Corning Senior Notes 4.30% due 07/15/2047		436,000		367,201
Building - Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		180,000		171,900
Cable/Satellite TV — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.05% due 03/30/2029		221,000		235,924
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		39,000		39,901
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.75% due 04/01/2048#		135,000		141,964
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		129,000		144,456

33

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 3.15% due 03/01/2026	$	396,000	$	401,573
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		84,000		85,586
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		308,000		336,478
Comcast Corp. Company Guar. Notes 4.70% due 10/15/2048		89,000		98,931
				1,484,813
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		591,600
Chemicals - Diversified — 0.3%
Dow Chemical Co. Senior Notes 4.80% due 05/15/2049*#		212,000		212,580
Dow Chemical Co. Senior Notes 5.55% due 11/30/2048*		214,000		238,716
DowDuPont, Inc. Senior Notes 5.42% due 11/15/2048#		185,000		209,592
				660,888
Chemicals - Specialty — 0.2%
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		245,000		248,047
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		179,000		241,662
				489,709
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048		26,000		22,850
Commercial Services — 0.1%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		290,000		288,568
Computer Services — 0.5%
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		958,000		965,712
International Business Machines Corp. Senior Notes 2.50% due 01/27/2022		181,000		180,672
International Business Machines Corp. Senior Notes 4.25% due 05/15/2049		122,000		124,189
				1,270,573
Computers — 0.2%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		238,000		240,352

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*	$	220,000	$	263,642
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		39,000		42,568
				546,562
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 3.75% due 05/21/2029		69,000		70,478
Diversified Banking Institutions — 2.6%
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		315,000		321,162
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		321,000		332,341
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		257,000		264,978
Bank of America Corp. Senior Notes 4.27% due 07/23/2029		181,000		191,483
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		334,000		407,685
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		474,000		471,723
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		393,000		410,966
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		324,000		358,497
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		189,000		221,878
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		131,000		156,387
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		495,000		490,075
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		304,000		305,620
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		295,000		305,523
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		514,000		646,426
JPMorgan Chase & Co. Senior Notes 3.21% due 04/01/2023		731,000		739,553
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		155,000		156,037

34

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 3.63% due 01/20/2027	$	722,000	$	735,070
				6,515,404
Diversified Financial Services — 0.1%
USAA Capital Corp. Senior Notes 2.63% due 06/01/2021*		265,000		266,209
Diversified Manufacturing Operations — 0.2%
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		214,000		224,194
Textron, Inc. Senior Notes 3.90% due 09/17/2029		326,000		333,523
				557,717
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		141,000		166,510
Electric - Distribution — 0.3%
Metropolitan Edison Co. Senior Notes 4.30% due 01/15/2029*		260,000		277,116
Oglethorpe Power Corp. 1st Mtg. Notes 5.05% due 10/01/2048		517,000		588,952
				866,068
Electric - Generation — 0.0%
Basin Electric Power Cooperative 1st Mtg. Notes 4.75% due 04/26/2047*		35,000		37,334
Electric - Integrated — 2.1%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		110,000		114,439
Appalachian Power Co. Senior Notes 4.50% due 03/01/2049		116,000		127,334
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		300,000		346,492
DPL, Inc. Senior Notes 4.35% due 04/15/2029*		174,000		177,958
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		446,000		468,125
Duke Energy Progress LLC 1st Mtg. Notes 2.80% due 05/15/2022		190,000		191,766
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		660,000		719,808
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		166,000		170,158
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		726,000		974,286

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Georgia Power Co. Senior Notes 2.00% due 09/08/2020	$	177,000	$	175,820
Louisville Gas & Electric Co. 1st Mtg. Bonds 4.25% due 04/01/2049		362,000		392,374
NSTAR Electric Co. Senior Notes 3.25% due 05/15/2029		162,000		165,448
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		281,000		299,062
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		193,000		210,376
South Carolina Electric & Gas Co. 1st Mtg. Notes 4.35% due 02/01/2042		62,000		66,682
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		446,000		546,546
				5,146,674
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		28,000		29,201
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		427,000		441,040
				470,241
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		161,000		164,653
Enterprise Software/Service — 0.3%
Oracle Corp. Senior Notes 2.95% due 11/15/2024		640,000		650,510
Finance - Consumer Loans — 0.2%
Synchrony Financial Senior Notes 4.25% due 08/15/2024		218,000		222,577
Synchrony Financial Senior Notes 4.38% due 03/19/2024		164,000		168,528
				391,105
Finance - Credit Card — 0.1%
American Express Co. Senior Notes 3.40% due 02/22/2024		202,000		207,250
American Express Co. Senior Notes 4.20% due 11/06/2025		156,000		167,394
				374,644
Finance - Investment Banker/Broker — 0.1%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.15% due 01/23/2030		174,000		161,424
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†(4)		89,000		1,531

35

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(4)†	$	87,000	$	8
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(4)†		112,000		11
				162,974
Finance - Other Services — 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		765,000		773,478
Food - Meat Products — 0.2%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		111,000		108,382
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*#		97,000		102,829
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048		233,000		246,766
				457,977
Food - Misc./Diversified — 0.6%
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		188,000		197,598
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		251,000		306,404
General Mills, Inc. Senior Notes 4.70% due 04/17/2048#		122,000		125,310
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		254,000		261,962
Mondelez International, Inc. Senior Notes 3.63% due 02/13/2026		303,000		313,053
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		297,000		310,260
				1,514,587
Food - Retail — 0.1%
Kroger Co. Senior Notes 5.40% due 01/15/2049		184,000		195,993
Gas - Distribution — 0.2%
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		161,000		190,835
Piedmont Natural Gas Co., Inc. Senior Notes 3.50% due 06/01/2029		246,000		249,353
				440,188
Independent Power Producers — 0.1%
NRG Energy, Inc. Senior Sec. Notes 4.45% due 06/15/2029*		166,000		170,457

Security Description	Principal Amount		Value (Note 2)
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc. Senior Notes 4.20% due 03/01/2049#	$	115,000	$	126,018
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		152,000		154,213
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048#		164,000		176,104
				330,317
Insurance - Life/Health — 0.1%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047#		230,000		183,112
Insurance - Multi-line — 0.1%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		165,000		195,688
Insurance - Mutual — 0.3%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		200,000		201,181
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		498,000		495,551
				696,732
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		273,000		276,368
Insurance - Reinsurance — 0.1%
Reinsurance Group of America, Inc. Senior Notes 3.90% due 05/15/2029		132,000		134,119
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		245,000		247,177
Machinery - Construction & Mining — 0.3%
Caterpillar Financial Services Corp. Senior Notes 2.55% due 11/29/2022		198,000		198,697
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		133,000		134,859
Caterpillar Financial Services Corp. Senior Notes 3.45% due 05/15/2023#		286,000		296,154
				629,710
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		341,000		350,739
Machinery - Farming — 0.6%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		465,000		472,598

36

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery - Farming (continued)
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021	$	203,000	$	203,019
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		452,000		458,537
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024#		304,000		315,347
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		144,000		150,405
				1,599,906
Machinery - General Industrial — 0.2%
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		471,000		496,327
Medical Labs & Testing Services — 0.5%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		322,000		324,415
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		126,000		127,847
Roche Holdings, Inc. Company Guar. Notes 1.75% due 01/28/2022*		404,000		397,521
Roche Holdings, Inc. Company Guar. Notes 2.88% due 09/29/2021*		268,000		270,557
				1,120,340
Medical - Biomedical/Gene — 0.2%
Celgene Corp. Senior Notes 3.63% due 05/15/2024		267,000		276,775
Celgene Corp. Senior Notes 4.63% due 05/15/2044		178,000		194,669
				471,444
Medical - Drugs — 0.4%
AbbVie, Inc. Senior Notes 4.45% due 05/14/2046		161,000		151,563
AbbVie, Inc. Senior Notes 4.88% due 11/14/2048		185,000		185,883
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029*		319,000		326,474
Bristol-Myers Squibb Co. Senior Notes 4.13% due 06/15/2039*		171,000		178,335
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		215,000		221,455
				1,063,710
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028#		231,000		221,148

Security Description	Principal Amount		Value (Note 2)
Medical - HMO — 0.5%
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022	$	957,000	$	951,997
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		172,000		180,530
				1,132,527
Medical - Hospitals — 0.1%
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		187,000		200,831
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		322,000		298,515
Metal - Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 4.13% due 03/12/2024*#		333,000		339,660
Office Supplies & Forms — 0.1%
Avery Dennison Corp. Senior Notes 4.88% due 12/06/2028		128,000		139,559
Oil Companies - Exploration & Production — 0.5%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		392,000		471,860
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		164,000		171,029
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		134,000		160,939
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		396,000		404,651
				1,208,479
Oil Companies - Integrated — 0.3%
Chevron Corp. Senior Notes 2.90% due 03/03/2024		716,000		728,487
Oil Refining & Marketing — 0.1%
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		254,000		256,703
Oil - Field Services — 0.1%
Schlumberger Holdings Corp. Senior Notes 3.75% due 05/01/2024*#		240,000		247,005
Paper & Related Products — 0.4%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		380,000		402,693
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		368,000		382,499

37

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products (continued)
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*	$	235,000	$	243,868
				1,029,060
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		202,000		206,833
Pharmacy Services — 0.5%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038*		238,000		242,040
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048*		112,000		114,419
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		1,005,000		1,005,028
				1,361,487
Pipelines — 1.1%
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		155,000		142,549
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. Company Guar. Notes 4.15% due 08/15/2026*		244,000		249,272
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		208,000		212,373
Energy Transfer Operating LP Company Guar. Notes 4.50% due 04/15/2024		196,000		205,523
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		48,000		46,021
Energy Transfer Operating LP Company Guar. Notes 5.25% due 04/15/2029		214,000		230,505
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		170,000		166,600
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		36,000		30,240
Kinder Morgan Energy Partners LP Company Guar. Notes 6.95% due 01/15/2038		260,000		320,168
MPLX LP Senior Notes 4.00% due 03/15/2028		166,000		166,281
MPLX LP Senior Notes 4.13% due 03/01/2027		127,000		128,632
MPLX LP Senior Notes 5.50% due 02/15/2049		282,000		300,306
Rockies Express Pipeline LLC Senior Notes 4.95% due 07/15/2029*		190,000		188,610

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Western Gas Partners LP Senior Notes 5.50% due 08/15/2048	$	310,000	$	297,312
				2,684,392
Real Estate Investment Trusts — 0.6%
American Tower Corp. Senior Notes 4.00% due 06/01/2025		212,000		220,616
AvalonBay Communities, Inc. Senior Notes 3.30% due 06/01/2029		162,000		164,577
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		296,000		300,569
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049#		226,000		246,644
ERP Operating LP Senior Notes 4.15% due 12/01/2028		168,000		183,766
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		163,000		164,019
Simon Property Group LP Senior Notes 4.13% due 12/01/2021		293,000		302,418
				1,582,609
Retail - Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 3.50% due 11/15/2024		226,000		221,761
Retail - Discount — 0.3%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		375,000		376,843
Walmart, Inc. Senior Notes 3.05% due 07/08/2026#		324,000		332,248
				709,091
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc. Senior Notes 4.80% due 11/18/2044		130,000		124,375
Retail - Mail Order — 0.2%
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		583,000		593,501
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		290,000		286,757
Retail - Restaurants — 0.3%
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		280,000		277,582
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		270,000		282,549
McDonald’s Corp. Senior Notes 4.45% due 09/01/2048		231,000		242,175
				802,306

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Savings & Loans/Thrifts — 0.4%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021	$	400,000	$	442,844
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		483,000		490,414
				933,258
Semiconductor Components - Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 4.30% due 05/20/2047#		236,000		237,632
Telephone - Integrated — 0.8%
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		137,000		143,057
AT&T, Inc. Senior Notes 4.50% due 05/15/2035#		660,000		664,945
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		174,000		175,028
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		448,000		462,251
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		96,000		101,568
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		386,000		443,141
				1,989,990
Television — 0.1%
CBS Corp. Company Guar. Notes 3.70% due 06/01/2028		316,000		313,540
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		302,000		310,945
Transport - Equipment & Leasing — 0.2%
GATX Corp. Senior Notes 4.35% due 02/15/2024		370,000		389,346
GATX Corp. Senior Notes 4.70% due 04/01/2029		115,000		122,700
				512,046
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		211,000		215,217
Transport - Rail — 0.2%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		123,000		131,803
Norfolk Southern Corp. Senior Notes 5.10% due 08/01/2118		248,000		263,884
				395,687

Security Description	Principal Amount		Value (Note 2)
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026	$	301,000	$	309,567
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		236,000		232,940
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.95% due 03/10/2025*		338,000		348,653
				581,593
Water — 0.0%
Aqua America, Inc. Senior Notes 3.57% due 05/01/2029		115,000		117,199
Total U.S. Corporate Bonds & Notes
(cost $63,023,377)				65,348,647
FOREIGN CORPORATE BONDS & NOTES — 6.8%
Agricultural Chemicals — 0.1%
Nutrien, Ltd. Senior Notes 5.00% due 04/01/2049#		204,000		213,596
Banks - Commercial — 1.0%
AIB Group PLC Senior Notes 4.26% due 04/10/2025*		329,000		333,364
Canadian Imperial Bank of Commerce Senior Notes 2.10% due 10/05/2020		486,000		483,906
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*#		239,000		239,781
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		486,000		514,645
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*#		231,000		232,317
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		233,952
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		200,000		203,758
United Overseas Bank, Ltd. Sub. Notes 3.75% due 04/15/2029*		200,000		204,274
				2,445,997
Banks - Special Purpose — 0.2%
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 1.63% due 03/15/2021		508,000		504,105
Building Societies — 0.1%
Nationwide Building Society Sub. Notes 4.13% due 10/18/2032*#		250,000		235,451
Cellular Telecom — 0.2%
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		206,506

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048	$	223,000	$	231,431
				437,937
Chemicals - Diversified — 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		209,000		202,730
Diversified Banking Institutions — 2.1%
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*#		634,000		665,365
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		182,000		182,652
HSBC Holdings PLC Senior Notes 3.40% due 03/08/2021		340,000		343,956
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024#		804,000		823,293
Mizuho Financial Group, Inc. Senior Notes 3.55% due 03/05/2023		522,000		536,614
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*#		315,000		318,206
Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025		337,000		341,597
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		470,000		481,821
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		200,000		202,420
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		531,000		483,113
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000		393,826
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		428,000		422,673
				5,195,536
Diversified Financial Services — 0.3%
GE Capital International Funding Co. ULC Company Guar. Notes 3.37% due 11/15/2025#		675,000		667,072
Diversified Manufacturing Operations — 0.3%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 3.80% due 03/21/2029#		325,000		331,890
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		510,000		519,647
				851,537
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		207,000		202,974

Security Description	Principal Amount		Value (Note 2)
Electric - Generation — 0.2%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*#	$	400,000	$	429,612
Electric - Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		416,000		399,284
Insurance - Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 4.13% due 01/12/2028		244,000		239,256
Insurance - Property/Casualty — 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		363,000		361,789
Insurance - Reinsurance — 0.1%
RenaissanceRe Holdings, Ltd. Senior Notes 3.60% due 04/15/2029		248,000		249,576
Machinery - Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		250,000		247,339
CNH Industrial NV Senior Notes 4.50% due 08/15/2023		163,000		168,182
				415,521
Medical - Drugs — 0.3%
GlaxoSmithKline Capital PLC Company Guar. Notes 3.13% due 05/14/2021		310,000		313,954
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		508,000		501,345
				815,299
Medical - Generic Drugs — 0.1%
Allergan Funding SCS Company Guar. Notes 3.80% due 03/15/2025		178,000		179,141
Oil Companies - Integrated — 0.6%
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		692,000		716,563
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		278,000		277,135
Cenovus Energy, Inc. Senior Notes 5.20% due 09/15/2043		265,000		256,727
Petro-Canada Senior Notes 5.95% due 05/15/2035		132,000		160,873
				1,411,298
SupraNational Banks — 0.1%
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		300,000		317,669

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telephone - Integrated — 0.3%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038	$	206,000	$	212,695
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		362,000		354,593
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		204,000		210,109
				777,397
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		140,000		184,093
Total Foreign Corporate Bonds & Notes
(cost $16,486,083)				16,736,870
U.S. GOVERNMENT AGENCIES — 40.0%
Federal Home Loan Bank — 0.1%
5.50% due 07/15/2036		250,000		344,688
Federal Home Loan Mtg. Corp. — 12.2%
2.50% due 01/01/2028		188,346		189,542
2.50% due 04/01/2028		453,227		456,108
2.50% due 03/01/2031		613,593		614,849
2.50% due 10/01/2032		816,785		817,646
3.00% due 08/01/2027		129,156		131,571
3.00% due 10/01/2042		447,553		452,712
3.00% due 11/01/2042		564,534		569,995
3.00% due 04/01/2043		584,711		590,368
3.00% due 05/01/2043		784,864		793,914
3.00% due 08/01/2043		588,884		594,579
3.00% due 07/01/2045		796,704		804,411
3.00% due 10/01/2045		396,084		399,916
3.00% due 08/01/2046		2,367,173		2,389,347
3.50% due 01/01/2032		1,364,282		1,403,662
3.50% due 11/01/2041		532,294		547,307
3.50% due 03/01/2042		174,845		179,777
3.50% due 04/01/2042		1,012,449		1,042,974
3.50% due 06/01/2042		1,202,936		1,236,876
3.50% due 08/01/2042		228,639		236,119
3.50% due 03/01/2045		858,291		879,257
3.50% due 07/01/2045		1,038,184		1,072,275
3.50% due 08/01/2045		611,980		632,785
3.50% due 11/01/2045		406,506		416,337
3.50% due 12/01/2046		785,279		803,543
3.50% due 11/01/2047		6,095,786		6,237,539
4.00% due 09/01/2040		256,235		266,798
4.00% due 10/01/2045		725,083		752,482
4.50% due 04/01/2044		137,900		145,717
4.50% due 03/01/2046		212,752		223,821
5.00% due 10/01/2033		379		407
5.00% due 06/01/2039		330,739		358,102
5.00% due 11/01/2043		413,975		445,114
5.50% due 02/01/2035		67,665		72,347
6.00% due 10/01/2033		92,532		101,277
6.00% due 03/01/2040		508		571
6.50% due 02/01/2035		1,773		1,963
6.75% due 09/15/2029		500,000		696,102
6.75% due 03/15/2031		250,000		359,670
Federal Home Loan Mtg. Corp. FRS
4.33% (6 ML+1.49%) due 02/01/2037		31,303		32,265
4.79% (12 ML+1.88%) due 11/01/2037		326,362		344,424

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(3)	$	715,762	$	728,484
Series 4800, Class KG 3.50% due 11/15/2045(3)		100,000		102,451
Series 3820, Class DA 4.00% due 11/15/2035(3)		293,382		294,615
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 4.36% (6.80%-1 ML) due 09/15/2039(3)(5)(6)		175,664		22,245
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2017-HQA1, Class M1 3.63% (1 ML+1.20%) due 08/25/2029(3)		509,028		510,865
Series 2015-DNA1, Class M2 4.28% (1 ML+1.85%) due 10/25/2027(3)		206,663		209,354
Series 2014-DN1, Class M2 4.63% (1 ML+2.20%) due 02/25/2024(3)		330,463		336,186
Series 2014-HQ2, Class M2 4.63% (1 ML+2.20%) due 09/25/2024(3)		436,834		445,467
Series 2016-HQA1, Class M2 5.18% (1 ML+2.75%) due 09/25/2028(3)		203,286		205,851
Series 2015-HQA2, Class M2 5.23% (1 ML+2.80%) due 05/25/2028(3)		17,180		17,497
				30,167,484
Federal National Mtg. Assoc. — 23.4%
2.50% due 04/01/2028		267,599		269,128
2.50% due 01/01/2032		659,241		659,558
3.00% due 10/01/2027		72,274		73,582
3.00% due 12/01/2027		667,187		677,861
3.00% due 01/01/2028		572,552		582,944
3.00% due 03/01/2030		1,499,063		1,522,929
3.00% due 10/01/2030		451,867		458,367
3.00% due 02/01/2033		282,792		286,894
3.00% due 03/01/2042		641,900		647,677
3.00% due 12/01/2042		627,981		633,629
3.00% due 02/01/2045		552,546		557,519
3.00% due 09/01/2046		91,900		92,689
3.00% due 01/01/2047		474,316		478,134
3.00% due 04/01/2047		4,112,737		4,144,470
3.50% due 08/01/2026		111,913		115,021
3.50% due 09/01/2026		33,830		34,923
3.50% due 08/01/2027		40,371		41,492
3.50% due 10/01/2028		364,630		376,462
3.50% due 03/01/2033		1,352,625		1,390,185
3.50% due 12/01/2041		404,006		416,745
3.50% due 08/01/2042		1,202,016		1,232,687
3.50% due 07/01/2045		422,101		432,010
3.50% due 08/01/2045		475,226		490,503
3.50% due 09/01/2045		412,036		421,716
3.50% due 10/01/2045		656,384		676,470
3.50% due 11/01/2045		301,898		308,754
3.50% due 12/01/2045		2,314,684		2,369,065
3.50% due 02/01/2046		679,005		694,956
3.50% due 03/01/2046		366,820		374,836
3.50% due 07/01/2046		1,528,701		1,579,613
3.50% due 01/01/2047		2,430,588		2,485,424

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.50% due 04/01/2048	$	2,456,492	$	2,529,294
4.00% due 07/01/2040		104,614		109,706
4.00% due 10/01/2040		67,340		70,071
4.00% due 12/01/2040		933,173		971,064
4.00% due 10/01/2041		442,749		460,749
4.00% due 11/01/2041		447,685		466,031
4.00% due 01/01/2043		526,374		552,933
4.00% due 10/01/2043		705,594		741,006
4.00% due 10/01/2044		957,425		993,786
4.00% due 02/01/2045		1,020,894		1,068,991
4.00% due 06/01/2046		289,864		300,539
4.00% due 01/01/2047		611,054		633,593
4.00% due 05/01/2047		825,897		856,345
4.00% due 06/01/2047		1,984,410		2,077,771
4.00% due 07/01/2047		2,012,396		2,086,539
4.00% due 08/01/2047		2,015,990		2,090,203
4.00% due 03/01/2049		1,961,539		2,028,284
4.50% due 11/01/2022		31,037		31,607
4.50% due 10/01/2024		140,924		145,067
4.50% due 08/01/2045		2,014,506		2,155,053
4.50% due 06/01/2048		1,739,644		1,824,107
4.50% due 10/01/2048		1,359,131		1,419,216
4.50% due 11/01/2048		594,736		621,450
4.50% due 12/01/2048		2,802,840		2,928,593
5.00% due 10/01/2033		2,128		2,286
5.00% due 03/01/2034		37,241		39,999
5.00% due 05/01/2040		81,178		87,418
5.00% due 06/01/2040		48,584		52,321
5.00% due 02/01/2045		274,305		296,776
5.50% due 12/01/2029		54,949		58,712
5.50% due 04/01/2033		49,173		53,793
5.50% due 12/01/2033		41,213		45,211
5.50% due 07/01/2037		234,618		255,791
5.50% due 08/01/2037		163,359		179,126
5.50% due 06/01/2038		22,182		24,270
6.00% due 12/01/2020		394		396
6.00% due 12/01/2036		284,460		319,210
6.00% due 11/01/2038		80,267		90,083
6.00% due 06/01/2040		60,013		67,325
6.50% due 10/01/2037		16,737		18,950
Federal National Mtg. Assoc. FRS
4.37% (6 ML+1.54%) due 09/01/2035		269,160		278,233
4.43% (12 ML+1.57%) due 05/01/2037		50,821		52,989
4.52% (1 Yr USTYCR+2.26%) due 11/01/2036		106,512		112,037
4.57% (12 ML+1.66%) due 07/01/2039		211,053		220,466
4.57% (12 ML+1.82%) due 10/01/2040		55,489		58,196
4.58% (1 Yr USTYCR+2.22%) due 10/01/2035		260,311		273,601
4.67% (12 ML+1.83%) due 10/01/2040		155,917		163,068
4.71% (12 ML+1.91%) due 08/01/2035		164,437		173,165
4.71% (12 ML+1.76%) due 05/01/2040		278,584		292,584
Federal National Mtg. Assoc. REMIC
Series 2017-94, Class DA 3.00% due 06/25/2045(3)		430,870		438,141
Series 2017-100, Class NP 3.00% due 12/25/2047(3)		271,986		273,693

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2018-27, Class EA 3.00% due 05/25/2048(3)	$	1,270,038	$	1,280,411
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		833,298		834,097
				57,730,589
Government National Mtg. Assoc. — 4.3%
3.00% due 02/20/2045		486,861		496,589
3.00% due 05/20/2045		376,815		382,945
3.00% due 07/20/2045		63,200		64,228
3.00% due 11/20/2045		1,281,554		1,302,409
3.00% due 12/20/2045		598,316		608,051
3.00% due 09/20/2047		1,966,383		1,996,039
3.50% due 03/20/2045		324,547		334,182
3.50% due 04/20/2045		621,095		639,534
3.50% due 07/20/2045		136,415		140,465
3.50% due 03/20/2047		530,153		545,786
4.00% due 07/20/2045		191,484		200,158
4.00% due 05/20/2048		3,444,069		3,567,323
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(2)		200,000		191,113
				10,468,822
Total U.S. Government Agencies
(cost $98,424,374)				98,711,583
U.S. GOVERNMENT TREASURIES — 15.5%
United States Treasury Bonds — 4.9%
2.75% due 11/15/2042		423,000		438,532
2.88% due 11/15/2046#		400,000		423,734
3.00% due 11/15/2045		1,800,000		1,950,680
3.00% due 05/15/2047		1,500,000		1,626,094
3.00% due 02/15/2049#		1,279,000		1,389,514
3.13% due 11/15/2041		2,398,000		2,653,537
3.13% due 02/15/2042		408,000		451,095
3.38% due 11/15/2048		586,000		682,369
3.88% due 08/15/2040		174,000		214,842
4.25% due 05/15/2039		267,000		345,223
4.38% due 11/15/2039		105,000		138,116
4.38% due 05/15/2040		200,000		263,422
4.75% due 02/15/2037		587,000		793,757
5.00% due 05/15/2037		159,000		221,513
5.25% due 11/15/2028		369,000		466,770
8.13% due 08/15/2019		92,000		93,037
				12,152,235
United States Treasury Notes — 10.6%
1.63% due 08/15/2022		2,390,000		2,368,901
1.63% due 08/31/2022		2,000,000		1,982,422
1.63% due 02/15/2026		1,979,000		1,929,525
1.63% due 05/15/2026		427,000		415,708
1.75% due 09/30/2022		5,287,000		5,260,152
2.00% due 02/15/2025		1,800,000		1,801,476
2.00% due 11/15/2026		400,000		398,547
2.25% due 04/30/2021		66,000		66,351
2.25% due 04/30/2024		167,000		169,414
2.25% due 11/15/2024#		620,000		628,743
2.25% due 08/15/2027		1,200,000		1,214,297
2.38% due 03/15/2022		560,000		567,241
2.38% due 05/15/2029#		641,000		654,220
2.50% due 02/28/2021		2,500,000		2,521,094
2.50% due 01/15/2022		2,500,000		2,536,523
2.50% due 01/31/2024		420,000		430,418
2.50% due 05/15/2024		3,000,000		3,077,578
2.63% due 02/15/2029		171,000		178,181

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount/ Shares		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
3.63% due 08/15/2019	$	27,000	$	27,062
				26,227,853
Total U.S. Government Treasuries
(cost $37,388,553)				38,380,088
FOREIGN GOVERNMENT OBLIGATIONS — 0.4%
Sovereign — 0.3%
Government of Hong Kong Senior Notes 2.50% due 05/28/2024*		202,000		204,231
United Mexican States Senior Notes 4.50% due 04/22/2029		228,000		236,780
United Mexican States Senior Bonds 4.75% due 03/08/2044		250,000		247,250
				688,261
Sovereign Agency — 0.1%
Kommunalbanken AS Senior Notes 1.75% due 09/15/2020*		394,000		391,992
Total Foreign Government Obligations
(cost $1,060,460)				1,080,253
PREFERRED SECURITIES — 0.1%
Electric - Distribution — 0.1%
Entergy Louisiana LLC 4.70%# (cost $177,462)		7,100		176,009
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1%
Banks - Commercial — 0.2%
Cooperatieve Rabobank UA 11.00% due 06/30/2019*(7)		431,000		433,155
Banks - Super Regional — 0.0%
Wells Fargo Capital X 5.95% due 12/01/2086		89,000		102,863
Diversified Banking Institutions — 0.4%
Bank of Nova Scotia 4.65% due 10/12/2022(7)		500,000		465,000
HSBC Holdings PLC 6.00% due 05/22/2027(7)		351,000		345,823
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024#(7)		271,000		285,837
				1,096,660
Electric - Integrated — 0.1%
Dominion Resources, Inc. 5.75% due 10/01/2054		142,000		144,840
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(4)		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 — 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043#		260,000		269,100
Prudential Financial, Inc. 5.70% due 09/15/2048#		183,000		188,777
				457,877

Security Description	Principal Amount/ Shares			Value (Note 2)
Pipelines — 0.1%
TransCanada Trust 5.30% due 03/15/2077	$	141,000		$	131,528
TransCanada Trust 5.63% due 05/20/2075		108,000			105,840
Enterprise Products Operating LLC 5.25% due 08/16/2077		140,000			128,100
					365,468
Total Preferred Securities/Capital Securities
(cost $2,811,538)					2,794,896
Total Long-Term Investment Securities
(cost $229,714,338)					233,676,689
SHORT-TERM INVESTMENT SECURITIES — 4.4%
Registered Investment Companies — 3.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.32%(8)		7,539,516			7,539,516
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(8)(9)		883,610			883,610
					8,423,126
U.S. Government Treasuries — 1.0%
United States Treasury Bills 2.39% due 04/23/2020		2,500,000			2,450,658
Total Short-Term Investment Securities
(cost $10,870,046)					10,873,784
TOTAL INVESTMENTS
(cost $240,584,384)(10)		99.0	%		244,550,473
Other assets less liabilities		1.0			2,345,628
NET ASSETS		100.0	%	$	246,896,101

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $23,201,567 representing 9.4% of net assets.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

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

(3) Collateralized Mortgage Obligation

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

(5) Interest Only

(6) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2019.

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

(8) The rate shown is the 7-day yield as of May 31, 2019.

(9) At May 31, 2019, the Fund had loaned securities with a total value of $10,958,599. This was secured by collateral of $883,610, which was received in cash and subsequently invested in short-term investments currently valued at $883,610 as reported in the Portfolio of Investments. Additional collateral of $10,318,045 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal Home Loan Mtg. Corp.	zero coupon to 15.25%	01/25/2023 to 04/15/2051	$	370,083
Federal National Mtg. Assoc.	1.00% to 28.16%	12/25/2024 to 05/25/2059		510,249
Government National Mtg. Assoc.	1.50% to 24.90%	10/20/2032 to 03/16/2061		185,908
United States Treasury Bills	0.00%	06/11/2019 to 11/14/2019		654,262
United States Treasury Notes/Bonds	0.13% to 8.75%	08/15/2019 to 11/15/2048		8,597,543

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

REMIC—Real Estate Mortgage Investment Conduit

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	—	$	10,448,343	$	—	$	10,448,343
U.S. Corporate Bonds & Notes:
Finance - Investment Banker/Broker		—		162,955		19		162,974
Other Industries		—		65,185,673		—		65,185,673
Foreign Corporate Bonds & Notes		—		16,736,870		—		16,736,870
U.S. Government Agencies		—		98,711,583		—		98,711,583
U.S. Government Treasuries		—		38,380,088		—		38,380,088
Foreign Government Obligations		—		1,080,253		—		1,080,253
Preferred Securities		176,009		—		—		176,009
Preferred Securities/Capital Securities:
Finance - Investment Banker/Broker		—		—		8		8
Other Industries		—		2,794,888		—		2,794,888
Short-Term Investment Securities:
Registered Investment Companies		8,423,126		—		—		8,423,126
U.S. Government Treasuries		—		2,450,658		—		2,450,658
Total Investments at Value	$	8,599,135	$	235,951,311	$	27	$	244,550,473

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

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

See Notes to Financial Statements

44

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Retail — Discount	6.6	%
Applications Software	6.4
Medical — Drugs	5.6
Diversified Banking Institutions	5.2
Web Portals/ISP	5.1
Medical — HMO	5.1
Oil Companies — Integrated	4.9
Cable/Satellite TV	4.9
Computers	4.8
Banks — Super Regional	3.3
Networking Products	3.0
Medical Labs & Testing Services	2.5
Building — Residential/Commercial	2.4
Tobacco	2.2
Retail — Auto Parts	2.1
Chemicals — Diversified	2.0
Retail — Building Products	1.9
Computer Services	1.9
Telephone — Integrated	1.9
Distribution/Wholesale	1.8
Semiconductor Components — Integrated Circuits	1.7
Cruise Lines	1.6
Electric — Integrated	1.5
Airlines	1.5
Medical — Biomedical/Gene	1.5
E-Services/Consulting	1.4
Finance — Investment Banker/Broker	1.4
Transport — Rail	1.4
Power Converter/Supply Equipment	1.3
Finance — Auto Loans	1.3
Brewery	1.3
Containers — Paper/Plastic	1.3
Electric Products — Misc.	1.3
Medical Products	1.2
Electronic Measurement Instruments	1.1
Financial Guarantee Insurance	1.1
Oil Companies — Exploration & Production	1.0
Food — Confectionery	1.0
Finance — Consumer Loans	0.7
Banks — Commercial	0.6
Medical Instruments	0.4
Commercial Services	0.4
Metal — Copper	0.2
	99.8	%

* Calculated as a percentage of net assets

45

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.8%
Airlines — 1.5%
Delta Air Lines, Inc.		65,051	$	3,350,127
Applications Software — 6.4%
CDK Global, Inc.		39,490		1,911,316
Microsoft Corp.		102,907		12,727,538
				14,638,854
Banks - Commercial — 0.6%
Regions Financial Corp.		101,350		1,401,671
Banks - Super Regional — 3.3%
SunTrust Banks, Inc.		56,967		3,418,590
US Bancorp		83,111		4,172,172
				7,590,762
Brewery — 1.3%
Molson Coors Brewing Co., Class B		54,042		2,971,229
Building - Residential/Commercial — 2.4%
D.R. Horton, Inc.		115,851		4,953,789
Lennar Corp., Class A		10,299		511,448
				5,465,237
Cable/Satellite TV — 4.9%
Comcast Corp., Class A		172,472		7,071,352
DISH Network Corp., Class A†		110,708		3,997,666
				11,069,018
Chemicals - Diversified — 2.0%
Dow, Inc.		22,863		1,069,074
DuPont de Nemours, Inc.		113,218		3,455,413
				4,524,487
Commercial Services — 0.4%
Quanta Services, Inc.		25,024		869,834
Computer Services — 1.9%
Cognizant Technology Solutions Corp., Class A		70,864		4,388,608
Computers — 4.8%
Apple, Inc.		62,746		10,984,942
Containers - Paper/Plastic — 1.3%
Packaging Corp. of America		33,155		2,953,447
Cruise Lines — 1.6%
Carnival Corp.		71,626		3,666,535
Distribution/Wholesale — 1.8%
KAR Auction Services, Inc.		74,845		4,207,786
Diversified Banking Institutions — 5.2%
Bank of America Corp.		204,819		5,448,185
JPMorgan Chase & Co.		61,427		6,508,805
				11,956,990
E-Services/Consulting — 1.4%
CDW Corp.		32,876		3,236,313
Electric Products - Misc. — 1.3%
Emerson Electric Co.		47,784		2,878,508
Electric - Integrated — 1.5%
AES Corp.		217,205		3,431,839
Electronic Measurement Instruments — 1.1%
Fortive Corp.		33,094		2,520,108
Finance - Auto Loans — 1.3%
Ally Financial, Inc.		104,127		3,006,146
Finance - Consumer Loans — 0.7%
SLM Corp.		178,037		1,693,132

Security Description	Shares		Value (Note 2)
Finance - Investment Banker/Broker — 1.4%
E*TRADE Financial Corp.		72,220	$	3,235,456
Financial Guarantee Insurance — 1.1%
Assured Guaranty, Ltd.		61,424		2,510,399
Food - Confectionery — 1.0%
J.M. Smucker Co.		17,777		2,160,972
Medical Instruments — 0.4%
Alcon, Inc.†#		16,670		969,861
Medical Labs & Testing Services — 2.5%
Laboratory Corp. of America Holdings†		34,581		5,623,216
Medical Products — 1.2%
Baxter International, Inc.		37,045		2,720,585
Medical - Biomedical/Gene — 1.5%
Biogen, Inc.†		15,105		3,312,375
Medical - Drugs — 5.6%
Novartis AG ADR		38,608		3,306,389
Novo Nordisk A/S ADR		76,135		3,593,572
Pfizer, Inc.		144,182		5,986,437
				12,886,398
Medical - HMO — 5.1%
Centene Corp.†		28,877		1,667,647
Humana, Inc.		16,461		4,030,640
UnitedHealth Group, Inc.		24,630		5,955,534
				11,653,821
Metal - Copper — 0.2%
Freeport-McMoRan, Inc.		43,433		421,734
Networking Products — 3.0%
Cisco Systems, Inc.		131,932		6,864,422
Oil Companies - Exploration & Production — 1.0%
Marathon Oil Corp.		173,121		2,276,541
Oil Companies - Integrated — 4.9%
BP PLC ADR		108,962		4,436,933
Chevron Corp.		33,395		3,802,021
Suncor Energy, Inc.		93,844		2,890,395
				11,129,349
Power Converter/Supply Equipment — 1.3%
Hubbell, Inc.		26,829		3,072,994
Retail - Auto Parts — 2.1%
O’Reilly Automotive, Inc.†		13,073		4,854,920
Retail - Building Products — 1.9%
Lowe’s Cos., Inc.		47,461		4,427,162
Retail - Discount — 6.6%
Dollar General Corp.		43,094		5,485,004
Dollar Tree, Inc.†		37,120		3,771,021
Walmart, Inc.		57,238		5,806,223
				15,062,248
Semiconductor Components - Integrated Circuits — 1.7%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		100,945		3,871,241
Telephone - Integrated — 1.9%
Verizon Communications, Inc.		78,028		4,240,822
Tobacco — 2.2%
Altria Group, Inc.		101,651		4,986,998
Transport - Rail — 1.4%
Norfolk Southern Corp.		16,018		3,125,753

46

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 5.1%
Alphabet, Inc., Class A†		5,184		$	5,736,096
Alphabet, Inc., Class C†		5,414			5,975,053
					11,711,149
TOTAL INVESTMENTS
(cost $193,459,905)(1)		99.8	%		227,923,989
Other assets less liabilities		0.2			485,381
NET ASSETS		100.0	%	$	228,409,370

† Non-income producing security

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

At May 31, 2019, the Fund had loaned securities with a total value of $969,861. This was secured by collateral of $1,035,017 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 09/19/2019	$	114,078
United States Treasury Notes/Bonds	0.13% to 8.75%	08/15/2019 to 11/15/2048		920,939

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	227,923,989	$	—	$	—	$	227,923,989

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

See Notes to Financial Statements

47

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Medical — Drugs	7.5	%
Diversified Banking Institutions	7.4
Oil Companies — Integrated	4.7
Telephone — Integrated	4.0
Food — Misc./Diversified	3.7
Tobacco	3.3
Retail — Apparel/Shoe	3.0
Semiconductor Equipment	2.8
Advertising Agencies	2.7
Cosmetics & Toiletries	2.6
Pipelines	2.4
Medical — HMO	2.3
Computer Services	2.2
Banks — Super Regional	2.2
Insurance Brokers	2.1
Insurance — Multi-line	2.1
Chemicals — Diversified	2.1
Beverages — Non-alcoholic	2.1
Medical Instruments	1.9
Enterprise Software/Service	1.8
Electric — Integrated	1.7
Applications Software	1.5
Pharmacy Services	1.5
Medical — Wholesale Drug Distribution	1.5
Networking Products	1.5
Commercial Services — Finance	1.4
Medical Products	1.3
Aerospace/Defense	1.3
Electronic Components — Semiconductors	1.2
Medical — Biomedical/Gene	1.1
Commercial Services	1.1
Diversified Manufacturing Operations	1.1
Apparel Manufacturers	1.1
Cable/Satellite TV	1.1
Semiconductor Components — Integrated Circuits	1.1
Insurance — Life/Health	0.9
Retail — Discount	0.9
Computers — Memory Devices	0.9
Oil Refining & Marketing	0.9
Beverages — Wine/Spirits	0.9
Insurance — Property/Casualty	0.8
Oil Companies — Exploration & Production	0.8
Retail — Regional Department Stores	0.8
Wireless Equipment	0.6
Banks — Fiduciary	0.6
Repurchase Agreements	0.5
Retail — Building Products	0.5
Building Products — Air & Heating	0.4
Auto — Cars/Light Trucks	0.4
Building Products — Cement	0.4
Oil — Field Services	0.4
Home Decoration Products	0.4
Transport — Rail	0.3
Water Treatment Systems	0.3
Medical Labs & Testing Services	0.3
Finance — Investment Banker/Broker	0.2
Telecom Services	0.2
Building Products — Wood	0.1
Paper & Related Products	0.1
Instruments — Controls	0.1
Toys	0.1
	95.2	%

* Calculated as a percentage of net assets

48

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.7%
Advertising Agencies — 2.7%
Interpublic Group of Cos., Inc.		559,486	$	11,872,293
Omnicom Group, Inc.		183,413		14,188,830
				26,061,123
Aerospace/Defense — 1.3%
BAE Systems PLC		847,808		4,856,500
Lockheed Martin Corp.		11,637		3,939,590
Northrop Grumman Corp.		10,746		3,258,724
				12,054,814
Apparel Manufacturers — 1.1%
Hanesbrands, Inc.		718,485		10,669,502
Applications Software — 1.5%
Microsoft Corp.		119,391		14,766,279
Auto - Cars/Light Trucks — 0.4%
General Motors Co.		113,970		3,799,760
Banks - Fiduciary — 0.6%
State Street Corp.		100,776		5,567,874
Banks - Super Regional — 2.2%
Wells Fargo & Co.		470,261		20,865,481
Beverages - Non-alcoholic — 2.1%
Coca-Cola Co.		277,191		13,618,394
PepsiCo, Inc.		48,373		6,191,744
				19,810,138
Beverages - Wine/Spirits — 0.9%
Constellation Brands, Inc., Class A		18,830		3,322,554
Diageo PLC		117,779		4,951,010
				8,273,564
Building Products - Air & Heating — 0.4%
Johnson Controls International PLC		106,203		4,090,939
Building Products - Cement — 0.4%
CRH PLC		114,621		3,562,174
Building Products - Wood — 0.1%
Masco Corp.		37,519		1,310,163
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		255,090		10,458,690
Chemicals - Diversified — 2.1%
Dow, Inc.		59,562		2,785,119
DuPont de Nemours, Inc.		268,908		8,207,072
LyondellBasell Industries NV, Class A		119,454		8,869,460
				19,861,651
Commercial Services — 1.1%
Nielsen Holdings PLC		480,522		10,922,265
Commercial Services - Finance — 1.4%
H&R Block, Inc.#		495,823		13,015,354
Computer Services — 2.2%
Cognizant Technology Solutions Corp., Class A		164,377		10,179,868
International Business Machines Corp.		87,656		11,131,435
				21,311,303
Computers - Memory Devices — 0.9%
Western Digital Corp.		223,793		8,329,575
Cosmetics & Toiletries — 2.6%
Procter & Gamble Co.		187,231		19,267,942
Unilever NV		100,334		6,032,080
				25,300,022

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions — 7.4%
Bank of America Corp.		638,932	$	16,995,591
Citigroup, Inc.		310,827		19,317,898
Goldman Sachs Group, Inc.		22,395		4,086,864
JPMorgan Chase & Co.		208,214		22,062,355
Morgan Stanley		214,346		8,721,739
				71,184,447
Diversified Manufacturing Operations — 1.1%
General Electric Co.		566,382		5,346,646
Siemens AG		47,400		5,369,926
				10,716,572
Electric - Integrated — 1.7%
FirstEnergy Corp.		221,228		9,123,443
NextEra Energy, Inc.		22,469		4,453,580
Public Service Enterprise Group, Inc.		50,854		2,988,181
				16,565,204
Electronic Components - Semiconductors — 1.2%
Marvell Technology Group, Ltd.		155,870		3,475,901
Samsung Electronics Co., Ltd. GDR		9,396		8,407,265
				11,883,166
Enterprise Software/Service — 1.8%
Constellation Software, Inc.		3,713		3,215,113
Oracle Corp.		271,086		13,716,951
				16,932,064
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		53,629		2,231,503
Food - Misc./Diversified — 3.7%
Conagra Brands, Inc.		121,190		3,244,256
General Mills, Inc.		269,183		13,308,408
Kellogg Co.		55,839		2,934,898
Kraft Heinz Co.		223,051		6,167,360
Mondelez International, Inc., Class A		21,330		1,084,630
Nestle SA		87,920		8,731,990
				35,471,542
Home Decoration Products — 0.4%
Newell Brands, Inc.#		247,473		3,321,088
Instruments - Controls — 0.1%
Honeywell International, Inc.		7,204		1,183,689
Insurance Brokers — 2.1%
Arthur J. Gallagher & Co.		77,944		6,562,885
Marsh & McLennan Cos., Inc.		65,067		6,220,405
Willis Towers Watson PLC		44,310		7,776,405
				20,559,695
Insurance - Life/Health — 0.9%
AXA Equitable Holdings, Inc.		248,616		5,109,059
Prudential Financial, Inc.		42,790		3,952,940
				9,061,999
Insurance - Multi-line — 2.1%
Hartford Financial Services Group, Inc.		79,122		4,166,564
MetLife, Inc.		347,504		16,058,160
				20,224,724
Insurance - Property/Casualty — 0.8%
Travelers Cos., Inc.		50,554		7,359,146
Medical Instruments — 1.9%
Alcon, Inc. (SIX)†		71,141		4,137,369
Alcon, Inc.†#		10,711		623,166

49

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments (continued)
Medtronic PLC		147,855	$	13,688,416
				18,448,951
Medical Labs & Testing Services — 0.3%
Quest Diagnostics, Inc.		28,900		2,771,799
Medical Products — 1.3%
Koninklijke Philips NV		310,631		12,239,353
Medical - Biomedical/Gene — 1.1%
Gilead Sciences, Inc.		176,077		10,960,793
Medical - Drugs — 7.5%
AstraZeneca PLC		128,463		9,479,578
Bayer AG		58,698		3,462,206
Johnson & Johnson		93,049		12,203,376
Merck & Co., Inc.		183,545		14,538,600
Novartis AG ADR		28,450		2,436,458
Novo Nordisk A/S ADR		63,961		3,018,959
Pfizer, Inc.		651,439		27,047,747
				72,186,924
Medical - HMO — 2.3%
Anthem, Inc.		47,089		13,089,800
Humana, Inc.		21,761		5,328,399
UnitedHealth Group, Inc.		15,149		3,663,028
				22,081,227
Medical - Wholesale Drug Distribution — 1.5%
Cardinal Health, Inc.		241,442		10,157,465
McKesson Corp.		34,492		4,212,853
				14,370,318
Networking Products — 1.5%
Cisco Systems, Inc.		271,243		14,112,773
Oil Companies - Exploration & Production — 0.8%
Anadarko Petroleum Corp.		63,603		4,475,743
Marathon Oil Corp.		218,587		2,874,419
				7,350,162
Oil Companies - Integrated — 4.7%
BP PLC		2,187,071		14,832,938
Chevron Corp.		111,525		12,697,121
Exxon Mobil Corp.		156,253		11,058,025
Suncor Energy, Inc.		140,824		4,337,379
TOTAL SA ADR		42,940		2,211,410
				45,136,873
Oil Refining & Marketing — 0.9%
Marathon Petroleum Corp.		180,813		8,315,590
Oil - Field Services — 0.4%
Baker Hughes a GE Co., LLC		164,921		3,530,959
Paper & Related Products — 0.1%
International Paper Co.		31,506		1,306,554
Pharmacy Services — 1.5%
CVS Health Corp.		280,223		14,675,278
Pipelines — 2.4%
Enterprise Products Partners LP		364,129		10,155,558
ONEOK, Inc.		67,502		4,294,477
Williams Cos., Inc.		339,952		8,967,934
				23,417,969
Retail - Apparel/Shoe — 3.0%
Foot Locker, Inc.		260,082		10,234,227
Gap, Inc.		441,779		8,252,432

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Apparel/Shoe (continued)
L Brands, Inc.		460,420		$	10,341,033
					28,827,692
Retail - Building Products — 0.5%
Lowe’s Cos., Inc.		52,020			4,852,426
Retail - Discount — 0.9%
Dollar General Corp.		68,925			8,772,774
Retail - Regional Department Stores — 0.8%
Macy’s, Inc.		354,848			7,299,223
Semiconductor Components - Integrated Circuits — 1.1%
QUALCOMM, Inc.		99,272			6,633,355
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		93,265			3,576,713
					10,210,068
Semiconductor Equipment — 2.8%
KLA-Tencor Corp.		120,801			12,450,959
Lam Research Corp.		80,065			13,980,150
					26,431,109
Telecom Services — 0.2%
BCE, Inc.		35,683			1,606,805
Telephone - Integrated — 4.0%
Verizon Communications, Inc.		707,249			38,438,983
Tobacco — 3.3%
Altria Group, Inc.		372,863			18,292,659
Imperial Brands PLC		25,080			607,728
Philip Morris International, Inc.		162,890			12,563,706
					31,464,093
Toys — 0.1%
Mattel, Inc.†#		107,169			1,055,615
Transport - Rail — 0.3%
Union Pacific Corp.		17,434			2,907,642
Water Treatment Systems — 0.3%
Pentair PLC		80,515			2,803,532
Wireless Equipment — 0.6%
Motorola Solutions, Inc.		39,803			5,968,460
Total Long-Term Investment Securities
(cost $927,289,517)					908,269,455
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $4,951,206 collateralized by $5,050,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $5,054,247 (cost $4,951,000)	$	4,951,000			4,951,000
TOTAL INVESTMENTS
(cost $932,240,517)(1)		95.2	%		913,220,455
Other assets less liabilities		4.8			46,493,512
NET ASSETS		100.0	%	$	959,713,967

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

50

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

† Non-income producing security

At May 31, 2019, the Fund had loaned securities with a total value of $12,181,194. This was secured by collateral of 12,639,321 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	08/08/2019 to 10/03/2019	$	138,203
United States Treasury Notes/Bonds	zero coupon to 8.75%	07/31/2019 to 02/15/2049		12,501,118

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

SIX—Swiss Exchange

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	831,768,787	$	76,500,668	**	$	—	$	908,269,455
Repurchase Agreements		—		4,951,000			—		4,951,000
Total Investments at Value	$	831,768,787	$	81,451,668		$	—	$	913,220,455

* 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 — May 31, 2019 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	51.5	%
Domestic Fixed Income Investment Companies	19.9
United States Treasury Notes	15.5
International Equity Investment Companies	10.0
Registered Investment Companies	1.9
International Fixed Income Investment Companies	0.4
United States Treasury Bonds	0.4
Options — Purchased	1.4
	101.0	%

* Calculated as a percentage of net assets

52

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.8%(1)@
Domestic Equity Investment Companies — 51.5%
VALIC Co. I Blue Chip Growth Fund		317,207	$	6,084,033
VALIC Co. I Broad Cap Value Income Fund		586,344		8,167,778
VALIC Co. I Dividend Value Fund		674,938		7,289,325
VALIC Co. I Growth & Income Fund		168,443		3,427,813
VALIC Co. I Growth Fund		469,134		7,670,335
VALIC Co. I Large Cap Core Fund		606,662		6,673,283
VALIC Co. I Large Capital Growth Fund		459,051		7,197,927
VALIC Co. I Mid Cap Index Fund		156,820		3,688,395
VALIC Co. I Stock Index Fund		645,934		25,346,443
VALIC Co. I Value Fund		472,916		8,276,033
VALIC Co. II Capital Appreciation Fund		309,071		5,795,077
VALIC Co. II Large Cap Value Fund		150,891		3,168,720
VALIC Co. II Mid Cap Growth Fund		251,106		2,566,301
VALIC Co. II Mid Cap Value Fund		119,940		2,408,393
VALIC Co. II Small Cap Growth Fund†		181,375		3,816,134
VALIC Co. II Small Cap Value Fund		268,823		3,473,197
Total Domestic Equity Investment Companies
(cost $97,490,841)				105,049,187
Domestic Fixed Income Investment Companies — 19.9%
VALIC Co. I Capital Conservation Fund		1,332,211		13,162,249
VALIC Co. I Government Securities Fund		732,921		7,746,971
VALIC Co. I Inflation Protected Fund		300,478		3,326,287
VALIC Co. II Core Bond Fund		1,017,874		11,512,151
VALIC Co. II High Yield Bond Fund		222,870		1,722,784
VALIC Co. II Strategic Bond Fund		264,865		3,006,214
Total Domestic Fixed Income Investment Companies
(cost $39,950,316)				40,476,656
International Equity Investment Companies — 10.0%
VALIC Co. I Emerging Economies Fund		267,174		2,059,912
VALIC Co. I Global Real Estate Fund		208,970		1,671,757
VALIC Co. I International Equities Index Fund		602,340		4,059,775
VALIC Co. I International Growth Fund		525,620		5,965,786
VALIC Co. I International Value Fund		579,931		5,178,784
VALIC Co. II International Opportunities Fund		69,122		1,322,307
Total International Equity Investment Companies
(cost $20,521,470)				20,258,321
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund
(cost $806,176)		69,134		817,167
Total Affiliated Registered Investment Companies
(cost $158,768,803)				166,601,331

Security Description	Principal Amount/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 15.9%
United States Treasury Bonds — 0.4%
6.13% due 11/15/2027	$	316,000		$	413,750
6.38% due 08/15/2027		278,000			367,318
					781,068
United States Treasury Notes — 15.5%
1.50% due 08/15/2026#		794,000			765,125
2.00% due 11/15/2026		2,997,600			2,986,710
2.25% due 02/15/2027		3,468,100			3,513,619
2.25% due 08/15/2027#		2,709,500			2,741,781
2.25% due 11/15/2027#		2,706,700			2,736,939
2.38% due 05/15/2027		3,436,000			3,511,699
2.38% due 05/15/2029		2,135,000			2,179,034
2.63% due 02/15/2029		2,266,300			2,361,467
2.75% due 02/15/2028		2,396,100			2,516,935
2.88% due 05/15/2028		2,390,600			2,536,744
2.88% due 08/15/2028		2,891,400			3,070,305
3.13% due 11/15/2028		2,534,100			2,747,322
					31,667,680
Total U.S. Government Treasuries
(cost $31,269,532)					32,448,748
OPTIONS PURCHASED — 1.4%
Over the Counter Purchased Put Options(2)
(cost $1,910,651)		51,000			2,883,651
Total Long-Term Investment Securities
(cost $191,948,986)					201,933,730
SHORT-TERM INVESTMENT SECURITIES — 1.9%
Registered Investment Companies — 1.9%
AB Government Money Market Portfolio, Class AB 2.44%(3) (cost $3,934,331)		3,934,331			3,934,331
TOTAL INVESTMENTS
(cost $195,883,317)(4)		101.0	%		205,868,061
Liabilities in excess of other assets		(1.0	)		(2,025,010	)
NET ASSETS		100.0	%	$	203,843,051

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

† Non-income producing securities

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

(1) See Note 3

(2) Options — Purchased

Over the Counter Purchased Put Options
Issue	Counter Party	Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at May 31, 2019		Unrealized Appreciation (Depreciation)
S&P 500 Index	Citibank, N.A.		October 2019	$	2,600		2,000	$	5,504,120	$	66,172	$	128,451	$	62,279
S&P 500 Index	Goldman Sachs International		October 2019	$	2,600		12,000		33,024,720		408,240		770,706		362,466
S&P 500 Index	Citibank, N.A.		November 2019	$	2,450		8,000		22,016,480		272,090		355,054		82,964
S&P 500 Index	UBS AG		November 2019	$	2,450		10,000		27,520,600		401,000		443,818		42,818
S&P 500 Index	Citibank, N.A.		December 2019	$	2,500		4,000		11,008,240		181,408		249,605		68,197
S&P 500 Index	UBS AG		December 2019	$	2,500		15,000		41,280,900		581,741		936,017		354,276
							51,000	$	140,355,060	$	1,910,651	$	2,883,651	$	973,000

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

(3) The rate shown is the 7-day yield as of May 31, 2019.

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	310	Long	S&P 500 E-Mini Index		June 2019	$	44,186,210	$	42,665,300	($	1,520,910	)

# 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.

53

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	166,601,331	$	—	$	—	$	166,601,331
U.S Government Treasuries		—		32,448,748		—		32,448,748
Options Purchased		—		2,883,651		—		2,883,651
Short-Term Investment Securities		3,934,331		—		—		3,934,331
Total Investments at Value	$	170,535,662	$	35,332,399	$	—	$	205,868,061
LIABILITIES
Other Financial Instruments:†
Future Contracts	$	1,520,910	$	—	$	—	$	1,520,910

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

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

See Notes to Financial Statements

54

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Banks — Commercial	15.9	%
Internet Application Software	5.9
Oil Companies — Integrated	5.8
Electronic Components — Semiconductors	5.3
Semiconductor Components — Integrated Circuits	5.1
E-Commerce/Products	4.6
Diversified Financial Services	3.6
Real Estate Operations & Development	2.4
Oil Refining & Marketing	2.4
Insurance — Multi-line	2.2
Finance — Mortgage Loan/Banker	2.1
Food — Retail	2.1
Oil Companies — Exploration & Production	1.9
Auto — Cars/Light Trucks	1.9
Metal — Iron	1.9
Registered Investment Companies	1.7
Building — Heavy Construction	1.5
Electronic Components — Misc.	1.4
Retail — Hypermarkets	1.4
Steel — Producers	1.3
Building Products — Cement	1.3
Applications Software	1.3
Tobacco	1.2
Chemicals — Diversified	1.1
Schools	1.1
Metal — Diversified	1.1
Cellular Telecom	0.9
Transport — Truck	0.8
Coal	0.8
Food — Misc./Diversified	0.8
Diversified Banking Institutions	0.8
Petrochemicals	0.7
Diamonds/Precious Stones	0.7
Telephone — Integrated	0.7
Gold Mining	0.7
Building & Construction — Misc.	0.7
Electric — Integrated	0.7
Banks — Special Purpose	0.7
Airlines	0.6
Insurance — Reinsurance	0.6
Metal Processors & Fabrication	0.6
Water	0.6
Circuit Boards	0.5
Building — Residential/Commercial	0.5
Paper & Related Products	0.5
Banks — Money Center	0.5
Finance — Leasing Companies	0.5
Semiconductor Equipment	0.5
Medical — Drugs	0.5
Food — Confectionery	0.5
Diversified Operations	0.4
Electric — Generation	0.4
Female Health Care Products	0.4
Retail — Apparel/Shoe	0.4
Machinery — Construction & Mining	0.4
Auto/Truck Parts & Equipment — Replacement	0.4
Airport Development/Maintenance	0.4
Telecommunication Equipment	0.3
Industrial Audio & Video Products	0.3
Appliances	0.3
Real Estate Investment Trusts	0.3
Engineering/R&D Services	0.3
Agricultural Operations	0.3
Auto/Truck Parts & Equipment — Original	0.3
Advertising Agencies	0.2
Electric — Transmission	0.2
Insurance — Property/Casualty	0.2
Vitamins & Nutrition Products	0.2
Gas — Distribution	0.2

Housewares	0.2
Chemicals — Specialty	0.2
Cosmetics & Toiletries	0.2
Public Thoroughfares	0.2
Transport — Services	0.1
Electric — Distribution	0.1
Apparel Manufacturers	0.1
Transport — Rail	0.1
Agricultural Chemicals	0.1
Retail — Regional Department Stores	0.1
Medical — Wholesale Drug Distribution	0.1
Home Furnishings	0.1
	100.4	%

Country Allocation*

China	18.5	%
South Korea	16.6
Cayman Islands	14.5
Taiwan	10.3
Brazil	8.8
Russia	7.6
India	6.3
Mexico	3.7
Thailand	3.2
Hungary	2.0
South Africa	1.9
United States	1.7
Turkey	1.3
Poland	1.0
Indonesia	1.0
Hong Kong	0.7
Bermuda	0.4
Argentina	0.4
Netherlands	0.3
Singapore	0.2
	100.4	%

* Calculated as a percentage of net assets

55

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.7%
Argentina — 0.4%
Banco Macro SA ADR#		61,340	$	3,059,639
Bermuda — 0.4%
Kunlun Energy Co., Ltd.		3,746,000		3,446,025
Brazil — 8.8%
Banco do Brasil SA		672,070		8,880,549
Banco Santander Brasil SA		571,746		6,658,798
Cia Brasileira de Distribuicao (Preference Shares)		282,139		6,270,554
Cia de Saneamento Basico do Estado de Sao Paulo		414,170		4,666,333
Cia de Transmissao de Energia Eletrica Paulista (Preference Shares)		328,978		1,894,750
Cia Paranaense de Energia, Class B (Preference Shares)		200,702		2,455,102
EDP - Energias do Brasil SA		597,400		3,020,532
Estacio Participacoes SA		899,339		6,749,712
IRB Brasil Resseguros S/A		197,428		5,125,948
Kroton Educacional SA		961,546		2,533,770
MRV Engenharia e Participacoes SA		994,178		4,357,818
SLC Agricola SA		451,354		2,242,996
Telefonica Brasil SA		96,100		1,047,219
Telefonica Brasil SA (Preference Shares)		279,378		3,421,071
Vale SA ADR		1,030,257		12,847,305
				72,172,457
Cayman Islands — 14.5%
Alibaba Group Holding, Ltd. ADR†		251,700		37,568,742
ANTA Sports Products, Ltd.		532,000		3,244,890
Chailease Holding Co., Ltd.		639,000		2,342,498
China Resources Cement Holdings, Ltd.		4,030,000		3,486,128
Chlitina Holding, Ltd.		177,000		1,455,817
Country Garden Holdings Co., Ltd.		6,067,000		8,173,352
Geely Automobile Holdings, Ltd.		1,719,000		2,808,453
Hengan International Group Co., Ltd.		495,500		3,629,957
Nexteer Automotive Group, Ltd.		1,111,000		1,355,510
Tencent Holdings, Ltd.		1,171,800		48,595,711
Want Want China Holdings, Ltd.		5,306,000		3,776,673
Zhen Ding Technology Holding, Ltd.		901,000		2,631,284
				119,069,015
China — 18.5%
Air China, Ltd.		5,636,000		5,196,759
Anhui Conch Cement Co., Ltd.		812,500		4,730,721
Anhui Expressway Co., Ltd., Class A		850,400		759,836
Bank of Beijing Co., Ltd., Class A		946,400		793,002
Baoshan Iron & Steel Co., Ltd., Class A		2,229,000		2,029,673
China Communications Services Corp., Ltd.		2,514,000		1,878,012
China Construction Bank Corp.		25,439,000		20,072,861
China Merchants Bank Co., Ltd.		2,656,500		12,751,789
China National Medicines Corp., Ltd., Class A		211,100		688,858
China Petroleum & Chemical Corp.		15,422,000		10,253,549
China Railway Construction Corp., Ltd.		3,255,000		3,798,953
China Railway Group, Ltd.		4,511,000		3,366,571
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		237,400		944,578
China Shenhua Energy Co., Ltd.		1,681,000		3,445,316
China State Construction Engineering Corp., Ltd., Class A		927,500		751,731
China Vanke Co., Ltd.		2,159,300		7,627,891
Chongqing Department Store Co., Ltd., Class A		168,900		712,478
Daqin Railway Co., Ltd., Class A		650,500		787,027
Dongfeng Motor Group Co., Ltd.		1,704,000		1,401,133
GD Power Development Co., Ltd., Class A		2,213,800		809,605
Grandblue Environment Co., Ltd., Class A		409,900		937,429
Great Wall Motor Co., Ltd.#		1,499,000		1,085,857
Huadian Power International Corp., Ltd.		2,046,000		848,646
Hubei Jumpcan Pharmaceutical Co., Ltd.		156,500		770,648

Security Description	Shares		Value (Note 2)
China (continued)
Industrial & Commercial Bank of China, Ltd.		23,119,000	$	16,477,657
North Huajin Chemical Industries Co., Ltd., Class A†		808,200		776,377
Ping An Bank Co., Ltd., Class A		1,390,400		2,444,236
Ping An Insurance Group Co. of China, Ltd.		1,659,000		18,263,903
Postal Savings Bank of China Co., Ltd.*		6,975,000		4,168,064
Qingdao Haier Co., Ltd., Class A		1,086,857		2,500,361
Sany Heavy Industry Co., Ltd., Class A		891,012		1,554,629
SDIC Power Holdings Co., Ltd., Class A		678,500		772,397
Shanghai Tunnel Engineering Co., Ltd., Class A		770,300		713,263
Shanxi Lanhua Sci-Tech Venture Co., Ltd., Class A		712,800		746,699
Shenzhen Expressway Co., Ltd.		336,000		388,413
Sinopec Shanghai Petrochemical Co., Ltd., Class A		3,132,471		2,371,865
STO Express Co., Ltd., Class A		328,200		1,160,393
Weichai Power Co., Ltd.		2,023,881		3,066,660
Weifu High-Technology Group Co., Ltd., Class A		258,093		733,995
Yanzhou Coal Mining Co., Ltd.		2,614,000		2,449,750
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.*		443,000		2,180,089
Yihua Lifestyle Technology Co., Ltd., Class A		1,251,900		673,635
Zhejiang Juhua Co., Ltd. (SSE)		665,672		690,024
Zhejiang Juhua Co., Ltd. (SEHK)		143,370		148,615
Zhejiang Semir Garment Co., Ltd., Class A		575,700		887,743
Zijin Mining Group Co., Ltd., Class H		6,920,000		2,442,695
				152,054,386
Hong Kong — 0.7%
Beijing Enterprises Holdings, Ltd.		315,000		1,580,649
China Overseas Land & Investment, Ltd.		1,256,000		4,348,789
				5,929,438
Hungary — 2.0%
MOL Hungarian Oil & Gas PLC		453,698		5,106,679
OTP Bank PLC		265,164		11,063,846
				16,170,525
India — 6.3%
Bharat Petroleum Corp., Ltd.		917,906		5,370,526
Graphite India, Ltd.		183,182		1,096,721
HCL Technologies, Ltd.		663,653		10,378,282
HDFC Bank, Ltd. ADR		56,855		7,059,117
HEG, Ltd.		27,188		684,468
Housing Development Finance Corp., Ltd.		561,956		17,613,838
Indian Oil Corp., Ltd.		1,977,539		4,686,481
Oil & Natural Gas Corp., Ltd.		2,141,558		5,283,582
				52,173,015
Indonesia — 1.0%
Bank Rakyat Indonesia Persero Tbk PT		28,186,600		8,087,004
Mexico — 3.7%
Alfa SAB de CV, Class A		1,675,761		1,534,787
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		1,256,704		1,842,856
Fibra Uno Administracion SA de CV		1,936,630		2,477,266
Grupo Aeroportuario del Centro Norte SAB de CV		474,756		2,870,519
Grupo Financiero Banorte SAB de CV, Class O		1,872,222		10,202,350
Wal-Mart de Mexico SAB de CV		3,953,062		11,123,739
				30,051,517
Netherlands — 0.3%
X5 Retail Group NV GDR		89,060		2,620,145
Poland — 1.0%
Grupa Lotos SA		70,550		1,616,252
Polski Koncern Naftowy Orlen SA		259,760		6,551,533
				8,167,785

56

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Russia — 7.6%
Alrosa PJSC†		4,339,161	$	5,853,992
Lukoil PJSC ADR		163,831		13,062,246
Magnit PJSC		41,498		2,366,238
Magnitogorsk Iron & Steel Works PJSC†		2,359,054		1,601,949
MMC Norilsk Nickel PJSC ADR#		441,523		9,210,170
Novolipetsk Steel GDR		78,866		2,074,176
RusHydro PJSC		150,974,035		1,243,875
Sberbank of Russia PJSC ADR		1,066,148		15,352,531
Severstal PJSC GDR		161,101		2,540,563
Surgutneftegas OJSC (Preference Shares)		4,501,368		2,777,988
Tatneft PJSC ADR#		95,027		6,594,874
				62,678,602
Singapore — 0.2%
BOC Aviation, Ltd.*		195,400		1,627,410
South Africa — 1.9%
Absa Group, Ltd.		409,776		4,748,117
AngloGold Ashanti, Ltd.		241,820		3,228,808
Mondi, Ltd.		209,725		4,312,535
SPAR Group, Ltd.		265,658		3,490,499
				15,779,959
South Korea — 16.6%
Cheil Worldwide, Inc.		88,538		1,961,079
Daelim Industrial Co., Ltd.		29,419		2,552,761
Doosan Bobcat, Inc.		57,953		1,638,169
GS Engineering & Construction Corp.		76,109		2,562,246
GS Holdings Corp.		54,666		2,295,833
GS Retail Co., Ltd.		2,747		78,323
Hana Financial Group, Inc.		292,677		8,899,863
Hyosung Corp.		40,420		2,528,131
Hyundai Glovis Co., Ltd.		48,993		6,667,335
Hyundai Marine & Fire Insurance Co., Ltd.		69,275		1,785,409
Industrial Bank of Korea		468,484		5,438,455
KEPCO Plant Service & Engineering Co., Ltd.		87,040		2,304,398
Kia Motors Corp.		283,790		9,359,756
KT Corp.		51,680		1,211,179
KT&G Corp.		119,108		10,093,415
Kumho Petrochemical Co., Ltd.		21,653		1,735,160
LG Display Co., Ltd.†		211,910		3,035,285
LG Uplus Corp.		352,414		4,122,565
Lotte Chemical Corp.		16,766		3,616,925
POSCO		26,160		5,195,407
Samsung Electronics Co., Ltd.		1,119,816		39,750,600
Shinhan Financial Group Co., Ltd.#		277,654		10,364,786
SK Telecom Co., Ltd.		15,475		3,248,581
Woori Financial Group, Inc.		536,191		6,247,317
				136,692,978
Taiwan — 10.3%
AU Optronics Corp.		6,999,000		2,061,577
Catcher Technology Co., Ltd.		448,000		2,701,913
Chilisin Electronics Corp.		337,960		882,980
Chipbond Technology Corp.		934,000		1,707,097
E.Sun Financial Holding Co., Ltd.		3,567,000		3,086,915
Elite Material Co., Ltd.		832,000		2,247,467
FLEXium Interconnect, Inc.		815,072		2,020,901
Globalwafers Co., Ltd.		411,000		3,940,206
Merry Electronics Co., Ltd.		510,000		2,528,116
Novatek Microelectronics Corp.		690,000		3,628,505
Radiant Opto-Electronics Corp.		798,000		2,515,124
Sino-American Silicon Products, Inc.		1,579,000		3,920,585
Taiwan Cement Corp.		2,058,500		2,791,085

Security Description	Shares			Value (Note 2)
Taiwan (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		960,165		$	36,822,328
TCI Co, Ltd.		103,000			1,628,309
Uni-President Enterprises Corp.		2,471,000			6,351,101
Yageo Corp.		157,981			1,296,210
Yuanta Financial Holding Co., Ltd.		8,388,000			4,701,142
					84,831,561
Thailand — 3.2%
PTT Exploration & Production PCL		1,905,800			7,497,341
PTT Global Chemical PCL		2,405,200			4,616,981
PTT PCL		7,641,500			11,167,371
Star Petroleum Refining PCL		5,185,100			1,531,896
Tisco Financial Group PCL		690,600			1,925,759
					26,739,348
Turkey — 1.3%
Ford Otomotiv Sanayi AS		150,556			1,421,951
KOC Holding AS		786,781			2,191,254
Petkim Petrokimya Holding AS†		2,600,124			2,157,632
Soda Sanayii AS		1,221,584			1,457,549
Tekfen Holding AS		534,411			2,280,683
Turkiye Sise ve Cam Fabrikalari AS		1,755,044			1,566,800
					11,075,869
Total Long-Term Investment Securities
(cost $762,675,071)					812,426,678
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Registered Investment Companies — 1.7%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) (cost $14,134,802)		14,134,802			14,134,802
TOTAL INVESTMENTS
(cost $776,809,873)(3)		100.4	%		826,561,480
Liabilities in excess of other assets		(0.4	)		(3,490,737	)
NET ASSETS		100.0	%	$	823,070,743

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $7,975,563 representing 1.0% of net assets.

(1) At May 31, 2019, the Fund had loaned securities with a total value of $15,190,848. This was secured by collateral of $14,134,802, which was received in cash and subsequently invested in short-term investments currently valued at $14,134,802 as reported in the Portfolio of Investments. Additional collateral of $1,420,196 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	08/08/2019 to 09/26/2019	$	3,898
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		1,416,298

(2) The rate shown is the 7-day yield as of May 31, 2019.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

SSE—Shanghai Stock Exchange

SEHK—Hong Kong Stock Exchange

57

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	48,834,559	$	13,844,043		$	—	$	62,678,602
Other Countries		216,093,292		533,654,784	**		—		749,748,076
Short-Term Investment Securities:
Registered Investment Companies		14,134,802		—			—		14,134,802
Total Investments at Value	$	279,062,653	$	547,498,827		$	—	$	826,561,480

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

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

See Notes to Financial Statements

58

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	71.0	%
Real Estate Operations & Development	15.5
Real Estate Management/Services	9.1
Registered Investment Companies	2.0
Hotels/Motels	1.3
	98.9	%

Country Allocation*

United States	49.2	%
Japan	12.6
United Kingdom	5.3
Germany	5.2
Hong Kong	4.4
Australia	4.0
Cayman Islands	3.3
Canada	3.2
France	2.6
Singapore	2.3
Spain	1.4
Sweden	1.2
Ireland	1.1
Switzerland	1.1
Norway	0.8
SupraNational	0.7
Bermuda	0.5
	98.9%

* Calculated as a percentage of net assets

59

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Australia — 4.0%
BGP Holdings PLC†(1)		479,213	$	0
Goodman Group		393,130		3,648,171
GPT Group		1,634,691		6,521,899
Mirvac Group		1,525,593		3,198,606
Scentre Group		1,962,068		5,160,157
				18,528,833
Bermuda — 0.5%
Hongkong Land Holdings, Ltd.(OTC)		1,700		11,096
Hongkong Land Holdings, Ltd.(SGX).		358,700		2,338,794
				2,349,890
Canada — 3.2%
Allied Properties Real Estate Investment Trust		122,556		4,407,700
Canadian Apartment Properties REIT		92,772		3,361,921
Chartwell Retirement Residences		499,990		5,363,906
Summit Industrial Income REIT		155,515		1,465,863
				14,599,390
Cayman Islands — 3.3%
CK Asset Holdings, Ltd.		1,747,500		12,609,712
Wharf Real Estate Investment Co., Ltd.		361,000		2,459,560
				15,069,272
France — 2.6%
Gecina SA		41,521		5,930,173
Klepierre SA		170,514		5,797,912
				11,728,085
Germany — 5.2%
Alstria Office REIT-AG		208,776		3,260,582
Instone Real Estate Group AG†*		54,476		1,338,297
Vonovia SE		367,669		19,283,922
				23,882,801
Hong Kong — 4.4%
Link REIT		535,500		6,419,673
Sun Hung Kai Properties, Ltd.		858,004		13,562,487
				19,982,160
Ireland — 1.1%
Dalata Hotel Group PLC		191,578		1,133,830
Green REIT PLC		2,005,382		3,877,051
				5,010,881
Japan — 12.6%
Activia Properties, Inc.#		1,179		5,101,742
Daiwa House REIT Investment Corp.		2,035		4,815,924
GLP J-REIT		6,100		6,794,725
Invincible Investment Corp.		11,010		5,861,214
Japan Rental Housing Investments, Inc.		916		729,276
Mitsubishi Estate Co., Ltd.		751,700		13,787,039
Mitsui Fudosan Co., Ltd.		315,600		7,627,760
Mitsui Fudosan Logistics Park, Inc.		568		1,806,534
Sumitomo Realty & Development Co., Ltd.		309,100		11,381,813
				57,906,027
Norway — 0.8%
Entra ASA*		247,782		3,692,234
Singapore — 2.3%
Ascendas India Trust		3,933,900		3,721,048
CapitaLand, Ltd.		1,416,000		3,319,361
City Developments, Ltd.		417,500		2,498,425
Mapletree Industrial Trust		557,900		856,934
				10,395,768

Security Description	Shares		Value (Note 2)
Spain — 1.4%
Aedas Homes SAU†*		56,410	$	1,404,522
Merlin Properties Socimi SA		386,045		5,132,113
				6,536,635
SupraNational — 0.7%
Unibail-Rodamco-Westfield (Euronext Paris)		5,999		907,086
Unibail-Rodamco-Westfield (Euronext Amsterdam)		14,924		2,256,654
				3,163,740
Sweden — 1.2%
Castellum AB		293,282		5,569,040
Switzerland — 1.1%
PSP Swiss Property AG		44,462		4,983,345
United Kingdom — 5.3%
Big Yellow Group PLC		408,537		5,248,379
Derwent London PLC		130,733		5,315,654
Tritax Big Box REIT PLC		2,800,696		5,241,953
Tritax EuroBox PLC*(GBP)		672,689		822,004
Tritax EuroBox PLC*(EUR)		1,331,512		1,618,915
UNITE Group PLC		508,640		6,090,182
				24,337,087
United States — 47.2%
Agree Realty Corp.		47,878		3,205,432
Alexandria Real Estate Equities, Inc.		36,329		5,318,929
American Assets Trust, Inc.		10,880		493,843
American Homes 4 Rent, Class A		92,893		2,267,518
American Tower Corp.		77,524		16,184,685
Americold Realty Trust#		53,534		1,675,614
AvalonBay Communities, Inc.		42,652		8,658,783
Boston Properties, Inc.		48,042		6,285,335
CareTrust REIT, Inc.		46,144		1,121,761
Corporate Office Properties Trust		74,846		2,083,713
Crown Castle International Corp.		104,701		13,612,177
CyrusOne, Inc.		62,560		3,693,542
Digital Realty Trust, Inc.		30,561		3,597,641
EastGroup Properties, Inc.		9,790		1,086,690
Empire State Realty Trust, Inc., Class A		78,474		1,205,361
EPR Properties		16,109		1,258,113
Equinix, Inc.		17,883		8,687,383
Equity LifeStyle Properties, Inc.		32,418		3,943,974
Equity Residential		65,644		5,026,361
Essential Properties Realty Trust, Inc.		51,497		1,094,826
Essex Property Trust, Inc.		12,714		3,709,182
Extra Space Storage, Inc.		15,841		1,697,522
Federal Realty Investment Trust		20,754		2,713,170
Four Corners Property Trust, Inc.#		30,205		868,696
HCP, Inc.		121,091		3,839,796
Healthcare Realty Trust, Inc.		143,908		4,639,594
Highwoods Properties, Inc.		27,958		1,226,238
Hilton Worldwide Holdings, Inc.		23,208		2,075,724
Hudson Pacific Properties, Inc.		145,326		4,855,342
Invitation Homes, Inc.		168,894		4,328,753
Iron Mountain, Inc.		56,932		1,744,966
Liberty Property Trust		49,204		2,335,714
Macerich Co.#		63,002		2,288,863
Mid-America Apartment Communities, Inc.		51,106		5,835,283
National Health Investors, Inc.		17,425		1,368,734
National Retail Properties, Inc.		80,943		4,332,879
Omega Healthcare Investors, Inc.		27,020		962,452
Park Hotels & Resorts, Inc.		100,186		2,767,137
Pebblebrook Hotel Trust		73,898		2,056,581

60

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
PotlatchDeltic Corp.#		14,425		$	485,401
Prologis, Inc.		142,299			10,483,167
Public Storage		25,855			6,150,387
QTS Realty Trust, Inc., Class A#		48,201			2,225,440
Rayonier, Inc.		42,835			1,205,805
Realty Income Corp.		71,320			4,998,106
Regency Centers Corp.		36,292			2,393,820
Retail Opportunity Investments Corp.		192,415			3,221,027
Rexford Industrial Realty, Inc.		47,470			1,794,366
SBA Communications Corp.†		19,639			4,250,076
Simon Property Group, Inc.		41,180			6,674,866
SL Green Realty Corp.		8,322			715,692
STAG Industrial, Inc.		63,383			1,849,516
Sun Communities, Inc.		29,284			3,697,691
Sunstone Hotel Investors, Inc.		94,944			1,274,148
Terreno Realty Corp.		39,572			1,808,836
Ventas, Inc.		84,382			5,425,763
VICI Properties, Inc.		130,783			2,900,767
Vornado Realty Trust		11,086			734,226
Weingarten Realty Investors		70,631			1,991,794
Welltower, Inc.		60,079			4,879,616
Weyerhaeuser Co.		149,286			3,403,721
					216,712,538
Total Long-Term Investment Securities
(cost $411,395,649)					444,447,726
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 2.0%
State Street Institutional U.S. Government Money Market Fund, Administration Class 2.07%(2) (cost $9,173,285)	$	9,173,285			9,173,285
TOTAL INVESTMENTS —
(cost $420,568,934)(3)		98.9	%		453,621,011
Other assets less liabilities		1.1			4,999,421
NET ASSETS —		100.0	%	$	458,620,432

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $8,875,972 representing 1.9% of net assets.

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

At May 31, 2019, the Fund had loaned securities with a total value of $8,922,182. This was secured by collateral of $9,245,049 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019	$	111,630
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		9,133,419

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

(2) The rate shown is the 7-day yield as of May 31, 2019.

(3) 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 May 31, 2019 (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	$	—	$	18,528,833	**	$	0	$	18,528,833
Other Countries		232,230,110		193,688,783	**		—		425,918,893
Short-Term Investment Securities		9,173,285		—			—		9,173,285
Total Investments at Value	$	241,403,395	$	212,217,616		$	0	$	453,621,011

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

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

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

See Notes to Financial Statements

61

VALIC Company I Global Social Awareness Fund@

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	4.6	%
Applications Software	3.9
Finance — Credit Card	3.1
Insurance — Multi-line	2.9
Banks — Commercial	2.7
Medical — Drugs	2.6
Cosmetics & Toiletries	2.4
Medical — Biomedical/Gene	2.4
Insurance — Life/Health	2.3
Web Portals/ISP	2.3
Oil Companies — Exploration & Production	2.0
Electronic Components — Semiconductors	1.7
Insurance — Property/Casualty	1.7
Transport — Rail	1.7
Telephone — Integrated	1.6
Commercial Services — Finance	1.5
Computers	1.5
Investment Management/Advisor Services	1.5
Finance — Other Services	1.4
Electric — Integrated	1.3
Beverages — Non-alcoholic	1.3
Banks — Super Regional	1.3
Diagnostic Equipment	1.3
Medical Products	1.2
Commercial Services	1.2
Multimedia	1.2
Cable/Satellite TV	1.1
Networking Products	1.1
Chemicals — Diversified	1.1
Chemicals — Specialty	1.1
Food — Misc./Diversified	1.0
Machinery — General Industrial	1.0
Gas — Distribution	0.9
Consumer Products — Misc.	0.9
Transport — Services	0.8
Insurance — Reinsurance	0.8
Data Processing/Management	0.8
Pipelines	0.8
Real Estate Management/Services	0.8
Enterprise Software/Service	0.8
Real Estate Operations & Development	0.8
Repurchase Agreements	0.7
Investment Companies	0.7
Retail — Restaurants	0.7
E-Commerce/Services	0.7
Distribution/Wholesale	0.6
Electric Products — Misc.	0.6
Electronic Components — Misc.	0.6
Internet Content — Entertainment	0.6
Private Equity	0.6
Oil Companies — Integrated	0.5
Diversified Manufacturing Operations	0.5
Import/Export	0.5
Auto — Cars/Light Trucks	0.5
Insurance Brokers	0.5
Machinery — Farming	0.5
Industrial Automated/Robotic	0.5
Electronic Forms	0.5
Semiconductor Components — Integrated Circuits	0.5
Food — Retail	0.5
Advertising Agencies	0.5
Telecom Services	0.5
Building & Construction Products — Misc.	0.4
Semiconductor Equipment	0.4
Industrial Gases	0.4
Medical Labs & Testing Services	0.4
Finance — Investment Banker/Broker	0.4
Retail — Major Department Stores	0.4
Oil Refining & Marketing	0.4

Airport Development/Maintenance	0.4
Water	0.4
Machinery — Electrical	0.4
Electronic Measurement Instruments	0.4
Food — Dairy Products	0.4
Consulting Services	0.4
Auto/Truck Parts & Equipment-Original	0.3
Retail — Apparel/Shoe	0.3
Machinery — Pumps	0.3
Food — Catering	0.3
Machinery — Construction & Mining	0.3
Computer Aided Design	0.3
Steel — Producers	0.3
Retail — Auto Parts	0.3
Oil — Field Services	0.3
Resorts/Theme Parks	0.3
Non — Hazardous Waste Disposal	0.3
Paper & Related Products	0.3
Computer Services	0.3
Cellular Telecom	0.3
Audio/Video Products	0.3
Building Products — Air & Heating	0.3
Building — Residential/Commercial	0.3
Building Products — Cement	0.3
Hotels/Motels	0.2
Retail — Building Products	0.2
Public Thoroughfares	0.2
Entertainment Software	0.2
Soap & Cleaning Preparation	0.2
Medical — HMO	0.2
Optical Supplies	0.2
Banks — Fiduciary	0.2
Toys	0.2
E-Commerce/Products	0.2
Tools — Hand Held	0.2
Publishing — Periodicals	0.2
Medical Information Systems	0.2
Medical — Hospitals	0.2
Retail — Discount	0.2
Medical Instruments	0.2
Electric — Transmission	0.2
Dental Supplies & Equipment	0.2
Rubber — Tires	0.2
Food — Meat Products	0.2
Rental Auto/Equipment	0.2
Diversified Operations	0.2
Gold Mining	0.2
Computer Software	0.1
Office Automation & Equipment	0.1
Web Hosting/Design	0.1
Diversified Banking Institutions	0.1
Agricultural Chemicals	0.1
Electronic Security Devices	0.1
Transactional Software	0.1
Containers — Paper/Plastic	0.1
Retail — Jewelry	0.1
Apparel Manufacturers	0.1
Retail — Drug Store	0.1
Decision Support Software	0.1
Instruments — Controls	0.1
Wireless Equipment	0.1
Office Supplies & Forms	0.1
Retail — Perfume & Cosmetics	0.1
Auto — Heavy Duty Trucks	0.1
Metal — Copper	0.1
Telecommunication Equipment	0.1
Telecom Equipment — Fiber Optics	0.1
Computers — Memory Devices	0.1
Broadcast Services/Program	0.1

62

VALIC Company I Global Social Awareness Fund@

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Coatings/Paint	0.1	%
Containers — Metal/Glass	0.1
Power Converter/Supply Equipment	0.1
Computers — Integrated Systems	0.1
Aerospace/Defense	0.1
Finance — Consumer Loans	0.1
U.S. Government Treasuries	0.1
Security Services	0.1
Savings & Loans/Thrifts	0.1
Television	0.1
Respiratory Products	0.1
Gas — Transportation	0.1
Transport — Truck	0.1
Retail — Automobile	0.1
Oil Field Machinery & Equipment	0.1
Electronic Connectors	0.1
Electric — Distribution	0.1
Finance — Leasing Companies	0.1
Instruments — Scientific	0.1
Retail — Convenience Store	0.1
Dialysis Centers	0.1
Retail — Consumer Electronics	0.1
Food — Confectionery	0.1
Fisheries	0.1
Photo Equipment & Supplies	0.1
Metal Processors & Fabrication	0.1
Metal — Iron	0.1
Chemicals — Plastics	0.1
Metal — Diversified	0.1
Airlines	0.1
Radio	0.1
MRI/Medical Diagnostic Imaging	0.1
Building Products — Wood	0.1
Retail — Catalog Shopping	0.1
Diagnostic Kits	0.1
Retail — Gardening Products	0.1
Water Treatment Systems	0.1
	99.3	%

Country Allocation*

United States	57.9	%
Japan	9.0
United Kingdom	4.8
Canada	3.8
Switzerland	3.3
France	2.9
Germany	2.7
Australia	2.5
Hong Kong	1.7
Netherlands	1.5
Sweden	1.1
Spain	1.1
Ireland	0.9
Bermuda	0.8
Singapore	0.7
Denmark	0.7
Finland	0.7
Belgium	0.6
Norway	0.5
Italy	0.4
Jersey	0.3
Portugal	0.2
Austria	0.2
SupraNational	0.2
Curacao	0.2
Cayman Islands	0.2
Israel	0.1
Luxembourg	0.1
New Zealand	0.1
Papua New Guinea	0.1
	99.3	%

* Calculated as a percentage of net assets

@ See Note 1

63

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Australia — 2.5%
Amcor, Ltd.		22,626	$	258,390
APA Group		49,311		346,156
ASX, Ltd.		15,070		789,721
BGP Holdings PLC†(1)		60,919		0
Coles Group, Ltd.†		11,407		98,403
Computershare, Ltd.		16,388		188,629
CSL, Ltd.		7,914		1,125,659
Dexus		63,132		565,624
Fortescue Metals Group, Ltd.		41,195		228,332
Goodman Group		33,750		313,194
GPT Group		103,827		414,237
Insurance Australia Group, Ltd.		91,121		482,398
Macquarie Group, Ltd.		1,658		138,154
Origin Energy, Ltd.		22,646		112,316
QBE Insurance Group, Ltd.		23,435		189,426
Ramsay Health Care, Ltd.		6,273		303,053
Santos, Ltd.		125,876		586,671
Scentre Group		70,481		185,362
Sonic Healthcare, Ltd.		11,410		206,698
Stockland		80,658		247,021
Sydney Airport		38,727		198,921
Transurban Group		93,111		898,896
Vicinity Centres		94,165		168,227
Wesfarmers, Ltd.		11,407		292,415
Woodside Petroleum, Ltd.		15,244		373,575
Woolworths Group, Ltd.		11,583		251,579
				8,963,057
Austria — 0.2%
Erste Group Bank AG		7,963		282,244
OMV AG		6,429		301,769
voestalpine AG		5,591		145,463
				729,476
Belgium — 0.6%
Ageas		5,216		254,358
Groupe Bruxelles Lambert SA		5,139		478,285
KBC Group NV		3,665		240,724
Proximus SADP		11,201		323,915
UCB SA		8,212		627,276
Umicore SA		7,391		219,523
				2,144,081
Bermuda — 0.8%
Arch Capital Group, Ltd.†		15,420		530,911
Axalta Coating Systems, Ltd.†		5,302		124,650
Everest Re Group, Ltd.		2,318		574,076
Hongkong Land Holdings, Ltd.		29,900		194,954
IHS Markit, Ltd.†		7,676		440,526
Invesco, Ltd.		12,366		241,632
Jardine Matheson Holdings, Ltd.		4,000		256,530
Jardine Strategic Holdings, Ltd.		6,000		224,044
NWS Holdings, Ltd.		20,000		39,389
RenaissanceRe Holdings, Ltd.		1,124		196,070
Shangri-La Asia, Ltd.		70,000		89,137
				2,911,919
Canada — 3.8%
Agnico Eagle Mines, Ltd.		5,318		231,944
Alimentation Couche-Tard, Inc., Class B		4,191		257,209
AltaGas, Ltd.		7,389		106,658
ARC Resources, Ltd.		19,368		105,466
Bank of Montreal		7,598		551,580
BCE, Inc.		9,210		414,709
Brookfield Asset Management, Inc., Class A		14,200		651,376

Security Description	Shares		Value (Note 2)
Canada (continued)
Cameco Corp.		16,563	$	167,150
Canadian Imperial Bank of Commerce		2,567		194,652
Canadian National Railway Co.		7,893		699,718
Canadian Tire Corp., Ltd., Class A		2,465		246,573
CGI, Inc.†		5,081		370,361
CI Financial Corp.		13,200		198,156
Encana Corp.		32,765		172,843
Fairfax Financial Holdings, Ltd.		849		389,450
First Capital Realty, Inc.		29,984		461,207
First Quantum Minerals, Ltd.		13,768		100,235
Fortis, Inc.		8,562		323,387
Franco-Nevada Corp.		2,469		190,637
Great-West Lifeco, Inc.		22,215		502,944
iA Financial Corp., Inc.		5,774		216,675
IGM Financial, Inc.		10,180		276,267
Intact Financial Corp.		8,048		691,964
Keyera Corp.		8,694		209,438
Manulife Financial Corp.		31,548		529,379
National Bank of Canada		5,260		236,264
Onex Corp.		3,661		208,809
Open Text Corp.		6,092		242,220
Pembina Pipeline Corp.		10,586		377,669
Power Corp. of Canada		15,066		317,572
Power Financial Corp.		11,025		243,405
RioCan Real Estate Investment Trust		7,948		153,362
Rogers Communications, Inc., Class B		5,695		299,624
Saputo, Inc.		6,025		200,506
Seven Generations Energy, Ltd., Class A†		3,485		18,642
Shaw Communications, Inc., Class B		29,396		597,011
Shopify, Inc., Class A†		480		132,053
Sun Life Financial, Inc.		8,746		339,461
Suncor Energy, Inc.		12,839		395,638
Thomson Reuters Corp.		13,377		850,166
Tourmaline Oil Corp.		6,974		88,749
Turquoise Hill Resources, Ltd.†		54,175		64,131
Vermilion Energy, Inc.		5,604		117,503
Waste Connections, Inc.		3,708		350,925
Wheaton Precious Metals Corp.		7,836		173,289
				13,666,977
Cayman Islands — 0.2%
CK Asset Holdings, Ltd.		30,808		222,306
Minth Group, Ltd.		10,000		28,888
WH Group, Ltd.*		232,000		207,846
Wharf Real Estate Investment Co., Ltd.		18,000		122,637
				581,677
Curacao — 0.2%
Schlumberger, Ltd.		19,117		663,169
Denmark — 0.7%
Chr. Hansen Holding A/S		2,648		275,776
Demant Holding A/S†		2,899		97,095
DSV A/S		5,415		481,582
Genmab A/S†		894		152,805
Novo Nordisk A/S, Class B		24,237		1,142,360
Novozymes A/S, Class B		7,595		356,332
Pandora A/S		1,457		53,969
Vestas Wind Systems A/S		728		59,115
				2,619,034
Finland — 0.7%
Elisa Oyj		8,794		391,912
Kone Oyj, Class B		3,953		215,252
Metso Oyj		7,856		253,554
Nokia Oyj		74,983		375,025

64

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland (continued)
Nokian Renkaat Oyj		5,042	$	143,817
Nordea Bank Abp		21,352		150,586
Orion Oyj, Class B		5,436		177,636
Sampo Oyj, Class A		11,249		486,599
Stora Enso Oyj, Class R		13,189		138,982
UPM-Kymmene Oyj		10,130		253,096
				2,586,459
France — 2.9%
Accor SA		4,597		169,362
Aeroports de Paris		2,815		482,867
Air Liquide SA		4,601		572,147
Arkema SA		2,361		198,542
Atos SE		2,660		202,024
AXA SA		24,468		601,863
Bureau Veritas SA		12,706		299,005
Capgemini SE		2,743		306,090
Casino Guichard Perrachon SA		3,259		123,932
Cie de Saint-Gobain		5,254		190,548
CNP Assurances		12,364		264,894
Covivio		2,037		213,627
Danone SA		8,969		715,836
Dassault Systemes SE		2,614		387,399
EssilorLuxottica SA		7,315		839,019
Eutelsat Communications SA		9,358		164,227
Gecina SA		2,109		301,215
ICADE		2,531		214,787
Iliad SA		890		102,219
Klepierre SA		8,921		303,337
L’Oreal SA		5,556		1,491,071
Legrand SA		5,384		362,158
Orange SA		14,471		226,184
Schneider Electric SE		4,708		371,342
SCOR SE		8,324		342,008
Societe BIC SA		1,493		116,390
Sodexo SA		5,101		586,184
Veolia Environnement SA		10,211		236,888
Wendel SA		1,751		221,981
Worldline SA*†		1,064		63,944
				10,671,090
Germany — 2.7%
Allianz SE		5,828		1,294,482
Beiersdorf AG		7,692		885,490
Brenntag AG		5,411		251,424
Commerzbank AG		9,190		64,732
Continental AG		1,377		187,462
Covestro AG*		976		42,694
Deutsche Wohnen SE		5,229		246,810
Fraport AG Frankfurt Airport Services Worldwide		3,354		263,974
Fresenius SE & Co. KGaA		4,930		250,270
Fuchs Petrolub SE (Preference Shares)		5,308		206,951
Hannover Rueck SE		2,979		446,629
Henkel AG & Co. KGaA		1,677		145,243
Henkel AG & Co. KGaA (Preference Shares)		3,268		298,527
Infineon Technologies AG		13,282		239,583
LANXESS AG		4,176		209,144
Merck KGaA		5,817		561,813
Muenchener Rueckversicherungs-Gesellschaft AG		3,369		813,197
SAP SE		14,724		1,819,486
Siemens AG		4,524		512,522
Symrise AG		4,994		468,080
Telefonica Deutschland Holding AG		42,775		119,971
TUI AG		12,628		116,748
Vonovia SE		9,834		515,785
				9,961,017

Security Description	Shares		Value (Note 2)
Hong Kong — 1.7%
AIA Group, Ltd.		135,400	$	1,268,479
Bank of East Asia, Ltd.		76,000		236,330
BOC Hong Kong Holdings, Ltd.		61,000		233,689
Hang Lung Properties, Ltd.		92,000		193,220
Hang Seng Bank, Ltd.		17,700		443,105
Henderson Land Development Co., Ltd.		45,503		234,753
Hong Kong & China Gas Co., Ltd.		493,048		1,088,264
Hong Kong Exchanges & Clearing, Ltd.		12,100		383,761
Link REIT		62,500		749,262
PCCW, Ltd.		360,000		204,728
Power Assets Holdings, Ltd.		20,000		138,216
Sun Hung Kai Properties, Ltd.		15,000		237,105
Swire Pacific, Ltd., Class A		16,500		195,128
Swire Properties, Ltd.		113,600		467,275
				6,073,315
Ireland — 0.9%
Alkermes PLC†		3,693		79,547
CRH PLC		8,730		273,114
DCC PLC		4,121		347,049
Jazz Pharmaceuticals PLC†		1,834		230,259
Johnson Controls International PLC		14,883		573,293
Kerry Group PLC, Class A		6,361		734,969
Pentair PLC		4,813		167,589
Perrigo Co. PLC		2,305		96,856
Seagate Technology PLC		1,507		63,068
Willis Towers Watson PLC		3,025		530,887
				3,096,631
Israel — 0.1%
Check Point Software Technologies, Ltd.†		2,287		252,210
NICE, Ltd.†		1,980		276,257
				528,467
Italy — 0.4%
Assicurazioni Generali SpA		34,830		611,235
Recordati SpA		8,189		338,089
Snam SpA		61,634		309,735
Terna Rete Elettrica Nazionale SpA		60,973		372,871
				1,631,930
Japan — 9.0%
Aeon Co., Ltd.		14,600		251,710
Ajinomoto Co., Inc.		11,000		186,654
Amada Holdings Co., Ltd.		8,800		89,948
Aozora Bank, Ltd.		5,200		125,846
Astellas Pharma, Inc.		32,800		438,722
Bridgestone Corp.		7,800		290,150
Canon, Inc.		17,600		495,758
Central Japan Railway Co.		1,900		395,942
Chiba Bank, Ltd.		27,000		128,400
Chubu Electric Power Co., Inc.		12,500		170,701
Chugai Pharmaceutical Co., Ltd.		5,000		333,202
Concordia Financial Group, Ltd.		45,800		174,264
Dai Nippon Printing Co., Ltd.		8,000		173,245
Dai-ichi Life Holdings, Inc.		16,600		238,714
Daiichi Sankyo Co., Ltd.		15,200		734,743
Daikin Industries, Ltd.		2,200		266,536
Daito Trust Construction Co., Ltd.		200		26,026
Daiwa House Industry Co., Ltd.		9,500		283,938
Denso Corp.		13,700		527,558
Dentsu, Inc.		3,800		123,706
East Japan Railway Co.		5,600		531,444
Eisai Co., Ltd.		3,900		228,743
FANUC Corp.		2,800		472,005

65

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
FUJIFILM Holdings Corp.		4,600	$	219,492
Hankyu Hanshin Holdings, Inc.		4,800		171,916
Hisamitsu Pharmaceutical Co., Inc.		3,000		119,368
Hitachi Chemical Co., Ltd.		9,900		263,748
Hitachi Metals, Ltd.		17,700		175,052
Hitachi, Ltd.		8,800		296,500
Hoya Corp.		10,300		712,834
Idemitsu Kosan Co., Ltd.		7,100		199,323
Inpex Corp.		24,600		197,595
Isuzu Motors, Ltd.		15,000		163,729
JFE Holdings, Inc.		14,000		193,255
JTEKT Corp.		14,000		147,130
JXTG Holdings, Inc.		91,800		435,219
Kajima Corp.		500		6,850
Kao Corp.		4,600		357,658
KDDI Corp.		23,700		608,735
Keikyu Corp.		13,000		219,398
Keio Corp.		4,700		312,537
Keyence Corp.		900		504,836
Kintetsu Group Holdings Co., Ltd.		4,200		200,783
Komatsu, Ltd.		10,600		233,011
Kubota Corp.		25,000		379,585
Kyocera Corp.		5,600		341,253
Kyowa Hakko Kirin Co., Ltd.		10,000		188,377
LIXIL Group Corp.		10,600		135,420
Marubeni Corp.		51,300		321,990
Mazda Motor Corp.		15,000		145,557
MEIJI Holdings Co., Ltd.		1,700		119,095
Mitsubishi Chemical Holdings Corp.		39,800		260,245
Mitsubishi Corp.		16,100		418,379
Mitsubishi Electric Corp.		29,000		359,948
Mitsubishi Estate Co., Ltd.		10,000		183,411
Mitsui & Co., Ltd.		29,600		455,459
Mitsui Fudosan Co., Ltd.		12,000		290,029
MS&AD Insurance Group Holdings, Inc.		8,100		255,870
Murata Manufacturing Co., Ltd.		4,800		207,334
Nagoya Railroad Co., Ltd.		6,200		170,757
NGK Insulators, Ltd.		10,000		135,010
NGK Spark Plug Co., Ltd.		1,800		31,561
Nidec Corp.		3,500		433,941
Nikon Corp.		1,400		19,119
Nintendo Co., Ltd.		1,100		388,957
Nippon Steel Corp.		12,600		208,342
Nippon Telegraph & Telephone Corp.		13,700		613,073
Nitori Holdings Co., Ltd.		1,400		166,569
NSK, Ltd.		29,500		234,881
NTT DOCOMO, Inc.		24,700		566,642
Ono Pharmaceutical Co., Ltd.		5,900		103,805
Oriental Land Co., Ltd.		3,800		463,374
ORIX Corp.		19,200		270,371
Osaka Gas Co., Ltd.		9,200		163,288
Otsuka Holdings Co., Ltd.		6,100		204,726
Panasonic Corp.		27,800		220,116
Rakuten, Inc.		17,000		176,137
Resona Holdings, Inc.		74,600		314,401
Ryohin Keikaku Co., Ltd.		700		126,360
Santen Pharmaceutical Co., Ltd.		16,600		237,692
Secom Co., Ltd.		4,000		342,329
Sekisui House, Ltd.		11,400		182,316
Shimano, Inc.		900		137,825
Shin-Etsu Chemical Co., Ltd.		6,700		555,048
Shionogi & Co., Ltd.		4,000		217,837
Shiseido Co., Ltd.		1,400		100,425
Shizuoka Bank, Ltd.		18,000		141,542
SMC Corp.		700		228,424

Security Description	Shares		Value (Note 2)
Japan (continued)
SoftBank Group Corp.		12,800	$	1,201,012
Sony Corp.		12,900		620,479
Sumitomo Chemical Co., Ltd.		43,000		184,724
Sumitomo Corp.		34,800		502,315
Sumitomo Dainippon Pharma Co., Ltd.		7,400		151,927
Sumitomo Mitsui Financial Group, Inc.		14,200		493,705
Sumitomo Mitsui Trust Holdings, Inc.		5,800		211,707
Suntory Beverage & Food, Ltd.		4,900		203,482
Sysmex Corp.		2,700		186,692
Takeda Pharmaceutical Co., Ltd. ADR		28,076		476,455
Terumo Corp.		10,200		288,339
Tobu Railway Co., Ltd.		8,000		232,834
Tohoku Electric Power Co., Inc.		14,100		143,426
Tokio Marine Holdings, Inc.		10,400		515,142
Tokyo Electron, Ltd.		300		40,330
Tokyo Gas Co., Ltd.		9,200		228,714
Tokyu Corp.		13,500		239,463
Toppan Printing Co., Ltd.		10,000		145,929
Toray Industries, Inc.		28,000		192,284
TOTO, Ltd.		2,900		107,891
Toyoda Gosei Co., Ltd.		4,100		71,557
Toyota Industries Corp.		7,200		368,432
Toyota Motor Corp.		18,700		1,101,546
Toyota Tsusho Corp.		8,500		243,782
Unicharm Corp.		1,000		29,836
West Japan Railway Co.		4,500		352,117
Yahoo Japan Corp.		40,100		115,255
Yakult Honsha Co., Ltd.		3,400		193,548
Yamaguchi Financial Group, Inc.		19,000		140,097
Yamazaki Baking Co., Ltd.		9,000		134,622
				32,761,386
Jersey — 0.3%
Aptiv PLC		3,496		223,884
Experian PLC		8,984		271,541
Ferguson PLC		4,000		258,368
WPP PLC		28,561		340,449
				1,094,242
Luxembourg — 0.1%
RTL Group SA		4,902		234,059
SES SA FDR		7,843		118,561
Tenaris SA		13,542		158,604
				511,224
Netherlands — 1.5%
Aegon NV		70,452		321,592
AerCap Holdings NV†		3,448		154,539
Akzo Nobel NV		3,310		278,815
ASML Holding NV		3,981		750,156
CNH Industrial NV		27,566		239,083
EXOR NV		4,981		312,181
Ferrari NV		1,458		207,623
Koninklijke DSM NV		3,564		400,534
Koninklijke KPN NV		50,803		155,322
Koninklijke Vopak NV		4,605		188,145
LyondellBasell Industries NV, Class A		6,634		492,575
NN Group NV		13,556		514,200
NXP Semiconductors NV		2,921		257,515
QIAGEN NV†		4,979		189,980
STMicroelectronics NV		5,602		85,256
Wolters Kluwer NV		11,114		775,508
				5,323,024

66

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
New Zealand — 0.1%
Auckland International Airport, Ltd.		22,556	$	129,170
Fletcher Building, Ltd.		37,047		126,895
Spark New Zealand, Ltd.		95,487		237,939
				494,004
Norway — 0.5%
Equinor ASA		7,937		151,692
Gjensidige Forsikring ASA		23,102		449,517
Mowi ASA		10,328		239,477
Orkla ASA		35,200		304,671
Telenor ASA		11,202		230,176
Yara International ASA		8,507		365,030
				1,740,563
Papua New Guinea — 0.1%
Oil Search, Ltd.		36,637		178,608
Portugal — 0.2%
Banco Espirito Santo SA†(1)		126,030		0
EDP - Energias de Portugal SA		93,029		337,850
Galp Energia SGPS SA		33,940		509,640
				847,490
Singapore — 0.7%
CapitaLand, Ltd.		80,000		187,535
City Developments, Ltd.		29,500		176,535
ComfortDelGro Corp., Ltd.		159,000		284,754
DBS Group Holdings, Ltd.		27,000		476,995
Jardine Cycle & Carriage, Ltd.		9,200		226,174
Oversea-Chinese Banking Corp., Ltd.		106,000		815,773
United Overseas Bank, Ltd.		27,000		461,595
				2,629,361
Spain — 1.1%
Aena SME SA*		1,353		248,834
Amadeus IT Group SA		6,764		515,449
Banco Bilbao Vizcaya Argentaria SA		92,461		501,673
Banco de Sabadell SA		138,750		153,640
Bankia SA		5,878		14,834
Bankinter SA		27,525		198,894
CaixaBank SA		80,880		248,437
Enagas SA		7,953		217,316
Grifols SA		10,560		270,719
Red Electrica Corp. SA		13,704		291,333
Repsol SA		49,096		790,761
Telefonica SA		60,355		483,249
				3,935,139
SupraNational — 0.2%
HK Electric Investments & HK Electric Investments, Ltd.		191,000		186,823
HKT Trust & HKT, Ltd.		123,000		193,779
Unibail-Rodamco-Westfield		2,019		305,292
				685,894
Sweden — 1.1%
Assa Abloy AB, Class B		30,513		593,421
Atlas Copco AB, Class A		11,320		305,029
Atlas Copco AB, Class B		7,859		190,404
Boliden AB		9,577		217,617
Boliden AB†		9,577		4,283
Epiroc AB, Class A		11,320		105,363
Epiroc AB, Class B		7,859		71,016
Essity AB, Class B		6,725		197,413
Hennes & Mauritz AB, Class B		7,515		112,463
Hexagon AB, Class B		5,022		233,142
Industrivarden AB, Class C		11,313		228,275

Security Description	Shares		Value (Note 2)
Sweden (continued)
Investor AB, Class B		16,914	$	730,900
Sandvik AB		14,312		220,736
Skandinaviska Enskilda Banken AB, Class A		20,839		184,971
Svenska Handelsbanken AB, Class A		38,558		380,071
Telefonaktiebolaget LM Ericsson, Class B		32,965		318,168
				4,093,272
Switzerland — 3.3%
ABB, Ltd.		28,594		523,476
Baloise Holding AG		1,739		289,017
Chubb, Ltd.		13,729		2,005,395
Coca-Cola HBC AG		11,386		411,113
EMS-Chemie Holding AG		379		226,603
Garmin, Ltd.		4,306		329,323
Geberit AG		1,734		763,594
Givaudan SA		203		536,677
Kuehne & Nagel International AG		1,294		171,666
Pargesa Holding SA		6,739		498,342
Partners Group Holding AG		508		356,123
Schindler Holding AG		1,585		325,032
Schindler Holding AG (Participation Certificate)		1,303		273,997
SGS SA		169		426,972
Sika AG		3,120		463,117
Sonova Holding AG		3,591		798,699
Swatch Group AG		670		167,881
Swiss Life Holding AG		909		413,100
Swiss Prime Site AG		12,310		1,002,697
Swiss Re AG		4,613		436,955
Swisscom AG		1,889		904,054
Vifor Pharma AG		1,560		215,116
Zurich Insurance Group AG		1,749		566,687
				12,105,636
United Kingdom — 4.8%
3i Group PLC		53,962		715,755
Admiral Group PLC		4,576		119,428
Antofagasta PLC		29,780		295,391
Aon PLC		3,253		585,768
Ashtead Group PLC		12,566		295,033
Auto Trader Group PLC*		37,662		285,619
Aviva PLC		77,931		399,221
British Land Co. PLC		35,934		242,702
BT Group PLC		174,256		427,145
Bunzl PLC		33,711		902,255
Burberry Group PLC		11,844		254,235
Compass Group PLC		25,390		574,499
Croda International PLC		4,277		274,495
Direct Line Insurance Group PLC		85,325		341,753
Fresnillo PLC		16,790		162,572
Hammerson PLC		52,725		180,709
Hargreaves Lansdown PLC		10,788		307,973
InterContinental Hotels Group PLC		7,074		457,096
Intertek Group PLC		10,773		722,410
Investec PLC		31,544		184,229
ITV PLC		74,244		100,468
Johnson Matthey PLC		5,956		233,470
Kingfisher PLC		40,468		109,190
Land Securities Group PLC		19,687		206,329
Legal & General Group PLC		161,043		523,150
Liberty Global PLC, Class A†		6,033		148,412
Liberty Global PLC, Class C†		7,042		170,698
London Stock Exchange Group PLC		7,068		470,918
Marks & Spencer Group PLC		41,696		118,052
Melrose Industries PLC		84,584		174,857

67

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Merlin Entertainments PLC*		36,892	$	176,538
Mondi PLC		10,072		209,202
National Grid PLC		70,378		706,773
Next PLC		6,024		439,303
Nielsen Holdings PLC		6,062		137,789
Pearson PLC		26,239		261,248
Persimmon PLC		2,734		67,921
RELX PLC		58,177		1,358,526
Royal Mail PLC		26,021		67,337
Sage Group PLC		25,297		239,215
Schroders PLC		9,585		354,289
Segro PLC		54,440		479,788
Smith & Nephew PLC		25,446		534,299
Smiths Group PLC		18,020		328,693
SSE PLC		33,488		457,881
St James’s Place PLC		33,593		445,250
TechnipFMC PLC		8,742		181,834
United Utilities Group PLC		43,128		435,700
Weir Group PLC		9,425		174,564
Whitbread PLC		4,680		274,162
				17,314,144
United States — 57.1%
A.O. Smith Corp.		4,170		168,885
Abbott Laboratories		11,386		866,816
AbbVie, Inc.		20,175		1,547,624
Activision Blizzard, Inc.		9,737		422,294
Acuity Brands, Inc.		725		89,661
Adobe, Inc.†		6,278		1,700,710
Advance Auto Parts, Inc.		1,590		246,450
Advanced Micro Devices, Inc.†		6,209		170,189
Affiliated Managers Group, Inc.		2,068		173,340
Aflac, Inc.		19,838		1,017,689
Agilent Technologies, Inc.		8,640		579,312
AGNC Investment Corp.		9,173		150,437
Air Products & Chemicals, Inc.		5,168		1,052,153
Akamai Technologies, Inc.†		1,244		93,748
Albemarle Corp.#		3,348		211,928
Alexion Pharmaceuticals, Inc.†		2,695		306,368
Align Technology, Inc.†		1,208		343,495
Alleghany Corp.†		398		263,993
Alliance Data Systems Corp.		920		126,500
Allstate Corp.		13,980		1,335,230
Alnylam Pharmaceuticals, Inc.†		938		63,334
Alphabet, Inc., Class A†		4,082		4,516,733
Alphabet, Inc., Class C†		3,636		4,012,799
American Express Co.		15,233		1,747,377
American Tower Corp.		10,755		2,245,321
American Water Works Co., Inc.		5,568		629,295
Ameriprise Financial, Inc.		4,466		617,335
AMETEK, Inc.		4,930		403,718
Amgen, Inc.		12,489		2,081,916
Amphenol Corp., Class A		3,249		282,663
Anadarko Petroleum Corp.		8,297		583,860
Analog Devices, Inc.		3,632		350,924
Annaly Capital Management, Inc.		16,295		143,559
Antero Resources Corp.†#		6,732		44,229
Apache Corp.		11,520		300,326
Apple, Inc.		27,842		4,874,299
Applied Materials, Inc.		11,871		459,289
Arista Networks, Inc.†		107		26,171
Assurant, Inc.		2,911		290,984
Atmos Energy Corp.		4,547		462,885
Autodesk, Inc.†		4,061		653,456
Automatic Data Processing, Inc.		9,124		1,460,935

Security Description	Shares		Value (Note 2)
United States (continued)
AvalonBay Communities, Inc.		1,148	$	233,055
Avery Dennison Corp.		3,669		381,796
Baker Hughes a GE Co., LLC		4,989		106,814
Ball Corp.		6,352		389,949
Bank of New York Mellon Corp.		9,097		388,351
Baxter International, Inc.		9,257		679,834
BB&T Corp.		10,844		506,957
Best Buy Co., Inc.		3,967		248,612
Biogen, Inc.†		2,412		528,927
BioMarin Pharmaceutical, Inc.†		3,122		256,753
BlackRock, Inc.		2,225		924,621
Booking Holdings, Inc.†		616		1,020,232
Boston Properties, Inc.		1,856		242,820
Broadcom, Inc.		4,530		1,139,929
C.H. Robinson Worldwide, Inc.		4,142		329,827
Cabot Oil & Gas Corp.		10,408		260,408
Campbell Soup Co.		2,840		103,120
Capital One Financial Corp.		8,990		771,971
CarMax, Inc.†#		3,715		290,810
Caterpillar, Inc.		4,114		492,898
CBRE Group, Inc., Class A†		6,735		307,790
Celanese Corp.		5,247		498,098
Celgene Corp.†		10,195		956,189
Centene Corp.†		6,648		383,922
CenterPoint Energy, Inc.		9,924		282,239
CenturyLink, Inc.		23,530		245,889
Cerner Corp.		10,843		758,685
CF Industries Holdings, Inc.		2,753		110,781
Charles Schwab Corp.		16,947		705,165
Cheniere Energy, Inc.†		4,155		262,513
Chipotle Mexican Grill, Inc.†		435		287,087
Church & Dwight Co., Inc.		5,892		438,424
Cincinnati Financial Corp.		7,048		692,396
Cintas Corp.		2,934		650,849
Cisco Systems, Inc.		67,029		3,487,519
CIT Group, Inc.		5,817		276,540
Citizens Financial Group, Inc.		9,141		297,814
Citrix Systems, Inc.		1,735		163,298
Clorox Co.		7,198		1,071,134
CME Group, Inc.		5,673		1,089,897
CMS Energy Corp.		10,564		592,746
Colgate-Palmolive Co.		16,984		1,182,426
Comcast Corp., Class A		72,044		2,953,804
Comerica, Inc.		4,468		307,488
Concho Resources, Inc.		2,390		234,244
Continental Resources, Inc.		5,768		201,880
Cooper Cos., Inc.		1,050		312,680
Corning, Inc.		14,840		427,986
Crown Castle International Corp.		8,215		1,068,032
CSX Corp.		17,593		1,310,151
D.R. Horton, Inc.		5,759		246,255
Danaher Corp.		15,390		2,031,634
Deere & Co.		8,676		1,216,115
Dell Technologies, Inc., Class C†		1,684		100,282
DENTSPLY SIRONA, Inc.		5,808		312,877
Devon Energy Corp.		32,561		819,235
Diamondback Energy, Inc.		2,143		210,143
Digital Realty Trust, Inc.		2,876		338,563
Discover Financial Services		7,023		523,565
Discovery, Inc., Class C†		16,153		414,163
DISH Network Corp., Class A†		5,080		183,439
Dollar Tree, Inc.†		4,673		474,730
Dover Corp.		9,002		804,869
DXC Technology Co.		3,569		169,670
E*TRADE Financial Corp.		7,743		346,886

68

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Eaton Vance Corp.		4,012	$	153,339
eBay, Inc.		16,919		607,900
Ecolab, Inc.		6,409		1,179,833
Edwards Lifesciences Corp.†		4,134		705,674
Electronic Arts, Inc.†		4,406		410,110
Emerson Electric Co.		22,504		1,355,641
EOG Resources, Inc.		6,297		515,598
Equinix, Inc.		1,497		727,228
Equity Residential		4,349		333,003
Estee Lauder Cos., Inc., Class A		5,535		891,301
Eversource Energy		9,632		711,227
Expedia Group, Inc.		2,598		298,770
Expeditors International of Washington, Inc.		10,857		755,539
Extra Space Storage, Inc.		3,906		418,567
Fastenal Co.		16,380		501,064
Federal Realty Investment Trust		3,058		399,772
Fidelity National Financial, Inc.		7,583		292,325
Fidelity National Information Services, Inc.		8,745		1,052,023
Fifth Third Bancorp		15,741		417,136
First Republic Bank		3,876		376,050
Fiserv, Inc.†		13,280		1,140,221
FleetCor Technologies, Inc.†		1,152		297,458
Flowserve Corp.		4,021		186,775
Ford Motor Co.		46,034		438,244
Fortive Corp.		7,695		585,974
Franklin Resources, Inc.		7,712		245,396
Gartner, Inc.†		1,580		239,054
General Mills, Inc.		20,561		1,016,536
Genuine Parts Co.		3,093		305,898
Gilead Sciences, Inc.		16,851		1,048,975
Hanesbrands, Inc.		9,177		136,278
Hasbro, Inc.		4,481		426,322
HCA Healthcare, Inc.		3,556		430,134
HCP, Inc.		7,868		249,494
HD Supply Holdings, Inc.†		3,493		144,925
Helmerich & Payne, Inc.		2,696		131,861
Hess Corp.		6,603		368,844
Hewlett Packard Enterprise Co.		19,643		269,502
HollyFrontier Corp.		3,459		131,373
Hormel Foods Corp.#		10,317		407,418
Host Hotels & Resorts, Inc.		16,843		305,027
HP, Inc.		24,752		462,367
Humana, Inc.		1,960		479,926
IAC/InterActiveCorp†		1,569		346,514
Illinois Tool Works, Inc.		2,451		342,258
Illumina, Inc.†		1,489		456,989
Incyte Corp.†		2,512		197,519
Ingredion, Inc.		1,834		139,677
Intel Corp.		57,070		2,513,363
Intercontinental Exchange, Inc.		16,675		1,370,852
International Flavors & Fragrances, Inc.#		4,707		637,422
International Paper Co.		7,172		297,423
Interpublic Group of Cos., Inc.		10,654		226,078
Intuit, Inc.		3,458		846,691
IPG Photonics Corp.†		449		56,201
IQVIA Holdings, Inc.†		2,810		381,738
Iron Mountain, Inc.		4,511		138,262
J.M. Smucker Co.		1,985		241,297
JB Hunt Transport Services, Inc.		3,516		299,352
Jones Lang LaSalle, Inc.		2,807		349,331
Juniper Networks, Inc.		7,205		177,315
Kansas City Southern		2,001		226,673
KeyCorp		16,491		263,361
Kimberly-Clark Corp.		15,783		2,018,488
Kinder Morgan, Inc.		22,465		448,177

Security Description	Shares		Value (Note 2)
United States (continued)
KLA-Tencor Corp.		417	$	42,980
Kohl’s Corp.		3,164		156,048
Kraft Heinz Co.		7,293		201,651
Kroger Co.		19,449		443,632
L Brands, Inc.		4,771		107,157
Laboratory Corp. of America Holdings†		3,264		530,759
Lam Research Corp.		2,596		453,288
Lear Corp.		2,301		273,888
Liberty Media Corp. - Liberty SiriusXM, Series C†		5,871		212,178
Lincoln National Corp.		4,705		279,712
LKQ Corp.†		10,988		281,842
Loews Corp.		5,566		285,870
Lowe’s Cos., Inc.		9,390		875,899
M&T Bank Corp.		3,811		608,236
Macerich Co.		2,125		77,201
Marathon Oil Corp.		50,149		659,459
Markel Corp.†		439		464,844
Marsh & McLennan Cos., Inc.		7,787		744,437
Martin Marietta Materials, Inc.		905		190,503
Masco Corp.		5,856		204,492
Mastercard, Inc., Class A		14,855		3,735,884
McCormick & Co., Inc.		2,150		335,486
MercadoLibre, Inc.†		575		328,049
Microchip Technology, Inc.#		1,466		117,324
Micron Technology, Inc.†		15,142		493,781
Microsoft Corp.		91,520		11,319,194
Mid-America Apartment Communities, Inc.		1,694		193,421
Monster Beverage Corp.†		6,084		376,356
Mosaic Co.		6,964		149,517
Motorola Solutions, Inc.		952		142,752
MSCI, Inc.		2,388		525,384
Nasdaq, Inc.		6,716		608,738
National Oilwell Varco, Inc.		13,658		284,769
NetApp, Inc.		3,588		212,410
Netflix, Inc.†		5,011		1,720,176
Newell Brands, Inc.		7,862		105,508
NiSource, Inc.		13,830		385,165
Noble Energy, Inc.		12,199		261,059
Norfolk Southern Corp.		4,381		854,908
Northern Trust Corp.		5,252		449,151
Nucor Corp.		9,846		472,608
NVIDIA Corp.		5,928		803,007
O’Reilly Automotive, Inc.†		1,151		427,447
Occidental Petroleum Corp.		6,941		345,454
OGE Energy Corp.		6,618		275,044
Omnicom Group, Inc.#		11,877		918,805
ONEOK, Inc.		7,889		501,898
PACCAR, Inc.		4,720		310,670
Parker-Hannifin Corp.		4,152		632,433
Parsley Energy, Inc., Class A†		2,061		36,748
Paychex, Inc.		9,280		796,131
PayPal Holdings, Inc.†		14,841		1,628,800
People’s United Financial, Inc.		22,008		338,263
PepsiCo, Inc.		28,141		3,602,048
Pioneer Natural Resources Co.		1,932		274,267
Plains GP Holdings LP, Class A		3,826		86,162
PNC Financial Services Group, Inc.		10,505		1,336,866
PPL Corp.		31,005		922,709
Principal Financial Group, Inc.		9,465		488,110
Procter & Gamble Co.		38,851		3,998,156
Progressive Corp.		10,826		858,285
Prologis, Inc.		6,021		443,567
Prudential Financial, Inc.		8,857		818,210
Public Storage		1,999		475,522
QUALCOMM, Inc.		16,331		1,091,237

69

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Quest Diagnostics, Inc.		6,487	$	622,168
Qurate Retail, Inc.†		15,276		191,408
Raymond James Financial, Inc.		5,302		437,839
Red Hat, Inc.†		2,356		434,211
Regeneron Pharmaceuticals, Inc.†		1,040		313,789
Regions Financial Corp.		21,191		293,072
Republic Services, Inc.		6,786		574,028
ResMed, Inc.		2,871		327,639
Robert Half International, Inc.		478		25,649
Rockwell Automation, Inc.		4,117		612,815
Roper Technologies, Inc.		4,838		1,663,885
Ross Stores, Inc.		6,969		648,047
S&P Global, Inc.		4,248		908,562
salesforce.com, Inc.†		8,590		1,300,612
SBA Communications Corp.†		5,672		1,227,478
Sealed Air Corp.		3,953		165,631
Seattle Genetics, Inc.†#		1,644		106,975
SEI Investments Co.		4,295		215,824
ServiceNow, Inc.†		1,324		346,795
Simon Property Group, Inc.		3,310		536,518
Snap-on, Inc.		2,120		330,550
Southwest Airlines Co.		4,588		218,389
Square, Inc., Class A†		2,156		133,564
Stanley Black & Decker, Inc.		3,498		445,016
Starbucks Corp.		23,035		1,752,042
Stryker Corp.		4,534		830,810
SunTrust Banks, Inc.		10,302		618,223
SVB Financial Group†		1,283		258,396
Synchrony Financial		10,798		363,137
T. Rowe Price Group, Inc.		6,856		693,416
Take-Two Interactive Software, Inc.†		576		62,294
Tapestry, Inc.		5,861		167,390
Targa Resources Corp.		5,071		195,031
TD Ameritrade Holding Corp.		8,363		416,059
Texas Instruments, Inc.		11,801		1,230,962
Thermo Fisher Scientific, Inc.		8,190		2,186,566
Tiffany & Co.#		3,930		350,202
TJX Cos., Inc.		26,650		1,340,228
Torchmark Corp.		7,853		671,510
Total System Services, Inc.		1,713		211,607
Tractor Supply Co.		1,874		188,862
TransDigm Group, Inc.†		831		366,429
Travelers Cos., Inc.		9,938		1,446,675
TripAdvisor, Inc.†		2,793		118,060
Twitter, Inc.†		7,166		261,129
UGI Corp.		5,791		298,874
Ulta Beauty, Inc.†		1,451		483,734
United Parcel Service, Inc., Class B		13,351		1,240,575
United Rentals, Inc.†		2,725		300,023
United Therapeutics Corp.†		1,305		109,581
US Bancorp		30,198		1,515,940
Vail Resorts, Inc.		1,362		292,980
Valero Energy Corp.		4,416		310,886
Varian Medical Systems, Inc.†		3,147		397,340
Veeva Systems, Inc., Class A†		1,246		192,245
Ventas, Inc.		5,335		343,040
VeriSign, Inc.†		2,698		526,056
Verisk Analytics, Inc.		4,082		571,480
Vertex Pharmaceuticals, Inc.†		4,672		776,393
Viacom, Inc., Class B		7,902		229,395
Visa, Inc., Class A#		27,304		4,404,954
Vornado Realty Trust		3,640		241,077
Voya Financial, Inc.		7,253		369,395
Vulcan Materials Co.		2,163		270,180

Security Description	Shares/ Principal Amount			Value (Note 2)
United States (continued)
Walgreens Boots Alliance, Inc.		10,661		$	526,014
Walt Disney Co.		21,553			2,845,858
Waters Corp.†		1,325			265,941
WEC Energy Group, Inc.		6,906			556,278
Welltower, Inc.		4,073			330,809
Western Digital Corp.		3,913			145,642
Western Union Co.#		11,620			225,428
WestRock Co.		4,699			153,187
Weyerhaeuser Co.		7,956			181,397
Whirlpool Corp.		1,088			124,989
Workday, Inc., Class A†		1,287			262,702
Worldpay, Inc., Class A†		3,592			436,931
WR Berkley Corp.		2,658			165,328
WW Grainger, Inc.		518			135,555
Xerox Corp.		5,582			170,865
Yum! Brands, Inc.		5,094			521,371
Zoetis, Inc.		6,582			665,111
					207,663,690
Total Common Stocks
(cost $282,098,351)					358,205,976
RIGHTS — 0.0%
Marks & Spencer Group PLC† Expires 06/12/2019 (cost $0)		8,339			4,112
Total Long-Term Investment Securities
(cost $282,098,351)					358,210,088
SHORT-TERM INVESTMENT SECURITIES — 0.1%
U.S. Government Treasuries — 0.1%
United States Treasury Bills
2.38% due 06/13/2019(2)	$	100,000			99,937
2.42% due 06/13/2019(2)		200,000			199,874
2.42% due 07/18/2019(2)		50,000			49,857
Total Short-Term Investment Securities
(cost $349,604)					349,668
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $2,699,112 collateralized by $2,755,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $2,757,317. (cost $2,699,000)		2,699,000			2,699,000
TOTAL INVESTMENTS
(cost $285,146,955)(3)		99.3	%		361,258,756
Other assets less liabilities		0.7			2,558,898
NET ASSETS		100.0	%	$	363,817,654

@ See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $1,025,475 representing 0.3% of net assets.

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

At May 31, 2019, the Fund had loaned securities with a total value of $7,715,497. This was secured by collateral of $7,967,976 received in the form of fixed income pooled

70

VALIC Company I Global Social Awareness Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	10/01/2047 to 12/01/2047	$	565,951
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		30,713
United States Treasury Bills	0.00%	08/08/2019 to 10/03/2019		266,817
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		7,104,495

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

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

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

ADR—American Depositary Receipt

FDR—Fiduciary Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	43	Long	S&P 500 E-Mini Index		June 2019	$	6,063,307	$	5,918,090	$	(145,217	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	—	$	8,963,057	**	$	0	$	8,963,057
Portugal		—		847,490	**		0		847,490
Other Countries		231,263,879		117,131,550	**				348,395,429
Rights		4,112		—			—		4,112
Short-Term Investment Securities		—		349,668			—		349,668
Repurchase Agreements		—		2,699,000			—		2,699,000
Total Investments at Value	$	231,267,991	$	129,990,765		$	0	$	361,258,756
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	145,217	$	—		$	—	$	145,217

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

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

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

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

See Notes to Financial Statements

71

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Sovereign	24.3	%
U.S. Government Agencies	6.3
Oil Companies — Integrated	6.2
Medical — Drugs	6.1
U.S. Government Treasuries	5.5
Diversified Banking Institutions	4.0
Banks — Commercial	2.9
Telephone — Integrated	2.3
Cellular Telecom	2.0
Telecom Services	1.7
Food — Retail	1.6
Semiconductor Components — Integrated Circuits	1.5
Medical — Biomedical/Gene	1.5
Banks — Super Regional	1.4
Foreign Government Obligations	1.4
Registered Investment Companies	1.3
Water	1.3
Electronic Components — Semiconductors	1.2
Enterprise Software/Service	1.2
Cable/Satellite TV	1.1
Diversified Operations	1.1
Electric — Generation	1.1
Finance — Credit Card	1.0
Building Products — Cement	1.0
Real Estate Operations & Development	0.9
Diversified Manufacturing Operations	0.9
Transport — Services	0.9
Brewery	0.9
Energy — Alternate Sources	0.9
Aerospace/Defense	0.8
Diversified Financial Services	0.8
Agricultural Chemicals	0.8
Central Bank	0.7
Precious Metals	0.7
Retail — Drug Store	0.6
Retail — Building Products	0.6
Web Portals/ISP	0.6
Building & Construction Products — Misc.	0.6
Food — Misc./Diversified	0.6
Chemicals — Diversified	0.6
Steel Pipe & Tube	0.6
Audio/Video Products	0.5
Rubber — Tires	0.5
Medical — Generic Drugs	0.5
Apparel Manufacturers	0.5
Dialysis Centers	0.4
Telecommunication Equipment	0.4
Oil Companies — Exploration & Production	0.4
Satellite Telecom	0.3
Insurance — Multi-line	0.3
Beverages — Non-alcoholic	0.2
Aerospace/Defense — Equipment	0.2
Medical Instruments	0.1
	95.8	%

Country Allocation*

United States	27.3	%
South Korea	7.3
United Kingdom	7.1
Mexico	6.2
France	6.1
Japan	5.3
Germany	5.0
Brazil	4.6
India	4.0
Indonesia	3.5
Ireland	2.5
Netherlands	2.2
Switzerland	1.9
Cayman Islands	1.7
Argentina	1.5
Canada	1.1
Italy	1.0
Luxembourg	0.9
China	0.9
Denmark	0.9
Singapore	0.8
Hong Kong	0.8
Norway	0.8
Ghana	0.7
Taiwan	0.6
Colombia	0.6
Israel	0.5
	95.8	%

* Calculated as a percentage of net assets

72

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 56.3%
Canada — 1.1%
Husky Energy, Inc.		154,000	$	1,445,886
Wheaton Precious Metals Corp.		100,300		2,218,088
				3,663,974
Cayman Islands — 1.7%
Baidu, Inc. ADR†		17,920		1,971,200
CK Hutchison Holdings, Ltd.		367,000		3,460,687
				5,431,887
China — 0.9%
China Telecom Corp., Ltd.		5,952,000		2,987,125
Denmark — 0.9%
Vestas Wind Systems A/S		33,967		2,758,177
France — 6.1%
AXA SA		38,455		945,914
BNP Paribas SA#		88,340		4,026,371
Cie de Saint-Gobain		54,289		1,968,908
Cie Generale des Etablissements Michelin SCA		14,571		1,666,643
Sanofi		42,471		3,429,922
TOTAL SA		65,788		3,403,040
Veolia Environnement SA		180,368		4,184,401
				19,625,199
Germany — 5.0%
Bayer AG		40,433		2,384,875
Deutsche Telekom AG		223,725		3,776,168
E.ON SE		330,003		3,446,622
Fresenius Medical Care AG & Co. KGaA		20,285		1,480,224
Merck KGaA		23,620		2,281,247
Siemens AG ADR		51,643		2,931,257
				16,300,393
Hong Kong — 0.8%
China Mobile, Ltd.		286,500		2,501,117
Ireland — 2.5%
Allergan PLC		26,065		3,177,584
Bank of Ireland Group PLC		334,174		1,780,642
CRH PLC		100,412		3,141,343
				8,099,569
Israel — 0.5%
Teva Pharmaceutical Industries, Ltd. ADR†		170,770		1,477,161
Italy — 1.0%
Eni SpA		204,179		3,080,235
Japan — 5.3%
IHI Corp.		29,900		665,346
Kirin Holdings Co., Ltd.		130,800		2,837,005
Mitsui Fudosan Co., Ltd.		122,600		2,963,129
Panasonic Corp.		211,300		1,673,042
Seven & i Holdings Co., Ltd.		81,100		2,730,466
Sumitomo Mitsui Financial Group, Inc.		86,700		3,014,385
Suntory Beverage & Food, Ltd.		18,400		764,095
Takeda Pharmaceutical Co., Ltd.		74,633		2,515,945
				17,163,413
Luxembourg — 0.9%
SES SA FDR		75,308		1,138,412
Tenaris SA		162,457		1,902,704
				3,041,116
Netherlands — 2.2%
ING Groep NV		306,556		3,309,433
LyondellBasell Industries NV, Class A		11,300		839,025

Security Description	Shares/ Principal Amount(4)		Value (Note 2)
Netherlands (continued)
NXP Semiconductors NV		32,100	$	2,829,936
				6,978,394
Norway — 0.8%
Yara International ASA		57,111		2,450,598
Singapore — 0.8%
Singapore Telecommunications, Ltd.		1,145,700		2,668,444
South Korea — 2.0%
Hana Financial Group, Inc.		40,192		1,222,177
KB Financial Group, Inc. ADR		38,428		1,418,762
Samsung Electronics Co., Ltd.		112,178		3,982,032
				6,622,971
Switzerland — 1.9%
Alcon, Inc.†		4,576		266,128
Novartis AG		22,880		1,965,002
Roche Holding AG		15,408		4,043,387
				6,274,517
Taiwan — 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		283,914		2,102,922
United Kingdom — 7.1%
BAE Systems PLC		479,412		2,746,216
BP PLC		627,486		4,255,674
HSBC Holdings PLC		217,983		1,778,657
Kingfisher PLC		733,961		1,980,365
Royal Dutch Shell PLC, Class B		126,974		3,959,208
Standard Chartered PLC		504,036		4,384,922
Vodafone Group PLC ADR		238,647		3,868,468
				22,973,510
United States — 14.2%
Amgen, Inc.		10,590		1,765,353
Apache Corp.		50,560		1,318,099
Capital One Financial Corp.		38,320		3,290,538
Citigroup, Inc.		67,730		4,209,419
Comcast Corp., Class A		85,630		3,510,830
CommScope Holding Co., Inc.†		88,000		1,421,200
Eastman Chemical Co.		17,040		1,106,237
Exxon Mobil Corp.		56,100		3,970,197
Gilead Sciences, Inc.		44,450		2,767,013
Kellogg Co.		37,100		1,949,976
Kroger Co.		101,800		2,322,058
Oracle Corp.		76,660		3,878,996
Tapestry, Inc.		50,600		1,445,136
United Parcel Service, Inc., Class B		31,200		2,899,104
Verizon Communications, Inc.		64,800		3,521,880
Walgreens Boots Alliance, Inc.		41,700		2,057,478
Wells Fargo & Co.		104,700		4,645,539
				46,079,053
Total Common Stocks
(cost $199,781,934)				182,279,775
FOREIGN GOVERNMENT OBLIGATIONS — 25.1%
Argentina — 1.3%
Republic of Argentina Bonds 4.00% due 03/06/2020(1)	ARS	5,000		156
Republic of Argentina Notes 4.50% due 02/13/2020		439,000		378,638

73

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Argentina (continued)
Republic of Argentina Bonds 15.50% due 10/17/2026	ARS	79,847,000	$	1,105,782
Republic of Argentina Bonds 16.00% due 10/17/2023	ARS	43,574,000		610,746
Republic of Argentina Notes 18.20% due 10/03/2021	ARS	40,723,000		566,237
Republic of Argentina Bills 47.44% due 04/30/2020	ARS	530,000		12,372
Republic of Argentina Bills 47.68% due 07/31/2020	ARS	1,857,000		37,702
Republic of Argentina Bills 48.62% due 02/28/2020	ARS	133,000		2,748
Republic of Argentina Bills 49.96% due 10/31/2019	ARS	15,508,000		419,141
Republic of Argentina Bills 50.52% due 09/30/2019	ARS	28,423,900		811,715
Republic of Argentina Bills 51.89% due 04/30/2020	ARS	8,069,000		188,345
Republic of Argentina Bills 70.28% due 07/31/2020	ARS	504,000		10,233
Republic of Argentina Bills 71.04% due 07/31/2020	ARS	705,000		14,313
Republic of Argentina Bills 71.17% due 07/31/2020	ARS	252,000		5,116
Republic of Argentina FRS Bonds BADLARPP+2.00% 52.51% due 04/03/2022	ARS	2,800,000		58,790
Republic of Argentina FRS Bonds ARLLMONP+0.00% 68.48% due 06/21/2020	ARS	10,000		254
				4,222,288
Brazil — 4.6%
Federative Republic of Brazil Bills zero coupon due 07/01/2020	BRL	1,650,000		393,685
Federative Republic of Brazil Bills zero coupon due 07/01/2021	BRL	10,680,000		2,371,919
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2021	BRL	3,660,000		1,016,976
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2023	BRL	11,195,000		3,180,616
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2025	BRL	15,050,000		4,315,190

Security Description	Principal Amount(4)		Value (Note 2)
Brazil (continued)
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2027	BRL	12,430,000	$	3,578,368
				14,856,754
Colombia — 0.6%
Republic of Colombia Senior Notes 4.38% due 03/21/2023	COP	64,000,000		18,230
Republic of Colombia Bonds 6.00% due 04/28/2028	COP	2,472,300,000		711,375
Republic of Colombia Bonds 7.50% due 08/26/2026	COP	2,400,700,000		764,518
Republic of Colombia Senior Notes 7.75% due 04/14/2021	COP	329,000,000		101,444
Republic of Colombia Bonds 10.00% due 07/24/2024	COP	1,269,000,000		445,840
				2,041,407
Ghana — 0.7%
Republic of Ghana Bonds 18.75% due 01/24/2022	GHS	1,400,000		258,261
Republic of Ghana Bonds 19.00% due 11/02/2026	GHS	4,210,000		748,658
Republic of Ghana Bonds 19.75% due 03/25/2024	GHS	1,400,000		259,995
Republic of Ghana Bonds 19.75% due 03/15/2032	GHS	4,210,000		771,037
Republic of Ghana Bonds 21.50% due 03/09/2020	GHS	50,000		9,551
Republic of Ghana Bonds 24.50% due 06/21/2021	GHS	50,000		10,159
Republic of Ghana Bonds 24.75% due 03/01/2021	GHS	50,000		10,085
Republic of Ghana Bonds 24.75% due 07/19/2021	GHS	50,000		10,151
				2,077,897
India — 4.0%
Republic of India Senior Notes 6.79% due 05/15/2027	INR	380,000,000		5,321,758
Republic of India Senior Notes 6.84% due 12/19/2022	INR	40,000,000		576,830
Republic of India Senior Notes 7.16% due 05/20/2023	INR	150,000,000		2,177,318
Republic of India Senior Notes 7.68% due 12/15/2023	INR	128,000,000		1,889,018

74

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
India (continued)
Republic of India Senior Notes 8.08% due 08/02/2022	INR	142,000,000	$	2,102,760
Republic of India Senior Notes 8.20% due 02/15/2022	INR	60,000,000		894,431
				12,962,115
Indonesia — 3.5%
Republic of Indonesia Senior Notes 5.63% due 05/15/2023	IDR	87,000,000		5,726
Republic of Indonesia Senior Notes 7.00% due 05/15/2022	IDR	294,000,000		20,444
Republic of Indonesia Senior Notes 8.25% due 07/15/2021	IDR	4,525,000,000		323,320
Republic of Indonesia Senior Notes 8.38% due 03/15/2024	IDR	85,869,000,000		6,196,229
Republic of Indonesia Senior Notes 9.00% due 03/15/2029	IDR	2,285,000,000		170,366
Republic of Indonesia Senior Bonds 10.25% due 07/15/2022	IDR	116,000,000		8,734
Republic of Indonesia Senior Notes 10.50% due 08/15/2030	IDR	260,000,000		21,288
Republic of Indonesia Senior Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		986,437
Republic of Indonesia Senior Bonds 11.50% due 09/15/2019	IDR	29,607,000,000		2,109,606
Republic of Indonesia Senior Bonds 12.80% due 06/15/2021	IDR	7,078,000,000		549,129
Republic of Indonesia Senior Bonds 12.90% due 06/15/2022	IDR	10,859,000,000		868,726
				11,260,005
Mexico — 5.5%
United Mexican States Bonds 2.50% due 12/10/2020(1)	MXN	2,621,900		131,082
United Mexican States Bonds 4.00% due 06/13/2019(1)	MXN	3,362,054		170,981
United Mexican States Senior Notes 5.00% due 12/11/2019	MXN	162,280,000		8,137,785
United Mexican States Bonds 6.50% due 06/10/2021	MXN	20,960,000		1,040,816
United Mexican States Bonds 6.50% due 06/09/2022	MXN	59,150,000		2,907,227
United Mexican States Senior Notes 7.25% due 12/09/2021	MXN	76,290,000		3,834,673

Security Description	Principal Amount(4)		Value (Note 2)
Mexico (continued)
United Mexican States Bonds 8.00% due 06/11/2020	MXN	17,060,000	$	870,220
United Mexican States Senior Bonds 8.00% due 12/07/2023	MXN	8,520,000		437,465
United Mexican States Bonds 10.00% due 12/05/2024	MXN	6,840,000		382,065
				17,912,314
South Korea — 4.9%
Republic of South Korea Senior Notes 1.25% due 12/10/2019	KRW	2,127,000,000		1,782,400
Republic of South Korea Senior Notes 1.38% due 09/10/2021	KRW	1,207,700,000		1,008,677
Republic of South Korea Senior Notes 1.50% due 06/10/2019	KRW	3,790,000,000		3,182,562
Republic of South Korea Senior Notes 1.75% due 06/10/2020	KRW	98,000,000		82,409
Republic of South Korea Senior Notes 1.88% due 03/10/2022	KRW	257,000,000		217,182
Republic of South Korea Senior Notes 2.00% due 03/10/2021	KRW	7,844,590,000		6,630,286
Republic of South Korea Senior Notes 2.05% due 10/05/2020	KRW	400,000,000		337,679
Republic of South Korea Senior Notes 2.06% due 12/02/2019	KRW	768,000,000		646,115
Republic of South Korea Senior Notes 2.14% due 06/02/2020	KRW	191,000,000		161,174
Republic of South Korea Senior Notes 2.16% due 02/02/2020	KRW	98,000,000		82,556
Republic of South Korea Senior Bonds 3.00% due 09/10/2024	KRW	579,100,000		518,906
Republic of South Korea Senior Notes 4.25% due 06/10/2021	KRW	1,400,000,000		1,236,965
				15,886,911
Total Foreign Government Obligations
(cost $91,692,224)				81,219,691
Total Long-Term Investment Securities
(cost $291,474,158)				263,499,466
SHORT-TERM INVESTMENT SECURITIES — 14.4%
Foreign Government Obligations — 1.3%
Republic of Argentina
54.04% due 06/28/2019	ARS	1,252,000		33,252
54.76% due 07/31/2019	ARS	2,662,000		62,918
55.63% due 07/31/2019	ARS	3,022,300		71,434
57.97% due 06/28/2019	ARS	1,218,680		32,366
59.03% due 06/28/2019	ARS	2,754,665		73,159
60.10% due 07/19/2019	ARS	4,029,600		93,563
61.00% due 07/19/2019	ARS	7,270,600		168,816
				535,508

75

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(4)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Obligations (continued)
Republic of South Korea
1.80% due 09/09/2019	KRW	768,000,000		$	645,035
1.87% due 11/09/2019	KRW	590,000,000			495,895
					1,140,930
United Mexican States
8.16% due 04/02/2020	MXN	251,978,000			1,202,037
8.25% due 01/02/2020	MXN	7,141,800			347,431
8.28% due 01/02/2020	MXN	4,276,300			208,031
8.35% due 01/02/2020	MXN	4,276,300			208,031
8.46% due 01/02/2020	MXN	8,766,400			426,464
					2,391,994
					4,068,432
Registered Investment Companies — 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3)		4,185,805			4,185,805
U.S. Government Agencies — 6.3%
Federal Home Loan Bank Disc. Notes 2.28% due 06/03/2019		20,485,000			20,485,000
U.S. Government Treasuries — 5.5%
United States Treasury Bills Disc. Notes
2.31% due 09/05/2019		9,040,000			8,985,384
2.33% due 11/29/2019		9,040,000			8,937,011
					17,922,395
Total Short-Term Investment Securities
(cost $48,562,876)					46,661,632
TOTAL INVESTMENTS
(cost $340,037,034)(5)		95.8	%		310,161,098
Other assets less liabilities		4.2			13,541,165
NET ASSETS		100.0	%	$	323,702,263

† Non-income producing security

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

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

(2) The rate shown is the 7-day yield as of May 31, 2019.

(3) At May 31, 2019, the Fund had loaned securities with a total value of $4,033,547. This was secured by collateral of $4,185,805, which was received in cash and subsequently invested in short-term investments currently valued at $4,185,805 as reported in the Portfolio of Investments. Additional collateral of $85,389 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s asset and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Notes/Bonds	0.13% to 3.75%	10/31/2019 to 11/15/2048	$	85,389

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

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

ADR—American Depositary Receipt

FDR—Fiduciary Depositary Receipt

ARS—Argentine Peso

BRL—Brazilian Real

COP—Columbian Peso

GHS—Ghanaian Cedi

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2019 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	$	–	$	(596,122	)
USD	11,200	03/08/2047	3 Months USD - LIBOR/Quarterly	2.70%/Semi - annually		–		(933,574	)
USD	1,012	02/20/2048	3 Months USD - LIBOR/Quarterly	2.98%/Semi - annually		–		(148,233	)
USD	1,012	02/22/2048	3 Months USD - LIBOR/Quarterly	3.00%/Semi - annually		–		(153,146	)
USD	1,012	02/23/2048	3 Months USD - LIBOR/Quarterly	3.02%/Semi - annually		–		(156,876	)
							$	(1,987,951	)

USD—United States Dollar

LIBOR—London Interbank Offered rate

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

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	1,245,071		06/04/2019	$	32,910	$	–
		EUR	117,110		USD	133,686		06/07/2019		2,824		–
		EUR	605,539		USD	689,745		06/18/2019		12,472		–
		EUR	117,036		USD	133,260		10/08/2019		1,174		–
		EUR	584,552		USD	671,884		10/16/2019		11,756		–
		EUR	2,236,820		USD	2,531,074		10/29/2019		2,542		–
		EUR	2,236,820		USD	2,529,239		10/31/2019		321		–
		EUR	1,211,078		USD	1,374,404		11/20/2019		3,074		–
		EUR	1,085,049		USD	1,229,116		12/04/2019		–		(830	)
		USD	1,211,240		EUR	1,085,049		06/04/2019		922		–
										67,995		(830	)
Barclays Bank PLC		EUR	94,051		USD	105,640		07/31/2019		69		–
		EUR	47,026		USD	53,957		09/30/2019		916		–
		EUR	183,000		USD	209,551		10/11/2019		2,970		–
		EUR	47,026		USD	53,172		11/29/2019		–		(113	)
		JPY	40,123,600		USD	363,580		06/13/2019		–		(6,940	)
		USD	365,358		JPY	40,123,600		06/13/2019		5,162		–
										9,117		(7,053	)
BNP Paribas SA		EUR	118,000		USD	133,415		11/29/2019		–		(291	)
		INR	26,630,700		USD	370,105		06/06/2019		–		(11,937	)
		INR	7,430,000		USD	104,011		06/12/2019		–		(2,511	)
		INR	26,410,300		USD	377,131		07/05/2019		–		(570	)
		INR	26,630,700		USD	376,390		09/06/2019		–		(1,908	)
		USD	380,983		INR	26,630,700		06/06/2019		1,059		–
										1,059		(17,217	)
Citibank N.A.		EUR	1,149,526		BRL	5,260,000		10/02/2019		30,084		–
		EUR	89,576		USD	102,423		10/15/2019		1,274		–
		EUR	1,104,900		USD	1,251,078		11/04/2019		1,510		–
		EUR	1,906,904		USD	2,179,401		11/15/2019		20,999		–
		INR	38,714,000		USD	546,152		06/18/2019		–		(8,519	)
		INR	50,739,000		USD	718,433		07/15/2019		–		(6,422	)
		JPY	9,976,666		USD	90,244		07/16/2019		–		(2,131	)
		JPY	38,770,000		USD	348,651		07/18/2019		–		(10,378	)
		JPY	280,651,280		USD	2,528,310		07/31/2019		–		(73,227	)
		KRW	1,049,895,196		USD	883,527		07/29/2019		152		–
		KRW	1,245,000,000		USD	1,049,084		08/21/2019		692		–
		KRW	889,209,609		USD	793,264		08/26/2019		44,346		–
		KRW	1,049,895,195		USD	884,331		08/28/2019		16		–
		KRW	524,000,000		USD	465,583		09/20/2019		23,824		–
		KRW	538,612,000		USD	474,130		10/17/2019		19,547		–
		KRW	1,051,000,000		USD	899,521		11/15/2019		11,424		–
		USD	91,510		JPY	9,976,666		07/16/2019		865		–
		USD	352,660		JPY	38,770,000		07/18/2019		6,370		–
		USD	2,555,408		JPY	280,651,280		07/31/2019		46,129		–
										207,232		(100,677	)
Deutsche Bank AG		EUR	595,000		USD	678,104		06/07/2019		13,236		–
		EUR	3,247,000		USD	3,697,888		06/18/2019		66,240		–
		EUR	68,878		USD	78,453		07/23/2019		1,189		–
		EUR	595,000		USD	677,556		10/08/2019		6,041		–
		EUR	540,927		USD	618,361		10/15/2019		7,545		–
		EUR	133,000		USD	151,833		10/24/2019		1,545		–
		EUR	68,877		USD	78,407		10/25/2019		571		–
		EUR	2,905,954		USD	3,289,540		10/30/2019		4,359		–
		EUR	2,907,096		USD	3,287,271		11/29/2019		–		(6,773	)
		JPY	265,895,000		USD	2,390,282		07/17/2019		–		(71,853	)
		JPY	21,605,000		USD	194,659		07/31/2019		–		(5,612	)
		KRW	920,000,000		USD	827,636		06/10/2019		54,955		–
		KRW	920,000,000		USD	777,355		08/16/2019		2,776		–
		KRW	2,075,000,000		USD	1,755,499		11/29/2019		1,105		–
		USD	2,439,632		JPY	265,895,000		07/17/2019		22,503		–
		USD	198,220		JPY	21,605,000		07/31/2019		2,050		–
										184,115		(84,238	)
Goldman Sachs International		EUR	161,487		USD	186,222		09/23/2019		4,177		–
		EUR	161,526		USD	185,327		10/23/2019		2,820		–
		EUR	79,216		USD	89,641		10/29/2019		94		–
		EUR	484,500		USD	549,593		11/20/2019		983		–
		EUR	161,487		USD	183,150		11/21/2019		281		–

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		EUR	236,784		USD	267,868		11/29/2019	$	–	$	(433	)
		JPY	15,149,654		USD	136,177		07/17/2019		–		(4,106	)
		USD	138,981		JPY	15,149,654		07/17/2019		1,302		–
										9,657		(4,539	)
HSBC Bank PLC		EUR	517,579		USD	592,623		10/11/2019		8,350		–
		EUR	235,000		USD	268,015		11/14/2019		2,042		–
		INR	22,443,000		USD	311,557		06/06/2019		–		(10,409	)
		INR	47,930,704		USD	668,606		06/11/2019		–		(18,634	)
		INR	24,050,542		USD	339,242		06/14/2019		–		(5,489	)
		INR	47,978,000		USD	678,374		06/17/2019		–		(9,101	)
		INR	22,542,000		USD	323,415		07/05/2019		1,035		–
		INR	76,106,862		USD	1,080,050		07/11/2019		–		(7,676	)
		INR	62,448,000		USD	868,277		07/22/2019		–		(23,184	)
		INR	22,443,000		USD	318,137		09/06/2019		–		(672	)
		INR	47,930,704		USD	677,993		09/11/2019		–		(2,517	)
		JPY	55,600,000		USD	500,001		07/18/2019		–		(14,883	)
		KRW	780,129,587		USD	689,428		07/19/2019		33,273		–
		KRW	250,870,413		USD	225,056		07/24/2019		14,014		–
		KRW	3,737,958,907		USD	3,258,048		07/30/2019		112,840		–
		KRW	3,173,000,000		USD	2,839,882		08/19/2019		168,144		–
		KRW	1,485,000,000		USD	1,315,964		09/20/2019		64,033		–
		KRW	323,600,000		USD	287,389		10/17/2019		14,274		–
		USD	322,087		INR	22,443,000		06/06/2019		–		(121	)
		USD	686,293		INR	47,930,704		06/11/2019		947		–
		USD	505,950		JPY	55,600,000		07/18/2019		8,934		–
										427,886		(92,686	)
JPMorgan Chase Bank N.A		AUD	2,220,750		USD	1,588,813		07/15/2019		46,376		–
		AUD	1,019,000		USD	731,326		10/11/2019		21,839		–
		AUD	2,220,750		USD	1,591,756		10/15/2019		45,383		–
		AUD	2,964,500		USD	2,140,562		10/23/2019		75,872		–
		AUD	1,740,000		USD	1,225,047		10/29/2019		13,001		–
		AUD	1,019,000		USD	714,090		11/13/2019		4,004		–
		AUD	2,403,500		USD	1,683,772		11/15/2019		8,818		–
		AUD	2,964,500		USD	2,058,875		11/22/2019		–		(7,400	)
		EUR	2,120,000		USD	2,431,167		06/05/2019		62,616		–
		EUR	84,559		USD	95,788		08/13/2019		771		–
		EUR	1,928,163		USD	2,168,326		08/21/2019		301		–
		EUR	145,167		USD	164,832		09/25/2019		1,160		–
		EUR	197,305		USD	225,975		10/11/2019		3,246		–
		EUR	74,000		USD	84,934		10/23/2019		1,321		–
		EUR	686,000		USD	776,058		10/29/2019		594		–
		EUR	126,839		USD	144,037		11/08/2019		547		–
		EUR	243,819		USD	276,863		11/20/2019		781		–
		EUR	1,928,163		USD	2,184,397		11/21/2019		928		–
		INR	96,228,200		USD	1,338,846		06/06/2019		–		(41,636	)
		INR	33,945,000		USD	481,934		06/19/2019		–		(4,358	)
		INR	29,163,000		USD	418,498		06/20/2019		757		–
		INR	33,944,000		USD	478,691		07/22/2019		–		(5,868	)
		INR	33,830,000		USD	474,884		08/20/2019		–		(6,554	)
		INR	96,228,200		USD	1,362,803		09/03/2019		–		(4,585	)
		JPY	116,200,000		USD	1,053,543		06/04/2019		–		(18,759	)
		JPY	155,250,000		USD	1,398,888		06/10/2019		–		(34,417	)
		JPY	116,480,000		USD	1,056,147		06/13/2019		–		(19,484	)
		JPY	27,300,000		USD	246,331		06/18/2019		–		(5,875	)
		JPY	56,320,000		USD	509,674		07/16/2019		–		(11,799	)
		JPY	152,440,000		USD	1,371,014		07/18/2019		–		(40,658	)
		JPY	268,161,720		USD	2,411,888		07/19/2019		–		(71,613	)
		JPY	112,000,000		USD	1,008,028		07/25/2019		–		(29,699	)
		USD	1,043,962		JPY	116,200,000		06/04/2019		28,340		–
		USD	1,378,865		INR	96,228,200		06/06/2019		1,617		–
		USD	1,412,747		JPY	155,250,000		06/10/2019		20,559		–
		USD	1,060,189		JPY	116,480,000		06/13/2019		15,442		–
		USD	249,856		JPY	27,300,000		06/18/2019		2,350		–
		USD	516,820		JPY	56,320,000		07/16/2019		4,653		–
		USD	1,385,597		JPY	152,440,000		07/18/2019		26,074		–
		USD	2,437,631		JPY	268,161,720		07/19/2019		45,870		–
		USD	1,018,563		JPY	112,000,000		07/25/2019		19,164		–
										452,384		(302,705	)

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley and Co., Inc.		EUR	138,000		USD	156,081		11/29/2019	$	–	$	(288	)
Standard Chartered Bank		EUR	3,642,368		USD	4,183,405		06/05/2019		114,001		–
		EUR	1,019,570		USD	1,164,482		09/30/2019		14,501		–
		EUR	1,210,000		USD	1,389,794		10/17/2019		23,250		–
		EUR	999,742		USD	1,131,309		10/29/2019		1,187		–
		INR	55,008,000		USD	765,063		06/03/2019		–		(24,247	)
		INR	114,436,600		USD	1,593,863		06/06/2019		–		(47,835	)
		INR	45,804,000		USD	642,444		08/28/2019		–		(8,840	)
		INR	55,008,000		USD	779,056		09/03/2019		–		(2,599	)
		INR	114,436,600		USD	1,620,112		09/06/2019		–		(5,496	)
		JPY	116,210,000		USD	1,057,829		06/03/2019		–		(14,565	)
		USD	788,493		INR	55,008,000		06/03/2019		817		–
		USD	1,057,252		JPY	116,210,000		06/03/2019		15,142		–
		USD	1,639,728		INR	114,436,600		06/06/2019		1,970		–
										170,868		(103,582	)
UBS AG		EUR	176,932		USD	202,977		06/05/2019		5,302		–
		EUR	226,932		USD	258,477		10/09/2019		2,342		–
		EUR	1,679,100		USD	1,928,917		10/23/2019		31,713		–
		EUR	1,733,621		USD	1,964,782		11/21/2019		1,614		–
										40,971		–
Net Unrealized Appreciation (Depreciation)									$	1,571,284	$	(713,815	)

AUD—Australian Dollar

BRL—Brazilian Real

EUR—Euro Currency

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	68,522,548	$	113,757,227	**	$	—	$	182,279,775
Foreign Government Obligations		—		81,219,691			—		81,219,691
Short-Term Investment Securities:
Registered Investment Companies		4,185,805		—			—		4,185,805
Other Short-Term Investments		—		42,475,827			—		42,475,827
Total Investments at Value	$	72,708,353	$	237,452,745		$	—	$	310,161,098
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	1,571,284		$	—	$	1,571,284
LIABILITIES:
Other Financial Instruments:†
Centrally Cleared Interest Rate Swap Contracts	$	—	$	1,987,951		$	—	$	1,987,951
Forward Foreign Currency Contracts		—		713,815			—		713,815
Total Other Financial Instruments	$	—	$	2,701,766		$	—	$	2,701,766

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

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

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

See Notes to Financial Statements

79

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

U.S. Government Agencies	69.5	%
U.S. Government Treasuries	32.1
Repurchase Agreements	0.1
	101.7	%

Credit Quality†#

P-1 101.7 % 

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as percentage of total debt issues

Weighted Average days to Maturity — 35.9 days

80

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 101.6%
U.S. Government Agencies — 69.5%
Federal Farm Credit Bank FRS 2.63% (1 ML+0.18%) due 10/11/2019	$	2,690,000	$	2,692,050
Federal Home Loan Bank
2.33% due 06/07/2019		1,000,000		999,617
2.36% due 06/28/2019		10,000,000		9,982,600
2.38% due 06/19/2019		8,000,000		7,990,640
2.38% due 08/16/2019		10,000,000		9,950,706
2.39% due 06/11/2019		5,000,000		4,996,736
2.39% due 08/23/2019		10,000,000		9,946,050
2.39% due 08/28/2019		28,549,000		28,385,351
2.39% due 08/30/2019		10,500,000		10,438,444
2.40% due 06/26/2019		7,000,000		6,988,503
2.43% due 07/05/2019		13,000,000		12,970,632
2.43% due 07/12/2019		8,000,000		7,978,270
2.44% due 06/03/2019		8,000,000		7,998,931
2.44% due 06/10/2019		8,000,000		7,995,200
2.44% due 07/11/2019		5,000,000		4,986,722
2.45% due 06/14/2019		8,000,000		7,993,052
2.45% due 07/01/2019		6,500,000		6,486,973
2.47% due 06/05/2019		24,000,000		23,993,655
Federal Home Loan Bank FRS
2.38% (1 ML-0.09%) due 06/06/2019		20,000,000		20,000,129
2.39% (1 ML - 0.06%) due 01/14/2020		7,000,000		6,999,027
2.41% (SOFR + 0.01%) due 11/13/2019		6,000,000		5,999,972
Federal Home Loan Mtg. Corp. FRS
2.41% (SOFR + 0.01%) due 07/09/2019		10,000,000		10,000,000
2.41% (SOFR + 0.01%) due 09/05/2019		7,000,000		7,000,000
2.41% (SOFR + 0.01%) due 02/21/2020		6,500,000		6,500,000
2.41% (SOFR + 0.02%) due 06/05/2020		8,000,000		8,000,000
2.43% (SOFR + 0.03%) due 10/01/2019		7,000,000		7,000,000
Federal National Mtg. Assoc. 2.31% due 06/03/2019		30,300,000		30,296,170
Total U.S. Government Agencies
(amortized cost $274,569,430)				274,569,430

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 32.1%
United States Treasury Bills
2.38% due 06/11/2019	$	13,000,000		$	12,991,438
2.38% due 06/13/2019		8,600,000			8,593,192
2.39% due 06/04/2019		35,400,000			35,392,996
2.39% due 07/02/2019		13,000,000			12,973,398
2.43% due 06/20/2019		2,800,000			2,796,440
United States Treasury Notes
1.00% due 08/31/2019		6,900,000			6,875,129
1.00% due 11/30/2019		4,200,000			4,170,502
1.25% due 06/30/2019		8,000,000			7,992,561
1.25% due 08/31/2019		6,000,000			5,981,639
1.25% due 10/31/2019		10,000,000			9,952,043
1.38% due 09/30/2019		10,000,000			9,965,591
1.63% due 08/31/2019		9,500,000			9,480,276
Total U.S. Government Treasuries
(amortized cost $127,165,205)					127,165,205
Total Short-Term Investment Securities — 101.6%
(amortized cost $401,734,635)					401,734,635
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $255,011 collateralized by $255,000 of United States Treasury Notes, bearing interest at 2.75% due 09/15/2021 and having an approximate value of $260,543 (cost $255,000)		255,000			255,000
TOTAL INVESTMENTS —
(amortized cost $401,989,635)(1)		101.7	%		401,989,635
Liabilities in excess of other assets		(1.7	)		(6,806,212	)
NET ASSETS		100.0	%	$	395,183,423

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

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML—1 Month USD LIBOR

SOFR—Secured Overnight Financing Rate

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—	$	401,734,635	$	—	$	401,734,635
Repurchase Agreements		—		255,000		—		255,000
Total Investments at Value	$	—	$	401,989,635	$	—	$	401,989,635

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

See Notes to Financial Statements

81

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	34.1	%
United States Treasury Notes	20.1
Federal Home Loan Mtg. Corp.	14.3
United States Treasury Bonds	8.3
Diversified Financial Services	5.8
Government National Mtg. Assoc.	4.6
Repurchase Agreements	4.3
Sovereign	1.7
Resolution Funding Corp	1.4
Diversified Banking Institutions	1.0
Federal Farm Credit Bank	0.7
Airlines	0.7
Telephone — Integrated	0.5
Pipelines	0.4
Pharmacy Services	0.3
Retail — Drug Store	0.2
Medical Instruments	0.2
Real Estate Investment Trusts	0.2
Electric — Integrated	0.1
Building Products — Air & Heating	0.1
Insurance — Mutual	0.1
Medical — Biomedical/Gene	0.1
Insurance — Property/Casualty	0.1
Medical — Generic Drugs	0.1
Oil Companies — Exploration & Production	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	99.7	%

* Calculated as a percentage of net assets

Credit Quality Allocation†#

Aaa	92.3	%
Aa	0.7
A	1.7
Baa	1.6
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 — May 31, 2019

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.8%
Diversified Financial Services — 5.8%
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(1)	$	339,298	$	338,130
Cabela’s Credit Card Master Note Trust Series 2016-1, Class A1 1.78% due 06/15/2022		1,186,000		1,185,520
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.65% due 08/15/2045(1)(2)(3)		785,346		33,442
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		78,999		79,379
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.55% due 09/10/2035*(1)(3)		398,000		418,257
GS Mtg. Securities Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(1)		1,100,000		1,136,269
Progress Residential Trust Series 2015-SFR2, Class A 2.74% due 06/12/2032*		446,955		446,209
Progress Residential Trust Series 2017-SFR1, Class A 2.77% due 08/17/2034*		299,039		299,096
Progress Residential Trust Series 2015-SFR3, Class A 3.07% due 11/12/2032*		693,893		694,437
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX 3.34% due 08/25/2047*		1,000,000		1,020,974
Tricon American Homes Trust Series 2016-SFR1, Class A 2.59% due 11/17/2033*		559,408		557,620
UBS Commercial Mortgage Trust Series 2018-C14, Class A2 4.26% due 12/15/2051(1)		1,500,000		1,601,861
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		221,709
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		310,000		318,939
Total Asset Backed Securities
(cost $8,257,895)				8,351,842
U.S. CORPORATE BONDS & NOTES — 3.8%
Airlines — 0.7%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		670,940		663,191
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		309,302		310,641
				973,832
Diversified Banking Institutions — 0.6%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		400,000		404,338
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		169,267

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 2.50% due 04/21/2021	$	319,000	$	318,209
				891,814
Electric - Integrated — 0.1%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		227,535
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		107,969
Insurance - Mutual — 0.1%
New York Life Global Funding Senior Sec. Notes 2.00% due 04/13/2021*		154,000		152,801
Insurance - Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/03/2026		125,000		128,610
Medical Instruments — 0.2%
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		250,000		255,206
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		148,060
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024#		116,000		119,062
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		440,000		453,166
Pipelines — 0.4%
Buckeye Partners LP Senior Notes 4.88% due 02/01/2021#		190,000		193,550
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		130,347
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		136,854
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 2.60% due 12/15/2019		171,000		170,643
				631,394
Real Estate Investment Trusts — 0.2%
Boston Properties LP Senior Notes 2.75% due 10/01/2026		240,000		230,512
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc. Senior Notes 3.80% due 11/18/2024		325,000		332,904

83

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated — 0.5%
AT&T, Inc Senior Notes 3.60% due 07/15/2025	$	500,000	$	511,905
AT&T, Inc. Senior Notes 3.95% due 01/15/2025		171,000		177,963
				689,868
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		89,889
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		21,687
				111,576
Total U.S. Corporate Bonds & Notes
(cost $5,401,537)				5,454,309
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		203,519
Diversified Banking Institutions — 0.4%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026		217,000		214,326
Mizuho Financial Group, Inc. Senior Notes 2.95% due 02/28/2022		363,000		365,683
				580,009
Medical - Generic Drugs — 0.1%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		126,000		126,757
Total Foreign Corporate Bonds & Notes
(cost $909,798)				910,285
U.S. GOVERNMENT AGENCIES — 55.1%
Federal Farm Credit Bank — 0.7%
3.35% due 10/21/2025		1,000,000		1,069,933
Federal Home Loan Mtg. Corp. — 14.3%
3.50% due 06/01/2033		1,265,187		1,309,655
4.50% due 09/01/2019		1,486		1,513
4.50% due 09/01/2039		410,680		439,157
4.50% due 11/01/2039		223,377		238,953
4.50% due 02/01/2040		307,762		329,259
4.50% due 04/01/2040		28,436		30,427
4.50% due 06/01/2040		65,291		69,097
4.50% due 08/01/2040		340,504		364,301
4.50% due 03/01/2041		1,207,452		1,291,213
4.50% due 04/01/2041		142,700		152,678
4.50% due 06/01/2041		269,293		287,869
5.00% due 10/01/2034		22,021		23,245
5.50% due 12/01/2036		17,346		18,988
6.00% due 11/01/2033		55,027		61,770
6.50% due 02/01/2032		22,031		24,931
8.00% due 02/01/2030		618		619
8.00% due 08/01/2030		167		198
8.00% due 06/01/2031		1,367		1,537

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. FRS 4.69% (12 ML+1.82%) due 12/01/2035	$	8,506	$	8,910
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)		889,862		900,474
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series KJ14, Class A2 2.81% due 09/25/2024(1)		591,000		600,518
Federal Home Loan Mtg. Corp. Multifamily Structured Pass-Through Certs. Series K049, Class A2 3.01% due 07/25/2025(1)		430,000		443,260
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K048, Class A2 3.28% due 06/25/2025(1)(3)		1,000,000		1,045,785
Federal Home Loan Mtg. Corp. REMIC
Series 4150, Class GE 2.00% due 01/15/2033(4)		1,111,119		1,100,450
Series 4186, Class JE 2.00% due 03/15/2033(4)		312,887		313,646
Series 4594, Class GN 2.50% due 02/15/2045(4)		758,028		756,241
Series 3981, Class PA 3.00% due 04/15/2031(4)		225,413		224,144
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,768,396
Series 4150, Class IG 3.00% due 01/15/2033(2)(4)		3,469,258		302,593
Series 4838, Class CY 3.00% due 01/15/2038(4)		1,000,000		1,012,989
Series 4365, Class HZ 3.00% due 01/15/2040(4)		809,081		811,819
Series 4599, Class PA 3.00% due 09/15/2045(4)		1,353,213		1,379,717
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		1,040,502
Series 3813, Class D 4.00% due 02/15/2026(4)		1,000,000		1,063,866
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		498,380
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,591,216
Series 3786, Class PB 4.50% due 07/15/2040(4)		941,961		971,379
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 4.06% (6.50%-1 ML) due 05/15/2042(2)(4)(5)		453,579		82,416
				20,562,111
Federal National Mtg. Assoc. — 34.1%
2.63% due 12/01/2026		1,939,471		1,966,642
2.81% due 04/01/2025		800,000		820,983
2.94% due 01/01/2026		1,586,627		1,637,817
3.00% due 03/01/2043		957,430		966,049
3.12% due 07/01/2029		3,500,000		3,634,782
3.30% due 02/01/2030		2,987,909		3,144,668
3.64% due 07/01/2028		1,500,000		1,604,290
3.69% due 05/01/2030		1,506,719		1,621,429
4.00% due 09/01/2040		100,643		104,718
4.00% due 10/01/2040		77,491		80,631
4.00% due 12/01/2040		129,400		134,660
4.00% due 01/01/2041		278,495		289,816

84

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 02/01/2041	$	937,234	$	972,464
4.00% due 03/01/2041		1,549,629		1,612,448
4.00% due 06/01/2042		864,427		899,195
4.00% due 03/01/2043		2,342,081		2,444,216
5.00% due 12/01/2036		11,730		12,373
5.50% due 12/01/2033		17,018		18,333
5.50% due 10/01/2034		7,549		8,067
6.50% due 07/01/2032		4,826		5,536
7.00% due 09/01/2031		13,705		14,801
Federal National Mtg. Assoc. FRS 4.28% (6 ML+1.50%) due 01/01/2036		8,859		9,154
4.43% (12 ML+1.32%) due 02/01/2035		1,318		1,360
4.70% (1 Yr USTYCR+2.20%) due 11/01/2034		14,689		15,563
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027(1)		1,126,589		1,138,102
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(2)(4)		178,444		33,191
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO zero coupon due 05/18/2032(4)(6)		220,725		202,774
Series 2013-15, Class DC 2.00% due 03/25/2033(4)		820,892		806,337
Series 2011-126, Class EC 2.00% due 04/25/2040(4)		246,338		246,456
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		1,432,930		1,421,758
Series 2012-93, Class ME 2.50% due 01/25/2042(4)		1,853,785		1,857,868
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		623,553		625,956
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		2,245,253		2,277,451
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,900,000		2,947,491
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		756,718		770,358
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		530,962		543,961
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		536,220		547,991
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		1,983,219
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		960,397		976,951
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		848,652
Series 2012-50, Class VB 4.00% due 01/25/2029(4)		1,355,000		1,427,947
Series 2012-47, Class VB 4.00% due 04/25/2031(4)		2,000,000		2,092,604
Series 2004-90, Class GC 4.35% due 11/25/2034(4)		133,196		133,589
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		974,930		1,036,164
Series 2010-134, Class MB 4.50% due 12/25/2040(4)		250,000		283,281
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		60,925		68,057

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC VRS
Series 2015-M13, Class A2 2.71% due 06/25/2025(1)(3)	$	515,000	$	521,775
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(3)		1,239,000		1,266,958
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(3)		1,273,000		1,311,213
Series 2018-M4, Class A2 3.04% due 03/25/2028(1)(3)		1,400,000		1,440,015
				48,830,114
Government National Mtg. Assoc. — 4.6%
3.50% due 09/15/2048		891,188		920,584
3.50% due 10/15/2048		1,049,564		1,083,573
3.50% due 02/15/2049		1,013,556		1,046,422
4.50% due 03/15/2038		17,985		19,075
4.50% due 03/15/2039		5,266		5,621
4.50% due 05/15/2039		148,453		158,538
4.50% due 06/15/2039		127,060		135,678
4.50% due 07/15/2039		261,505		278,774
4.50% due 09/15/2039		3,415		3,648
4.50% due 12/15/2039		63,732		66,860
4.50% due 04/15/2040		99,549		106,142
4.50% due 06/15/2040		257,550		275,038
4.50% due 08/15/2040		46,274		49,343
5.00% due 09/15/2035		1,426		1,544
5.00% due 02/15/2036		58,640		63,492
5.00% due 05/15/2036		6,038		6,302
6.00% due 01/15/2032		8,497		9,392
7.50% due 02/15/2029		3,929		3,999
7.50% due 07/15/2030		121		123
7.50% due 01/15/2031		4,714		5,212
Government National Mtg. Assoc. REMIC
Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		481,645
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		271,401		290,143
Series 2008-6, Class GL 4.50% due 02/20/2038(4)		905,456		959,718
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		487,894		533,485
Series 2009-91, Class PR 5.00% due 09/20/2038(4)		83,897		84,144
				6,588,495
Resolution Funding Corp — 1.4%
zero coupon due 07/15/2020 STRIPS		2,000,000		1,953,661
Total U.S. Government Agencies
(cost $78,056,109)				79,004,314
U.S. GOVERNMENT TREASURIES — 28.4%
United States Treasury Bonds — 8.3%
zero coupon due 08/15/2024		2,040,000		1,838,134
2.88% due 08/15/2045#		1,000,000		1,058,125
3.13% due 02/15/2043		1,000,000		1,103,516
3.75% due 08/15/2041		4,000,000		4,857,656
3.75% due 11/15/2043		1,000,000		1,218,594
3.88% due 08/15/2040		1,500,000		1,852,090
				11,928,115
United States Treasury Notes — 20.1%
1.75% due 05/15/2023		8,000,000		7,946,563
2.00% due 02/15/2022		3,000,000		3,007,148
2.50% due 08/15/2023		3,000,000		3,068,555
2.63% due 08/15/2020		6,750,000		6,788,496

85

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.75% due 02/15/2024	$	2,500,000		$	2,590,625
2.88% due 08/15/2028		5,000,000			5,309,375
					28,710,762
Total U.S. Government Treasuries
(cost $38,548,676)					40,638,877
FOREIGN GOVERNMENT OBLIGATIONS — 1.7%
Sovereign — 1.7%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,391,572)		2,641,000			2,370,625
Total Long-Term Investment Securities
(cost $133,565,587)					136,730,252
REPURCHASE AGREEMENTS — 4.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $6,216,259 collateralized by $6,345000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $6,403,165 (cost $6,216,000)		6,216,000			6,216,000
TOTAL INVESTMENTS
(cost $139,781,587)(7)		99.7	%		142,946,252
Other assets less liabilities		0.3			425,726
NET ASSETS		100.0	%	$	143,371,978

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $4,547,551 representing 3.2% of net assets.

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

At May 31, 2019, the Fund had loaned securities with a total value of $1,382,512. This was secured by collateral of $1,399,885 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal Home Loan Mtg. Corp.	zero coupon to 15.25%	01/25/2023 to 04/15/2051	$	373,031
Federal National Mtg. Assoc.	1.00% to 28.16%	12/25/2024 to 05/25/2059		514,314
Government National Mtg. Assoc.	1.50% to 24.90%	10/20/2032 to 03/16/2061		187,389
United States Treasury Notes/Bonds	0.63% to 8.13%	08/15/2019 to 02/15/2047		325,151

(1) Commercial Mortgage Backed Security

(2) Interest Only

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

(4) Collateralized Mortgage Obligation

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2019.

(6) Principal Only

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

REMIC—Real Estate Mortgage Investment Conduit

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of May 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	8,351,842	$	—	$	8,351,842
U.S. Corporate Bonds & Notes		—		5,454,309		—		5,454,309
Foreign Corporate Bonds & Notes		—		910,285		—		910,285
U.S. Government Agencies		—		79,004,314		—		79,004,314
U.S. Government Treasuries		—		40,638,877		—		40,638,877
Foreign Government Obligations		—		2,370,625		—		2,370,625
Repurchase Agreements		—		6,216,000		—		6,216,000
Total Investments at Value	$	—	$	142,946,252	$	—	$	142,946,252

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

See Notes to Financial Statements

86

VALIC Company I Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Applications Software	7.6	%
Finance — Credit Card	7.3
E-Commerce/Products	6.5
Web Portals/ISP	6.4
Computers	5.9
Internet Content — Entertainment	5.3
Medical — Biomedical/Gene	3.9
Commercial Services — Finance	2.8
Medical — HMO	2.7
Aerospace/Defense	2.6
Multimedia	2.2
Retail — Restaurants	2.1
Medical — Drugs	2.0
Medical Instruments	1.9
Retail — Discount	1.8
Retail — Major Department Stores	1.7
Athletic Footwear	1.6
Cosmetics & Toiletries	1.5
Electronic Components — Semiconductors	1.5
Medical Products	1.4
Real Estate Investment Trusts	1.3
Semiconductor Equipment	1.3
Oil Companies — Exploration & Production	1.2
Registered Investment Companies	1.1
Engines — Internal Combustion	1.1
Semiconductor Components — Integrated Circuits	1.0
Apparel Manufacturers	1.0
Transport — Rail	0.9
Food — Misc./Diversified	0.9
Beverages — Wine/Spirits	0.8
Chemicals — Diversified	0.8
Entertainment Software	0.8
Cruise Lines	0.7
Retail — Apparel/Shoe	0.7
Machinery — General Industrial	0.7
Commercial Services	0.7
Enterprise Software/Service	0.6
Industrial Automated/Robotic	0.6
Diversified Banking Institutions	0.6
Finance — Investment Banker/Broker	0.5
E-Services/Consulting	0.5
Banks — Commercial	0.5
Computer Software	0.5
Lighting Products & Systems	0.5
Banks — Super Regional	0.5
Auto — Cars/Light Trucks	0.4
Diagnostic Kits	0.4
Transport — Truck	0.4
Decision Support Software	0.4
Internet Application Software	0.4
Airlines	0.4
Internet Security	0.4
Computer Aided Design	0.4
Medical Labs & Testing Services	0.3
Retail — Auto Parts	0.3
Data Processing/Management	0.3
Electronic Measurement Instruments	0.3
Insurance — Life/Health	0.3
Oil Refining & Marketing	0.3
Non-Hazardous Waste Disposal	0.3
Distribution/Wholesale	0.3
Diagnostic Equipment	0.3
Food — Dairy Products	0.3
Finance — Other Services	0.3
Beverages — Non-alcoholic	0.2
Casino Hotels	0.2
Transport — Services	0.2
Insurance — Property/Casualty	0.2
Veterinary Diagnostics	0.2

Web Hosting/Design	0.2
Soap & Cleaning Preparation	0.2
Human Resources	0.2
Software Tools	0.2
Exchange-Traded Funds	0.1
Computers — Integrated Systems	0.1
Medical — Outpatient/Home Medical	0.1
Retail — Building Products	0.1
Food — Confectionery	0.1
Satellite Telecom	0.1
Aerospace/Defense — Equipment	0.1
Insurance — Reinsurance	0.1
Building Products — Wood	0.1
Electronic Components — Misc.	0.1
E-Commerce/Services	0.1
Filtration/Separation Products	0.1
Broadcast Services/Program	0.1
Networking Products	0.1
Building Products — Cement	0.1
Rental Auto/Equipment	0.1
Tobacco	0.1
Retail — Convenience Store	0.1
Health Care Cost Containment	0.1
Diversified Minerals	0.1
Building & Construction Products — Misc.	0.1
Oil Companies — Integrated	0.1
Real Estate Operations & Development	0.1
Private Equity	0.1
Auto/Truck Parts & Equipment — Original	0.1
Telephone — Integrated	0.1
Instruments — Controls	0.1
Theaters	0.1
Electronic Forms	0.1
Schools	0.1
Investment Companies	0.1
Wireless Equipment	0.1
Agricultural Chemicals	0.1
Drug Delivery Systems	0.1
Engineering/R&D Services	0.1
	100.3	%

* Calculated as a percentage of net assets

87

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Aerospace/Defense — 2.6%
Boeing Co.		44,893	$	15,335,898
Lockheed Martin Corp.		36,478		12,349,262
				27,685,160
Aerospace/Defense - Equipment — 0.1%
Airbus SE		10,790		1,386,515
Agricultural Chemicals — 0.1%
Nutrien, Ltd.		10,430		508,690
Airlines — 0.4%
Delta Air Lines, Inc.		79,114		4,074,371
Apparel Manufacturers — 1.0%
Burberry Group PLC		26,950		578,491
Canada Goose Holdings, Inc.†#		46,120		1,551,938
Deckers Outdoor Corp.†		9,018		1,371,638
Kering SA		2,490		1,293,418
Tapestry, Inc.		66,569		1,901,211
Under Armour, Inc., Class C†		160,580		3,248,533
				9,945,229
Applications Software — 7.6%
Intuit, Inc.		5,832		1,427,965
Microsoft Corp.		474,926		58,738,848
salesforce.com, Inc.†		100,982		15,289,685
ServiceNow, Inc.†		4,008		1,049,815
Tableau Software, Inc., Class A†		32,710		3,678,894
				80,185,207
Athletic Footwear — 1.6%
adidas AG		4,670		1,336,542
NIKE, Inc., Class B		204,190		15,751,217
				17,087,759
Auto - Cars/Light Trucks — 0.4%
Peugeot SA		15,750		351,031
Tesla, Inc.†#		22,260		4,121,661
				4,472,692
Auto/Truck Parts & Equipment - Original — 0.1%
Allison Transmission Holdings, Inc.		21,406		885,994
Banks - Commercial — 0.5%
Bank Central Asia Tbk PT		298,800		608,817
Central Pacific Financial Corp.		34,430		956,810
Erste Group Bank AG		26,212		929,068
HDFC Bank, Ltd.		19,520		680,189
Independent Bank Corp./Michigan		2,635		55,730
KBC Group NV		14,850		975,377
OTP Bank PLC		8,770		365,924
Standard Chartered PLC		82,790		720,242
				5,292,157
Banks - Super Regional — 0.5%
Comerica, Inc.		12,022		827,354
US Bancorp		77,280		3,879,456
				4,706,810
Beverages - Non-alcoholic — 0.2%
Coca-Cola Co.		10,138		498,080
Coca-Cola Consolidated, Inc.		683		206,273
Monster Beverage Corp.†		3,585		221,768
PepsiCo, Inc.		11,500		1,472,000
				2,398,121

Security Description	Shares		Value (Note 2)
Beverages - Wine/Spirits — 0.8%
Constellation Brands, Inc., Class A		32,380	$	5,713,451
Diageo PLC		48,040		2,019,431
Treasury Wine Estates, Ltd.#		73,620		762,053
				8,494,935
Broadcast Services/Program — 0.1%
Liberty Media Corp. - Liberty Formula One, Series C†		31,427		1,173,170
Building & Construction Products - Misc. — 0.1%
Sika AG		6,700		994,513
Building & Construction - Misc. — 0.0%
Comfort Systems USA, Inc.		2,830		133,519
Building Products - Cement — 0.1%
CRH PLC		36,880		1,153,774
Building Products - Wood — 0.1%
Masco Corp.		35,152		1,227,508
Building - Maintenance & Services — 0.0%
ServiceMaster Global Holdings, Inc.†		3,085		166,590
Casino Hotels — 0.2%
Las Vegas Sands Corp.		41,373		2,275,515
Cellular Telecom — 0.0%
T-Mobile US, Inc.†		2,655		194,983
Chemicals - Diversified — 0.8%
Dow, Inc.		112,223		5,247,548
Koninklijke DSM NV		13,230		1,486,829
Symrise AG		18,700		1,752,721
				8,487,098
Commercial Services — 0.7%
CoStar Group, Inc.†		792		403,635
Ecolab, Inc.		30,860		5,681,018
Edenred		15,450		705,554
				6,790,207
Commercial Services - Finance — 2.8%
Adyen NV†*		1,171		941,602
EVERTEC, Inc.		34,366		984,930
GMO Payment Gateway, Inc.		5,600		373,956
PayPal Holdings, Inc.†		218,332		23,961,937
Square, Inc., Class A†		44,131		2,733,915
				28,996,340
Computer Aided Design — 0.4%
ANSYS, Inc.†		1,755		315,023
Autodesk, Inc.†		6,914		1,112,532
Cadence Design Systems, Inc.†		22,058		1,402,227
Dassault Systemes SE		7,650		1,133,743
				3,963,525
Computer Services — 0.0%
Accenture PLC, Class A		1,800		320,526
Computer Software — 0.5%
Akamai Technologies, Inc.†		20,687		1,558,972
Fastly, Inc., Class A†		18,182		378,186
InterXion Holding NV†		17,990		1,326,043
Splunk, Inc.†		14,360		1,636,896
Zoom Video Communications, Inc., Class A†#		4,764		379,834
				5,279,931
Computers — 5.9%
Apple, Inc.		347,595		60,853,457
Dell Technologies, Inc., Class C†		22,858		1,361,194
				62,214,651

88

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Integrated Systems — 0.1%
Mercury Systems, Inc.†		10,751	$	739,239
OBIC Co., Ltd.		6,500		780,391
				1,519,630
Containers - Paper/Plastic — 0.0%
Packaging Corp. of America		2,417		215,306
Cosmetics & Toiletries — 1.5%
Colgate-Palmolive Co.		13,974		972,870
Estee Lauder Cos., Inc., Class A		57,857		9,316,713
Procter & Gamble Co.		40,349		4,152,315
Shiseido Co., Ltd.		18,600		1,334,220
				15,776,118
Cruise Lines — 0.7%
Royal Caribbean Cruises, Ltd.		63,662		7,751,485
Data Processing/Management — 0.3%
DocuSign, Inc.†		61,410		3,442,645
Decision Support Software — 0.4%
MSCI, Inc.		19,222		4,229,032
Diagnostic Equipment — 0.3%
Sysmex Corp.		17,700		1,223,868
Thermo Fisher Scientific, Inc.		5,500		1,468,390
				2,692,258
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†		15,751		3,934,127
QIAGEN NV†		14,125		537,880
				4,472,007
Distribution/Wholesale — 0.3%
Bunzl PLC		17,350		464,362
Core-Mark Holding Co., Inc.		19,843		731,810
Ferguson PLC		7,090		457,957
HD Supply Holdings, Inc.†		30,932		1,283,369
				2,937,498
Diversified Banking Institutions — 0.6%
BNP Paribas SA#		7,860		358,244
JPMorgan Chase & Co.		50,790		5,381,708
				5,739,952
Diversified Minerals — 0.1%
BHP Group, Ltd.		38,600		1,007,911
Drug Delivery Systems — 0.1%
DexCom, Inc.†		4,144		502,667
E-Commerce/Products — 6.5%
Alibaba Group Holding, Ltd. ADR†		7,630		1,138,854
Amazon.com, Inc.†		36,599		64,965,787
eBay, Inc.		37,481		1,346,692
MonotaRO Co., Ltd.#		37,300		790,523
				68,241,856
E-Commerce/Services — 0.1%
Lyft, Inc., Class A†#		20,674		1,191,236
E-Services/Consulting — 0.5%
CDW Corp.		55,796		5,492,558
Electronic Components - Misc. — 0.1%
Hoya Corp.		17,600		1,218,047
Electronic Components - Semiconductors — 1.5%
Broadcom, Inc.		39,895		10,039,178
Infineon Technologies AG		26,100		470,797

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Lattice Semiconductor Corp.†		12,903	$	165,158
NVIDIA Corp.		133		18,016
Qorvo, Inc.†		10,573		646,856
Xilinx, Inc.		38,000		3,887,780
				15,227,785
Electronic Forms — 0.1%
Adobe, Inc.†		2,655		719,240
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		36,891		2,473,541
FLIR Systems, Inc.		187		9,038
National Instruments Corp.		23,856		920,603
				3,403,182
Engineering/R&D Services — 0.1%
JGC Corp.		37,900		501,453
Engines - Internal Combustion — 1.1%
Cummins, Inc.		73,203		11,036,084
Enterprise Software/Service — 0.6%
Atlassian Corp. PLC, Class A†		10,002		1,259,052
Paycom Software, Inc.†		4,991		1,058,591
SAP SE		9,680		1,196,185
Temenos AG		6,120		1,062,984
Veeva Systems, Inc., Class A†		11,716		1,807,661
				6,384,473
Entertainment Software — 0.8%
Activision Blizzard, Inc.		36,006		1,561,580
Electronic Arts, Inc.†		17,585		1,636,812
Take-Two Interactive Software, Inc.†		41,162		4,451,670
Ubisoft Entertainment SA†		4,725		387,462
				8,037,524
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		24,860		1,179,607
Finance - Credit Card — 7.3%
American Express Co.		37,474		4,298,642
Mastercard, Inc., Class A		98,318		24,725,994
Nexi SpA†#*		35,211		342,223
Visa, Inc., Class A#		292,414		47,175,151
				76,542,010
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		113,053		4,704,135
Evercore, Inc., Class A		7,856		606,719
Piper Jaffray Cos.		4,568		323,506
				5,634,360
Finance - Other Services — 0.3%
Hong Kong Exchanges & Clearing, Ltd.		26,500		840,469
London Stock Exchange Group PLC		27,180		1,810,914
				2,651,383
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc., Class A†		10,658		290,537
Food - Confectionery — 0.1%
Hershey Co.		11,126		1,468,187
Food - Dairy Products — 0.3%
a2 Milk Co., Ltd.†		81,280		827,116
Danone SA		23,040		1,838,873
				2,665,989

89

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified — 0.9%
Associated British Foods PLC		30,360	$	948,201
Beyond Meat, Inc.†#		4,504		468,957
Chr. Hansen Holding A/S		8,750		911,269
General Mills, Inc.		26,143		1,292,510
John B. Sanfilippo & Son, Inc.		898		68,832
Kerry Group PLC, Class A		9,000		1,039,886
Mondelez International, Inc., Class A		45,298		2,303,403
Nestle SA		19,880		1,974,431
				9,007,489
Garden Products — 0.0%
Scotts Miracle-Gro Co.		178		15,936
Health Care Cost Containment — 0.1%
CorVel Corp.†		4,261		315,229
HealthEquity, Inc.†		10,757		703,077
				1,018,306
Human Resources — 0.2%
BG Staffing, Inc.		6,358		108,213
Recruit Holdings Co., Ltd.		47,400		1,512,298
				1,620,511
Industrial Automated/Robotic — 0.6%
Cognex Corp.		26,840		1,089,704
Keyence Corp.		5,600		3,141,201
Yaskawa Electric Corp.		68,800		1,986,312
				6,217,217
Instruments - Controls — 0.1%
Woodward, Inc.		7,496		816,464
Insurance - Life/Health — 0.3%
AIA Group, Ltd.		288,600		2,703,716
Prudential PLC		27,890		555,750
				3,259,466
Insurance - Property/Casualty — 0.2%
Progressive Corp.		25,826		2,047,485
Insurance - Reinsurance — 0.1%
Essent Group, Ltd.†		29,491		1,384,602
Internet Application Software — 0.4%
Tencent Holdings, Ltd.		100,000		4,147,099
Internet Content - Entertainment — 5.3%
Facebook, Inc., Class A†		222,471		39,481,929
Netflix, Inc.†		41,640		14,294,179
Twitter, Inc.†		53,978		1,966,958
				55,743,066
Internet Security — 0.4%
Palo Alto Networks, Inc.†		20,231		4,049,032
Investment Companies — 0.1%
Melrose Industries PLC		313,070		647,196
Investment Management/Advisor Services — 0.0%
Artisan Partners Asset Management, Inc., Class A		3,392		80,221
Lighting Products & Systems — 0.5%
Acuity Brands, Inc.		38,680		4,783,556
Machinery - General Industrial — 0.7%
Atlas Copco AB, Class A		17,470		470,747
Hexagon AB, Class B		16,886		783,918
Nordson Corp.		13,460		1,690,845
Wabtec Corp.#		67,684		4,222,128
				7,167,638

Security Description	Shares		Value (Note 2)
Medical Instruments — 1.9%
Alcon, Inc.†		9,462	$	550,284
Boston Scientific Corp.†		119,814		4,602,056
Edwards Lifesciences Corp.†		28,361		4,841,223
Intuitive Surgical, Inc.†		21,623		10,051,451
				20,045,014
Medical Labs & Testing Services — 0.3%
ICON PLC†		3,910		553,500
Lonza Group AG		6,140		1,885,960
Quest Diagnostics, Inc.		11,642		1,116,584
				3,556,044
Medical Products — 1.4%
ABIOMED, Inc.†		13,809		3,616,853
Baxter International, Inc.		87,678		6,439,072
Integer Holdings Corp.†		13,920		975,792
Penumbra, Inc.†#		9,622		1,373,059
Straumann Holding AG		1,150		945,727
Surmodics, Inc.†		6,317		256,218
Terumo Corp.		37,100		1,048,762
				14,655,483
Medical - Biomedical/Gene — 3.9%
Alexion Pharmaceuticals, Inc.†		15,950		1,813,196
Alnylam Pharmaceuticals, Inc.†		9,820		663,046
Amgen, Inc.		4,941		823,665
Biogen, Inc.†		33,001		7,236,789
Bluebird Bio, Inc.†#		10,610		1,272,351
Celgene Corp.†		87,492		8,205,875
CSL, Ltd.		14,890		2,117,900
Exelixis, Inc.†		48,650		953,053
Gilead Sciences, Inc.		5,435		338,329
Illumina, Inc.†		15,248		4,679,764
Incyte Corp.†		6,616		520,216
Ionis Pharmaceuticals, Inc.†#		25,790		1,691,824
Regeneron Pharmaceuticals, Inc.†		19,380		5,847,334
Sage Therapeutics, Inc.†#		10,180		1,749,637
Vertex Pharmaceuticals, Inc.†		18,651		3,099,423
				41,012,402
Medical - Drugs — 2.0%
AbbVie, Inc.		24,324		1,865,894
AstraZeneca PLC		29,440		2,172,445
Bristol-Myers Squibb Co.		10,897		494,397
Eli Lilly & Co.		10,315		1,195,921
Horizon Therapeutics PLC†		15,865		378,063
Johnson & Johnson		3,166		415,221
Merck & Co., Inc.		67,212		5,323,862
Novartis AG		17,630		1,514,116
Novo Nordisk A/S, Class B		97,726		4,606,108
Zoetis, Inc.		33,521		3,387,297
				21,353,324
Medical - HMO — 2.7%
UnitedHealth Group, Inc.		115,330		27,886,794
Medical - Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		9,724		1,092,103
Chemed Corp.		1,279		419,435
				1,511,538
Multimedia — 2.2%
FactSet Research Systems, Inc.		1,359		378,074
Vivendi SA		26,850		721,649
Walt Disney Co.		168,801		22,288,484
				23,388,207

90

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 0.1%
Telefonaktiebolaget LM Ericsson, Class B		119,690	$	1,155,209
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		17,020		1,439,722
Waste Management, Inc.		14,998		1,640,031
				3,079,753
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		1,700		291,448
Oil Companies - Exploration & Production — 1.2%
Aker BP ASA		9,658		259,418
Concho Resources, Inc.		74,890		7,339,969
EOG Resources, Inc.		56,020		4,586,917
Lundin Petroleum AB		32,400		879,189
				13,065,493
Oil Companies - Integrated — 0.1%
TOTAL SA		19,190		992,648
Oil Refining & Marketing — 0.3%
CVR Energy, Inc.		30,604		1,299,752
Murphy USA, Inc.†		8,900		714,314
Neste Oyj		35,730		1,204,310
				3,218,376
Oil - Field Services — 0.0%
Subsea 7 SA#		30,250		334,175
Private Equity — 0.1%
Partners Group Holding AG		1,340		939,380
Real Estate Investment Trusts — 1.3%
American Tower Corp.		1,297		270,775
Equity Residential		49,789		3,812,344
GEO Group, Inc.		29,958		656,979
Life Storage, Inc.		5,919		569,881
Saul Centers, Inc.		2,269		121,822
SBA Communications Corp.†		37,661		8,150,217
				13,582,018
Real Estate Operations & Development — 0.1%
Aroundtown SA		114,340		970,857
Rental Auto/Equipment — 0.1%
Ashtead Group PLC		12,441		292,099
Localiza Rent a Car SA		80,627		781,623
				1,073,722
Retail - Apparel/Shoe — 0.7%
ANTA Sports Products, Ltd.		144,000		878,316
Fast Retailing Co., Ltd.		1,600		925,530
HUGO BOSS AG		5,020		292,096
Ross Stores, Inc.		58,911		5,478,134
				7,574,076
Retail - Auto Parts — 0.3%
AutoZone, Inc.†		1,708		1,754,304
O’Reilly Automotive, Inc.†		4,629		1,719,072
				3,473,376
Retail - Building Products — 0.1%
Foundation Building Materials, Inc.†		6,779		102,837
Home Depot, Inc.		7,373		1,399,764
				1,502,601
Retail - Convenience Store — 0.1%
Alimentation Couche-Tard, Inc., Class B		16,890		1,036,568

Security Description	Shares		Value (Note 2)
Retail - Discount — 1.8%
B&M European Value Retail SA		233,491	$	1,042,365
Costco Wholesale Corp.		30,226		7,241,545
Dollar General Corp.		9,059		1,153,030
Magazine Luiza SA		11,700		584,411
Pan Pacific International Holdings Corp		20,300		1,250,187
Target Corp.		52,072		4,189,192
Walmart, Inc.		35,630		3,614,307
				19,075,037
Retail - Major Department Stores — 1.7%
TJX Cos., Inc.		347,352		17,468,332
Retail - Restaurants — 2.1%
Chipotle Mexican Grill, Inc.†		12,340		8,144,030
Darden Restaurants, Inc.		37,298		4,338,503
Domino’s Pizza, Inc.		9,693		2,709,194
Ruth’s Hospitality Group, Inc.		1,417		32,407
Starbucks Corp.		94,453		7,184,095
				22,408,229
Satellite Telecom — 0.1%
Cellnex Telecom SA*#		40,274		1,414,492
Schools — 0.1%
Rosetta Stone, Inc.†		14,031		346,005
TAL Education Group ADR†		10,820		372,316
				718,321
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.		62,155		6,005,416
Cypress Semiconductor Corp.		12,182		217,083
Maxim Integrated Products, Inc.		62,240		3,273,202
Taiwan Semiconductor Manufacturing Co., Ltd.		85,000		629,586
				10,125,287
Semiconductor Equipment — 1.3%
Applied Materials, Inc.		178,556		6,908,332
ASML Holding NV		34,048		6,415,803
				13,324,135
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		22,287		1,658,376
Software Tools — 0.2%
VMware, Inc., Class A		8,665		1,533,532
Telecom Services — 0.0%
GDS Holdings, Ltd. ADR†#		13,550		440,240
Telecommunication Equipment — 0.0%
Quantenna Communications, Inc.†		6,615		160,480
Telephone - Integrated — 0.1%
Koninklijke KPN NV		258,860		791,423
Shenandoah Telecommunications Co.		2,002		80,500
				871,923
Theaters — 0.1%
Live Nation Entertainment, Inc.†#		12,189		741,335
Tobacco — 0.1%
Swedish Match AB		23,120		1,044,282
Transport - Rail — 0.9%
Canadian Pacific Railway, Ltd.#		3,200		701,415
CSX Corp.		21,658		1,612,871
Union Pacific Corp.		44,841		7,478,582
				9,792,868

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport - Services — 0.2%
C.H. Robinson Worldwide, Inc.		9,890	$	787,541
DSV A/S		7,990		710,588
United Parcel Service, Inc., Class B		7,602		706,378
				2,204,507
Transport - Truck — 0.4%
JB Hunt Transport Services, Inc.		49,780		4,238,269
Veterinary Diagnostics — 0.2%
Elanco Animal Health, Inc.†		65,440		2,046,963
Web Hosting/Design — 0.2%
VeriSign, Inc.†		10,205		1,989,771
Web Portals/ISP — 6.4%
Alphabet, Inc., Class A†		47,734		52,817,671
Alphabet, Inc., Class C†		12,210		13,475,323
Baidu, Inc. ADR†		1,960		215,600
Yandex NV, Class A†		21,360		767,251
				67,275,845
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		2,004		300,500
Pagerduty, Inc.†		5,051		259,621
				560,121
Total Common Stocks
(cost $825,758,058)				1,039,463,645
EXCHANGE-TRADED FUNDS — 0.1%
iShares Russell 1000 Growth ETF (cost $1,870,615)		12,040		1,784,328
Total Long-Term Investment Securities
(cost $827,628,673)				1,041,247,973

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) (cost $11,569,553)		11,569,553		$	11,569,553
TOTAL INVESTMENTS
(cost $839,198,226)(3)		100.3	%		1,052,817,526
Liabilities in excess of other assets		(0.3	)		(3,636,918	)
NET ASSETS		100.0	%	$	1,049,180,608

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $2,698,317 representing 0.3% of net assets.

(1) At May 31, 2019, the Fund had loaned securities with a total value of $25,232,016. This was secured by collateral of $11,569,553, which was received in cash and subsequently invested in short-term investments currently valued at $11,569,553 as reported in the Portfolio of Investments. Additional collateral of $14,631,496 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019	$	481,977
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		14,149,519

(2) The rate shown is the 7-day yield as of May 31, 2019.

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Funds

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		JPY	162,937,600		USD	1,487,810		06/28/2019	$	–	$	(18,711	)
		USD	245,332		JPY	26,980,800		06/28/2019		4,132		–
										4,132		(18,711	)
Credit Suisse		EUR	4,814,205		USD	5,486,474		06/28/2019		97,332		–
		USD	703,031		EUR	624,407		06/28/2019		–		(1,815	)
										97,332		(1,815	)
Morgan Stanley and Co. Inc.		CAD	1,196,221		USD	893,754		06/28/2019		8,134		–
		USD	502,548		CAD	678,472		06/28/2019		–		(242	)
										8,134		(242	)
Net Unrealized Appreciation (Depreciation)									$	109,598	$	(20,768	)

CAD—Canadian Dollar

EUR—Euro Currency

JPY—Japanese Yen

USD—United States Dollar

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	944,085,435	$	95,378,210	**	$	—	$	1,039,463,645
Exchange-Traded Funds		1,784,328		—			—		1,784,328
Short-Term Investment Securities		11,569,553		—			—		11,569,553
Total Investments at Value	$	957,439,316	$	95,378,210		$	—	$	1,052,817,526
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	109,598		$	—	$	109,598
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	20,768		$	—	$	20,768

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

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

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

See Notes to Financial Statements

93

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Applications Software	6.5	%
Medical — Drugs	5.2
Computers	4.0
Diversified Banking Institutions	3.6
E-Commerce/Products	3.5
Finance — Credit Card	3.5
Web Portals/ISP	3.4
Electric — Integrated	3.1
Electronic Components — Semiconductors	2.6
Cable/Satellite TV	2.5
Real Estate Investment Trusts	2.4
Commercial Services — Finance	2.3
Medical — Biomedical/Gene	2.1
Beverages — Non-alcoholic	2.1
Medical Instruments	2.0
Retail — Building Products	2.0
Transport — Rail	2.0
Oil Companies — Integrated	1.9
Oil Companies — Exploration & Production	1.9
Banks — Super Regional	1.9
Medical — HMO	1.9
Internet Content — Entertainment	1.8
Insurance — Property/Casualty	1.7
Aerospace/Defense	1.7
Insurance — Multi-line	1.5
Chemicals — Diversified	1.4
Tobacco	1.3
Retail — Auto Parts	1.3
Diversified Manufacturing Operations	1.2
Enterprise Software/Service	1.2
Telephone — Integrated	1.1
Semiconductor Components — Integrated Circuits	1.1
Instruments — Controls	1.1
Medical Products	1.1
Pharmacy Services	1.0
Diagnostic Equipment	0.9
Food — Misc./Diversified	0.8
Cosmetics & Toiletries	0.8
Finance — Investment Banker/Broker	0.8
Finance — Other Services	0.8
Aerospace/Defense — Equipment	0.8
Multimedia	0.8
Retail — Apparel/Shoe	0.7
Oil Refining & Marketing	0.7
Retail — Restaurants	0.7
Tools — Hand Held	0.6
E-Commerce/Services	0.5
Entertainment Software	0.5
Engines — Internal Combustion	0.5
Auto — Heavy Duty Trucks	0.5
Investment Management/Advisor Services	0.5
Broadcast Services/Program	0.4
Insurance — Life/Health	0.4
Airlines	0.4
Retail — Consumer Electronics	0.4
Brewery	0.4
Retail — Major Department Stores	0.4
Auto/Truck Parts & Equipment — Original	0.4
Hotels/Motels	0.4
Pipelines	0.4
Electric — Distribution	0.3
Networking Products	0.3
Retail — Discount	0.3
Building Products — Wood	0.3
Athletic Footwear	0.3
Machinery — Farming	0.3
Data Processing/Management	0.3
Building — Residential/Commercial	0.3
Banks — Fiduciary	0.3

Containers — Paper/Plastic	0.2
Industrial Gases	0.2
Semiconductor Equipment	0.2
Auto — Cars/Light Trucks	0.2
Cellular Telecom	0.2
Finance — Consumer Loans	0.2
Apparel Manufacturers	0.2
Insurance — Reinsurance	0.2
Containers — Metal/Glass	0.2
Insurance Brokers	0.2
Office Supplies & Forms	0.1
Beverages — Wine/Spirits	0.1
Banks — Commercial	0.1
Cruise Lines	0.1
Distribution/Wholesale	0.1
Computer Services	0.1
Electronic Measurement Instruments	0.1
Metal — Copper	0.1
Electric Products — Misc.	0.1
Gold Mining	0.1
Wireless Equipment	0.1
Commercial Services	0.1
	99.3%

* Calculated as a percentage of net assets

94

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Aerospace/Defense — 1.7%
Boeing Co.		1,312	$	448,193
General Dynamics Corp.		5,589		898,823
Northrop Grumman Corp.		1,973		598,312
				1,945,328
Aerospace/Defense - Equipment — 0.8%
United Technologies Corp.		7,216		911,381
Airlines — 0.4%
Delta Air Lines, Inc.		4,990		256,985
Southwest Airlines Co.		2,372		112,907
United Continental Holdings, Inc.†		1,227		95,277
				465,169
Apparel Manufacturers — 0.2%
PVH Corp.		2,884		245,688
Applications Software — 6.5%
Intuit, Inc.		2,013		492,883
Microsoft Corp.		48,894		6,047,210
salesforce.com, Inc.†		7,107		1,076,071
				7,616,164
Athletic Footwear — 0.3%
NIKE, Inc., Class B		4,302		331,856
Auto - Cars/Light Trucks — 0.2%
General Motors Co.		7,599		253,351
Auto - Heavy Duty Trucks — 0.5%
PACCAR, Inc.		8,471		557,561
Auto/Truck Parts & Equipment - Original — 0.4%
BorgWarner, Inc.		6,047		214,548
Magna International, Inc.		4,742		203,621
				418,169
Banks - Commercial — 0.1%
Citizens Financial Group, Inc.		4,109		133,871
Banks - Fiduciary — 0.3%
Bank of New York Mellon Corp.		7,187		306,813
Banks - Super Regional — 1.9%
Huntington Bancshares, Inc.		12,775		161,604
KeyCorp		36,096		576,453
SunTrust Banks, Inc.		9,601		576,156
Wells Fargo & Co.		21,012		932,302
				2,246,515
Beverages - Non-alcoholic — 2.1%
Coca-Cola Co.		37,575		1,846,060
PepsiCo, Inc.		5,072		649,216
				2,495,276
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A		827		145,924
Brewery — 0.4%
Molson Coors Brewing Co., Class B		7,829		430,438
Broadcast Services/Program — 0.4%
Discovery, Inc., Class A†		11,314		308,420
Discovery, Inc., Class C†		8,716		223,478
				531,898
Building Products - Wood — 0.3%
Masco Corp.		9,862		344,381
Building - Residential/Commercial — 0.3%
Lennar Corp., Class A		6,251		310,425

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 2.5%
Charter Communications, Inc., Class A†		2,723	$	1,026,026
Comcast Corp., Class A		44,915		1,841,515
DISH Network Corp., Class A†		1,222		44,127
				2,911,668
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		3,390		248,962
Chemicals - Diversified — 1.4%
Celanese Corp.		3,057		290,201
Dow, Inc.		7,169		335,222
DuPont de Nemours, Inc.		16,581		506,052
Eastman Chemical Co.		7,480		485,602
				1,617,077
Coatings/Paint — 0.0%
RPM International, Inc.		1,023		54,751
Commercial Services — 0.1%
Cintas Corp.		322		71,429
Commercial Services - Finance — 2.3%
Automatic Data Processing, Inc.		9,398		1,504,808
H&R Block, Inc.#		2,064		54,180
PayPal Holdings, Inc.†		10,569		1,159,948
				2,718,936
Computer Services — 0.1%
Accenture PLC, Class A		685		121,978
Computers — 4.0%
Apple, Inc.		23,184		4,058,823
Hewlett Packard Enterprise Co.		26,943		369,658
HP, Inc.		17,069		318,849
				4,747,330
Containers - Metal/Glass — 0.2%
Crown Holdings, Inc.†		4,115		228,094
Containers - Paper/Plastic — 0.2%
Packaging Corp. of America		672		59,862
WestRock Co.		7,010		228,526
				288,388
Cosmetics & Toiletries — 0.8%
Procter & Gamble Co.		9,643		992,361
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.		1,081		131,623
Data Processing/Management — 0.3%
Fidelity National Information Services, Inc.		1,605		193,082
First Data Corp., Class A†		4,936		125,473
				318,555
Diagnostic Equipment — 0.9%
Danaher Corp.		1,798		237,354
Thermo Fisher Scientific, Inc.		2,907		776,111
				1,013,465
Distribution/Wholesale — 0.1%
HD Supply Holdings, Inc.†		2,960		122,810
Diversified Banking Institutions — 3.6%
Bank of America Corp.		68,146		1,812,683
Citigroup, Inc.		23,112		1,436,411
Morgan Stanley		23,388		951,658
				4,200,752

95

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations — 1.2%
Eaton Corp. PLC		12,499	$	931,051
Ingersoll-Rand PLC		4,460		527,796
				1,458,847
E-Commerce/Products — 3.5%
Amazon.com, Inc.†		2,345		4,162,539
E-Commerce/Services — 0.5%
Booking Holdings, Inc.†		107		177,216
Expedia Group, Inc.		3,573		410,895
				588,111
Electric Products - Misc. — 0.1%
Emerson Electric Co.		1,563		94,155
Electric - Distribution — 0.3%
Sempra Energy		3,060		402,237
Electric - Integrated — 3.1%
American Electric Power Co., Inc.		7,239		623,423
Edison International		7,359		436,904
Exelon Corp.		18,021		866,450
FirstEnergy Corp.		1,739		71,716
NextEra Energy, Inc.		4,724		936,344
Xcel Energy, Inc.		11,816		677,529
				3,612,366
Electronic Components - Semiconductors — 2.6%
Broadcom, Inc.		1,766		444,396
Intel Corp.		4,772		210,159
Marvell Technology Group, Ltd.		4,984		111,143
NVIDIA Corp.		5,339		723,221
Texas Instruments, Inc.		14,861		1,550,151
				3,039,070
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		1,645		110,297
Engines - Internal Combustion — 0.5%
Cummins, Inc.		3,713		559,772
Enterprise Software/Service — 1.2%
Oracle Corp.		27,800		1,406,680
Workday, Inc., Class A†		233		47,560
				1,454,240
Entertainment Software — 0.5%
Electronic Arts, Inc.†		6,255		582,215
Finance - Consumer Loans — 0.2%
Synchrony Financial		7,327		246,407
Finance - Credit Card — 3.5%
Alliance Data Systems Corp.		245		33,688
American Express Co.		4,351		499,103
Capital One Financial Corp.		6,346		544,931
Mastercard, Inc., Class A		6,808		1,712,144
Visa, Inc., Class A		8,058		1,299,997
				4,089,863
Finance - Investment Banker/Broker — 0.8%
Charles Schwab Corp.		13,145		546,964
TD Ameritrade Holding Corp.		7,839		389,990
				936,954
Finance - Other Services — 0.8%
CME Group, Inc.		633		121,612
Intercontinental Exchange, Inc.		9,903		814,126
				935,738

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified — 0.8%
Mondelez International, Inc., Class A		19,606	$	996,965
Gold Mining — 0.1%
Newmont Goldcorp Corp.		2,424		80,210
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.		4,674		418,043
Industrial Gases — 0.2%
Linde PLC		1,597		288,338
Instruments - Controls — 1.1%
Honeywell International, Inc.		7,937		1,304,128
Insurance Brokers — 0.2%
Arthur J. Gallagher & Co.		1,400		117,880
Marsh & McLennan Cos., Inc.		760		72,656
				190,536
Insurance - Life/Health — 0.4%
Lincoln National Corp.		6,417		381,491
Principal Financial Group, Inc.		2,113		108,967
				490,458
Insurance - Multi-line — 1.5%
Allstate Corp.		1,831		174,879
Chubb, Ltd.		1,149		167,835
Hartford Financial Services Group, Inc.		10,983		578,365
MetLife, Inc.		16,540		764,313
Voya Financial, Inc.		1,051		53,527
				1,738,919
Insurance - Property/Casualty — 1.7%
Berkshire Hathaway, Inc., Class B†		9,901		1,954,655
Travelers Cos., Inc.		272		39,595
				1,994,250
Insurance - Reinsurance — 0.2%
Everest Re Group, Ltd.		682		168,904
RenaissanceRe Holdings, Ltd.		438		76,405
				245,309
Internet Content - Entertainment — 1.8%
Facebook, Inc., Class A†		6,524		1,157,814
Netflix, Inc.†		2,804		962,557
				2,120,371
Investment Management/Advisor Services — 0.5%
Ameriprise Financial, Inc.		1,869		258,352
Franklin Resources, Inc.		9,149		291,121
				549,473
Machinery - Farming — 0.3%
Deere & Co.		2,299		322,251
Medical Instruments — 2.0%
Boston Scientific Corp.†		28,543		1,096,336
Intuitive Surgical, Inc.†		409		190,124
Medtronic PLC		12,176		1,127,254
				2,413,714
Medical Products — 1.1%
Baxter International, Inc.		2,530		185,803
Becton Dickinson and Co.		818		190,954
Zimmer Biomet Holdings, Inc.		7,566		861,995
				1,238,752
Medical - Biomedical/Gene — 2.1%
Alexion Pharmaceuticals, Inc.†		3,125		355,250

96

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Amgen, Inc.		914	$	152,364
Biogen, Inc.†		1,946		426,738
Celgene Corp.†		5,044		473,077
Gilead Sciences, Inc.		1,927		119,956
Illumina, Inc.†		759		232,945
Regeneron Pharmaceuticals, Inc.†		1,002		302,323
Vertex Pharmaceuticals, Inc.†		2,707		449,849
				2,512,502
Medical - Drugs — 5.2%
AbbVie, Inc.		2,094		160,631
Allergan PLC		2,122		258,693
Bristol-Myers Squibb Co.		4,666		211,696
Eli Lilly & Co.		8,093		938,303
Johnson & Johnson		10,439		1,369,075
Merck & Co., Inc.		18,852		1,493,267
Nektar Therapeutics†		973		30,474
Pfizer, Inc.		36,766		1,526,524
Zoetis, Inc.		672		67,906
				6,056,569
Medical - HMO — 1.9%
Anthem, Inc.		2,169		602,939
UnitedHealth Group, Inc.		6,660		1,610,388
				2,213,327
Medical - Wholesale Drug Distribution — 0.0%
McKesson Corp.		272		33,222
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		9,903		96,158
Multimedia — 0.8%
Walt Disney Co.		6,817		900,117
Networking Products — 0.3%
Cisco Systems, Inc.		7,176		373,367
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		1,509		157,027
Oil Companies - Exploration & Production — 1.9%
Concho Resources, Inc.		1,169		114,574
Diamondback Energy, Inc.		4,762		466,962
EOG Resources, Inc.		10,000		818,800
Occidental Petroleum Corp.		2,425		120,692
Parsley Energy, Inc., Class A†		2,960		52,777
Pioneer Natural Resources Co.		4,784		679,136
				2,252,941
Oil Companies - Integrated — 1.9%
Chevron Corp.		15,666		1,783,574
Exxon Mobil Corp.		6,825		483,005
				2,266,579
Oil Refining & Marketing — 0.7%
Marathon Petroleum Corp.		16,431		755,662
Phillips 66		604		48,803
				804,465
Pharmacy Services — 1.0%
Cigna Corp.		7,222		1,069,000
CVS Health Corp.		1,897		99,346
				1,168,346
Pipelines — 0.4%
ONEOK, Inc.		6,553		416,902

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 2.4%
AvalonBay Communities, Inc.		2,824	$	573,300
Boston Properties, Inc.		1,061		138,811
Digital Realty Trust, Inc.		789		92,881
Equinix, Inc.		448		217,634
Equity Residential		2,162		165,544
Federal Realty Investment Trust		1,918		250,740
Host Hotels & Resorts, Inc.		8,734		158,173
Mid-America Apartment Communities, Inc.		562		64,169
Prologis, Inc.		7,293		537,275
Public Storage		545		129,645
Ventas, Inc.		2,872		184,669
Vornado Realty Trust		5,307		351,483
				2,864,324
Retail - Apparel/Shoe — 0.7%
Ross Stores, Inc.		8,951		832,353
Retail - Auto Parts — 1.3%
Advance Auto Parts, Inc.		2,139		331,545
AutoZone, Inc.†		827		849,420
O’Reilly Automotive, Inc.†		1,060		393,652
				1,574,617
Retail - Building Products — 2.0%
Home Depot, Inc.		7,689		1,459,757
Lowe’s Cos., Inc.		9,509		886,999
				2,346,756
Retail - Consumer Electronics — 0.4%
Best Buy Co., Inc.		7,118		446,085
Retail - Discount — 0.3%
Dollar General Corp.		2,887		367,457
Retail - Major Department Stores — 0.4%
TJX Cos., Inc.		8,540		429,477
Retail - Restaurants — 0.7%
Yum! Brands, Inc.		7,771		795,362
Semiconductor Components - Integrated Circuits — 1.1%
Analog Devices, Inc.		12,258		1,184,368
QUALCOMM, Inc.		1,812		121,078
				1,305,446
Semiconductor Equipment — 0.2%
Teradyne, Inc.		6,706		282,591
Telephone - Integrated — 1.1%
Verizon Communications, Inc.		24,407		1,326,520
Tobacco — 1.3%
Altria Group, Inc.		7,090		347,835
Philip Morris International, Inc.		15,984		1,232,846
				1,580,681
Tools - Hand Held — 0.6%
Snap-on, Inc.#		1,590		247,913
Stanley Black & Decker, Inc.		3,535		449,723
				697,636
Transport - Rail — 2.0%
Norfolk Southern Corp.		6,290		1,227,431
Union Pacific Corp.		6,489		1,082,235
				2,309,666
Web Portals/ISP — 3.4%
Alphabet, Inc., Class A†		1,861		2,059,196

97

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP (continued)
Alphabet, Inc., Class C†		1,782		$	1,966,669
					4,025,865
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		516			77,374
TOTAL INVESTMENTS
(cost $99,366,038)(1)		99.3	%		116,656,647
Other assets less liabilities		0.7			844,367
NET ASSETS		100.0	%	$	117,501,014

† Non-income producing security

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

At May 31, 2019, the Fund had loaned securities with a total value of $302,093. This was secured by collateral of $312,947 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	08/08/2019 to 08/29/2019	$	379
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		312,568

(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)
	5	Long	S&P 500 E-Mini Index		June 2019	$	720,823	$	688,150	$	(32,673	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	116,656,647	$	—	$	—	$	116,656,647
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	32,673	$	—	$	—	$	32,673

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

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

See Notes to Financial Statements

98

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	24.8	%
Medical — Drugs	18.8
Medical Products	14.1
Medical — HMO	13.3
Diagnostic Equipment	6.7
Medical Instruments	6.0
Therapeutics	3.3
Registered Investment Companies	2.3
Medical — Hospitals	2.2
Pharmacy Services	2.1
Electronic Measurement Instruments	2.1
Medical Labs & Testing Services	1.1
Disposable Medical Products	0.8
Veterinary Diagnostics	0.6
Drug Delivery Systems	0.5
Medical — Generic Drugs	0.4
Patient Monitoring Equipment	0.4
Instruments — Controls	0.4
Dental Supplies & Equipment	0.4
Diagnostic Kits	0.4
Applications Software	0.4
Medical Imaging Systems	0.2
Medical — Outpatient/Home Medical	0.1
Healthcare Safety Devices	0.1
Dialysis Centers	0.1
Medical Information Systems	0.1
	101.7	%

* Calculated as a percentage of net assets

99

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Applications Software — 0.2%
Covetrus, Inc.†#		45,900	$	1,131,894
Dental Supplies & Equipment — 0.4%
Align Technology, Inc.†		7,538		2,143,430
Patterson Cos., Inc.#		37,800		794,556
				2,937,986
Diagnostic Equipment — 6.7%
Avantor, Inc.†#		267,493		4,681,128
Danaher Corp.		122,736		16,202,379
GenMark Diagnostics, Inc.†		149,242		998,429
Quanterix Corp.†		50,393		1,290,565
Thermo Fisher Scientific, Inc.		98,097		26,189,937
				49,362,438
Diagnostic Kits — 0.4%
Quidel Corp.†#		52,371		2,896,116
Dialysis Centers — 0.1%
DaVita, Inc.†		12,103		525,512
Disposable Medical Products — 0.8%
Teleflex, Inc.		20,647		5,952,530
Drug Delivery Systems — 0.5%
DexCom, Inc.†		31,334		3,800,814
Electronic Measurement Instruments — 2.1%
Agilent Technologies, Inc.		201,489		13,509,838
Sartorius AG (Preference Shares)		12,650		2,401,215
				15,911,053
Healthcare Safety Devices — 0.1%
Tandem Diabetes Care, Inc.†		9,500		651,320
Instruments - Controls — 0.4%
Mettler-Toledo International, Inc.†		4,130		2,986,362
Medical Imaging Systems — 0.2%
Lantheus Holdings, Inc.†		58,768		1,409,844
Medical Instruments — 6.0%
Alcon, Inc.†		88,448		5,143,897
Bruker Corp.		94,595		3,951,233
Intuitive Surgical, Inc.†		72,568		33,733,235
NuVasive, Inc.†		19,406		1,124,772
Silk Road Medical, Inc.†		5,345		228,018
				44,181,155
Medical Labs & Testing Services — 0.7%
Catalent, Inc.†		43,189		1,965,099
Lonza Group AG		3,824		1,174,578
Natera, Inc.†		10,800		247,320
SI-BONE, Inc.†		15,050		252,690
Teladoc Health, Inc.†#		31,472		1,829,153
				5,468,840
Medical Products — 13.8%
ABIOMED, Inc.†		7,982		2,090,646
AtriCure, Inc.†		40,000		1,172,000
Becton Dickinson and Co.		142,418		33,246,058
Cooper Cos., Inc.		21,875		6,514,156
Hologic, Inc.†		190,412		8,380,032
ICU Medical, Inc.†		19,641		4,179,605
Inspire Medical Systems, Inc.†		9,866		557,133
Integer Holdings Corp.†		10,100		708,010
iRhythm Technologies, Inc.†		10,000		684,600
Nevro Corp.†		42,949		2,538,715
Novocure, Ltd.†		68,450		3,636,064
Penumbra, Inc.†#		21,918		3,127,699

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Shockwave Medical, Inc.†(1)		65,998	$	3,748,725
Shockwave Medical, Inc.†#		11,276		674,192
Stryker Corp.		112,365		20,589,763
West Pharmaceutical Services, Inc.		41,532		4,759,567
Wright Medical Group NV†		123,770		3,802,214
Zimmer Biomet Holdings, Inc.		19,750		2,250,118
				102,659,297
Medical - Biomedical/Gene — 24.8%
Abcam PLC		77,318		1,391,267
Abeona Therapeutics, Inc.†#		35,481		193,017
ACADIA Pharmaceuticals, Inc.†#		159,093		3,816,641
Acceleron Pharma, Inc.†#		66,801		2,664,692
Acerta Pharma BV, Class B†(2)		9,771,120		781,690
Alder Biopharmaceuticals, Inc.†#		128,497		1,390,338
Alexion Pharmaceuticals, Inc.†		110,762		12,591,424
Allakos, Inc.†#		18,885		740,292
Allogene Therapeutics, Inc.†#		55,088		1,444,958
Alnylam Pharmaceuticals, Inc.†		36,800		2,484,736
Amarin Corp. PLC ADR†#		211,308		3,746,491
Amgen, Inc.		40,560		6,761,352
AnaptysBio, Inc.†		17,046		1,241,119
Apellis Pharmaceuticals, Inc.†		17,310		347,758
Argenx SE ADR†#		49,370		6,103,613
Atara Biotherapeutics, Inc.†#		16,240		360,690
Audentes Therapeutics, Inc.†		26,146		918,247
Autolus Therapeutics PLC ADR†#		14,468		298,475
Avrobio, Inc.†#		13,296		188,271
BeiGene, Ltd. ADR†#		19,484		2,297,748
Biogen, Inc.†		24,149		5,295,634
BioMarin Pharmaceutical, Inc.†		71,051		5,843,234
Bluebird Bio, Inc.†#		37,799		4,532,856
Blueprint Medicines Corp.†		51,672		3,927,072
Cara Therapeutics, Inc.†#		39,161		805,150
CRISPR Therapeutics AG†#		19,500		693,615
CytomX Therapeutics, Inc.†		30,121		290,969
Denali Therapeutics, Inc.†#		22,500		429,075
Dicerna Pharmaceuticals, Inc.†		42,467		525,741
Epizyme, Inc.†		20,075		275,830
Exact Sciences Corp.†		54,050		5,601,201
Exelixis, Inc.†		136,230		2,668,746
Fate Therapeutics, Inc.†		41,866		807,176
FibroGen, Inc.†		52,287		1,894,881
Five Prime Therapeutics, Inc.†#		13,100		110,040
Forty Seven, Inc.†#		15,425		174,457
GlycoMimetics, Inc.†#		51,792		613,217
Guardant Health, Inc.†#		40,522		3,115,331
Homology Medicines, Inc.†#		36,097		730,603
HTG Molecular Diagnostics, Inc.†#		102,320		210,779
Illumina, Inc.†		18,815		5,774,512
Immunomedics, Inc.†#		95,498		1,248,159
Incyte Corp.†		97,631		7,676,726
Insmed, Inc.†#		88,636		2,145,878
Intercept Pharmaceuticals, Inc.†#		10,119		838,056
Ionis Pharmaceuticals, Inc.†#		49,381		3,239,394
Iovance Biotherapeutics, Inc.†#		137,553		2,248,992
Krystal Biotech, Inc.†		7,897		248,124
Menlo Therapeutics, Inc.†		29,900		201,227
Moderna, Inc.†		2,167		45,030
Orchard Therapeutics PLC ADR†#		43,212		817,139
PTC Therapeutics, Inc.†		71,481		2,866,388
Puma Biotechnology, Inc.†#		24,300		359,397
Radius Health, Inc.†		15,300		318,087
Regeneron Pharmaceuticals, Inc.†		28,665		8,648,804
REGENXBIO, Inc.†		35,300		1,518,606

100

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Rocket Pharmaceuticals, Inc.†		26,775	$	437,236
Sage Therapeutics, Inc.†#		114,810		19,732,395
Scholar Rock Holding Corp.†#		13,978		256,357
Seattle Genetics, Inc.†#		57,246		3,724,997
Stemline Therapeutics, Inc.†#		37,278		489,460
Theravance Biopharma, Inc.†#		15,294		254,186
Tocagen, Inc.†#		23,768		120,979
Ultragenyx Pharmaceutical, Inc.†#		59,934		3,292,175
Verily Life Sciences LLC†(1)(2)		6,986		861,094
Vertex Pharmaceuticals, Inc.†		162,763		27,047,955
WaVe Life Sciences, Ltd.†#		21,480		492,536
Y-mAbs Therapeutics, Inc.†#		22,608		460,525
Zai Lab, Ltd. ADR†		10,058		263,620
Zeneca, Inc. CVR†(2)		23,110		14,213
				183,950,673
Medical - Drugs — 18.7%
Aimmune Therapeutics, Inc.†#		70,328		1,376,319
Alkermes PLC†		41,138		886,112
Allergan PLC		32,099		3,913,189
Array BioPharma, Inc.†		238,790		6,308,832
Ascendis Pharma A/S ADR†		73,304		9,138,077
AstraZeneca PLC ADR		260,800		9,748,704
Bayer AG		17,622		1,039,405
Bristol-Myers Squibb Co.		193,063		8,759,268
Chugai Pharmaceutical Co., Ltd.		34,900		2,325,752
Corvus Pharmaceuticals, Inc.†#		36,493		137,579
Cyclerion Therapeutics, Inc.†		3,911		54,558
Daiichi Sankyo Co., Ltd.		88,700		4,287,611
Eli Lilly & Co.		97,141		11,262,528
Enanta Pharmaceuticals, Inc.†		32,960		2,981,891
Galapagos NV†#		9,606		1,091,715
Global Blood Therapeutics, Inc.†#		41,682		2,533,432
InflaRx NV†#		25,145		904,969
Intra-Cellular Therapies, Inc.†		14,937		194,032
Madrigal Pharmaceuticals, Inc.†#		4,520		417,648
Merck & Co., Inc.		138,888		11,001,318
Milestone Pharmaceuticals, Inc.†		29,058		601,501
Minerva Neurosciences, Inc.†		56,080		292,177
Moderna, Inc.†(1)		19,991		394,642
MyoKardia, Inc.†#		36,706		1,709,765
Myovant Sciences, Ltd.†#		55,071		541,348
Nektar Therapeutics†		22,529		705,608
Novartis AG		155,915		13,390,441
Odonate Therapeutics, Inc.†#		14,205		305,265
Pfizer, Inc.		565,200		23,467,104
PhaseBio Pharmaceuticals, Inc.†		39,426		421,070
Principia Biopharma, Inc.†#		16,431		480,771
ProQR Therapeutics NV†		22,800		276,564
Reata Pharmaceuticals, Inc., Class A†#		16,524		1,409,001
Rhythm Pharmaceuticals, Inc.†		18,727		471,733
Roche Holding AG		42,512		11,156,053
TherapeuticsMD, Inc.†#		81,213		248,512
Tricida, Inc.†#		71,483		2,626,285
Turning Point Therapeutics, Inc.†		14,211		494,827
Zogenix, Inc.†#		34,400		1,296,536
				138,652,142
Medical - Generic Drugs — 0.4%
Amneal Pharmaceuticals, Inc.†		59,733		450,387
Momenta Pharmaceuticals, Inc.†		41,732		485,343
Mylan NV†		34,800		584,640
Perrigo Co. PLC		38,603		1,622,098
				3,142,468

Security Description	Shares		Value (Note 2)
Medical - HMO — 13.3%
Anthem, Inc.		72,003	$	20,015,394
Centene Corp.†		202,414		11,689,409
Humana, Inc.		33,726		8,258,148
Molina Healthcare, Inc.†		33,693		4,793,166
UnitedHealth Group, Inc.		188,510		45,581,718
WellCare Health Plans, Inc.†		30,989		8,558,852
				98,896,687
Medical - Hospitals — 2.2%
Acadia Healthcare Co., Inc.†#		47,578		1,532,963
HCA Healthcare, Inc.		113,720		13,755,571
Universal Health Services, Inc., Class B		10,007		1,196,337
				16,484,871
Medical - Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		8,500		954,635
Patient Monitoring Equipment — 0.4%
CareDx, Inc.†		20,199		638,692
Insulet Corp.†#		22,300		2,448,317
				3,087,009
Pharmacy Services — 2.0%
Cigna Corp.		97,274		14,398,498
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		36,095		552,217
				14,950,715
Therapeutics — 3.3%
Agios Pharmaceuticals, Inc.†#		44,929		2,074,372
Axsome Therapeutics, Inc.†#		9,600		220,416
G1 Therapeutics, Inc.†#		27,899		584,763
GW Pharmaceuticals PLC ADR†#		10,410		1,803,428
Mirati Therapeutics, Inc.†#		19,700		1,335,463
Neurocrine Biosciences, Inc.†		83,151		7,049,542
Sarepta Therapeutics, Inc.†#		77,625		8,837,606
Xencor, Inc.†#		90,089		2,778,346
				24,683,936
Veterinary Diagnostics — 0.6%
Elanco Animal Health, Inc.†		134,367		4,203,000
Total Common Stocks
(cost $574,663,664)				728,881,297
CONVERTIBLE PREFERRED SECURITIES — 1.1%
Applications Software — 0.2%
Outset Medical, Inc. Series C†(1)(2)		320,192		995,797
Outset Medical, Inc. Series D†(1)(2)		171,126		532,202
				1,527,999
Medical Information Systems — 0.1%
Doximity, Inc. Series C†(1)(2)		64,785		419,807
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C†(1)(2)		160,251		271,140
Medical Labs & Testing Services — 0.4%
Tempus Labs, Inc. Series D†(1)(2)		60,677		1,459,961
Tempus Labs, Inc. Series E†(1)(2)		39,722		981,344
Tempus Labs, Inc. Series F†(1)(2)		10,551		261,239
				2,702,544

101

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Medical Products — 0.3%
Becton Dickinson and Co. Series A 6.13%		26,711		$	1,553,779
Kardium, Inc. Series D-5†(1)(2)		542,402			525,544
					2,079,323
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series D†(1)(2)		75,264			1,151,464
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		2,948			45,101
					1,196,565
Total Convertible Preferred Securities
(cost $6,212,363)					8,197,378
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			920,144
Total Long-Term Investment Securities
(cost $581,741,027)					737,998,819
SHORT-TERM INVESTMENT SECURITIES — 2.3%
Registered Investment Companies — 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.32%(4)		501,154			501,154
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4)		13,437,488			13,437,488
T. Rowe Price Government Reserve Fund 2.46%(4)		3,011,678			3,011,678
Total Short-Term Investment Securities
(cost $16,950,320)					16,950,320
TOTAL INVESTMENTS
(cost $598,691,347)(5)		101.7	%		754,949,139
Liabilities in excess of other assets		(1.7	)		(12,876,863	)
NET ASSETS		100.0	%	$	742,072,276

† Non-income producing security

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
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	$	552,217	$	15.30		0.07	%
Moderna, Inc.		01/31/2018		19,991		438,425		394,642		19.74		0.05	%
Shockwave Medical, Inc.		11/10/2016		16,145		198,936
		9/25/2017		5,350		65,920
		9/27/2017		44,503		548,362
				65,998		813,218		3,748,725		56.80		0.50	%
Verily Life Sciences LLC		1/25/2019		6,986		861,094		861,094		123.26		0.12	%
Convertible Preferred Securities
Doximity, Inc. Series C		4/10/2014		64,785		312,316		419,807		6.48		0.06	%
JAND, Inc. (dba Warby Parker) Series D		4/23/2015		75,264		864,430		1,151,464		15.30		0.15	%
JAND, Inc. (dba Warby Parker) Series E		3/9/2018		2,948		46,334		45,101		15.30		0.01	%
Kardium, Inc. Series D-5		11/29/2018		542,402		525,533		525,544		0.97		0.07	%
Outset Medical, Inc. Series C		4/19/2017		320,192		829,778		995,797		3.11		0.13	%
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		0.04	%
Tempus Labs, Inc. Series D		3/20/2018		60,677		568,780		1,459,961		24.06		0.20	%
Tempus Labs, Inc. Series E		8/23/2018		39,772		665,058		981,344		24.67		0.13	%
Tempus Labs, Inc. Series F		5/1/2019		10,551		261,239		261,239		24.76		0.04	%
							$	12,200,277				1.64	%

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

(3) At May 31, 2019, the Fund had loaned securities with a total value of $95,333,827. This was secured by collateral of $13,437,488, which was received in cash and subsequently invested in short-term investments currently valued at $13,437,488 as reported in the Portfolio of Investments. Additional collateral of $86,180,252 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 asset and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50%	10/01/2047 to 12/01/2047	$	516,784
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		28,044
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019		4,738,267
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		80,897,157

(4) The rate shown is the 7-day yield as of May 31, 2019

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

102

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 Products	$	98,910,572	$	3,748,725		$	—	$	102,659,297
Medical - Biomedical/Gene		180,902,409		1,391,267	**		1,656,997		183,950,673
Medical - Drugs		104,966,523		33,685,619	#		—		138,652,142
Pharmacy Services		14,398,498		—			552,217		14,950,715
Other Industries		285,092,677		3,575,793	**		—		288,668,470
Convertible Preferred Securities:
Medical Products		1,553,779		—			525,544		2,079,323
Other Industries		—		—			6,118,055		6,118,055
Convertible Bonds & Notes		—		920,144			—		920,144
Short-Term Investment Securities		16,950,320		—			—		16,950,320
Total Investments at Value	$	702,774,778	$	43,321,548		$	8,852,813	$	754,949,139

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

# Amount includes $33,290,977 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)		97,711			1,514,090
Change in unrealized depreciation(1)		(452,564	)		(946	)
Net purchases		861,094			1,984,031
Net sales		(636,800	)		(1,528,237	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of May 31, 2019	$	2,209,214		$	6,643,599

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2019 includes:

Common Stocks		Convertible Preferred Securities
$	97,274	$	1,513,135

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2019.

103

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

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

Description	Fair Value at 5/31/19		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	552,217	Market Approach	Secondary Market Transactions* Market Transaction Price* Company Repurchase Price*	$15.7170 $15.7170 $12.3500
	$	861,094	Market Approach	Market Transaction Price*	$123.26
	$	795,903	Income Approach	Estimated Future Cash Distribution*	$0.08-$0.615 ($0.3475)
Convertible Preferred Securities	$	2,585,922	Market Approach	Market Transaction Price*	$0.96892-$24.7596 ($6.72810)
	$	2,441,305	Market Approach	Market Transaction Price*	$24.7596
				Discount for Future Cumulative Dividend Variance	0.22% - 2.82% (1.52%)
	$	1,196,565	Market Approach	Secondary Market Transactions*	$15.7170
				Market Transaction Price*	$15.7170
				Company Repurchase Price*	$12.3500
	$	419,807	Market Approach	Market Transaction Price*	$4.3100
				2020 Estimated Revenue Multiple*	5.7x
				2019 Estimated Revenue Multiple*	6.5x
				2019 Estimated Gross Profit Multiple*	8.3x
				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

104

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

United States Treasury Notes	31.7	%
United States Treasury Bonds	20.8
Sovereign	20.3
Diversified Banking Institutions	10.0
Diversified Financial Services	5.0
Pipelines	1.7
Banks — Commercial	1.5
Registered Investment Companies	1.4
Insurance — Life/Health	1.0
Banks — Super Regional	0.7
Chemicals — Diversified	0.5
Gold Mining	0.5
Insurance — Multi-line	0.5
Pharmacy Services	0.5
Federal Home Loan Mtg. Corp.	0.4
Gas — Distribution	0.4
Oil Refining & Marketing	0.4
Building Products — Wood	0.3
Electric — Integrated	0.3
Real Estate Investment Trusts	0.3
Finance — Consumer Loans	0.3
Oil Companies — Integrated	0.3
Federal National Mtg. Assoc.	0.2
Machinery — Farming	0.2
Banks — Money Center	0.2
Oil Companies — Exploration & Production	0.1
Diversified Minerals	0.1
Government National Mtg. Assoc.	0.1
	99.7	%

Credit Quality#†

Aaa	69.4	%
Aa	0.6
A	9.0
Baa	11.8
Ba	2.4
Not Rated@	6.8
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

105

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Principal Amount(1)		Value (Note 2)
ASSET BACKED SECURITIES — 5.0%
Diversified Financial Services — 5.0%
Benchmark Mtg. Trust Series 2018-B3, Class A5 4.03% due 04/10/2051(2)	$	6,000,000	$	6,519,747
Benchmark Mtg. Trust Series 2018-B7, Class A4 4.51% due 05/15/2053(2)		6,000,000		6,768,381
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 3.50% (1 ML+1.00%) due 04/15/2034*(2)		4,000,000		3,992,500
BX Trust FRS Series 2018-MCSF, Class A 3.02% (1 ML+0.58%) due 04/15/2035*(2)		2,700,000		2,675,902
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 3.51% (1 ML+1.07%) due 12/15/2037*(2)		750,000		751,449
Chase Issuance Trust Series 2016-A4, Class A4 1.49% due 07/15/2022		2,000,000		1,982,274
COMM Mtg. Trust Series 2018-COR3, Class A3 4.23% due 05/10/2051(2)		6,000,000		6,575,966
CORE Mtg. Trust FRS Series 2019-CORE, Class A 3.32% (1 ML+0.88%) due 12/15/2031*(2)		2,000,000		2,003,291
DBCG Mtg. Trust FRS Series 2017-BBG, Class A 3.14% (1 ML+0.70%) due 06/15/2034*(2)		1,360,000		1,356,578
Stonemont Portfolio Trust FRS Series 2017-MONT, Class A 3.29% (1 ML+0.85%) due 08/20/2030*(2)		487,555		487,250
Store Master Funding I-VII Series 2018-1A, Class A1 3.96% due 10/20/2048*		1,679,511		1,747,151
Total Asset Backed Securities
(cost $33,284,958)				34,860,489
U.S. CORPORATE BONDS & NOTES — 9.9%
Banks - Super Regional — 0.4%
SunTrust Banks, Inc. Senior Notes 4.00% due 05/01/2025		506,000		535,619
Wells Fargo & Co. FRS Senior Notes 3.36% (CPIYOY+1.50%) due 03/31/2021		2,000,000		1,956,800
				2,492,419
Building Products - Wood — 0.3%
Masco Corp. Senior Notes 3.50% due 11/15/2027		2,512,000		2,436,075
Chemicals - Diversified — 0.5%
DowDuPont, Inc. Senior Notes 4.49% due 11/15/2025		2,213,000		2,377,854
DowDuPont, Inc. Senior Notes 5.32% due 11/15/2038		1,025,000		1,164,525
				3,542,379

Security Description	Principal Amount(1)		Value (Note 2)
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 4.25% due 01/15/2048	$	372,000	$	326,935
Diversified Banking Institutions — 6.2%
Bank of America Corp. FRS Senior Notes 2.62% (CPIYOY+1.10%) due 11/19/2024		2,000,000		1,985,000
Bank of America Corp. FRS Senior Notes 3.62% (CPIYOY+2.10%) due 02/18/2020		1,600,000		1,600,000
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		2,183,000		2,250,768
Bank of America Corp. Senior Notes 4.24% due 04/24/2038		2,504,000		2,620,186
Citigroup, Inc. FRS Senior Notes 2.57% (CPIYOY*1.38%) due 03/27/2025		2,000,000		1,883,200
Citigroup, Inc. FRS Senior Notes 2.86% (CPIYOY+1.00%) due 09/29/2024		2,000,000		1,915,400
Citigroup, Inc. FRS Senior Notes 4.36% (CPIYOY+2.50%) due 03/30/2020		4,000,000		3,928,000
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		2,673,000		2,957,599
Goldman Sachs Group, Inc. FRS Senior Notes 3.26% (CPIYOY+1.40%) due 08/30/2023		4,000,000		4,006,996
JPMorgan Chase & Co. FRS Senior Notes 3.11% (CPIYOY+1.25%) due 12/20/2023		2,000,000		1,976,600
JPMorgan Chase & Co. FRS Senior Notes 3.86% (CPIYOY+2.00%) due 02/25/2021		1,000,000		1,000,400
JPMorgan Chase & Co. FRS Senior Notes 3.94% (CPIYOY+2.08%) due 04/28/2020		5,000,000		4,945,500
Morgan Stanley FRS Senior Notes 3.07% (CPIYOY+1.55%) due 08/24/2023		468,000		461,565
Morgan Stanley FRS Senior Notes 3.12% (CPIYOY+1.60%) due 09/26/2028		1,402,000		1,386,227
Morgan Stanley FRS Senior Notes 3.52% (CPIYOY+2.00%) due 12/15/2019		1,813,000		1,806,201
Morgan Stanley FRS Senior Notes 3.52% (CPIYOY+2.00%) due 01/24/2020		2,203,000		2,191,985

106

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley FRS Senior Notes 3.52% (CPIYOY+2.00%) due 02/11/2020	$	2,000,000	$	1,992,500
Morgan Stanley FRS Senior Notes 3.52% (CPIYOY+2.00%) due 04/25/2023		3,870,000		3,889,350
Morgan Stanley FRS Senior Notes 3.52% (CPIYOY+2.00%) due 06/09/2023		664,000		668,980
				43,466,457
Electric - Integrated — 0.2%
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		1,318,000		1,351,015
Finance - Consumer Loans — 0.3%
SLM Corp. FRS Senior Notes 3.67% (CPIYOY+2.15%) due 12/15/2020		2,017,000		2,006,915
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 04/14/2011†		400,000		6,480
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 06/10/2014†		578,000		9,942
Lehman Brothers Holdings, Inc. FRS Escrow Notes 0.00% due 11/01/2014†		1,000,000		16,200
				32,622
Metal - Diversified — 0.0%
Glencore Funding LLC Company Guar. Notes 4.00% due 04/16/2025*		338,000		339,757
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.85% due 01/15/2028		800,000		801,255
Oil Refining & Marketing — 0.4%
Marathon Petroleum Corp. Senior Notes 3.80% due 04/01/2028		2,549,000		2,544,538
Pharmacy Services — 0.5%
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,164,000		3,164,089
Pipelines — 0.7%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		1,274,000		1,308,676
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		887,000		905,647
Energy Transfer Operating LP Company Guar. Notes 5.80% due 06/15/2038		1,067,000		1,135,769

Security Description	Principal Amount(1)		Value (Note 2)
Pipelines (continued)
EnLink Midstream LLC Company Guar. Notes 5.38% due 06/01/2029	$	524,000	$	520,185
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		1,299,000		1,273,020
				5,143,297
Real Estate Investment Trusts — 0.3%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.80% due 04/15/2026		1,960,000		2,032,149
Total U.S. Corporate Bonds & Notes
(cost $69,299,369)				69,679,902
FOREIGN CORPORATE BONDS & NOTES — 5.8%
Banks - Commercial — 1.4%
Barclays Bank PLC FRS Senior Notes 2.52% (CPIYOY+1.00%) due 05/22/2023		9,800,000		9,687,300
Danske Bank A/S Senior Notes 5.38% due 01/12/2024*		475,000		502,997
				10,190,297
Diversified Banking Institutions — 2.9%
BNP Paribas SA FRS Senior Notes 3.00% (CPIYOY+1.14%) due 12/21/2020		431,000		428,845
Credit Agricole SA Sub. Notes 4.00% due 01/10/2033*		2,548,000		2,494,181
Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025		1,142,000		1,157,576
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		3,470,000		3,557,274
Societe Generale SA VRS Company Guar. Notes 3.60% due 05/03/2023(3)(4)		10,000,000		10,080,000
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		738,000		671,446
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		1,150,000		1,201,327
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		828,000		817,695
				20,408,344
Diversified Minerals — 0.1%
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		757,000		742,278
Gas - Distribution — 0.4%
National Grid PLC Senior Notes 1.25% due 10/06/2021	GBP	1,763,000		2,857,682

107

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gold Mining — 0.5%
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 10/01/2022*	$	1,497,000	$	1,551,602
Newcrest Finance Pty, Ltd. Company Guar. Notes 5.75% due 11/15/2041*		1,663,000		1,809,545
				3,361,147
Machinery - Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		1,163,000		1,150,624
Oil Companies - Integrated — 0.3%
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		1,963,000		1,956,890
Total Foreign Corporate Bonds & Notes
(cost $40,301,573)				40,667,262
U.S. GOVERNMENT AGENCIES — 0.7%
Federal Home Loan Mtg. Corp. — 0.4%
Federal Home Loan Mtg. Corp. REMIC FRS
Series 4012, Class NF 2.89% (1 ML+0.45%) due 12/15/2038(5)		414,010		414,636
Series 3925, Class FL 2.89% (1 ML+0.45%) due 01/15/2041(5)		1,310,267		1,313,630
Series 4001, Class FM 2.94% (1 ML+0.50%) due 02/15/2042(5)		373,801		374,504
Series 3355, Class BF 3.14% (1 ML+0.70%) due 08/15/2037(5)		376,561		381,861
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2014-HQ2, Class M2 4.63% (1 ML+2.20%) due 09/25/2024(5)		598,403		610,229
				3,094,860
Federal National Mtg. Assoc. — 0.2%
Fannie Mae Connecticut Avenue Securities FRS Series 2014-C01, Class M1 4.03% (1 ML+1.60%) due 01/25/2024(5)		1,125		1,127
Federal National Mtg. Assoc. REMIC FRS
Series 2012-93, Class BF 2.83% (1 ML+0.40%) due 09/25/2042(5)		717,926		716,753
Series 2011-103, Class FD 2.88% (1 ML+0.45%) due 05/25/2040(5)		798,809		801,099
				1,518,979
Government National Mtg. Assoc. — 0.1%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 2.99% (1 ML+0.55%) due 02/16/2040(5)		334,629		336,828
Total U.S. Government Agencies
(cost $4,951,495)				4,950,667

Security Description	Principal Amount(1)		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 52.5%
United States Treasury Bonds — 20.8%
United States Treasury Bonds TIPS(6) 0.63% due 02/15/2043	$	6,461,355	$	6,291,771
0.75% due 02/15/2042		3,186,502		3,208,939
0.75% due 02/15/2045		8,465,166		8,433,863
0.88% due 02/15/2047		3,579,758		3,679,081
1.00% due 02/15/2046		7,411,513		7,829,880
1.00% due 02/15/2048		5,462,498		5,794,595
1.38% due 02/15/2044		4,672,878		5,333,803
1.75% due 01/15/2028		13,830,252		15,418,352
2.00% due 01/15/2026		4,494,660		4,981,357
2.13% due 02/15/2040		2,822,136		3,615,436
2.13% due 02/15/2041		4,839,619		6,249,792
2.38% due 01/15/2025		4,044,990		4,502,250
2.38% due 01/15/2027		5,041,160		5,798,090
2.50% due 01/15/2029		10,062,045		12,040,118
3.63% due 04/15/2028		21,842,321		27,931,179
3.88% due 04/15/2029		18,165,735		24,204,329
				145,312,835
United States Treasury Notes — 31.7%
United States Treasury Notes TIPS(6) 0.13% due 04/15/2020		18,124,510		17,979,372
0.13% due 04/15/2021		21,366,773		21,159,323
0.13% due 01/15/2022		5,738,121		5,699,082
0.13% due 04/15/2022		16,930,134		16,782,512
0.13% due 07/15/2022		2,541,960		2,532,224
0.13% due 01/15/2023		17,671,724		17,531,218
0.13% due 07/15/2024		19,721,567		19,594,220
0.13% due 07/15/2026		6,766,092		6,676,500
0.25% due 01/15/2025		7,618,655		7,582,581
0.38% due 07/15/2023		8,190,900		8,237,956
0.38% due 07/15/2025		7,455,666		7,492,841
0.38% due 01/15/2027		6,039,341		6,043,328
0.38% due 07/15/2027		15,451,859		15,494,261
0.50% due 01/15/2028		10,818,885		10,923,444
0.63% due 04/15/2023		12,994,767		13,119,895
0.63% due 01/15/2024		8,169,375		8,282,176
0.63% due 01/15/2026		6,053,785		6,162,432
0.75% due 07/15/2028		10,327,602		10,688,957
1.13% due 01/15/2021		4,414,992		4,451,744
1.25% due 07/15/2020		15,732,900		15,868,107
				222,302,173
Total U.S. Government Treasuries
(cost $352,972,677)				367,615,008
FOREIGN GOVERNMENT OBLIGATIONS — 20.3%
Sovereign — 20.3%
Commonwealth of Australia Senior Notes 0.75% due 11/21/2027(6)	AUD	15,525,000		11,495,583
Commonwealth of Australia Senior Notes 2.50% due 09/20/2030(6)	AUD	3,303,850		2,945,375
Commonwealth of Australia Senior Notes 3.00% due 09/20/2025(6)	AUD	16,502,100		13,708,288
Government of Canada Bonds 4.00% due 12/01/2031(6)	CAD	17,776,440		19,179,116
Government of Canada Bonds 4.25% due 12/01/2021(6)	CAD	30,959,740		25,267,372
Government of France Bonds 2.10% due 07/25/2023(6)	EUR	3,123,780		3,987,296

108

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)/ Shares		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of New Zealand Senior Notes 2.00% due 09/20/2025(6)	NZD	36,226,945	$	25,777,019
Kingdom of Spain Bonds 0.30% due 11/30/2021(6)	EUR	14,023,935		16,258,856
Kingdom of Spain Senior Notes 1.00% due 11/30/2030*(6)	EUR	9,593,268		12,192,908
United Kingdom Inflation Linked Gilt Treasury Bonds 0.13% due 08/10/2028(6)	GBP	5,819,700		9,367,417
United Mexican States Bonds 2.50% due 12/10/2020(6)	MXN	43,593,792		2,179,473
Total Foreign Government Obligations
(cost $145,059,725)				142,358,703
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
Banco Santander SA FRS 4.00% (3 ML+0.52%) (cost $238,831)		9,950		225,865
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.1%
Banks - Commercial — 0.1%
Corestates Capital II FRS 3.25% (3 ML+0.65%) due 01/15/2027*	$	669,000		618,825
Banks - Money Center — 0.2%
BBVA Bancomer SA 5.13% due 01/18/2033*		1,145,000		1,067,712
Banks - Super Regional — 0.3%
SunTrust Capital III FRS 3.26% (3 ML+0.65%) due 03/15/2028		1,067,000		990,976
Wachovia Capital Trust II FRS 3.10% (3 ML+0.50%) due 01/15/2027		1,039,000		948,088
				1,939,064
Diversified Banking Institutions — 0.9%
BAC Capital Trust XIV FRS Series G 4.00% (3 ML+0.40%) due 06/21/2019(7)		3,161,000		2,544,605
Goldman Sachs Group, Inc. Series P 5.00% due 11/10/2022(7)		2,539,000		2,388,615
HSBC Holdings PLC 6.00% due 05/22/2027(7)		1,018,000		1,002,985
Royal Bank of Scotland Group PLC 8.63% due 08/15/2021(7)		366,000		386,130
				6,322,335
Electric - Integrated — 0.1%
WEC Energy Group, Inc. FRS 4.63% (3 ML+2.11%) due 05/15/2067		819,000		684,275
Insurance - Life/Health — 1.0%
Prudential Financial, Inc. 5.70% due 09/15/2048#		7,000,000		7,220,990

Security Description	Principal Amount(1)/ Shares			Value (Note 2)
Insurance - Multi-line — 0.5%
Genworth Holdings, Inc. FRS 4.52% (3 ML+2.00%) due 11/15/2066	$	800,000		$	408,000
Hartford Financial Services Group, Inc. FRS 4.64% (3 ML+2.13%) due 02/12/2067*		3,202,000			2,817,760
					3,225,760
Pipelines — 1.0%
Andeavor Logistics LP 6.88% due 02/15/2023(7)		1,271,000			1,266,297
Enbridge, Inc. 5.50% due 07/15/2077		2,670,000			2,536,500
Energy Transfer Operating LP 6.25% due 02/15/2023(7)		2,554,000			2,349,680
EnLink Midstream Partners LP 6.00% due 12/15/2022(7)		475,000			389,500
Enterprise Products Operating LLC 5.25% due 08/16/2077		859,000			785,985
					7,327,962
Total Preferred Securities/Capital Securities
(cost $29,453,057)					28,406,923
Total Long-Term Investment Securities
(cost $675,561,685)					688,764,819
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.32%(8)		9,194,530			9,194,530
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(8)(9)		254,200			254,200
Total Short-Term Investment Securities
(cost $9,448,730)					9,448,730
TOTAL INVESTMENTS
(cost $685,010,415)(10)		99.7	%		698,213,549
Other assets less liabilities		0.3			2,360,221
NET ASSETS		100.0	%	$	700,573,770

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $39,842,154 representing 5.7% of net assets.

† Non-income producing security

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

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

(2) Commercial Mortgage Backed Security

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

(4) 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.

(5) Collateralized Mortgage Obligation

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

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

(8) The rate shown is the 7-day yield as of May 31, 2019.

(9) At May 31, 2019, the Fund had loaned securities with a total value of $4,346,221. This was secured by collateral of $254,200, which was received in cash and subsequently invested in short-term investments currently valued at $254,200 as reported in the Portfolio of Investments. Additional collateral of $4,251,130 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.

109

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	08/08/19	$	37,108
United States Treasury Notes/Bonds	0.13% to 8.75%	08/15/2019 to 11/15/2048		4,214,022

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

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

MXN—Mexican Peso

NZD—New Zealand Dollar

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

3 ML—3 Month USD LIBOR

CPIYOY—CPI Urban Consumers YoY NSA

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	—	$	34,860,489	$	—	$	34,860,489
U.S. Corporate Bonds & Notes		—		69,679,902		—		69,679,902
Foreign Corporate Bonds & Notes:
Diversified Banking Institutions		—		10,328,344		10,080,000		20,408,344
Other Industries		—		20,258,918		—		20,258,918
U.S. Government Agencies		—		4,950,667		—		4,950,667
U.S. Government Treasuries		—		367,615,008		—		367,615,008
Foreign Government Obligations		—		142,358,703		—		142,358,703
Preferred Securities		225,865		—		—		225,865
Preferred Securities/Capital Securities		—		28,406,923		—		28,406,923
Short-Term Investment Securities		9,448,730		—		—		9,448,730
Total Investments at Value	$	9,674,595	$	678,458,954	$	10,080,000	$	698,213,549

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

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

	Foreign Corporate Bonds & Notes
Balance as of 05/31/2018	$	18,372,760
Accrued Discounts		8,175
Accrued Premiums		—
Realized Gain		—
Realized Loss		—
Change in unrealized appreciation(1)		465,000
Change in unrealized depreciation(1)		(77,135	)
Net purchases		998,500
Net sales		—
Transfers into Level 3		—
Transfers out of Level 3(2)		(9,687,300	)
Balance as of 05/31/2019	$	10,080,000

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2019 includes:

Foreign Corporate Bonds & Notes
$	465,000

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2019.

(2) Security was transferred from Level 3 to Level 2 due to a reassessment of inputs.

The Fund’s security classified as Level 3, with a fair value of $10,080,000 at May 31, 2019, is attributable to valuations from a single broker which was deemed to be indicative quote (which does not necessarily represent a price the broker may be willing to trade on).

See Notes to Financial Statements

110

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Medical — Drugs	7.0	%
Banks — Commercial	5.2
Diversified Banking Institutions	4.8
Exchange-Traded Funds	4.3
Oil Companies — Integrated	4.1
Repurchase Agreements	4.0
Food — Misc./Diversified	2.9
Auto — Cars/Light Trucks	2.7
Registered Investment Companies	2.5
Cosmetics & Toiletries	2.4
Telephone — Integrated	2.3
Insurance — Life/Health	2.0
Electric — Integrated	2.0
Insurance — Multi-line	1.8
Real Estate Investment Trusts	1.8
Food — Retail	1.4
Chemicals — Diversified	1.4
Transport — Rail	1.4
Real Estate Operations & Development	1.2
Diversified Minerals	1.1
Beverages — Wine/Spirits	1.1
Brewery	1.0
Metal — Diversified	1.0
Enterprise Software/Service	1.0
Tobacco	1.0
Import/Export	1.0
Cellular Telecom	0.9
Diversified Manufacturing Operations	0.9
Medical Products	0.8
Aerospace/Defense — Equipment	0.8
Electronic Components — Misc.	0.8
Industrial Automated/Robotic	0.8
Finance — Other Services	0.8
Semiconductor Equipment	0.7
Textile — Apparel	0.7
Insurance — Property/Casualty	0.7
Commercial Services	0.7
Chemicals — Specialty	0.7
Gas — Distribution	0.7
Insurance — Reinsurance	0.7
Apparel Manufacturers	0.7
Retail — Apparel/Shoe	0.6
Machinery — Electrical	0.6
Real Estate Management/Services	0.6
Soap & Cleaning Preparation	0.6
Computer Services	0.6
Machinery — General Industrial	0.5
Medical — Biomedical/Gene	0.5
Audio/Video Products	0.5
Building — Heavy Construction	0.5
Transport — Services	0.5
Electric — Generation	0.5
Building Products — Cement	0.5
Food — Dairy Products	0.5
Building — Residential/Commercial	0.5
Building & Construction — Misc.	0.5
Building & Construction Products — Misc.	0.4
Rubber — Tires	0.4
Investment Companies	0.4
Athletic Footwear	0.4
Industrial Gases	0.4
Human Resources	0.4
Oil Companies — Exploration & Production	0.4
Diversified Operations	0.4
Retail — Jewelry	0.4
Machinery — Construction & Mining	0.4
Toys	0.4
Multimedia	0.4
Medical Instruments	0.4

Auto/Truck Parts & Equipment — Original	0.3
Aerospace/Defense	0.3
U.S. Government Treasuries	0.3
Oil Refining & Marketing	0.3
Steel — Producers	0.3
Food — Catering	0.3
Electronic Components — Semiconductors	0.3
Power Converter/Supply Equipment	0.3
Office Automation & Equipment	0.3
Airport Development/Maintenance	0.3
Investment Management/Advisor Services	0.3
Commercial Services — Finance	0.3
Public Thoroughfares	0.3
Paper & Related Products	0.3
Dialysis Centers	0.3
Hotels/Motels	0.3
Auto — Heavy Duty Trucks	0.3
Telecom Services	0.2
Casino Hotels	0.2
Transactional Software	0.2
Beverages — Non-alcoholic	0.2
Instruments — Controls	0.2
Optical Supplies	0.2
Building Products — Air & Heating	0.2
Semiconductor Components — Integrated Circuits	0.2
Networking Products	0.2
Private Equity	0.2
Machinery — Farming	0.2
Wireless Equipment	0.2
Coatings/Paint	0.2
Resorts/Theme Parks	0.2
Distribution/Wholesale	0.2
Electric — Distribution	0.2
Finance — Investment Banker/Broker	0.2
Advertising Services	0.2
Electronic Measurement Instruments	0.2
Electric — Transmission	0.2
Entertainment Software	0.2
Medical Labs & Testing Services	0.1
Security Services	0.1
Water	0.1
Electric Products — Misc.	0.1
Publishing — Periodicals	0.1
Finance — Leasing Companies	0.1
Photo Equipment & Supplies	0.1
Energy — Alternate Sources	0.1
Electronic Security Devices	0.1
Computer Aided Design	0.1
Computer Data Security	0.1
Food — Confectionery	0.1
Computers — Integrated Systems	0.1
E-Commerce/Products	0.1
Internet Content — Information/News	0.1
Web Portals/ISP	0.1
Casino Services	0.1
Transport — Marine	0.1
Advertising Agencies	0.1
Gold Mining	0.1
Containers — Paper/Plastic	0.1
Building — Maintenance & Services	0.1
Fisheries	0.1
Diversified Operations/Commercial Services	0.1
E-Commerce/Services	0.1
Miscellaneous Manufacturing	0.1
Food — Meat Products	0.1
Agricultural Chemicals	0.1
Electronics — Military	0.1
Diagnostic Equipment	0.1
Bicycle Manufacturing	0.1

111

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Rental Auto/Equipment	0.1	%
Pipelines	0.1
Gas — Transportation	0.1
Applications Software	0.1
Medical — Generic Drugs	0.1
Retail — Home Furnishings	0.1
Printing — Commercial	0.1
Machine Tools & Related Products	0.1
Computers — Memory Devices	0.1
Diagnostic Kits	0.1
Cruise Lines	0.1
Telecommunication Equipment	0.1
Retail — Discount	0.1
Retail — Convenience Store	0.1
MRI/Medical Diagnostic Imaging	0.1
Tools — Hand Held	0.1
Metal — Iron	0.1
Steel Pipe & Tube	0.1
Metal Products — Distribution	0.1
Leisure Products	0.1
Building Products — Doors & Windows	0.1
	101.5	%

Country Allocation*

Japan	21.7	%
United Kingdom	14.6
United States	11.1
France	9.2
Switzerland	8.4
Germany	7.8
Australia	6.5
Netherlands	4.1
Spain	2.7
Hong Kong	2.6
Sweden	2.1
Italy	1.7
Denmark	1.6
Singapore	1.2
Finland	1.1
Belgium	0.9
Jersey	0.6
Norway	0.6
Cayman Islands	0.6
Ireland	0.6
Israel	0.5
Bermuda	0.3
Luxembourg	0.3
New Zealand	0.2
Austria	0.2
SupraNational	0.2
Portugal	0.1
	101.5	%

* Calculated as a percentage of net assets

112

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 90.4%
Australia — 6.5%
AGL Energy, Ltd.		46,199	$	657,135
Alumina, Ltd.		188,700		311,832
Amcor, Ltd.		84,245		962,083
AMP, Ltd.#		211,111		316,726
APA Group		80,758		566,909
Aristocrat Leisure, Ltd.		41,068		827,396
ASX, Ltd.		14,268		747,694
Aurizon Holdings, Ltd.		143,587		514,378
AusNet Services		125,630		154,988
Australia & New Zealand Banking Group, Ltd.		204,204		3,940,746
Bank of Queensland, Ltd.#		26,615		170,550
Bendigo & Adelaide Bank, Ltd.		32,122		249,411
BGP Holdings PLC†(1)		835,027		0
BHP Group, Ltd.		209,337		5,466,142
BlueScope Steel, Ltd.		40,571		294,836
Boral, Ltd.		82,816		311,173
Brambles, Ltd.		111,996		937,541
Caltex Australia, Ltd.		19,531		356,600
Challenger, Ltd.		41,315		230,197
CIMIC Group, Ltd.		7,629		238,379
Coca-Cola Amatil, Ltd.		36,036		237,663
Cochlear, Ltd.		4,237		587,823
Coles Group, Ltd.†		81,100		699,612
Commonwealth Bank of Australia		125,786		6,834,419
Computershare, Ltd.		32,796		377,488
Crown Resorts, Ltd.		26,919		233,607
CSL, Ltd.		32,109		4,567,069
Dexus		77,563		694,917
Domino’s Pizza Enterprises, Ltd.#		4,349		117,833
Flight Centre Travel Group, Ltd.		4,202		126,782
Fortescue Metals Group, Ltd.		98,450		545,680
Goodman Group		116,569		1,081,738
GPT Group		124,925		498,411
Harvey Norman Holdings, Ltd.#		39,521		113,550
Incitec Pivot, Ltd.		123,358		280,357
Insurance Australia Group, Ltd.		169,510		897,392
LendLease Group		40,862		402,522
Macquarie Group, Ltd.		22,909		1,908,912
Medibank Private, Ltd.		200,714		458,602
Mirvac Group		274,370		575,253
National Australia Bank, Ltd.		197,354		3,619,750
Newcrest Mining, Ltd.		55,681		1,057,112
Orica, Ltd.		27,724		396,450
Origin Energy, Ltd.		125,305		621,470
QBE Insurance Group, Ltd.		98,587		796,882
Ramsay Health Care, Ltd.		9,887		477,648
REA Group, Ltd.		3,971		243,865
Rio Tinto, Ltd.		26,376		1,829,428
Santos, Ltd.		125,818		586,401
Scentre Group		378,348		995,039
SEEK, Ltd.		24,730		357,630
Sonic Healthcare, Ltd.		30,803		558,013
South32, Ltd.		373,260		857,001
Stockland		172,428		528,074
Suncorp Group, Ltd.		91,115		821,630
Sydney Airport		81,016		416,139
Tabcorp Holdings, Ltd.		138,872		433,553
Telstra Corp., Ltd.		291,845		738,527
TPG Telecom, Ltd.		24,261		105,693
Transurban Group		190,095		1,835,182
Treasury Wine Estates, Ltd.		52,547		543,923
Vicinity Centres		242,195		432,683
Washington H. Soul Pattinson & Co., Ltd.		7,655		118,224
Wesfarmers, Ltd.		81,100		2,078,973

Security Description	Shares		Value (Note 2)
Australia (continued)
Westpac Banking Corp.		244,082	$	4,647,257
Woodside Petroleum, Ltd.		66,566		1,631,290
Woolworths Group, Ltd.		93,385		2,028,288
WorleyParsons, Ltd.#		22,817		207,315
				67,457,786
Austria — 0.2%
ANDRITZ AG#		5,428		194,923
Erste Group Bank AG		20,673		732,742
OMV AG		10,710		502,713
Raiffeisen Bank International AG		10,543		244,773
Verbund AG#		4,839		242,006
voestalpine AG		8,261		214,930
				2,132,087
Belgium — 0.9%
Ageas		13,267		646,964
Anheuser-Busch InBev SA NV#		54,090		4,399,964
Colruyt SA		4,269		317,034
Groupe Bruxelles Lambert SA		6,021		560,373
KBC Group NV		17,896		1,175,444
Proximus SADP		11,273		325,997
Solvay SA		5,313		497,012
Telenet Group Holding NV		3,920		212,208
UCB SA		9,282		709,008
Umicore SA#		14,944		443,859
				9,287,863
Bermuda — 0.3%
CK Infrastructure Holdings, Ltd.		47,000		362,741
Dairy Farm International Holdings, Ltd.		24,326		186,058
Hongkong Land Holdings, Ltd.		83,800		546,392
Jardine Matheson Holdings, Ltd.		15,386		986,743
Jardine Strategic Holdings, Ltd.		15,461		577,324
Kerry Properties, Ltd.		46,500		176,243
NWS Holdings, Ltd.		108,000		212,702
Shangri-La Asia, Ltd.		76,000		96,778
Yue Yuen Industrial Holdings, Ltd.		52,500		146,765
				3,291,746
Cayman Islands — 0.6%
ASM Pacific Technology, Ltd.		21,600		209,172
BeiGene, Ltd. ADR†#		2,318		273,362
CK Asset Holdings, Ltd.		185,308		1,337,156
CK Hutchison Holdings, Ltd.		191,808		1,808,685
Melco Resorts & Entertainment, Ltd. ADR		14,706		283,826
MGM China Holdings, Ltd.#		69,600		107,369
Sands China, Ltd.		177,200		800,286
WH Group, Ltd.*		678,000		607,411
Wharf Real Estate Investment Co., Ltd.		87,000		592,747
Wynn Macau, Ltd.		114,800		244,170
				6,264,184
Denmark — 1.6%
AP Moller - Maersk A/S, Series A		282		283,820
AP Moller - Maersk A/S, Series B		454		480,483
Carlsberg A/S, Class B		7,611		998,889
Chr. Hansen Holding A/S		7,076		736,930
Coloplast A/S, Class B		8,249		879,176
Danske Bank A/S		50,934		830,230
Demant Holding A/S†#		7,179		240,444
Drilling Co. of 1972 A/S†		1,472		94,027
DSV A/S		13,406		1,192,259
Genmab A/S†		4,365		746,081
H. Lundbeck A/S		4,909		195,796

113

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
ISS A/S		11,839	$	332,839
Novo Nordisk A/S, Class B		129,195		6,089,332
Novozymes A/S, Class B		15,883		745,178
Orsted A/S*		13,325		1,061,576
Pandora A/S		7,845		290,587
Tryg A/S		7,967		248,990
Vestas Wind Systems A/S		13,895		1,128,297
				16,574,934
Finland — 1.1%
Elisa Oyj		10,717		477,613
Fortum Oyj		32,722		698,256
Kone Oyj, Class B		24,420		1,329,740
Metso Oyj		8,320		268,529
Neste Oyj		30,061		1,013,231
Nokia Oyj		400,796		2,004,570
Nokian Renkaat Oyj		8,381		239,058
Nordea Bank Abp		216,439		1,526,443
Orion Oyj, Class B		7,400		241,815
Sampo Oyj, Class A		31,983		1,383,491
Stora Enso Oyj, Class R		40,938		431,393
UPM-Kymmene Oyj		37,990		949,174
Wartsila Oyj Abp		32,816		478,705
				11,042,018
France — 9.2%
Accor SA		13,405		493,865
Aeroports de Paris		2,199		377,202
Air Liquide SA		30,434		3,784,550
Alstom SA		10,970		499,331
Amundi SA*		4,267		276,714
Arkema SA		4,745		399,018
Atos SE		6,676		507,036
AXA SA		136,929		3,368,173
BioMerieux		2,876		234,784
BNP Paribas SA#		79,774		3,635,948
Bollore SA		62,795		283,121
Bouygues SA		15,583		546,135
Bureau Veritas SA#		19,095		449,354
Capgemini SE#		11,338		1,265,203
Carrefour SA		42,064		790,129
Casino Guichard Perrachon SA#		4,178		158,879
Cie de Saint-Gobain		35,192		1,276,314
Cie Generale des Etablissements Michelin SCA		12,203		1,395,789
CNP Assurances		12,765		273,486
Covivio		3,236		339,369
Credit Agricole SA#		79,281		904,033
Danone SA		43,785		3,494,577
Dassault Aviation SA		161		201,088
Dassault Systemes SE		9,148		1,355,749
Edenred		16,741		764,510
Eiffage SA		5,685		542,939
Electricite de France SA		41,631		585,029
Engie SA#		129,463		1,805,136
EssilorLuxottica SA		20,329		2,331,704
Eurazeo SE		2,854		199,931
Eutelsat Communications SA		11,271		197,799
Faurecia SA		5,345		196,331
Gecina SA		3,284		469,032
Getlink SE		31,265		481,691
Hermes International		2,248		1,495,356
ICADE		2,383		202,228
Iliad SA#		1,955		224,537
Imerys SA		2,546		110,746

Security Description	Shares		Value (Note 2)
France (continued)
Ingenico Group SA		3,964	$	317,512
Ipsen SA		2,658		317,079
JCDecaux SA		4,947		138,334
Kering SA		5,368		2,788,381
Klepierre SA		14,735		501,028
L’Oreal SA		17,819		4,782,109
Legrand SA		19,248		1,294,729
LVMH Moet Hennessy Louis Vuitton SE		19,738		7,478,485
Natixis SA#		68,466		313,205
Orange SA#		141,400		2,210,108
Pernod Ricard SA		15,176		2,669,614
Peugeot SA		41,562		926,320
Publicis Groupe SA		15,045		822,969
Remy Cointreau SA		1,783		244,868
Renault SA		13,573		815,075
Safran SA		23,256		3,052,085
Sanofi		80,043		6,464,205
Sartorius Stedim Biotech		1,965		272,255
Schneider Electric SE		38,836		3,063,176
SCOR SE		12,143		498,920
SEB SA		1,597		260,631
Societe BIC SA#		1,822		142,038
Societe Generale SA		54,565		1,366,032
Sodexo SA		6,423		738,103
Suez#		26,068		348,279
Teleperformance		4,099		785,966
Thales SA		7,432		817,007
TOTAL SA		168,944		8,739,029
Ubisoft Entertainment SA†		5,591		458,476
Valeo SA#		16,828		444,328
Veolia Environnement SA		37,862		878,370
Vinci SA		36,054		3,558,784
Vivendi SA#		64,971		1,746,230
Wendel SA		2,062		261,408
Worldline SA†*		5,840		350,970
				95,782,924
Germany — 7.8%
1&1 Drillisch AG		3,752		115,042
adidas AG		12,817		3,668,193
Allianz SE		30,160		6,698,965
Axel Springer SE		3,450		213,744
BASF SE		65,311		4,312,512
Bayer AG		66,310		3,911,187
Bayerische Motoren Werke AG		23,321		1,615,298
Bayerische Motoren Werke AG (Preference Shares)		3,981		235,870
Beiersdorf AG		7,163		824,592
Brenntag AG		11,150		518,089
Carl Zeiss Meditec AG BR		2,860		268,940
Commerzbank AG		71,324		502,390
Continental AG		7,919		1,078,077
Covestro AG*		12,353		540,367
Daimler AG		64,828		3,363,397
Delivery Hero SE†*		7,992		343,325
Deutsche Bank AG		139,746		948,759
Deutsche Boerse AG		13,585		1,877,855
Deutsche Lufthansa AG		17,562		334,065
Deutsche Post AG		70,201		2,068,292
Deutsche Telekom AG		235,411		3,973,412
Deutsche Wohnen SE		25,137		1,186,474
E.ON SE		155,437		1,623,417
Evonik Industries AG		13,245		347,637
Fraport AG Frankfurt Airport Services Worldwide		2,772		218,168
Fresenius Medical Care AG & Co. KGaA		15,139		1,104,714

114

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Fresenius SE & Co. KGaA		29,462	$	1,495,629
Fuchs Petrolub SE (Preference Shares)		5,403		210,655
GEA Group AG		11,544		315,240
Hannover Rueck SE		4,474		670,768
HeidelbergCement AG		10,443		776,715
Henkel AG & Co. KGaA		7,591		657,449
Henkel AG & Co. KGaA (Preference Shares)		12,683		1,158,571
HOCHTIEF AG		1,463		173,741
HUGO BOSS AG		4,860		282,786
Infineon Technologies AG		80,604		1,453,950
Innogy SE*		9,817		445,034
KION Group AG		5,015		273,283
Knorr-Bremse AG†		3,436		378,320
LANXESS AG		6,214		311,212
Merck KGaA		9,357		903,710
METRO AG		12,056		189,915
MTU Aero Engines AG		3,634		785,759
Muenchener Rueckversicherungs-Gesellschaft AG		10,633		2,566,556
Porsche Automobil Holding SE (Preference Shares)		10,897		679,174
Puma SE		593		344,972
RWE AG		38,865		970,796
SAP SE		69,824		8,628,347
Sartorius AG (Preference Shares)		2,528		479,863
Siemens AG		54,333		6,155,363
Siemens Healthineers AG*		10,641		413,740
Symrise AG		8,980		841,681
Telefonica Deutschland Holding AG		53,043		148,770
thyssenkrupp AG		28,752		363,935
TUI AG		31,357		289,901
Uniper SE		14,171		397,486
United Internet AG		8,730		312,437
Volkswagen AG		2,310		366,828
Volkswagen AG (Preference Shares)		13,109		2,045,335
Vonovia SE		34,525		1,810,806
Wirecard AG		8,322		1,301,791
Zalando SE†*		8,906		353,441
				80,846,740
Hong Kong — 2.6%
AIA Group, Ltd.		856,000		8,019,338
Bank of East Asia, Ltd.		85,600		266,182
BOC Hong Kong Holdings, Ltd.		265,500		1,017,121
CLP Holdings, Ltd.		118,500		1,339,685
Galaxy Entertainment Group, Ltd.		154,000		929,152
Hang Lung Properties, Ltd.		146,000		306,632
Hang Seng Bank, Ltd.		54,600		1,366,866
Henderson Land Development Co., Ltd.		102,231		527,415
Hong Kong & China Gas Co., Ltd.		722,616		1,594,971
Hong Kong Exchanges & Clearing, Ltd.		83,900		2,660,956
Hysan Development Co., Ltd.		44,000		228,610
Link REIT		150,000		1,798,228
MTR Corp., Ltd.		104,000		635,432
New World Development Co., Ltd.		435,000		639,415
PCCW, Ltd.		296,000		168,332
Power Assets Holdings, Ltd.		100,500		694,535
Sino Land Co., Ltd.		236,000		376,675
SJM Holdings, Ltd.		141,000		155,673
Sun Hung Kai Properties, Ltd.		114,500		1,809,904
Swire Pacific, Ltd., Class A		35,500		419,821
Swire Properties, Ltd.		84,600		347,988
Techtronic Industries Co., Ltd.		100,500		639,009
Vitasoy International Holdings, Ltd.		52,000		278,919
Wharf Holdings, Ltd.		87,000		222,054
Wheelock & Co., Ltd.		58,000		383,154
				26,826,067

Security Description	Shares		Value (Note 2)
Ireland — 0.6%
AIB Group PLC		57,638	$	235,299
Bank of Ireland Group PLC		67,506		359,705
CRH PLC		57,650		1,803,553
DCC PLC		6,981		587,904
Flutter Entertainment PLC†		6,043		430,395
James Hardie Industries PLC CDI		31,649		401,559
Kerry Group PLC, Class A		11,285		1,303,902
Kingspan Group PLC		10,883		565,342
Smurfit Kappa Group PLC		16,002		442,151
				6,129,810
Isle of Man — 0.0%
GVC Holdings PLC		38,647		293,595
Israel — 0.5%
Azrieli Group, Ltd.		2,644		157,937
Bank Hapoalim B.M.		77,903		560,657
Bank Leumi Le-Israel B.M.		107,071		718,080
Bezeq The Israeli Telecommunication Corp., Ltd.		140,855		86,606
Check Point Software Technologies, Ltd.†		8,881		979,397
CyberArk Software, Ltd.†		2,643		349,008
Elbit Systems, Ltd.		1,658		236,001
Israel Chemicals, Ltd.		50,805		254,561
Mizrahi Tefahot Bank, Ltd.		10,165		222,217
NICE, Ltd.†		4,310		601,346
Teva Pharmaceutical Industries, Ltd. ADR†		77,423		669,709
Wix.com, Ltd.†		3,092		424,655
				5,260,174
Italy — 1.7%
Assicurazioni Generali SpA		77,850		1,366,198
Atlantia SpA		35,133		878,685
Davide Campari-Milano SpA		40,454		394,815
Enel SpA		578,403		3,604,194
Eni SpA		181,577		2,739,262
FinecoBank Banca Fineco SpA		36,777		379,953
Intesa Sanpaolo SpA#		1,058,103		2,166,052
Leonardo SpA		29,108		322,741
Mediobanca Banca di Credito Finanziario SpA		44,112		406,618
Moncler SpA		12,722		467,617
Pirelli & C SpA#*		28,567		162,802
Poste Italiane SpA*		37,230		361,583
Prysmian SpA†		17,080		284,235
Recordati SpA		7,375		304,482
Snam SpA		147,897		743,241
Telecom Italia SpA†		648,161		317,759
Telecom Italia SpA RSP		450,374		209,867
Terna Rete Elettrica Nazionale SpA		101,169		618,683
UniCredit SpA		142,159		1,613,009
				17,341,796
Japan — 21.7%
ABC-Mart, Inc.		2,300		143,519
Acom Co., Ltd.		29,500		98,861
Advantest Corp.		14,200		329,132
Aeon Co., Ltd.		46,500		801,678
AEON Financial Service Co., Ltd.		8,100		129,255
Aeon Mall Co., Ltd.		8,200		120,143
AGC, Inc.		13,200		423,132
Air Water, Inc.		11,500		171,039
Aisin Seiki Co., Ltd.		11,600		384,190
Ajinomoto Co., Inc.		32,700		554,872
Alfresa Holdings Corp.		12,900		324,667
Alps Alpine Co., Ltd.		14,202		234,810
Amada Holdings Co., Ltd.		24,800		253,491

115

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
ANA Holdings, Inc.		8,700	$	290,787
Aozora Bank, Ltd.		8,300		200,870
Asahi Group Holdings, Ltd.		25,800		1,130,432
Asahi Intecc Co., Ltd.		6,900		352,081
Asahi Kasei Corp.		91,100		937,301
Astellas Pharma, Inc.		133,800		1,789,666
Bandai Namco Holdings, Inc.		14,100		692,423
Bank of Kyoto, Ltd.		3,700		143,731
Benesse Holdings, Inc.		4,800		111,404
Bridgestone Corp.		40,600		1,510,270
Brother Industries, Ltd.		17,300		293,492
Calbee, Inc.		5,300		149,814
Canon, Inc.		71,600		2,016,834
Casio Computer Co., Ltd.		15,400		170,865
Central Japan Railway Co.		10,200		2,125,582
Chiba Bank, Ltd.		42,800		203,537
Chubu Electric Power Co., Inc.		43,500		594,039
Chugai Pharmaceutical Co., Ltd.		16,300		1,086,240
Chugoku Electric Power Co., Inc.		19,900		249,145
Coca-Cola Bottlers Japan Holdings, Inc.#		8,802		200,106
Concordia Financial Group, Ltd.		76,400		290,693
Credit Saison Co., Ltd.		10,700		115,194
CyberAgent, Inc.		7,249		277,957
Dai Nippon Printing Co., Ltd.		18,300		396,298
Dai-ichi Life Holdings, Inc.		75,800		1,090,033
Daicel Corp.		19,000		160,939
Daifuku Co., Ltd.		6,991		347,712
Daiichi Sankyo Co., Ltd.		40,300		1,948,035
Daikin Industries, Ltd.		17,600		2,132,292
Daito Trust Construction Co., Ltd.		5,200		676,676
Daiwa House Industry Co., Ltd.		40,100		1,198,517
Daiwa House REIT Investment Corp.		120		283,986
Daiwa Securities Group, Inc.		114,700		500,861
Denso Corp.		31,000		1,193,744
Dentsu, Inc.		15,300		498,078
Disco Corp.		2,100		289,767
East Japan Railway Co.		22,000		2,087,816
Eisai Co., Ltd.		17,800		1,044,007
Electric Power Development Co., Ltd.		10,300		225,651
FamilyMart UNY Holdings Co., Ltd.		18,000		433,054
FANUC Corp.		13,700		2,309,453
Fast Retailing Co., Ltd.		4,100		2,371,669
Fuji Electric Co., Ltd.		8,100		269,939
FUJIFILM Holdings Corp.		25,600		1,221,518
Fujitsu, Ltd.		14,100		954,021
Fukuoka Financial Group, Inc.		10,900		185,040
GMO Payment Gateway, Inc.		2,900		193,656
Hakuhodo DY Holdings, Inc.		17,100		267,132
Hamamatsu Photonics KK		10,100		357,629
Hankyu Hanshin Holdings, Inc.		16,600		594,541
Hikari Tsushin, Inc.		1,500		303,421
Hino Motors, Ltd.		18,400		145,755
Hirose Electric Co., Ltd.		2,335		254,162
Hisamitsu Pharmaceutical Co., Inc.		4,100		163,137
Hitachi Chemical Co., Ltd.		7,600		202,473
Hitachi Construction Machinery Co., Ltd.		7,900		182,457
Hitachi High-Technologies Corp.		4,400		185,657
Hitachi Metals, Ltd.		16,200		160,217
Hitachi, Ltd.		68,700		2,314,718
Honda Motor Co., Ltd.		115,900		2,856,814
Hoshizaki Corp.		3,900		295,401
Hoya Corp.		27,400		1,896,277
Hulic Co., Ltd.		21,500		169,826
Idemitsu Kosan Co., Ltd.		13,976		392,357

Security Description	Shares		Value (Note 2)
Japan (continued)
IHI Corp.		11,100	$	247,001
Iida Group Holdings Co., Ltd.		10,500		165,889
Inpex Corp.		72,800		584,752
Isetan Mitsukoshi Holdings, Ltd.		24,300		200,872
Isuzu Motors, Ltd.		39,200		427,879
ITOCHU Corp.		95,700		1,762,697
Itochu Techno-Solutions Corp.		6,800		168,785
J. Front Retailing Co., Ltd.		17,400		180,765
Japan Airlines Co., Ltd.		8,900		279,395
Japan Airport Terminal Co., Ltd.		3,000		113,750
Japan Exchange Group, Inc.		36,200		558,315
Japan Post Bank Co., Ltd.		29,600		303,310
Japan Post Holdings Co., Ltd.		111,900		1,239,562
Japan Prime Realty Investment Corp.		56		239,726
Japan Real Estate Investment Corp.		92		547,398
Japan Retail Fund Investment Corp.		180		362,886
Japan Tobacco, Inc.#		85,300		1,956,401
JFE Holdings, Inc.		36,100		498,321
JGC Corp.		14,300		189,203
JSR Corp.		13,000		183,790
JTEKT Corp.		14,800		155,538
JXTG Holdings, Inc.		232,000		1,099,901
Kajima Corp.		31,300		428,791
Kakaku.com, Inc.		10,700		215,494
Kamigumi Co., Ltd.		7,500		176,242
Kaneka Corp.		3,900		134,472
Kansai Electric Power Co., Inc.		51,600		599,936
Kansai Paint Co., Ltd.		12,600		237,204
Kao Corp.		35,100		2,729,083
Kawasaki Heavy Industries, Ltd.		10,400		231,141
KDDI Corp.		126,000		3,236,313
Keihan Holdings Co., Ltd.		7,200		310,879
Keikyu Corp.		16,399		276,762
Keio Corp.		7,400		492,079
Keisei Electric Railway Co., Ltd.		9,400		351,501
Keyence Corp.		6,500		3,646,037
Kikkoman Corp.		9,900		408,676
Kintetsu Group Holdings Co., Ltd.		12,400		592,789
Kirin Holdings Co., Ltd.		58,700		1,273,182
Kobayashi Pharmaceutical Co., Ltd.		3,401		251,251
Kobe Steel, Ltd.		22,300		137,983
Koito Manufacturing Co., Ltd.		7,500		345,768
Komatsu, Ltd.		65,700		1,444,229
Konami Holdings Corp.		6,600		311,373
Konica Minolta, Inc.		32,200		281,786
Kose Corp.		2,379		373,602
Kubota Corp.		74,400		1,129,644
Kuraray Co., Ltd.		22,500		256,922
Kurita Water Industries, Ltd.		7,400		176,325
Kyocera Corp.		22,900		1,395,481
Kyowa Hakko Kirin Co., Ltd.#		18,100		340,962
Kyushu Electric Power Co., Inc.		27,100		267,381
Kyushu Railway Co.		11,500		342,487
Lawson, Inc.		3,500		163,563
LINE Corp.†#		5,100		148,760
Lion Corp.		15,800		304,708
LIXIL Group Corp.		19,400		247,843
M3, Inc.		30,600		575,660
Makita Corp.		15,800		553,411
Marubeni Corp.		112,200		704,235
Marui Group Co., Ltd.		14,700		306,521
Maruichi Steel Tube, Ltd.		3,300		86,436
Mazda Motor Corp.		39,800		386,211
McDonald’s Holdings Co. Japan, Ltd.		4,700		213,625

116

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Mebuki Financial Group, Inc.		66,900	$	167,912
Medipal Holdings Corp.		12,000		259,143
MEIJI Holdings Co., Ltd.		8,100		567,455
Mercari, Inc.†		5,300		156,508
Minebea Mitsumi, Inc.		26,800		389,299
MISUMI Group, Inc.		19,500		455,689
Mitsubishi Chemical Holdings Corp.		91,200		596,340
Mitsubishi Corp.		96,100		2,497,283
Mitsubishi Electric Corp.		129,800		1,611,077
Mitsubishi Estate Co., Ltd.		84,100		1,542,490
Mitsubishi Gas Chemical Co., Inc.		11,700		144,913
Mitsubishi Heavy Industries, Ltd.		22,200		970,651
Mitsubishi Materials Corp.		7,900		205,934
Mitsubishi Motors Corp.		47,700		223,509
Mitsubishi Tanabe Pharma Corp.		16,300		191,730
Mitsubishi UFJ Financial Group, Inc.		874,100		4,033,077
Mitsubishi UFJ Lease & Finance Co., Ltd.		29,000		143,440
Mitsui & Co., Ltd.		117,700		1,811,065
Mitsui Chemicals, Inc.		13,300		289,739
Mitsui Fudosan Co., Ltd.		64,300		1,554,072
Mitsui OSK Lines, Ltd.		7,899		167,014
Mizuho Financial Group, Inc.		1,711,300		2,414,371
MonotaRO Co., Ltd.#		8,900		188,624
MS&AD Insurance Group Holdings, Inc.		33,800		1,067,706
Murata Manufacturing Co., Ltd.		40,800		1,762,342
Nabtesco Corp.		8,300		206,512
Nagoya Railroad Co., Ltd.		13,000		358,038
NEC Corp.		19,000		700,132
Nexon Co., Ltd.†		35,000		519,223
NGK Insulators, Ltd.		19,000		256,519
NGK Spark Plug Co., Ltd.		11,300		198,135
NH Foods, Ltd.		6,500		262,308
Nidec Corp.		15,900		1,971,333
Nikon Corp.		22,800		311,370
Nintendo Co., Ltd.		8,100		2,864,135
Nippon Building Fund, Inc.		95		650,048
Nippon Electric Glass Co., Ltd.#		5,500		131,813
Nippon Express Co., Ltd.		5,300		281,091
Nippon Paint Holdings Co., Ltd.#		10,400		409,058
Nippon Prologis REIT, Inc.		129		280,857
Nippon Steel Corp.		57,400		949,113
Nippon Telegraph & Telephone Corp.		45,700		2,045,067
Nippon Yusen KK		11,700		175,723
Nissan Chemical Corp.		8,700		366,843
Nissan Motor Co., Ltd.		166,000		1,123,188
Nisshin Seifun Group, Inc.		14,100		327,744
Nissin Foods Holdings Co., Ltd.		4,200		252,484
Nitori Holdings Co., Ltd.		5,600		666,275
Nitto Denko Corp.		11,500		501,742
Nomura Holdings, Inc.		246,600		773,596
Nomura Real Estate Holdings, Inc.		9,000		184,346
Nomura Real Estate Master Fund, Inc.		276		428,595
Nomura Research Institute, Ltd.		7,900		384,090
NSK, Ltd.		27,500		218,957
NTT Data Corp.		44,500		530,045
NTT DOCOMO, Inc.		94,100		2,158,746
Obayashi Corp.		46,800		429,626
OBIC Co., Ltd.		4,600		552,277
Odakyu Electric Railway Co., Ltd.		20,899		515,932
Oji Holdings Corp.		57,400		295,401
Olympus Corp.		82,400		970,974
Omron Corp.		13,600		639,143
Ono Pharmaceutical Co., Ltd.		27,100		476,797
Oracle Corp. Japan		2,600		180,085

Security Description	Shares		Value (Note 2)
Japan (continued)
Oriental Land Co., Ltd.		14,200	$	1,731,556
ORIX Corp.		93,400		1,315,243
Osaka Gas Co., Ltd.		27,200		482,764
Otsuka Corp.		6,700		259,818
Otsuka Holdings Co., Ltd.		27,700		929,656
Pan Pacific International Holdings Corp		7,900		486,526
Panasonic Corp.		156,130		1,236,215
Park24 Co., Ltd.		7,300		136,499
PeptiDream, Inc.†		6,600		326,913
Persol Holdings Co., Ltd.		12,574		265,407
Pigeon Corp.		8,200		308,140
Pola Orbis Holdings, Inc.		6,232		172,317
Rakuten, Inc.		61,200		634,094
Recruit Holdings Co., Ltd.		84,383		2,692,242
Renesas Electronics Corp.†		59,700		266,473
Resona Holdings, Inc.		148,700		626,695
Ricoh Co., Ltd.		47,800		461,705
Rinnai Corp.		2,500		163,019
Rohm Co., Ltd.		6,700		410,862
Ryohin Keikaku Co., Ltd.		1,714		309,403
Sankyo Co., Ltd.		3,400		129,879
Santen Pharmaceutical Co., Ltd.		26,700		382,311
SBI Holdings, Inc.		16,000		367,390
Secom Co., Ltd.		14,800		1,266,617
Sega Sammy Holdings, Inc.		13,200		155,990
Seibu Holdings, Inc.		15,700		261,832
Seiko Epson Corp.		20,100		294,486
Sekisui Chemical Co., Ltd.		28,000		409,390
Sekisui House, Ltd.		43,300		692,482
Seven & i Holdings Co., Ltd.		53,100		1,787,765
Seven Bank, Ltd.		43,600		111,139
SG Holdings Co., Ltd.		10,228		277,181
Sharp Corp.#		15,100		136,045
Shimadzu Corp.		15,900		395,117
Shimamura Co., Ltd.		1,500		114,267
Shimano, Inc.		5,300		811,636
Shimizu Corp.		37,500		305,388
Shin-Etsu Chemical Co., Ltd.		26,100		2,162,203
Shinsei Bank, Ltd.		11,800		166,450
Shionogi & Co., Ltd.		19,100		1,040,173
Shiseido Co., Ltd.		28,400		2,037,196
Shizuoka Bank, Ltd.		32,200		253,203
Showa Denko KK#		9,600		260,746
SMC Corp.		4,100		1,337,911
Softbank Corp.#		119,000		1,547,276
SoftBank Group Corp.		58,700		5,507,765
Sohgo Security Services Co., Ltd.		5,100		245,883
Sompo Holdings, Inc.		23,700		892,586
Sony Corp.		89,900		4,324,117
Sony Financial Holdings, Inc.		10,800		238,210
Stanley Electric Co., Ltd.		10,300		234,200
Subaru Corp.		43,500		1,004,796
SUMCO Corp.#		16,604		180,920
Sumitomo Chemical Co., Ltd.		108,600		466,536
Sumitomo Corp.		84,400		1,218,257
Sumitomo Dainippon Pharma Co., Ltd.		11,500		236,103
Sumitomo Electric Industries, Ltd.		53,700		647,876
Sumitomo Heavy Industries, Ltd.		7,900		248,652
Sumitomo Metal Mining Co., Ltd.		16,900		440,099
Sumitomo Mitsui Financial Group, Inc.		94,500		3,285,575
Sumitomo Mitsui Trust Holdings, Inc.		23,400		854,130
Sumitomo Realty & Development Co., Ltd.		23,700		872,692
Sumitomo Rubber Industries, Ltd.#		12,700		140,055
Sundrug Co., Ltd.		5,280		132,424

117

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Suntory Beverage & Food, Ltd.		10,200	$	423,575
Suzuken Co., Ltd.		5,500		337,485
Suzuki Motor Corp.		26,200		1,247,966
Sysmex Corp.		11,800		815,912
T&D Holdings, Inc.		38,800		402,559
Taiheiyo Cement Corp.		8,600		253,012
Taisei Corp.		14,800		538,579
Taisho Pharmaceutical Holdings Co., Ltd.		2,500		203,230
Taiyo Nippon Sanso Corp.		9,200		172,314
Takeda Pharmaceutical Co., Ltd.		105,600		3,559,870
Takeda Pharmaceutical Co., Ltd. ADR#		0		2
TDK Corp.		9,200		619,674
Teijin, Ltd.		13,500		219,564
Terumo Corp.		45,900		1,297,525
THK Co., Ltd.		8,100		163,684
Tobu Railway Co., Ltd.		14,000		407,459
Toho Co., Ltd.		8,000		342,845
Toho Gas Co., Ltd.		5,800		225,555
Tohoku Electric Power Co., Inc.		30,000		305,161
Tokio Marine Holdings, Inc.		46,000		2,278,511
Tokyo Century Corp.		3,016		121,337
Tokyo Electric Power Co. Holdings, Inc.†		106,600		547,014
Tokyo Electron, Ltd.		11,100		1,492,199
Tokyo Gas Co., Ltd.		27,200		676,197
Tokyu Corp.		35,500		629,699
Tokyu Fudosan Holdings Corp.		43,000		239,251
Toppan Printing Co., Ltd.		18,100		264,132
Toray Industries, Inc.		99,500		683,296
Toshiba Corp.		39,600		1,258,451
Tosoh Corp.		18,400		231,462
TOTO, Ltd.		10,000		372,038
Toyo Seikan Group Holdings, Ltd.		11,700		220,000
Toyo Suisan Kaisha, Ltd.		5,800		226,829
Toyoda Gosei Co., Ltd.		4,600		80,284
Toyota Industries Corp.		10,400		532,179
Toyota Motor Corp.		162,300		9,560,473
Toyota Tsusho Corp.		15,400		441,675
Trend Micro, Inc.		8,800		394,995
Tsuruha Holdings, Inc.#		2,504		200,302
Unicharm Corp.		28,700		856,306
United Urban Investment Corp.		214		353,331
USS Co., Ltd.		16,299		308,153
Welcia Holdings Co., Ltd.		3,400		119,217
West Japan Railway Co.		11,700		915,504
Yahoo Japan Corp.		202,400		581,738
Yakult Honsha Co., Ltd.		8,500		483,870
Yamada Denki Co., Ltd.		48,800		228,716
Yamaha Corp.		9,800		440,834
Yamaha Motor Co., Ltd.#		19,200		326,584
Yamato Holdings Co., Ltd.		21,900		442,179
Yamazaki Baking Co., Ltd.		8,700		130,135
Yaskawa Electric Corp.		17,200		496,578
Yokogawa Electric Corp.		15,400		297,519
Yokohama Rubber Co., Ltd.		7,200		120,133
ZOZO, Inc.		13,693		234,687
				226,579,891
Jersey — 0.6%
Experian PLC		65,512		1,980,097
Ferguson PLC		16,520		1,067,059
Glencore PLC		790,579		2,550,287
WPP PLC		90,261		1,075,917
				6,673,360

Security Description	Shares		Value (Note 2)
Luxembourg — 0.3%
ArcelorMittal		47,219	$	696,514
Aroundtown SA		54,943		466,519
Eurofins Scientific SE#		780		354,107
Millicom International Cellular SA		4,849		272,164
RTL Group SA		2,866		136,845
SES SA FDR		25,672		388,077
Tenaris SA		34,782		407,368
				2,721,594
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		518,800		99,989
Netherlands — 4.1%
ABN AMRO Group NV CVA*		29,746		627,785
Adyen NV†*		735		591,015
Aegon NV		124,502		568,314
AerCap Holdings NV†		8,895		398,674
Airbus SE		41,334		5,311,418
Akzo Nobel NV		15,928		1,341,680
ASML Holding NV		30,246		5,699,377
CNH Industrial NV		72,618		629,823
EXOR NV		7,397		463,602
Ferrari NV		8,741		1,244,739
Fiat Chrysler Automobiles NV		76,112		969,197
Heineken Holding NV		8,495		839,830
Heineken NV		18,420		1,932,322
ING Groep NV		275,827		2,977,697
Koninklijke Ahold Delhaize NV		84,110		1,890,078
Koninklijke DSM NV		12,811		1,439,741
Koninklijke KPN NV		242,974		742,854
Koninklijke Philips NV		65,811		2,593,058
Koninklijke Vopak NV		5,185		211,842
NN Group NV		21,332		809,155
NXP Semiconductors NV		20,997		1,851,095
QIAGEN NV†		16,099		614,276
Randstad NV		8,445		434,345
STMicroelectronics NV#		48,606		739,729
Unilever NV CVA		103,565		6,241,512
Wolters Kluwer NV		19,876		1,386,900
				42,550,058
New Zealand — 0.2%
a2 Milk Co., Ltd.†		52,170		538,019
Auckland International Airport, Ltd.		71,869		411,568
Fisher & Paykel Healthcare Corp., Ltd.		40,224		404,026
Fletcher Building, Ltd.		62,993		215,766
Meridian Energy, Ltd.		90,234		249,642
Ryman Healthcare, Ltd.		27,870		210,787
Spark New Zealand, Ltd.		135,072		336,579
				2,366,387
Norway — 0.6%
Aker BP ASA		7,648		205,428
DNB ASA		69,483		1,177,293
Equinor ASA		71,169		1,360,185
Gjensidige Forsikring ASA		14,948		290,857
Mowi ASA#		31,167		722,674
Norsk Hydro ASA		99,265		346,455
Orkla ASA		58,084		502,742
Schibsted ASA, Class B		6,450		162,762
Telenor ASA		52,282		1,074,276
Yara International ASA		13,239		568,077
				6,410,749
Papua New Guinea — 0.0%
Oil Search, Ltd.		97,716		476,373

118

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Portugal — 0.1%
Banco Espirito Santo SA†(1)		213,818	$	0
EDP - Energias de Portugal SA		182,275		661,962
Galp Energia SGPS SA		35,342		530,692
Jeronimo Martins SGPS SA		18,410		279,835
				1,472,489
Singapore — 1.2%
Ascendas Real Estate Investment Trust		187,800		399,203
CapitaLand Commercial Trust		186,300		261,753
CapitaLand Mall Trust		177,900		312,114
CapitaLand, Ltd.		187,800		440,237
City Developments, Ltd.		29,600		177,134
ComfortDelGro Corp., Ltd.		149,100		267,024
DBS Group Holdings, Ltd.		126,100		2,227,744
Genting Singapore, Ltd.		447,600		283,139
Jardine Cycle & Carriage, Ltd.		7,600		186,839
Keppel Corp., Ltd.		105,000		460,942
Oversea-Chinese Banking Corp., Ltd.		226,900		1,746,216
SATS, Ltd.		46,400		171,259
Sembcorp Industries, Ltd.		71,200		124,725
Singapore Airlines, Ltd.		40,100		265,944
Singapore Exchange, Ltd.		57,300		307,847
Singapore Press Holdings, Ltd.#		117,600		200,334
Singapore Technologies Engineering, Ltd.		113,600		323,357
Singapore Telecommunications, Ltd.		577,700		1,345,794
Suntec Real Estate Investment Trust		133,300		176,613
United Overseas Bank, Ltd.		89,600		1,531,812
UOL Group, Ltd.		32,600		160,438
Venture Corp., Ltd.		19,152		209,599
Wilmar International, Ltd.		133,900		320,704
Yangzijiang Shipbuilding Holdings, Ltd.		169,500		169,053
				12,069,824
Spain — 2.7%
ACS Actividades de Construccion y Servicios SA		17,962		738,796
Aena SME SA*		4,917		904,298
Amadeus IT Group SA		31,515		2,401,591
Banco Bilbao Vizcaya Argentaria SA		471,742		2,559,566
Banco de Sabadell SA		379,955		420,731
Banco Santander SA		1,155,984		5,092,011
Bankia SA#		87,667		221,244
Bankinter SA		49,434		357,207
CaixaBank SA		253,681		779,227
Cellnex Telecom SA*		13,798		484,609
Enagas SA		16,049		438,540
Endesa SA		22,893		570,294
Ferrovial SA		34,570		824,664
Grifols SA#		22,026		564,664
Iberdrola SA		416,984		3,878,987
Industria de Diseno Textil SA		77,637		2,084,488
Mapfre SA		68,236		200,272
Naturgy Energy Group SA		21,331		607,965
Red Electrica Corp. SA		31,823		676,525
Repsol SA		101,934		1,641,791
Siemens Gamesa Renewable Energy SA		16,898		262,644
Telefonica SA		332,173		2,659,632
				28,369,746
SupraNational — 0.2%
HK Electric Investments & HK Electric Investments, Ltd.		178,269		174,370
HKT Trust & HKT, Ltd.		263,000		414,340
Unibail-Rodamco-Westfield		9,807		1,482,914
				2,071,624

Security Description	Shares		Value (Note 2)
Sweden — 2.1%
Alfa Laval AB		20,730	$	425,098
Assa Abloy AB, Class B		71,393		1,388,460
Atlas Copco AB, Class A		47,681		1,284,814
Atlas Copco AB, Class B		28,670		694,604
Boliden AB		20,092		456,549
Boliden AB†		20,092		8,985
Electrolux AB, Series B		16,026		347,769
Epiroc AB, Class A		47,681		443,802
Epiroc AB, Class B		28,670		259,068
Essity AB, Class B		43,520		1,277,536
Hennes & Mauritz AB, Class B		57,084		854,273
Hexagon AB, Class B		18,818		873,609
Husqvarna AB, Class B		30,029		250,873
ICA Gruppen AB		5,657		225,538
Industrivarden AB, Class C		11,791		237,920
Investor AB, Class B		32,680		1,412,192
Kinnevik AB, Class B		17,317		441,185
L E Lundbergforetagen AB, Class B		5,083		167,004
Lundin Petroleum AB		13,223		358,812
Sandvik AB		79,957		1,233,187
Securitas AB, Class B		23,107		381,857
Skandinaviska Enskilda Banken AB, Class A		115,760		1,027,510
Skanska AB, Class B		24,109		393,938
SKF AB, Class B		26,909		417,207
Svenska Handelsbanken AB, Class A		106,313		1,047,940
Swedbank AB, Class A		65,004		930,478
Swedish Match AB		12,694		573,361
Tele2 AB, Class B		35,477		489,256
Telefonaktiebolaget LM Ericsson, Class B		218,809		2,111,874
Telia Co AB		198,089		829,012
Volvo AB, Class B		105,538		1,473,784
				22,317,495
Switzerland — 8.4%
ABB, Ltd.		130,187		2,383,358
Adecco Group AG		11,245		604,451
Alcon, Inc.†		30,832		1,793,106
Baloise Holding AG		3,494		580,693
Barry Callebaut AG		162		317,755
Chocoladefabriken Lindt & Spruengli AG		7		523,851
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		72		471,453
Cie Financiere Richemont SA		36,825		2,703,719
Clariant AG		14,146		257,255
Coca-Cola HBC AG		14,325		517,231
Credit Suisse Group AG		182,087		2,063,162
Dufry AG		3,062		250,547
EMS-Chemie Holding AG		608		363,522
Geberit AG		2,616		1,151,996
Givaudan SA		656		1,734,288
Julius Baer Group, Ltd.		15,909		628,540
Kuehne & Nagel International AG#		4,014		532,509
LafargeHolcim, Ltd.		34,670		1,659,155
Lonza Group AG		5,236		1,608,288
Nestle SA		217,662		21,617,633
Novartis AG		154,160		13,239,716
Pargesa Holding SA		2,743		202,842
Partners Group Holding AG		1,328		930,968
Roche Holding AG		49,925		13,101,381
Schindler Holding AG		1,430		293,246
Schindler Holding AG (Participation Certificate)		2,834		595,937
SGS SA		390		985,320
Sika AG		9,142		1,356,991
Sonova Holding AG		3,947		877,879

119

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
Straumann Holding AG		734	$	603,621
Swatch Group AG (TRQX)		3,667		176,577
Swatch Group AG (XEGT)		2,187		547,994
Swiss Life Holding AG		2,432		1,105,235
Swiss Prime Site AG		5,397		439,607
Swiss Re AG		21,657		2,051,405
Swisscom AG#		1,863		891,611
Temenos AG		4,543		789,075
UBS Group AG		274,423		3,157,024
Vifor Pharma AG#		3,235		446,090
Zurich Insurance Group AG		10,728		3,475,942
				87,030,973
United Kingdom — 14.6%
3i Group PLC		68,741		911,784
Admiral Group PLC		13,417		350,169
Anglo American PLC		75,007		1,799,946
Antofagasta PLC		28,960		287,257
Ashtead Group PLC		33,587		788,579
Associated British Foods PLC		25,547		797,882
AstraZeneca PLC		89,905		6,634,295
Auto Trader Group PLC*		71,300		540,721
Aviva PLC		278,372		1,426,029
BAE Systems PLC		226,237		1,295,954
Barclays PLC		1,216,032		2,298,416
Barratt Developments PLC		72,142		509,246
Berkeley Group Holdings PLC		9,227		408,049
BHP Group PLC		150,087		3,381,902
BP PLC		1,439,551		9,763,181
British American Tobacco PLC		163,186		5,664,817
British Land Co. PLC		66,038		446,028
BT Group PLC		596,600		1,462,417
Bunzl PLC		23,899		639,643
Burberry Group PLC		30,449		653,598
Carnival PLC		12,329		609,065
Centrica PLC		385,717		455,230
Coca-Cola European Partners PLC		16,850		933,490
Compass Group PLC		112,849		2,553,434
Croda International PLC		9,068		581,977
Diageo PLC		171,809		7,222,239
Direct Line Insurance Group PLC		100,658		403,166
easyJet PLC		11,959		131,803
Evraz PLC		35,895		267,321
Fresnillo PLC#		15,990		154,826
G4S PLC		112,573		298,268
GlaxoSmithKline PLC		352,925		6,814,932
Halma PLC		26,976		623,384
Hargreaves Lansdown PLC		20,264		578,492
HSBC Holdings PLC		1,424,756		11,623,854
Imperial Brands PLC		67,747		1,641,616
Informa PLC		88,940		870,768
InterContinental Hotels Group PLC		12,009		775,978
Intertek Group PLC		11,469		769,082
Investec PLC		46,487		271,502
ITV PLC		258,732		350,121
J Sainsbury PLC		124,973		315,312
John Wood Group PLC		47,909		235,217
Johnson Matthey PLC		13,823		541,848
Kingfisher PLC		157,283		424,379
Land Securities Group PLC		50,051		524,558
Legal & General Group PLC		424,066		1,377,583
Lloyds Banking Group PLC		5,054,797		3,648,722
London Stock Exchange Group PLC		22,709		1,513,026
Marks & Spencer Group PLC		118,895		336,622
Meggitt PLC		58,387		362,479
Melrose Industries PLC		345,681		714,611

Security Description	Shares/ Principal Amount		Value (Note 2)
United Kingdom (continued)
Merlin Entertainments PLC*		47,086	$	225,319
Micro Focus International PLC		25,835		622,950
Mondi PLC		26,655		553,642
National Grid PLC#		241,064		2,420,891
Next PLC		10,269		748,872
NMC Health PLC#		7,432		212,238
Ocado Group PLC†		32,299		488,416
Pearson PLC#		55,743		555,003
Persimmon PLC		22,357		555,415
Prudential PLC		183,250		3,651,532
Reckitt Benckiser Group PLC		50,272		4,037,951
RELX PLC		140,488		3,280,618
Rentokil Initial PLC		131,406		622,189
Rio Tinto PLC		80,998		4,653,281
Rolls-Royce Holdings PLC		121,237		1,320,069
Rolls-Royce Holdings PLC (Preference Shares)†		8,355,280		10,563
Royal Bank of Scotland Group PLC		342,086		923,137
Royal Dutch Shell PLC, Class A		314,574		9,801,639
Royal Dutch Shell PLC, Class B		265,951		8,292,684
RSA Insurance Group PLC		74,377		520,211
Sage Group PLC		78,456		741,900
Schroders PLC		9,288		343,311
Segro PLC		77,060		679,142
Severn Trent PLC		17,469		440,661
Smith & Nephew PLC		62,200		1,306,037
Smiths Group PLC		29,322		534,846
Spirax-Sarco Engineering PLC		5,231		551,996
SSE PLC		71,818		981,967
St James’s Place PLC		37,789		500,865
Standard Chartered PLC		199,640		1,736,793
Standard Life Aberdeen PLC		167,713		566,380
Taylor Wimpey PLC		236,758		495,048
Tesco PLC		693,392		1,982,537
Unilever PLC		78,879		4,815,944
United Utilities Group PLC		49,515		500,225
Vodafone Group PLC		1,891,827		3,087,076
Weir Group PLC		17,514		324,383
Whitbread PLC		13,028		763,200
WM Morrison Supermarkets PLC		154,452		384,551
				152,218,300
Total Common Stocks
(cost $966,937,651)				941,960,576
EXCHANGE-TRADED FUNDS — 4.3%
United States — 4.3%
iShares MSCI EAFE ETF (cost $45,260,858)		709,300		44,969,620
RIGHTS — 0.0%
United Kingdom — 0.0%
Marks & Spencer Group PLC† Expires 06/12/2019 (cost $0)		23,779		11,724
Total Long-Term Investment Securities
(cost $1,012,198,509)				986,941,920
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3)		25,661,919		25,661,919
U.S. Government Treasuries — 0.3%
United States Treasury Bills 2.46% due 08/15/2019(4)	$	3,500,000		3,483,819
2.54% due 07/18/2019(4)		85,000		84,756
				3,568,575
Total Short-Term Investment Securities
(cost $29,228,915)				29,230,494

120

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 4.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount $41,467,728 collateralized by $42,260,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $42,295,541 (cost $41,466,000)	$	41,466,000		$	41,466,000
TOTAL INVESTMENTS —
(cost $1,082,893,424)(5)		101.5	%		1,057,638,414
Liabilities in excess of other assets		(1.5	)		(15,910,919	)
NET ASSETS —		100.0	%	$	1,041,727,495

† Non-income producing security

# The security or a portion thereof is out on loan.

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $8,291,723 representing 0.8% of net assets.

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

(2) At May 31, 2019, the Fund had loaned securities with a total value of $33,163,060. This was secured by collateral of $25,661,919, which was received in cash and subsequently invested in short-term investments currently valued at $25,661,919 as reported in the Portfolio of Investments. Additional collateral of $9,322,253 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 May 31, 2019
United States Treasury Bills	0.00%	06/13/2019 to 09/26/2019	$	998,911
United States Treasury Notes/Bonds	zero coupon to 8.75%	07/31/2019 to 02/15/2049		8,323,342

(3) The rate shown is the 7-day yield as of May 31, 2019.

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

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

ADR—American Depositary Receipt

BR—Bearer Shares

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange-Traded Funds

FDR—Fiduciary Depositary Receipt

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

TRQX—Turquoise Stock Exchange

XEGT—Equiduct Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	614	Long	MSCI EAFE Index		June 2019	$	57,097,972	$	55,809,530	$	(1,288,442	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	—	$	67,457,786	**	$	0	$	67,457,786
Portugal		—		1,472,489	**		0		1,472,489
United Kingdom		933,490		151,284,810	#		—		152,218,300
Other Countries		7,561,273		713,250,728	**		—		720,812,001
Exchange-Traded Funds		44,969,620		—			—		44,969,620
Rights		11,724		—			—		11,724
Short-Term Investment Securities:
Registered Investment Companies		25,661,919		—			—		25,661,919
U.S. Government Treasuries		—		3,568,575			—		3,568,575
Repurchase Agreements		—		41,466,000			—		41,466,000
Total Investments at Value	$	79,138,026	$	978,500,388		$	0	$	1,057,638,414
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,288,442	$	—		$		$	1,288,442

* 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 $151,274,247 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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

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

See Notes to Financial Statements

121

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Sovereign	61.8	%
United States Treasury Notes	23.7
United States Treasury Bonds	3.4
Oil Companies — Integrated	1.4
Registered Investment Companies	1.2
Oil Companies — Exploration & Production	0.8
Metal — Diversified	0.6
Banks — Commercial	0.6
Electric — Generation	0.5
Chemicals — Diversified	0.3
Airport Development/Maintenance	0.3
Diversified Banking Institutions	0.3
Banks — Export/Import	0.3
Building Products — Cement	0.3
Finance — Commercial	0.3
Transport — Rail	0.2
Telephone — Integrated	0.2
Consumer Products — Misc.	0.2
Transport — Marine	0.2
Platinum	0.2
Diamonds/Precious Stones	0.2
Transport — Services	0.1
Electric — Distribution	0.1
Cellular Telecom	0.1
Finance — Leasing Companies	0.1
	97.4	%

Country Allocation*

United States	28.5	%
Japan	10.5
France	5.0
United Kingdom	4.3
Italy	3.7
Spain	3.7
Mexico	3.1
Argentina	1.9
Turkey	1.8
Germany	1.7
Colombia	1.7
Dominican Republic	1.7
Australia	1.7
Netherlands	1.2
Indonesia	1.3
Qatar	1.2
Saudi Arabia	1.1
South Africa	1.0
Jamaica	0.9
Kazakhstan	0.9
Belgium	0.9
Costa Rica	0.9
Austria	0.8
Ireland	0.8
Panama	0.8
Kenya	0.8
Lebanon	0.8
Canada	0.8
Honduras	0.8
Belarus	0.7
Guatemala	0.7
El Salvador	0.7
Oman	0.7
Peru	0.7
Uruguay	0.7
Luxembourg	0.6
United Arab Emirates	0.6
Ukraine	0.6
Brazil	0.6

Mongolia	0.6
Jordan	0.6
Philippines	0.5
Bermuda	0.4
China	0.4
Kuwait	0.4
Hong Kong	0.3
Azerbaijan	0.3
Egypt	0.3
South Korea	0.3
Gabon	0.3
Poland	0.3
India	0.3
Nigeria	0.3
Ivory Coast	0.3
Chile	0.3
Cayman Islands	0.2
British Virgin Islands	0.2
Malaysia	0.1
Mauritius	0.1
	97.4	%

Credit Quality†#

Aaa	32.5	%
Aa	10.6
A	15.6
Baa	17.9
Ba	6.7
B	8.3
Caa	0.6
Not Rated@	7.8
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Moody’s

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

122

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.7%
Bermuda — 0.4%
Ooredoo International Finance, Ltd. Company Guar. Notes 3.75% due 06/22/2026	$	450,000	$	453,375
Tengizchevroil Finance Co. International, Ltd. Senior Sec. Notes 4.00% due 08/15/2026		400,000		399,453
				852,828
Brazil — 0.2%
Banco do Brasil SA Senior Notes 4.75% due 03/20/2024*		470,000		479,400
British Virgin Islands — 0.2%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		440,000		436,337
Cayman Islands — 0.2%
Azure Orbit IV International Finance, Ltd. Company Guar. Notes 3.75% due 01/25/2023		200,000		202,602
OmGrid Funding, Ltd. Company Guar. Notes 5.20% due 05/16/2027		300,000		270,750
				473,352
Chile — 0.3%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		510,000		504,395
Colombia — 0.2%
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		400,000		410,676
Hong Kong — 0.3%
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 5.13% due 03/14/2028		420,000		451,707
ICBCIL Finance Co., Ltd. Senior Notes 3.63% due 11/15/2027		200,000		198,493
				650,200
India — 0.3%
Export-Import Bank of India Senior Notes 3.38% due 08/05/2026		560,000		550,411
Indonesia — 0.6%
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		318,000		330,873
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		400,000		404,308
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		400,000		395,801
				1,130,982
Luxembourg — 0.6%
Millicom International Cellular SA Senior Notes 6.63% due 10/15/2026*		200,000		216,250

Security Description	Principal Amount(1)		Value (Note 2)
Luxembourg (continued)
Rumo Luxembourg SARL Company Guar. Notes 7.38% due 02/09/2024	$	280,000	$	300,300
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		740,000		777,071
				1,293,621
Malaysia — 0.1%
Malayan Banking Bhd Sub. Notes 3.91% due 10/29/2026		250,000		252,433
Mauritius — 0.1%
Greenko Investment Co. Senior Sec. Notes 4.88% due 08/16/2023		230,000		216,549
Mexico — 2.0%
Cemex SAB de CV Senior Sec. Notes 5.70% due 01/11/2025		520,000		529,594
Controladora Mabe SA de CV Company Guar. Notes 5.60% due 10/23/2028#		400,000		414,500
Mexico City Airport Trust Senior Sec. Notes 4.25% due 10/31/2026		600,000		591,600
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028		640,000		596,167
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		500,000		439,950
Petroleos Mexicanos Company Guar. Notes 6.50% due 01/23/2029		500,000		492,140
Petroleos Mexicanos Company Guar. Notes 7.19% due 09/12/2024	MXN	15,000,000		646,725
Unifin Financiera SAB de CV SOFOM ENR Company Guar. Notes 7.25% due 09/27/2023		290,000		292,685
				4,003,361
Netherlands — 0.2%
Kazakhstan Temir Zholy Finance BV Company Guar. Notes 6.95% due 07/10/2042		400,000		478,188
Saudi Arabia — 0.4%
Saudi Arabian Oil Co. Senior Notes 4.25% due 04/16/2039*		800,000		797,802
South Korea — 0.3%
Woori Bank Sub. Notes 4.75% due 04/30/2024		555,000		587,413
Turkey — 0.1%
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		300,000		276,630

123

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
United Kingdom — 0.2%
Petra Diamonds US Treasury PLC Sec. Notes 7.25% due 05/01/2022	$	300,000	$	287,250
Total Foreign Corporate Bonds & Notes
(cost $13,481,838)				13,681,828
FOREIGN GOVERNMENT OBLIGATIONS — 61.8%
Argentina — 1.9%
Republic of Argentina Senior Notes 4.63% due 01/11/2023		730,000		540,200
Republic of Argentina Senior Notes 5.25% due 01/15/2028	EUR	1,000,000		740,112
Republic of Argentina Senior Notes 5.63% due 01/26/2022		730,000		563,925
Republic of Argentina Senior Notes 6.88% due 01/26/2027		1,250,000		898,750
Republic of Argentina Senior Notes 8.28% due 12/31/2033		1,612,343		1,221,350
				3,964,337
Australia — 1.7%
Commonwealth of Australia Senior Notes 1.75% due 11/21/2020	AUD	1,000,000		699,566
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD	1,000,000		745,558
Commonwealth of Australia Senior Notes 2.75% due 06/21/2035	AUD	1,000,000		791,980
Commonwealth of Australia Senior Notes 4.50% due 04/15/2020	AUD	1,600,000		1,141,559
				3,378,663
Austria — 0.8%
Republic of Austria Bonds 6.25% due 07/15/2027	EUR	1,000,000		1,694,904
Azerbaijan — 0.3%
Republic of Azerbaijan Senior Notes 4.75% due 03/18/2024		600,000		623,664
Belarus — 0.7%
Republic of Belarus Senior Notes 6.88% due 02/28/2023		600,000		627,816
Republic of Belarus Senior Notes 7.63% due 06/29/2027		830,000		898,060
				1,525,876
Belgium — 0.9%
Kingdom of Belgium Senior Bonds 1.00% due 06/22/2026*	EUR	1,500,000		1,802,946
Brazil — 0.4%
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		750,000		761,813

Security Description	Principal Amount(1)		Value (Note 2)
Canada — 0.8%
Government of Canada Bonds 2.25% due 06/01/2025	CAD	2,000,000	$	1,552,767
Colombia — 1.5%
Republic of Colombia Senior Notes 3.88% due 04/25/2027		600,000		607,968
Republic of Colombia Senior Notes 4.38% due 07/12/2021		600,000		616,506
Republic of Colombia Senior Notes 5.00% due 06/15/2045		400,000		417,000
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		600,000		780,000
Republic of Colombia Senior Notes 8.13% due 05/21/2024		500,000		605,755
				3,027,229
Costa Rica — 0.9%
Republic of Costa Rica Senior Notes 4.25% due 01/26/2023		950,000		912,009
Republic of Costa Rica Senior Notes 4.38% due 04/30/2025		600,000		558,756
Republic of Costa Rica Senior Notes 7.00% due 04/04/2044		300,000		284,253
				1,755,018
Dominican Republic — 1.7%
Dominican Republic Senior Bonds 5.88% due 04/18/2024		780,000		819,008
Dominican Republic Senior Bonds 6.85% due 01/27/2045#		1,100,000		1,156,386
Dominican Republic Senior Notes 6.88% due 01/29/2026		400,000		442,352
Dominican Republic Senior Bonds 7.45% due 04/30/2044		500,000		558,130
Dominican Republic Senior Notes 7.50% due 05/06/2021		400,000		421,504
				3,397,380
Egypt — 0.3%
Arab Republic of Egypt Senior Notes 6.59% due 02/21/2028*		650,000		618,344
El Salvador — 0.7%
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		1,000,000		965,010
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		500,000		498,755
				1,463,765

124

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
France — 5.0%
Government of France Bonds 0.50% due 05/25/2029	EUR	1,200,000	$	1,378,602
Government of France Bonds 2.00% due 05/25/2048*	EUR	1,800,000		2,407,558
Government of France Bonds 2.75% due 10/25/2027	EUR	1,000,000		1,377,343
Government of France Bonds 4.00% due 04/25/2060	EUR	350,000		713,551
Government of France Bonds 4.25% due 10/25/2023	EUR	1,400,000		1,893,165
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		767,672
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000		1,565,404
				10,103,295
Gabon — 0.3%
Gabonese Republic Bonds 6.38% due 12/12/2024		600,000		572,250
Germany — 1.7%
Federal Republic of Germany Bonds 0.50% due 02/15/2026	EUR	700,000		833,700
Federal Republic of Germany Bonds 1.75% due 02/15/2024	EUR	800,000		994,826
Federal Republic of Germany Bonds 2.50% due 07/04/2044	EUR	600,000		1,013,747
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	350,000		667,973
				3,510,246
Guatemala — 0.7%
Republic of Guatemala Senior Notes 4.88% due 02/13/2028		1,100,000		1,097,261
Republic of Guatemala Senior Notes 4.90% due 06/01/2030*		400,000		395,400
				1,492,661
Honduras — 0.8%
Republic of Honduras Senior Notes 6.25% due 01/19/2027		850,000		893,571
Republic of Honduras Senior Notes 8.75% due 12/16/2020		600,000		638,256
				1,531,827
Indonesia — 0.7%
Republic of Indonesia Senior Notes 3.70% due 01/08/2022		550,000		558,227

Security Description	Principal Amount(1)		Value (Note 2)
Indonesia (continued)
Republic of Indonesia Senior Notes 5.88% due 01/15/2024	$	700,000	$	774,065
				1,332,292
Ireland — 0.8%
Republic of Ireland Bonds 1.00% due 05/15/2026	EUR	600,000		714,515
Republic of Ireland Bonds 2.00% due 02/18/2045	EUR	750,000		975,061
				1,689,576
Italy — 3.7%
Republic of Italy Bonds 0.65% due 10/15/2023	EUR	700,000		751,105
Republic of Italy Bonds 1.50% due 06/01/2025	EUR	1,100,000		1,192,601
Republic of Italy Bonds 1.85% due 05/15/2024	EUR	1,100,000		1,230,991
Republic of Italy Bonds 2.25% due 09/01/2036*	EUR	700,000		709,350
Republic of Italy Bonds 4.50% due 03/01/2024	EUR	750,000		939,549
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		885,376
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	750,000		1,096,871
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		779,256
				7,585,099
Ivory Coast — 0.3%
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033*		600,000		525,665
Jamaica — 0.9%
Government of Jamaica Senior Notes 6.75% due 04/28/2028		630,000		700,881
Government of Jamaica Senior Notes 8.00% due 03/15/2039		1,000,000		1,205,010
				1,905,891
Japan — 10.5%
Government of Japan Senior Notes 0.10% due 06/20/2028	JPY	300,000,000		2,827,555
Government of Japan Senior Bonds 0.80% due 06/20/2023	JPY	150,000,000		1,440,368
Government of Japan Senior Bonds 1.10% due 06/20/2020	JPY	132,000,000		1,234,221
Government of Japan Senior Bonds 1.20% due 09/20/2035	JPY	60,000,000		644,970

125

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Japan (continued)
Government of Japan Senior Notes 1.60% due 06/20/2030	JPY	125,000,000	$	1,364,324
Government of Japan Senior Bonds 1.70% due 09/20/2032	JPY	100,000,000		1,124,413
Government of Japan Senior Notes 1.70% due 12/20/2032	JPY	200,000,000		2,253,606
Government of Japan Senior Bonds 1.80% due 06/20/2030	JPY	100,000,000		1,111,946
Government of Japan Senior Bonds 1.80% due 12/20/2031	JPY	53,000,000		598,355
Government of Japan Senior Notes 1.90% due 09/20/2042	JPY	120,000,000		1,487,118
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	85,000,000		1,053,062
Government of Japan Senior Bonds 2.00% due 09/20/2041	JPY	100,000,000		1,248,650
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY	60,000,000		661,199
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,446,962
Government of Japan Senior Bonds 2.10% due 12/20/2030	JPY	60,000,000		689,946
Government of Japan Senior Bonds 2.20% due 03/20/2051	JPY	33,000,000		459,826
Government of Japan Senior Notes 2.30% due 12/20/2036	JPY	130,000,000		1,629,256
				21,275,777
Jordan — 0.6%
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027		600,000		585,798
Kingdom of Jordan Senior Bonds 7.38% due 10/10/2047		600,000		571,075
				1,156,873
Kazakhstan — 0.9%
Republic of Kazakhstan Senior Notes 3.88% due 10/14/2024		1,150,000		1,193,090
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		500,000		651,400
				1,844,490
Kenya — 0.8%
Republic of Kenya Senior Notes 6.88% due 06/24/2024		600,000		611,946
Republic of Kenya Senior Notes 7.25% due 02/28/2028		450,000		434,259

Security Description	Principal Amount(1)		Value (Note 2)
Kenya (continued)
Republic of Kenya Senior Notes 8.25% due 02/28/2048	$	600,000	$	565,650
				1,611,855
Kuwait — 0.4%
State of Kuwait Senior Notes 2.75% due 03/20/2022		800,000		804,181
Lebanon — 0.8%
Republic of Lebanon Senior Notes 6.65% due 02/26/2030		730,000		536,732
Republic of Lebanon Senior Notes 6.85% due 03/23/2027		580,000		453,985
Republic of Lebanon Senior Notes 8.25% due 04/12/2021		620,000		587,500
				1,578,217
Mexico — 1.1%
United Mexican States Senior Notes 4.15% due 03/28/2027		220,000		224,259
United Mexican States Senior Notes 4.35% due 01/15/2047		700,000		656,257
United Mexican States Senior Notes 4.60% due 02/10/2048		700,000		685,650
United Mexican States Bonds 5.75% due 03/05/2026	MXN	16,000,000		723,997
				2,290,163
Mongolia — 0.6%
Government of Mongolia Senior Notes 5.13% due 12/05/2022		640,000		631,066
Government of Mongolia Senior Notes 5.63% due 05/01/2023		600,000		594,015
				1,225,081
Netherlands — 1.0%
Kingdom of the Netherlands Bonds 0.75% due 07/15/2027*	EUR	1,700,000		2,045,044
Nigeria — 0.3%
Federal Republic of Nigeria Senior Notes 7.63% due 11/28/2047		600,000		541,176
Oman — 0.7%
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		1,700,000		1,441,192
Panama — 0.8%
Republic of Panama Senior Notes 4.00% due 09/22/2024		300,000		314,250
Republic of Panama Senior Notes 4.50% due 05/15/2047		600,000		647,106

126

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Panama (continued)
Republic of Panama Senior Notes 6.70% due 01/26/2036	$	500,000	$	660,005
				1,621,361
Peru — 0.7%
Republic of Peru Senior Notes 6.55% due 03/14/2037		400,000		544,004
Republic of Peru Senior Notes 7.35% due 07/21/2025		700,000		879,207
				1,423,211
Philippines — 0.5%
Republic of the Philippines Senior Notes 4.00% due 01/15/2021		1,100,000		1,122,814
Poland — 0.3%
Republic of Poland Senior Notes 3.00% due 03/17/2023		560,000		567,635
Qatar — 1.2%
State of Qatar Senior Notes 3.38% due 03/14/2024*		1,200,000		1,227,000
State of Qatar Senior Notes 4.50% due 04/23/2028		1,100,000		1,199,744
				2,426,744
Saudi Arabia — 0.7%
Kingdom of Saudi Arabia Senior Notes 4.38% due 04/16/2029*#		700,000		738,535
Kingdom of Saudi Arabia Senior Notes 4.50% due 10/26/2046		600,000		594,156
				1,332,691
South Africa — 1.0%
Republic of South Africa Senior Bonds 4.88% due 04/14/2026		1,200,000		1,201,644
Republic of South Africa Senior Notes 6.25% due 03/08/2041		860,000		900,864
				2,102,508
Spain — 3.7%
Kingdom of Spain Notes 1.30% due 10/31/2026*	EUR	1,000,000		1,195,333
Kingdom of Spain Senior Notes 2.75% due 10/31/2024*	EUR	1,000,000		1,281,489
Kingdom of Spain Senior Notes 4.65% due 07/30/2025*	EUR	1,400,000		1,997,406
Kingdom of Spain Senior Notes 4.70% due 07/30/2041*	EUR	940,000		1,660,409
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR	400,000		761,676

Security Description	Principal Amount(1)		Value (Note 2)
Spain (continued)
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	400,000	$	671,862
				7,568,175
Turkey — 1.7%
Republic of Turkey Senior Notes 4.63% due 03/31/2025	EUR	1,000,000		1,054,438
Republic of Turkey Senior Notes 6.63% due 02/17/2045		700,000		597,254
Republic of Turkey Senior Notes 6.88% due 03/17/2036		500,000		445,675
Republic of Turkey Senior Notes 8.00% due 02/14/2034		1,150,000		1,147,125
Republic of Turkey Senior Notes 11.88% due 01/15/2030		224,000		281,619
				3,526,111
Ukraine — 0.6%
Government of Ukraine Senior Notes 7.75% due 09/01/2022		800,000		797,392
Government of Ukraine Senior Notes 7.75% due 09/01/2027		500,000		465,767
				1,263,159
United Arab Emirates — 0.6%
Abu Dhabi Government Senior Notes 3.13% due 10/11/2027		1,250,000		1,265,310
United Kingdom — 4.1%
United Kingdom Gilt Treasury Bonds 1.63% due 10/22/2028	GBP	400,000		539,187
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	300,000		405,468
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000		691,261
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP	370,000		669,410
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2021	GBP	1,000,000		1,353,958
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		407,372
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	1,000,000		1,827,956
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2040	GBP	450,000		868,429
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP	400,000		915,044

127

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Kingdom (continued)
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	400,000	$	736,476
				8,414,561
Uruguay — 0.7%
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		774,000		810,765
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050		500,000		536,880
				1,347,645
Total Foreign Government Obligations
(cost $125,132,338)				125,611,482
U.S. CORPORATE BONDS & NOTES — 0.2%
United States — 0.2%
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025 (cost $298,014)		300,000		295,230
U.S. GOVERNMENT TREASURIES — 27.1%
United States — 27.1%
United States Treasury Bonds
3.00% due 05/15/2042#		720,000		779,681
3.00% due 02/15/2048		700,000		758,270
3.00% due 08/15/2048		1,200,000		1,301,344
3.13% due 08/15/2044		1,000,000		1,104,297
3.38% due 05/15/2044		1,200,000		1,380,609
3.38% due 11/15/2048		950,000		1,106,230
3.75% due 11/15/2043		500,000		609,297
United States Treasury Notes
1.75% due 05/15/2023		3,000,000		2,979,961
1.88% due 10/31/2022		2,000,000		1,997,578
1.88% due 08/31/2024		1,200,000		1,195,313
2.00% due 01/15/2021		2,000,000		1,998,984
2.00% due 11/30/2022		3,000,000		3,008,437
2.00% due 02/15/2025		2,500,000		2,502,051
2.00% due 08/15/2025		2,500,000		2,499,023
2.00% due 11/15/2026		2,600,000		2,590,555
2.13% due 12/31/2022		2,600,000		2,619,195
2.13% due 03/31/2024		1,500,000		1,512,422
2.13% due 05/15/2025		1,500,000		1,510,371
2.25% due 11/15/2024#		1,500,000		1,521,152
2.25% due 11/15/2025		2,000,000		2,027,578
2.25% due 02/15/2027		1,000,000		1,013,125
2.25% due 11/15/2027		1,500,000		1,516,758
2.38% due 08/15/2024#		2,050,000		2,091,641
2.50% due 08/15/2023		2,000,000		2,045,703
2.50% due 05/15/2024		3,000,000		3,077,578
2.63% due 11/15/2020		600,000		604,828
2.75% due 11/30/2020		1,000,000		1,010,039
2.75% due 11/15/2023		2,000,000		2,068,516
2.75% due 02/15/2024		1,200,000		1,243,500
3.13% due 11/15/2028		2,500,000		2,710,352
3.63% due 02/15/2021		2,500,000		2,566,797
Total U.S. Government Treasuries
(cost $53,702,958)				54,951,185

Security Description	Principal Amount/ Shares(1)			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4%
China — 0.4%
China Minmetals Corp. 3.75% due 11/13/2022(2) (cost $812,990)	$	860,000		$	841,320
Total Long-Term Investment Securities
(cost $193,428,138)					195,381,045
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.32%(4)		2,462,984			2,462,984
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4)		26,625			26,625
Total Short-Term Investment Securities
(cost $2,489,609)					2,489,609
TOTAL INVESTMENTS —
(cost $195,917,747)(5)		97.4	%		197,870,654
Other assets less liabilities		2.6			5,312,897
NET ASSETS —		100.0	%	$	203,183,551

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $19,871,418 representing 9.8% of net assets.

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

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

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

(3) At May 31, 2019, the Fund had loaned securities with a total value of $5,823,438. This was secured by collateral of $26,625, which was received in cash and subsequently invested in short-term investments currently valued at $26,625 as reported in the Portfolio of Investments. Additional collateral of $5,966,382 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal Home Loan Mtg. Corp.	zero coupon to 15.25%	06/01/2019 to 04/15/2051	$	1,042,977
Federal National Mtg. Assoc.	1.00% to 28.16%	01/01/2020 to 05/25/2059		2,727,236
Government National Mtg. Assoc.	1.50% to 24.90%	06/15/2021 to 05/20/2069		765,410
United States Treasury Notes/Bonds	0.63% to 8.13%	08/15/2019 to 02/15/2047		1,430,759

(4) The rate shown is the 7-day yield as of May 31, 2019.

(5) 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

128

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	—	$	13,681,828	$	—	$	13,681,828
Foreign Government Obligations		—		125,611,482		—		125,611,482
U.S. Corporate Bonds & Notes		—		295,230		—		295,230
U.S. Government Treasuries		—		54,951,185		—		54,951,185
Preferred Securities/Capital Securities		—		841,320		—		841,320
Short-Term Investment Securities:		2,489,609		—		—		2,489,609
Total Investments at Value	$	2,489,609	$	195,381,045	$	—	$	197,870,654

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

See Notes to Financial Statements

129

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Apparel Manufacturers	12.0	%
Food — Misc./Diversified	9.1
Transport — Services	8.3
E-Commerce/Services	8.2
Banks — Commercial	6.0
Computer Services	5.9
Industrial Automated/Robotic	4.2
Soap & Cleaning Preparation	3.4
Food — Confectionery	3.3
Beverages — Wine/Spirits	3.3
Schools	3.2
Cosmetics & Toiletries	3.1
Medical — Biomedical/Gene	3.0
Electric — Transmission	3.0
Semiconductor Equipment	2.8
Registered Investment Companies	2.7
Insurance — Life/Health	2.7
Enterprise Software/Service	2.3
Private Equity	2.3
Beverages — Non-alcoholic	2.0
Medical Products	1.9
Food — Dairy Products	1.4
Retail — Restaurants	1.0
Appliances	1.0
Options — Purchased	0.1
	96.2	%

Country Allocation*

United States	12.0	%
United Kingdom	11.8
Denmark	9.9
Japan	9.7
France	8.7
Italy	6.5
India	6.0
Switzerland	5.1
Canada	4.6
Cayman Islands	4.2
China	3.3
Sweden	3.0
Bermuda	3.0
Netherlands	2.8
Hong Kong	2.7
Australia	1.9
Germany	1.0
	96.2	%

* Calculated as a percentage of net assets

130

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.4%
Australia — 1.9%
Cochlear, Ltd.		64,484	$	8,946,231
Bermuda — 3.0%
Brookfield Infrastructure Partners LP		334,455		13,812,992
Canada — 4.6%
Brookfield Asset Management, Inc., Class A#		231,840		10,629,864
Constellation Software, Inc.		12,342		10,687,025
				21,316,889
Cayman Islands — 4.2%
Haidilao International Holding, Ltd.#*		1,368,000		4,810,786
TAL Education Group ADR†		434,361		14,946,362
				19,757,148
China — 3.3%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,078,527		15,561,615
Denmark — 9.9%
Chr. Hansen Holding A/S		153,387		15,974,494
DSV A/S		342,442		30,454,988
				46,429,482
France — 8.7%
Danone SA		81,527		6,506,850
Hermes International		38,410		25,550,092
Pernod Ricard SA		47,325		8,324,952
				40,381,894
Germany — 1.0%
Rational AG		7,089		4,514,020
Hong Kong — 2.7%
AIA Group, Ltd.		1,348,918		12,637,184
India — 6.0%
HDFC Bank, Ltd.		573,640		19,988,909
Kotak Mahindra Bank, Ltd.		358,996		7,831,616
				27,820,525
Italy — 6.5%
Brunello Cucinelli SpA#		120,919		3,797,338
Moncler SpA		727,452		26,738,638
				30,535,976
Japan — 9.7%
Calbee, Inc.		395,500		11,179,493
Keyence Corp.		34,700		19,464,227
Pigeon Corp.		387,200		14,550,216
				45,193,936
Netherlands — 2.8%
ASML Holding NV		70,174		13,223,172

Security Description	Shares			Value (Note 2)
Sweden — 3.0%
Vitrolife AB		659,504		$	14,061,862
Switzerland — 5.1%
Chocoladefabriken Lindt & Spruengli AG		206			15,416,176
Kuehne & Nagel International AG		62,189			8,250,172
					23,666,348
United Kingdom — 11.8%
Diageo PLC		162,624			6,836,134
Fevertree Drinks PLC		276,093			9,277,492
Reckitt Benckiser Group PLC		194,996			15,662,481
Rightmove PLC		3,149,213			23,054,204
					54,830,311
United States — 9.2%
Booking Holdings, Inc.†		9,349			15,484,001
EPAM Systems, Inc.†		158,058			27,279,230
					42,763,231
Total Common Stocks
(cost $399,250,104)					435,452,816
OPTIONS - PURCHASED†(1) — 0.1%
Over the Counter Purchased Call Options (cost $428,104)	$	83,628,123			276,140
Total Long-Term Investment Securities
(cost $399,678,208)					435,728,956
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Registered Investment Companies — 2.7%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3) (cost $12,819,474)		12,819,474			12,819,474
TOTAL INVESTMENTS
(cost $412,497,682)(4)		96.2	%		448,548,430
Other assets less liabilities		3.8			17,813,638
NET ASSETS		100.0	%	$	466,362,068

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $4,810,786 representing 1.0% of net assets.

† Non-income producing security

(1) Call Options — Purchased

Over the Counter Purchased Call Options
Issue	Counterparty		Expiration Month		Strike Price		Notional Amount(000’s)		Premiums Paid		Value at May 31, 2019		Unrealized Appreciation (Depreciation)
Call option to sell Chinese Yuan in exchange for U.S. Dollars		BNP Paribas		January 2020		7.58 CNY	$	83,628	$	428,104	$	276,140	$	(151,964	)

(2) The rate shown is the 7-day yield as of May 31, 2019.

131

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

(3) At May 31, 2019, the Fund had loaned securities with a total value of $17,374,566. This was secured by collateral of $12,819,474, which was received in cash and subsequently invested in short-term investments currently valued at $12,819,474 as reported in the Portfolio of Investments. Additional collateral of $5,322,458 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 asset and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/13/2019 to 09/26/2019	$	1,813,016
United States Treasury Notes/Bonds	0.13% to 5.00%	11/30/2019 to 02/15/2049		3,509,442

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

ADR—American Depositary Receipt

CNY—Yuan Renminbi

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	92,839,474	$	342,613,342	**	$	—	$	435,452,816
Options - Purchased		—		276,140			—		276,140
Short-Term Investment Securities		12,819,474		—			—		12,819,474
Total Investments at Value	$	105,658,948	$	342,889,482		$	—	$	448,548,430

* 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

132

VALIC Company I International Value Fund@

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Cellular Telecom	6.6	%
Oil Companies — Integrated	5.8
Banks — Commercial	5.8
Electronic Components — Misc.	5.7
Medical — Drugs	4.2
Diversified Manufacturing Operations	4.0
Machinery — Electrical	3.3
Finance — Investment Banker/Broker	3.1
Computer Data Security	2.9
Building & Construction Products — Misc.	2.7
Medical Products	2.7
Diversified Minerals	2.6
Diversified Financial Services	2.6
Telephone — Integrated	2.6
Wire & Cable Products	2.5
Building Products — Cement	2.4
Insurance — Life/Health	2.4
Registered Investment Companies	2.3
Diversified Operations	2.3
Industrial Automated/Robotic	2.3
Oil — Field Services	2.2
Agricultural Chemicals	2.1
Chemicals — Diversified	2.0
Retail — Drug Store	2.0
Silver Mining	1.8
Building Products — Doors & Windows	1.7
Sugar	1.6
Diversified Banking Institutions	1.5
Food — Misc./Diversified	1.5
Food — Retail	1.4
Insurance — Reinsurance	1.4
Banks — Mortgage	1.4
Investment Companies	1.4
Enterprise Software/Service	1.3
Investment Management/Advisor Services	1.2
Retail — Building Products	1.2
Electric — Integrated	1.0
Auto/Truck Parts & Equipment — Original	1.0
Lasers — System/Components	0.6
Electronic Components — Semiconductors	0.6
Appliances	0.5
	98.2	%

Country Allocation*

United Kingdom	15.4	%
Japan	11.5
Netherlands	7.2
Germany	6.1
France	5.3
Italy	5.1
Hong Kong	4.7
United States	4.2
Switzerland	4.2
Canada	4.0
China	3.1
Norway	3.0
Israel	2.9
South Korea	2.7
Russia	2.4
Singapore	2.3
British Virgin Islands	2.3
South Africa	2.0
Malaysia	1.8
Cayman Islands	1.7
Bermuda	1.6
Ireland	1.5
Jersey	1.2
Australia	1.0
Thailand	1.0
	98.2	%

* Calculated as a percentage of net assets

@ See Note 1

133

VALIC Company I International Value Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.9%
Australia — 1.0%
Origin Energy, Ltd.		1,423,418	$	7,059,667
Bermuda — 1.6%
Cosan, Ltd., Class A		876,668		11,072,317
British Virgin Islands — 2.3%
Hollysys Automation Technologies, Ltd.		873,802		15,571,152
Canada — 4.0%
Home Capital Group, Inc.†#		714,000		9,498,165
Lundin Mining Corp.		4,106,800		18,352,377
				27,850,542
Cayman Islands — 1.7%
Xinyi Glass Holdings, Ltd.		11,412,000		11,424,229
China — 3.1%
Han’s Laser Technology Industry Group Co., Ltd., Class A		887,294		4,242,651
Midea Group Co., Ltd.		488,000		3,490,873
Shanghai Pharmaceuticals Holding Co., Ltd.		6,882,900		13,566,613
				21,300,137
France — 5.3%
Cie de Saint-Gobain		514,452		18,657,717
Orange SA		1,120,531		17,514,107
				36,171,824
Germany — 6.1%
METRO AG		616,786		9,716,088
Muenchener Rueckversicherungs - Gesellschaft AG		39,683		9,578,544
Rheinmetall AG		63,691		6,778,131
SAP SE		74,020		9,146,859
Siemens AG		62,109		7,036,303
				42,255,925
Hong Kong — 4.7%
China Everbright, Ltd.		8,688,000		13,859,545
China Mobile, Ltd.		2,098,000		18,315,334
				32,174,879
Ireland — 1.5%
Greencore Group PLC		4,038,602		10,546,895
Israel — 2.9%
Check Point Software Technologies, Ltd.†		179,722		19,819,742
Italy — 5.1%
Eni SpA		1,183,672		17,856,821
Prysmian SpA		1,047,959		17,439,491
				35,296,312
Japan — 11.5%
Alps Alpine Co., Ltd.		485,900		8,033,671
Daiwa Securities Group, Inc.		3,886,100		16,969,448
Hitachi, Ltd.		670,200		22,581,137
Mitsubishi UFJ Financial Group, Inc.		2,294,100		10,584,924
Nomura Holdings, Inc.		1,421,200		4,458,370
Takeda Pharmaceutical Co., Ltd.		498,900		16,818,361
				79,445,911
Jersey — 1.2%
Man Group PLC		4,522,542		8,363,738
Malaysia — 1.8%
CIMB Group Holdings Bhd		9,944,300		12,494,433

Security Description	Shares			Value (Note 2)
Netherlands — 7.2%
Koninklijke Philips NV		460,958		$	18,162,475
NN Group NV		433,664			16,449,535
OCI NV†		644,642			14,597,690
					49,209,700
Norway — 3.0%
DNB ASA		1,211,697			20,530,528
Russia — 2.4%
Mobile TeleSystems PJSC ADR		2,150,528			16,817,129
Singapore — 2.3%
Keppel Corp., Ltd.		3,604,300			15,822,607
South Africa — 2.0%
Sasol, Ltd.		555,772			13,964,150
South Korea — 2.7%
Hana Financial Group, Inc.		144,737			4,401,232
Samsung Electronics Co., Ltd.		107,234			3,806,532
SK Telecom Co., Ltd.		49,600			10,412,252
					18,620,016
Switzerland — 4.2%
LafargeHolcim, Ltd.		350,228			16,760,383
Novartis AG		139,213			11,956,024
					28,716,407
Thailand — 1.0%
Siam Commercial Bank PCL		1,657,900			6,757,851
United Kingdom — 15.4%
Babcock International Group PLC#		16,917			95,994
BP PLC		3,273,142			22,198,781
Fresnillo PLC		1,244,504			12,050,130
John Wood Group PLC		3,149,282			15,461,906
Kingfisher PLC		2,996,503			8,085,129
Melrose Industries PLC		4,549,579			9,405,148
Sensata Technologies Holding PLC†		411,376			17,561,641
Smiths Group PLC		1,146,011			20,903,741
					105,762,470
United States — 1.9%
Gentex Corp.		603,494			12,890,632
Total Long-Term Investment Securities
(cost $739,217,481)					659,939,193
SHORT-TERM INVESTMENT SECURITIES — 2.3%
Registered Investment Companies — 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.32%(2)		13,377,534			13,377,534
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2)		2,832,262			2,832,262
Total Short-Term Investment Securities
(cost $16,209,796)					16,209,796
TOTAL INVESTMENTS
(cost $755,427,277)(3)		98.2	%		676,148,989
Other assets less liabilities		1.8			12,336,026
NET ASSETS		100.0	%	$	688,485,015

@ See Note 1

† Non-income producing security

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

134

VALIC Company I International Value Fund@

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

(1) At May 31, 2019, the Fund had loaned securities with a total value of $3,336,765. This was secured by collateral of $2,832,262, which was received in cash and subsequently invested in short-term investments currently valued at $2,832,262 as reported in the Portfolio of Investments. Additional collateral of $770,213 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Notes/Bonds	2.00%	01/15/2026	$	770,213

(2) The rate shown is the 7-day yield as of May 31, 2019.

(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

26,437,000

USD

30,107,064

06/28/2019

$

512,820

$

–

GBP

33,075,000

USD

43,829,617

06/28/2019

1,962,534

–

Net Unrealized Appreciation (Depreciation)

$

2,475,354

$

–

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 May 31, 2019 (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	$	136,704,744	$	523,234,449	**	$	—	$	659,939,193
Short-Term Investment Securities		16,209,796		—			—		16,209,796
Total Investments at Value	$	152,914,540	$	523,234,449	**	$	—	$	676,148,989
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	2,475,354		$	—	$	2,475,354

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

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

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

See Notes to Financial Statements

135

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Diversified Banking Institutions	6.7	%
Applications Software	6.2
Medical — Drugs	4.9
E-Commerce/Products	4.9
Web Portals/ISP	3.8
Finance — Credit Card	3.4
Computers	3.4
Insurance — Property/Casualty	3.3
Data Processing/Management	2.9
Repurchase Agreements	2.8
Cable/Satellite TV	2.7
Medical Instruments	2.6
Tobacco	2.4
Telephone — Integrated	2.4
Oil Companies — Integrated	2.3
Medical Products	2.3
Food — Misc./Diversified	2.2
Instruments — Controls	2.1
Internet Content — Entertainment	2.1
Chemicals — Diversified	1.8
Aerospace/Defense	1.8
Oil Companies — Exploration & Production	1.7
Retail — Restaurants	1.7
Retail — Building Products	1.6
Electronic Components — Semiconductors	1.6
Real Estate Investment Trusts	1.5
Networking Products	1.5
Medical — HMO	1.5
Pharmacy Services	1.3
Insurance Brokers	1.2
Industrial Gases	1.1
Electronic Forms	1.0
Electric — Integrated	1.0
Banks — Super Regional	1.0
Investment Management/Advisor Services	1.0
Food — Wholesale/Distribution	1.0
Dental Supplies & Equipment	0.9
Cosmetics & Toiletries	0.8
Aerospace/Defense — Equipment	0.8
Entertainment Software	0.8
Electric Products — Misc.	0.7
Oil — Field Services	0.7
Cellular Telecom	0.7
Semiconductor Equipment	0.7
Computer Services	0.7
Food — Catering	0.7
Gold Mining	0.7
Medical — Biomedical/Gene	0.6
Machinery — Construction & Mining	0.6
Building — Residential/Commercial	0.5
Commercial Services — Finance	0.5
Apparel Manufacturers	0.5
Semiconductor Components — Integrated Circuits	0.5
Coatings/Paint	0.5
Casino Hotels	0.4
Retail — Discount	0.4
Internet Security	0.3
Beverages — Wine/Spirits	0.1
	99.8	%

* Calculated as a percentage of net assets

136

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.0%
Aerospace/Defense — 1.8%
Northrop Grumman Corp.		9,740	$	2,953,655
Aerospace/Defense - Equipment — 0.8%
Harris Corp.		7,150		1,338,409
Apparel Manufacturers — 0.5%
PVH Corp.		6,375		543,086
Tapestry, Inc.		11,615		331,725
				874,811
Applications Software — 6.2%
CDK Global, Inc.		10,241		495,664
Microsoft Corp.		79,595		9,844,310
				10,339,974
Banks - Super Regional — 1.0%
Wells Fargo & Co.		37,865		1,680,070
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc., Class A		900		158,805
Building - Residential/Commercial — 0.5%
D.R. Horton, Inc.		20,995		897,746
Cable/Satellite TV — 2.7%
Comcast Corp., Class A		109,978		4,509,098
Casino Hotels — 0.4%
Las Vegas Sands Corp.		11,190		615,450
Cellular Telecom — 0.7%
T-Mobile US, Inc.†		15,815		1,161,454
Chemicals - Diversified — 1.8%
Dow, Inc.		18,607		870,063
DuPont de Nemours, Inc.		69,881		2,132,768
				3,002,831
Coatings/Paint — 0.5%
Sherwin-Williams Co.		1,978		829,672
Commercial Services - Finance — 0.5%
Total System Services, Inc.		7,130		880,769
Computer Services — 0.7%
International Business Machines Corp.		8,985		1,141,005
Computers — 3.4%
Apple, Inc.		32,088		5,617,646
Cosmetics & Toiletries — 0.8%
Colgate-Palmolive Co.		19,385		1,349,584
Data Processing/Management — 2.9%
Fidelity National Information Services, Inc.		25,585		3,077,876
First Data Corp., Class A†		70,405		1,789,695
				4,867,571
Dental Supplies & Equipment — 0.9%
DENTSPLY SIRONA, Inc.		27,540		1,483,580
Diversified Banking Institutions — 6.7%
Citigroup, Inc.		66,166		4,112,217
JPMorgan Chase & Co.		44,190		4,682,372
Morgan Stanley		58,330		2,373,448
				11,168,037
E-Commerce/Products — 4.9%
Amazon.com, Inc.†		3,285		5,831,105
eBay, Inc.		62,820		2,257,123
				8,088,228

Security Description	Shares		Value (Note 2)
Electric Products - Misc. — 0.7%
Emerson Electric Co.		20,645	$	1,243,655
Electric - Integrated — 1.0%
American Electric Power Co., Inc.		19,800		1,705,176
Electronic Components - Semiconductors — 1.6%
Broadcom, Inc.		2,700		679,428
Intel Corp.		18,875		831,255
Marvell Technology Group, Ltd.		30,970		690,631
NVIDIA Corp.		3,175		430,085
				2,631,399
Electronic Forms — 1.0%
Adobe, Inc.†		6,425		1,740,532
Entertainment Software — 0.8%
Activision Blizzard, Inc.		13,099		568,104
Electronic Arts, Inc.†		7,740		720,439
				1,288,543
Finance - Credit Card — 3.4%
Mastercard, Inc., Class A		22,417		5,637,651
Food - Catering — 0.7%
Aramark		32,565		1,132,936
Food - Misc./Diversified — 2.2%
Conagra Brands, Inc.		33,653		900,891
Mondelez International, Inc., Class A		54,815		2,787,343
				3,688,234
Food - Wholesale/Distribution — 1.0%
Sysco Corp.		23,432		1,612,590
Gold Mining — 0.7%
Newmont Goldcorp Corp.		32,820		1,086,014
Industrial Gases — 1.1%
Air Products & Chemicals, Inc.		9,125		1,857,759
Instruments - Controls — 2.1%
Honeywell International, Inc.		21,141		3,473,678
Insurance Brokers — 1.2%
Aon PLC		11,012		1,982,931
Insurance - Property/Casualty — 3.3%
Berkshire Hathaway, Inc., Class B†		27,459		5,420,956
Internet Content - Entertainment — 2.1%
Facebook, Inc., Class A†		19,305		3,426,058
Internet Security — 0.3%
Palo Alto Networks, Inc.†		2,870		574,402
Investment Management/Advisor Services — 1.0%
BlackRock, Inc.		4,022		1,671,382
Machinery - Construction & Mining — 0.6%
Caterpillar, Inc.		8,375		1,003,409
Medical Instruments — 2.6%
Medtronic PLC		47,154		4,365,517
Medical Products — 2.3%
Abbott Laboratories		17,196		1,309,131
Baxter International, Inc.		14,220		1,044,317
Becton Dickinson and Co.		6,470		1,510,357
				3,863,805
Medical - Biomedical/Gene — 0.6%
Alexion Pharmaceuticals, Inc.†		9,005		1,023,688
Medical - Drugs — 4.9%
Allergan PLC		16,565		2,019,439

137

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Johnson & Johnson		26,403	$	3,462,754
Pfizer, Inc.		63,085		2,619,289
				8,101,482
Medical - HMO — 1.5%
Anthem, Inc.		8,679		2,412,588
Networking Products — 1.5%
Cisco Systems, Inc.		47,110		2,451,133
Oil Companies - Exploration & Production — 1.7%
Canadian Natural Resources, Ltd.		44,555		1,202,539
EOG Resources, Inc.		20,633		1,689,430
				2,891,969
Oil Companies - Integrated — 2.3%
Chevron Corp.		33,985		3,869,192
Oil - Field Services — 0.7%
Schlumberger, Ltd.		35,390		1,227,679
Pharmacy Services — 1.3%
Cigna Corp.		10,559		1,562,943
CVS Health Corp.		10,180		533,127
				2,096,070
Real Estate Investment Trusts — 1.5%
American Tower Corp.		12,135		2,533,424
Retail - Building Products — 1.6%
Lowe’s Cos., Inc.		28,715		2,678,535
Retail - Discount — 0.4%
Dollar General Corp.		4,752		604,835
Retail - Restaurants — 1.7%
McDonald’s Corp.		10,670		2,115,541
Restaurant Brands International, Inc.		10,278		676,292
				2,791,833

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components - Integrated Circuits — 0.5%
NXP Semiconductors NV		9,620		$	848,099
Semiconductor Equipment — 0.7%
Lam Research Corp.		6,630			1,157,664
Telephone - Integrated — 2.4%
AT&T, Inc.		91,020			2,783,392
Verizon Communications, Inc.		21,698			1,179,286
					3,962,678
Tobacco — 2.4%
Philip Morris International, Inc.		51,535			3,974,895
Web Portals/ISP — 3.8%
Alphabet, Inc., Class A†		2,502			2,768,463
Alphabet, Inc., Class C†		3,238			3,573,554
					6,342,017
Total Long-Term Investment Securities
(cost $137,333,480)					161,332,803
REPURCHASE AGREEMENTS — 2.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50% dated 05/31/2019, to be purchased 06/03/2019 in the amount $4,686,195 and collateralized by $4,740,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $4,783,452 (cost $4,686,000)	$	4,686,000			4,686,000
TOTAL INVESTMENTS
(cost $142,019,480)(1)		99.8	%		166,018,803
Other assets less liabilities		0.2			408,812
NET ASSETS		100.0	%	$	166,427,615

† Non-income producing security

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of May 31, 2019 (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	$	161,332,803	$	—	$	—	$	161,332,803
Repurchase Agreements		—		4,686,000		—		4,686,000
Total Investments at Value	$	161,332,803	$	4,686,000	$	—	$	166,018,803

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

See Notes to Financial Statements

138

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Web Portals/ISP	6.0	%
Computer Services	5.4
Finance — Credit Card	5.1
Applications Software	5.0
Cosmetics & Toiletries	4.3
Diagnostic Equipment	4.1
Data Processing/Management	4.0
Commercial Services — Finance	3.6
Insurance Brokers	2.8
Athletic Footwear	2.8
Semiconductor Components — Integrated Circuits	2.7
Medical Products	2.6
Computers	2.5
Electronic Components — Semiconductors	2.3
Finance — Investment Banker/Broker	2.3
Cable/Satellite TV	2.2
Textile — Apparel	2.0
Retail — Restaurants	2.0
Hotels/Motels	2.0
Retail — Major Department Stores	1.9
Aerospace/Defense — Equipment	1.9
Machinery — General Industrial	1.9
Transport — Rail	1.9
Beverages — Non-alcoholic	1.8
Private Equity	1.7
Coatings/Paint	1.7
Soap & Cleaning Preparation	1.7
U.S. Government Agencies	1.7
Instruments — Controls	1.6
Veterinary Diagnostics	1.6
Chemicals — Diversified	1.6
Entertainment Software	1.6
E-Commerce/Products	1.5
Instruments — Scientific	1.5
Commercial Services	1.4
Electronic Connectors	1.4
Medical — Drugs	1.4
Consulting Services	1.4
Electronic Measurement Instruments	1.1
Apparel Manufacturers	1.1
Pharmacy Services	0.8
Gambling (Non-Hotel)	0.6
Retail — Auto Parts	0.6
Finance — Other Services	0.5
Multimedia	0.4
Oil — Field Services	0.1
	100.1	%

* Calculated as a percentage of net assets

139

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Aerospace/Defense - Equipment — 1.9%
United Technologies Corp.		71,003	$	8,967,679
Apparel Manufacturers — 1.1%
VF Corp.		65,721		5,381,235
Applications Software — 5.0%
Microsoft Corp.		191,405		23,672,970
Athletic Footwear — 2.8%
adidas AG		17,206		4,924,314
NIKE, Inc., Class B		108,215		8,347,705
				13,272,019
Beverages - Non-alcoholic — 1.8%
PepsiCo, Inc.		67,639		8,657,792
Cable/Satellite TV — 2.2%
Comcast Corp., Class A		259,917		10,656,597
Chemicals - Diversified — 1.6%
PPG Industries, Inc.		72,056		7,540,660
Coatings/Paint — 1.7%
Sherwin-Williams Co.		19,643		8,239,256
Commercial Services — 1.4%
Ecolab, Inc.		37,562		6,914,789
Commercial Services - Finance — 3.6%
Equifax, Inc.		36,362		4,396,166
Experian PLC		129,695		3,920,026
Moody’s Corp.		48,330		8,838,590
				17,154,782
Computer Services — 5.4%
Accenture PLC, Class A		101,087		18,000,562
Cognizant Technology Solutions Corp., Class A		126,522		7,835,508
				25,836,070
Computers — 2.5%
Apple, Inc.		67,013		11,731,966
Consulting Services — 1.4%
Verisk Analytics, Inc.		46,526		6,513,640
Cosmetics & Toiletries — 4.3%
Colgate-Palmolive Co.		146,374		10,190,558
Estee Lauder Cos., Inc., Class A		43,825		7,057,140
L’Oreal SA		11,881		3,188,520
				20,436,218
Data Processing/Management — 4.0%
Fidelity National Information Services, Inc.		88,625		10,661,587
Fiserv, Inc.†#		97,017		8,329,880
				18,991,467
Diagnostic Equipment — 4.1%
Danaher Corp.		54,876		7,244,181
Thermo Fisher Scientific, Inc.		46,263		12,351,296
				19,595,477
E-Commerce/Products — 1.5%
Alibaba Group Holding, Ltd. ADR†		49,700		7,418,222
Electronic Components - Semiconductors — 2.3%
Texas Instruments, Inc.		107,621		11,225,947
Electronic Connectors — 1.4%
Amphenol Corp., Class A		78,020		6,787,740
Electronic Measurement Instruments — 1.1%
Fortive Corp.		70,892		5,398,426

Security Description	Shares		Value (Note 2)
Entertainment Software — 1.6%
Electronic Arts, Inc.†		80,915	$	7,531,568
Finance - Credit Card — 5.1%
Mastercard, Inc., Class A		33,869		8,517,715
Visa, Inc., Class A#		98,675		15,919,238
				24,436,953
Finance - Investment Banker/Broker — 2.3%
Charles Schwab Corp.		87,208		3,628,725
TD Ameritrade Holding Corp.		147,372		7,331,757
				10,960,482
Finance - Other Services — 0.5%
CME Group, Inc.		11,768		2,260,868
Gambling (Non-Hotel) — 0.6%
Flutter Entertainment PLC		38,930		2,773,846
Hotels/Motels — 2.0%
Marriott International, Inc., Class A		75,551		9,431,787
Instruments - Controls — 1.6%
Mettler-Toledo International, Inc.†		10,463		7,565,691
Instruments - Scientific — 1.5%
Waters Corp.†		35,062		7,037,294
Insurance Brokers — 2.8%
Aon PLC		75,573		13,608,430
Machinery - General Industrial — 1.9%
Nordson Corp.		71,088		8,930,075
Medical Products — 2.6%
Abbott Laboratories		115,587		8,799,638
Becton Dickinson and Co.		16,643		3,885,142
				12,684,780
Medical - Drugs — 1.4%
Eli Lilly & Co.		20,053		2,324,945
Zoetis, Inc.		43,732		4,419,118
				6,744,063
Multimedia — 0.4%
Walt Disney Co.		14,268		1,883,947
Oil - Field Services — 0.1%
Schlumberger, Ltd.		11,012		382,006
Pharmacy Services — 0.8%
Cigna Corp.		25,957		3,842,155
Private Equity — 1.7%
Blackstone Group LP		220,358		8,340,550
Retail - Auto Parts — 0.6%
AutoZone, Inc.†		2,652		2,723,896
Retail - Major Department Stores — 1.9%
TJX Cos., Inc.		179,916		9,047,976
Retail - Restaurants — 2.0%
Starbucks Corp.		124,728		9,486,812
Semiconductor Components - Integrated Circuits — 2.7%
Analog Devices, Inc.		71,946		6,951,423
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		153,610		5,890,943
				12,842,366
Soap & Cleaning Preparation — 1.7%
Church & Dwight Co., Inc.		34,376		2,557,918
Reckitt Benckiser Group PLC		70,223		5,640,456
				8,198,374

140

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Textile - Apparel — 2.0%
LVMH Moet Hennessy Louis Vuitton SE		25,580		$	9,691,947
Transport - Rail — 1.9%
Union Pacific Corp.		53,316			8,892,042
Veterinary Diagnostics — 1.6%
Elanco Animal Health, Inc.†		241,239			7,545,956
Web Portals/ISP — 6.0%
Alphabet, Inc., Class A†		25,874			28,629,581
Total Long-Term Investment Securities
(cost $336,629,175)					469,866,397
SHORT-TERM INVESTMENT SECURITIES — 1.7%
U.S. Government Agencies — 1.7%
Federal Home Loan Bank Disc. Notes 2.28% due 06/03/2019 (cost $8,066,991)	$	8,068,000			8,068,000
TOTAL INVESTMENTS
(cost $344,696,166)(1)		100.1	%		477,934,397
Liabilities in excess of other assets		(0.1	)		(633,064	)
NET ASSETS		100.0	%	$	477,301,333

† Non-income producing security

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

At May 31, 2019, the Fund had loaned securities with a total value of $24,050,010. This was secured by collateral of $24,814,646 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	08/08/2019 to 10/03/2019	$	1,012,760
United States Treasury Notes/Bonds	0.00% to 8.75%	07/31/2019 to 02/15/2049		23,801,886

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	439,727,287	$	30,139,110	**	$	—	$	469,866,397
Short-Term Investment Securities		—		8,068,000			—		8,068,000
Total Investments at Value	$	439,727,287	$	38,207,110		$	—	$	477,934,397

* 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

141

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	10.2	%
Banks — Commercial	6.8
Retail — Restaurants	2.1
Electric — Integrated	2.1
Chemicals — Specialty	1.9
Gas — Distribution	1.9
Insurance — Property/Casualty	1.9
Medical Products	1.8
Computer Services	1.7
Commercial Services — Finance	1.7
Oil Companies — Exploration & Production	1.4
Machinery — General Industrial	1.4
Transport — Truck	1.4
Medical Instruments	1.2
Insurance — Multi-line	1.2
Food — Misc./Diversified	1.2
Building — Residential/Commercial	1.2
Repurchase Agreements	1.1
Electronic Components — Semiconductors	1.1
Investment Management/Advisor Services	1.1
Medical — Biomedical/Gene	1.1
Applications Software	1.1
Medical Labs & Testing Services	1.1
Steel — Producers	1.0
Electronic Parts Distribution	1.0
Insurance — Reinsurance	1.0
Enterprise Software/Service	1.0
Diversified Manufacturing Operations	0.9
Electronic Components — Misc.	0.9
Electronic Measurement Instruments	0.9
Machinery — Pumps	0.8
Theaters	0.8
Distribution/Wholesale	0.8
Human Resources	0.7
Aerospace/Defense	0.7
Insurance — Life/Health	0.7
Containers — Paper/Plastic	0.7
Savings & Loans/Thrifts	0.7
Disposable Medical Products	0.7
Semiconductor Equipment	0.7
Lighting Products & Systems	0.7
Registered Investment Companies	0.7
Oil — Field Services	0.7
Multimedia	0.7
Garden Products	0.6
Data Processing/Management	0.6
Machine Tools & Related Products	0.6
Commercial Services	0.6
Building Products — Air & Heating	0.6
Office Automation & Equipment	0.6
Retail — Misc./Diversified	0.6
Hotels/Motels	0.6
Medical — HMO	0.5
Television	0.5
Building Products — Cement	0.5
Semiconductor Components — Integrated Circuits	0.5
Medical — Outpatient/Home Medical	0.5
Water	0.5
Apparel Manufacturers	0.5
Recreational Vehicles	0.5
Engineering/R&D Services	0.5
Finance — Other Services	0.5
Funeral Services & Related Items	0.5
Computer Software	0.5
Medical — Drugs	0.5
Medical Information Systems	0.5
Insurance Brokers	0.5
Hazardous Waste Disposal	0.4
Miscellaneous Manufacturing	0.4

Resorts/Theme Parks	0.4
Coatings/Paint	0.4
Casino Hotels	0.4
Wireless Equipment	0.4
Finance — Consumer Loans	0.4
Finance — Investment Banker/Broker	0.4
Industrial Automated/Robotic	0.4
Machinery — Construction & Mining	0.4
Racetracks	0.4
Real Estate Management/Services	0.4
Patient Monitoring Equipment	0.4
Building — Heavy Construction	0.4
Building & Construction Products — Misc.	0.4
Power Converter/Supply Equipment	0.4
Auto/Truck Parts & Equipment — Original	0.4
Instruments — Controls	0.4
Filtration/Separation Products	0.4
Physical Therapy/Rehabilitation Centers	0.4
Gold Mining	0.4
Containers — Metal/Glass	0.3
Oil Refining & Marketing	0.3
Cable/Satellite TV	0.3
Schools	0.3
Rental Auto/Equipment	0.3
Transport — Rail	0.3
Computers — Integrated Systems	0.3
Airlines	0.3
Retail — Discount	0.3
Telecom Equipment — Fiber Optics	0.3
Batteries/Battery Systems	0.3
Oil & Gas Drilling	0.3
Retail — Convenience Store	0.3
Retail — Mail Order	0.3
Retail — Apparel/Shoe	0.3
Publishing — Newspapers	0.3
Building & Construction — Misc.	0.3
Medical — Hospitals	0.3
Energy — Alternate Sources	0.3
Machinery — Farming	0.3
Casino Services	0.3
Transport — Marine	0.3
Food — Baking	0.3
Oil Companies — Integrated	0.3
Pipelines	0.2
Electric Products — Misc.	0.2
Security Services	0.2
Footwear & Related Apparel	0.2
Transactional Software	0.2
Networking Products	0.2
Health Care Cost Containment	0.2
U.S. Government Treasuries	0.2
Office Furnishings — Original	0.2
Consumer Products — Misc.	0.2
Chemicals — Diversified	0.2
Retail — Catalog Shopping	0.2
Rubber — Tires	0.2
Machinery — Electrical	0.2
Computers — Other	0.2
Metal Processors & Fabrication	0.2
Home Furnishings	0.2
Finance — Mortgage Loan/Banker	0.2
Brewery	0.2
Building — Mobile Home/Manufactured Housing	0.2
Telephone — Integrated	0.2
Steel — Specialty	0.2
Transport — Services	0.2
Lasers — System/Components	0.2
Poultry	0.2
Paper & Related Products	0.2

142

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Multilevel Direct Selling	0.2	%
Transport — Equipment & Leasing	0.2
Retail — Sporting Goods	0.2
Food — Retail	0.2
Steel Pipe & Tube	0.2
Electronic Security Devices	0.1
Retail — Automobile	0.1
Internet Content — Information/News	0.1
Publishing — Periodicals	0.1
Wire & Cable Products	0.1
Retail — Petroleum Products	0.1
Chemicals — Plastics	0.1
Publishing — Books	0.1
Retail — Bedding	0.1
Dental Supplies & Equipment	0.1
Quarrying	0.1
Cosmetics & Toiletries	0.1
Telecommunication Equipment	0.1
Metal Products — Distribution	0.1
E-Commerce/Services	0.1
Auction Houses/Art Dealers	0.1
Retail — Regional Department Stores	0.1
Retail — Jewelry	0.1
Housewares	0.1
Retail — Arts & Crafts	0.1
	100.6	%

* Calculated as a percentage of net assets

143

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Aerospace/Defense — 0.7%
MSA Safety, Inc.		62,815	$	6,242,555
Teledyne Technologies, Inc.†		64,870		15,296,346
				21,538,901
Airlines — 0.3%
JetBlue Airways Corp.†		549,172		9,462,234
Apparel Manufacturers — 0.5%
Carter’s, Inc.		81,563		6,860,264
Deckers Outdoor Corp.†		52,190		7,938,099
				14,798,363
Applications Software — 1.1%
CDK Global, Inc.		223,429		10,813,964
Covetrus, Inc.†#		171,319		4,224,726
PTC, Inc.†		191,276		16,078,661
				31,117,351
Auction Houses/Art Dealers — 0.1%
Sotheby’s†#		58,955		1,987,373
Auto/Truck Parts & Equipment - Original — 0.4%
Adient PLC		155,838		2,689,764
Dana, Inc.		256,850		3,747,441
Delphi Technologies PLC		158,538		2,419,290
Visteon Corp.†#		50,601		2,252,251
				11,108,746
Banks - Commercial — 6.8%
Associated Banc-Corp.		294,423		5,832,520
BancorpSouth Bank		162,502		4,400,554
Bank of Hawaii Corp.		73,833		5,586,205
Bank OZK		216,573		6,258,960
Cathay General Bancorp		137,013		4,609,117
Chemical Financial Corp.		128,058		4,848,276
Commerce Bancshares, Inc.		176,831		10,137,721
Cullen/Frost Bankers, Inc.		112,853		10,300,093
East West Bancorp, Inc.		259,703		11,094,512
First Financial Bankshares, Inc.		121,498		6,884,077
First Horizon National Corp.		570,137		7,645,537
FNB Corp.		581,348		6,394,828
Fulton Financial Corp.		304,357		4,796,666
Hancock Whitney Corp.		153,513		5,830,424
Home BancShares, Inc.		278,052		4,871,471
International Bancshares Corp.		97,573		3,557,512
PacWest Bancorp		216,421		7,864,739
Pinnacle Financial Partners, Inc.		130,568		6,913,576
Prosperity Bancshares, Inc.		118,878		7,704,483
Signature Bank		98,708		11,307,001
Synovus Financial Corp.		285,119		9,112,403
TCF Financial Corp.		293,781		5,599,466
Texas Capital Bancshares, Inc.†		90,008		5,157,458
Trustmark Corp.		116,773		3,709,878
UMB Financial Corp.		79,093		4,883,202
Umpqua Holdings Corp.		394,784		6,304,700
United Bankshares, Inc.		182,924		6,545,021
Valley National Bancorp		594,769		5,840,632
Webster Financial Corp.		165,339		7,321,211
Wintrust Financial Corp.		101,235		6,857,659
				198,169,902
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc.		113,918		4,661,524
EnerSys		77,125		4,336,739
				8,998,263

Security Description	Shares		Value (Note 2)
Brewery — 0.2%
Boston Beer Co., Inc., Class A†#		15,600	$	4,903,080
Building & Construction Products - Misc. — 0.4%
Louisiana-Pacific Corp.		221,141		5,046,438
Trex Co., Inc.†		105,462		6,308,737
				11,355,175
Building & Construction - Misc. — 0.3%
EMCOR Group, Inc.		100,323		8,082,021
Building Products - Air & Heating — 0.6%
Lennox International, Inc.		64,290		16,979,632
Building Products - Cement — 0.5%
Eagle Materials, Inc.		82,231		7,076,800
MDU Resources Group, Inc.		351,310		8,670,331
				15,747,131
Building - Heavy Construction — 0.4%
Arcosa, Inc.		1		34
Dycom Industries, Inc.†		56,329		2,938,684
Granite Construction, Inc.		83,638		3,361,411
MasTec, Inc.†#		110,328		5,129,149
				11,429,278
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		93,715		4,839,443
Building - Residential/Commercial — 1.2%
KB Home		151,607		3,809,884
NVR, Inc.†		6,091		19,500,763
Toll Brothers, Inc.		240,361		8,357,352
TRI Pointe Group, Inc.†		253,809		3,121,850
				34,789,849
Cable/Satellite TV — 0.3%
Cable One, Inc.		8,889		9,929,457
Casino Hotels — 0.4%
Boyd Gaming Corp.		143,149		3,424,124
Caesars Entertainment Corp.†#		1,044,510		9,181,243
				12,605,367
Casino Services — 0.3%
Eldorado Resorts, Inc.†		116,532		5,729,879
Scientific Games Corp.†#		99,162		1,893,994
				7,623,873
Chemicals - Diversified — 0.2%
Olin Corp.		295,407		5,792,931
Chemicals - Plastics — 0.1%
PolyOne Corp.		139,244		3,499,202
Chemicals - Specialty — 1.9%
Ashland Global Holdings, Inc.		112,184		8,399,216
Cabot Corp.		106,633		4,258,922
Chemours Co.		299,257		6,311,330
Ingevity Corp.†		74,563		6,539,175
Minerals Technologies, Inc.		63,117		3,280,822
NewMarket Corp.		15,626		6,047,262
Sensient Technologies Corp.		75,772		5,129,764
Valvoline, Inc.		337,105		5,882,482
Versum Materials, Inc.		195,479		10,037,847
				55,886,820
Coatings/Paint — 0.4%
RPM International, Inc.		235,849		12,622,639

144

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services — 0.6%
CoreLogic, Inc.†		143,490	$	5,623,373
Healthcare Services Group, Inc.#		132,213		4,179,253
LiveRamp Holdings, Inc.†		122,245		6,280,948
Weight Watchers International, Inc.†#		69,578		1,203,004
				17,286,578
Commercial Services - Finance — 1.7%
Green Dot Corp., Class A†		85,324		3,959,887
MarketAxess Holdings, Inc.		67,514		20,107,019
Sabre Corp.		493,403		10,006,213
WEX, Inc.†		77,222		14,590,325
				48,663,444
Computer Services — 1.7%
CACI International, Inc., Class A†		44,543		9,065,391
Leidos Holdings, Inc.		261,856		19,725,613
MAXIMUS, Inc.		114,298		8,143,733
Perspecta, Inc.		251,954		5,469,921
Science Applications International Corp.		91,181		6,997,230
				49,401,888
Computer Software — 0.5%
j2 Global, Inc.		82,982		6,994,553
Teradata Corp.†		210,149		7,216,516
				14,211,069
Computers - Integrated Systems — 0.3%
NCR Corp.†		213,094		6,520,676
NetScout Systems, Inc.†		125,497		3,075,932
				9,596,608
Computers - Other — 0.2%
Lumentum Holdings, Inc.†		136,338		5,517,599
Consumer Products - Misc. — 0.2%
Helen of Troy, Ltd.†		45,855		6,126,687
Containers - Metal/Glass — 0.3%
Greif, Inc., Class A		46,998		1,665,609
Owens-Illinois, Inc.		275,222		4,403,552
Silgan Holdings, Inc.		138,490		4,014,825
				10,083,986
Containers - Paper/Plastic — 0.7%
Bemis Co., Inc.		163,327		9,530,131
Sonoco Products Co.		178,998		11,067,446
				20,597,577
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co.†		96,956		2,767,124
Data Processing/Management — 0.6%
CommVault Systems, Inc.†		69,072		3,180,765
Fair Isaac Corp.†		52,083		15,411,360
				18,592,125
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.#		148,000		3,110,960
Disposable Medical Products — 0.7%
STERIS PLC		151,543		20,258,268
Distribution/Wholesale — 0.8%
Pool Corp.		70,571		12,687,254
Watsco, Inc.		57,577		9,062,044
				21,749,298

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 0.9%
Carlisle Cos., Inc.		102,617	$	13,679,872
ITT, Inc.		156,583		9,022,312
Trinity Industries, Inc.		238,895		4,605,896
				27,308,080
E-Commerce/Services — 0.1%
Cars.com, Inc.†#		111,083		2,351,627
Electric Products - Misc. — 0.2%
Littelfuse, Inc.		44,263		7,224,164
Electric - Integrated — 2.1%
ALLETE, Inc.		92,299		7,558,365
Black Hills Corp.		96,751		7,372,426
Hawaiian Electric Industries, Inc.		195,167		8,107,237
IDACORP, Inc.		90,264		9,050,771
NorthWestern Corp.		90,201		6,398,859
OGE Energy Corp.		357,831		14,871,457
PNM Resources, Inc.		142,704		6,722,786
				60,081,901
Electronic Components - Misc. — 0.9%
Gentex Corp.		464,426		9,920,139
Jabil, Inc.		252,235		6,202,459
nVent Electric PLC		288,932		6,662,772
Vishay Intertechnology, Inc.		236,881		3,610,066
				26,395,436
Electronic Components - Semiconductors — 1.1%
Cree, Inc.†#		184,931		10,197,095
Monolithic Power Systems, Inc.		70,735		8,237,091
Semtech Corp.†		117,900		4,695,957
Silicon Laboratories, Inc.†		77,197		7,223,323
Synaptics, Inc.†		61,635		1,630,246
				31,983,712
Electronic Measurement Instruments — 0.9%
National Instruments Corp.		201,380		7,771,254
Trimble, Inc.†		450,602		17,979,020
				25,750,274
Electronic Parts Distribution — 1.0%
Arrow Electronics, Inc.†		152,134		9,532,717
Avnet, Inc.		194,255		7,933,374
SYNNEX Corp.		74,320		6,444,287
Tech Data Corp.†		66,857		6,060,587
				29,970,965
Electronic Security Devices — 0.1%
Resideo Technologies, Inc.†		220,303		4,335,563
Energy - Alternate Sources — 0.3%
First Solar, Inc.†		135,307		7,853,218
Engineering/R&D Services — 0.5%
AECOM†		279,653		8,920,931
KBR, Inc.		252,629		5,613,416
				14,534,347
Enterprise Software/Service — 1.0%
Blackbaud, Inc.#		87,014		6,693,117
Manhattan Associates, Inc.†		116,484		7,626,208
Tyler Technologies, Inc.†		68,604		14,636,663
				28,955,988
Filtration/Separation Products — 0.4%
Donaldson Co., Inc.		229,124		10,871,934

145

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Consumer Loans — 0.4%
Navient Corp.		389,863	$	5,083,813
SLM Corp.		782,558		7,442,127
				12,525,940
Finance - Investment Banker/Broker — 0.4%
Evercore, Inc., Class A		73,445		5,672,157
Interactive Brokers Group, Inc., Class A		134,517		6,833,464
				12,505,621
Finance - Mortgage Loan/Banker — 0.2%
LendingTree, Inc.†#		13,332		5,009,366
Finance - Other Services — 0.5%
Deluxe Corp.		78,250		2,910,900
SEI Investments Co.		231,289		11,622,272
				14,533,172
Food - Baking — 0.3%
Flowers Foods, Inc.		328,713		7,353,310
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		34,138		1,295,879
Food - Misc./Diversified — 1.2%
Hain Celestial Group, Inc.†#		160,419		3,270,943
Ingredion, Inc.		119,438		9,096,398
Lancaster Colony Corp.		34,991		5,032,756
Post Holdings, Inc.†		119,512		12,560,711
TreeHouse Foods, Inc.†		100,308		5,229,056
				35,189,864
Food - Retail — 0.2%
Sprouts Farmers Market, Inc.†		222,373		4,458,579
Footwear & Related Apparel — 0.2%
Skechers U.S.A., Inc., Class A†		239,102		6,678,119
Funeral Services & Related Items — 0.5%
Service Corp. International		324,815		14,249,634
Garden Products — 0.6%
Scotts Miracle-Gro Co.#		70,407		6,303,539
Toro Co.		190,141		12,389,587
				18,693,126
Gas - Distribution — 1.9%
National Fuel Gas Co.#		154,573		8,240,287
New Jersey Resources Corp.		159,041		7,546,495
ONE Gas, Inc.		94,187		8,247,014
Southwest Gas Holdings, Inc.		95,096		8,096,473
Spire, Inc.		90,904		7,574,121
UGI Corp.		311,457		16,074,296
				55,778,686
Gold Mining — 0.4%
Royal Gold, Inc.		117,378		10,328,090
Hazardous Waste Disposal — 0.4%
Clean Harbors, Inc.†		91,062		5,838,895
Stericycle, Inc.†		152,749		7,084,499
				12,923,394
Health Care Cost Containment — 0.2%
HealthEquity, Inc.†		97,243		6,355,803
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†		82,230		5,247,096
Hotels/Motels — 0.6%
Wyndham Destinations, Inc.		169,236		6,732,208

Security Description	Shares		Value (Note 2)
Hotels/Motels (continued)
Wyndham Hotels & Resorts, Inc.		175,374	$	9,354,449
				16,086,657
Housewares — 0.1%
Tupperware Brands Corp.		87,190		1,623,478
Human Resources — 0.7%
ASGN, Inc.†		94,335		4,785,614
Insperity, Inc.		66,743		7,602,028
ManpowerGroup, Inc.		108,179		9,251,468
				21,639,110
Industrial Automated/Robotic — 0.4%
Cognex Corp.		306,054		12,425,792
Instruments - Controls — 0.4%
Woodward, Inc.		100,103		10,903,219
Insurance Brokers — 0.5%
Brown & Brown, Inc.		415,915		13,130,437
Insurance - Life/Health — 0.7%
Brighthouse Financial, Inc.†		209,021		7,418,155
CNO Financial Group, Inc.		287,930		4,523,380
Primerica, Inc.		76,289		8,762,555
				20,704,090
Insurance - Multi-line — 1.2%
American Financial Group, Inc.		126,405		12,412,971
Genworth Financial, Inc., Class A†		897,135		2,610,663
Kemper Corp.		109,057		9,050,640
Old Republic International Corp.		509,893		11,243,141
				35,317,415
Insurance - Property/Casualty — 1.9%
Alleghany Corp.†		25,917		17,190,746
First American Financial Corp.		199,715		10,315,280
Hanover Insurance Group, Inc.		72,691		8,879,932
Mercury General Corp.		48,581		2,800,695
WR Berkley Corp.		259,035		16,111,977
				55,298,630
Insurance - Reinsurance — 1.0%
Reinsurance Group of America, Inc.		112,535		16,661,932
RenaissanceRe Holdings, Ltd.		75,616		13,190,455
				29,852,387
Internet Content - Information/News — 0.1%
Yelp, Inc.†		127,359		3,913,742
Investment Management/Advisor Services — 1.1%
Eaton Vance Corp.		206,325		7,885,741
Federated Investors, Inc., Class B		171,547		5,237,330
Janus Henderson Group PLC		295,583		6,006,247
Legg Mason, Inc.		153,250		5,458,765
Stifel Financial Corp.		128,774		6,906,150
				31,494,233
Lasers - System/Components — 0.2%
Coherent, Inc.†#		43,584		4,795,548
Lighting Products & Systems — 0.7%
Acuity Brands, Inc.		71,469		8,838,571
Universal Display Corp.		75,961		11,160,950
				19,999,521
Machine Tools & Related Products — 0.6%
Colfax Corp.†#		170,284		4,274,129
Kennametal, Inc.		147,327		4,530,305

146

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machine Tools & Related Products (continued)
Lincoln Electric Holdings, Inc.		113,294	$	8,603,546
				17,407,980
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		125,494		8,933,918
Terex Corp.		110,991		2,971,229
				11,905,147
Machinery - Electrical — 0.2%
Regal Beloit Corp.		76,657		5,572,964
Machinery - Farming — 0.3%
AGCO Corp.		115,143		7,663,918
Machinery - General Industrial — 1.4%
Crane Co.		91,023		6,959,619
IDEX Corp.		135,788		20,736,185
Nordson Corp.		92,431		11,611,182
				39,306,986
Machinery - Pumps — 0.8%
Curtiss-Wright Corp.		76,658		8,546,601
Graco, Inc.		296,142		13,983,825
				22,530,426
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†		306,951		2,986,633
Medidata Solutions, Inc.†		111,574		10,169,970
				13,156,603
Medical Instruments — 1.2%
Bio-Techne Corp.		67,660		13,400,063
Cantel Medical Corp.		65,029		4,470,093
Integra LifeSciences Holdings Corp.†		126,735		5,905,851
LivaNova PLC†		87,222		6,271,262
NuVasive, Inc.†		92,509		5,361,822
				35,409,091
Medical Labs & Testing Services — 1.1%
Catalent, Inc.†		260,910		11,871,405
Charles River Laboratories International, Inc.†		86,400		10,838,880
MEDNAX, Inc.†		157,514		3,884,295
Syneos Health, Inc.†		109,112		4,498,688
				31,093,268
Medical Products — 1.8%
Avanos Medical, Inc.†		85,015		3,203,365
Globus Medical, Inc., Class A†		136,415		5,361,110
Haemonetics Corp.†		91,382		8,863,140
Hill-Rom Holdings, Inc.		119,432		11,483,387
ICU Medical, Inc.†		29,747		6,330,162
Inogen, Inc.†#		32,047		2,066,070
West Pharmaceutical Services, Inc.		132,909		15,231,371
				52,538,605
Medical - Biomedical/Gene — 1.1%
Bio-Rad Laboratories, Inc., Class A†		36,076		10,351,287
Exelixis, Inc.†		537,700		10,533,543
Ligand Pharmaceuticals, Inc.†#		36,628		3,933,114
United Therapeutics Corp.†		78,331		6,577,454
				31,395,398
Medical - Drugs — 0.5%
Mallinckrodt PLC†#		149,603		1,300,050
PRA Health Sciences, Inc.†		105,664		9,164,239

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Prestige Consumer Healthcare, Inc.†#		92,799	$	2,693,955
				13,158,244
Medical - HMO — 0.5%
Molina Healthcare, Inc.†		111,900		15,918,894
Medical - Hospitals — 0.3%
Acadia Healthcare Co., Inc.†#		158,472		5,105,968
Tenet Healthcare Corp.†		148,986		2,973,760
				8,079,728
Medical - Outpatient/Home Medical — 0.5%
Amedisys, Inc.†		52,186		5,861,009
Chemed Corp.		28,605		9,380,724
				15,241,733
Metal Processors & Fabrication — 0.2%
Timken Co.		122,168		5,376,614
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		70,339		2,401,373
Miscellaneous Manufacturing — 0.4%
AptarGroup, Inc.		112,744		12,770,513
Multilevel Direct Selling — 0.2%
Nu Skin Enterprises, Inc., Class A		99,182		4,630,808
Multimedia — 0.7%
FactSet Research Systems, Inc.		68,145		18,957,939
Networking Products — 0.2%
LogMeIn, Inc.		91,081		6,542,348
Office Automation & Equipment — 0.6%
Zebra Technologies Corp., Class A†		96,511		16,545,846
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		105,516		3,744,763
HNI Corp.		77,921		2,583,860
				6,328,623
Oil & Gas Drilling — 0.3%
Ensco Rowan PLC, Class A#		352,622		2,951,446
Transocean, Ltd.†#		907,157		5,624,374
				8,575,820
Oil Companies - Exploration & Production — 1.4%
Callon Petroleum Co.†#		408,253		2,551,581
Chesapeake Energy Corp.†#		1,870,931		3,592,188
CNX Resources Corp.†		355,329		2,743,140
EQT Corp.		456,421		8,352,504
Matador Resources Co.†#		185,579		3,050,919
Oasis Petroleum, Inc.†		484,266		2,518,183
QEP Resources, Inc.†		423,463		2,926,129
Range Resources Corp.#		371,990		2,908,962
SM Energy Co.		185,002		2,151,573
Southwestern Energy Co.†#		969,804		3,481,596
WPX Energy, Inc.†		708,089		7,619,038
				41,895,813
Oil Companies - Integrated — 0.3%
Murphy Oil Corp.		291,437		7,242,209
Oil Refining & Marketing — 0.3%
Murphy USA, Inc.†		53,753		4,314,216
PBF Energy, Inc., Class A		214,712		5,668,397
				9,982,613

147

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services — 0.7%
Apergy Corp.†		138,582	$	4,297,428
Core Laboratories NV		79,397		3,782,473
McDermott International, Inc.†#		323,908		1,956,404
NOW, Inc.†		194,274		2,531,390
Oceaneering International, Inc.†		177,074		2,904,014
Patterson-UTI Energy, Inc.		382,772		4,068,866
				19,540,575
Paper & Related Products — 0.2%
Domtar Corp.		112,732		4,740,381
Patient Monitoring Equipment — 0.4%
Masimo Corp.†		87,640		11,458,054
Physical Therapy/Rehabilitation Centers — 0.4%
Encompass Health Corp.		176,906		10,423,302
Pipelines — 0.2%
Equitrans Midstream Corp.		364,429		7,237,560
Poultry — 0.2%
Sanderson Farms, Inc.#		34,931		4,775,417
Power Converter/Supply Equipment — 0.4%
Hubbell, Inc.		97,823		11,204,646
Publishing - Books — 0.1%
John Wiley & Sons, Inc., Class A		81,039		3,385,809
Publishing - Newspapers — 0.3%
New York Times Co., Class A#		254,395		8,094,849
Publishing - Periodicals — 0.1%
Meredith Corp.		71,625		3,708,026
Quarrying — 0.1%
Compass Minerals International, Inc.#		60,688		3,095,695
Racetracks — 0.4%
Churchill Downs, Inc.		63,511		6,260,914
International Speedway Corp., Class A		42,598		1,906,687
Penn National Gaming, Inc.†		190,486		3,590,661
				11,758,262
Real Estate Investment Trusts — 10.2%
Alexander & Baldwin, Inc.		121,407		2,800,859
American Campus Communities, Inc.		245,498		11,371,467
Brixmor Property Group, Inc.		535,025		9,175,679
Camden Property Trust		173,125		17,894,200
CoreCivic, Inc.		212,624		4,656,466
CoreSite Realty Corp.		65,766		7,676,208
Corporate Office Properties Trust		197,542		5,499,569
Cousins Properties, Inc.		753,143		6,815,944
CyrusOne, Inc.		193,950		11,450,808
Douglas Emmett, Inc.		289,716		11,672,658
EastGroup Properties, Inc.		65,354		7,254,294
EPR Properties		134,198		10,480,864
First Industrial Realty Trust, Inc.		226,801		7,872,263
GEO Group, Inc.		216,280		4,743,020
Healthcare Realty Trust, Inc.		224,472		7,236,977
Highwoods Properties, Inc.		185,532		8,137,433
Hospitality Properties Trust		294,607		7,326,876
JBG SMITH Properties		213,795		8,442,765
Kilroy Realty Corp.		180,883		13,332,886
Lamar Advertising Co., Class A		152,574		11,932,813
Liberty Property Trust		265,066		12,582,683
Life Storage, Inc.		83,546		8,043,809
Mack-Cali Realty Corp.		161,814		3,676,414
Medical Properties Trust, Inc.		682,723		12,138,815
National Retail Properties, Inc.		289,547		15,499,451

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Omega Healthcare Investors, Inc.		379,294	$	13,510,452
Pebblebrook Hotel Trust		233,831		6,507,517
PotlatchDeltic Corp.		121,586		4,091,369
PS Business Parks, Inc.		35,785		5,758,522
Rayonier, Inc.		231,988		6,530,462
Sabra Health Care REIT, Inc.		319,476		6,162,692
Senior Housing Properties Trust		425,908		3,356,155
Tanger Factory Outlet Centers, Inc.#		168,303		2,854,419
Taubman Centers, Inc.		109,504		4,857,597
Uniti Group, Inc.#		320,655		3,081,495
Urban Edge Properties		215,166		3,711,613
Weingarten Realty Investors		214,309		6,043,514
				294,181,028
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.		81,734		10,171,796
Realogy Holdings Corp.#		203,317		1,441,518
				11,613,314
Recreational Vehicles — 0.5%
Brunswick Corp.		155,915		6,467,354
Polaris Industries, Inc.		102,662		8,200,641
				14,667,995
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		120,398		6,412,398
Avis Budget Group, Inc.†		114,026		3,233,777
				9,646,175
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.		70,467		6,334,984
Six Flags Entertainment Corp.		128,031		6,319,610
				12,654,594
Retail - Apparel/Shoe — 0.3%
American Eagle Outfitters, Inc.		300,283		5,224,924
Urban Outfitters, Inc.†		134,994		3,033,315
				8,258,239
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		161,036		1,467,038
Retail - Automobile — 0.1%
AutoNation, Inc.†		103,261		4,075,712
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		246,289		3,125,407
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		80,884		5,715,263
Retail - Convenience Store — 0.3%
Casey’s General Stores, Inc.		65,582		8,465,325
Retail - Discount — 0.3%
Ollie’s Bargain Outlet Holdings, Inc.†		92,377		9,119,457
Retail - Jewelry — 0.1%
Signet Jewelers, Ltd.		93,003		1,754,037
Retail - Mail Order — 0.3%
Williams-Sonoma, Inc.#		143,602		8,400,717
Retail - Misc./Diversified — 0.6%
Five Below, Inc.†		99,896		12,859,612
Sally Beauty Holdings, Inc.†#		215,974		3,278,485
				16,138,097

148

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		120,343	$	3,506,795
Retail - Regional Department Stores — 0.1%
Dillard’s, Inc., Class A		33,104		1,875,673
Retail - Restaurants — 2.1%
Brinker International, Inc.#		67,183		2,524,065
Cheesecake Factory, Inc.#		74,722		3,231,727
Cracker Barrel Old Country Store, Inc.#		43,071		6,766,023
Domino’s Pizza, Inc.		73,527		20,550,797
Dunkin’ Brands Group, Inc.		148,047		10,988,048
Jack in the Box, Inc.		46,235		3,846,752
Papa John’s International, Inc.		40,323		1,954,456
Texas Roadhouse, Inc.		119,443		6,122,648
Wendy’s Co.		325,852		5,992,418
				61,976,934
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.#		132,149		4,560,462
Rubber - Tires — 0.2%
Goodyear Tire & Rubber Co.		415,994		5,578,480
Savings & Loans/Thrifts — 0.7%
New York Community Bancorp, Inc.#		837,255		8,313,942
Sterling Bancorp		381,073		7,358,520
Washington Federal, Inc.		145,317		4,587,658
				20,260,120
Schools — 0.3%
Adtalem Global Education, Inc.†		103,516		4,550,563
Graham Holdings Co., Class B		7,801		5,308,893
				9,859,456
Security Services — 0.2%
Brink’s Co.		88,942		6,848,534
Semiconductor Components - Integrated Circuits — 0.5%
Cirrus Logic, Inc.†		105,956		3,959,576
Cypress Semiconductor Corp.		651,908		11,617,000
				15,576,576
Semiconductor Equipment — 0.7%
MKS Instruments, Inc.		97,099		6,938,695
Teradyne, Inc.		311,067		13,108,363
				20,047,058
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		39,311		4,446,467
Steel - Producers — 1.0%
Carpenter Technology Corp.		84,884		3,442,895
Commercial Metals Co.		210,742		2,813,406
Reliance Steel & Aluminum Co.		120,175		10,006,972
Steel Dynamics, Inc.		411,256		10,343,088
United States Steel Corp.#		310,339		3,668,207
				30,274,568
Steel - Specialty — 0.2%
Allegheny Technologies, Inc.†#		225,171		4,820,911
Telecom Equipment - Fiber Optics — 0.3%
Ciena Corp.†		257,678		9,003,269
Telecommunication Equipment — 0.1%
Plantronics, Inc.		58,691		2,410,439
Telephone - Integrated — 0.2%
Telephone & Data Systems, Inc.		167,966		4,839,100

Security Description	Shares/ Principal Amount		Value (Note 2)
Television — 0.5%
AMC Networks, Inc., Class A†#		80,137	$	4,228,829
TEGNA, Inc.		386,620		5,853,427
World Wrestling Entertainment, Inc., Class A#		78,219		5,689,650
				15,771,906
Theaters — 0.8%
Cinemark Holdings, Inc.		190,829		7,249,594
Live Nation Entertainment, Inc.†		247,772		15,069,493
				22,319,087
Transactional Software — 0.2%
ACI Worldwide, Inc.†		208,077		6,546,102
Transport - Equipment & Leasing — 0.2%
GATX Corp.#		65,571		4,578,167
Transport - Marine — 0.3%
Kirby Corp.†		96,543		7,470,497
Transport - Rail — 0.3%
Genesee & Wyoming, Inc., Class A†		100,843		9,602,271
Transport - Services — 0.2%
Ryder System, Inc.		95,162		4,805,681
Transport - Truck — 1.4%
Knight-Swift Transportation Holdings, Inc.#		223,168		6,168,363
Landstar System, Inc.		71,871		6,917,584
Old Dominion Freight Line, Inc.		116,304		15,403,302
Werner Enterprises, Inc.		78,296		2,182,892
XPO Logistics, Inc.†#		165,242		8,607,456
				39,279,597
Water — 0.5%
Aqua America, Inc.		377,378		14,921,526
Wire & Cable Products — 0.1%
Belden, Inc.		70,586		3,614,003
Wireless Equipment — 0.4%
InterDigital, Inc.		58,435		3,711,791
ViaSat, Inc.†#		101,854		8,864,354
				12,576,145
Total Long-Term Investment Securities
(cost $2,326,389,792)				2,856,861,691
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2)		19,952,997		19,952,997
U.S. Government Treasuries — 0.2%
United States Treasury Bills Disc. Notes 2.39% due 06/18/2019(4)	$	3,100,000		3,097,064
2.42% due 07/11/2019(4)		250,000		249,395
2.48% due 09/05/2019(4)		2,000,000		1,987,917
2.54% due 07/18/2019(4)		1,000,000		997,131
				6,331,507
Total Short-Term Investment Securities
(cost $26,282,520)				26,284,504

149

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $32,033,335 collateralized by $32,865,000 of United States Treasury Notes, bearing interest at 1.75% due 09/30/2022 and having an approximate value of $32,674,201 (cost $32,032,000)	$	32,032,000		$	32,032,000
TOTAL INVESTMENTS
(cost $2,384,704,312)(3)		100.6	%		2,915,178,195
Liabilities in excess of other assets		(0.6	)		(17,864,863	)
NET ASSETS		100.0	%	$	2,897,313,332

† Non-income producing security

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

(1) At May 31, 2019, the Fund had loaned securities with a total value of $165,351,189. This was secured by collateral of $19,952,997, which was received in cash and subsequently invested in short-term investments currently valued at $19,952,997 as reported in the Portfolio of Investments. Additional collateral of $152,609,820 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	10/01/2047 to 12/01/2047	$	2,452,942
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		133,114
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019		21,596,707
United States Treasury Notes/Bonds	0.00% to 8.75%	06/15/2019 to 02/15/2049		128,427,057

(2) The rate shown is the 7-day yield as of May 31, 2019.

(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)
	218	Long	S&P Mid Cap 400 E-Mini Index		June 2019	$	40,782,269	$	39,462,360	$	(1,319,909	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	2,856,861,691	$	—	$	—	$	2,856,861,691
Short-Term Investment Securities:
Registered Investment Companies		19,952,997		—		—		19,952,997
U.S. Government Treasuries		—		6,331,507		—		6,331,507
Repurchase Agreements		—		32,032,000		—		32,032,000
Total Investments at Value	$	2,876,814,688	$	38,363,507	$	—	$	2,915,178,195
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,319,909	$	—	$	—	$	1,319,909

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

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

See Notes to Financial Statements

150

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Commercial Services — Finance	6.1	%
Electronic Components — Semiconductors	4.8
Enterprise Software/Service	4.0
Medical Products	3.1
Commercial Paper	3.0
Consulting Services	3.0
Medical Instruments	2.6
Computer Software	2.6
Real Estate Investment Trusts	2.4
Electronic Measurement Instruments	2.2
Medical Labs & Testing Services	2.2
Telecommunication Equipment	2.1
Finance — Investment Banker/Broker	2.0
Insurance Brokers	1.9
Computer Services	1.9
Data Processing/Management	1.9
Aerospace/Defense — Equipment	1.9
Semiconductor Equipment	1.9
Instruments — Scientific	1.8
Entertainment Software	1.8
Apparel Manufacturers	1.8
Insurance — Property/Casualty	1.8
Electronic Components — Misc.	1.7
Commercial Services	1.7
Medical — Biomedical/Gene	1.7
Disposable Medical Products	1.6
Electronic Connectors	1.6
Retail — Restaurants	1.5
Web Hosting/Design	1.4
Investment Management/Advisor Services	1.3
Cruise Lines	1.2
Machinery — General Industrial	1.2
E-Commerce/Services	1.1
Aerospace/Defense	1.0
Transport — Truck	1.0
Registered Investment Companies	0.9
Drug Delivery Systems	0.9
Building — Maintenance & Services	0.9
Diagnostic Kits	0.9
Non-Hazardous Waste Disposal	0.9
Retail — Apparel/Shoe	0.8
Containers — Paper/Plastic	0.8
Beverages — Non-alcoholic	0.8
Therapeutics	0.8
E-Commerce/Products	0.7
Electric Products — Misc.	0.7
Containers — Metal/Glass	0.7
Diversified Manufacturing Operations	0.7
Retail — Discount	0.7
Chemicals — Diversified	0.7
Printing — Commercial	0.6
Hazardous Waste Disposal	0.6
Veterinary Diagnostics	0.6
Retail — Perfume & Cosmetics	0.6
Auction Houses/Art Dealers	0.6
Audio/Video Products	0.6
Metal Processors & Fabrication	0.6
Food — Catering	0.5
Advertising Agencies	0.5
Retail — Floor Coverings	0.5
Rental Auto/Equipment	0.5
Wire & Cable Products	0.5
Real Estate Management/Services	0.4
Retail — Pet Food & Supplies	0.4
Finance — Other Services	0.4
Decision Support Software	0.4
Finance — Consumer Loans	0.4
Retail — Mail Order	0.4
Oil Companies — Exploration & Production	0.4

Applications Software	0.4
Transport — Rail	0.4
Airlines	0.4
Food — Misc./Diversified	0.4
Advertising Services	0.4
Building & Construction — Misc.	0.4
Beverages — Wine/Spirits	0.3
Television	0.3
Industrial Automated/Robotic	0.3
Broadcast Services/Program	0.3
Distribution/Wholesale	0.3
Banks — Commercial	0.3
Auto/Truck Parts & Equipment — Original	0.2
	100.6	%

* Calculated as a percentage of net assets

151

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Advertising Agencies — 0.5%
Omnicom Group, Inc.		18,846	$	1,457,927
Advertising Services — 0.4%
Trade Desk, Inc., Class A†#		5,361		1,065,820
Aerospace/Defense — 1.0%
Teledyne Technologies, Inc.†		13,354		3,148,873
Aerospace/Defense - Equipment — 1.9%
Harris Corp.		14,725		2,756,373
HEICO Corp., Class A		17,235		1,693,511
L3 Technologies, Inc.		5,220		1,263,553
				5,713,437
Airlines — 0.4%
Ryanair Holdings PLC ADR†		16,371		1,067,717
Apparel Manufacturers — 1.8%
Carter’s, Inc.		3,677		309,272
Gildan Activewear, Inc.		87,484		3,154,673
Kontoor Brands, Inc.†		1		17
VF Corp.		24,665		2,019,570
				5,483,532
Applications Software — 0.4%
Intuit, Inc.		4,457		1,091,296
Auction Houses/Art Dealers — 0.6%
Ritchie Bros. Auctioneers, Inc.		54,653		1,823,771
Audio/Video Products — 0.6%
Dolby Laboratories, Inc., Class A		29,161		1,807,107
Auto/Truck Parts & Equipment - Original — 0.2%
Visteon Corp.†#		11,494		511,598
Banks - Commercial — 0.3%
SVB Financial Group†		4,307		867,430
Beverages - Non-alcoholic — 0.8%
Monster Beverage Corp.†		37,662		2,329,771
Beverages - Wine/Spirits — 0.3%
MGP Ingredients, Inc.#		17,155		1,032,903
Broadcast Services/Program — 0.3%
Liberty Media Corp. - Liberty Formula One, Series C†		26,352		983,720
Building & Construction - Misc. — 0.4%
Frontdoor, Inc.†		26,393		1,061,263
Building - Maintenance & Services — 0.9%
ServiceMaster Global Holdings, Inc.†		52,786		2,850,444
Chemicals - Diversified — 0.7%
FMC Corp.		28,224		2,073,053
Commercial Services — 1.7%
CoStar Group, Inc.†		7,209		3,673,995
Edenred		33,361		1,523,495
				5,197,490
Commercial Services - Finance — 6.1%
Equifax, Inc.		11,399		1,378,139
Euronet Worldwide, Inc.†		6,842		1,060,784
Global Payments, Inc.		31,116		4,793,109
IHS Markit, Ltd.†		23,675		1,358,708
WEX, Inc.†		35,354		6,679,785
Worldpay, Inc., Class A†		26,119		3,177,115
				18,447,640
Computer Services — 1.9%
Amdocs, Ltd.		47,122		2,799,989

Security Description	Shares		Value (Note 2)
Computer Services (continued)
EPAM Systems, Inc.†		17,480	$	3,016,873
				5,816,862
Computer Software — 2.6%
Splunk, Inc.†		18,888		2,153,043
SS&C Technologies Holdings, Inc.		68,496		3,811,802
Twilio, Inc., Class A†#		14,420		1,903,296
				7,868,141
Consulting Services — 3.0%
Booz Allen Hamilton Holding Corp.		23,680		1,495,866
Gartner, Inc.†		8,150		1,233,095
Verisk Analytics, Inc.		44,972		6,296,080
				9,025,041
Containers - Metal/Glass — 0.7%
Crown Holdings, Inc.†		37,685		2,088,880
Containers - Paper/Plastic — 0.8%
Sealed Air Corp.		58,210		2,438,999
Cruise Lines — 1.2%
Norwegian Cruise Line Holdings, Ltd.†		34,614		1,893,732
Royal Caribbean Cruises, Ltd.		15,063		1,834,071
				3,727,803
Data Processing/Management — 1.9%
Broadridge Financial Solutions, Inc.		24,670		3,080,543
Fidelity National Information Services, Inc.		22,449		2,700,615
				5,781,158
Decision Support Software — 0.4%
MSCI, Inc.		5,332		1,173,093
Diagnostic Kits — 0.9%
IDEXX Laboratories, Inc.†		11,015		2,751,217
Disposable Medical Products — 1.6%
STERIS PLC		25,796		3,448,409
Teleflex, Inc.		4,872		1,404,598
				4,853,007
Distribution/Wholesale — 0.3%
Ferguson PLC		14,883		961,322
Diversified Manufacturing Operations — 0.7%
Carlisle Cos., Inc.		15,613		2,081,369
Drug Delivery Systems — 0.9%
DexCom, Inc.†		23,511		2,851,884
E-Commerce/Products — 0.7%
Etsy, Inc.†		19,230		1,198,221
Wayfair, Inc., Class A†#		6,644		956,803
				2,155,024
Electric Products - Misc. — 0.7%
AMETEK, Inc.		25,908		2,121,606
Electronic Components - Misc. — 1.7%
Flex, Ltd.†		157,018		1,403,741
Sensata Technologies Holding PLC†		90,606		3,867,970
				5,271,711
Electronic Components - Semiconductors — 4.8%
Advanced Micro Devices, Inc.†#		81,820		2,242,686
Cree, Inc.†		18,095		997,758
Microchip Technology, Inc.#		47,249		3,781,338
Monolithic Power Systems, Inc.		9,832		1,144,936
ON Semiconductor Corp.†		149,039		2,646,933

152

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
Xilinx, Inc.		37,336	$	3,819,846
				14,633,497
Electronic Connectors — 1.6%
TE Connectivity, Ltd.		56,029		4,719,323
Electronic Measurement Instruments — 2.2%
Agilent Technologies, Inc.		27,744		1,860,235
Keysight Technologies, Inc.†		15,755		1,183,673
National Instruments Corp.		60,076		2,318,333
Trimble, Inc.†		31,812		1,269,299
				6,631,540
Enterprise Software/Service — 4.0%
Atlassian Corp. PLC, Class A†		22,518		2,834,566
Ceridian HCM Holding, Inc.†#		28,345		1,394,007
Constellation Software, Inc.		5,181		4,486,264
Workday, Inc., Class A†		16,649		3,398,394
				12,113,231
Entertainment Software — 1.8%
Take-Two Interactive Software, Inc.†		30,605		3,309,931
Zynga, Inc., Class A†		349,332		2,197,298
				5,507,229
Finance - Consumer Loans — 0.4%
Synchrony Financial		33,729		1,134,306
Finance - Investment Banker/Broker — 2.0%
E*TRADE Financial Corp.		42,461		1,902,253
TD Ameritrade Holding Corp.		86,578		4,307,255
				6,209,508
Finance - Other Services — 0.4%
Cboe Global Markets, Inc.		11,902		1,291,843
Food - Catering — 0.5%
Aramark		45,984		1,599,783
Food - Misc./Diversified — 0.4%
Lamb Weston Holdings, Inc.		17,990		1,065,908
Hazardous Waste Disposal — 0.6%
Clean Harbors, Inc.†		29,770		1,908,852
Industrial Automated/Robotic — 0.3%
Cognex Corp.		24,510		995,106
Instruments - Scientific — 1.8%
PerkinElmer, Inc.		39,278		3,391,262
Waters Corp.†		11,045		2,216,842
				5,608,104
Insurance Brokers — 1.9%
Aon PLC		20,125		3,623,909
Arthur J. Gallagher & Co.		26,790		2,255,718
				5,879,627
Insurance - Property/Casualty — 1.8%
Intact Financial Corp.		30,406		2,614,295
WR Berkley Corp.		46,051		2,864,372
				5,478,667
Investment Management/Advisor Services — 1.3%
LPL Financial Holdings, Inc.		49,092		3,938,160
Machinery - General Industrial — 1.2%
Middleby Corp.†#		11,741		1,531,848
Wabtec Corp.#		32,617		2,034,649
				3,566,497

Security Description	Shares		Value (Note 2)
Medical Instruments — 2.6%
Boston Scientific Corp.†		101,097	$	3,883,136
Bruker Corp.		30,433		1,271,187
Edwards Lifesciences Corp.†		16,502		2,816,891
				7,971,214
Medical Labs & Testing Services — 2.2%
Catalent, Inc.†		87,916		4,000,178
IQVIA Holdings, Inc.†		19,021		2,584,003
				6,584,181
Medical Products — 3.1%
Cooper Cos., Inc.		17,371		5,172,910
Haemonetics Corp.†		18,270		1,772,007
ICU Medical, Inc.†		6,402		1,362,346
Varian Medical Systems, Inc.†		8,925		1,126,870
				9,434,133
Medical - Biomedical/Gene — 1.7%
Celgene Corp.†		16,783		1,574,078
Exact Sciences Corp.†		17,535		1,817,152
Sage Therapeutics, Inc.†#		10,322		1,774,042
				5,165,272
Medical - Drugs — 0.0%
Alkermes PLC†		1,941		41,809
Metal Processors & Fabrication — 0.6%
Rexnord Corp.†		68,378		1,799,025
Non-Hazardous Waste Disposal — 0.9%
Waste Connections, Inc.		27,321		2,585,659
Oil Companies - Exploration & Production — 0.4%
Parsley Energy, Inc., Class A†		61,667		1,099,523
Printing - Commercial — 0.6%
Cimpress NV†#		21,899		1,916,162
Real Estate Investment Trusts — 2.4%
Crown Castle International Corp.		28,816		3,746,368
Lamar Advertising Co., Class A		46,752		3,656,474
				7,402,842
Real Estate Management/Services — 0.4%
CBRE Group, Inc., Class A†		29,451		1,345,911
Rental Auto/Equipment — 0.5%
United Rentals, Inc.†		12,656		1,393,426
Retail - Apparel/Shoe — 0.8%
Lululemon Athletica, Inc.†		15,160		2,510,344
Retail - Discount — 0.7%
Dollar Tree, Inc.†		20,408		2,073,249
Retail - Floor Coverings — 0.5%
Floor & Decor Holdings, Inc., Class A†#		39,881		1,416,573
Retail - Mail Order — 0.4%
Williams-Sonoma, Inc.#		19,017		1,112,494
Retail - Perfume & Cosmetics — 0.6%
Ulta Beauty, Inc.†		5,518		1,839,591
Retail - Pet Food & Supplies — 0.4%
Freshpet, Inc.†		27,955		1,299,069
Retail - Restaurants — 1.5%
Chipotle Mexican Grill, Inc.†		2,945		1,943,612
Dunkin’ Brands Group, Inc.		34,660		2,572,465
				4,516,077

153

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment — 1.9%
Entegris, Inc.		30,815		$	1,058,187
KLA-Tencor Corp.		24,971			2,573,761
Lam Research Corp.		11,567			2,019,714
					5,651,662
Telecommunication Equipment — 2.1%
NICE, Ltd., ADR†#		45,622			6,380,237
Television — 0.3%
World Wrestling Entertainment, Inc., Class A#		13,915			1,012,177
Therapeutics — 0.8%
Neurocrine Biosciences, Inc.†		18,715			1,586,658
Sarepta Therapeutics, Inc.†#		6,059			689,817
					2,276,475
Transport - Rail — 0.4%
Kansas City Southern		9,560			1,082,957
Transport - Truck — 1.0%
Old Dominion Freight Line, Inc.		10,624			1,407,043
XPO Logistics, Inc.†#		31,133			1,621,718
					3,028,761
Veterinary Diagnostics — 0.6%
Elanco Animal Health, Inc.†		59,376			1,857,281
Web Hosting/Design — 1.4%
GoDaddy, Inc., Class A†		37,355			2,779,212
Wix.com, Ltd.†		11,038			1,515,959
					4,295,171
Wire & Cable Products — 0.4%
Belden, Inc.		22,766			1,165,619
Total Common Stocks
(cost $214,149,335)					289,519,984
CONVERTIBLE PREFERRED SECURITIES — 1.2%
E-Commerce/Services — 1.1%
Airbnb, Inc., Series D†(1)(2)		29,418			3,600,175
Wire & Cable Products — 0.1%
Belden, Inc. 6.75%		2,200			152,240
Total Convertible Preferred Securities
(cost $1,417,696)					3,752,415
Total Long-Term Investment Securities
(cost $215,567,031)					293,272,399
SHORT-TERM INVESTMENT SECURITIES — 3.9%
Commercial Paper — 3.0%
Credit Agricole Corporate and Investment Bank 2.39% due 06/03/2019	$	9,100,000			9,098,195
Registered Investment Companies — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4)		2,868,354			2,868,354
Total Short-Term Investment Securities
(cost $11,967,161)					11,966,549
TOTAL INVESTMENTS
(cost $227,534,192)(6)		100.6	%		305,238,948
Liabilities in excess of other assets		(0.6	)		(1,951,008	)
NET ASSETS		100.0	%	$	303,287,940

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

† Non-income producing security

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Stocks
Airbnb, Inc.
Series D		4/16/2014		29,418	$	1,197,696	$	3,600,175	$	122		1.19	%

(3) At May 31, 2019, the Fund had loaned securities with a total value of $23,446,485. This was secured by collateral of $2,868,354, which was received in cash and subsequently invested in short-term investments currently valued at $2,868,354 as reported in the Portfolio of Investments. Additional collateral of $21,293,930 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 09/19/2019	$	1,089,202
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		20,204,728

(4) The rate shown is the 7-day yield as of May 31, 2019.

ADR—American Depositary Receipt

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

154

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2019 (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	$	287,035,167	$	2,484,817	**	$	—	$	289,519,984
Convertible Preferred Securities:
E-Commerce/Services		—		—			3,600,175		3,600,175
Wire & Cable Products		152,240		—			—		152,240
Short-Term Investment Securities:
Commercial Paper		—		9,098,195			—		9,098,195
Registered Investment Companies		2,868,354		—			—		2,868,354
Total Investments at Value	$	290,055,761	$	11,583,012		$	3,600,175	$	305,238,948

* 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) .		273,387			393,123
Change in unrealized depreciation(1) .		—			—
Net Purchases . . . . . . . . . . . . . . . . .		—			—
Net Sales . . . . . . . . . . . . . . . . . . . . .		(739,674	)		—
Transfers into Level 3 . . . . . . . . . . . .		—			—
Transfers out of Level 3 . . . . . . . . . .		—			—
Balance as of 05/31/2019 . . . . . . . .	$	—		$	3,600,175

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31 2019 includes:

Common Stocks	Convertible Preferred Securities
$        —	$	393,123

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2019.

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

Description	Fair Value at 05/31/19		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Convertible Preferred Securities	$	3,600,175	Market Approach	Last Twelve Months Revenue Multiple*	9.42x
				2021 Estimated Revenue Multiple*	4.2x - 6.9x (5.55x)
				2021 Estimated Gross Profit Multiple*	5.0x
				2022 Estimated Revenue Multiple*	3.9x
				2022 Estimated Gross Profit Multiple*	4.6x
				2023 Estimated Revenue Multiple*	3.5x
				2023 Estimated Gross Profit Multiple*	4.2x
				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

155

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Applications Software	11.2	%
E-Commerce/Products	10.2
Computers	9.0
Web Portals/ISP	8.3
Electronic Components — Semiconductors	7.3
Internet Content — Entertainment	6.5
Repurchase Agreements	5.9
Medical — Biomedical/Gene	5.7
Cable/Satellite TV	3.5
Networking Products	2.8
Beverages — Non-alcoholic	2.6
Commercial Services — Finance	2.4
Semiconductor Components — Integrated Circuits	1.9
E-Commerce/Services	1.6
Electronic Forms	1.6
Retail — Discount	1.6
Food — Misc./Diversified	1.3
Retail — Restaurants	1.1
Semiconductor Equipment	1.1
Entertainment Software	1.1
Computer Aided Design	0.9
Data Processing/Management	0.8
Cellular Telecom	0.8
Transport — Rail	0.7
Retail — Apparel/Shoe	0.7
Medical Instruments	0.6
Retail — Drug Store	0.6
Hotels/Motels	0.5
U.S. Government Treasuries	0.5
Computer Services	0.4
Registered Investment Companies	0.4
Airlines	0.4
Auto — Cars/Light Trucks	0.4
Enterprise Software/Service	0.4
Electric — Integrated	0.4
Retail — Auto Parts	0.4
Computers — Memory Devices	0.3
Web Hosting/Design	0.3
Commercial Services	0.3
Radio	0.3
Consulting Services	0.3
Auto — Heavy Duty Trucks	0.3
Dental Supplies & Equipment	0.3
Medical Information Systems	0.3
Insurance Brokers	0.3
Broadcast Services/Program	0.3
Diagnostic Kits	0.3
Retail — Perfume & Cosmetics	0.2
Distribution/Wholesale	0.2
Computer Data Security	0.2
Computer Software	0.1
Internet Security	0.1
Toys	0.1
Casino Hotels	0.1
Medical Products	0.1
Transport — Truck	0.1
Medical — Generic Drugs	0.1
	100.2	%

* Calculated as a percentage of net assets

156

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.4%
Airlines — 0.4%
American Airlines Group, Inc.		27,228	$	741,418
United Continental Holdings, Inc.†		16,173		1,255,834
				1,997,252
Applications Software — 11.2%
Intuit, Inc.		15,709		3,846,349
Microsoft Corp.		419,181		51,844,306
				55,690,655
Auto - Cars/Light Trucks — 0.4%
Tesla, Inc.†#		10,473		1,939,181
Auto - Heavy Duty Trucks — 0.3%
PACCAR, Inc.		21,023		1,383,734
Beverages - Non-alcoholic — 2.6%
Monster Beverage Corp.†		32,934		2,037,297
PepsiCo, Inc.		85,173		10,902,144
				12,939,441
Broadcast Services/Program — 0.3%
Fox Corp., Class A		21,392		753,640
Fox Corp., Class B		16,138		560,150
				1,313,790
Cable/Satellite TV — 3.5%
Charter Communications, Inc., Class A†		13,664		5,148,595
Comcast Corp., Class A		273,858		11,228,178
Liberty Global PLC, Class A†		12,399		305,016
Liberty Global PLC, Class C†		31,925		773,862
				17,455,651
Casino Hotels — 0.1%
Wynn Resorts, Ltd.		6,526		700,436
Cellular Telecom — 0.8%
T-Mobile US, Inc.†		51,553		3,786,052
Commercial Services — 0.3%
Cintas Corp.		6,339		1,406,180
Commercial Services - Finance — 2.4%
Automatic Data Processing, Inc.		26,414		4,229,409
PayPal Holdings, Inc.†		71,137		7,807,286
				12,036,695
Computer Aided Design — 0.9%
Autodesk, Inc.†		13,280		2,136,885
Cadence Design Systems, Inc.†		17,001		1,080,754
Synopsys, Inc.†		9,076		1,056,809
				4,274,448
Computer Data Security — 0.2%
Check Point Software Technologies, Ltd.†		9,472		1,044,572
Computer Services — 0.4%
Cognizant Technology Solutions Corp., Class A		34,871		2,159,561
Computer Software — 0.1%
Citrix Systems, Inc.		7,987		751,736
Computers — 9.0%
Apple, Inc.		257,632		45,103,634
Computers - Memory Devices — 0.3%
NetApp, Inc.		14,975		886,520
Western Digital Corp.		17,636		656,412
				1,542,932
Consulting Services — 0.3%
Verisk Analytics, Inc.		9,914		1,387,960

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.8%
Fiserv, Inc.†		23,744	$	2,038,660
Paychex, Inc.		21,773		1,867,906
				3,906,566
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†		4,850		1,379,097
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		5,215		1,302,551
Distribution/Wholesale — 0.2%
Fastenal Co.		34,702		1,061,534
E-Commerce/Products — 10.2%
Amazon.com, Inc.†		26,842		47,646,429
eBay, Inc.		55,473		1,993,145
JD.com, Inc. ADR†		56,062		1,444,157
				51,083,731
E-Commerce/Services — 1.6%
Booking Holdings, Inc.†		2,729		4,519,824
Ctrip.com International, Ltd. ADR†		29,524		1,020,350
Expedia Group, Inc.		8,149		937,135
MercadoLibre, Inc.†		2,741		1,563,795
				8,041,104
Electric - Integrated — 0.4%
Xcel Energy, Inc.		31,179		1,787,804
Electronic Components - Semiconductors — 7.3%
Advanced Micro Devices, Inc.†#		60,956		1,670,804
Broadcom, Inc.		24,018		6,043,889
Intel Corp.		272,674		12,008,563
Microchip Technology, Inc.#		14,369		1,149,951
Micron Technology, Inc.†		67,974		2,216,632
NVIDIA Corp.		36,745		4,977,478
Skyworks Solutions, Inc.		10,554		703,213
Texas Instruments, Inc.		56,905		5,935,761
Xilinx, Inc.		15,351		1,570,561
				36,276,852
Electronic Forms — 1.6%
Adobe, Inc.†		29,573		8,011,326
Enterprise Software/Service — 0.4%
Workday, Inc., Class A†		9,156		1,868,923
Entertainment Software — 1.1%
Activision Blizzard, Inc.		46,315		2,008,682
Electronic Arts, Inc.†		18,166		1,690,891
NetEase, Inc. ADR		4,439		1,103,580
Take-Two Interactive Software, Inc.†		6,862		742,125
				5,545,278
Food - Misc./Diversified — 1.3%
Kraft Heinz Co.		73,940		2,044,441
Mondelez International, Inc., Class A		87,567		4,452,782
				6,497,223
Hotels/Motels — 0.5%
Marriott International, Inc., Class A		20,684		2,582,191
Insurance Brokers — 0.3%
Willis Towers Watson PLC		7,828		1,373,814
Internet Content - Entertainment — 6.5%
Facebook, Inc., Class A†		131,568		23,349,373
Netflix, Inc.†		26,473		9,087,651
				32,437,024

157

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Security — 0.1%
Symantec Corp.		38,759	$	725,956
Medical Information Systems — 0.3%
Cerner Corp.		19,668		1,376,170
Medical Instruments — 0.6%
Intuitive Surgical, Inc.†		6,942		3,226,989
Medical Products — 0.1%
Henry Schein, Inc.†		9,180		591,743
Medical - Biomedical/Gene — 5.7%
Alexion Pharmaceuticals, Inc.†		13,550		1,540,364
Amgen, Inc.		37,732		6,289,924
Biogen, Inc.†		11,927		2,615,472
BioMarin Pharmaceutical, Inc.†		10,816		889,508
Celgene Corp.†		42,576		3,993,203
Gilead Sciences, Inc.		77,340		4,814,415
Illumina, Inc.†		8,913		2,735,489
Incyte Corp.†		12,979		1,020,539
Regeneron Pharmaceuticals, Inc.†		6,510		1,964,197
Vertex Pharmaceuticals, Inc.†		15,502		2,576,122
				28,439,233
Medical - Generic Drugs — 0.1%
Mylan NV†		31,284		525,571
Networking Products — 2.8%
Cisco Systems, Inc.		266,916		13,887,639
Radio — 0.3%
Sirius XM Holdings, Inc.#		263,505		1,399,212
Retail - Apparel/Shoe — 0.7%
Lululemon Athletica, Inc.†		7,375		1,221,226
Ross Stores, Inc.		22,471		2,089,579
				3,310,805
Retail - Auto Parts — 0.4%
O’Reilly Automotive, Inc.†		4,752		1,764,750
Retail - Discount — 1.6%
Costco Wholesale Corp.		26,709		6,398,942
Dollar Tree, Inc.†		14,429		1,465,842
				7,864,784
Retail - Drug Store — 0.6%
Walgreens Boots Alliance, Inc.		57,205		2,822,495
Retail - Perfume & Cosmetics — 0.2%
Ulta Beauty, Inc.†		3,596		1,198,834
Retail - Restaurants — 1.1%
Starbucks Corp.		75,405		5,735,304
Semiconductor Components-Integrated Circuits — 1.9%
Analog Devices, Inc.		22,333		2,157,815
Maxim Integrated Products, Inc.		16,577		871,784
NXP Semiconductors NV		19,931		1,757,117
QUALCOMM, Inc.		73,387		4,903,719
				9,690,435
Semiconductor Equipment — 1.1%
Applied Materials, Inc.		57,566		2,227,229
ASML Holding NV		4,348		817,641
KLA-Tencor Corp.		9,178		945,976
Lam Research Corp.		9,252		1,615,492
				5,606,338
Toys — 0.1%
Hasbro, Inc.		7,630		725,918

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Rail — 0.7%
CSX Corp.		49,455		$	3,682,914
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		6,593			561,328
Web Hosting/Design — 0.3%
VeriSign, Inc.†		7,259			1,415,360
Web Portals/ISP — 8.3%
Alphabet, Inc., Class A†		16,812			18,602,478
Alphabet, Inc., Class C†		19,229			21,221,701
Baidu, Inc. ADR†		16,897			1,858,670
					41,682,849
Total Long-Term Investment Securities
(cost $195,542,116)					466,303,555
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2)		2,010,816			2,010,816
U.S. Government Treasuries — 0.5%
United States Treasury Bills
2.33% due 06/25/2019(3)	$	1,200,000			1,198,321
2.38% due 07/02/2019(3)		600,000			598,887
2.46% due 08/15/2019(3)		200,000			199,075
2.53% due 07/18/2019(3)		300,000			299,140
					2,295,423
Total Short-Term Investment Securities
(cost $4,305,745)					4,306,239
REPURCHASE AGREEMENTS — 5.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount $29,497,229 collateralized by $30,265,000 of United States Treasury Notes, bearing interest at 1.75% due 09/30/2022 and having an approximate value of $30,089,130 (cost $29,496,000)		29,496,000			29,496,000
TOTAL INVESTMENTS
(cost $229,343,861)(4)		100.2	%		500,105,794
Liabilities in excess of other assets		(0.2	)		(836,581	)
NET ASSETS		100.0	%	$	499,269,213

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2019.

(2) At May 31, 2019, the Fund had loaned securities with a total value of $4,788,647. This was secured by collateral of $2,010,816, which was received in cash and subsequently invested in short-term investments currently valued at $2,010,816 as reported in the Portfolio of Investments. Additional collateral of $2,966,405 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range		Value as of May 31, 2019
United States Treasury Bills	0.00%		06/11/2019 to 09/19/2019	$	1,179
United States Treasury Notes/Bonds	zero coupon to 8.75%		06/15/2019 to 11/15/2048		2,965,226

(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.

158

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

ADR—American Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	225	Long	NASDAQ 100 E-Mini Index		June 2019	$	32,760,747	$	32,100,750	$	(659,997	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	466,303,555	$	—	$	—	$	466,303,555
Short-Term Investment Securities:
Registered Investment Companies		2,010,816		—		—		2,010,816
U.S. Government Treasuries		—		2,295,423		—		2,295,423
Repurchase Agreements		—		29,496,000		—		29,496,000
Total Investments at Value	$	468,314,371	$	31,791,423	$	—	$	500,105,794
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	659,997	$	—	$	—	$	659,997

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

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

See Notes to Financial Statements

159

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	11.0	%
Applications Software	9.3
Internet Content — Entertainment	9.2
Commercial Services — Finance	7.3
E-Commerce/Products	6.5
Web Portals/ISP	6.0
Enterprise Software/Service	5.7
E-Commerce/Services	4.7
Computer Software	4.1
Registered Investment Companies	4.0
Finance — Credit Card	3.9
Semiconductor Equipment	3.7
Semiconductor Components — Integrated Circuits	2.3
Internet Security	2.2
Internet Application Software	1.9
Computer Services	1.6
Computers — Memory Devices	1.5
Computers	1.3
Entertainment Software	1.3
Retail — Apparel/Shoe	1.0
Internet Content — Information/News	1.0
Auto — Cars/Light Trucks	0.8
Computer Aided Design	0.8
Networking Products	0.7
Aerospace/Defense — Equipment	0.6
Internet Telephone	0.6
Electronic Forms	0.6
Electronic Components — Misc.	0.5
Medical Instruments	0.4
Web Hosting/Design	0.4
Computer Data Security	0.4
Machinery — General Industrial	0.4
Computers — Other	0.3
Repurchase Agreements	0.3
Data Processing/Management	0.3
Machinery — Electrical	0.3
Chemicals — Diversified	0.3
Lasers — System/Components	0.2
Pharmacy Services	0.2
Publishing — Newspapers	0.1
IT Services	0.1
E-Services/Consulting	0.1
	97.9	%

* Calculated as a percentage of net assets

160

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.0%
Advertising Services — 0.0%
Trade Desk, Inc., Class A†#		2,675	$	531,817
Aerospace/Defense - Equipment — 0.6%
Harris Corp.		48,923		9,157,896
Applications Software — 9.3%
Intuit, Inc.		12,868		3,150,730
Microsoft Corp.		603,511		74,642,240
RealPage, Inc.†		18,830		1,098,165
salesforce.com, Inc.†		144,204		21,833,928
ServiceNow, Inc.†		106,144		27,802,298
Tableau Software, Inc., Class A†		9,230		1,038,098
Tencent Music Entertainment Group ADR†#		4		53
				129,565,512
Auto - Cars/Light Trucks — 0.7%
Tesla, Inc.†#		55,079		10,198,428
Chemicals - Diversified — 0.3%
Dow, Inc.		26,243		1,227,123
DuPont de Nemours, Inc.		78,730		2,402,839
				3,629,962
Commercial Services - Finance — 7.3%
Equifax, Inc.		38,581		4,664,443
FleetCor Technologies, Inc.†		45,736		11,809,493
Global Payments, Inc.		132,979		20,484,085
PayPal Holdings, Inc.†		263,719		28,943,160
Square, Inc., Class A†		103,255		6,396,647
Total System Services, Inc.		99,353		12,273,076
TransUnion		70,735		4,635,972
WEX, Inc.†		53,833		10,171,207
Worldpay, Inc., Class A†		23,270		2,830,563
				102,208,646
Computer Aided Design — 0.8%
Autodesk, Inc.†		2,395		385,380
Synopsys, Inc.†		93,812		10,923,469
				11,308,849
Computer Data Security — 0.4%
CyberArk Software, Ltd.†		5,685		750,704
Fortinet, Inc.†		13,345		967,246
Rapid7, Inc.†		14,100		736,725
Sophos Group PLC*		212,935		1,125,790
Tenable Holdings, Inc.†#		56,290		1,567,677
				5,148,142
Computer Services — 1.6%
Accenture PLC, Class A		17,136		3,051,408
Capgemini SE#		15,025		1,676,634
DXC Technology Co.		149,985		7,130,287
Elastic NV†#		24,820		2,036,481
Genpact, Ltd.		227,776		8,234,102
				22,128,912
Computer Software — 4.1%
Akamai Technologies, Inc.†		92,955		7,005,089
MongoDB, Inc.†#		125,240		17,576,182
Splunk, Inc.†		50,753		5,785,334
Twilio, Inc., Class A†		200,660		26,485,113
Zoom Video Communications, Inc., Class A†#		1,837		146,464
				56,998,182

Security Description	Shares		Value (Note 2)
Computers — 1.3%
Apple, Inc.		86,150	$	15,082,280
Nutanix, Inc., Class A†		95,165		2,671,282
				17,753,562
Computers - Memory Devices — 1.5%
NetApp, Inc.		165,830		9,817,136
Pure Storage, Inc., Class A†		462,506		7,335,345
Western Digital Corp.		96,982		3,609,670
				20,762,151
Computers - Other — 0.3%
Lumentum Holdings, Inc.†		108,661		4,397,511
Data Processing/Management — 0.3%
Fidelity National Information Services, Inc.		9,270		1,115,181
First Data Corp., Class A†		71,785		1,824,775
Fiserv, Inc.†		12,585		1,080,548
				4,020,504
E-Commerce/Products — 6.5%
Alibaba Group Holding, Ltd. ADR†		101,223		15,108,545
Amazon.com, Inc.†		40,841		72,495,634
Meituan Dianping, Class B†#		315,500		2,432,396
				90,036,575
E-Commerce/Services — 4.4%
58.com, Inc. ADR†		113,495		6,472,620
Booking Holdings, Inc.†		11,739		19,442,366
Ctrip.com International, Ltd. ADR†		705,559		24,384,119
Expedia Group, Inc.		35,547		4,087,905
GrubHub, Inc.†#		41,921		2,731,153
MercadoLibre, Inc.†		4,111		2,345,408
Uber Technologies, Inc.†(1)		36,257		1,395,755
				60,859,326
E-Services/Consulting — 0.1%
CDW Corp.		7,570		745,191
Electronic Components - Misc. — 0.5%
Flex, Ltd.†		837,780		7,489,753
Electronic Components - Semiconductors — 11.0%
Advanced Micro Devices, Inc.†		807,024		22,120,528
Broadcom, Inc.		42,775		10,763,901
Cree, Inc.†#		213,995		11,799,684
Infineon Technologies AG		73,065		1,317,960
IPG Photonics Corp.†		3,380		423,075
Marvell Technology Group, Ltd.		1,131,034		25,222,058
Microchip Technology, Inc.#		83,895		6,714,117
Micron Technology, Inc.†		690,079		22,503,476
NVIDIA Corp.		96,856		13,120,114
ON Semiconductor Corp.†		446,190		7,924,334
Samsung Electronics Co., Ltd.		607,471		21,563,665
Texas Instruments, Inc.		46,843		4,886,193
Xilinx, Inc.		49,164		5,029,969
				153,389,074
Electronic Forms — 0.6%
Adobe, Inc.†		29,500		7,991,550
Enterprise Software/Service — 5.7%
Alteryx, Inc., Class A†#		32,440		2,817,738
Atlassian Corp. PLC, Class A†		32,290		4,064,665
AVEVA Group PLC		56,780		2,657,194
Guidewire Software, Inc.†		73,821		7,420,487
New Relic, Inc.†		21,605		2,167,414
Paycom Software, Inc.†#		107,925		22,890,892

161

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
SVMK, Inc.†		99,778	$	1,716,182
Veeva Systems, Inc., Class A†		58,850		9,079,967
Workday, Inc., Class A†		130,479		26,633,373
				79,447,912
Entertainment Software — 1.3%
Electronic Arts, Inc.†		101,128		9,412,994
Nexon Co., Ltd.†		214,200		3,177,646
Sciplay Corp., Class A†		142,545		2,280,720
Take-Two Interactive Software, Inc.†		10,535		1,139,360
Zynga, Inc., Class A†		264,995		1,666,819
				17,677,539
Finance - Credit Card — 3.9%
Mastercard, Inc., Class A		82,155		20,661,161
Visa, Inc., Class A		212,454		34,275,204
				54,936,365
Industrial Automated/Robotic — 0.0%
Cognex Corp.		1,855		75,313
Internet Application Software — 1.9%
Okta, Inc.†		197,605		22,372,838
Tencent Holdings, Ltd.		95,427		3,957,453
				26,330,291
Internet Content - Entertainment — 9.2%
Facebook, Inc., Class A†		654,768		116,201,677
Netflix, Inc.†		30,153		10,350,922
Pinterest, Inc. Class B†(1)		68,550		1,641,833
				128,194,432
Internet Content - Information/News — 1.0%
Naspers, Ltd., Class N		48,777		10,933,743
Spotify Technology SA†		21,431		2,691,305
				13,625,048
Internet Security — 2.2%
Palo Alto Networks, Inc.†		31,400		6,284,396
Proofpoint, Inc.†		53,200		5,977,552
Symantec Corp.		574,196		10,754,691
Zscaler, Inc.†#		112,970		7,753,131
				30,769,770
Internet Telephone — 0.6%
RingCentral, Inc., Class A†		71,050		8,515,342
Lasers - System/Components — 0.2%
Coherent, Inc.†		20,175		2,219,855
Machinery - Electrical — 0.3%
Bloom Energy Corp. Class A†#		357,625		3,862,350
Machinery - General Industrial — 0.4%
Roper Technologies, Inc.		14,600		5,021,232
Medical Instruments — 0.4%
Intuitive Surgical, Inc.†		13,628		6,334,976
Networking Products — 0.7%
Arista Networks, Inc.†		23,080		5,645,137
Cisco Systems, Inc.		66,730		3,471,962
Telefonaktiebolaget LM Ericsson ADR		58,670		567,339
				9,684,438
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		49,774		761,492

Security Description	Shares		Value (Note 2)
Publishing - Newspapers — 0.1%
News Corp., Class A		186,412	$	2,123,233
Retail - Apparel/Shoe — 1.0%
Zalando SE†*		363,865		14,440,259
Semiconductor Components - Integrated Circuits — 2.3%
Analog Devices, Inc.		49,695		4,801,531
Cypress Semiconductor Corp.		294,180		5,242,288
Maxim Integrated Products, Inc.		138,149		7,265,256
NXP Semiconductors NV		44,600		3,931,936
QUALCOMM, Inc.		154,452		10,320,483
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		21,850		837,947
				32,399,441
Semiconductor Equipment — 3.7%
Applied Materials, Inc.		217,564		8,417,551
ASML Holding NV		38,319		7,220,605
KLA-Tencor Corp.		134,128		13,824,573
Lam Research Corp.		72,398		12,641,415
Teradyne, Inc.		63,210		2,663,669
Tokyo Electron, Ltd.		47,300		6,358,652
				51,126,465
Telecom Equipment - Fiber Optics — 0.0%
Viavi Solutions, Inc.†		45,440		547,552
Web Hosting/Design — 0.4%
GoDaddy, Inc., Class A†		43,992		3,273,005
Shopify, Inc., Class A†#		7,310		2,009,519
				5,282,524
Web Portals/ISP — 6.0%
Alphabet, Inc., Class A†		23,742		26,270,523
Alphabet, Inc., Class C†		29,872		32,967,635
Mail.ru Group, Ltd. GDR†		401,675		9,167,947
NAVER Corp.		108,184		10,101,671
Yandex NV, Class A†		139,231		5,001,178
				83,508,954
Total Common Stocks
(cost $1,102,967,848)				1,295,206,326
CONVERTIBLE PREFERRED SECURITIES — 0.6%
Auto - Cars/Light Trucks — 0.1%
GM Cruise Holdings, LLC Class F†(1)(2)		897		1,637,025
E-Commerce/Services — 0.3%
Airbnb, Inc., Series E†(1)(2)		26,943		3,297,284
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)		11,731		562,971
				3,860,255
IT Services — 0.1%
Mesosphere, Inc. Series D†(1)(2)		151,129		1,326,913
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		61,401		939,374
Total Convertible Preferred Securities
(cost $7,102,699)				7,763,567
REGISTERED INVESTMENT COMPANIES — 1.0%
Altaba, Inc.† (cost $11,740,970)		239,305		14,166,856
Total Long-Term Investment Securities
(cost $1,121,811,517)				1,317,136,749

162

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Registered Investment Companies — 3.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.32%(4)		501,001		$	501,001
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4)		19,244,928			19,244,928
T. Rowe Price Government Reserve Fund 2.46%(4)		22,676,579			22,676,579
Total Short-Term Investment Securities
(cost $42,422,508)					42,422,508
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $4,239,177 collateralized by $4,285,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $4,324,281 (cost $4,239,000)	$	4,239,000			4,239,000
TOTAL INVESTMENTS
(cost $1,168,473,025)(5)		97.9	%		1,363,798,257
Other assets less liabilities		2.1			29,035,457
NET ASSETS		100.0	%	$	1,392,833,714

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $15,566,049 representing 1.1% of net assets.

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

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, 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		0.05	%
Pinterest, Inc., Class B		03/19/2015		68,550		205,650		1,641,833		23.95		0.12
Uber Technologies, Inc.		06/05/2014		36,257		562,457		1,395,755		38.50		0.10
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		3,297,284		122.38		0.24
GM Cruise Holdings, LLC, Class F		05/07/2019		897		1,637,025		1,637,025		1825.00		0.12
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		1,326,913		8.78		0.09
Xiaoju Kuaizhi, Inc., Series A-17		10/19/2015		11,731		321,737		562,971		47.99		0.04
							$	11,562,647				0.83	%

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

(3) At May 31, 2019, the Fund had loaned securities with a total value of $66,473,179. This was secured by collateral of $19,244,928, which was received in cash and subsequently invested in short-term investments currently valued at $19,244,928 as reported in the Portfolio of Investments. Additional collateral of $49,626,288 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019	$	4,695,408
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 11/15/2048		44,930,880

(4) The rate shown is the 7-day yield as of May 31, 2019.

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

163

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
E-Commerce/Services	$	59,463,571	$	1,395,755		$	—	$	60,859,326
Internet Content - Entertainment		126,552,599		1,641,833			—		128,194,432
Pharmacy Services		—		—			761,492		761,492
Other Industries		1,009,259,461		96,131,615	**		—		1,105,391,076
Convertible Preferred Securities		—		—			7,763,567		7,763,567
Registered Investment Companies		14,166,856		—			—		14,166,856
Short-Term Investment Securities		42,422,508		—			—		42,422,508
Repurchase Agreements		—		4,239,000			—		4,239,000
Total Investments at Value	$	1,251,864,995	$	103,408,203		$	8,525,059	$	1,363,798,257

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

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

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

See Notes to Financial Statements

164

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	11.6	%
Computer Software	6.2
Repurchase Agreements	4.1
Retail — Restaurants	4.0
Commercial Services — Finance	3.8
Medical — Drugs	3.6
Enterprise Software/Service	3.2
Web Hosting/Design	3.1
Electronic Components — Semiconductors	3.0
Patient Monitoring Equipment	3.0
Medical Products	2.9
Schools	2.3
Internet Telephone	2.2
Distribution/Wholesale	2.2
Retail — Discount	2.1
Chemicals — Specialty	2.1
Food — Misc./Diversified	2.0
Insurance — Multi-line	1.8
Retail — Pawn Shops	1.8
Semiconductor Equipment	1.8
Diversified Manufacturing Operations	1.7
Casino Services	1.7
Building & Construction Products — Misc.	1.6
Firearms & Ammunition	1.6
Airlines	1.5
Therapeutics	1.4
Auto Repair Centers	1.4
Insurance Brokers	1.4
Finance — Mortgage Loan/Banker	1.2
Registered Investment Companies	1.2
Recreational Centers	1.2
Transactional Software	1.1
Computer Services	1.1
Medical — Outpatient/Home Medical	1.1
E-Marketing/Info	1.0
Footwear & Related Apparel	1.0
Oil — Field Services	1.0
Educational Software	0.9
Retail — Pet Food & Supplies	0.9
Electric Products — Misc.	0.9
Telecom Equipment — Fiber Optics	0.8
Gambling (Non-Hotel)	0.8
Machinery — General Industrial	0.8
Non-Hazardous Waste Disposal	0.8
Rubber/Plastic Products	0.7
Commercial Services	0.7
Insurance — Life/Health	0.7
Machine Tools & Related Products	0.7
Transport — Truck	0.6
Medical Labs & Testing Services	0.6
Electronic Components — Misc.	0.6
Health Care Cost Containment	0.5
Oil Companies — Exploration & Production	0.4
Internet Content — Information/News	0.4
	100.8	%

* Calculated as a percentage of net assets

165

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Airlines — 1.5%
Azul SA ADR†#		83,730	$	2,492,642
Auto Repair Centers — 1.4%
Monro, Inc.#		28,050		2,235,866
Building & Construction Products - Misc. — 1.6%
Simpson Manufacturing Co., Inc.		25,330		1,541,077
Trex Co., Inc.†#		18,340		1,097,099
				2,638,176
Casino Services — 1.7%
Eldorado Resorts, Inc.†#		55,040		2,706,317
Chemicals - Specialty — 2.1%
Ashland Global Holdings, Inc.		28,510		2,134,544
Ingevity Corp.†		14,000		1,227,800
				3,362,344
Commercial Services — 0.7%
LiveRamp Holdings, Inc.†		22,490		1,155,536
Commercial Services - Finance — 3.8%
Euronet Worldwide, Inc.†		26,448		4,100,498
Evo Payments, Inc., Class A†#		69,260		2,039,014
				6,139,512
Computer Services — 1.1%
WNS Holdings, Ltd. ADR†		32,220		1,783,055
Computer Software — 6.2%
Bandwidth, Inc., Class A†		27,700		2,010,189
Cornerstone OnDemand, Inc.†		59,610		3,173,040
Envestnet, Inc.†		25,260		1,690,147
InterXion Holding NV†		43,664		3,218,473
				10,091,849
Distribution/Wholesale — 2.2%
G-III Apparel Group, Ltd.†		47,260		1,216,000
SiteOne Landscape Supply, Inc.†#		36,310		2,355,430
				3,571,430
Diversified Manufacturing Operations — 1.7%
Harsco Corp.†		111,580		2,789,500
E-Marketing/Info — 1.0%
QuinStreet, Inc.†		105,410		1,615,935
Educational Software — 0.9%
Arco Platform, Ltd., Class A†		39,086		1,500,902
Electric Products - Misc. — 0.9%
Littelfuse, Inc.		9,092		1,483,905
Electronic Components - Misc. — 0.6%
Advanced Energy Industries, Inc.†		18,680		937,176
Electronic Components - Semiconductors — 3.0%
Inphi Corp.†		42,920		1,883,330
Monolithic Power Systems, Inc.		9,285		1,081,238
Silicon Laboratories, Inc.†		20,830		1,949,063
				4,913,631
Enterprise Software/Service — 3.2%
Coupa Software, Inc.†#		33,540		3,662,903
Everbridge, Inc.†		19,490		1,532,694
				5,195,597
Finance - Mortgage Loan/Banker — 1.2%
LendingTree, Inc.†#		5,130		1,927,546
Firearms & Ammunition — 1.6%
Axon Enterprise, Inc.†#		38,520		2,572,366

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified — 2.0%
Nomad Foods, Ltd.†		155,490	$	3,299,498
Footwear & Related Apparel — 1.0%
Steven Madden, Ltd.		52,497		1,588,559
Gambling (Non-Hotel) — 0.8%
Red Rock Resorts, Inc., Class A		61,170		1,277,230
Health Care Cost Containment — 0.5%
HealthEquity, Inc.†		13,270		867,327
Insurance Brokers — 1.4%
eHealth, Inc.†		31,350		2,212,056
Insurance - Life/Health — 0.7%
Primerica, Inc.		9,670		1,110,696
Insurance - Multi-line — 1.8%
Kemper Corp.		35,030		2,907,140
Internet Content - Information/News — 0.4%
Yelp, Inc.†#		21,010		645,637
Internet Telephone — 2.2%
RingCentral, Inc., Class A†		30,131		3,611,200
Machine Tools & Related Products — 0.7%
Kennametal, Inc.		35,670		1,096,853
Machinery - General Industrial — 0.8%
Altra Industrial Motion Corp.		40,370		1,266,407
Medical Instruments — 0.0%
Silk Road Medical, Inc.†		700		29,862
Medical Labs & Testing Services — 0.6%
Invitae Corp.†		54,720		954,864
Medical Products — 2.9%
Glaukos Corp.†		19,400		1,250,912
Hanger, Inc.†		58,860		1,098,328
Inspire Medical Systems, Inc.†		8,990		507,665
iRhythm Technologies, Inc.†		9,370		641,470
Penumbra, Inc.†#		8,820		1,258,614
				4,756,989
Medical - Biomedical/Gene — 11.6%
Amicus Therapeutics, Inc.†#		157,917		1,779,725
Apellis Pharmaceuticals, Inc.†		69,100		1,388,219
Arena Pharmaceuticals, Inc.†		30,010		1,590,830
Audentes Therapeutics, Inc.†		37,960		1,333,155
Bluebird Bio, Inc.†#		12,358		1,481,971
Blueprint Medicines Corp.†		20,952		1,592,352
Celyad SA ADR†#		24,166		467,612
CytomX Therapeutics, Inc.†		73,900		713,874
Epizyme, Inc.†		71,080		976,639
Equillium, Inc.†#		50,880		328,176
Fate Therapeutics, Inc.†#		114,720		2,211,802
Gossamer Bio, Inc.†#		37,980		695,414
Iovance Biotherapeutics, Inc.†#		84,098		1,375,002
Ligand Pharmaceuticals, Inc.†#		13,229		1,420,530
Sage Therapeutics, Inc.†#		8,448		1,451,958
				18,807,259
Medical - Drugs — 3.6%
Aimmune Therapeutics, Inc.†#		46,210		904,329
Array BioPharma, Inc.†		48,590		1,283,748
Ascendis Pharma A/S ADR†		14,480		1,805,077
Kura Oncology, Inc.†		70,490		1,127,135
Myovant Sciences, Ltd.†#		76,900		755,927
				5,876,216

166

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Outpatient/Home Medical — 1.1%
LHC Group, Inc.†		15,210	$	1,722,989
Non-Hazardous Waste Disposal — 0.8%
Advanced Disposal Services, Inc.†		37,350		1,200,429
Oil Companies - Exploration & Production — 0.4%
Matador Resources Co.†#		41,530		682,753
Oil - Field Services — 1.0%
Newpark Resources, Inc.†		225,280		1,574,707
Patient Monitoring Equipment — 3.0%
Insulet Corp.†#		18,400		2,020,136
Masimo Corp.†		20,970		2,741,618
				4,761,754
Recreational Centers — 1.2%
Planet Fitness, Inc., Class A†		24,600		1,881,162
Retail - Discount — 2.1%
BJ’s Wholesale Club Holdings, Inc.†		56,970		1,423,111
Ollie’s Bargain Outlet Holdings, Inc.†		20,099		1,984,173
				3,407,284
Retail - Pawn Shops — 1.8%
FirstCash, Inc.		30,190		2,859,597
Retail - Pet Food & Supplies — 0.9%
Freshpet, Inc.†		32,200		1,496,334
Retail - Restaurants — 4.0%
Dave & Buster’s Entertainment, Inc.		35,630		1,772,236
Dine Brands Global, Inc.#		38,740		3,657,831
Shake Shack, Inc., Class A†		17,890		1,097,552
				6,527,619
Rubber/Plastic Products — 0.7%
Proto Labs, Inc.†		11,520		1,156,032
Schools — 2.3%
Grand Canyon Education, Inc.†		9,344		1,119,972
Strategic Education, Inc.		14,280		2,513,137
				3,633,109
Semiconductor Equipment — 1.8%
Cabot Microelectronics Corp.		16,060		1,565,368
MKS Instruments, Inc.		17,760		1,269,130
				2,834,498
Telecom Equipment - Fiber Optics — 0.8%
Acacia Communications, Inc.†		28,430		1,324,838
Therapeutics — 1.4%
GW Pharmaceuticals PLC ADR†#		13,070		2,264,247
Transactional Software — 1.1%
ACI Worldwide, Inc.†		57,440		1,807,062
Transport - Truck — 0.6%
Saia, Inc.†		16,650		982,350
Web Hosting/Design — 3.1%
Q2 Holdings, Inc.†#		18,410		1,348,348
Wix.com, Ltd.†		27,150		3,728,781
				5,077,129
Total Long-Term Investment Securities
(cost $135,252,274)				154,614,971

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) (cost $1,912,620)		1,912,620		$	1,912,620
REPURCHASE AGREEMENTS — 4.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $6,723,280 collateralized by $6,800,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $6,862,336 (cost $6,723,000)	$	6,723,000			6,723,000
TOTAL INVESTMENTS
(cost $143,887,894)(3)		100.8	%		163,250,591
Liabilities in excess of other assets		(0.8	)		(1,338,551	)
NET ASSETS		100.0	%	$	161,912,040

† Non-income producing security

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

(1) At May 31, 2019, the Fund had loaned securities with a total value of $34,656,047. This was secured by collateral of $1,912,620, which was received in cash and subsequently invested in short-term investments currently valued at $1,912,620 as reported in the Portfolio of Investments. Additional collateral of $33,841,601 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	10/01/2047 to 12/01/2047	$	157,769
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		8,562
United States Treasury Bills	0.00%	08/08/2019 to 10/03/2019		172,099
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		33,503,171

(2) The rate shown is the 7-day yield as of May 31, 2019.

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

ADR—American Depositary Receipt

167

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	154,614,971	$	—	$	—	$	154,614,971
Short-Term Investment Securities		1,912,620		—		—		1,912,620
Repurchase Agreements		—		6,723,000		—		6,723,000
Total Investments at Value	$	156,527,591	$	6,723,000	$	—	$	163,250,591

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

See Notes to Financial Statements

168

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Banks — Commercial	9.8	%
Real Estate Investment Trusts	5.4
Registered Investment Companies	2.8
Distribution/Wholesale	2.7
Medical Products	2.7
Repurchase Agreements	2.5
Medical — Biomedical/Gene	2.5
Enterprise Software/Service	2.4
Insurance — Property/Casualty	2.2
Electric — Integrated	2.1
Medical — Drugs	2.0
Miscellaneous Manufacturing	1.8
Chemicals — Specialty	1.7
Garden Products	1.7
Medical Labs & Testing Services	1.6
Machinery — General Industrial	1.5
Commercial Services	1.4
Food — Wholesale/Distribution	1.4
Transport — Truck	1.4
Computer Software	1.3
Applications Software	1.2
Metal Processors & Fabrication	1.2
Medical — HMO	1.2
Retail — Restaurants	1.1
Aerospace/Defense	1.1
Real Estate Management/Services	1.0
Savings & Loans/Thrifts	1.0
Oil — Field Services	1.0
Building & Construction Products — Misc.	1.0
Gas — Distribution	0.9
Physical Therapy/Rehabilitation Centers	0.9
Food — Misc./Diversified	0.9
Finance — Investment Banker/Broker	0.9
Building — Mobile Home/Manufactured Housing	0.9
Semiconductor Equipment	0.9
Non-Hazardous Waste Disposal	0.8
Investment Management/Advisor Services	0.8
Oil Companies — Exploration & Production	0.8
Retail — Discount	0.8
Chemicals — Diversified	0.8
Building & Construction — Misc.	0.8
Multimedia	0.8
Machine Tools & Related Products	0.8
Theaters	0.8
Identification Systems	0.7
Medical Information Systems	0.7
Recreational Vehicles	0.7
Electronic Components — Semiconductors	0.7
Web Hosting/Design	0.7
Building — Maintenance & Services	0.7
Electric Products — Misc.	0.7
Computer Aided Design	0.6
Apparel Manufacturers	0.6
E-Commerce/Services	0.6
Finance — Consumer Loans	0.5
Power Converter/Supply Equipment	0.5
Commercial Services — Finance	0.5
Machinery — Pumps	0.5
Medical — Wholesale Drug Distribution	0.5
Water	0.5
Consulting Services	0.4
Containers — Metal/Glass	0.4
Hazardous Waste Disposal	0.4
Aerospace/Defense — Equipment	0.4
Semiconductor Components — Integrated Circuits	0.4
Schools	0.4
Auto Repair Centers	0.4
Health Care Cost Containment	0.4
Cable/Satellite TV	0.4

Instruments — Controls	0.4
Golf	0.4
Security Services	0.4
Retail — Apparel/Shoe	0.4
Finance — Other Services	0.4
Medical Instruments	0.4
Engines — Internal Combustion	0.4
Therapeutics	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Beverages — Non-alcoholic	0.3
Gold Mining	0.3
Computers — Integrated Systems	0.3
Brewery	0.3
Internet Application Software	0.3
Oil Field Machinery & Equipment	0.3
Transport — Services	0.3
Auto/Truck Parts & Equipment — Original	0.3
Insurance — Reinsurance	0.3
Machinery — Electrical	0.3
Disposable Medical Products	0.3
Rental Auto/Equipment	0.3
Electronic Measurement Instruments	0.3
Insurance — Multi-line	0.2
Office Furnishings — Original	0.2
Filtration/Separation Products	0.2
Home Furnishings	0.2
Internet Security	0.2
Diagnostic Kits	0.2
Gambling (Non-Hotel)	0.2
Poultry	0.2
Wireless Equipment	0.2
Entertainment Software	0.2
Food — Confectionery	0.2
Retail — Misc./Diversified	0.2
Telecom Services	0.2
Banks — Super Regional	0.2
Building Products — Wood	0.2
Building — Residential/Commercial	0.2
Educational Software	0.2
Medical — Outpatient/Home Medical	0.2
Human Resources	0.2
Steel Pipe & Tube	0.1
Forestry	0.1
Specified Purpose Acquisitions	0.1
Medical — Hospitals	0.1
Energy — Alternate Sources	0.1
Financial Guarantee Insurance	0.1
Advertising Services	0.1
Real Estate Operations & Development	0.1
Finance — Mortgage Loan/Banker	0.1
Retail — Home Furnishings	0.1
Advanced Materials	0.1
Airlines	0.1
Consumer Products — Misc.	0.1
Diversified Manufacturing Operations	0.1
Food — Retail	0.1
Electric — Distribution	0.1
Footwear & Related Apparel	0.1
Telephone — Integrated	0.1
Seismic Data Collection	0.1
Transport — Equipment & Leasing	0.1
Diversified Operations/Commercial Services	0.1
Agricultural Operations	0.1
Transport — Rail	0.1
Electronic Components — Misc.	0.1
Retail — Arts & Crafts	0.1
Publishing — Newspapers	0.1
Computer Services	0.1
Medical — Generic Drugs	0.1

169

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Chemicals — Plastics	0.1	%
Data Processing/Management	0.1
Retail — Computer Equipment	0.1
Finance — Commercial	0.1
Telecommunication Equipment	0.1
Coal	0.1
Computers — Memory Devices	0.1
Investment Companies	0.1
Pharmacy Services	0.1
Advertising Agencies	0.1
Transport — Marine	0.1
Vitamins & Nutrition Products	0.1
Building Products — Light Fixtures	0.1
Retail — Building Products	0.1
Non-Ferrous Metals	0.1
Satellite Telecom	0.1
Telecom Equipment — Fiber Optics	0.1
	102.2	%

* Calculated as a percentage of net assets

170

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Advanced Materials — 0.1%
Core Molding Technologies, Inc.†		7,500	$	57,525
Haynes International, Inc.		8,095		235,807
				293,332
Advertising Agencies — 0.1%
Telaria, Inc.†		20,000		150,000
Advertising Services — 0.1%
Fluent, Inc.†		25,000		122,000
Marchex, Inc., Class B†		40,000		174,400
Marin Software, Inc.†		13,571		32,028
				328,428
Aerospace/Defense — 1.1%
Bombardier, Inc., Class B†		23,508		35,307
MSA Safety, Inc.		18,305		1,819,151
Teledyne Technologies, Inc.†		5,240		1,235,592
				3,090,050
Aerospace/Defense - Equipment — 0.4%
Aerojet Rocketdyne Holdings, Inc.†#		16,149		623,028
Barnes Group, Inc.		4,900		253,428
CPI Aerostructures, Inc.†		8,000		56,480
Moog, Inc., Class A		3,700		304,954
				1,237,890
Agricultural Operations — 0.1%
Alico, Inc.		2,860		73,702
Cadiz, Inc.†#		14,400		149,472
				223,174
Airlines — 0.1%
Hawaiian Holdings, Inc.		11,100		277,278
Apparel Manufacturers — 0.6%
Carter’s, Inc.		13,738		1,155,503
Delta Apparel, Inc.†		5,500		118,580
Lakeland Industries, Inc.†		10,000		122,000
Superior Group of Cos., Inc.		7,500		120,075
Tandy Leather Factory, Inc.†		15,000		77,700
				1,593,858
Applications Software — 1.1%
BSQUARE Corp.†		15,000		21,000
Descartes Systems Group, Inc.†		23,500		942,350
Five9, Inc.†		8,744		449,004
PDF Solutions, Inc.†		13,840		168,156
Tableau Software, Inc., Class A†		14,329		1,611,583
Toast, Inc.†(1)(2)		11		302
				3,192,395
Audio/Video Products — 0.0%
VOXX International Corp.†		20,000		71,400
Auto Repair Centers — 0.4%
Monro, Inc.#		14,125		1,125,904
Auto - Heavy Duty Trucks — 0.0%
REV Group, Inc.#		9,365		103,764
Auto/Truck Parts & Equipment - Original — 0.3%
Gentherm, Inc.†		8,955		334,738
Horizon Global Corp.†#		35,000		142,100
Meritor, Inc.†		2,163		43,606
SORL Auto Parts, Inc.†#		15,300		52,173
Visteon Corp.†#		5,130		228,336
				800,953

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Replacement — 0.3%
Commercial Vehicle Group, Inc.†		1,100	$	6,831
Douglas Dynamics, Inc.		25,765		955,882
				962,713
Banks - Commercial — 9.8%
1st Constitution Bancorp		6,400		119,424
AmeriServ Financial, Inc.		22,000		90,640
Associated Banc-Corp.		53,929		1,068,333
Atlantic Capital Bancshares, Inc.†		9,992		163,469
Bank of Commerce Holdings		7,640		78,692
Bank of Princeton		2,051		57,531
BankUnited, Inc.		55,901		1,815,664
Baycom Corp.†		6,000		131,160
Bridge Bancorp, Inc.		10,300		286,649
C&F Financial Corp.		3,000		144,180
Cadence BanCorp		69,154		1,279,349
CenterState Bank Corp.		13,065		285,993
Chemung Financial Corp.		5,500		246,400
Citizens Holding Co.		4,500		93,825
Codorus Valley Bancorp, Inc.		3,472		72,981
Colony Bankcorp, Inc.		7,500		125,250
Columbia Banking System, Inc.		6,669		222,411
Commerce Bancshares, Inc.#		30,503		1,748,737
CrossFirst Bankshares, Inc.†(1)(2)		5,156		73,473
Cullen/Frost Bankers, Inc.		17,628		1,608,908
Equity Bancshares, Inc., Class A†		6,500		161,720
FB Financial Corp.		11,509		400,398
First Bancorp, Inc./Maine		4,165		105,291
First Bancshares, Inc.		5,100		151,980
First Bank#		10,000		112,000
First Business Financial Services, Inc.		6,500		148,720
First Financial Bancorp		61,797		1,379,309
First Hawaiian, Inc.		68,058		1,693,964
First Horizon National Corp.		103,450		1,387,264
First Internet Bancorp		5,000		101,650
First Northwest Bancorp		6,500		104,390
Grasshopper Bancorp, Inc.†(1)(2)		5,208		52,080
Hawthorn Bancshares, Inc.		3,120		82,306
Heritage Commerce Corp.		21,179		252,242
Heritage Financial Corp.		10,000		281,000
Home BancShares, Inc.		34,800		609,696
Hope Bancorp, Inc.		15,500		199,485
IBERIABANK Corp.		21,910		1,566,565
Independent Bank Corp./Massachusetts		2,794		193,764
Live Oak Bancshares, Inc.#		11,313		175,691
MBT Financial Corp.		15,300		139,842
Meridian Corp.†		6,900		117,369
MidSouth Bancorp, Inc.		9,800		110,348
Northeast Bank		6,500		134,290
Northrim BanCorp, Inc.		3,600		120,348
Ohio Valley Banc Corp.		4,000		145,200
Origin Bancorp, Inc.#		7,279		242,827
Pacific Mercantile Bancorp†		16,000		124,320
Penns Woods Bancorp, Inc.		3,200		133,888
Peoples Bancorp of North Carolina, Inc.		6,050		165,468
Pinnacle Financial Partners, Inc.		11,058		585,521
Premier Financial Bancorp, Inc.		5,892		91,974
Prosperity Bancshares, Inc.		6,900		447,189
SB One Bancorp#		6,000		131,700
Seacoast Banking Corp. of Florida†		20,624		478,271
Select Bancorp, Inc.†		10,600		117,130
Shore Bancshares, Inc.		8,000		122,800
South State Corp.		5,436		358,178
Southern First Bancshares, Inc.†		3,600		128,268
Sterling Bancorp, Inc.		16,136		143,449

171

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Texas Capital Bancshares, Inc.†		3,650	$	209,145
Towne Bank		11,600		294,176
United Bancshares, Inc.		6,000		133,020
United Security Bancshares		12,055		122,961
Unity Bancorp, Inc.		8,000		161,200
Webster Financial Corp.		6,515		288,484
Western Alliance Bancorp†		48,813		2,008,655
Western New England Bancorp, Inc.		8,000		73,280
Wintrust Financial Corp.		24,570		1,664,372
				27,866,257
Banks - Regional — 0.0%
Sound Bank (Voting Shares)†(1)(2)		1,501		15,010
Sound Bank (Non-voting Shares)†(1)(2)		3,056		30,560
				45,570
Banks - Super Regional — 0.2%
Independent Bank Group, Inc.		8,947		462,023
Beverages - Non-alcoholic — 0.3%
Cott Corp.		69,278		902,000
Brewery — 0.3%
Boston Beer Co., Inc., Class A†#		2,707		850,810
Building & Construction Products - Misc. — 1.0%
Fortune Brands Home & Security, Inc.		34,980		1,681,139
Gibraltar Industries, Inc.†		12,155		433,933
PGT Innovations, Inc.†		16,609		248,471
Simpson Manufacturing Co., Inc.		5,500		334,620
				2,698,163
Building & Construction - Misc. — 0.8%
Brightview Holdings, Inc.†		49,739		831,139
WillScot Corp.†#		110,954		1,506,755
				2,337,894
Building Products - Light Fixtures — 0.1%
LSI Industries, Inc.		40,000		141,600
Building Products - Wood — 0.2%
Stella-Jones, Inc.		13,500		452,064
Building - Heavy Construction — 0.0%
Goldfield Corp.†		31,500		76,230
Orion Group Holdings, Inc.†		16,100		39,767
				115,997
Building - Maintenance & Services — 0.7%
Rentokil Initial PLC		103,845		491,691
ServiceMaster Global Holdings, Inc.†		25,727		1,389,258
				1,880,949
Building - Mobile Home/Manufactured Housing — 0.9%
Cavco Industries, Inc.†		1,600		229,760
LCI Industries		23,049		1,910,070
Skyline Champion Corp.		12,702		297,100
				2,436,930
Building - Residential/Commercial — 0.2%
New Home Co., Inc.†		10,500		41,475
TRI Pointe Group, Inc.†		33,317		409,799
				451,274
Cable/Satellite TV — 0.4%
Cable One, Inc.		992		1,108,114
Casino Hotels — 0.0%
Boyd Gaming Corp.		2,100		50,232

Security Description	Shares		Value (Note 2)
Cellular Telecom — 0.0%
NII Holdings, Inc.†#		3,000	$	5,700
Chemicals - Diversified — 0.8%
Quaker Chemical Corp.		12,962		2,344,307
Chemicals - Plastics — 0.1%
PolyOne Corp.		7,400		185,962
Chemicals - Specialty — 1.7%
Amyris, Inc.†#		35,887		121,657
GCP Applied Technologies, Inc.†		59,045		1,544,617
Minerals Technologies, Inc.		3,400		176,732
Oil-Dri Corp. of America		4,900		144,011
PQ Group Holdings, Inc.†		96,270		1,458,490
Valvoline, Inc.		86,184		1,503,911
				4,949,418
Coal — 0.1%
Advanced Emissions Solutions, Inc.#		14,000		166,180
Commercial Services — 1.4%
Acacia Research Corp.†		40,000		124,800
Collectors Universe, Inc.		7,200		151,488
CoreLogic, Inc.†		37,856		1,483,577
HMS Holdings Corp.†		14,100		429,063
Morningstar, Inc.		10,934		1,531,197
Performant Financial Corp.†		50,000		80,500
Team, Inc.†		14,600		211,992
				4,012,617
Commercial Services - Finance — 0.5%
Euronet Worldwide, Inc.†		3,600		558,144
Evo Payments, Inc., Class A†		3,100		91,264
Green Dot Corp., Class A†		1,100		51,051
PRGX Global, Inc.†		26,500		173,045
StoneCo, Ltd., Class A†#		21,342		537,818
				1,411,322
Communications Software — 0.0%
SeaChange International, Inc.†		74,500		94,615
Computer Aided Design — 0.6%
Aspen Technology, Inc.†		15,580		1,770,044
Computer Services — 0.1%
Parsons Corp.†		4,043		128,365
StarTek, Inc.†		10,000		81,200
				209,565
Computer Software — 1.3%
Checkr, Inc.†(1)(2)		700		8,603
Cision, Ltd.†		123,342		1,354,295
Computer Modelling Group, Ltd.		17,000		88,799
Cornerstone OnDemand, Inc.†		22,657		1,206,032
SS&C Technologies Holdings, Inc.		18,315		1,019,230
				3,676,959
Computers - Integrated Systems — 0.3%
Cray, Inc.†		9,084		318,031
Cubic Corp.		10,229		577,120
				895,151
Computers - Memory Devices — 0.1%
Everspin Technologies, Inc.†#		10,000		68,600
Pure Storage, Inc., Class A†		6,092		96,619
				165,219
Computers - Periphery Equipment — 0.0%
Key Tronic Corp.†		9,633		49,706

172

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PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Periphery Equipment (continued)
TransAct Technologies, Inc.		7,500	$	64,575
				114,281
Consulting Services — 0.4%
Booz Allen Hamilton Holding Corp.		12,700		802,259
Franklin Covey Co.†		3,000		93,300
GP Strategies Corp.†		8,000		109,120
Huron Consulting Group, Inc.†		3,300		162,459
Information Services Group, Inc.†		27,400		85,214
				1,252,352
Consumer Products - Misc. — 0.1%
Acme United Corp.		4,570		91,308
CSS Industries, Inc.		4,500		21,375
Quanex Building Products Corp.		10,184		157,954
				270,637
Containers - Metal/Glass — 0.4%
Crown Holdings, Inc.†		22,563		1,250,667
Cosmetics & Toiletries — 0.0%
CCA Industries, Inc.†#		3,421		6,842
Data Processing/Management — 0.1%
Amber Road, Inc.†		9,700		125,906
Innodata, Inc.†		52,600		52,074
				177,980
Diagnostic Kits — 0.2%
Quidel Corp.†#		10,519		581,701
Disposable Medical Products — 0.3%
STERIS PLC		5,400		721,872
Distribution/Wholesale — 2.7%
BlueLinx Holdings, Inc.†#		5,500		110,495
Educational Development Corp.#		16,000		118,240
Houston Wire & Cable Co.†		14,739		77,232
KAR Auction Services, Inc.		39,764		2,235,532
Pool Corp.		24,677		4,436,431
SiteOne Landscape Supply, Inc.†#		12,426		806,075
				7,784,005
Diversified Manufacturing Operations — 0.1%
Federal Signal Corp.		2,600		62,114
LSB Industries, Inc.†#		17,500		58,625
Synalloy Corp.		7,900		146,624
				267,363
Diversified Operations/Commercial Services — 0.1%
Colliers International Group, Inc.		2,635		162,210
Volt Information Sciences, Inc.†		14,393		62,466
				224,676
E-Commerce/Products — 0.0%
US Auto Parts Network, Inc.†		20,000		20,400
E-Commerce/Services — 0.5%
A Place For Rover, Inc.†(1)(2)		513		3,565
Cargurus, Inc.†		2,303		78,670
GrubHub, Inc.†#		15,777		1,027,872
Leaf Group, Ltd.†		25,000		179,750
				1,289,857
Educational Software — 0.2%
Instructure, Inc.†		9,277		385,738
Zovio, Inc.†		14,500		59,450
				445,188

Security Description	Shares		Value (Note 2)
Electric Products - Misc. — 0.7%
Graham Corp.		5,800	$	118,378
Littelfuse, Inc.		900		146,889
nLight, Inc.†#		40,588		758,590
Novanta, Inc.†		10,201		816,284
				1,840,141
Electric - Distribution — 0.1%
Genie Energy, Ltd., Class B		12,500		116,750
Spark Energy, Inc., Class A#		13,000		127,400
				244,150
Electric - Integrated — 2.1%
NorthWestern Corp.		35,138		2,492,690
PNM Resources, Inc.		22,100		1,041,131
Portland General Electric Co.		46,285		2,446,625
				5,980,446
Electronic Components - Misc. — 0.1%
Bel Fuse, Inc., Class B		6,000		103,680
Sypris Solutions, Inc.†		24,000		20,400
ZAGG, Inc.†		14,000		93,240
				217,320
Electronic Components - Semiconductors — 0.7%
CTS Corp.		10,500		277,830
EMCORE Corp.†		32,200		114,310
GSI Technology, Inc.†		19,800		164,736
Inphi Corp.†		10,548		462,846
Lattice Semiconductor Corp.†		52,025		665,920
Monolithic Power Systems, Inc.		1,347		156,858
Pixelworks, Inc.†		22,000		65,560
Richardson Electronics, Ltd.		15,000		76,200
				1,984,260
Electronic Measurement Instruments — 0.3%
CyberOptics Corp.†		6,700		102,845
National Instruments Corp.		15,697		605,747
				708,592
Electronic Parts Distribution — 0.0%
Ballantyne Strong, Inc.†		14,000		42,000
Energy - Alternate Sources — 0.1%
Clean Energy Fuels Corp.†		42,350		113,075
NextEra Energy Partners LP		6,100		269,925
				383,000
Engineering/R&D Services — 0.0%
Fluor Corp.		1,900		52,668
Engines - Internal Combustion — 0.4%
Gates Industrial Corp. PLC†#		89,530		1,009,898
Enterprise Software/Service — 2.3%
Blackbaud, Inc.		17,214		1,324,101
Ceridian HCM Holding, Inc.†#		5,104		251,015
Coupa Software, Inc.†#		6,147		671,314
Guidewire Software, Inc.†		15,378		1,545,796
Paycom Software, Inc.†#		1,500		318,150
Pluralsight, Inc., Class A†#		6,277		199,985
SailPoint Technologies Holding, Inc.†		35,300		620,221
ServiceTitan, Inc.†(1)(2)		191		5,022
Tyler Technologies, Inc.†		7,399		1,578,577
				6,514,181
Entertainment Software — 0.2%
Zynga, Inc., Class A†		84,500		531,505

173

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Environmental Consulting & Engineering — 0.0%
Ecology and Environment, Inc., Class A		6,000	$	66,000
Filtration/Separation Products — 0.2%
ESCO Technologies, Inc.		9,445		660,111
Finance - Auto Loans — 0.0%
Consumer Portfolio Services, Inc.†		24,500		79,870
Finance - Commercial — 0.1%
Marlin Business Services Corp.		7,500		167,250
Finance - Consumer Loans — 0.5%
Asta Funding, Inc.†		13,200		92,400
Encore Capital Group, Inc.†#		15,632		536,803
Ocwen Financial Corp.†		65,000		100,750
PRA Group, Inc.†#		18,200		502,502
Regional Management Corp.†		8,200		202,294
				1,434,749
Finance - Investment Banker/Broker — 0.9%
JMP Group LLC		16,300		63,570
Lazard, Ltd., Class A		40,671		1,267,308
Moelis & Co., Class A#		34,827		1,106,802
				2,437,680
Finance - Mortgage Loan/Banker — 0.1%
PennyMac Financial Services, Inc.		14,055		298,107
Finance - Other Services — 0.4%
Cboe Global Markets, Inc.		9,682		1,050,884
Financial Guarantee Insurance — 0.1%
Radian Group, Inc.		16,000		359,200
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		5,000		123,500
Food - Confectionery — 0.2%
Rocky Mountain Chocolate Factory, Inc.		6,500		61,490
Simply Good Foods Co.†		21,606		464,313
				525,803
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.†		6,700		14,271
Food - Misc./Diversified — 0.9%
Beyond Meat, Inc.†#		1,600		166,592
Cal-Maine Foods, Inc.#		13,151		486,850
Nomad Foods, Ltd.†		15,023		318,788
Post Holdings, Inc.†		7,800		819,780
TreeHouse Foods, Inc.†		13,100		682,903
				2,474,913
Food - Wholesale/Distribution — 1.4%
AMCON Distributing Co.		500		45,000
Performance Food Group Co.†		100,233		3,944,169
				3,989,169
Footwear & Related Apparel — 0.1%
Rocky Brands, Inc.		6,711		164,151
Forestry — 0.1%
Interfor Corp.†		17,100		144,103
West Fraser Timber Co., Ltd.		6,800		265,087
				409,190
Gambling (Non-Hotel) — 0.2%
Monarch Casino & Resort, Inc.†		13,156		566,103
Garden Products — 1.7%
Toro Co.		72,268		4,708,983

Security Description	Shares		Value (Note 2)
Gas - Distribution — 0.9%
Chesapeake Utilities Corp.		5,400	$	490,212
ONE Gas, Inc.		13,500		1,182,060
RGC Resources, Inc.		469		12,771
Southwest Gas Holdings, Inc.		11,437		973,746
				2,658,789
Gold Mining — 0.3%
Franco-Nevada Corp.		4,400		339,734
Gold Resource Corp.		37,100		105,364
Northern Star Resources, Ltd.		40,492		275,217
Osisko Gold Royalties, Ltd.		16,800		175,010
				895,325
Golf — 0.4%
Acushnet Holdings Corp.#		46,781		1,098,886
Hazardous Waste Disposal — 0.4%
Heritage-Crystal Clean, Inc.†		9,300		232,500
Stericycle, Inc.†#		1,900		88,122
US Ecology, Inc.		15,623		929,881
				1,250,503
Health Care Cost Containment — 0.4%
HealthEquity, Inc.†#		17,093		1,117,199
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†		30,000		107,400
Retractable Technologies, Inc.†#		30,000		19,554
				126,954
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†		9,400		599,814
Housewares — 0.0%
Libbey, Inc.†		15,000		27,900
Lifetime Brands, Inc.		8,000		62,400
				90,300
Human Resources — 0.2%
Computer Task Group, Inc.†		19,600		82,320
Cross Country Healthcare, Inc.†		30,291		215,369
RCM Technologies, Inc.†		20,000		66,000
Willdan Group, Inc.†		1,700		52,904
				416,593
Identification Systems — 0.7%
Aware, Inc.†		34,900		115,170
Brady Corp., Class A		43,207		2,000,484
				2,115,654
Import/Export — 0.0%
Castle Brands, Inc.†#		40,000		19,800
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		3,000		105,180
Instruments - Controls — 0.4%
Woodward, Inc.		10,097		1,099,765
Insurance - Multi-line — 0.2%
Assurant, Inc.		6,923		692,023
Insurance - Property/Casualty — 2.2%
FedNat Holding Co.		7,600		102,752
First Acceptance Corp.†		2,558		2,916
Hallmark Financial Services, Inc.†		13,000		153,270
Hanover Insurance Group, Inc.		4,700		574,152
Kinsale Capital Group, Inc.		21,907		1,835,588
RLI Corp.		25,971		2,230,389

174

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
Safety Insurance Group, Inc.		3,258	$	296,902
Selective Insurance Group, Inc.		13,000		931,450
State Auto Financial Corp.		6,050		206,849
				6,334,268
Insurance - Reinsurance — 0.3%
Axis Capital Holdings, Ltd.		8,350		497,493
Essent Group, Ltd.†		6,200		291,090
				788,583
Internet Application Software — 0.3%
Okta, Inc.†		700		79,254
Tucows, Inc., Class A†#		2,466		146,111
Zendesk, Inc.†		7,200		606,600
				831,965
Internet Connectivity Services — 0.0%
PC-Tel, Inc.		21,200		103,880
Internet Content - Information/News — 0.0%
DHI Group, Inc.†		25,000		86,000
Internet Security — 0.2%
Proofpoint, Inc.†		5,200		584,272
Investment Companies — 0.1%
Medallion Financial Corp.†#		17,100		114,057
Portman Ridge Finance Corp.		16,700		45,090
				159,147
Investment Management/Advisor Services — 0.8%
B. Riley Financial, Inc.		3,858		76,504
Eaton Vance Corp.		30,116		1,151,034
Focus Financial Partners, Inc. Class A†		30,450		854,122
Great Elm Capital Group, Inc.†		40,000		145,200
Manning & Napier, Inc.#		8,400		16,548
Silvercrest Asset Management Group, Inc., Class A		10,000		133,500
				2,376,908
Leisure Games — 0.0%
Peak Resorts, Inc.		23,600		97,232
Leisure Products — 0.0%
Escalade, Inc.		5,200		57,876
Machine Tools & Related Products — 0.8%
L.S. Starrett Co., Class A†		8,000		58,960
Lincoln Electric Holdings, Inc.		25,937		1,969,656
Luxfer Holdings PLC		8,800		210,936
				2,239,552
Machinery - Electrical — 0.3%
Bloom Energy Corp. Class A†#		9,412		101,650
BWX Technologies, Inc.		14,573		678,227
				779,877
Machinery - General Industrial — 1.5%
Altra Industrial Motion Corp.		39,121		1,227,226
Applied Industrial Technologies, Inc.		26,789		1,455,446
Arotech Corp.†#		34,800		73,428
Chart Industries, Inc.†		7,900		605,377
Gencor Industries, Inc.†		8,650		95,842
Intevac, Inc.†		6,100		32,330
Twin Disc, Inc.†		5,000		72,100
Welbilt, Inc.†		49,785		768,183
				4,329,932

Security Description	Shares		Value (Note 2)
Machinery - Pumps — 0.5%
CSW Industrials, Inc.		3,458	$	221,070
Gardner Denver Holdings, Inc.†		12,600		428,022
Graco, Inc.		8,900		420,258
Mueller Water Products, Inc., Class A		36,400		336,336
				1,405,686
Medical Information Systems — 0.7%
Medidata Solutions, Inc.†		21,012		1,915,244
Tabula Rasa HealthCare, Inc.†#		3,800		171,646
				2,086,890
Medical Instruments — 0.4%
Apyx Medical Corp.†		25,000		150,750
Bruker Corp.		13,890		580,185
NuVasive, Inc.†		5,100		295,596
				1,026,531
Medical Labs & Testing Services — 1.6%
Catalent, Inc.†		75,560		3,437,980
Syneos Health, Inc.†		25,975		1,070,949
				4,508,929
Medical Laser Systems — 0.0%
IRIDEX Corp.†		8,100		40,257
Medical Products — 2.7%
Alphatec Holdings, Inc.†#		80,000		315,200
AtriCure, Inc.†		5,400		158,220
Avanos Medical, Inc.†		13,000		489,840
ConforMIS, Inc.†#		95,000		340,100
Electromed, Inc.†		13,900		67,415
Hanger, Inc.†		15,054		280,908
ICU Medical, Inc.†		9,987		2,125,233
InfuSystem Holdings, Inc.†		25,000		122,500
Micron Solutions, Inc.†		6,425		16,416
Nevro Corp.†#		3,389		200,324
OrthoPediatrics Corp.†#		3,500		135,975
RTI Surgical Holdings, Inc.†		35,000		148,050
Shockwave Medical, Inc.†#		962		57,518
T2 Biosystems, Inc.†#		25,000		48,750
United-Guardian, Inc.		3,500		68,530
West Pharmaceutical Services, Inc.		23,718		2,718,083
Wright Medical Group NV†		12,993		399,145
				7,692,207
Medical - Biomedical/Gene — 2.5%
Acceleron Pharma, Inc.†		6,100		243,329
Actinium Pharmaceuticals, Inc.†		32,100		10,432
Aduro Biotech, Inc.†		41,000		133,250
Adverum Biotechnologies, Inc.†		15,400		154,770
Alder Biopharmaceuticals, Inc.†#		18,837		203,816
Allena Pharmaceuticals, Inc.†		13,000		51,870
Allogene Therapeutics, Inc.†#		1,676		43,961
Alpine Immune Sciences, Inc.†		3,750		18,525
AnaptysBio, Inc.†		1,318		95,964
Aptevo Therapeutics, Inc.†		10,100		7,322
Aratana Therapeutics, Inc.†		3,000		13,890
Ardelyx, Inc.†		35,000		95,550
Argenx SE ADR†		3,038		375,588
Autolus Therapeutics PLC ADR†#		1,073		22,136
BeiGene, Ltd. ADR†#		305		35,969
BioTime, Inc.†#		6,712		6,645
Blueprint Medicines Corp.†		4,429		336,604
Calithera Biosciences, Inc.†		16,600		87,316
Cara Therapeutics, Inc.†#		2,986		61,392
CEL-SCI Corp.†#		10,300		41,406

175

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Crinetics Pharmaceuticals, Inc.†#		2,446	$	64,281
CytomX Therapeutics, Inc.†		4,090		39,509
Eiger BioPharmaceuticals, Inc.†#		20,000		219,600
Enzo Biochem, Inc.†		37,500		120,750
Five Prime Therapeutics, Inc.†#		1,624		13,642
GlycoMimetics, Inc.†		4,328		51,244
Guardant Health, Inc.†#		1,311		100,790
Harvard Bioscience, Inc.†		45,000		102,150
Homology Medicines, Inc.†#		2,659		53,818
ImmunoGen, Inc.†#		3,662		6,592
Immunomedics, Inc.†#		8,400		109,788
Infinity Pharmaceuticals, Inc.†#		100,000		165,000
Insmed, Inc.†#		15,792		382,324
Menlo Therapeutics, Inc.†		19,400		130,562
Merrimack Pharmaceuticals, Inc.†		5,000		29,300
Mustang Bio, Inc.†		12,500		42,875
Neon Therapeutics, Inc.†		23,000		112,240
Oncocyte Corp.†#		50,000		196,500
Orchard Therapeutics PLC ADR†#		3,866		73,106
Otonomy, Inc.†		35,000		86,800
Pacific Biosciences of California, Inc.†#		30,000		201,000
Palatin Technologies, Inc.†#		100,000		134,000
Pfenex, Inc.†		14,000		91,140
Protalix BioTherapeutics, Inc.†#		22,016		8,146
PTC Therapeutics, Inc.†		3,500		140,350
Radius Health, Inc.†		14,900		309,771
Sage Therapeutics, Inc.†#		6,281		1,079,515
Scholar Rock Holding Corp.†#		1,509		27,675
Seattle Genetics, Inc.†#		2,600		169,182
Tocagen, Inc.†#		13,300		67,697
Ultragenyx Pharmaceutical, Inc.†#		5,733		314,914
VolitionRX, Ltd.†#		29,400		86,142
WaVe Life Sciences, Ltd.†		1,344		30,818
XOMA Corp.†#		7,246		135,645
Y-mAbs Therapeutics, Inc.†		589		11,998
				6,948,599
Medical - Drugs — 2.0%
AcelRx Pharmaceuticals, Inc.†#		32,100		83,139
Aclaris Therapeutics, Inc.†		3,100		14,508
Adamas Pharmaceuticals, Inc.†#		13,500		63,450
Aeglea BioTherapeutics, Inc.†		25,000		156,000
Aimmune Therapeutics, Inc.†#		8,175		159,985
Alimera Sciences, Inc.†#		115,025		101,222
Array BioPharma, Inc.†		17,394		459,549
Ascendis Pharma A/S ADR†		6,835		852,051
Chiasma, Inc.†		45,000		319,500
Chimerix, Inc.†		30,800		104,720
Conatus Pharmaceuticals, Inc.†#		19,500		15,062
Corvus Pharmaceuticals, Inc.†#		3,722		14,032
Cumberland Pharmaceuticals, Inc.†		27,800		174,028
Dova Pharmaceuticals, Inc.†#		15,000		132,300
Enanta Pharmaceuticals, Inc.†		500		45,235
Global Blood Therapeutics, Inc.†#		8,548		519,547
InflaRx NV†#		1,106		39,805
Madrigal Pharmaceuticals, Inc.†#		470		43,428
Melinta Therapeutics, Inc.†#		1,600		3,408
Millendo Therapeutics, Inc.†		3,333		53,261
Minerva Neurosciences, Inc.†		20,300		105,763
MyoKardia, Inc.†#		5,248		244,452
Neos Therapeutics, Inc.†#		15,000		21,450
Prestige Consumer Healthcare, Inc.†#		38,834		1,127,351
Principia Biopharma, Inc.†#		3,329		97,407
Reata Pharmaceuticals, Inc., Class A†#		700		59,689
scPharmaceuticals, Inc.†#		11,500		39,100

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Spero Therapeutics, Inc.†		6,200	$	69,812
Syros Pharmaceuticals, Inc.†		20,000		118,000
TherapeuticsMD, Inc.†#		77,874		238,294
Tricida, Inc.†#		2,428		89,205
Turning Point Therapeutics, Inc.†		1,234		42,968
VIVUS, Inc.†#		24,100		91,580
				5,699,301
Medical - Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†#		10,400		78,416
Momenta Pharmaceuticals, Inc.†		9,090		105,717
Teligent, Inc.†#		25,000		16,252
				200,385
Medical - HMO — 1.2%
Molina Healthcare, Inc.†		23,567		3,352,641
Medical - Hospitals — 0.1%
Acadia Healthcare Co., Inc.†#		12,270		395,339
Medical - Nursing Homes — 0.0%
Genesis Healthcare, Inc.†#		100,000		113,000
Medical - Outpatient/Home Medical — 0.2%
Amedisys, Inc.†		3,962		444,972
Medical - Wholesale Drug Distribution — 0.5%
Premier, Inc., Class A†		37,593		1,381,543
Metal Processors & Fabrication — 1.2%
AZZ, Inc.		10,200		429,216
LB Foster Co., Class A†		6,700		161,939
RBC Bearings, Inc.†		17,890		2,545,747
Strattec Security Corp.#		1,500		36,960
Sun Hydraulics Corp.		4,777		199,440
				3,373,302
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		5,500		68,090
Metal - Aluminum — 0.0%
Constellium NV, Class A†		16,000		130,720
Metal - Copper — 0.0%
ERO Copper Corp.†		6,818		83,737
Miscellaneous Manufacturing — 1.8%
AptarGroup, Inc.		38,007		4,305,053
John Bean Technologies Corp.		8,917		914,438
				5,219,491
Multimedia — 0.8%
E.W. Scripps Co., Class A		40,420		615,193
FactSet Research Systems, Inc.#		5,986		1,665,305
				2,280,498
Non-Ferrous Metals — 0.1%
Uranium Energy Corp.†#		100,500		135,675
Non-Hazardous Waste Disposal — 0.8%
Advanced Disposal Services, Inc.†		51,830		1,665,816
Waste Connections, Inc.		7,750		733,460
				2,399,276
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		18,739		665,047
Oil & Gas Drilling — 0.0%
Quintana Energy Services, Inc.†		15,000		39,750
Oil Companies - Exploration & Production — 0.8%
Barnwell Industries, Inc.†		25,000		32,700

176

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Centennial Resource Development, Inc., Class A†#		22,938	$	181,210
Chaparral Energy, Inc., Class A†#		24,000		101,280
Contango Oil & Gas Co.†#		21,600		46,224
Diamondback Energy, Inc.		3,900		382,434
Earthstone Energy, Inc., Class A†		9,400		51,418
Evolution Petroleum Corp.		23,100		141,141
Goodrich Petroleum Corp.†		9,000		104,130
Jagged Peak Energy, Inc.†#		20,162		167,345
Kosmos Energy, Ltd.#		8,064		49,674
Lonestar Resources US, Inc., Class A†		30,000		82,500
Magnolia Oil & Gas Corp.†#		21,500		237,145
Matador Resources Co.†#		5,290		86,968
Midstates Petroleum Co., Inc.†		15,000		100,350
Panhandle Oil and Gas, Inc., Class A		5,000		66,250
Seven Generations Energy, Ltd., Class A†		28,100		150,313
VAALCO Energy, Inc.†		30,000		47,700
Venture Global LNG, Inc., Series B†(1)(2)		4		20,800
Venture Global LNG, Inc., Series C†(1)(2)		59		306,800
				2,356,382
Oil Field Machinery & Equipment — 0.3%
Dril-Quip, Inc.†#		4,200		173,250
Flotek Industries, Inc.†#		50,000		152,000
Mitcham Industries, Inc.†		22,400		80,864
Natural Gas Services Group, Inc.†		7,400		112,702
Smart Sand, Inc.†#		15,000		49,950
Superior Drilling Products, Inc.†		56,000		63,280
Thermon Group Holdings, Inc.†		8,700		191,226
				823,272
Oil Refining & Marketing — 0.0%
Adams Resources & Energy, Inc.		3,314		112,842
Oil - Field Services — 1.0%
CARBO Ceramics, Inc.†#		24,200		34,848
Core Laboratories NV		21,226		1,011,207
Era Group, Inc.†		15,000		110,250
Gulf Island Fabrication, Inc.†		8,400		67,200
Independence Contract Drilling, Inc.†		31,100		61,889
Key Energy Services, Inc.†#		11,000		18,700
NCS Multistage Holdings, Inc.†		23,000		61,410
Nuverra Environmental Solutions, Inc.†#		6,300		24,318
Patterson-UTI Energy, Inc.		128,970		1,370,951
Pioneer Energy Services Corp.†		48,900		15,403
				2,776,176
Pharmacy Services — 0.0%
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		4,462		68,264
Physical Therapy/Rehabilitation Centers — 0.9%
Encompass Health Corp.		37,031		2,181,866
U.S. Physical Therapy, Inc.		3,621		404,502
				2,586,368
Pipelines — 0.0%
New Fortress Energy LLC†#		6,595		71,754
Pollution Control — 0.0%
Fuel Tech, Inc.†#		75,000		113,250
Poultry — 0.2%
Sanderson Farms, Inc.#		4,100		560,511
Power Converter/Supply Equipment — 0.5%
Generac Holdings, Inc.†		25,670		1,415,701
Printing - Commercial — 0.0%
ARC Document Solutions, Inc.†		40,000		80,000

Security Description	Shares		Value (Note 2)
Publishing - Newspapers — 0.1%
Lee Enterprises, Inc.†		84,700	$	213,444
Radio — 0.0%
Saga Communications, Inc., Class A		123		3,579
Salem Media Group, Inc.		10,000		20,300
Townsquare Media, Inc., Class A		11,000		60,500
				84,379
Real Estate Investment Trusts — 5.4%
Acadia Realty Trust		10,200		278,970
Alexander & Baldwin, Inc.		14,276		329,347
American Campus Communities, Inc.		14,100		653,112
Community Healthcare Trust, Inc.		2,600		101,738
CubeSmart		68,530		2,310,831
EastGroup Properties, Inc.		31,382		3,483,402
First Industrial Realty Trust, Inc.		6,800		236,028
JBG SMITH Properties		19,532		771,319
National Retail Properties, Inc.		51,458		2,754,547
Outfront Media, Inc.		52,704		1,299,154
Paramount Group, Inc.		19,727		281,110
PS Business Parks, Inc.		6,256		1,006,715
Regency Centers Corp.		4,135		272,745
Rexford Industrial Realty, Inc.		2,851		107,768
RLJ Lodging Trust		80,038		1,374,252
				15,261,038
Real Estate Management/Services — 1.0%
Cushman & Wakefield PLC†		83,172		1,402,280
FirstService Corp.		10,736		970,105
HFF, Inc., Class A		6,681		288,486
Maui Land & Pineapple Co., Inc.†		10,000		103,200
Redfin Corp.†#		10,795		170,129
				2,934,200
Real Estate Operations & Development — 0.1%
Consolidated-Tomoka Land Co.		3,100		185,380
Stratus Properties, Inc.†		3,000		84,300
Trinity Place Holdings, Inc.†		10,000		40,800
				310,480
Recreational Centers — 0.0%
OneSpaWorld Holdings, Ltd.†#		10,500		131,355
Recreational Vehicles — 0.7%
Brunswick Corp.		42,972		1,782,479
Malibu Boats, Inc., Class A†		7,279		261,316
				2,043,795
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		13,515		719,809
Retail - Apparel/Shoe — 0.4%
Allbirds, Inc.†(1)(2)		1,134		62,184
Burlington Stores, Inc.†		5,500		861,190
Destination Maternity Corp.†		7,800		10,140
RTW RetailWinds, Inc.†		33,029		63,085
Tilly’s, Inc., Class A		8,068		62,931
				1,059,530
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		23,700		215,907
Retail - Building Products — 0.1%
Aspen Aerogels, Inc.†		28,200		138,180
Retail - Computer Equipment — 0.1%
PCM, Inc.†		6,700		171,185

177

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 0.8%
BJ’s Wholesale Club Holdings, Inc.†		57,436	$	1,434,751
Citi Trends, Inc.		3,500		47,880
Fred’s, Inc., Class A†#		35,000		14,011
Ollie’s Bargain Outlet Holdings, Inc.†		8,626		851,559
				2,348,201
Retail - Home Furnishings — 0.1%
Bassett Furniture Industries, Inc.		6,500		95,485
Kirkland’s, Inc.†		12,200		49,166
RH†#		1,052		89,578
Tuesday Morning Corp.†		42,000		63,840
				298,069
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†#		20,000		140,600
Five Below, Inc.†		2,400		308,952
Gaia, Inc.†#		9,400		69,842
				519,394
Retail - Petroleum Products — 0.0%
TravelCenters of America LLC†		20,000		71,000
Retail - Restaurants — 1.1%
Chuy’s Holdings, Inc.†		9,070		200,628
Del Frisco’s Restaurant Group, Inc.†#		19,100		131,026
Denny’s Corp.†		28,600		562,848
Dunkin’ Brands Group, Inc.		8,700		645,714
Famous Dave’s of America, Inc.†#		8,250		31,020
Fiesta Restaurant Group, Inc.†		12,319		174,683
J Alexander’s Holdings, Inc.†		13,000		136,760
Luby’s, Inc.†		25,000		32,750
Papa John’s International, Inc.#		8,500		411,995
Potbelly Corp.†		10,000		50,300
Red Robin Gourmet Burgers, Inc.†		7,839		200,522
Wingstop, Inc.		6,500		517,920
				3,096,166
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		8,000		40,320
Retail - Vision Service Center — 0.0%
National Vision Holdings, Inc.†		4,166		113,440
Retail - Vitamins & Nutrition Supplements — 0.0%
Vitamin Shoppe, Inc.†#		25,500		95,370
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		17,000		71,230
Satellite Telecom — 0.1%
KVH Industries, Inc.†		14,357		133,377
Savings & Loans/Thrifts — 1.0%
BankFinancial Corp.		9,300		129,270
Berkshire Hills Bancorp, Inc.		4,080		119,095
Capitol Federal Financial, Inc.		28,167		374,058
Entegra Financial Corp.†		6,000		177,900
ESSA Bancorp, Inc.		9,000		136,350
First Financial Northwest, Inc.		10,000		151,600
Investors Bancorp, Inc.		27,200		283,152
Lake Shore Bancorp, Inc.		10,000		148,500
Malvern Bancorp, Inc.†		3,800		75,620
Meridian Bancorp, Inc.		22,260		384,430
Pacific Premier Bancorp, Inc.#		9,100		257,530
Provident Financial Holdings, Inc.		6,714		134,079
Territorial Bancorp, Inc.		4,500		121,050
Timberland Bancorp, Inc.		3,900		95,082
WSFS Financial Corp.		6,116		242,744
				2,830,460

Security Description	Shares		Value (Note 2)
Schools — 0.4%
American Public Education, Inc.†		4,445	$	124,371
Bright Horizons Family Solutions, Inc.†		3,616		495,609
Chegg, Inc.†		7,080		265,217
Lincoln Educational Services Corp.†		20,000		52,800
Strategic Education, Inc.		400		70,396
Universal Technical Institute, Inc.†		37,000		125,430
				1,133,823
Security Services — 0.4%
Brink’s Co.		13,902		1,070,454
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†		19,927		44,637
Geospace Technologies Corp.†		8,900		111,339
				155,976
Semiconductor Components - Integrated Circuits — 0.4%
Cypress Semiconductor Corp.		22,900		408,078
Power Integrations, Inc.		11,146		726,273
				1,134,351
Semiconductor Equipment — 0.9%
Cabot Microelectronics Corp.		15,454		1,506,301
Entegris, Inc.		21,200		728,008
MKS Instruments, Inc.		2,500		178,650
				2,412,959
Specified Purpose Acquisitions — 0.1%
Collier Creek Holdings†		14,012		146,846
J2 Acquisition, Ltd.†*		27,496		245,402
				392,248
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc.		3,648		412,625
Steel - Producers — 0.0%
Friedman Industries, Inc.		10,000		73,800
Shiloh Industries, Inc.†		13,600		54,944
				128,744
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†#		10,500		102,165
Telecom Equipment - Fiber Optics — 0.1%
Clearfield, Inc.†		10,000		132,900
Telecom Services — 0.2%
Consolidated Communications Holdings, Inc.		1		4
GTT Communications, Inc.†#		9,800		233,044
RigNet, Inc.†		12,600		105,084
Spok Holdings, Inc.		9,800		151,410
				489,542
Telecommunication Equipment — 0.1%
Communications Systems, Inc.		30,000		84,900
Wireless Telecom Group, Inc.†		53,200		81,928
				166,828
Telephone - Integrated — 0.1%
Alaska Communications Systems Group, Inc.†		77,000		127,050
Frontier Communications Corp.†#		55,000		103,400
				230,450
Textile - Products — 0.0%
Culp, Inc.		6,500		111,995
Dixie Group, Inc.†		10,000		5,570
				117,565

178

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Theaters — 0.8%
Cinemark Holdings, Inc.		58,130	$	2,208,359
Therapeutics — 0.3%
Agios Pharmaceuticals, Inc.†#		2,933		135,416
Aquinox Pharmaceuticals, Inc.†		50,000		130,500
Axsome Therapeutics, Inc.†#		14,000		321,440
Sarepta Therapeutics, Inc.†#		800		91,080
Xencor, Inc.†		8,633		266,242
Zafgen, Inc.†#		15,000		27,450
				972,128
Toys — 0.0%
JAKKS Pacific, Inc.†		30,000		23,310
Transport - Equipment & Leasing — 0.1%
Willis Lease Finance Corp.†		4,600		229,080
Transport - Marine — 0.1%
Hornbeck Offshore Services, Inc.†		75,000		93,000
Overseas Shipholding Group, Inc., Class A†		35,000		52,500
				145,500
Transport - Rail — 0.1%
Genesee & Wyoming, Inc., Class A†		2,300		219,006
Transport - Services — 0.3%
Matson, Inc.		16,500		564,630
Radiant Logistics, Inc.†		19,200		122,112
Steel Connect, Inc.†		71,500		130,130
				816,872
Transport - Truck — 1.4%
Knight-Swift Transportation Holdings, Inc.#		59,776		1,652,209
Landstar System, Inc.		18,337		1,764,936
P.A.M. Transportation Services, Inc.†		1,357		75,992
Patriot Transportation Holding, Inc.†		5,000		90,450
Schneider National, Inc., Class B		11,388		191,318
XPO Logistics, Inc.†#		1		52
YRC Worldwide, Inc.†#		22,000		93,720
				3,868,677
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		14,000		143,780
Water — 0.5%
California Water Service Group		8,300		408,526
Global Water Resources, Inc.		14,500		138,040
Middlesex Water Co.		3,496		206,824
PICO Holdings, Inc.†		10,000		105,300
SJW Group		7,170		441,887
				1,300,577
Web Hosting/Design — 0.7%
Q2 Holdings, Inc.†		26,690		1,954,776
Web Portals/ISP — 0.0%
Synacor, Inc.†		44,000		75,680
Wireless Equipment — 0.2%
Frequency Electronics, Inc.†		10,000		112,000
ID Systems, Inc.†		19,000		92,910
Pagerduty, Inc.†		950		48,830
PagerDuty, Inc.†(2)		5,875		286,876
				540,616
Total Common Stocks
(cost $245,472,160)				273,775,974

Security Description	Shares		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 0.5%
Applications Software — 0.1%
Convoy, Inc. Series C†(1)(2)		12,094	$	85,875
Toast, Inc. Series B†(1)(2)		98		2,687
Toast, Inc. Series D†(1)(2)		7,194		197,292
				285,854
Computer Software — 0.0%
Checkr, Inc., Series C†(1)(2)		2,998		40,926
E-Commerce/Products — 0.0%
1stdibs.com, Inc. Series D†(1)(2)		11,111		55,677
E-Commerce/Services — 0.1%
Farmers Business Network, Inc. Series D†(1)(2)		8,287		193,156
Vroom, Inc. Series F†(1)(2)		5,863		105,246
				298,402
Enterprise Software/Service — 0.1%
Plex Systems, Inc., Series B†(1)(2)		50,422		124,038
ServiceTitan, Inc., Series A-1†(1)(2)		4		105
ServiceTitan, Inc., Series D†(1)(2)		1,942		51,065
				175,208
Food - Retail — 0.1%
Roofoods, Ltd. Series F†(1)(2)		618		240,186
Roofoods, Ltd., Series G†(1)(2)		16		6,686
				246,872
Footwear & Related Apparel — 0.0%
Allbirds, Inc. Series A†(1)(2)		370		20,289
Allbirds, Inc. Series B†(1)(2)		65		3,565
Allbirds, Inc. Series C†(1)(2)		622		34,108
Allbirds, Inc. Series SEED†(1)(2)		199		10,912
				68,874
Internet Content - Information/News — 0.0%
A Place For Rover, Inc. Series G†(1)(2)		7,335		50,978
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		5,505		84,221
Seismic Data Collection — 0.0%
Seismic Software Holdings, Inc. Series E†(1)(2)		2,336		73,633
Total Convertible Preferred Securities
(cost $1,237,996)				1,380,645
WARRANTS†— 0.0%
Banks - Commercial — 0.0%
Grasshopper Bancorp, Inc.(1)(2) Expires 10/12/2028		1,009		3,763
Banks - Regional — 0.0%
Sound Bank(1)(2) Expires 05/01/2024		456		0

179

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS† (continued)
Specified Purpose Acquisitions — 0.0%
J2 Acquisition, Ltd. Expires 10/10/2020 (strike price $11.50)		27,696		$	4,847
Total Warrants
(cost $277)					8,610
Total Long-Term Investment Securities
(cost $246,710,433)					275,165,229
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class  2.32%(4)		459,608			459,608
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4)		5,940,965			5,940,965
T. Rowe Price Government Reserve Fund 2.46%(4)		1,564,962			1,564,962
Total Short-Term Investment Securities
(cost $7,965,535)					7,965,535
REPURCHASE AGREEMENTS — 2.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $3,725,169 collateralized by $3,765,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $3,799,514	$	3,725,013			3,725,013
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $1,569,902 collateralized by $1,595,000 of United States Treasury Notes, bearing interest at 2.13% due 05/15/2022 and having an approximate value of $1,601,233		1,569,837			1,569,837
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $1,711,418 collateralized by $1,690,000 of United States Treasury Inflation Index Notes, bearing interest at 0.13% due 04/15/2022 and having an approximate value of $1,745,574		1,711,347			1,711,347
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $26,804 collateralized by $30,000 of United States Treasury Notes, bearing interest at 1.75% due 05/31/2022 and having an approximate value of $29,762		26,803			26,803
Total Repurchase Agreements
(cost $7,033,000)					7,033,000
TOTAL INVESTMENTS
(cost $261,708,968)(5)		102.2	%		290,163,764
Liabilities in excess of other assets		(2.2	)		(6,145,374	)
NET ASSETS		100.0	%	$	284,018,390

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $245,402 representing 0.1% of net assets.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
A Place for Rover, Inc.		05/25/2018		513	$	3,476	$	3,565	$	6.95		0.00	%
Allbirds, Inc.		10/10/2018		938		51,436
		12/21/2018		196		10,748
				1,134		62,184		62,184		54.84		0.02
Checkr, Inc.		06/29/2018		700		8,603		8,603		12.29		0.00
CrossFirst Bankshares, Inc.		10/23/2018		5,156		73,473		73,473		14.25		0.03
Grasshopper Bancorp, Inc.		10/12/2018		1,009		10,090
		05/02/2019		4,199		41,990
				5,208		52,080		52,080		10.00		0.02
JAND, Inc. (dba Warby Parker), Class A		03/09/2018		4,462		70,129		68,264		15.30		0.02
PagerDuty, Inc.		08/24/2018		4,684		79,950
		09/28/2018		1,191		19,766
				5,875		99,716		286,876		48.83		0.10
ServiceTitan, Inc.		11/09/2018		191		5,022		5,022		26.29		0.00
Sound Bank (Non-voting Shares)		05/06/2019		3,056		30,560		30,560		10.00		0.01
Sound Bank (Voting Shares)		05/06/2019		1,501		15,010		15,010		10.00		0.01
Toast, Inc.		09/14/2018		11		190		302		27.45		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		0.11
Convertible Preferred Securities
1stdibs.com, Inc., Series D		02/07/2019		11,111		55,677		55,677		5.01		0.02
A Place For Rover, Inc., Series G		05/11/2018		7,335		55,221		50,978		6.95		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 D		11/03/2017		8,287		153,012		193,156		23.31		0.07
JAND, Inc. (dba Warby Parker), series E		03/09/2018		5,505		86,522		84,221		15.30		0.03

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Plex Systems, Inc., Series B		06/09/2014		50,422	$	115,683	$	124,038	$	2.46		0.04	%
Roofoods, Ltd., Series F		09/12/2017		618		218,506		240,186		388.65		0.08
Roofoods, Ltd., Series G		05/16/2019		16		6,686		6,686		417.88		0.00
Seismic Software Holdings, Inc., Series E		12/13/2018		2,336		73,632		73,633		31.52		0.03
ServiceTitan, Inc., Series A-1		11/09/2018		4		105		105		26.30		0.00
ServiceTitan, Inc., Series D		11/09/2018		1,942		51,064		51,065		26.30		0.02
Toast, Inc., Series B		09/14/2018		98		1,696		2,687		27.42		0.00
Toast, Inc., Series D		06/27/2018		7,194		124,507		197,292		27.42		0.07
Vroom, Inc., Series F		06/30/2017		5,863		100,009		105,246		17.95		0.04
Warrants
Grasshopper Bancorp, Inc.		10/12/2018		1,009		0		3,763		3.73		0.00
Sound Bank		05/06/2019		456		0		0		0.00		–
							$	2,317,947				0.81	%

(3) At May 31, 2019, the Fund had loaned securities with a total value of $28,881,858. This was secured by collateral of $5,940,965, which was received in cash and subsequently invested in short-term investments currently valued at $5,940,965 as reported in the Portfolio of Investments. Additional collateral of $24,345,495 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	10/01/2047 to 12/01/2047	$	916,769
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		49,750
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019		1,596,483
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		21,782,493

(4) The rate shown is the 7-day yield as of May 31, 2019.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Applications Software	$	3,192,093	$	—		$	302	$	3,192,395
Banks - Commercial		27,740,704		—			125,553		27,866,257
Banks - Regional		—		—			45,570		45,570
Computer Software		3,668,356		—			8,603		3,676,959
E-Commerce/Services		1,286,292		—			3,565		1,289,857
Enterprise Software/Service		6,509,159		—			5,022		6,514,181
Oil Companies - Exploration & Production		2,028,782		—			327,600		2,356,382
Pharmacy Services		—		—			68,264		68,264
Retail - Apparel/Shoe		997,346		—			62,184		1,059,530
Wireless Equipment		253,740		286,876			—		540,616
Other Industries		226,399,055		766,908	**		—		227,165,963
Convertible Preferred Securities		—		—			1,380,645		1,380,645
Warrants:
Specified Purpose Acquisitions		4,847		—			—		4,847
Other Industries		—		—			3,763		3,763
Short-Term Investment Securities		7,965,535		—			—		7,965,535
Repurchase Agreements		—		7,033,000			—		7,033,000
Total Investments at Value	$	280,045,909	$	8,086,784		$	2,031,071	$	290,163,764

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

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

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

See Notes to Financial Statements

181

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Banks — Commercial	8.5	%
Real Estate Investment Trusts	8.1
Medical — Biomedical/Gene	4.8
Repurchase Agreements	3.2
Registered Investment Companies	3.1
Medical — Drugs	2.4
Enterprise Software/Service	2.3
Medical Products	2.0
Electric — Integrated	1.8
Retail — Restaurants	1.5
Savings & Loans/Thrifts	1.4
Electronic Components — Semiconductors	1.4
Computer Services	1.3
Chemicals — Specialty	1.3
Insurance — Property/Casualty	1.2
Gas — Distribution	1.2
Human Resources	1.1
Oil Companies — Exploration & Production	1.0
Computer Software	0.9
Investment Management/Advisor Services	0.9
Building & Construction Products — Misc.	0.9
Oil — Field Services	0.8
Television	0.8
Schools	0.8
Electronic Components — Misc.	0.7
Building — Residential/Commercial	0.7
Semiconductor Equipment	0.7
Applications Software	0.7
Insurance — Life/Health	0.7
Commercial Services	0.7
Retail — Apparel/Shoe	0.7
Aerospace/Defense — Equipment	0.6
Auto/Truck Parts & Equipment — Original	0.6
Financial Guarantee Insurance	0.6
Metal Processors & Fabrication	0.6
Telecom Equipment — Fiber Optics	0.6
Distribution/Wholesale	0.6
Building & Construction — Misc.	0.6
Machinery — General Industrial	0.6
Medical Labs & Testing Services	0.6
Retail — Misc./Diversified	0.6
Computers — Integrated Systems	0.6
E-Commerce/Services	0.6
Commercial Services — Finance	0.5
Medical Information Systems	0.5
Diversified Manufacturing Operations	0.5
Computer Data Security	0.5
Water	0.5
Transport — Marine	0.5
Retail — Discount	0.5
Retail — Automobile	0.5
Airlines	0.5
Building — Heavy Construction	0.5
Instruments — Controls	0.5
Consulting Services	0.4
Rental Auto/Equipment	0.4
Insurance — Multi-line	0.4
Energy — Alternate Sources	0.4
Insurance — Reinsurance	0.4
Food — Misc./Diversified	0.4
Wireless Equipment	0.4
U.S. Government Treasuries	0.4
E-Commerce/Products	0.4
Medical Instruments	0.4
Food — Wholesale/Distribution	0.4
Medical — Outpatient/Home Medical	0.4
Aerospace/Defense	0.4
Consumer Products — Misc.	0.4
Engineering/R&D Services	0.4

Advertising Services	0.4
Office Furnishings — Original	0.4
Finance — Investment Banker/Broker	0.4
Therapeutics	0.4
Chemicals — Diversified	0.4
Electronic Parts Distribution	0.4
Real Estate Management/Services	0.3
Racetracks	0.3
Footwear & Related Apparel	0.3
Recreational Centers	0.3
Electronic Measurement Instruments	0.3
Oil Refining & Marketing	0.3
Finance — Consumer Loans	0.3
Diagnostic Equipment	0.3
Coal	0.3
Transport — Services	0.3
Rubber/Plastic Products	0.3
Non-Hazardous Waste Disposal	0.3
Machinery — Pumps	0.3
Apparel Manufacturers	0.3
Transport — Truck	0.3
Miscellaneous Manufacturing	0.3
Retail — Building Products	0.3
Computers — Other	0.3
Data Processing/Management	0.3
Semiconductor Components — Integrated Circuits	0.3
Resorts/Theme Parks	0.3
Firearms & Ammunition	0.3
Telecom Services	0.3
Finance — Mortgage Loan/Banker	0.3
Publishing — Newspapers	0.3
Disposable Medical Products	0.3
Building — Mobile Home/Manufactured Housing	0.3
Power Converter/Supply Equipment	0.2
Internet Security	0.2
Steel — Producers	0.2
Retail — Pawn Shops	0.2
Casino Services	0.2
Internet Content — Entertainment	0.2
Health Care Cost Containment	0.2
Oil Field Machinery & Equipment	0.2
Web Hosting/Design	0.2
Diagnostic Kits	0.2
Building Products — Doors & Windows	0.2
Satellite Telecom	0.2
Retail — Home Furnishings	0.2
Security Services	0.2
Athletic Equipment	0.2
Transactional Software	0.2
Environmental Consulting & Engineering	0.2
Telecommunication Equipment	0.2
Transport — Equipment & Leasing	0.2
Finance — Other Services	0.2
Medical — Nursing Homes	0.2
Internet Content — Information/News	0.2
Medical — Hospitals	0.2
Healthcare Safety Devices	0.2
Wire & Cable Products	0.2
Paper & Related Products	0.2
Private Equity	0.2
Veterinary Diagnostics	0.2
Machine Tools & Related Products	0.2
Internet Connectivity Services	0.2
Electric Products — Misc.	0.2
Medical — Generic Drugs	0.2
Building Products — Air & Heating	0.2
Pastoral & Agricultural	0.2
Tobacco	0.2
Cosmetics & Toiletries	0.2

182

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Medical — HMO	0.2	%
Printing — Commercial	0.2
Cable/Satellite TV	0.1
Building Products — Wood	0.1
Identification Systems	0.1
Steel — Specialty	0.1
Brewery	0.1
Poultry	0.1
Banks — Super Regional	0.1
Networking Products	0.1
Electric — Generation	0.1
Metal — Iron	0.1
Auto Repair Centers	0.1
Real Estate Operations & Development	0.1
Golf	0.1
Appliances	0.1
Batteries/Battery Systems	0.1
Beverages — Non-alcoholic	0.1
Linen Supply & Related Items	0.1
Building — Maintenance & Services	0.1
Telephone — Integrated	0.1
Drug Delivery Systems	0.1
Banks — Mortgage	0.1
Internet Telephone	0.1
Chemicals — Plastics	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Casino Hotels	0.1
Gambling (Non-Hotel)	0.1
Auto — Heavy Duty Trucks	0.1
Electronic Security Devices	0.1
Transport — Air Freight	0.1
Home Furnishings	0.1
Multimedia	0.1
Publishing — Periodicals	0.1
Machinery — Electrical	0.1
Insurance Brokers	0.1
Retail — Pet Food & Supplies	0.1
Lasers — System/Components	0.1
Retail — Petroleum Products	0.1
Food — Confectionery	0.1
Computers — Periphery Equipment	0.1
Steel Pipe & Tube	0.1
Filtration/Separation Products	0.1
Machinery — Farming	0.1
Quarrying	0.1
Dental Supplies & Equipment	0.1
Metal — Aluminum	0.1
Retail — Vision Service Center	0.1
Hotels/Motels	0.1
Publishing — Books	0.1
Internet Application Software	0.1
Hazardous Waste Disposal	0.1
Agricultural Operations	0.1
Retail — Bedding	0.1
Metal Products — Distribution	0.1
Independent Power Producers	0.1
Building Products — Cement	0.1
Water Treatment Systems	0.1
X-Ray Equipment	0.1
E-Marketing/Info	0.1
Broadcast Services/Program	0.1
Recreational Vehicles	0.1
Metal Products — Fasteners	0.1
Motion Pictures & Services	0.1
Physical Therapy/Rehabilitation Centers	0.1
Rubber — Tires	0.1
Retail — Jewelry	0.1
Funeral Services & Related Items	0.1
Storage/Warehousing	0.1

Food — Baking	0.1
Educational Software	0.1
Communications Software	0.1
Diversified Operations/Commercial Services	0.1
Retirement/Aged Care	0.1
Diversified Minerals	0.1
Containers — Metal/Glass	0.1
Food — Retail	0.1
Vitamins & Nutrition Products	0.1
Precious Metals	0.1
Auction Houses/Art Dealers	0.1
Machinery — Construction & Mining	0.1
Patient Monitoring Equipment	0.1
Circuit Boards	0.1
Retail — Office Supplies	0.1
Finance — Leasing Companies	0.1
Pipelines	0.1
Optical Supplies	0.1
Oil & Gas Drilling	0.1
Housewares	0.1
	103.1	%

* Calculated as a percentage of net assets

183

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Advanced Materials — 0.0%
Haynes International, Inc.		6,318	$	184,043
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A†#		28,431		79,607
Telaria, Inc.†		22,033		165,247
				244,854
Advertising Sales — 0.0%
Boston Omaha Corp., Class A†#		2,570		62,014
Clear Channel Outdoor Holdings, Inc.†		19,388		98,491
				160,505
Advertising Services — 0.4%
Fluent, Inc.†		16,585		80,935
National CineMedia, Inc.		39,269		257,212
Trade Desk, Inc., Class A†#		16,961		3,372,016
				3,710,163
Aerospace/Defense — 0.4%
AeroVironment, Inc.†		10,795		698,976
Kratos Defense & Security Solutions, Inc.†#		44,840		988,722
MSA Safety, Inc.		17,357		1,724,939
National Presto Industries, Inc.#		2,526		247,270
Wesco Aircraft Holdings, Inc.†		27,582		270,855
				3,930,762
Aerospace/Defense - Equipment — 0.6%
AAR Corp.		16,733		503,496
Aerojet Rocketdyne Holdings, Inc.†		36,892		1,423,293
Astronics Corp.†		10,878		442,408
Barnes Group, Inc.		24,332		1,258,451
Ducommun, Inc.†		5,414		244,334
Kaman Corp.		14,056		781,654
Moog, Inc., Class A		16,338		1,346,578
Triumph Group, Inc.		24,812		481,105
				6,481,319
Agricultural Biotech — 0.0%
Calyxt, Inc.†#		3,027		38,443
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		48,621		153,642
Marrone Bio Innovations, Inc.†		27,765		42,758
				196,400
Agricultural Operations — 0.1%
Alico, Inc.		1,516		39,067
Andersons, Inc.		13,851		376,332
Cadiz, Inc.†#		11,508		119,453
Limoneira Co.#		7,568		143,414
Tejon Ranch Co.†		10,708		173,362
				851,628
Airlines — 0.5%
Allegiant Travel Co.		6,566		919,962
Hawaiian Holdings, Inc.		24,969		623,726
Mesa Air Group, Inc.†		5,881		53,635
SkyWest, Inc.		25,935		1,522,903
Spirit Airlines, Inc.†		34,935		1,609,805
				4,730,031
Apparel Manufacturers — 0.3%
Deckers Outdoor Corp.†		14,879		2,263,096
Oxford Industries, Inc.		8,521		607,036
Superior Group of Cos., Inc.		4,610		73,806
				2,943,938

Security Description	Shares		Value (Note 2)
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		3,276	$	57,297
iRobot Corp.†#		13,725		1,195,585
				1,252,882
Applications Software — 0.7%
Appfolio, Inc., Class A†		7,946		765,994
Brightcove, Inc.†		18,372		183,353
Ebix, Inc.#		12,251		574,939
Five9, Inc.†		29,195		1,499,163
HubSpot, Inc.†		18,848		3,265,981
Immersion Corp.†#		13,188		99,438
Park City Group, Inc.†#		6,778		35,652
PDF Solutions, Inc.†		14,090		171,194
Telenav, Inc.†		16,043		119,681
Upland Software, Inc.†		8,004		374,507
				7,089,902
Athletic Equipment — 0.2%
Clarus Corp.		10,642		135,686
Fox Factory Holding Corp.†		18,367		1,230,956
Nautilus, Inc.†		14,897		40,073
Vista Outdoor, Inc.†		29,058		222,875
YETI Holdings, Inc.†#		13,571		324,618
				1,954,208
Auction Houses/Art Dealers — 0.1%
Sotheby’s†#		16,975		572,227
Audio/Video Products — 0.0%
Daktronics, Inc.		18,302		113,655
Sonos, Inc.†		8,162		82,844
Universal Electronics, Inc.†		6,858		270,137
				466,636
Auto Repair Centers — 0.1%
Monro, Inc.		16,208		1,291,940
Auto - Cars/Light Trucks — 0.0%
Tesla, Inc.†		1		185
Auto - Heavy Duty Trucks — 0.1%
Blue Bird Corp.†		7,682		144,575
Navistar International Corp.†		25,047		779,212
REV Group, Inc.#		14,925		165,369
				1,089,156
Auto - Truck Trailers — 0.0%
Wabash National Corp.		27,744		374,821
Auto/Truck Parts & Equipment - Original — 0.6%
American Axle & Manufacturing Holdings, Inc.†		56,730		573,540
Cooper-Standard Holdings, Inc.†		9,021		348,752
Dana, Inc.		74,460		1,086,371
Dorman Products, Inc.†		13,675		1,116,700
Gentherm, Inc.†		17,739		663,084
Meritor, Inc.†		40,685		820,210
Methode Electronics, Inc.		18,345		451,837
Miller Industries, Inc.		5,618		149,158
Modine Manufacturing Co.†		25,216		324,026
Spartan Motors, Inc.		17,366		149,869
Superior Industries International, Inc.		12,511		46,166
Tenneco, Inc., Class A		25,893		257,376
Titan International, Inc.		25,571		107,910
Tower International, Inc.		10,092		175,903
				6,270,902
Auto/Truck Parts & Equipment - Replacement — 0.1%
Commercial Vehicle Group, Inc.†		15,392		95,584

184

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment - Replacement (continued)
Douglas Dynamics, Inc.		11,305	$	419,416
Motorcar Parts of America, Inc.†		9,551		169,148
Standard Motor Products, Inc.		10,809		458,085
				1,142,233
B2B/E-Commerce — 0.0%
ePlus, Inc.†		6,811		481,265
Banks - Commercial — 8.5%
1st Constitution Bancorp		3,842		71,692
1st Source Corp.		7,988		349,555
ACNB Corp.		3,476		124,093
Allegiance Bancshares, Inc.†		5,991		194,468
Amalgamated Bank, Class A		6,020		99,330
American National Bankshares, Inc.		5,369		187,271
Ameris Bancorp		21,576		761,417
Ames National Corp.		4,383		115,273
Arrow Financial Corp.		6,216		199,969
Atlantic Capital Bancshares, Inc.†		12,615		206,381
Atlantic Union Bankshares Corp.		39,214		1,266,612
Auburn National Bancorporation, Inc.#		1,204		41,381
BancFirst Corp.		9,175		479,210
Bancorp, Inc.†		25,658		228,356
BancorpSouth Bank		47,943		1,298,296
Bank of Commerce Holdings		7,897		81,339
Bank of Marin Bancorp		6,924		280,491
Bank of N.T. Butterfield & Son, Ltd.		28,472		940,145
Bank of Princeton#		2,940		82,467
Bank7 Corp.†		1,746		29,577
Bankwell Financial Group, Inc.		3,144		89,793
Banner Corp.		16,316		823,305
Bar Harbor Bankshares		7,762		183,416
Baycom Corp.†		5,209		113,869
BCB Bancorp, Inc.		6,984		85,484
Bridge Bancorp, Inc.		8,446		235,052
Bridgewater Bancshares, Inc.†		11,798		129,542
Bryn Mawr Bank Corp.		10,149		371,047
Business First Bancshares, Inc.		5,426		133,046
Byline Bancorp, Inc.†		8,296		154,803
C&F Financial Corp.		1,686		81,029
Cadence BanCorp		61,227		1,132,699
Cambridge Bancorp		1,880		154,592
Camden National Corp.		7,835		331,812
Capital Bancorp, Inc.†#		3,282		39,384
Capital City Bank Group, Inc.		5,815		136,129
Capstar Financial Holdings, Inc.		4,163		61,737
Carolina Financial Corp.		10,697		355,140
Cathay General Bancorp		39,379		1,324,710
CB Financial Services, Inc.#		2,377		55,836
CenterState Bank Corp.		61,630		1,349,081
Central Pacific Financial Corp.		14,419		400,704
Central Valley Community Bancorp		5,866		115,091
Century Bancorp, Inc., Class A		1,460		130,831
Chemical Financial Corp.		36,320		1,375,075
Chemung Financial Corp.		1,699		76,115
Citizens & Northern Corp.		6,035		166,566
City Holding Co.		8,069		589,440
Civista Bancshares, Inc.		7,144		155,025
CNB Financial Corp.		7,393		182,977
Coastal Financial Corp.†#		3,644		58,523
Codorus Valley Bancorp, Inc.		4,635		97,428
Columbia Banking System, Inc.		37,226		1,241,487
Community Bank System, Inc.		25,567		1,580,296
Community Financial Corp.		2,465		76,489
Community Trust Bancorp, Inc.		7,891		312,405
ConnectOne Bancorp, Inc.		15,376		323,050

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
County Bancorp, Inc.#		2,608	$	44,910
Customers Bancorp, Inc.†		14,697		289,825
CVB Financial Corp.		56,972		1,170,775
Eagle Bancorp, Inc.		16,240		862,019
Enterprise Bancorp, Inc.		4,904		137,508
Enterprise Financial Services Corp.		11,433		448,059
Equity Bancshares, Inc., Class A†		6,805		169,308
Esquire Financial Holdings, Inc.†		3,074		70,087
Evans Bancorp, Inc.		2,376		83,374
Farmers & Merchants Bancorp, Inc.		4,545		134,305
Farmers National Banc Corp.		12,897		173,465
FB Financial Corp.		8,328		289,731
Fidelity D&D Bancorp, Inc.		1,421		84,550
Fidelity Southern Corp.		11,157		314,293
Financial Institutions, Inc.		7,816		211,266
First Bancorp, Inc./Maine		5,170		130,698
First Bancorp, Inc./North Carolina		14,898		527,538
First BanCorp./Puerto Rico		108,817		1,083,817
First Bancshares, Inc.		6,304		187,859
First Bank#		8,307		93,038
First Busey Corp.		22,255		549,921
First Business Financial Services, Inc.		4,223		96,622
First Choice Bancorp		4,569		99,284
First Commonwealth Financial Corp.		49,888		627,092
First Community Bankshares, Inc.		7,941		260,147
First Community Corp.		3,651		64,915
First Financial Bancorp		48,615		1,085,087
First Financial Bankshares, Inc.		33,082		1,874,426
First Financial Corp.		6,064		229,401
First Foundation, Inc.		19,391		254,216
First Guaranty Bancshares, Inc.		2,451		50,491
First Internet Bancorp		4,969		101,020
First Interstate BancSystem, Inc., Class A		16,746		618,095
First Merchants Corp.		24,924		828,723
First Mid Bancshares, Inc.		6,461		215,927
First Midwest Bancorp, Inc.		53,823		1,049,010
First Northwest Bancorp		4,681		75,177
First of Long Island Corp.		12,493		266,726
First United Corp.#		3,480		62,640
Franklin Financial Network, Inc.		6,584		172,830
Fulton Financial Corp.		84,954		1,338,875
FVCBankcorp, Inc.†		1,005		17,839
German American Bancorp, Inc.		11,638		324,351
Glacier Bancorp, Inc.		43,232		1,703,773
Great Southern Bancorp, Inc.		5,621		310,392
Great Western Bancorp, Inc.		29,154		905,815
Guaranty Bancshares, Inc.		3,873		113,285
Hancock Whitney Corp.		43,334		1,645,825
Hanmi Financial Corp.		15,463		318,847
HarborOne Bancorp, Inc.†		7,390		132,577
Heartland Financial USA, Inc.		14,949		617,244
Heritage Commerce Corp.		20,337		242,214
Heritage Financial Corp.		18,608		522,885
Hilltop Holdings, Inc.		36,262		729,954
Home BancShares, Inc.		79,880		1,399,498
HomeStreet, Inc.†		12,685		360,888
Hope Bancorp, Inc.		61,765		794,916
Horizon Bancorp		18,845		292,286
Howard Bancorp, Inc.†		6,653		92,477
IBERIABANK Corp.		28,262		2,020,733
Independent Bank Corp./Massachusetts		16,833		1,167,369
Independent Bank Corp./Michigan		10,937		231,318
International Bancshares Corp.		28,152		1,026,422
Investar Holding Corp.		4,522		108,031
Kearny Financial Corp.		44,920		602,377

185

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Lakeland Bancorp, Inc.		22,909	$	353,028
Lakeland Financial Corp.		12,421		545,903
LCNB Corp.		4,577		77,672
LegacyTexas Financial Group, Inc.		24,216		883,884
Level One Bancorp, Inc.		2,627		61,157
Live Oak Bancshares, Inc.#		12,955		201,191
Luther Burbank Corp.		10,373		103,211
Macatawa Bank Corp.		13,244		134,427
MBT Financial Corp.		9,896		90,449
Mercantile Bank Corp.		8,261		254,852
Merchants Bancorp		8,202		149,276
Metropolitan Bank Holding Corp.†		3,317		131,784
Mid Penn Bancorp, Inc.		2,394		57,456
Middlefield Banc Corp.		1,549		60,814
Midland States Bancorp, Inc.		10,737		263,057
MidSouth Bancorp, Inc.		7,613		85,722
MidWestOne Financial Group, Inc.		5,678		158,076
MVB Financial Corp.		4,359		69,090
National Bankshares, Inc.		3,441		130,620
NBT Bancorp, Inc.		21,695		779,935
Nicolet Bankshares, Inc.†		4,003		234,135
Northeast Bank		3,852		79,582
Northrim BanCorp, Inc.		3,456		115,534
Norwood Financial Corp.		2,926		93,778
Oak Valley Bancorp#		3,529		66,380
OFG Bancorp		22,048		414,061
Ohio Valley Banc Corp.		2,089		75,831
Old Line Bancshares, Inc.		7,975		196,424
Old National Bancorp		76,933		1,226,312
Old Second Bancorp, Inc.		14,779		180,304
OP Bancorp#		6,429		61,526
Opus Bank		10,034		201,382
Origin Bancorp, Inc.#		8,888		296,504
Orrstown Financial Services, Inc.		4,609		97,895
Pacific City Financial Corp.		6,033		102,983
Pacific Mercantile Bancorp†		7,909		61,453
Park National Corp.		6,991		660,580
PCSB Financial Corp.		8,271		162,442
Peapack Gladstone Financial Corp.		9,528		257,637
Penns Woods Bancorp, Inc.		2,329		97,445
People’s Utah Bancorp		7,828		219,184
Peoples Bancorp of North Carolina, Inc.		2,363		64,628
Peoples Bancorp, Inc.		8,996		278,066
Peoples Financial Services Corp.		3,506		152,160
Preferred Bank		7,095		310,548
Premier Financial Bancorp, Inc.		6,032		94,160
Provident Bancorp, Inc.†		2,195		51,692
QCR Holdings, Inc.		6,654		213,460
RBB Bancorp		7,067		130,810
Reliant Bancorp, Inc.#		5,141		111,868
Renasant Corp.		24,537		829,351
Republic Bancorp, Inc., Class A		4,888		224,066
Republic First Bancorp, Inc.†		22,389		108,363
S&T Bancorp, Inc.		17,525		660,693
Sandy Spring Bancorp, Inc.		17,637		567,030
SB One Bancorp#		3,638		79,854
Seacoast Banking Corp. of Florida†		23,404		542,739
Select Bancorp, Inc.†		7,884		87,118
ServisFirst Bancshares, Inc.#		23,682		742,194
Shore Bancshares, Inc.		6,412		98,424
Sierra Bancorp		7,178		178,014
Simmons First National Corp., Class A		46,079		1,051,062
SmartFinancial, Inc.†		5,784		118,630
South State Corp.		18,120		1,193,927
Southern First Bancshares, Inc.†		3,532		125,845

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Southern National Bancorp of Virginia, Inc.		9,947	$	137,368
Southside Bancshares, Inc.		16,271		529,946
Spirit of Texas Bancshares, Inc.†		5,147		114,058
Sterling Bancorp, Inc.		11,139		99,026
Stock Yards Bancorp, Inc.		10,966		365,497
Summit Financial Group, Inc.		5,745		142,189
Tompkins Financial Corp.		7,504		593,041
Towne Bank		33,547		850,752
TriCo Bancshares		12,990		484,527
TriState Capital Holdings, Inc.†		12,487		256,858
Triumph Bancorp, Inc.†#		12,538		351,942
TrustCo Bank Corp.		47,657		351,709
Trustmark Corp.		33,329		1,058,862
UMB Financial Corp.		23,077		1,424,774
United Bankshares, Inc.		50,150		1,794,367
United Community Banks, Inc.		39,925		1,058,412
United Security Bancshares		6,679		68,126
Unity Bancorp, Inc.		3,931		79,210
Univest Financial Corp.		14,680		350,558
Valley National Bancorp		164,310		1,613,524
Veritex Holdings, Inc.		22,475		571,539
Washington Trust Bancorp, Inc.		7,664		376,226
WesBanco, Inc.		26,606		945,311
West Bancorporation, Inc.		8,085		168,168
Westamerica Bancorporation		13,117		785,577
Western New England Bancorp, Inc.		12,997		119,053
				85,566,995
Banks - Fiduciary — 0.0%
Parke Bancorp, Inc.		3,524		71,537
Union Bankshares, Inc.		1,982		65,248
				136,785
Banks - Mortgage — 0.1%
Flagstar Bancorp, Inc.		15,043		473,554
Walker & Dunlop, Inc.		14,087		708,153
				1,181,707
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		16,633		858,928
National Bank Holdings Corp., Class A		14,636		513,577
				1,372,505
Batteries/Battery Systems — 0.1%
EnerSys		22,024		1,238,410
Beverages - Non-alcoholic — 0.1%
Celsius Holdings, Inc.†#		11,626		46,504
Coca-Cola Consolidated, Inc.		2,394		723,012
National Beverage Corp.#		5,989		270,404
Primo Water Corp.†		17,058		196,849
				1,236,769
Beverages - Wine/Spirits — 0.0%
MGP Ingredients, Inc.#		6,732		405,334
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		4,203		1,321,003
Craft Brew Alliance, Inc.†		6,481		89,503
				1,410,506
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		9,221		124,483
MSG Networks, Inc., Class A†		30,124		635,918
				760,401

186

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products - Misc. — 0.9%
American Woodmark Corp.†		7,092	$	514,099
Armstrong Flooring, Inc.†		10,822		114,064
Builders FirstSource, Inc.†		57,530		810,022
Caesarstone, Ltd.#		11,668		161,835
Cornerstone Building Brands, Inc.†		21,696		95,245
Forterra, Inc.†		9,607		45,922
Gibraltar Industries, Inc.†		16,255		580,304
Louisiana-Pacific Corp.		72,304		1,649,977
Patrick Industries, Inc.†		11,747		479,160
PGT Innovations, Inc.†		28,831		431,312
Simpson Manufacturing Co., Inc.		21,096		1,283,481
Summit Materials, Inc., Class A†		57,083		798,020
Trex Co., Inc.†#		30,093		1,800,163
				8,763,604
Building & Construction - Misc. — 0.6%
Brightview Holdings, Inc.†		15,249		254,811
Comfort Systems USA, Inc.		18,653		880,048
EMCOR Group, Inc.		29,136		2,347,196
IES Holdings, Inc.†		4,245		76,070
MYR Group, Inc.†		8,192		264,520
NV5 Global, Inc.†		4,773		371,101
TopBuild Corp.†		18,054		1,431,141
WillScot Corp.†		19,660		266,983
				5,891,870
Building Products - Air & Heating — 0.2%
AAON, Inc.		21,005		953,417
SPX Corp.†		21,917		651,812
				1,605,229
Building Products - Cement — 0.1%
Continental Building Products, Inc.†		18,920		431,754
US Concrete, Inc.†#		8,187		381,269
				813,023
Building Products - Doors & Windows — 0.2%
Apogee Enterprises, Inc.		13,598		492,927
Griffon Corp.		18,004		258,898
JELD-WEN Holding, Inc.†		34,600		653,594
Masonite International Corp.†		13,402		637,265
				2,042,684
Building Products - Wood — 0.1%
Boise Cascade Co.		19,792		439,383
Universal Forest Products, Inc.		30,525		984,431
				1,423,814
Building - Heavy Construction — 0.5%
Aegion Corp.†		16,329		235,138
Dycom Industries, Inc.†		15,375		802,114
Granite Construction, Inc.		22,378		899,372
Great Lakes Dredge & Dock Corp.†		29,050		309,092
MasTec, Inc.†#		32,282		1,500,790
Orion Group Holdings, Inc.†		14,319		35,368
Primoris Services Corp.		21,281		388,165
Sterling Construction Co., Inc.†		13,573		162,062
Tutor Perini Corp.†		19,051		277,001
				4,609,102
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		33,686		1,221,118
Building - Mobile Home/Manufactured Housing — 0.3%
Cavco Industries, Inc.†		4,355		625,378
LCI Industries		12,440		1,030,903

Security Description	Shares		Value (Note 2)
Building - Mobile Home/Manufactured Housing (continued)
Skyline Champion Corp.		17,000	$	397,630
Winnebago Industries, Inc.		15,930		511,990
				2,565,901
Building - Residential/Commercial — 0.7%
Beazer Homes USA, Inc.†		15,291		138,842
Century Communities, Inc.†		13,317		355,564
Green Brick Partners, Inc.†		12,486		108,503
Hovnanian Enterprises, Inc., Class A†#		2,469		23,456
Installed Building Products, Inc.†		11,050		568,412
KB Home		43,739		1,099,161
LGI Homes, Inc.†		9,416		642,171
M/I Homes, Inc.†		13,779		377,269
MDC Holdings, Inc.		24,924		783,361
Meritage Homes Corp.†		19,398		971,840
New Home Co., Inc.†		6,411		25,324
Taylor Morrison Home Corp., Class A†		58,756		1,173,357
TRI Pointe Group, Inc.†		72,135		887,261
William Lyon Homes, Class A†		16,260		301,460
				7,455,981
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		22,118		377,112
Liberty Latin America, Ltd., Class C†		57,880		994,957
WideOpenWest, Inc.†#		15,074		112,452
				1,484,521
Capacitors — 0.0%
KEMET Corp.		28,716		456,584
Casino Hotels — 0.1%
Boyd Gaming Corp.		41,923		1,002,798
Century Casinos, Inc.†		13,755		120,219
				1,123,017
Casino Services — 0.2%
Eldorado Resorts, Inc.†		33,519		1,648,129
Scientific Games Corp.†#		28,279		540,129
				2,188,258
Cellular Telecom — 0.0%
ATN International, Inc.		5,316		310,986
NII Holdings, Inc.†#		45,204		85,888
				396,874
Chemicals - Diversified — 0.4%
AdvanSix, Inc.†		15,277		372,453
Codexis, Inc.†#		26,294		475,921
Innophos Holdings, Inc.		9,910		263,507
Innospec, Inc.		12,335		995,558
Koppers Holdings, Inc.†		10,183		271,479
Quaker Chemical Corp.		6,648		1,202,357
				3,581,275
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		25,791		168,415
Chemicals - Other — 0.0%
American Vanguard Corp.		14,829		196,929
Chemicals - Plastics — 0.1%
A. Schulman, Inc. CVR†(1)		15,061		4,492
Landec Corp.†		12,441		123,415
PolyOne Corp.		40,657		1,021,710
				1,149,617
Chemicals - Specialty — 1.3%
AgroFresh Solutions, Inc.†#		16,050		38,680

187

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Specialty (continued)
Amyris, Inc.†		16,781	$	56,888
Balchem Corp.		16,325		1,480,514
Ferro Corp.†		42,347		573,378
GCP Applied Technologies, Inc.†		36,607		957,639
H.B. Fuller Co.		25,781		1,016,545
Hawkins, Inc.		4,931		175,346
Ingevity Corp.†		21,584		1,892,917
Kraton Corp.†		15,779		386,112
Materion Corp.		10,240		619,008
Minerals Technologies, Inc.		18,015		936,420
Oil-Dri Corp. of America		2,594		76,238
OMNOVA Solutions, Inc.†		22,284		126,350
PQ Group Holdings, Inc.†		18,627		282,199
Rogers Corp.†		9,344		1,289,379
Sensient Technologies Corp.		21,660		1,466,382
Stepan Co.		10,317		875,501
Tronox Holdings PLC, Class A		47,662		441,827
Valhi, Inc.		12,857		25,714
				12,717,037
Circuit Boards — 0.1%
Park Electrochemical Corp.		9,796		146,352
TTM Technologies, Inc.†		47,758		407,376
				553,728
Coal — 0.3%
Advanced Emissions Solutions, Inc.#		9,408		111,673
Arch Coal, Inc., Class A#		8,904		784,888
CONSOL Energy, Inc.†		13,996		366,975
Hallador Energy Co.		8,452		47,838
NACCO Industries, Inc., Class A		1,918		95,823
Peabody Energy Corp.		39,876		937,883
Ramaco Resources, Inc.†		3,043		17,132
SunCoke Energy, Inc.†		33,078		242,793
Warrior Met Coal, Inc.		21,984		567,407
				3,172,412
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		11,537		145,482
Coffee — 0.0%
Farmer Bros. Co.†#		5,112		93,652
Commercial Services — 0.7%
Acacia Research Corp.†		24,643		76,886
Care.com, Inc.†		10,190		145,615
Emerald Expositions Events, Inc.		12,623		147,689
Forrester Research, Inc.		5,302		241,400
Healthcare Services Group, Inc.#		37,716		1,192,203
HMS Holdings Corp.†		42,178		1,283,477
LiveRamp Holdings, Inc.†		34,484		1,771,788
Medifast, Inc.		5,950		767,252
National Research Corp.		5,615		286,309
PFSweb, Inc.†		7,736		29,010
ServiceSource International, Inc.†		40,135		41,740
SP Plus Corp.†		11,522		357,528
Team, Inc.†		15,061		218,686
Weight Watchers International, Inc.†#		19,619		339,212
				6,898,795
Commercial Services - Finance — 0.5%
Avalara, Inc.†		14,092		953,183
Cardtronics PLC, Class A†		20,197		609,949
Cass Information Systems, Inc.		7,300		329,011
CBIZ, Inc.†		26,265		520,047
Everi Holdings, Inc.†		33,796		376,488
EVERTEC, Inc.		31,021		889,062

Security Description	Shares		Value (Note 2)
Commercial Services - Finance (continued)
Evo Payments, Inc., Class A†		12,603	$	371,032
Green Dot Corp., Class A†		24,595		1,141,454
I3 Verticals, Inc., Class A†#		4,658		119,105
MoneyGram International, Inc.†#		15,716		21,845
PRGX Global, Inc.†		10,664		69,636
				5,400,812
Communications Software — 0.1%
Avaya Holdings Corp.†		53,301		670,527
Computer Aided Design — 0.0%
Altair Engineering, Inc., Class A†		12,696		483,845
Computer Data Security — 0.5%
Carbon Black, Inc.†#		19,575		294,604
ForeScout Technologies, Inc.†		15,664		503,128
OneSpan, Inc.†		16,043		223,800
Qualys, Inc.†		17,342		1,536,674
Rapid7, Inc.†		18,780		981,255
Tenable Holdings, Inc.†		15,166		422,373
Varonis Systems, Inc.†		14,370		898,700
				4,860,534
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		20,776		338,441
Computer Services — 1.3%
CACI International, Inc., Class A†		12,505		2,545,018
Carbonite, Inc.†		16,422		388,709
ExlService Holdings, Inc.†		16,990		1,006,827
Insight Enterprises, Inc.†		17,886		920,771
KeyW Holding Corp.†		24,769		278,651
MAXIMUS, Inc.		32,518		2,316,908
Perspecta, Inc.		72,371		1,571,174
Presidio, Inc.		20,724		274,593
Rimini Street, Inc.†		5,271		25,512
Science Applications International Corp.		26,191		2,009,897
Sykes Enterprises, Inc.†		20,129		498,394
TTEC Holdings, Inc.		7,204		285,855
Unisys Corp.†		25,691		249,203
Virtusa Corp.†		14,471		613,570
				12,985,082
Computer Software — 0.9%
Avid Technology, Inc.†		13,984		108,376
Box, Inc., Class A†		64,169		1,186,485
Cision, Ltd.†		34,100		374,418
Cloudera, Inc.†#		102,098		936,239
Cornerstone OnDemand, Inc.†		27,686		1,473,726
Envestnet, Inc.†		22,741		1,521,600
j2 Global, Inc.#		23,851		2,010,401
SecureWorks Corp., Class A†#		4,371		63,860
Simulations Plus, Inc.		5,857		146,835
TiVo Corp.		61,473		442,606
Veritone, Inc.†#		4,320		38,189
Yext, Inc.†		43,346		795,832
				9,098,567
Computers - Integrated Systems — 0.6%
Agilysys, Inc.†		7,890		172,002
Cray, Inc.†		20,577		720,401
Cubic Corp.		15,911		897,699
Diebold Nixdorf, Inc.†		38,824		330,004
Mercury Systems, Inc.†		26,898		1,849,506
MTS Systems Corp.		9,096		493,549
NetScout Systems, Inc.†		38,183		935,865
PAR Technology Corp.†#		5,792		162,813

188

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Integrated Systems (continued)
USA Technologies, Inc.†#		29,004	$	194,617
				5,756,456
Computers - Other — 0.3%
3D Systems Corp.†#		55,576		449,610
Lumentum Holdings, Inc.†		38,724		1,567,160
PlayAGS, Inc.†		11,180		213,985
Stratasys, Ltd.†		25,790		565,059
				2,795,814
Computers - Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		22,274		816,342
Mitek Systems, Inc.†		17,068		174,094
				990,436
Computers - Voice Recognition — 0.0%
Vocera Communications, Inc.†		15,360		497,050
Consulting Services — 0.4%
CRA International, Inc.		3,997		149,648
Franklin Covey Co.†		4,974		154,691
FTI Consulting, Inc.†		19,341		1,623,097
GP Strategies Corp.†		6,313		86,109
Hackett Group, Inc.		12,264		197,328
Huron Consulting Group, Inc.†		11,254		554,034
ICF International, Inc.		9,205		670,953
Information Services Group, Inc.†		17,379		54,049
Kelly Services, Inc., Class A		15,918		374,073
Navigant Consulting, Inc.		21,518		473,396
Vectrus, Inc.†		5,677		200,341
				4,537,719
Consumer Products - Misc. — 0.4%
Central Garden & Pet Co.†#		5,286		148,801
Central Garden & Pet Co., Class A†		20,961		535,973
Helen of Troy, Ltd.†		13,097		1,749,890
Quanex Building Products Corp.		16,972		263,236
WD-40 Co.		6,947		1,086,024
				3,783,924
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		13,019		461,393
Greif, Inc., Class B		2,835		124,882
				586,275
Containers - Paper/Plastic — 0.0%
Multi-Color Corp.		7,061		351,214
UFP Technologies, Inc.†		3,371		124,457
				475,671
Cosmetics & Toiletries — 0.2%
e.l.f. Beauty, Inc.†#		11,527		117,460
Edgewell Personal Care Co.†		27,472		784,051
Inter Parfums, Inc.		8,856		573,692
Revlon, Inc., Class A†#		4,142		87,727
				1,562,930
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		10,845		176,990
Data Processing/Management — 0.3%
Amber Road, Inc.†		12,123		157,357
Bottomline Technologies, Inc.†		21,505		939,338
CommVault Systems, Inc.†		20,367		937,900
CSG Systems International, Inc.		16,667		747,515
				2,782,110

Security Description	Shares		Value (Note 2)
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.#		41,741	$	877,396
Diagnostic Equipment — 0.3%
Accelerate Diagnostics, Inc.†#		13,268		250,898
BioTelemetry, Inc.†		16,778		802,995
GenMark Diagnostics, Inc.†		26,390		176,549
OPKO Health, Inc.†#		163,720		293,059
Oxford Immunotec Global PLC†		13,157		192,355
Quanterix Corp.†		4,344		111,250
Repligen Corp.†		19,896		1,382,175
				3,209,281
Diagnostic Kits — 0.2%
Celcuity, Inc.†		2,959		62,405
Genomic Health, Inc.†		10,667		557,351
Meridian Bioscience, Inc.		21,148		238,972
OraSure Technologies, Inc.†		30,628		254,213
Quidel Corp.†#		17,400		962,220
				2,075,161
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		6,656		43,197
Direct Marketing — 0.0%
Quotient Technology, Inc.†		40,594		429,079
Disposable Medical Products — 0.3%
CONMED Corp.		12,838		1,033,202
Merit Medical Systems, Inc.†		27,133		1,400,877
Utah Medical Products, Inc.		1,748		139,403
				2,573,482
Distribution/Wholesale — 0.6%
Anixter International, Inc.†		15,004		800,613
BlueLinx Holdings, Inc.†#		4,534		91,088
Core-Mark Holding Co., Inc.		23,239		857,054
EVI Industries, Inc.#		1,950		71,078
Fossil Group, Inc.†		23,225		227,373
G-III Apparel Group, Ltd.†		22,134		569,508
H&E Equipment Services, Inc.		16,194		393,676
Manitex International, Inc.†		7,397		44,160
ScanSource, Inc.†		12,822		374,531
SiteOne Landscape Supply, Inc.†#		20,654		1,339,825
Systemax, Inc.		6,221		128,090
Titan Machinery, Inc.†		9,594		160,412
Triton International, Ltd.		26,298		777,106
Veritiv Corp.†		5,855		103,399
				5,937,913
Diversified Manufacturing Operations — 0.5%
Actuant Corp., Class A		31,032		687,048
Chase Corp.		3,688		375,033
EnPro Industries, Inc.		10,405		577,373
Fabrinet†		18,350		782,444
Federal Signal Corp.		30,244		722,529
Harsco Corp.†		40,968		1,024,200
LSB Industries, Inc.†#		10,985		36,800
Lydall, Inc.†		8,612		155,705
NL Industries, Inc.†		4,250		13,898
Standex International Corp.		6,389		415,541
Synalloy Corp.		4,263		79,121
Tredegar Corp.		13,173		205,367
				5,075,059
Diversified Minerals — 0.1%
Covia Holdings Corp.†#		15,817		46,027
Livent Corp.†		76,049		480,630

189

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Minerals (continued)
United States Lime & Minerals, Inc.		1,017	$	83,048
				609,705
Diversified Operations/Commercial Services — 0.1%
Viad Corp.		10,360		651,022
Drug Delivery Systems — 0.1%
Antares Pharma, Inc.†#		73,476		204,998
Assertio Therapeutics, Inc.†		29,959		87,780
Heron Therapeutics, Inc.†#		35,082		597,446
Revance Therapeutics, Inc.†#		19,467		209,660
Senseonics Holdings, Inc.†#		43,371		85,875
				1,185,759
E-Commerce/Products — 0.4%
1-800-flowers.com, Inc., Class A†		13,507		246,638
Etsy, Inc.†		60,824		3,789,943
Lands’ End, Inc.†#		5,345		66,118
Overstock.com, Inc.†#		11,734		112,060
				4,214,759
E-Commerce/Services — 0.6%
Cargurus, Inc.†#		25,468		869,987
Cars.com, Inc.†#		35,208		745,353
ChannelAdvisor Corp.†		13,209		121,523
Groupon, Inc.†		226,948		801,126
Leaf Group, Ltd.†		8,505		61,151
Liberty Expedia Holdings, Inc., Class A†		27,732		1,143,390
Shutterfly, Inc.†		17,038		808,964
Shutterstock, Inc.		9,576		364,463
Stamps.com, Inc.†		8,950		300,183
Travelzoo†		2,370		40,314
TrueCar, Inc.†		47,973		312,784
Upwork, Inc.†#		6,409		96,007
				5,665,245
E-Marketing/Info — 0.1%
Cardlytics, Inc.†#		3,026		69,447
Liquidity Services, Inc.†		13,780		77,443
New Media Investment Group, Inc.		30,355		280,177
QuinStreet, Inc.†		22,672		347,562
				774,629
E-Services/Consulting — 0.0%
Perficient, Inc.†		16,452		500,634
Educational Software — 0.1%
Instructure, Inc.†		16,172		672,432
Electric Products - Misc. — 0.2%
Graham Corp.		4,877		99,540
nLight, Inc.†#		11,566		216,169
Novanta, Inc.†		16,671		1,334,013
				1,649,722
Electric - Distribution — 0.0%
Spark Energy, Inc., Class A#		5,869		57,516
Unitil Corp.		7,412		421,447
				478,963
Electric - Generation — 0.1%
Atlantic Power Corp.†#		55,243		128,716
Ormat Technologies, Inc.		20,265		1,196,446
				1,325,162
Electric - Integrated — 1.8%
ALLETE, Inc.		26,230		2,147,975
Ameresco, Inc., Class A†		9,630		139,635

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Avista Corp.		33,373	$	1,393,656
Black Hills Corp.		27,277		2,078,507
El Paso Electric Co.		20,616		1,199,851
IDACORP, Inc.		25,702		2,577,140
MGE Energy, Inc.		17,774		1,177,350
NorthWestern Corp.		25,733		1,825,499
Otter Tail Corp.		20,058		996,281
PNM Resources, Inc.		40,527		1,909,227
Portland General Electric Co.		45,544		2,407,456
				17,852,577
Electronic Components - Misc. — 0.7%
Advanced Energy Industries, Inc.†		19,529		979,770
Applied Optoelectronics, Inc.†#		9,658		83,638
Atkore International Group, Inc.†		19,865		464,642
Bel Fuse, Inc., Class B		5,023		86,797
Benchmark Electronics, Inc.		22,356		493,844
Comtech Telecommunications Corp.		11,846		250,543
IntriCon Corp.†#		3,871		100,994
Kimball Electronics, Inc.†		12,618		179,807
Knowles Corp.†		44,478		699,639
NVE Corp.		2,429		177,220
OSI Systems, Inc.†		8,553		886,005
Plexus Corp.†		15,603		772,817
Sanmina Corp.†		34,511		917,648
SMART Global Holdings, Inc.†#		6,638		113,045
Vishay Intertechnology, Inc.		67,465		1,028,167
Vishay Precision Group, Inc.†		5,262		188,485
ZAGG, Inc.†		13,644		90,869
				7,513,930
Electronic Components - Semiconductors — 1.4%
Adesto Technologies Corp.†#		12,564		94,607
Alpha & Omega Semiconductor, Ltd.†		10,099		86,245
Ambarella, Inc.†		15,781		598,258
Amkor Technology, Inc.†		52,096		337,582
AVX Corp.		23,756		351,351
AXT, Inc.†		19,363		77,258
CEVA, Inc.†		11,069		252,705
Cree, Inc.†#		52,640		2,902,570
CTS Corp.		16,651		440,585
Diodes, Inc.†		20,451		632,549
Impinj, Inc.†		8,312		206,054
Inphi Corp.†		22,110		970,187
Kopin Corp.†		30,073		34,584
Lattice Semiconductor Corp.†		59,601		762,893
MACOM Technology Solutions Holdings, Inc.†#		23,308		329,808
Photronics, Inc.†		33,128		268,668
Rambus, Inc.†		54,257		616,360
Rudolph Technologies, Inc.†		16,036		369,951
Semtech Corp.†		33,132		1,319,648
Silicon Laboratories, Inc.†		21,860		2,045,440
Synaptics, Inc.†#		17,650		466,843
Xperi Corp.		24,622		517,308
				13,681,454
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		14,540		767,712
FARO Technologies, Inc.†		8,703		383,802
Fitbit, Inc., Class A†#		108,890		504,161
Itron, Inc.†		17,257		977,609
Mesa Laboratories, Inc.		1,712		427,452
Stoneridge, Inc.†		13,984		364,004
				3,424,740

190

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Parts Distribution — 0.4%
SYNNEX Corp.		21,168	$	1,835,477
Tech Data Corp.†		18,967		1,719,359
				3,554,836
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		15,923		928,470
Napco Security Technologies, Inc.†		5,954		159,091
				1,087,561
Energy - Alternate Sources — 0.4%
Clean Energy Fuels Corp.†		69,837		186,465
Enphase Energy, Inc.†#		44,030		667,935
FuelCell Energy, Inc.†#		4,193		4,990
FutureFuel Corp.		13,144		136,435
Green Plains, Inc.		20,058		261,757
Pattern Energy Group, Inc., Class A		41,170		873,216
Plug Power, Inc.†#		108,812		278,559
Renewable Energy Group, Inc.†#		18,790		293,875
REX American Resources Corp.†		2,854		192,559
Sunrun, Inc.†#		49,205		770,550
TerraForm Power, Inc., Class A		37,232		502,632
TPI Composites, Inc.†		7,502		156,417
Vivint Solar, Inc.†#		20,154		131,404
				4,456,794
Engineering/R&D Services — 0.4%
Argan, Inc.		7,453		342,316
Exponent, Inc.		26,269		1,472,377
Infrastructure and Energy Alternatives, Inc.†#		8,725		24,256
Iteris, Inc.†#		12,941		69,105
KBR, Inc.		71,803		1,595,463
Mistras Group, Inc.†		8,911		123,150
VSE Corp.		4,413		106,397
				3,733,064
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.		20,849		195,981
Enterprise Software/Service — 2.3%
Alteryx, Inc., Class A†#		14,888		1,293,172
American Software, Inc., Class A		14,551		184,361
Asure Software, Inc.†#		6,390		41,088
Benefitfocus, Inc.†		14,340		406,682
Blackbaud, Inc.		24,566		1,889,617
Blackline, Inc.†#		18,712		961,984
Coupa Software, Inc.†#		28,418		3,103,530
Daily Journal Corp.†#		570		122,487
Domo, Inc., Class B†		8,530		285,755
Donnelley Financial Solutions, Inc.†		17,139		211,324
eGain Corp.†		9,126		71,913
Everbridge, Inc.†		14,840		1,167,017
Evolent Health, Inc., Class A†#		34,694		369,144
Exela Technologies, Inc.†		24,126		52,836
LivePerson, Inc.†		29,993		834,705
Majesco†		3,329		29,728
ManTech International Corp., Class A		13,470		826,654
MicroStrategy, Inc., Class A†		4,391		583,608
MobileIron, Inc.†		37,884		211,771
Model N, Inc.†		13,134		236,675
New Relic, Inc.†		22,962		2,303,548
Omnicell, Inc.†		19,718		1,566,595
Progress Software Corp.		22,777		932,946
PROS Holdings, Inc.†		16,114		913,664
QAD, Inc., Class A#		5,290		228,528
SailPoint Technologies Holding, Inc.†		35,548		624,578
SPS Commerce, Inc.†		8,742		891,072

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
SVMK, Inc.†		8,990	$	154,628
Verint Systems, Inc.†		32,865		1,865,089
Workiva, Inc.†		14,758		821,135
				23,185,834
Entertainment Software — 0.0%
Glu Mobile, Inc.†		57,372		457,829
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.		28,218		1,905,279
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		12,960		905,774
Finance - Commercial — 0.0%
Marlin Business Services Corp.		4,415		98,455
NewStar Financial, Inc. CVR†(1)		17,919		9,676
On Deck Capital, Inc.†		26,266		105,589
				213,720
Finance - Consumer Loans — 0.3%
Curo Group Holdings Corp.†		5,966		55,901
Elevate Credit, Inc.†		10,489		44,683
Encore Capital Group, Inc.†		13,239		454,627
Enova International, Inc.†		16,797		358,616
LendingClub Corp.†		163,444		490,332
Nelnet, Inc., Class A		9,471		561,157
Ocwen Financial Corp.†		59,816		92,715
PRA Group, Inc.†#		22,716		627,189
Regional Management Corp.†		4,742		116,985
World Acceptance Corp.†		3,126		413,539
				3,215,744
Finance - Credit Card — 0.0%
Meta Financial Group, Inc.		14,216		372,033
Finance - Investment Banker/Broker — 0.4%
Cowen, Inc.†#		14,096		213,554
Diamond Hill Investment Group, Inc.		1,662		238,497
GAIN Capital Holdings, Inc.#		13,775		53,585
Greenhill & Co., Inc.		9,002		134,760
Houlihan Lokey, Inc.		17,225		778,742
INTL. FCStone, Inc.†		7,890		274,256
Ladenburg Thalmann Financial Services, Inc.		51,811		165,795
Moelis & Co., Class A		22,701		721,438
Oppenheimer Holdings, Inc., Class A		4,920		121,229
Piper Jaffray Cos.		7,294		516,561
PJT Partners, Inc., Class A		10,149		374,498
Siebert Financial Corp.†		3,775		33,560
				3,626,475
Finance - Leasing Companies — 0.1%
Aircastle, Ltd.		27,667		537,293
Finance - Mortgage Loan/Banker — 0.3%
CBTX, Inc.		9,098		247,920
Federal Agricultural Mtg. Corp., Class C		4,569		312,657
Impac Mtg. Holdings, Inc.†#		4,992		14,577
LendingTree, Inc.†#		4,054		1,523,250
Mr. Cooper Group, Inc.†#		37,871		286,683
PennyMac Financial Services, Inc.		10,091		214,030
				2,599,117
Finance - Other Services — 0.2%
Deluxe Corp.		23,531		875,353
WageWorks, Inc.†		20,195		1,009,144
				1,884,497

191

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Financial Guarantee Insurance — 0.6%
MBIA, Inc.†		45,054	$	399,629
MGIC Investment Corp.†		180,723		2,448,796
NMI Holdings, Inc., Class A†		32,030		873,138
Radian Group, Inc.		110,000		2,469,500
				6,191,063
Firearms & Ammunition — 0.3%
American Outdoor Brands Corp.†		27,347		229,441
Axon Enterprise, Inc.†		29,260		1,953,983
Sturm Ruger & Co., Inc.		8,557		425,369
				2,608,793
Food - Baking — 0.1%
Hostess Brands, Inc.†		50,248		672,821
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		3,619		89,389
Food - Confectionery — 0.1%
Simply Good Foods Co.†		31,090		668,124
Tootsie Roll Industries, Inc.#		8,575		325,507
				993,631
Food - Dairy Products — 0.0%
Dean Foods Co.#		46,436		51,080
Food - Meat Products — 0.0%
Nathan’s Famous, Inc.		1,453		98,223
Food - Misc./Diversified — 0.4%
B&G Foods, Inc.#		33,457		734,381
Cal-Maine Foods, Inc.#		15,879		587,841
J&J Snack Foods Corp.		7,653		1,230,985
John B. Sanfilippo & Son, Inc.		4,371		335,037
Lancaster Colony Corp.		9,617		1,383,213
				4,271,457
Food - Retail — 0.1%
Ingles Markets, Inc., Class A		7,179		214,006
Smart & Final Stores, Inc.†		11,733		76,382
Village Super Market, Inc., Class A		4,183		110,766
Weis Markets, Inc.		4,860		183,708
				584,862
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.#		8,071		705,809
Chefs’ Warehouse, Inc.†		11,066		350,460
Fresh Del Monte Produce, Inc.		15,491		387,585
Performance Food Group Co.†		51,856		2,040,534
SpartanNash Co.		18,129		209,209
United Natural Foods, Inc.†		26,122		265,138
				3,958,735
Footwear & Related Apparel — 0.3%
Crocs, Inc.†		33,700		651,084
Rocky Brands, Inc.		3,478		85,072
Steven Madden, Ltd.		44,346		1,341,910
Weyco Group, Inc.		3,106		77,712
Wolverine World Wide, Inc.		47,010		1,313,459
				3,469,237
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		8,960		163,251
Matthews International Corp., Class A		15,883		540,499
				703,750
Gambling (Non-Hotel) — 0.1%
Golden Entertainment, Inc.†#		9,452		121,931

Security Description	Shares		Value (Note 2)
Gambling (Non-Hotel) (continued)
Monarch Casino & Resort, Inc.†		5,756	$	247,681
Red Rock Resorts, Inc., Class A		35,390		738,943
				1,108,555
Gas - Distribution — 1.2%
Chesapeake Utilities Corp.		8,053		731,051
New Jersey Resources Corp.		44,408		2,107,160
Northwest Natural Holding Co.		14,570		1,002,707
ONE Gas, Inc.		26,539		2,323,755
RGC Resources, Inc.		3,763		102,466
South Jersey Industries, Inc.#		47,145		1,487,425
Southwest Gas Holdings, Inc.		26,940		2,293,672
Spire, Inc.		25,088		2,090,332
				12,138,568
Gold Mining — 0.0%
Gold Resource Corp.		26,796		76,101
Golf — 0.1%
Acushnet Holdings Corp.		17,619		413,870
Callaway Golf Co.		47,837		703,204
Drive Shack, Inc.†		30,776		140,031
				1,257,105
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		7,539		188,475
US Ecology, Inc.		11,154		663,886
				852,361
Health Care Cost Containment — 0.2%
CorVel Corp.†		4,562		337,497
HealthEquity, Inc.†#		27,561		1,801,387
				2,138,884
Healthcare Safety Devices — 0.2%
Tandem Diabetes Care, Inc.†		25,952		1,779,269
Home Furnishings — 0.1%
Ethan Allen Interiors, Inc.		12,175		258,353
Flexsteel Industries, Inc.		3,733		64,021
Hooker Furniture Corp.		5,890		158,029
Purple Innovation, Inc.†		2,219		14,557
Sleep Number Corp.†		16,616		578,403
				1,073,363
Hotels/Motels — 0.1%
BBX Capital Corp.		33,405		136,627
Bluegreen Vacations Corp.#		3,795		29,677
Marcus Corp.		10,189		356,207
Red Lion Hotels Corp.†		8,212		62,247
St. Joe Co.†#		17,751		282,773
				867,531
Housewares — 0.1%
Lifetime Brands, Inc.		5,992		46,738
Tupperware Brands Corp.		24,823		462,204
				508,942
Human Resources — 1.1%
AMN Healthcare Services, Inc.†		23,537		1,140,132
ASGN, Inc.†		25,832		1,310,457
Barrett Business Services, Inc.		3,616		260,424
BG Staffing, Inc.		4,274		72,744
Cross Country Healthcare, Inc.†		18,062		128,421
Heidrick & Struggles International, Inc.		9,506		288,602
Insperity, Inc.		19,512		2,222,417
Kforce, Inc.		11,733		407,722

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
Korn Ferry		28,838	$	1,242,341
Paylocity Holding Corp.†		14,750		1,478,245
Resources Connection, Inc.		15,171		232,875
TriNet Group, Inc.†		22,204		1,407,290
TrueBlue, Inc.†		20,500		435,420
Willdan Group, Inc.†#		4,935		153,577
				10,780,667
Identification Systems — 0.1%
Brady Corp., Class A		24,259		1,123,192
Digimarc Corp.†#		5,705		299,855
				1,423,047
Import/Export — 0.0%
Castle Brands, Inc.†#		46,932		23,231
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		17,730		254,071
Clearway Energy, Inc., Class C		37,449		561,735
				815,806
Industrial Audio & Video Products — 0.0%
GoPro, Inc., Class A†#		58,490		368,487
Turtle Beach Corp.†#		4,162		34,628
				403,115
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		3,221		112,928
Ichor Holdings, Ltd.†		11,166		235,603
				348,531
Instruments - Controls — 0.5%
Allied Motion Technologies, Inc.		3,557		115,496
Control4 Corp.†		13,503		319,481
Watts Water Technologies, Inc., Class A		14,144		1,151,180
Woodward, Inc.		27,285		2,971,882
				4,558,039
Instruments - Scientific — 0.0%
Fluidigm Corp.†		16,718		218,839
Insurance Brokers — 0.1%
Crawford & Co., Class B		5,610		46,675
eHealth, Inc.†		11,157		787,238
Goosehead Insurance, Inc., Class A#		4,967		181,941
				1,015,854
Insurance - Life/Health — 0.7%
American Equity Investment Life Holding Co.		45,600		1,290,936
CNO Financial Group, Inc.		83,659		1,314,283
FBL Financial Group, Inc., Class A		5,034		309,893
FGL Holdings		74,604		593,102
Health Insurance Innovations, Inc., Class A†#		6,577		169,621
Independence Holding Co.		2,375		88,659
National Western Life Group, Inc., Class A		1,161		309,569
Primerica, Inc.		21,957		2,521,981
Tiptree, Inc.		13,508		81,723
Trupanion, Inc.†#		13,080		383,636
				7,063,403
Insurance - Multi-line — 0.4%
Citizens, Inc.†		25,185		161,436
Genworth Financial, Inc., Class A†		256,666		746,898
Horace Mann Educators Corp.		20,947		848,563
Kemper Corp.		26,843		2,227,701
United Fire Group, Inc.		10,708		502,633
				4,487,231

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty — 1.2%
Ambac Financial Group, Inc.†		23,058	$	350,482
AMERISAFE, Inc.		9,724		579,259
Donegal Group, Inc., Class A		4,770		68,927
Employers Holdings, Inc.		16,408		681,588
Enstar Group, Ltd.†		6,130		1,007,772
FedNat Holding Co.		5,850		79,092
Hallmark Financial Services, Inc.†		6,636		78,238
HCI Group, Inc.#		3,659		148,738
Heritage Insurance Holdings, Inc.		10,194		149,138
Investors Title Co.		701		108,241
James River Group Holdings, Ltd.		13,206		588,988
Kingstone Cos., Inc.		4,721		42,111
Kinsale Capital Group, Inc.		9,936		832,537
National General Holdings Corp.		32,903		747,556
NI Holdings, Inc.†		4,942		83,718
ProAssurance Corp.		27,027		1,014,053
Protective Insurance Corp., Class B		4,817		82,612
RLI Corp.		19,967		1,714,766
Safety Insurance Group, Inc.		7,466		680,377
Selective Insurance Group, Inc.		29,547		2,117,043
State Auto Financial Corp.		8,502		290,683
Stewart Information Services Corp.		11,911		489,899
United Insurance Holdings Corp.		10,460		141,001
Universal Insurance Holdings, Inc.		16,106		467,718
				12,544,537
Insurance - Reinsurance — 0.4%
Argo Group International Holdings, Ltd.		16,501		1,163,156
EMC Insurance Group, Inc.		4,704		169,720
Essent Group, Ltd.†		48,894		2,295,573
Global Indemnity, Ltd.		4,277		127,027
Greenlight Capital Re, Ltd., Class A†#		14,630		148,495
Maiden Holdings, Ltd.		34,683		18,732
Third Point Reinsurance, Ltd.†		37,830		384,353
				4,307,056
Internet Application Software — 0.1%
Anaplan, Inc.†		9,157		398,421
Tucows, Inc., Class A†		4,842		286,888
VirnetX Holding Corp.†#		29,842		176,665
				861,974
Internet Connectivity Services — 0.2%
Boingo Wireless, Inc.†		20,884		394,708
Cogent Communications Holdings, Inc.		21,319		1,247,162
Internap Corp.†#		12,339		32,081
				1,673,951
Internet Content - Entertainment — 0.2%
Limelight Networks, Inc.†		56,408		173,737
Roku, Inc.†#		22,060		1,994,224
				2,167,961
Internet Content - Information/News — 0.2%
HealthStream, Inc.†		13,186		329,650
LiveXLive Media, Inc.†		14,989		56,658
TechTarget, Inc.†		10,452		197,543
Yelp, Inc.†		41,292		1,268,903
				1,852,754
Internet Security — 0.2%
Zix Corp.†		26,594		238,282
Zscaler, Inc.†#		30,945		2,123,756
				2,362,038

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Telephone — 0.1%
8x8, Inc.†#		47,849	$	1,154,596
Investment Companies — 0.0%
BrightSphere Investment Group PLC		40,962		439,932
PDL Community Bancorp†		4,473		62,980
				502,912
Investment Management/Advisor Services — 0.9%
Altisource Portfolio Solutions SA†		5,011		100,872
Artisan Partners Asset Management, Inc., Class A		24,458		578,432
Ashford, Inc.†#		337		15,003
Associated Capital Group, Inc., Class A#		1,187		44,287
B. Riley Financial, Inc.		10,583		209,861
Blucora, Inc.†		24,225		750,248
Boston Private Financial Holdings, Inc.		42,415		434,754
Cohen & Steers, Inc.		11,356		581,654
Columbia Financial, Inc.†		25,286		386,117
Federated Investors, Inc., Class B		49,307		1,505,343
Focus Financial Partners, Inc. Class A†#		13,426		376,599
GAMCO Investors, Inc., Class A		2,422		41,295
Hamilton Lane, Inc., Class A		8,497		417,713
Pzena Investment Management, Inc., Class A		8,800		77,792
Silvercrest Asset Management Group, Inc., Class A		4,235		56,537
Stifel Financial Corp.		35,329		1,894,694
Virtus Investment Partners, Inc.#		3,420		347,438
Waddell & Reed Financial, Inc., Class A		38,120		615,638
Westwood Holdings Group, Inc.		4,165		121,910
WisdomTree Investments, Inc.#		59,529		357,769
				8,913,956
Lasers - System/Components — 0.1%
II-VI, Inc.†#		31,989		1,005,414
Leisure Products — 0.0%
Escalade, Inc.		5,423		60,358
Johnson Outdoors, Inc., Class A		2,481		183,122
Marine Products Corp.		3,827		52,966
				296,446
Linen Supply & Related Items — 0.1%
UniFirst Corp.		7,767		1,233,244
Machine Tools & Related Products — 0.2%
Kennametal, Inc.		41,474		1,275,326
Milacron Holdings Corp.†		35,300		405,244
				1,680,570
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		11,515		338,886
Hyster-Yale Materials Handling, Inc.		5,277		232,083
				570,969
Machinery - Electrical — 0.1%
Babcock & Wilcox Enterprises, Inc.†#		16,312		7,014
Franklin Electric Co., Inc.		23,611		1,034,870
				1,041,884
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,904		465,537
Lindsay Corp.#		5,462		433,573
				899,110
Machinery - General Industrial — 0.6%
Albany International Corp., Class A		14,618		1,024,283
Altra Industrial Motion Corp.		30,558		958,604
Applied Industrial Technologies, Inc.		19,426		1,055,414
Chart Industries, Inc.†		15,682		1,201,712

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
DXP Enterprises, Inc.†		8,196	$	264,075
Gencor Industries, Inc.†		4,479		49,627
Kadant, Inc.		5,567		451,929
Manitowoc Co, Inc.†#		17,984		245,482
Tennant Co.		9,088		523,560
Twin Disc, Inc.†		4,880		70,370
				5,845,056
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		11,366		412,131
Machinery - Print Trade — 0.0%
Eastman Kodak Co.†#		8,610		20,061
Machinery - Pumps — 0.3%
Cactus, Inc., Class A†		19,339		629,485
CSW Industrials, Inc.		7,582		484,717
Gorman-Rupp Co.		8,982		266,496
Mueller Water Products, Inc., Class A		78,746		727,613
NN, Inc.#		21,436		166,129
SPX FLOW, Inc.†		21,459		766,086
				3,040,526
Marine Services — 0.0%
SEACOR Marine Holdings, Inc.†		8,405		115,737
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		18,904		453,507
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†		88,709		863,139
Castlight Health, Inc., Class B†		39,973		130,712
Computer Programs & Systems, Inc.		5,863		151,324
Inovalon Holdings, Inc., Class A†#		35,064		483,532
Medidata Solutions, Inc.†		29,390		2,678,898
NantHealth, Inc.†#		10,405		5,610
NextGen Healthcare, Inc.†		27,463		528,663
Tabula Rasa HealthCare, Inc.†#		9,010		406,982
				5,248,860
Medical Instruments — 0.4%
AngioDynamics, Inc.†		18,546		348,479
Endologix, Inc.†#		5,211		36,686
LivaNova PLC†		24,788		1,782,257
Natus Medical, Inc.†		16,641		414,361
NuVasive, Inc.†		26,173		1,516,987
TransEnterix, Inc.†#		84,105		112,701
				4,211,471
Medical Labs & Testing Services — 0.6%
Cellular Biomedicine Group, Inc.†#		5,906		94,260
Invitae Corp.†		36,083		629,648
Medpace Holdings, Inc.†		11,061		597,073
Miragen Therapeutics, Inc.†#		13,229		31,353
Natera, Inc.†		16,995		389,185
Neuronetics, Inc.†#		6,490		74,765
R1 RCM, Inc.†		52,392		615,082
SI-BONE, Inc.†		4,299		72,180
Syneos Health, Inc.†		31,566		1,301,466
Teladoc Health, Inc.†#		34,110		1,982,473
Vapotherm, Inc.†#		2,363		39,746
				5,827,231
Medical Laser Systems — 0.0%
Cutera, Inc.†		6,915		116,518
Medical Products — 2.0%
Accuray, Inc.†		43,677		162,042

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
AtriCure, Inc.†		18,764	$	549,785
Atrion Corp.		725		640,327
Avanos Medical, Inc.†		23,863		899,158
AxoGen, Inc.†		17,258		361,210
Axonics Modulation Technologies, Inc.†#		3,527		115,897
Cardiovascular Systems, Inc.†		17,242		671,576
Cerus Corp.†		68,496		321,246
CryoLife, Inc.†		18,103		520,461
CytoSorbents Corp.†#		15,137		95,514
FONAR Corp.†		3,168		60,826
Glaukos Corp.†		17,343		1,118,277
Globus Medical, Inc., Class A†		37,831		1,486,758
Haemonetics Corp.†		26,100		2,531,439
Inogen, Inc.†		9,104		586,935
Inspire Medical Systems, Inc.†		7,524		424,880
Integer Holdings Corp.†		15,839		1,110,314
Intersect ENT, Inc.†		15,236		359,265
Invacare Corp.#		16,769		99,440
iRadimed Corp.†#		1,829		38,171
iRhythm Technologies, Inc.†#		12,273		840,210
LeMaitre Vascular, Inc.		8,129		209,810
Luminex Corp.		21,105		445,316
NanoString Technologies, Inc.†		13,249		376,802
Nevro Corp.†		14,816		875,774
Novocure, Ltd.†		37,456		1,989,663
Nuvectra Corp.†		8,808		33,382
Orthofix Medical, Inc.†		8,900		439,037
OrthoPediatrics Corp.†		4,011		155,827
Pulse Biosciences, Inc.†#		5,408		64,517
Rockwell Medical, Inc.†#		24,181		111,233
RTI Surgical Holdings, Inc.†		28,415		120,195
SeaSpine Holdings Corp.†		7,538		102,743
Sientra, Inc.†#		11,986		69,759
Surmodics, Inc.†		6,711		272,198
T2 Biosystems, Inc.†#		15,808		30,826
Tactile Systems Technology, Inc.†#		8,947		429,724
Wright Medical Group NV†		63,288		1,944,207
				20,664,744
Medical - Biomedical/Gene — 4.8%
Abeona Therapeutics, Inc.†#		15,909		86,545
ACADIA Pharmaceuticals, Inc.†#		57,637		1,382,712
Acceleron Pharma, Inc.†#		22,174		884,521
Achillion Pharmaceuticals, Inc.†		69,204		192,387
Acorda Therapeutics, Inc.†		22,417		208,254
ADMA Biologics, Inc.†#		9,845		40,857
Aduro Biotech, Inc.†		32,650		106,113
Adverum Biotechnologies, Inc.†		27,708		278,465
Agenus, Inc.†#		46,951		119,725
AgeX Therapeutics, Inc.†#		4,924		13,836
Albireo Pharma, Inc.†		4,635		152,491
Alder Biopharmaceuticals, Inc.†#		29,652		320,835
Aldeyra Therapeutics, Inc.†#		10,753		74,948
Allakos, Inc.†#		7,230		283,416
Allena Pharmaceuticals, Inc.†		5,901		23,545
Allogene Therapeutics, Inc.†#		11,211		294,065
AMAG Pharmaceuticals, Inc.†#		17,468		166,470
Amicus Therapeutics, Inc.†		96,343		1,085,786
AnaptysBio, Inc.†#		10,750		782,707
ANI Pharmaceuticals, Inc.†		4,066		283,238
Apellis Pharmaceuticals, Inc.†		18,381		369,274
Aptinyx, Inc.†#		7,034		21,805
Aratana Therapeutics, Inc.†		23,591		109,226
Arbutus Biopharma Corp.†		17,971		32,707
Arcus Biosciences, Inc.†#		15,973		135,451

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Ardelyx, Inc.†		22,249	$	60,740
Arena Pharmaceuticals, Inc.†		25,265		1,339,298
ArQule, Inc.†#		55,188		396,802
Arrowhead Pharmaceuticals, Inc.†#		47,654		1,129,876
Assembly Biosciences, Inc.†		10,698		150,200
Atara Biotherapeutics, Inc.†#		21,349		474,161
Athersys, Inc.†#		59,298		98,435
Audentes Therapeutics, Inc.†		18,933		664,927
AVEO Pharmaceuticals, Inc.†#		54,549		46,705
Avid Bioservices, Inc.†		25,792		100,331
Avrobio, Inc.†#		6,473		91,658
BioCryst Pharmaceuticals, Inc.†		55,534		194,369
Biohaven Pharmaceutical Holding Co., Ltd.†		15,900		897,714
BioTime, Inc.†#		57,445		56,871
Blueprint Medicines Corp.†		22,990		1,747,240
Calithera Biosciences, Inc.†		16,817		88,457
Cambrex Corp.†		17,056		678,829
Cara Therapeutics, Inc.†#		16,580		340,885
CASI Pharmaceuticals, Inc.†#		25,398		80,512
ChemoCentryx, Inc.†		11,434		128,976
ChromaDex Corp.†#		19,587		77,956
Clearside Biomedical, Inc.†#		14,230		15,511
Cohbar, Inc.†#		12,068		20,757
Constellation Pharmaceuticals, Inc.†#		8,062		69,494
Crinetics Pharmaceuticals, Inc.†#		4,372		114,896
CTI Biopharma Corp.†#		25,998		21,321
Cue Biopharma, Inc.†#		9,250		76,405
Cymabay Therapeutics, Inc.†		30,333		366,423
CytomX Therapeutics, Inc.†		22,653		218,828
Deciphera Pharmaceuticals, Inc.†#		4,474		102,097
Denali Therapeutics, Inc.†#		23,192		442,271
Dicerna Pharmaceuticals, Inc.†		27,374		338,890
Dynavax Technologies Corp.†#		31,731		152,943
Editas Medicine, Inc.†#		23,528		483,500
Eidos Therapeutics, Inc.†#		8,270		258,107
ElectroCore, Inc.†#		6,193		10,590
Emergent BioSolutions, Inc.†		23,153		924,268
Enzo Biochem, Inc.†		22,414		72,173
Epizyme, Inc.†		30,322		416,624
Equillium, Inc.†#		2,655		17,125
Esperion Therapeutics, Inc.†#		11,645		554,302
Evelo Biosciences, Inc.†#		7,016		52,480
Evolus, Inc.†		4,738		64,437
Fate Therapeutics, Inc.†		30,871		595,193
FibroGen, Inc.†		38,710		1,402,850
Five Prime Therapeutics, Inc.†#		17,069		143,380
Forty Seven, Inc.†#		7,126		80,595
Geron Corp.†#		87,249		126,511
GlycoMimetics, Inc.†		17,336		205,258
Gossamer Bio, Inc.†		5,651		103,470
GTx, Inc.†#		2,579		3,043
Guardant Health, Inc.†#		7,384		567,682
Halozyme Therapeutics, Inc.†		63,506		936,713
Harvard Bioscience, Inc.†		18,534		42,072
Helius Medical Technologies, Inc.†#		9,093		23,733
Homology Medicines, Inc.†		8,743		176,958
Idera Pharmaceuticals, Inc.†#		9,714		24,674
Immunic, Inc.†		387		3,638
ImmunoGen, Inc.†#		73,061		131,510
Immunomedics, Inc.†#		76,332		997,659
Innovate Biopharmaceuticals, Inc.†#		10,482		13,417
Innoviva, Inc.†		35,086		479,626
Inovio Pharmaceuticals, Inc.†#		44,236		105,724
Insmed, Inc.†#		38,975		943,585
Intercept Pharmaceuticals, Inc.†#		11,148		923,277

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Intrexon Corp.†#		37,474	$	181,374
Iovance Biotherapeutics, Inc.†#		53,885		881,020
Karyopharm Therapeutics, Inc.†#		25,002		141,011
Kezar Life Sciences, Inc.†#		6,408		60,684
Kindred Biosciences, Inc.†#		18,053		143,341
Kiniksa Pharmaceuticals, Ltd., Class A†#		6,033		92,003
Lexicon Pharmaceuticals, Inc.†#		21,992		118,317
Ligand Pharmaceuticals, Inc.†#		10,648		1,143,382
Liquidia Technologies, Inc.†		3,622		35,966
LogicBio Therapeutics, Inc.†#		3,988		60,498
MacroGenics, Inc.†		19,951		365,901
Magenta Therapeutics, Inc.†		7,334		107,516
Medicines Co.†#		35,037		1,249,069
MeiraGTx Holdings PLC†		6,118		134,657
Menlo Therapeutics, Inc.†		4,952		33,327
Mersana Therapeutics, Inc.†		6,409		27,751
Molecular Templates, Inc.†		6,201		49,980
Mustang Bio, Inc.†		8,216		28,181
Myriad Genetics, Inc.†		34,998		866,900
NantKwest, Inc.†#		14,353		14,784
NeoGenomics, Inc.†		41,764		906,696
Neon Therapeutics, Inc.†#		7,440		36,307
NewLink Genetics Corp.†#		14,815		26,074
Novavax, Inc.†#		9,700		55,096
Nymox Pharmaceutical Corp.†#		16,480		26,203
Omeros Corp.†#		23,668		420,817
Organovo Holdings, Inc.†#		61,153		33,818
Osmotica Pharmaceuticals PLC†#		4,964		11,914
Ovid therapeutics, Inc.†#		6,705		10,728
Pacific Biosciences of California, Inc.†		70,347		471,325
Palatin Technologies, Inc.†#		103,148		138,218
PDL BioPharma, Inc.†		72,962		205,753
Pfenex, Inc.†		14,484		94,291
Pieris Pharmaceuticals, Inc.†		26,426		109,404
PolarityTE, Inc.†#		5,171		32,422
Prothena Corp. PLC†		20,449		190,585
PTC Therapeutics, Inc.†		26,181		1,049,858
Puma Biotechnology, Inc.†		14,820		219,188
Radius Health, Inc.†		20,595		428,170
REGENXBIO, Inc.†		16,327		702,388
Replimune Group, Inc.†#		5,972		80,741
resTORbio, Inc.†		3,915		28,227
Retrophin, Inc.†		21,010		389,315
Rigel Pharmaceuticals, Inc.†		85,448		182,004
Rocket Pharmaceuticals, Inc.†		12,077		197,217
Rubius Therapeutics, Inc.†#		17,347		250,838
Sangamo Therapeutics, Inc.†#		51,616		451,640
Savara, Inc.†		14,585		158,101
Scholar Rock Holding Corp.†#		7,582		139,054
Selecta Biosciences, Inc.†#		17,410		34,646
Sienna Biopharmaceuticals, Inc.†#		8,001		9,361
Solid Biosciences, Inc.†#		6,203		34,303
Sorrento Therapeutics, Inc.†#		58,284		163,778
Spark Therapeutics, Inc.†#		16,008		1,744,872
Stemline Therapeutics, Inc.†#		19,462		255,536
Surface Oncology, Inc.†#		5,753		20,998
Syndax Pharmaceuticals, Inc.†		7,584		55,363
Synlogic, Inc.†		7,840		58,408
Synthorx, Inc.†#		3,722		53,411
Theravance Biopharma, Inc.†#		22,031		366,155
Tobira Therapeutics, Inc. CVR†(1)		4,989		0
Tocagen, Inc.†		10,457		53,226
Translate Bio, Inc.†#		15,033		157,546
Twist Bioscience Corp.†		2,697		69,610
Tyme Technologies, Inc.†		52,917		61,913

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Ultragenyx Pharmaceutical, Inc.†#		26,757	$	1,469,762
UNITY Biotechnology, Inc.†#		12,667		103,363
Veracyte, Inc.†		14,400		326,304
Verastem, Inc.†#		34,971		46,162
Vericel Corp.†		22,186		347,211
Viking Therapeutics, Inc.†#		31,093		239,105
WaVe Life Sciences, Ltd.†#		10,286		235,858
X4 Pharmaceuticals, Inc.†		440		6,763
XOMA Corp.†#		3,239		60,634
Y-mAbs Therapeutics, Inc.†		3,545		72,212
Zeneca, Inc. CVR†(1)		3,950		2,429
ZIOPHARM Oncology, Inc.†#		66,964		286,606
Zomedica Pharmaceuticals Corp.†#		22,451		6,632
				48,242,552
Medical - Drugs — 2.4%
Aclaris Therapeutics, Inc.†#		18,018		84,324
Adamas Pharmaceuticals, Inc.†#		11,326		53,232
Aeglea BioTherapeutics, Inc.†		9,716		60,628
Aerie Pharmaceuticals, Inc.†		18,105		659,384
Aimmune Therapeutics, Inc.†#		22,280		436,020
Akcea Therapeutics, Inc.†#		6,768		142,399
Akorn, Inc.†		47,525		195,803
Alector, Inc.†#		2,827		47,805
Amphastar Pharmaceuticals, Inc.†		17,895		344,479
Ampio Pharmaceuticals, Inc.†#		49,824		25,908
Aquestive Therapeutics, Inc.†#		5,756		21,412
Array BioPharma, Inc.†		107,506		2,840,309
Athenex, Inc.†#		22,373		323,290
Bellicum Pharmaceuticals, Inc.†		20,498		42,226
BioSpecifics Technologies Corp.†		2,928		173,191
Catalyst Biosciences, Inc.†		6,048		47,537
Catalyst Pharmaceuticals, Inc.†#		49,092		171,822
Chimerix, Inc.†		23,826		81,008
Clovis Oncology, Inc.†#		24,232		358,149
Coherus Biosciences, Inc.†#		26,420		499,338
Collegium Pharmaceutical, Inc.†		14,935		171,902
Concert Pharmaceuticals, Inc.†		10,836		110,419
Corbus Pharmaceuticals Holdings, Inc.†#		27,829		195,081
Corcept Therapeutics, Inc.†#		49,715		486,213
Corium International, Inc.†#(1)		14,912		2,684
Corvus Pharmaceuticals, Inc.†#		7,058		26,609
Cyclerion Therapeutics, Inc.†		7,160		99,882
Cytokinetics, Inc.†		23,401		242,668
Dova Pharmaceuticals, Inc.†#		5,995		52,876
Durect Corp.†		79,775		43,573
Eagle Pharmaceuticals, Inc.†#		5,378		273,256
Eloxx Pharmaceuticals, Inc.†#		11,415		102,621
Enanta Pharmaceuticals, Inc.†		8,526		771,347
Fortress Biotech, Inc.†#		18,568		32,123
Global Blood Therapeutics, Inc.†#		27,248		1,656,133
Gritstone Oncology, Inc.†#		3,522		32,790
Harpoon Therapeutics, Inc.†#		1,306		15,711
Horizon Therapeutics PLC†		91,724		2,185,783
Insys Therapeutics, Inc.†#		13,681		10,363
Intellia Therapeutics, Inc.†#		16,909		234,697
Intra-Cellular Therapies, Inc.†		22,796		296,120
Ironwood Pharmaceuticals, Inc.†#		71,599		782,577
Jounce Therapeutics, Inc.†		8,024		35,707
Kadmon Holdings, Inc.†#		50,747		112,658
Kala Pharmaceuticals, Inc.†#		8,152		45,081
Kura Oncology, Inc.†#		14,400		230,256
Lannett Co., Inc.†		15,142		79,647
Madrigal Pharmaceuticals, Inc.†#		3,530		326,172
Mallinckrodt PLC†#		41,897		364,085

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Marinus Pharmaceuticals, Inc.†#		24,018	$	103,518
MediciNova, Inc.†#		20,287		201,247
Melinta Therapeutics, Inc.†#		3,535		7,530
Minerva Neurosciences, Inc.†		15,579		81,167
MyoKardia, Inc.†#		17,315		806,533
Neos Therapeutics, Inc.†#		24,143		34,524
Ocular Therapeutix, Inc.†#		18,097		52,481
Odonate Therapeutics, Inc.†#		3,452		74,183
Optinose, Inc.†#		9,768		74,139
Pacira BioSciences, Inc.†		20,308		883,601
Paratek Pharmaceuticals, Inc.†#		16,378		59,452
Phibro Animal Health Corp., Class A		10,362		306,508
Prestige Consumer Healthcare, Inc.†#		26,483		768,801
Principia Biopharma, Inc.†		2,907		85,059
Progenics Pharmaceuticals, Inc.†#		42,936		179,902
Ra Pharmaceuticals, Inc.†		9,571		207,021
Reata Pharmaceuticals, Inc., Class A†#		9,619		820,212
Rhythm Pharmaceuticals, Inc.†		7,748		195,172
scPharmaceuticals, Inc.†#		3,462		11,771
Seres Therapeutics, Inc.†#		10,480		35,737
SIGA Technologies, Inc.†#		26,848		143,368
Spectrum Pharmaceuticals, Inc.†		51,319		377,708
Spero Therapeutics, Inc.†		4,057		45,682
Spring Bank Pharmaceuticals, Inc.†#		7,051		39,556
Supernus Pharmaceuticals, Inc.†		24,923		748,438
Sutro Biopharma, Inc.†#		3,253		37,247
Syros Pharmaceuticals, Inc.†		12,875		75,962
Tetraphase Pharmaceuticals, Inc.†		27,268		22,063
TG Therapeutics, Inc.†#		31,965		200,421
TherapeuticsMD, Inc.†#		93,957		287,508
Tricida, Inc.†#		9,111		334,738
Vanda Pharmaceuticals, Inc.†		26,134		383,647
Verrica Pharmaceuticals, Inc.†#		5,476		39,044
Voyager Therapeutics, Inc.†#		10,918		238,122
Xeris Pharmaceuticals, Inc.†#		10,422		114,329
Zogenix, Inc.†#		21,361		805,096
				24,508,785
Medical - Generic Drugs — 0.2%
Amneal Pharmaceuticals, Inc.†		44,241		333,577
Arvinas, Inc.†		3,956		82,759
Endo International PLC†		114,047		564,533
Kodiak Sciences, Inc.†#		4,829		47,711
Momenta Pharmaceuticals, Inc.†		49,564		576,429
Teligent, Inc.†#		20,934		13,609
Unum Therapeutics, Inc.†		9,809		30,604
				1,649,222
Medical - HMO — 0.2%
Magellan Health, Inc.†		12,340		814,810
Tivity Health, Inc.†#		24,165		442,219
Triple-S Management Corp., Class B†		11,067		271,142
				1,528,171
Medical - Hospitals — 0.2%
Community Health Systems, Inc.†#		43,606		115,992
Quorum Health Corp.†#		15,214		26,777
Select Medical Holdings Corp.†		55,190		775,419
Surgery Partners, Inc.†		9,474		81,192
Tenet Healthcare Corp.†		42,606		850,416
				1,849,796
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		25,341		1,349,662
Genesis Healthcare, Inc.†#		29,063		32,841

Security Description	Shares		Value (Note 2)
Medical - Nursing Homes (continued)
National HealthCare Corp.		6,175	$	479,612
				1,862,115
Medical - Outpatient/Home Medical — 0.4%
Addus HomeCare Corp.†		4,938		337,660
Amedisys, Inc.†		13,610		1,528,539
LHC Group, Inc.†		15,006		1,699,880
Providence Service Corp.†		5,675		367,059
				3,933,138
Medical - Wholesale Drug Distribution — 0.0%
Diplomat Pharmacy, Inc.†#		28,892		133,481
Owens & Minor, Inc.		31,089		83,629
				217,110
Metal Processors & Fabrication — 0.6%
AZZ, Inc.		13,178		554,530
CIRCOR International, Inc.†		8,274		349,659
Global Brass & Copper Holdings, Inc.		11,073		483,115
Lawson Products, Inc.†		3,401		124,749
LB Foster Co., Class A†		5,072		122,590
Mueller Industries, Inc.		28,859		777,750
RBC Bearings, Inc.†		12,164		1,730,937
Rexnord Corp.†		53,219		1,400,192
Sun Hydraulics Corp.		14,722		614,644
				6,158,166
Metal Products - Distribution — 0.1%
Olympic Steel, Inc.		4,688		58,038
Ryerson Holding Corp.†		8,104		62,563
Worthington Industries, Inc.		20,774		709,224
				829,825
Metal Products - Fasteners — 0.1%
Eastern Co.		2,776		67,512
TriMas Corp.†		23,332		668,462
				735,974
Metal - Aluminum — 0.1%
Century Aluminum Co.†#		25,424		142,120
Kaiser Aluminum Corp.		8,205		731,230
				873,350
Metal - Diversified — 0.0%
Ferroglobe Representation & Warranty Trust†(1)		36,833		0
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc.#		148,975		1,296,083
Miscellaneous Manufacturing — 0.3%
FreightCar America, Inc.†#		6,078		36,650
Hillenbrand, Inc.		31,960		1,189,871
John Bean Technologies Corp.		15,938		1,634,442
				2,860,963
Motion Pictures & Services — 0.1%
Eros International PLC†#		17,476		135,089
IMAX Corp.†		27,301		594,070
				729,159
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		20,436		246,867
Multimedia — 0.1%
E.W. Scripps Co., Class A		22,879		348,218
Entravision Communications Corp., Class A		32,781		96,376
Liberty Media Corp. - Liberty Braves, Series A†		5,061		134,319

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia (continued)
Liberty Media Corp. - Liberty Braves, Series C†		18,144	$	482,812
Media General, Inc. CVR†#(1)		61,443		0
				1,061,725
Networking Products — 0.1%
A10 Networks, Inc.†		26,534		161,592
Calix, Inc.†		22,764		137,722
Extreme Networks, Inc.†		58,857		331,365
Infinera Corp.†		76,778		238,780
NeoPhotonics Corp.†		18,182		70,728
NETGEAR, Inc.†		15,904		400,781
				1,340,968
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		4,613		75,007
Non-Ferrous Metals — 0.0%
Energy Fuels, Inc.†#		43,343		117,893
Uranium Energy Corp.†#		88,661		119,692
				237,585
Non-Hazardous Waste Disposal — 0.3%
Advanced Disposal Services, Inc.†		36,891		1,185,677
Casella Waste Systems, Inc., Class A†		22,144		857,415
Charah Solutions, Inc.†#		4,350		20,271
Covanta Holding Corp.		59,851		1,009,088
				3,072,451
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		95,786		349,619
Office Furnishings - Original — 0.4%
CompX International, Inc.		840		12,885
Herman Miller, Inc.		29,908		1,061,435
HNI Corp.		22,099		732,803
Interface, Inc.		30,066		435,055
Kimball International, Inc., Class B		18,217		281,270
Knoll, Inc.		24,648		484,087
Steelcase, Inc., Class A		43,666		700,403
				3,707,938
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		51,805		380,767
Oil & Gas Drilling — 0.1%
Diamond Offshore Drilling, Inc.†#		32,990		259,632
Noble Corp. PLC†#		125,579		243,623
Quintana Energy Services, Inc.†		3,168		8,395
				511,650
Oil Companies - Exploration & Production — 1.0%
Abraxas Petroleum Corp.†		80,912		77,279
Alta Mesa Resources, Inc., Class A†#		50,718		7,349
Approach Resources, Inc.†#		22,926		4,902
Berry Petroleum Corp.#		28,206		303,214
Bonanza Creek Energy, Inc.†		9,593		187,351
California Resources Corp.†#		23,002		372,632
Callon Petroleum Co.†#		116,249		726,556
Carrizo Oil & Gas, Inc.†#		44,503		453,041
Denbury Resources, Inc.†#		234,002		336,963
DLB Oil & Gas, Inc.†(1)		3,000		0
Earthstone Energy, Inc., Class A†		9,811		53,666
Evolution Petroleum Corp.		12,964		79,210
Goodrich Petroleum Corp.†		4,513		52,215
Gulfport Energy Corp.†		88,927		486,431
Halcon Resources Corp.†#		67,929		14,523
HighPoint Resources Corp.†		55,354		103,512

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Isramco, Inc.†		377	$	44,757
Jagged Peak Energy, Inc.†#		32,680		271,244
Laredo Petroleum, Inc.†		79,182		209,040
Lilis Energy, Inc.†#		22,638		16,526
Mammoth Energy Services, Inc.#		6,365		66,833
Matador Resources Co.†#		53,649		881,990
Midstates Petroleum Co., Inc.†		7,629		51,038
Montage Resources Corp.†		2,986		23,321
Northern Oil and Gas, Inc.†#		98,985		196,980
Oasis Petroleum, Inc.†		137,187		713,372
Panhandle Oil and Gas, Inc., Class A		8,023		106,305
PDC Energy, Inc.†		33,739		1,029,714
Penn Virginia Corp.†#		6,318		192,699
Ring Energy, Inc.†		29,139		103,152
Rosehill Resources, Inc.†#		1,243		3,841
SandRidge Energy, Inc.†		15,603		107,505
SilverBow Resources, Inc.†		3,607		51,472
Southwestern Energy Co.†#		300,181		1,077,650
SRC Energy, Inc.†#		123,157		583,764
Talos Energy, Inc.†		10,256		239,375
Tellurian, Inc.†#		43,337		333,262
Ultra Petroleum Corp.†#		81,042		29,945
Unit Corp.†		26,642		256,296
W&T Offshore, Inc.†		47,332		198,794
Zion Oil & Gas, Inc.†#		27,741		12,478
				10,060,197
Oil Field Machinery & Equipment — 0.2%
Dril-Quip, Inc.†		18,179		749,884
Exterran Corp.†		16,493		227,603
Flotek Industries, Inc.†		28,009		85,147
Forum Energy Technologies, Inc.†		41,244		157,552
Natural Gas Services Group, Inc.†		6,352		96,741
Smart Sand, Inc.†		11,325		37,712
Thermon Group Holdings, Inc.†		16,494		362,538
US Silica Holdings, Inc.#		39,867		413,820
				2,130,997
Oil Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,101		37,489
CVR Energy, Inc.		9,297		394,844
Delek US Holdings, Inc.		41,491		1,270,039
Murphy USA, Inc.†		15,315		1,229,182
Par Pacific Holdings, Inc.†		16,214		317,794
Trecora Resources†		10,552		100,033
				3,349,381
Oil - Field Services — 0.8%
Archrock, Inc.		64,737		574,217
Basic Energy Services, Inc.†		9,765		18,651
C&J Energy Services, Inc.†		32,321		382,681
CARBO Ceramics, Inc.†#		10,488		15,103
DMC Global, Inc.		7,267		491,540
Era Group, Inc.†		10,272		75,499
Frank’s International NV†#		37,265		212,038
FTS International, Inc.†		16,561		101,850
Helix Energy Solutions Group, Inc.†		71,629		484,212
Independence Contract Drilling, Inc.†		24,807		49,366
ION Geophysical Corp.†#		5,411		36,741
Keane Group, Inc.†		26,036		191,104
Key Energy Services, Inc.†#		5,202		8,843
KLX Energy Services Holdings, Inc.†		10,238		201,689
Liberty Oilfield Services, Inc., Class A#		22,545		287,449
Matrix Service Co.†		13,474		243,879
McDermott International, Inc.†#		91,336		551,669

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services (continued)
MRC Global, Inc.†		42,783	$	633,188
NCS Multistage Holdings, Inc.†		4,977		13,289
Newpark Resources, Inc.†		45,377		317,185
Nine Energy Service, Inc.†		7,560		127,764
NOW, Inc.†		54,918		715,582
Nuverra Environmental Solutions, Inc.†		866		3,343
Oceaneering International, Inc.†		50,333		825,461
Oil States International, Inc.†		30,350		505,024
Pioneer Energy Services Corp.†		38,828		12,231
Profire Energy, Inc.†		12,173		18,259
ProPetro Holding Corp.†		36,086		700,790
Select Energy Services, Inc., Class A†		23,367		250,027
Solaris Oilfield Infrastructure, Inc., Class A#		13,644		194,154
Superior Energy Services, Inc.†		78,077		126,485
TETRA Technologies, Inc.†		61,970		95,434
				8,464,747
Optical Supplies — 0.1%
STAAR Surgical Co.†		22,374		518,406
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		8,224		132,489
Neenah, Inc.		8,489		485,231
P.H. Glatfelter Co.		22,119		322,495
Schweitzer-Mauduit International, Inc.		15,639		489,344
Verso Corp., Class A†		17,550		302,211
				1,731,770
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		83,441		1,577,035
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†		17,867		564,955
Pharmacy Services — 0.0%
BioScrip, Inc.†		64,404		133,316
Physical Therapy/Rehabilitation Centers — 0.1%
AAC Holdings, Inc.†#		6,701		6,031
U.S. Physical Therapy, Inc.		6,346		708,912
				714,943
Physicians Practice Management — 0.0%
Apollo Medical Holdings, Inc.†#		1,729		30,845
Pipelines — 0.1%
NextDecade Corp.†#		3,983		21,628
SemGroup Corp., Class A		40,277		507,893
				529,521
Pollution Control — 0.0%
CECO Environmental Corp.†		15,439		136,635
Poultry — 0.1%
Sanderson Farms, Inc.#		10,084		1,378,584
Power Converter/Supply Equipment — 0.2%
Energous Corp.†#		12,152		50,066
Generac Holdings, Inc.†		30,877		1,702,866
Powell Industries, Inc.		4,501		154,924
SunPower Corp.†#		31,358		233,931
Vicor Corp.†		8,889		269,426
				2,411,213
Precious Metals — 0.1%
Coeur Mining, Inc.†#		96,390		273,747
Hecla Mining Co.#		233,286		305,605
				579,352

Security Description	Shares		Value (Note 2)
Printing - Commercial — 0.2%
Cimpress NV†#		11,212	$	981,050
Ennis, Inc.		13,046		241,612
LSC Communications, Inc.		16,687		80,932
Quad/Graphics, Inc.#		15,906		133,133
RR Donnelley & Sons Co.		35,954		79,818
				1,516,545
Private Equity — 0.2%
Kennedy-Wilson Holdings, Inc.		63,788		1,310,843
NexPoint Residential Trust, Inc.		9,584		384,127
				1,694,970
Protection/Safety — 0.0%
ShotSpotter, Inc.†#		3,733		171,718
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		52,676		297,093
Scholastic Corp.		14,491		479,507
Tribune Publishing Co†.		8,771		86,131
				862,731
Publishing - Newspapers — 0.3%
Gannett Co., Inc.		57,670		453,286
New York Times Co., Class A		66,882		2,128,185
				2,581,471
Publishing - Periodicals — 0.1%
Meredith Corp.		20,077		1,039,386
Value Line, Inc.		551		13,439
				1,052,825
Quarrying — 0.1%
Compass Minerals International, Inc.#		17,350		885,024
Racetracks — 0.3%
Churchill Downs, Inc.		17,986		1,773,060
Empire Resorts, Inc.†		1,888		23,053
International Speedway Corp., Class A		11,954		535,061
Penn National Gaming, Inc.†		55,957		1,054,789
Speedway Motorsports, Inc.		5,829		105,855
				3,491,818
Radio — 0.0%
Beasley Broadcast Group, Inc., Class A		4,053		12,848
Entercom Communications Corp., Class A#		65,174		377,358
Saga Communications, Inc., Class A		1,942		56,512
				446,718
Real Estate Investment Trusts — 8.1%
Acadia Realty Trust		41,013		1,121,706
AG Mtg. Investment Trust, Inc.		14,579		224,808
Agree Realty Corp.		17,062		1,142,301
Alexander & Baldwin, Inc.		34,767		802,075
Alexander’s, Inc.		1,084		398,912
American Assets Trust, Inc.		19,596		889,462
Americold Realty Trust#		80,381		2,515,925
Anworth Mtg. Asset Corp.		49,573		187,882
Apollo Commercial Real Estate Finance, Inc.		69,866		1,284,137
Arbor Realty Trust, Inc.#		37,248		458,523
Ares Commercial Real Estate Corp.		13,639		200,221
Arlington Asset Investment Corp., Class A#		15,151		101,360
Armada Hoffler Properties, Inc.		25,131		414,662
ARMOUR Residential REIT, Inc.		26,026		452,852
Ashford Hospitality Trust, Inc.		44,308		197,614
Blackstone Mtg. Trust, Inc., Class A#		58,187		2,051,674
Bluerock Residential Growth REIT, Inc.		12,164		139,156
Braemar Hotels & Resorts, Inc.		14,891		155,462

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
BRT Apartments Corp.		4,962	$	62,620
Capstead Mtg. Corp.		43,212		341,807
CareTrust REIT, Inc.		42,381		1,030,282
CatchMark Timber Trust, Inc., Class A		25,001		235,259
CBL & Associates Properties, Inc.#		86,208		70,199
Cedar Realty Trust, Inc.		45,030		127,435
Chatham Lodging Trust		23,355		444,679
Cherry Hill Mtg. Investment Corp.		8,250		134,475
Chesapeake Lodging Trust		30,200		868,854
City Office REIT, Inc.		19,768		233,065
Clipper Realty, Inc.		7,565		96,605
Colony Credit Real Estate, Inc.		42,751		650,243
Community Healthcare Trust, Inc.		9,042		353,814
CoreCivic, Inc.		60,470		1,324,293
CorEnergy Infrastructure Trust, Inc.#		6,054		233,624
CorePoint Lodging, Inc.		21,062		255,271
Cousins Properties, Inc.		214,096		1,937,569
DiamondRock Hospitality Co.		105,548		1,045,981
Dynex Capital, Inc.#		34,966		192,313
Easterly Government Properties, Inc.		30,818		567,359
EastGroup Properties, Inc.		17,910		1,988,010
Essential Properties Realty Trust, Inc.		18,120		385,231
Exantas Capital Corp.		15,454		168,449
Farmland Partners, Inc.#		15,332		94,905
First Industrial Realty Trust, Inc.		63,417		2,201,204
Four Corners Property Trust, Inc.		34,488		991,875
Franklin Street Properties Corp.		53,077		384,278
Front Yard Residential Corp.		25,107		287,224
GEO Group, Inc.		61,185		1,341,787
Getty Realty Corp.		16,674		516,227
Gladstone Commercial Corp.		14,596		307,538
Gladstone Land Corp.#		7,363		91,301
Global Medical REIT, Inc.		11,496		122,547
Global Net Lease, Inc.		38,991		717,824
Granite Point Mtg. Trust, Inc.		25,721		478,153
Great Ajax Corp.#		8,180		103,886
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		30,290		784,814
Healthcare Realty Trust, Inc.		63,129		2,035,279
Hersha Hospitality Trust		18,126		309,048
Independence Realty Trust, Inc.		45,402		498,514
Industrial Logistics Properties Trust		32,900		620,494
Innovative Industrial Properties, Inc.#		4,710		395,781
Invesco Mtg. Capital, Inc.		65,425		1,006,891
Investors Real Estate Trust		6,105		353,418
iStar, Inc.#		33,130		364,761
Jernigan Capital, Inc.		9,632		203,428
Kite Realty Group Trust		42,126		640,315
KKR Real Estate Finance Trust, Inc.		10,936		216,314
Ladder Capital Corp.		46,976		746,918
Lexington Realty Trust		107,994		990,305
LTC Properties, Inc.		20,028		896,253
Mack-Cali Realty Corp.		46,065		1,046,597
Monmouth Real Estate Investment Corp.		45,398		632,848
National Health Investors, Inc.		20,818		1,635,254
National Storage Affiliates Trust		28,821		858,578
New Senior Investment Group, Inc.		37,992		250,367
New York Mortgage Trust, Inc.#		86,615		523,155
NorthStar Realty Europe Corp.		22,743		374,577
Office Properties Income Trust		24,269		580,272
One Liberty Properties, Inc.		7,721		220,357
Orchid Island Capital, Inc.#		24,915		151,483
Pebblebrook Hotel Trust		66,104		1,839,674
Pennsylvania Real Estate Investment Trust#		35,024		224,504
PennyMac Mtg. Investment Trust		30,507		634,546
Physicians Realty Trust		93,001		1,702,848

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Piedmont Office Realty Trust, Inc., Class A		64,251	$	1,306,223
PotlatchDeltic Corp.		33,759		1,135,990
Preferred Apartment Communities, Inc., Class A#		20,849		327,329
PS Business Parks, Inc.		10,136		1,631,085
QTS Realty Trust, Inc., Class A		25,938		1,197,558
Ready Capital Corp.		15,027		218,943
Redwood Trust, Inc.		48,625		774,596
Retail Opportunity Investments Corp.		57,194		957,428
Rexford Industrial Realty, Inc.		46,980		1,775,844
RLJ Lodging Trust		88,531		1,520,077
RPT Realty#		40,389		491,534
Ryman Hospitality Properties, Inc.		22,772		1,820,621
Sabra Health Care REIT, Inc.		90,578		1,747,250
Saul Centers, Inc.		6,006		322,462
Seritage Growth Properties, Class A#		16,630		695,467
Spirit MTA REIT		21,909		154,020
STAG Industrial, Inc.		49,821		1,453,777
Summit Hotel Properties, Inc.		52,647		601,755
Sunstone Hotel Investors, Inc.		116,188		1,559,243
Tanger Factory Outlet Centers, Inc.#		46,785		793,474
Terreno Realty Corp.		30,581		1,397,858
Tier REIT, Inc.		27,306		735,078
TPG RE Finance Trust, Inc.		17,893		343,009
UMH Properties, Inc.		17,185		228,732
Universal Health Realty Income Trust		6,525		534,854
Urban Edge Properties		55,698		960,791
Urstadt Biddle Properties, Inc., Class A		15,051		329,316
Washington Prime Group, Inc.#		95,160		390,156
Washington Real Estate Investment Trust		40,738		1,084,038
Western Asset Mtg. Capital Corp.		23,809		230,709
Whitestone REIT#		19,430		246,178
Xenia Hotels & Resorts, Inc.		57,367		1,199,544
				82,027,450
Real Estate Management/Services — 0.3%
Cushman & Wakefield PLC†		32,406		546,365
HFF, Inc., Class A		19,112		825,256
Marcus & Millichap, Inc.†		9,898		302,285
Maui Land & Pineapple Co., Inc.†		3,452		35,625
Newmark Group, Inc., Class A		76,044		606,831
RE/MAX Holdings, Inc., Class A		9,077		268,861
Redfin Corp.†#		40,305		635,207
RMR Group, Inc., Class A		3,585		172,869
Safehold, Inc.		4,026		109,869
				3,503,168
Real Estate Operations & Development — 0.1%
American Realty Investors, Inc.†#		1,053		12,141
Consolidated-Tomoka Land Co.		1,924		115,055
Forestar Group, Inc.†		5,367		96,123
FRP Holdings, Inc.†		3,602		167,565
Griffin Industrial Realty, Inc.		424		15,752
Legacy Housing Corp.†#		2,363		30,530
McGrath RentCorp		12,272		690,055
Stratus Properties, Inc.†		2,987		83,935
Transcontinental Realty Investors, Inc.†		852		23,438
Trinity Place Holdings, Inc.†		8,929		36,430
				1,271,024
Recreational Centers — 0.3%
Planet Fitness, Inc., Class A†		45,028		3,443,291
Town Sports International Holdings, Inc.†		7,373		18,949
				3,462,240

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Recreational Vehicles — 0.1%
Camping World Holdings, Inc., Class A#		16,499	$	173,735
Malibu Boats, Inc., Class A†		10,572		379,535
MasterCraft Boat Holdings, Inc.†		9,384		186,366
				739,636
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		35,246		1,877,202
Avis Budget Group, Inc.†		33,192		941,325
CAI International, Inc.†		8,762		197,320
Herc Holdings, Inc.†		12,225		416,017
Hertz Global Holdings, Inc.†		27,911		392,708
Rent-A-Center, Inc.†		22,584		538,854
Textainer Group Holdings, Ltd.†		13,878		128,510
				4,491,936
Resorts/Theme Parks — 0.3%
Marriott Vacations Worldwide Corp.		19,809		1,780,829
SeaWorld Entertainment, Inc.†		27,952		894,464
				2,675,293
Retail - Apparel/Shoe — 0.7%
Abercrombie & Fitch Co., Class A		33,600		581,280
American Eagle Outfitters, Inc.		82,120		1,428,888
Ascena Retail Group, Inc.†		89,136		93,593
Boot Barn Holdings, Inc.†		14,252		372,405
Buckle, Inc.		14,662		220,663
Caleres, Inc.		21,427		404,113
Cato Corp., Class A		11,324		140,304
Chico’s FAS, Inc.		63,307		213,345
Children’s Place, Inc.#		8,003		741,558
Designer Brands, Inc.		34,966		632,535
Duluth Holdings, Inc., Class B†#		4,200		62,790
Express, Inc.†		34,070		102,551
Francesca’s Holdings Corp.†#		17,728		8,447
Genesco, Inc.†		10,030		451,149
Guess?, Inc.		29,316		474,040
J. Jill, Inc.#		8,362		12,376
RTW RetailWinds, Inc.†		14,888		28,436
Shoe Carnival, Inc.#		5,157		132,483
Tailored Brands, Inc.#		25,286		133,004
Tilly’s, Inc., Class A		10,441		81,440
Vera Bradley, Inc.†		11,228		122,947
Winmark Corp.		1,285		211,819
				6,650,166
Retail - Appliances — 0.0%
Conn’s, Inc.†		10,003		179,554
Retail - Automobile — 0.5%
America’s Car-Mart, Inc.†		2,937		252,876
Asbury Automotive Group, Inc.†		9,877		732,775
Carvana Co.†#		16,483		954,036
Group 1 Automotive, Inc.		9,398		678,441
Lithia Motors, Inc., Class A#		11,319		1,292,064
Rush Enterprises, Inc., Class A		15,299		539,596
Rush Enterprises, Inc., Class B		2,239		80,425
Sonic Automotive, Inc., Class A#		12,203		212,698
				4,742,911
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		67,083		851,283
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		19,814		62,810
Barnes & Noble, Inc.#		30,346		133,219
				196,029

Security Description	Shares		Value (Note 2)
Retail - Building Products — 0.3%
At Home Group, Inc.†#		22,850	$	435,293
Beacon Roofing Supply, Inc.†		34,708		1,199,508
BMC Stock Holdings, Inc.†		34,312		687,269
Foundation Building Materials, Inc.†		7,505		113,851
GMS, Inc.†		16,580		279,207
Tile Shop Holdings, Inc.		20,465		85,544
				2,800,672
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		5,810		184,409
Retail - Discount — 0.5%
Big Lots, Inc.		20,445		564,282
BJ’s Wholesale Club Holdings, Inc.†		64,947		1,622,376
Citi Trends, Inc.		6,105		83,516
Ollie’s Bargain Outlet Holdings, Inc.†		25,308		2,498,406
				4,768,580
Retail - Drug Store — 0.0%
Rite Aid Corp.†#		27,102		207,601
Retail - Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†#		14,486		138,921
Retail - Hair Salons — 0.0%
Regis Corp.†		15,719		293,002
Retail - Home Furnishings — 0.2%
Bassett Furniture Industries, Inc.		5,143		75,551
Haverty Furniture Cos., Inc.		9,453		164,577
Kirkland’s, Inc.†		7,560		30,467
La-Z-Boy, Inc.		23,765		764,995
Lovesac Co.†		2,896		104,401
Pier 1 Imports, Inc.†#		41,599		24,119
RH†		9,676		823,911
				1,988,021
Retail - Jewelry — 0.1%
Movado Group, Inc.		8,008		206,286
Signet Jewelers, Ltd.#		26,436		498,583
				704,869
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		11,214		174,714
Party City Holdco, Inc.†#		28,853		227,939
				402,653
Retail - Major Department Stores — 0.0%
J.C. Penney Co., Inc.†#		159,829		135,855
Retail - Misc./Diversified — 0.6%
Container Store Group, Inc.†		8,122		57,098
Five Below, Inc.†		27,813		3,580,368
Gaia, Inc.†#		5,729		42,567
GameStop Corp., Class A#		51,040		386,883
Hudson, Ltd., Class A†		20,250		274,995
PriceSmart, Inc.		11,259		547,187
Sally Beauty Holdings, Inc.†#		61,363		931,490
				5,820,588
Retail - Office Supplies — 0.1%
Office Depot, Inc.		277,344		543,594
Retail - Pawn Shops — 0.2%
EZCORP, Inc., Class A†		25,975		228,060
FirstCash, Inc.		21,747		2,059,876
				2,287,936

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Pet Food & Supplies — 0.1%
Freshpet, Inc.†		13,357	$	620,700
PetIQ, Inc.†#		8,018		210,312
PetMed Express, Inc.		10,160		177,495
				1,008,507
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		34,110		993,965
Retail - Regional Department Stores — 0.0%
Dillard’s, Inc., Class A		5,659		320,639
Retail - Restaurants — 1.5%
Biglari Holdings, Inc., Class A†		52		25,454
Biglari Holdings, Inc., Class B†		478		43,307
BJ’s Restaurants, Inc.		10,657		446,422
Bloomin’ Brands, Inc.		42,228		815,423
Brinker International, Inc.#		19,103		717,700
Cannae Holdings, Inc.†		35,098		892,542
Carrols Restaurant Group, Inc.†		17,682		150,651
Cheesecake Factory, Inc.#		21,528		931,086
Chuy’s Holdings, Inc.†		8,521		188,485
Cracker Barrel Old Country Store, Inc.#		9,799		1,539,325
Dave & Buster’s Entertainment, Inc.		19,742		981,967
Del Frisco’s Restaurant Group, Inc.†#		16,842		115,536
Del Taco Restaurants, Inc.†		15,532		168,056
Denny’s Corp.†		31,071		611,477
Dine Brands Global, Inc.#		8,529		805,308
El Pollo Loco Holdings, Inc.†		11,033		115,626
Fiesta Restaurant Group, Inc.†		12,088		171,408
Habit Restaurants, Inc., Class A†		10,382		105,896
J Alexander’s Holdings, Inc.†		6,538		68,780
Jack in the Box, Inc.		13,104		1,090,253
Noodles & Co.†		7,130		51,550
Papa John’s International, Inc.#		11,303		547,856
Potbelly Corp.†		11,378		57,231
Red Robin Gourmet Burgers, Inc.†		6,611		169,109
Ruth’s Hospitality Group, Inc.		14,702		336,235
Shake Shack, Inc., Class A†		12,552		770,065
Texas Roadhouse, Inc.		34,525		1,769,752
Wingstop, Inc.		14,783		1,177,909
				14,864,409
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.#		10,218		20,436
Hibbett Sports, Inc.†		9,298		205,672
Sportsman’s Warehouse Holdings, Inc.†#		18,904		69,567
Zumiez, Inc.†		9,449		186,901
				482,576
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		31,986		870,979
Retail - Vitamins & Nutrition Supplements — 0.0%
GNC Holdings, Inc., Class A†#		41,799		58,519
Retirement/Aged Care — 0.1%
Brookdale Senior Living, Inc.†		95,171		588,157
Capital Senior Living Corp.†		12,523		52,471
				640,628
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		25,825		712,254
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		17,919		303,189
Proto Labs, Inc.†		13,797		1,384,529
Raven Industries, Inc.		18,249		597,655

Security Description	Shares		Value (Note 2)
Rubber/Plastic Products (continued)
Trinseo SA		21,811	$	803,517
				3,088,890
Satellite Telecom — 0.2%
Gogo, Inc.†#		29,366		143,600
Intelsat SA†#		28,364		511,970
Iridium Communications, Inc.†#		48,866		1,047,198
KVH Industries, Inc.†		8,345		77,525
Loral Space & Communications, Inc.†#		6,536		221,571
				2,001,864
Savings & Loans/Thrifts — 1.4%
Axos Financial, Inc.†#		29,484		805,208
Banc of California, Inc.		21,902		289,763
BankFinancial Corp.		6,508		90,461
Berkshire Hills Bancorp, Inc.		23,439		684,184
Brookline Bancorp, Inc.		40,224		577,214
Capitol Federal Financial, Inc.		67,014		889,946
Community Bankers Trust Corp.		10,929		79,563
Dime Community Bancshares, Inc.		16,020		284,836
Entegra Financial Corp.†		3,418		101,344
ESSA Bancorp, Inc.		4,841		73,341
First Defiance Financial Corp.		10,153		275,146
First Financial Northwest, Inc.		4,165		63,141
First Savings Financial Group, Inc.#		928		53,128
Flushing Financial Corp.		13,701		288,132
FS Bancorp, Inc.		1,955		92,178
Greene County Bancorp, Inc.		1,546		45,221
Hingham Institution for Savings		676		122,059
Home Bancorp, Inc.		3,983		141,994
HomeTrust Bancshares, Inc.		8,613		210,846
Investors Bancorp, Inc.		120,953		1,259,121
Malvern Bancorp, Inc.†		3,844		76,496
Meridian Bancorp, Inc.		24,468		422,562
MutualFirst Financial, Inc.		2,975		88,893
Northfield Bancorp, Inc.		22,336		335,263
Northwest Bancshares, Inc.		48,705		816,783
OceanFirst Financial Corp.		24,177		575,896
Oconee Federal Financial Corp.#		923		21,451
Oritani Financial Corp.		19,615		313,840
Pacific Premier Bancorp, Inc.		23,202		656,617
Provident Financial Services, Inc.		31,253		745,072
Prudential Bancorp, Inc.		4,469		77,492
Riverview Bancorp, Inc.		10,796		83,669
Southern Missouri Bancorp, Inc.		3,741		121,863
Territorial Bancorp, Inc.		3,962		106,578
Timberland Bancorp, Inc.		3,733		91,011
United Community Financial Corp.		24,296		222,551
United Financial Bancorp, Inc.		25,816		336,641
Washington Federal, Inc.		41,272		1,302,957
Waterstone Financial, Inc.		12,595		207,943
WSFS Financial Corp.		25,816		1,024,637
				14,055,041
Schools — 0.8%
Adtalem Global Education, Inc.†		29,244		1,285,566
American Public Education, Inc.†		8,156		228,205
Career Education Corp.†		34,596		649,367
Chegg, Inc.†		55,198		2,067,717
K12, Inc.†		19,029		581,717
Laureate Education, Inc., Class A†		48,257		775,007
Rosetta Stone, Inc.†		10,149		250,274
Strategic Education, Inc.		10,636		1,871,830
				7,709,683

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Security Services — 0.2%
Brink’s Co.		25,595	$	1,970,815
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		10,743		24,064
Semiconductor Components - Integrated Circuits — 0.3%
Cirrus Logic, Inc.†		30,238		1,129,994
MaxLinear, Inc.†		32,218		682,055
Power Integrations, Inc.		14,583		950,228
				2,762,277
Semiconductor Equipment — 0.7%
ACM Research, Inc., Class A†		4,257		81,990
Aquantia Corp.†		11,155		146,577
Axcelis Technologies, Inc.†		16,523		245,036
Brooks Automation, Inc.		35,381		1,255,672
Cabot Microelectronics Corp.		14,461		1,409,514
Cohu, Inc.		20,171		293,488
Entegris, Inc.		72,269		2,481,717
FormFactor, Inc.†		37,641		540,525
Nanometrics, Inc.†		11,598		329,963
Ultra Clean Holdings, Inc.†		19,564		249,441
Veeco Instruments, Inc.†		24,156		277,552
				7,311,475
Silver Mining — 0.0%
Pan American Silver Corp. CVR†(1)(6)		171,891		36,097
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc.		18,425		528,429
Northwest Pipe Co.†		4,862		112,993
Omega Flex, Inc.#		1,482		126,593
TimkenSteel Corp.†		20,358		144,745
				912,760
Steel - Producers — 0.2%
AK Steel Holding Corp.†#		160,362		275,822
Carpenter Technology Corp.		23,746		963,138
Commercial Metals Co.		59,282		791,415
Schnitzer Steel Industries, Inc., Class A		13,335		281,502
Shiloh Industries, Inc.†		7,620		30,785
				2,342,662
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.†#		63,915		1,368,420
Universal Stainless & Alloy Products, Inc.†		4,270		54,229
				1,422,649
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		22,619		693,725
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		15,577		310,761
Telecom Equipment - Fiber Optics — 0.6%
Acacia Communications, Inc.†		13,928		649,045
Ciena Corp.†		72,965		2,549,397
Clearfield, Inc.†		5,718		75,992
Finisar Corp.†		59,737		1,253,282
Harmonic, Inc.†		43,282		225,932
Viavi Solutions, Inc.†		115,740		1,394,667
				6,148,315
Telecom Services — 0.3%
Consolidated Communications Holdings, Inc.#		35,716		142,864
GTT Communications, Inc.†#		21,601		513,672
HC2 Holdings, Inc.†#		21,650		50,011
Ooma, Inc.†		9,587		110,730
ORBCOMM, Inc.†		37,240		248,763
RigNet, Inc.†		7,150		59,631

Security Description	Shares		Value (Note 2)
Telecom Services (continued)
Spok Holdings, Inc.		9,317	$	143,948
Vonage Holdings Corp.†		112,565		1,332,770
				2,602,389
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		24,382		382,310
Aerohive Networks, Inc.†		16,894		57,440
Casa Systems, Inc.†		13,210		74,240
DASAN Zhone Solutions, Inc.†		2,990		39,109
Digi International, Inc.†		13,935		151,752
Plantronics, Inc.		16,880		693,262
Preformed Line Products Co.		1,559		73,288
Quantenna Communications, Inc.†		17,422		422,658
				1,894,059
Telephone - Integrated — 0.1%
Cincinnati Bell, Inc.†		23,346		149,414
Frontier Communications Corp.†#		53,105		99,837
Shenandoah Telecommunications Co.		23,765		955,591
				1,204,842
Television — 0.8%
Central European Media Enterprises, Ltd., Class A†		44,424		163,036
Gray Television, Inc.†		40,670		700,744
Nexstar Media Group, Inc., Class A		22,795		2,282,919
Sinclair Broadcast Group, Inc., Class A		34,413		1,847,290
TEGNA, Inc.		110,383		1,671,199
World Wrestling Entertainment, Inc., Class A#		21,903		1,593,224
				8,258,412
Textile - Apparel — 0.0%
Unifi, Inc.†		7,952		149,895
Textile - Products — 0.0%
Culp, Inc.		5,680		97,866
Theaters — 0.0%
AMC Entertainment Holdings, Inc., Class A#		26,454		316,919
Reading International, Inc., Class A†		8,546		112,722
				429,641
Therapeutics — 0.4%
Akebia Therapeutics, Inc.†		43,668		194,323
Anika Therapeutics, Inc.†		7,068		268,584
Fennec Pharmaceuticals, Inc.†#		6,154		23,077
Flexion Therapeutics, Inc.†#		17,095		188,558
G1 Therapeutics, Inc.†#		11,807		247,475
La Jolla Pharmaceutical Co.†		10,913		58,821
MannKind Corp.†#		83,156		96,461
Mirati Therapeutics, Inc.†#		10,906		739,318
Portola Pharmaceuticals, Inc.†#		33,140		924,274
Proteostasis Therapeutics, Inc.†#		17,452		17,140
Recro Pharma, Inc.†		9,301		88,917
Xencor, Inc.†		23,780		733,375
Zafgen, Inc.†		15,514		28,391
				3,608,714
Tobacco — 0.2%
22nd Century Group, Inc.†#		59,137		112,952
Pyxus International, Inc.†#		4,270		76,604
Turning Point Brands, Inc.#		4,091		201,400
Universal Corp.		12,576		710,795
Vector Group, Ltd.		52,137		466,626
				1,568,377
Toys — 0.0%
Funko, Inc., Class A†#		5,663		117,564

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		37,528	$	128,721
Transactional Software — 0.2%
ACI Worldwide, Inc.†		58,413		1,837,673
InnerWorkings, Inc.†		21,910		74,275
				1,911,948
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		29,713		651,903
Atlas Air Worldwide Holdings, Inc.†		12,056		426,662
				1,078,565
Transport - Equipment & Leasing — 0.2%
GATX Corp.		19,137		1,336,145
General Finance Corp.†		5,618		42,865
Greenbrier Cos., Inc.		16,112		438,408
Willis Lease Finance Corp.†		1,535		76,443
				1,893,861
Transport - Marine — 0.5%
Ardmore Shipping Corp.†		17,003		119,701
Costamare, Inc.		25,535		130,739
DHT Holdings, Inc.		46,779		260,091
Dorian LPG, Ltd.†		14,106		99,588
Eagle Bulk Shipping, Inc.†		24,283		113,159
Frontline, Ltd.†#		39,152		306,952
GasLog, Ltd.		20,736		298,598
Genco Shipping & Trading, Ltd.†		4,968		35,919
Golar LNG, Ltd.		48,165		876,121
International Seaways, Inc.†		11,071		197,064
Nordic American Tankers, Ltd.#		71,398		145,652
Overseas Shipholding Group, Inc., Class A†		29,015		43,523
Safe Bulkers, Inc.†#		25,885		36,498
Scorpio Bulkers, Inc.		27,767		117,454
Scorpio Tankers, Inc.		23,251		605,224
SEACOR Holdings, Inc.†		8,713		362,548
Ship Finance International, Ltd.		41,311		511,430
Teekay Corp.#		34,877		111,955
Teekay Tankers, Ltd., Class A†		97,300		108,976
Tidewater, Inc.†#		15,175		323,379
				4,804,571
Transport - Services — 0.3%
CryoPort, Inc.†		13,904		232,475
Daseke, Inc.†#		20,881		90,206
Echo Global Logistics, Inc.†		14,239		280,081
Forward Air Corp.		14,681		819,640
Hub Group, Inc., Class A†		16,636		648,138
Matson, Inc.		21,567		738,023
Park-Ohio Holdings Corp.		4,553		142,145
Radiant Logistics, Inc.†		19,808		125,979
Universal Logistics Holdings, Inc.		4,232		79,858
				3,156,545
Transport - Truck — 0.3%
ArcBest Corp.		13,067		327,590
Covenant Transportation Group, Inc., Class A†		6,279		94,310
Heartland Express, Inc.		23,795		425,455
Marten Transport, Ltd.		19,907		350,761
P.A.M. Transportation Services, Inc.†		1,089		60,984
Saia, Inc.†		13,048		769,832
US Xpress Enterprises, Inc. Class A†#		11,545		62,574
USA Truck, Inc.†		4,029		45,850
Werner Enterprises, Inc.		23,715		661,174
YRC Worldwide, Inc.†#		16,900		71,994
				2,870,524

Security Description	Shares		Value (Note 2)
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		36,969	$	393,720
Venture Capital — 0.0%
Safeguard Scientifics, Inc.†		9,817		117,902
Veterinary Diagnostics — 0.2%
Heska Corp.†		3,449		241,775
Neogen Corp.†		25,595		1,442,278
				1,684,053
Virtual Reality Products — 0.0%
Vuzix Corp.†#		11,986		24,931
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		4,593		47,170
Natural Health Trends Corp.#		3,749		38,165
Nature’s Sunshine Products, Inc.†		4,339		41,785
USANA Health Sciences, Inc.†		6,448		456,389
				583,509
Water — 0.5%
American States Water Co.		18,629		1,358,799
Artesian Resources Corp., Class A		4,036		143,722
California Water Service Group		24,449		1,203,380
Connecticut Water Service, Inc.		6,135		428,468
Consolidated Water Co., Ltd.		7,490		101,490
Global Water Resources, Inc.		5,506		52,417
Middlesex Water Co.		8,104		479,433
PICO Holdings, Inc.†		9,984		105,132
SJW Group		12,092		745,230
York Water Co.		6,555		226,016
				4,844,087
Water Treatment Systems — 0.1%
AquaVenture Holdings, Ltd.†#		5,549		98,384
Energy Recovery, Inc.†#		18,341		173,322
Evoqua Water Technologies Corp.†		38,531		453,510
Pure Cycle Corp.†		8,703		81,982
				807,198
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†		35,730		158,998
NIC, Inc.		32,762		522,882
Q2 Holdings, Inc.†		19,040		1,394,490
				2,076,370
Web Portals/ISP — 0.0%
Meet Group, Inc.†#		36,170		139,978
Remark Holdings, Inc.†#		14,627		14,627
				154,605
Wire & Cable Products — 0.2%
Belden, Inc.#		20,573		1,053,338
Encore Wire Corp.		10,366		517,367
Insteel Industries, Inc.		9,276		169,565
				1,740,270
Wireless Equipment — 0.4%
CalAmp Corp.†		16,973		172,446
InterDigital, Inc.		17,159		1,089,940
Maxar Technologies, Inc.#		28,836		195,508
pdvWireless, Inc.†		4,839		235,901
Ribbon Communications, Inc.†		27,455		117,233
ViaSat, Inc.†#		28,186		2,453,027
				4,264,055

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Wound, Burn & Skin Care — 0.0%
Dermira, Inc.†#		17,721		$	165,514
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		19,430			518,392
ViewRay, Inc.†#		32,139			269,968
					788,360
Total Long-Term Investment Securities
(cost $804,716,353)					975,786,505
SHORT-TERM INVESTMENT SECURITIES — 3.5%
Registered Investment Companies — 3.1%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3)		31,153,864			31,153,864
U.S. Government Treasuries — 0.4%
United States Treasury Bills 2.33% due 06/25/2019(4)	$	3,000,000			2,995,804
2.40% due 06/20/2019(4)		500,000			499,467
2.42% due 07/11/2019(4)		740,000			738,209
					4,233,480
Total Short-Term Investment Securities
(cost $35,386,620)					35,387,344
REPURCHASE AGREEMENTS — 3.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50% dated 05/31/2019, to be purchased 06/03/2019 in the amount $32,487,354 and collateralized by $33,330,000 of United States Treasury Notes, bearing interest at 1.75% due 09/30/2022 and having an approximate value of $33,136,319 (cost $32,486,000)		32,486,000			32,486,000
TOTAL INVESTMENTS
(cost $872,588,973)(5)		103.1	%		1,043,659,849
Liabilities in excess of other assets		(3.1	)		(31,620,119	)
NET ASSETS		100.0	%	$	1,012,039,730

† 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) At May 31, 2019, the Fund had loaned securities with a total value of $123,304,268. This was secured by collateral of $31,153,864, which was received in cash and subsequently invested in short-term investments currently valued at $31,153,864 as reported in the Portfolio of Investments. Additional collateral of $98,828,831 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	10/01/2047 to 12/01/2047	$	1,877,082
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		101,864
United States Treasury Bills	0.00%	06/11/2019 to 10/03/2019		8,909,223
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		87,940,662

(3) The rate shown is the 7-day yield as of May 31, 2019.

(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.

(6) 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 Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio 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 Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Pan American Siver Corp. CVR		06/22/2018		171,891	$	52,963	$	36,097	$	0.21		0.00	%

CVR—Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	498	Long	Russell 2000 Mini Index		June 2019	$	38,710,631	$	36,515,850	$	(2,194,781	)

* 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.

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of May 31, 2019 (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	$	1,145,125	$	—	$	4,492	$	1,149,617
Finance - Commercial		204,044		—		9,676		213,720
Medical - Biomedical/Gene		48,240,123		—		2,429		48,242,552
Medical - Drugs		24,506,101		—		2,684		24,508,785
Metal - Diversified		—		—		0		0
Multimedia		1,061,725		—		0		1,061,725
Oil Companies - Exploration & Production		10,060,197		—		0		10,060,197
Silver Mining		—		—		36,097		36,097
Other Industries		890,513,812		—		—		890,513,812
Short-Term Investment Securities:
Registered Investment Companies		31,153,864		—		—		31,153,864
U.S. Government Treasuries		—		4,233,480		—		4,233,480
Repurchase Agreements		—		32,486,000		—		32,486,000
Total Investments at Value	$	1,006,884,991	$	36,719,480	$	55,378	$	1,043,659,849
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,194,781	$	—	$	—	$	2,194,781

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

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

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

See Notes to Financial Statements

206

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Banks — Commercial	11.0	%
Retail — Restaurants	6.2
Insurance — Property/Casualty	5.3
Consumer Products — Misc.	4.7
Real Estate Investment Trusts	4.6
Food — Misc./Diversified	4.6
Electric — Integrated	3.1
Paper & Related Products	2.9
Building Products — Cement	2.5
Chemicals — Diversified	2.5
Metal Processors & Fabrication	2.3
Machinery — Pumps	2.1
Investment Companies	2.1
Computer Services	2.0
Oil Companies — Exploration & Production	2.0
Building & Construction Products — Misc.	2.0
Machinery — Electrical	1.9
Semiconductor Equipment	1.9
Medical Products	1.8
Investment Management/Advisor Services	1.7
Containers — Metal/Glass	1.6
Oil — Field Services	1.5
Electronic Components — Misc.	1.4
Chemicals — Specialty	1.2
Electric Products — Misc.	1.1
Auto/Truck Parts & Equipment — Replacement	1.1
Miscellaneous Manufacturing	1.1
Diversified Operations/Commercial Services	1.1
Electronic Components — Semiconductors	1.0
Beverages — Non-alcoholic	0.9
Food — Baking	0.9
Finance — Other Services	0.9
Footwear & Related Apparel	0.8
Machinery — General Industrial	0.8
Medical — Drugs	0.8
Printing — Commercial	0.8
Chemicals — Plastics	0.7
Batteries/Battery Systems	0.7
Human Resources	0.7
Wire & Cable Products	0.7
Publishing — Newspapers	0.6
Medical — Wholesale Drug Distribution	0.5
Computers — Integrated Systems	0.5
Electronic Measurement Instruments	0.5
Quarrying	0.5
Medical — Biomedical/Gene	0.5
Networking Products	0.5
Identification Systems	0.4
Transactional Software	0.4
Retail — Apparel/Shoe	0.4
Apparel Manufacturers	0.4
Building Products — Doors & Windows	0.4
Office Supplies & Forms	0.4
Finance — Leasing Companies	0.3
E-Marketing/Info	0.3
Computer Software	0.3
Oil Field Machinery & Equipment	0.2
Commercial Services — Finance	0.1
	94.2	%

* Calculated as a percentage of net assets

207

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.8%
Apparel Manufacturers — 0.4%
Delta Apparel, Inc.†		42,228	$	910,436
Auto/Truck Parts & Equipment - Replacement — 1.1%
Douglas Dynamics, Inc.		66,990		2,485,329
Banks - Commercial — 11.0%
Associated Banc-Corp.		142,174		2,816,467
CVB Financial Corp.		29,889		614,219
First Citizens BancShares, Inc., Class A		8,114		3,408,691
First Hawaiian, Inc.		92,178		2,294,311
Hancock Whitney Corp.		69,088		2,623,962
IBERIABANK Corp.		36,199		2,588,229
Renasant Corp.		91,834		3,103,989
South State Corp.		35,733		2,354,447
UMB Financial Corp.		78,584		4,851,776
				24,656,091
Batteries/Battery Systems — 0.7%
EnerSys		26,649		1,498,473
Beverages - Non-alcoholic — 0.9%
Cott Corp.		156,759		2,041,002
Building & Construction Products - Misc. — 2.0%
Simpson Manufacturing Co., Inc.		73,326		4,461,154
Building Products - Cement — 2.5%
Eagle Materials, Inc.		65,728		5,656,552
Building Products - Doors & Windows — 0.4%
Griffon Corp.		61,749		887,951
Chemicals - Diversified — 2.5%
Innospec, Inc.		68,285		5,511,282
Chemicals - Plastics — 0.7%
A. Schulman, Inc. CVR†(1)		71,421		21,301
PolyOne Corp.		60,494		1,520,214
				1,541,515
Chemicals - Specialty — 1.2%
PQ Group Holdings, Inc.†		56,171		850,991
Sensient Technologies Corp.		25,976		1,758,575
				2,609,566
Commercial Services - Finance — 0.1%
Liberty Tax, Inc.		23,298		232,980
Computer Services — 2.0%
MAXIMUS, Inc.		15,253		1,086,776
Parsons Corp.†		55,518		1,762,697
Sykes Enterprises, Inc.†		68,167		1,687,815
				4,537,288
Computer Software — 0.3%
Cision, Ltd.†		56,753		623,148
Computers - Integrated Systems — 0.5%
NCR Corp.†		36,611		1,120,297
Computers - Memory Devices — 0.0%
GlassBridge Enterprises, Inc.†		58,692		26,118
Consumer Products - Misc. — 4.7%
Central Garden & Pet Co.†#		62,752		1,766,469
Central Garden & Pet Co., Class A†		69,522		1,777,678
Helen of Troy, Ltd.†		24,603		3,287,207
Quanex Building Products Corp.		110,540		1,714,475
Spectrum Brands Holdings, Inc.#		37,393		1,969,489
				10,515,318

Security Description	Shares		Value (Note 2)
Containers - Metal/Glass — 1.6%
Silgan Holdings, Inc.		126,938	$	3,679,933
Diversified Operations/Commercial Services — 1.1%
Viad Corp.		38,470		2,417,455
E-Marketing/Info — 0.3%
New Media Investment Group, Inc.		73,801		681,183
Electric Products - Misc. — 1.1%
Novanta, Inc.†		31,370		2,510,227
Electric - Integrated — 3.1%
Hawaiian Electric Industries, Inc.		95,997		3,987,715
IDACORP, Inc.		28,557		2,863,411
				6,851,126
Electronic Components - Misc. — 1.4%
Atkore International Group, Inc.†		135,398		3,166,959
nVent Electric PLC		1,826		42,108
				3,209,067
Electronic Components - Semiconductors — 1.0%
AVX Corp.		102,885		1,521,669
DSP Group, Inc.†		57,298		800,453
				2,322,122
Electronic Measurement Instruments — 0.5%
Badger Meter, Inc.		21,134		1,115,875
Finance - Leasing Companies — 0.3%
Aircastle, Ltd.		37,261		723,609
Finance - Other Services — 0.9%
Deluxe Corp.		51,121		1,901,701
Food - Baking — 0.9%
Hostess Brands, Inc.†		143,166		1,916,993
Food - Misc./Diversified — 4.6%
J&J Snack Foods Corp.		24,733		3,978,303
Nomad Foods, Ltd.†		221,699		4,704,453
TreeHouse Foods, Inc.†		32,262		1,681,818
				10,364,574
Footwear & Related Apparel — 0.8%
Steven Madden, Ltd.		61,117		1,849,400
Human Resources — 0.7%
Korn Ferry		34,386		1,481,349
Identification Systems — 0.4%
Brady Corp., Class A		21,277		985,125
Insurance - Property/Casualty — 5.3%
Enstar Group, Ltd.†		9,906		1,628,546
Hanover Insurance Group, Inc.		19,394		2,369,171
ProAssurance Corp.		78,318		2,938,491
Stewart Information Services Corp.		57,536		2,366,456
White Mountains Insurance Group, Ltd.		2,556		2,503,858
				11,806,522
Investment Companies — 1.7%
Apollo Investment Corp.#		113,008		1,755,014
New Mountain Finance Corp.#		146,997		2,052,078
				3,807,092
Investment Management/Advisor Services — 1.7%
Artisan Partners Asset Management, Inc., Class A		101,188		2,393,096
Westwood Holdings Group, Inc.		49,539		1,450,007
				3,843,103

208

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Electrical — 1.9%
Franklin Electric Co., Inc.		95,346	$	4,179,015
Machinery - General Industrial — 0.8%
Kadant, Inc.		22,577		1,832,801
Machinery - Pumps — 2.1%
CSW Industrials, Inc.		63,772		4,076,944
NN, Inc.#		75,225		582,994
				4,659,938
Medical Products — 1.8%
Avanos Medical, Inc.†		34,852		1,313,223
Globus Medical, Inc., Class A†		12,679		498,285
Hanger, Inc.†		52,129		972,727
ICU Medical, Inc.†		6,048		1,287,015
				4,071,250
Medical - Biomedical/Gene — 0.5%
Innoviva, Inc.†		78,489		1,072,945
Medical - Drugs — 0.8%
Prestige Consumer Healthcare, Inc.†#		61,686		1,790,744
Medical - Wholesale Drug Distribution — 0.5%
Premier, Inc., Class A†		32,382		1,190,038
Metal Processors & Fabrication — 2.3%
Mueller Industries, Inc.		193,348		5,210,728
Miscellaneous Manufacturing — 1.1%
Hillenbrand, Inc.		65,951		2,455,356
Networking Products — 0.5%
NETGEAR, Inc.†#		41,458		1,044,742
Office Supplies & Forms — 0.4%
ACCO Brands Corp.		117,851		866,205
Oil Companies - Exploration & Production — 2.0%
Berry Petroleum Corp.#		59,314		637,626
Callon Petroleum Co.†#		113,314		708,212
Magnolia Oil & Gas Corp.†#		49,780		549,073
Penn Virginia Corp.†#		21,198		646,539
QEP Resources, Inc.†		195,152		1,348,500
WPX Energy, Inc.†		57,772		621,627
				4,511,577
Oil Field Machinery & Equipment — 0.2%
Forum Energy Technologies, Inc.†		94,021		359,160
Oil - Field Services — 1.5%
C&J Energy Services, Inc.†		53,012		627,662
Oil States International, Inc.†		53,646		892,669
Patterson-UTI Energy, Inc.		156,220		1,660,619
TETRA Technologies, Inc.†		181,072		278,851
				3,459,801
Paper & Related Products — 2.9%
Neenah, Inc.		78,359		4,479,001
Schweitzer-Mauduit International, Inc.		65,301		2,043,268
				6,522,269
Printing - Commercial — 0.8%
Ennis, Inc.		94,538		1,750,844
Publishing - Newspapers — 0.6%
A.H. Belo Corp., Class A		133,475		513,879
Gannett Co., Inc.		91,221		716,997
				1,230,876

Security Description	Shares/ Principal Amount			Value (Note 2)
Quarrying — 0.5%
Compass Minerals International, Inc.#		21,861		$	1,115,130
Real Estate Investment Trusts — 4.6%
Acadia Realty Trust		59,329			1,622,648
Apollo Commercial Real Estate Finance, Inc.		118,611			2,180,070
Invesco Mtg. Capital, Inc.		58,523			900,669
Pebblebrook Hotel Trust		71,024			1,976,598
Two Harbors Investment Corp.		119,173			1,456,294
Washington Real Estate Investment Trust		84,203			2,240,642
					10,376,921
Retail - Apparel/Shoe — 0.4%
Urban Outfitters, Inc.†		42,558			956,278
Retail - Restaurants — 6.2%
Denny’s Corp.†		283,090			5,571,211
Dine Brands Global, Inc.#		56,291			5,314,996
Wendy’s Co.		155,856			2,866,192
					13,752,399
Semiconductor Equipment — 1.9%
Brooks Automation, Inc.		40,699			1,444,407
Cabot Microelectronics Corp.		27,842			2,713,760
					4,158,167
Transactional Software — 0.4%
ACI Worldwide, Inc.†		30,633			963,714
Wire & Cable Products — 0.7%
Belden, Inc.#		28,416			1,454,899
Total Common Stocks
(cost $210,770,056)					209,766,753
PREFERRED SECURITIES — 0.4%
Investment Companies — 0.4%
Steel Partners Holdings LP Series A 6.00% (cost $484,465)		34,643			733,046
Total Long-Term Investment Securities
(cost $211,254,521)					210,499,799
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3) (cost $1,595)		1,595			1,595
TOTAL INVESTMENTS
(cost $211,256,116)(4)		94.2	%		210,501,394
Other assets less liabilities		5.8			13,074,542
NET ASSETS		100.0	%	$	223,575,936

† Non-income producing security

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

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

209

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

(2) At May 31, 2019, the Fund had loaned securities with a total value of $18,621,691. This was secured by collateral of $1,595, which was received in cash and subsequently invested in short-term investments currently valued at $1,595 as reported in the Portfolio of Investments. Additional collateral of $19,156,812 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50% to 3.50%	10/01/2047 to 12/01/2047	$	95,050
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		5,158
United States Treasury Bills	0.00%	06/11/2019 to 09/19/2019		1,759,358
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		17,297,246

(3) The rate shown is the 7-day yield as of May 31, 2019.

(4) 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 May 31, 2019 (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	$	1,520,214	$	—	$	21,301	$	1,541,515
Other Industries		208,225,238		—		—		208,225,238
Preferred Securities		733,046		—		—		733,046
Short-Term Investment Securities:
Registered Investment Companies		1,595		—		—		1,595
Total Investments at Value	$	210,480,093	$	—	$	21,301	$	210,501,394

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

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

See Notes to Financial Statements

210

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Registered Investment Companies	6.9	%
Medical — Biomedical/Gene	6.8
Commercial Services — Finance	5.5
Enterprise Software/Service	4.1
Retail — Restaurants	4.0
Medical Products	3.9
Web Hosting/Design	3.6
Applications Software	3.2
Aerospace/Defense — Equipment	2.3
Therapeutics	2.1
Electronic Components — Semiconductors	2.1
Computer Software	2.1
Schools	2.0
Machinery — General Industrial	1.9
Banks — Commercial	1.8
Computer Aided Design	1.7
Semiconductor Equipment	1.6
Disposable Medical Products	1.6
Medical — Drugs	1.5
Electronic Measurement Instruments	1.4
Miscellaneous Manufacturing	1.4
Retail — Apparel/Shoe	1.4
E-Commerce/Services	1.4
Hotels/Motels	1.4
Electronic Security Devices	1.4
Finance — Other Services	1.3
Entertainment Software	1.3
Telecom Equipment — Fiber Optics	1.2
Diagnostic Kits	1.2
Instruments — Scientific	1.2
Medical Labs & Testing Services	1.2
Veterinary Diagnostics	1.1
Retail — Misc./Diversified	1.1
Chemicals — Specialty	1.1
Resorts/Theme Parks	1.1
Internet Application Software	1.0
Finance — Investment Banker/Broker	1.0
Real Estate Investment Trusts	1.0
Beverages — Wine/Spirits	1.0
Electric Products — Misc.	0.9
Office Supplies & Forms	0.9
Apparel Manufacturers	0.9
Office Automation & Equipment	0.8
Shipbuilding	0.8
Industrial Automated/Robotic	0.8
Food — Misc./Diversified	0.8
Drug Delivery Systems	0.8
Machinery — Pumps	0.7
Healthcare Safety Devices	0.7
Consulting Services	0.7
Metal Processors & Fabrication	0.7
Decision Support Software	0.7
Building & Construction Products — Misc.	0.6
Distribution/Wholesale	0.6
Retail — Discount	0.6
Retail — Floor Coverings	0.6
Coatings/Paint	0.6
Computer Data Security	0.6
Health Care Cost Containment	0.5
Diversified Manufacturing Operations	0.5
Recreational Centers	0.5
Internet Telephone	0.5
Electronic Components — Misc.	0.4
Building — Maintenance & Services	0.4
Transport — Truck	0.4
Internet Security	0.4
Aerospace/Defense	0.4
Advertising Services	0.4
Telephone — Integrated	0.3

Medical Instruments	0.3
Hazardous Waste Disposal	0.3
Oil Companies — Exploration & Production	0.2
	102.2	%

* Calculated as a percentage of net assets    

211

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Advertising Services — 0.4%
Trade Desk, Inc., Class A†#		2,345	$	466,209
Aerospace/Defense — 0.4%
Teledyne Technologies, Inc.†		1,998		471,128
Aerospace/Defense - Equipment — 2.3%
Aerojet Rocketdyne Holdings, Inc.†#		29,796		1,149,530
HEICO Corp., Class A		14,965		1,470,461
				2,619,991
Apparel Manufacturers — 0.9%
Canada Goose Holdings, Inc.†#		4,653		156,574
Carter’s, Inc.		6,136		516,099
Columbia Sportswear Co.		3,398		318,664
				991,337
Applications Software — 3.2%
HubSpot, Inc.†		6,427		1,113,671
PTC, Inc.†		19,225		1,616,053
Tableau Software, Inc., Class A†		8,454		950,821
				3,680,545
Banks - Commercial — 1.8%
Amalgamated Bank, Class A		29,699		490,034
Eagle Bancorp, Inc.		11,856		629,316
First Republic Bank		3,451		334,816
Glacier Bancorp, Inc.		14,817		583,938
				2,038,104
Beverages - Wine/Spirits — 1.0%
MGP Ingredients, Inc.#		19,160		1,153,624
Building & Construction Products - Misc. — 0.6%
Fortune Brands Home & Security, Inc.		15,163		728,734
Building - Maintenance & Services — 0.4%
Rollins, Inc.		13,637		512,342
Chemicals - Specialty — 1.1%
Ashland Global Holdings, Inc.		17,470		1,307,979
Coatings/Paint — 0.6%
RPM International, Inc.		12,289		657,707
Commercial Services - Finance — 5.5%
Euronet Worldwide, Inc.†		7,203		1,116,753
Global Payments, Inc.		13,148		2,025,318
Green Dot Corp., Class A†		10,306		478,301
Total System Services, Inc.		18,615		2,299,511
WEX, Inc.†		2,570		485,576
				6,405,459
Computer Aided Design — 1.7%
Cadence Design Systems, Inc.†		31,127		1,978,743
Computer Data Security — 0.6%
ForeScout Technologies, Inc.†		19,944		640,601
Computer Software — 2.1%
InterXion Holding NV†		25,239		1,860,367
Splunk, Inc.†		3,683		419,825
Zoom Video Communications, Inc., Class A†#		1,612		128,525
				2,408,717
Consulting Services — 0.7%
Gartner, Inc.†		5,529		836,538
Decision Support Software — 0.7%
MSCI, Inc.		3,455		760,135

Security Description	Shares		Value (Note 2)
Diagnostic Kits — 1.2%
IDEXX Laboratories, Inc.†		5,423	$	1,354,503
Disposable Medical Products — 1.6%
Teleflex, Inc.		6,259		1,804,470
Distribution/Wholesale — 0.6%
SiteOne Landscape Supply, Inc.†#		10,697		693,914
Diversified Manufacturing Operations — 0.5%
Standex International Corp.		9,225		599,994
Drug Delivery Systems — 0.8%
DexCom, Inc.†		7,239		878,091
E-Commerce/Services — 1.4%
IAC/InterActiveCorp†		7,205		1,591,224
Upwork, Inc.†#		2,026		30,350
				1,621,574
Electric Products - Misc. — 0.9%
Novanta, Inc.†		13,281		1,062,746
Electronic Components - Misc. — 0.4%
nVent Electric PLC		22,407		516,705
Electronic Components - Semiconductors — 2.1%
Advanced Micro Devices, Inc.†		41,031		1,124,660
Marvell Technology Group, Ltd.		59,059		1,317,015
				2,441,675
Electronic Measurement Instruments — 1.4%
Badger Meter, Inc.		21,283		1,123,742
Keysight Technologies, Inc.†		7,342		551,605
				1,675,347
Electronic Security Devices — 1.4%
Allegion PLC		16,242		1,576,286
Enterprise Software/Service — 4.1%
Black Knight, Inc.†		34,652		1,964,422
Coupa Software, Inc.†#		10,209		1,114,925
Paycom Software, Inc.†		3,253		689,961
Veeva Systems, Inc., Class A†		6,244		963,387
				4,732,695
Entertainment Software — 1.3%
Take-Two Interactive Software, Inc.†		13,559		1,466,406
Finance - Investment Banker/Broker — 1.0%
Evercore, Inc., Class A		15,445		1,192,817
Finance - Other Services — 1.3%
Cboe Global Markets, Inc.		13,644		1,480,920
Food - Misc./Diversified — 0.8%
Beyond Meat, Inc.†#		2,083		216,882
McCormick & Co., Inc.		4,423		690,165
				907,047
Hazardous Waste Disposal — 0.3%
US Ecology, Inc.		5,128		305,219
Health Care Cost Containment — 0.5%
HealthEquity, Inc.†		9,634		629,678
Healthcare Safety Devices — 0.7%
Tandem Diabetes Care, Inc.†#		12,512		857,823
Hotels/Motels — 1.4%
Choice Hotels International, Inc.#		19,661		1,617,904
Industrial Automated/Robotic — 0.8%
Cognex Corp.		23,221		942,773

212

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Scientific — 1.2%
PerkinElmer, Inc.		15,592	$	1,346,213
Internet Application Software — 1.0%
Zendesk, Inc.†		14,334		1,207,639
Internet Security — 0.4%
Proofpoint, Inc.†		4,349		488,654
Internet Telephone — 0.5%
RingCentral, Inc., Class A†		4,363		522,906
Machinery - General Industrial — 1.9%
IDEX Corp.		8,817		1,346,444
Welbilt, Inc.†		54,341		838,482
				2,184,926
Machinery - Pumps — 0.7%
Xylem, Inc.		11,711		869,190
Medical Instruments — 0.3%
Silk Road Medical, Inc.†		8,497		362,482
Medical Labs & Testing Services — 1.2%
Medpace Holdings, Inc.†		11,171		603,010
SI-BONE, Inc.†#		11,701		196,460
Teladoc Health, Inc.†#		9,315		541,388
				1,340,858
Medical Products — 3.9%
ABIOMED, Inc.†		1,351		353,854
Axonics Modulation Technologies, Inc.†#		18,967		623,256
Cooper Cos., Inc.		3,501		1,042,563
Glaukos Corp.†		7,886		508,489
West Pharmaceutical Services, Inc.		17,487		2,004,010
				4,532,172
Medical - Biomedical/Gene — 6.8%
ACADIA Pharmaceuticals, Inc.†#		26,841		643,916
Alder Biopharmaceuticals, Inc.†#		65,876		712,778
Amarin Corp. PLC ADR†#		27,506		487,681
Bluebird Bio, Inc.†#		7,721		925,902
Evelo Biosciences, Inc.†#		14,274		106,770
Exelixis, Inc.†		43,875		859,511
Guardant Health, Inc.†#		11,305		869,128
Incyte Corp.†		11,505		904,638
Moderna, Inc.†#		28,823		598,942
Rigel Pharmaceuticals, Inc.†#		100,231		213,492
Stemline Therapeutics, Inc.†#		67,270		883,255
Synthorx, Inc.†#		25,140		360,759
UNITY Biotechnology, Inc.†#		14,748		120,344
Y-mAbs Therapeutics, Inc.†#		11,888		242,159
				7,929,275
Medical - Drugs — 1.5%
Alector, Inc.†		21,052		355,989
Alkermes PLC†		30,554		658,133
BioSpecifics Technologies Corp.†		4,972		294,094
Marinus Pharmaceuticals, Inc.†#		94,742		408,338
				1,716,554
Metal Processors & Fabrication — 0.7%
RBC Bearings, Inc.†		5,618		799,441
Miscellaneous Manufacturing — 1.4%
Hillenbrand, Inc.		21,677		807,035
John Bean Technologies Corp.		8,266		847,678
				1,654,713

Security Description	Shares		Value (Note 2)
Office Automation & Equipment — 0.8%
Zebra Technologies Corp., Class A†		5,624	$	964,179
Office Supplies & Forms — 0.9%
Avery Dennison Corp.		10,107		1,051,734
Oil Companies - Exploration & Production — 0.2%
Diamondback Energy, Inc.		2,882		282,609
Real Estate Investment Trusts — 1.0%
SBA Communications Corp.†		5,418		1,172,509
Recreational Centers — 0.5%
Planet Fitness, Inc., Class A†		7,659		585,684
Resort/Theme Parks — 1.1%
Vail Resorts, Inc.		6,026		1,296,253
Retail - Apparel/Shoe — 1.4%
Burlington Stores, Inc.†		10,542		1,650,666
Retail - Discount — 0.6%
Ollie’s Bargain Outlet Holdings, Inc.†		6,934		684,524
Retail - Floor Coverings — 0.6%
Floor & Decor Holdings, Inc., Class A†#		18,849		669,516
Retail - Misc./Diversified — 1.1%
Five Below, Inc.†		10,252		1,319,740
Retail - Restaurants — 4.0%
Domino’s Pizza, Inc.		5,566		1,555,697
Dunkin’ Brands Group, Inc.		15,837		1,175,422
Papa John’s International, Inc.#		12,144		588,620
Texas Roadhouse, Inc.		8,183		419,461
Wingstop, Inc.		11,915		949,387
				4,688,587
Schools — 2.0%
Bright Horizons Family Solutions, Inc.†		16,916		2,318,507
Semiconductor Equipment — 1.6%
Entegris, Inc.		31,365		1,077,074
MKS Instruments, Inc.		10,476		748,615
				1,825,689
Shipbuilding — 0.8%
Huntington Ingalls Industries, Inc.		4,661		956,064
Telecom Equipment - Fiber Optics — 1.2%
Viavi Solutions, Inc.†		120,011		1,446,132
Telephone - Integrated — 0.3%
Zayo Group Holdings, Inc.†		11,144		364,409
Therapeutics — 2.1%
Agios Pharmaceuticals, Inc.†#		17,724		818,317
GW Pharmaceuticals PLC ADR†#		3,722		644,799
Sarepta Therapeutics, Inc.†#		9,044		1,029,660
				2,492,776
Transport - Truck — 0.4%
Old Dominion Freight Line, Inc.		3,740		495,326
Veterinary Diagnostics — 1.1%
Elanco Animal Health, Inc.†		21,280		665,638
Neogen Corp.†		11,639		655,858
				1,321,496
Web Hosting/Design — 3.6%
GoDaddy, Inc., Class A†		33,230		2,472,312
Wix.com, Ltd.†		12,753		1,751,497
				4,223,809
Total Long-Term Investment Securities
(cost $96,592,695)				110,781,712

213

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 6.9%
Registered Investment Companies — 6.9%
State Street Institutional U.S. Government Money Market Fund, Administration Class  2.07%(1)		5,530,248		$	5,530,248
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2)		2,446,929			2,446,929
Total Short-Term Investment Securities
(cost $7,977,177)					7,977,177
TOTAL INVESTMENTS
(cost $104,569,872)(3)		102.2	%		118,758,889
Liabilities in excess of other assets		(2.2	)		(2,561,429	)
NET ASSETS		100.0	%	$	116,197,460

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2019.

(2) At May 31, 2019, the Fund had loaned securities with a total value of $18,119,348. This was secured by collateral of $2,446,929, which was received in cash and subsequently invested in short-term investments currently valued at $2,446,929 as reported in the Portfolio of Investments. Additional collateral of $16,291,214 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50%	10/01/2047 to 12/01/2047	$	123,865
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		6,722
United States Treasury Bills	0.00%	06/11/2019 to 09/19/2019		540,074
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2019 to 02/15/2049		15,620,553

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	110,781,712	$	—	$	—	$	110,781,712
Short-Term Investment Securities		7,977,177		—		—		7,977,177
Total Investments at Value	$	118,758,889	$	—	$	—	$	118,758,889

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

See Notes to Financial Statements

214

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Medical — Drugs	5.1	%
Applications Software	4.9
Diversified Banking Institutions	3.7
Computers	3.6
E-Commerce/Products	3.3
Real Estate Investment Trusts	3.1
Electric — Integrated	3.0
Web Portals/ISP	2.9
Finance — Credit Card	2.9
Electronic Components — Semiconductors	2.6
Internet Content — Entertainment	2.6
Oil Companies — Integrated	2.2
Insurance — Property/Casualty	2.0
Telephone — Integrated	2.0
Medical — Biomedical/Gene	1.9
Aerospace/Defense	1.9
Banks — Super Regional	1.8
Beverages — Non-alcoholic	1.7
Commercial Services — Finance	1.7
Medical — HMO	1.6
Medical Products	1.6
Cosmetics & Toiletries	1.6
Retail — Discount	1.5
Oil Companies — Exploration & Production	1.4
Diversified Manufacturing Operations	1.4
Retail — Restaurants	1.3
Retail — Building Products	1.3
Computer Services	1.2
Medical Instruments	1.2
Cable/Satellite TV	1.1
Transport — Rail	1.1
Networking Products	1.1
Insurance — Multi-line	1.1
Multimedia	1.1
Tobacco	0.9
Diagnostic Equipment	0.8
Chemicals — Diversified	0.8
Food — Misc./Diversified	0.8
Aerospace/Defense — Equipment	0.7
Industrial Gases	0.6
Finance — Other Services	0.6
Instruments — Controls	0.6
Electronic Forms	0.6
Semiconductor Components — Integrated Circuits	0.6
Insurance Brokers	0.6
Enterprise Software/Service	0.6
Investment Management/Advisor Services	0.5
Transport — Services	0.5
Data Processing/Management	0.5
Pharmacy Services	0.5
Banks — Commercial	0.5
Insurance — Life/Health	0.5
Oil Refining & Marketing	0.4
Athletic Footwear	0.4
Pipelines	0.4
E-Commerce/Services	0.4
Airlines	0.4
Oil — Field Services	0.4
Computer Aided Design	0.4
Auto — Cars/Light Trucks	0.4
Semiconductor Equipment	0.4
Retail — Auto Parts	0.4
Commercial Services	0.3
Banks — Fiduciary	0.3
Entertainment Software	0.3
Machinery — Construction & Mining	0.3
Apparel Manufacturers	0.3
Retail — Major Department Stores	0.3
Finance — Investment Banker/Broker	0.3

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

215

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited) — (continued)

Industry Allocation* (continued)

Disposable Medical Products	0.1	%
Engineering/R&D Services	0.1
Retail — Gardening Products	0.1
Internet Security	0.1
	99.9	%

* Calculated as a percentage of net assets

216

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.7%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		77,583	$	1,646,311
Omnicom Group, Inc.		45,087		3,487,931
				5,134,242
Aerospace/Defense — 1.9%
Boeing Co.		105,906		36,178,549
General Dynamics Corp.		54,611		8,782,541
Lockheed Martin Corp.		49,549		16,774,318
Northrop Grumman Corp.		34,212		10,374,789
Raytheon Co.		56,888		9,926,956
TransDigm Group, Inc.†		9,808		4,324,838
				86,361,991
Aerospace/Defense - Equipment — 0.7%
Arconic, Inc.		81,277		1,779,966
Harris Corp.		23,776		4,450,630
L3 Technologies, Inc.		15,987		3,869,813
United Technologies Corp.		163,382		20,635,147
				30,735,556
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		44,926		1,807,822
Mosaic Co.		71,479		1,534,654
				3,342,476
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		112,892		4,326,021
Airlines — 0.4%
Alaska Air Group, Inc.		24,816		1,444,291
American Airlines Group, Inc.		80,555		2,193,513
Delta Air Lines, Inc.		124,532		6,413,398
Southwest Airlines Co.		100,259		4,772,329
United Continental Holdings, Inc.†		45,159		3,506,596
				18,330,127
Apparel Manufacturers — 0.3%
Capri Holdings, Ltd.†		30,764		999,214
Hanesbrands, Inc.		72,848		1,081,793
Kontoor Brands, Inc.†		9,341		273,683
PVH Corp.		15,265		1,300,425
Ralph Lauren Corp.		10,630		1,117,532
Tapestry, Inc.		58,448		1,669,275
Under Armour, Inc., Class A†#		37,850		862,980
Under Armour, Inc., Class C†		38,808		785,086
VF Corp.		65,385		5,353,724
				13,443,712
Appliances — 0.0%
Whirlpool Corp.		12,824		1,473,221
Applications Software — 4.9%
Intuit, Inc.		52,218		12,785,577
Microsoft Corp.		1,546,400		191,258,752
salesforce.com, Inc.†		154,192		23,346,211
				227,390,540
Athletic Footwear — 0.4%
NIKE, Inc., Class B		253,717		19,571,729
Auto - Cars/Light Trucks — 0.4%
Ford Motor Co.		787,630		7,498,238
General Motors Co.		264,207		8,808,661
				16,306,899

Security Description	Shares		Value (Note 2)
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.		69,884	$	4,599,765
Auto/Truck Parts & Equipment - Original — 0.1%
Aptiv PLC		52,413		3,356,528
BorgWarner, Inc.		41,864		1,485,335
				4,841,863
Banks - Commercial — 0.5%
BB&T Corp.		153,921		7,195,807
Citizens Financial Group, Inc.		92,796		3,023,294
First Republic Bank		33,213		3,222,325
M&T Bank Corp.		27,921		4,456,192
Regions Financial Corp.		205,129		2,836,934
SVB Financial Group†		10,608		2,136,451
Zions Bancorp NA		37,522		1,616,072
				24,487,075
Banks - Fiduciary — 0.3%
Bank of New York Mellon Corp.		177,060		7,558,691
Northern Trust Corp.		44,023		3,764,847
State Street Corp.		76,322		4,216,791
				15,540,329
Banks - Super Regional — 1.8%
Comerica, Inc.		32,048		2,205,543
Fifth Third Bancorp		155,214		4,113,171
Huntington Bancshares, Inc.		210,994		2,669,074
KeyCorp		203,329		3,247,164
PNC Financial Services Group, Inc.		91,429		11,635,255
SunTrust Banks, Inc.		89,342		5,361,413
US Bancorp		303,261		15,223,702
Wells Fargo & Co.		825,277		36,617,541
				81,072,863
Beverages - Non-alcoholic — 1.7%
Coca-Cola Co.		775,558		38,103,164
Monster Beverage Corp.†		78,823		4,875,991
PepsiCo, Inc.		283,126		36,240,128
				79,219,283
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		33,518		1,675,230
Constellation Brands, Inc., Class A		33,568		5,923,073
				7,598,303
Brewery — 0.0%
Molson Coors Brewing Co., Class B		37,824		2,079,564
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		31,649		862,752
Discovery, Inc., Class C†		72,650		1,862,746
Fox Corp., Class A		71,109		2,505,170
Fox Corp., Class B		32,726		1,135,919
				6,366,587
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		28,328		1,361,444
Building Products - Air & Heating — 0.2%
Johnson Controls International PLC		183,965		7,086,332
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		12,584		2,648,932
Vulcan Materials Co.		26,572		3,319,109
				5,968,041

217

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products - Wood — 0.0%
Masco Corp.		59,358	$	2,072,781
Building - Maintenance & Services — 0.0%
Rollins, Inc.		29,708		1,116,130
Building - Residential/Commercial — 0.2%
D.R. Horton, Inc.		68,492		2,928,718
Lennar Corp., Class A		57,635		2,862,154
PulteGroup, Inc.		51,391		1,593,121
				7,383,993
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†		34,975		13,178,580
Comcast Corp., Class A		910,343		37,324,063
DISH Network Corp., Class A†		46,248		1,670,015
				52,172,658
Casino Hotels — 0.1%
MGM Resorts International		102,809		2,551,720
Wynn Resorts, Ltd.		19,525		2,095,618
				4,647,338
Chemicals - Diversified — 0.8%
Celanese Corp.		25,819		2,450,998
Dow, Inc.		151,489		7,083,625
DuPont de Nemours, Inc.		454,467		13,870,333
Eastman Chemical Co.		28,174		1,829,056
FMC Corp.		27,142		1,993,580
LyondellBasell Industries NV, Class A		61,344		4,554,792
PPG Industries, Inc.		47,548		4,975,898
				36,758,282
Chemicals - Specialty — 0.1%
Albemarle Corp.#		21,316		1,349,303
International Flavors & Fragrances, Inc.#		20,419		2,765,141
				4,114,444
Coatings/Paint — 0.2%
Sherwin-Williams Co.		16,445		6,897,855
Commercial Services — 0.3%
Cintas Corp.		17,068		3,786,195
Ecolab, Inc.		51,057		9,399,083
Nielsen Holdings PLC		71,644		1,628,468
Quanta Services, Inc.		28,491		990,347
				15,804,093
Commercial Services - Finance — 1.7%
Automatic Data Processing, Inc.		87,805		14,059,337
Equifax, Inc.		24,329		2,941,376
FleetCor Technologies, Inc.†		17,306		4,468,582
Global Payments, Inc.		31,766		4,893,235
H&R Block, Inc.#		41,426		1,087,432
IHS Markit, Ltd.†		73,258		4,204,277
Moody’s Corp.		33,493		6,125,200
PayPal Holdings, Inc.†		236,470		25,952,582
S&P Global, Inc.		50,107		10,716,885
Total System Services, Inc.		32,807		4,052,649
				78,501,555
Computer Aided Design — 0.4%
ANSYS, Inc.†		16,886		3,031,037
Autodesk, Inc.†		44,144		7,103,211
Cadence Design Systems, Inc.†		56,515		3,592,658
Synopsys, Inc.†		30,168		3,512,762
				17,239,668

Security Description	Shares		Value (Note 2)
Computer Data Security — 0.0%
Fortinet, Inc.†		29,234	$	2,118,880
Computer Services — 1.2%
Accenture PLC, Class A		128,483		22,878,968
Cognizant Technology Solutions Corp., Class A		115,916		7,178,678
DXC Technology Co.		54,072		2,570,583
International Business Machines Corp.		179,361		22,777,053
				55,405,282
Computer Software — 0.3%
Akamai Technologies, Inc.†		32,897		2,479,118
Citrix Systems, Inc.		25,223		2,373,989
Red Hat, Inc.†		35,627		6,566,056
				11,419,163
Computers — 3.6%
Apple, Inc.		902,884		158,067,902
Hewlett Packard Enterprise Co.		277,539		3,807,835
HP, Inc.		309,090		5,773,801
				167,649,538
Computers - Memory Devices — 0.2%
NetApp, Inc.		49,780		2,946,976
Seagate Technology PLC		51,676		2,162,641
Western Digital Corp.		58,623		2,181,948
				7,291,565
Consulting Services — 0.2%
Gartner, Inc.†		18,082		2,735,807
Verisk Analytics, Inc.		32,956		4,613,840
				7,349,647
Consumer Products - Misc. — 0.3%
Clorox Co.		25,832		3,844,060
Kimberly-Clark Corp.		69,423		8,878,507
				12,722,567
Containers - Metal/Glass — 0.1%
Ball Corp.		67,389		4,137,011
Containers - Paper/Plastic — 0.1%
Packaging Corp. of America		19,047		1,696,707
Sealed Air Corp.		31,369		1,314,361
WestRock Co.		51,473		1,678,020
				4,689,088
Cosmetics & Toiletries — 1.6%
Colgate-Palmolive Co.		173,678		12,091,462
Coty, Inc., Class A		60,569		747,421
Estee Lauder Cos., Inc., Class A		43,992		7,084,032
Procter & Gamble Co.		504,215		51,888,766
				71,811,681
Cruise Lines — 0.2%
Carnival Corp.		80,706		4,131,340
Norwegian Cruise Line Holdings, Ltd.†		43,869		2,400,073
Royal Caribbean Cruises, Ltd.		34,574		4,209,730
				10,741,143
Data Processing/Management — 0.5%
Broadridge Financial Solutions, Inc.		23,316		2,911,469
Fidelity National Information Services, Inc.		65,087		7,829,966
Fiserv, Inc.†#		78,928		6,776,758
Jack Henry & Associates, Inc.		15,556		2,041,258
Paychex, Inc.		64,415		5,526,163
				25,085,614

218

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Decision Support Software — 0.1%
MSCI, Inc.		16,996	$	3,739,290
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		14,670		4,171,415
DENTSPLY SIRONA, Inc.		47,161		2,540,563
				6,711,978
Diagnostic Equipment — 0.8%
Danaher Corp.		126,639		16,717,615
Thermo Fisher Scientific, Inc.		81,143		21,663,558
				38,381,173
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		17,336		4,330,013
Dialysis Centers — 0.0%
DaVita, Inc.†		25,489		1,106,732
Disposable Medical Products — 0.1%
Teleflex, Inc.		9,276		2,674,271
Distribution/Wholesale — 0.2%
Copart, Inc.†		40,477		2,893,296
Fastenal Co.		115,354		3,528,679
LKQ Corp.†		63,446		1,627,390
WW Grainger, Inc.		9,091		2,379,023
				10,428,388
Diversified Banking Institutions — 3.7%
Bank of America Corp.		1,810,530		48,160,098
Citigroup, Inc.		473,970		29,457,236
Goldman Sachs Group, Inc.		69,033		12,597,832
JPMorgan Chase & Co.		659,951		69,928,408
Morgan Stanley		261,760		10,651,014
				170,794,588
Diversified Manufacturing Operations — 1.4%
3M Co.		116,058		18,540,265
A.O. Smith Corp.		28,582		1,157,571
Eaton Corp. PLC		85,381		6,360,031
General Electric Co.		1,754,583		16,563,263
Illinois Tool Works, Inc.		60,842		8,495,977
Ingersoll-Rand PLC		48,811		5,776,294
Parker-Hannifin Corp.		26,075		3,971,744
Textron, Inc.		47,302		2,142,781
				63,007,926
E-Commerce/Products — 3.3%
Amazon.com, Inc.†		83,166		147,625,471
eBay, Inc.		173,338		6,228,034
				153,853,505
E-Commerce/Services — 0.4%
Booking Holdings, Inc.†		9,073		15,026,884
Cars.com, Inc.†#		1		21
Expedia Group, Inc.		23,566		2,710,090
TripAdvisor, Inc.†		20,715		875,623
				18,612,618
Electric Products - Misc. — 0.2%
AMETEK, Inc.		45,780		3,748,924
Emerson Electric Co.		123,882		7,462,652
				11,211,576
Electric - Distribution — 0.2%
CenterPoint Energy, Inc.		101,020		2,873,009

Security Description	Shares		Value (Note 2)
Electric - Distribution (continued)
Sempra Energy		55,235	$	7,260,641
				10,133,650
Electric - Integrated — 3.0%
AES Corp.		133,491		2,109,158
Alliant Energy Corp.		47,583		2,258,289
Ameren Corp.		49,309		3,616,322
American Electric Power Co., Inc.		99,427		8,562,653
CMS Energy Corp.		57,122		3,205,115
Consolidated Edison, Inc.		64,716		5,584,991
Dominion Energy, Inc.		161,108		12,112,100
DTE Energy Co.		36,669		4,600,859
Duke Energy Corp.		146,535		12,544,861
Edison International		65,670		3,898,828
Entergy Corp.		38,211		3,709,142
Evergy, Inc.		51,323		2,983,919
Eversource Energy		63,891		4,717,711
Exelon Corp.		195,461		9,397,765
FirstEnergy Corp.		101,514		4,186,437
NextEra Energy, Inc.		96,379		19,103,282
Pinnacle West Capital Corp.		22,604		2,122,742
PPL Corp.		145,311		4,324,455
Public Service Enterprise Group, Inc.		101,878		5,986,351
Southern Co.		208,525		11,156,088
WEC Energy Group, Inc.		63,583		5,121,611
Xcel Energy, Inc.		103,643		5,942,890
				137,245,569
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		24,440		1,869,171
Electronic Components - Semiconductors — 2.6%
Advanced Micro Devices, Inc.†		177,575		4,867,331
Broadcom, Inc.		79,838		20,090,434
Intel Corp.		906,410		39,918,297
IPG Photonics Corp.†		7,153		895,341
Microchip Technology, Inc.#		47,763		3,822,473
Micron Technology, Inc.†		225,956		7,368,425
NVIDIA Corp.		122,145		16,545,762
Qorvo, Inc.†		24,749		1,514,144
Skyworks Solutions, Inc.		35,084		2,337,647
Texas Instruments, Inc.		189,159		19,731,175
Xilinx, Inc.		51,027		5,220,572
				122,311,601
Electronic Connectors — 0.2%
Amphenol Corp., Class A		60,082		5,227,134
TE Connectivity, Ltd.		68,299		5,752,825
				10,979,959
Electronic Forms — 0.6%
Adobe, Inc.†		98,305		26,630,824
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		64,018		4,292,407
FLIR Systems, Inc.		27,304		1,319,602
Fortive Corp.		59,354		4,519,807
Keysight Technologies, Inc.†		37,841		2,842,995
				12,974,811
Electronic Security Devices — 0.0%
Allegion PLC		19,038		1,847,638
Engineering/R&D Services — 0.1%
Fluor Corp.		28,134		779,875

219

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Engineering/R&D Services (continued)
Jacobs Engineering Group, Inc.		23,622	$	1,778,500
				2,558,375
Engines - Internal Combustion — 0.1%
Cummins, Inc.		29,175		4,398,423
Enterprise Software/Service — 0.6%
Oracle Corp.		513,598		25,988,059
Entertainment Software — 0.3%
Activision Blizzard, Inc.		153,957		6,677,115
Electronic Arts, Inc.†		60,386		5,620,729
Take-Two Interactive Software, Inc.†		22,809		2,466,793
				14,764,637
Finance - Consumer Loans — 0.1%
Synchrony Financial		131,632		4,426,784
Finance - Credit Card — 2.9%
Alliance Data Systems Corp.		9,187		1,263,212
American Express Co.		139,390		15,989,427
Capital One Financial Corp.		94,305		8,097,970
Discover Financial Services		66,189		4,934,390
Mastercard, Inc., Class A		181,941		45,756,342
Visa, Inc., Class A		352,763		56,911,255
Western Union Co.#		87,857		1,704,426
				134,657,022
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		239,104		9,949,118
E*TRADE Financial Corp.		49,646		2,224,141
Jefferies Financial Group, Inc.		53,008		936,651
				13,109,910
Finance - Other Services — 0.6%
Cboe Global Markets, Inc.		22,615		2,454,632
CME Group, Inc.		72,113		13,854,349
Intercontinental Exchange, Inc.		114,586		9,420,115
Nasdaq, Inc.		23,340		2,115,538
				27,844,634
Food - Confectionery — 0.1%
Hershey Co.		28,024		3,698,047
J.M. Smucker Co.		22,930		2,787,371
				6,485,418
Food - Meat Products — 0.1%
Hormel Foods Corp.#		54,954		2,170,133
Tyson Foods, Inc., Class A		59,512		4,516,366
				6,686,499
Food - Misc./Diversified — 0.8%
Campbell Soup Co.#		38,832		1,409,990
Conagra Brands, Inc.		97,879		2,620,221
General Mills, Inc.		120,280		5,946,643
Kellogg Co.		50,600		2,659,536
Kraft Heinz Co.		125,352		3,465,983
Lamb Weston Holdings, Inc.		29,527		1,749,475
McCormick & Co., Inc.		24,712		3,856,060
Mondelez International, Inc., Class A		291,085		14,801,672
				36,509,580
Food - Retail — 0.1%
Kroger Co.		160,792		3,667,666
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		95,214		6,552,627

Security Description	Shares		Value (Note 2)
Gas - Distribution — 0.1%
Atmos Energy Corp.		23,559	$	2,398,306
NiSource, Inc.		75,080		2,090,978
				4,489,284
Gold Mining — 0.1%
Newmont Goldcorp Corp.		164,716		5,450,452
Home Decoration Products — 0.0%
Newell Brands, Inc.		78,402		1,052,155
Home Furnishings — 0.0%
Leggett & Platt, Inc.		26,419		938,139
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		59,026		5,279,286
Marriott International, Inc., Class A		56,824		7,093,908
				12,373,194
Human Resources — 0.0%
Robert Half International, Inc.		24,001		1,287,894
Independent Power Producers — 0.0%
NRG Energy, Inc.		56,638		1,927,958
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		24,095		3,586,541
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		44,269		9,012,726
Linde PLC		111,070		20,053,688
				29,066,414
Instruments - Controls — 0.6%
Honeywell International, Inc.		146,954		24,146,012
Mettler-Toledo International, Inc.†		4,997		3,613,280
				27,759,292
Instruments - Scientific — 0.1%
PerkinElmer, Inc.		22,332		1,928,145
Waters Corp.†		14,414		2,893,034
				4,821,179
Insurance Brokers — 0.6%
Aon PLC		48,374		8,710,706
Arthur J. Gallagher & Co.		37,099		3,123,736
Marsh & McLennan Cos., Inc.		101,809		9,732,940
Willis Towers Watson PLC		26,021		4,566,686
				26,134,068
Insurance - Life/Health — 0.5%
Aflac, Inc.		151,236		7,758,407
Lincoln National Corp.		41,177		2,447,972
Principal Financial Group, Inc.		52,170		2,690,407
Prudential Financial, Inc.		82,437		7,615,530
Torchmark Corp.		20,441		1,747,910
Unum Group		43,259		1,362,226
				23,622,452
Insurance - Multi-line — 1.1%
Allstate Corp.		66,910		6,390,574
American International Group, Inc.(1)		175,253		8,950,171
Assurant, Inc.		12,436		1,243,103
Chubb, Ltd.		92,390		13,495,407
Cincinnati Financial Corp.		30,543		3,000,544
Hartford Financial Services Group, Inc.		72,453		3,815,375
Loews Corp.		55,215		2,835,842
MetLife, Inc.		192,946		8,916,035
				48,647,051

220

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 2.0%
Berkshire Hathaway, Inc., Class B†		391,942	$	77,377,190
Progressive Corp.		117,689		9,330,384
Travelers Cos., Inc.		53,088		7,728,020
				94,435,594
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		8,198		2,030,317
Internet Content - Entertainment — 2.6%
Facebook, Inc., Class A†		480,825		85,332,013
Netflix, Inc.†		88,000		30,208,640
Twitter, Inc.†		146,832		5,350,558
				120,891,211
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		11,980		1,582,318
Internet Security — 0.1%
Symantec Corp.		128,839		2,413,154
Investment Management/Advisor Services — 0.5%
Affiliated Managers Group, Inc.		10,491		879,355
Ameriprise Financial, Inc.		27,311		3,775,199
BlackRock, Inc.		24,527		10,192,440
Franklin Resources, Inc.		59,563		1,895,295
Invesco, Ltd.		80,033		1,563,845
Raymond James Financial, Inc.		25,584		2,112,727
T. Rowe Price Group, Inc.		47,621		4,816,388
				25,235,249
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		116,006		13,898,679
Machinery - Farming — 0.2%
Deere & Co.		64,195		8,998,213
Machinery - General Industrial — 0.2%
Roper Technologies, Inc.		20,883		7,182,081
Wabtec Corp.#		31,976		1,994,663
				9,176,744
Machinery - Pumps — 0.1%
Dover Corp.		29,215		2,612,113
Flowserve Corp.		26,401		1,226,327
Xylem, Inc.		36,191		2,686,096
				6,524,536
Medical Information Systems — 0.1%
Cerner Corp.		65,378		4,574,499
Medical Instruments — 1.2%
Boston Scientific Corp.†		279,353		10,729,949
Edwards Lifesciences Corp.†		41,877		7,148,404
Intuitive Surgical, Inc.†		23,077		10,727,343
Medtronic PLC		270,320		25,026,226
				53,631,922
Medical Labs & Testing Services — 0.2%
IQVIA Holdings, Inc.†		31,894		4,332,800
Laboratory Corp. of America Holdings†		19,873		3,231,549
Quest Diagnostics, Inc.		27,062		2,595,516
				10,159,865
Medical Products — 1.6%
Abbott Laboratories		354,004		26,950,324
ABIOMED, Inc.†		9,088		2,380,329
Baxter International, Inc.		96,074		7,055,675
Becton Dickinson and Co.		54,232		12,659,918

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Cooper Cos., Inc.		9,945	$	2,961,521
Henry Schein, Inc.†		30,517		1,967,126
Hologic, Inc.†		53,976		2,375,484
Stryker Corp.		62,344		11,423,915
Varian Medical Systems, Inc.†		18,297		2,310,179
Zimmer Biomet Holdings, Inc.		41,205		4,694,486
				74,778,957
Medical - Biomedical/Gene — 1.9%
Alexion Pharmaceuticals, Inc.†		45,042		5,120,375
Amgen, Inc.		125,425		20,908,347
Biogen, Inc.†		39,648		8,694,410
Celgene Corp.†		141,566		13,277,475
Gilead Sciences, Inc.		257,090		16,003,852
Illumina, Inc.†		29,629		9,093,436
Incyte Corp.†		35,809		2,815,662
Regeneron Pharmaceuticals, Inc.†		15,798		4,766,573
Vertex Pharmaceuticals, Inc.†		51,529		8,563,089
				89,243,219
Medical - Drugs — 5.1%
AbbVie, Inc.		297,316		22,807,110
Allergan PLC		63,018		7,682,524
Bristol-Myers Squibb Co.		329,081		14,930,405
Eli Lilly & Co.		174,152		20,191,183
Johnson & Johnson		536,778		70,398,435
Merck & Co., Inc.		520,268		41,210,428
Nektar Therapeutics†		35,092		1,099,082
Pfizer, Inc.		1,119,014		46,461,461
Zoetis, Inc.		96,500		9,751,325
				234,531,953
Medical - Generic Drugs — 0.1%
Mylan NV†		103,930		1,746,024
Perrigo Co. PLC		25,195		1,058,694
				2,804,718
Medical - HMO — 1.6%
Anthem, Inc.		51,803		14,400,198
Centene Corp.†		83,278		4,809,305
Humana, Inc.		27,326		6,691,044
UnitedHealth Group, Inc.		193,403		46,764,845
WellCare Health Plans, Inc.†		10,077		2,783,167
				75,448,559
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		53,827		6,510,914
Universal Health Services, Inc., Class B		16,836		2,012,744
				8,523,658
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		31,485		2,451,422
Cardinal Health, Inc.		60,068		2,527,061
McKesson Corp.		38,664		4,722,421
				9,700,904
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		292,065		2,835,951
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		32,157		1,052,177
Multimedia — 1.1%
Viacom, Inc., Class B		71,279		2,069,229
Walt Disney Co.		352,118		46,493,661
				48,562,890

221

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 1.1%
Arista Networks, Inc.†		10,532	$	2,576,022
Cisco Systems, Inc.		887,267		46,164,502
				48,740,524
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		43,432		3,673,913
Waste Management, Inc.		78,583		8,593,051
				12,266,964
Office Automation & Equipment — 0.0%
Xerox Corp.		40,284		1,233,093
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		16,928		1,761,528
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		22,051		1,078,514
Oil Companies - Exploration & Production — 1.4%
Anadarko Petroleum Corp.		100,694		7,085,837
Apache Corp.		75,666		1,972,613
Cabot Oil & Gas Corp.		85,334		2,135,057
Cimarex Energy Co.		20,449		1,169,478
Concho Resources, Inc.		40,431		3,962,642
ConocoPhillips		228,649		13,481,145
Devon Energy Corp.		83,698		2,105,842
Diamondback Energy, Inc.		31,145		3,054,079
EOG Resources, Inc.		116,915		9,573,000
Hess Corp.		51,306		2,865,953
Marathon Oil Corp.		164,976		2,169,434
Noble Energy, Inc.		97,470		2,085,858
Occidental Petroleum Corp.		151,077		7,519,102
Pioneer Natural Resources Co.		33,937		4,817,697
				63,997,737
Oil Companies - Integrated — 2.2%
Chevron Corp.		382,974		43,601,590
Exxon Mobil Corp.		854,004		60,437,863
				104,039,453
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		77,284		1,611,371
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		31,666		1,202,675
Marathon Petroleum Corp.		135,773		6,244,200
Phillips 66		84,558		6,832,287
Valero Energy Corp.		84,173		5,925,779
				20,204,941
Oil - Field Services — 0.4%
Baker Hughes a GE Co., LLC		103,478		2,215,464
Halliburton Co.		175,869		3,744,251
Schlumberger, Ltd.		279,355		9,690,825
TechnipFMC PLC		85,758		1,783,766
				17,434,306
Paper & Related Products — 0.1%
International Paper Co.		80,671		3,345,426
Pharmacy Services — 0.5%
Cigna Corp.		76,604		11,338,924
CVS Health Corp.		261,438		13,691,508
				25,030,432
Pipelines — 0.4%
Kinder Morgan, Inc.		392,383		7,828,041
ONEOK, Inc.		82,964		5,278,169

Security Description	Shares		Value (Note 2)
Pipelines (continued)
Williams Cos., Inc.		244,084	$	6,438,936
				19,545,146
Publishing - Newspapers — 0.0%
News Corp., Class A		77,666		884,616
News Corp., Class B		24,947		290,632
				1,175,248
Real Estate Investment Trusts — 3.1%
Alexandria Real Estate Equities, Inc.		22,722		3,326,728
American Tower Corp.		88,915		18,562,785
Apartment Investment & Management Co., Class A		32,320		1,614,384
AvalonBay Communities, Inc.		27,917		5,667,430
Boston Properties, Inc.		31,143		4,074,439
Crown Castle International Corp.		83,761		10,889,768
Digital Realty Trust, Inc.		41,888		4,931,055
Duke Realty Corp.		72,409		2,178,787
Equinix, Inc.		16,794		8,158,357
Equity Residential		74,563		5,709,289
Essex Property Trust, Inc.		13,242		3,863,221
Extra Space Storage, Inc.		25,658		2,749,511
Federal Realty Investment Trust		14,989		1,959,512
HCP, Inc.		96,300		3,053,673
Host Hotels & Resorts, Inc.		149,248		2,702,881
Iron Mountain, Inc.		57,719		1,769,087
Kimco Realty Corp.		84,935		1,477,869
Macerich Co.		21,339		775,246
Mid-America Apartment Communities, Inc.		22,955		2,621,002
Prologis, Inc.		127,053		9,359,994
Public Storage		30,248		7,195,394
Realty Income Corp.		61,232		4,291,139
Regency Centers Corp.		33,762		2,226,941
SBA Communications Corp.†		22,693		4,910,992
Simon Property Group, Inc.		62,274		10,093,993
SL Green Realty Corp.		16,867		1,450,562
UDR, Inc.		55,551		2,487,574
Ventas, Inc.		71,792		4,616,226
Vornado Realty Trust		34,947		2,314,540
Welltower, Inc.		77,874		6,324,926
Weyerhaeuser Co.		150,469		3,430,693
				144,787,998
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		62,953		2,876,952
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		16,041		1,766,114
Respiratory Products — 0.1%
ResMed, Inc.		28,884		3,296,242
Retail - Apparel/Shoe — 0.2%
Foot Locker, Inc.		22,754		895,370
Gap, Inc.		43,053		804,230
L Brands, Inc.		46,027		1,033,766
Ross Stores, Inc.		74,696		6,945,981
				9,679,347
Retail - Auto Parts — 0.4%
Advance Auto Parts, Inc.		14,445		2,238,975
AutoZone, Inc.†		5,030		5,166,363
Genuine Parts Co.		29,416		2,909,243
O’Reilly Automotive, Inc.†		15,797		5,866,532
				16,181,113
Retail - Automobile — 0.1%
CarMax, Inc.†#		34,282		2,683,595

222

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Building Products — 1.3%
Home Depot, Inc.		227,665	$	43,222,200
Lowe’s Cos., Inc.		161,449		15,059,963
				58,282,163
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		47,189		2,957,335
Retail - Discount — 1.5%
Costco Wholesale Corp.		88,785		21,271,110
Dollar General Corp.		52,986		6,744,058
Dollar Tree, Inc.†		47,965		4,872,765
Target Corp.		105,180		8,461,731
Walmart, Inc.		286,934		29,106,585
				70,456,249
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		161,636		7,975,120
Retail - Gardening Products — 0.1%
Tractor Supply Co.		24,446		2,463,668
Retail - Jewelry — 0.0%
Tiffany & Co.#		21,866		1,948,479
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.#		21,610		676,393
TJX Cos., Inc.		249,434		12,544,036
				13,220,429
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		11,357		3,786,197
Retail - Regional Department Stores — 0.1%
Kohl’s Corp.#		33,283		1,641,517
Macy’s, Inc.		61,980		1,274,929
				2,916,446
Retail - Restaurants — 1.3%
Chipotle Mexican Grill, Inc.†		4,906		3,237,813
Darden Restaurants, Inc.		24,894		2,895,670
McDonald’s Corp.		154,256		30,584,337
Starbucks Corp.		250,659		19,065,124
Yum! Brands, Inc.		61,761		6,321,238
				62,104,182
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		79,252		1,218,103
Semiconductor Components - Integrated Circuits — 0.6%
Analog Devices, Inc.		74,237		7,172,779
Maxim Integrated Products, Inc.		55,106		2,898,025
QUALCOMM, Inc.		243,948		16,300,605
				26,371,409
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		191,359		7,403,680
KLA-Tencor Corp.		33,298		3,432,025
Lam Research Corp.		30,756		5,370,305
				16,206,010
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		8,371		1,717,060
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		49,564		3,688,057
Steel - Producers — 0.1%
Nucor Corp.		61,552		2,954,496

Security Description	Shares		Value (Note 2)
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		158,578	$	4,573,390
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		70,127		1,725,825
Telephone - Integrated — 2.0%
AT&T, Inc.		1,468,271		44,899,727
CenturyLink, Inc.		191,678		2,003,035
Verizon Communications, Inc.		832,843		45,265,017
				92,167,779
Television — 0.1%
CBS Corp., Class B		70,077		3,383,318
Textile - Home Furnishings — 0.0%
Mohawk Industries, Inc.†		12,388		1,679,193
Tobacco — 0.9%
Altria Group, Inc.		377,807		18,535,211
Philip Morris International, Inc.		313,327		24,166,912
				42,702,123
Tools - Hand Held — 0.1%
Snap-on, Inc.		11,210		1,747,863
Stanley Black & Decker, Inc.		30,507		3,881,101
				5,628,964
Toys — 0.1%
Hasbro, Inc.		23,336		2,220,187
Mattel, Inc.†#		69,618		685,737
				2,905,924
Transport - Rail — 1.1%
CSX Corp.		156,177		11,630,501
Kansas City Southern		20,346		2,304,795
Norfolk Southern Corp.		53,908		10,519,607
Union Pacific Corp.		145,703		24,300,347
				48,755,250
Transport - Services — 0.5%
C.H. Robinson Worldwide, Inc.		27,584		2,196,514
Expeditors International of Washington, Inc.		34,602		2,407,953
FedEx Corp.		48,406		7,468,078
United Parcel Service, Inc., Class B		140,283		13,035,096
				25,107,641
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc.		17,534		1,492,845
Water — 0.1%
American Water Works Co., Inc.		36,433		4,117,658
Water Treatment Systems — 0.0%
Pentair PLC		31,776		1,106,440
Web Hosting/Design — 0.1%
VeriSign, Inc.†		21,235		4,140,400
Web Portals/ISP — 2.9%
Alphabet, Inc., Class A†		60,339		66,765,104
Alphabet, Inc., Class C†		61,954		68,374,293
				135,139,397
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		33,030		4,952,848
Total Long-Term Investment Securities
(cost $2,214,380,021)				4,623,034,656

223

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3)		2,450,227		$	2,450,227
U.S. Government Treasuries — 0.1%
United States Treasury Bills
2.40% due 07/11/2019(4)	$	250,000			249,395
2.45% due 09/05/2019(4)		750,000			745,469
2.49% due 07/18/2019(4)		1,500,000			1,495,697
2.50% due 07/18/2019(4)		1,200,000			1,196,557
					3,687,118
Total Short-Term Investment Securities
(cost $6,135,870)					6,137,345
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $3,800,158 collateralized by $3,875,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $3,878,259. (cost $3,800,000)		3,800,000			3,800,000
TOTAL INVESTMENTS
(cost $2,224,315,891)(5)		99.9	%		4,632,972,001
Other assets less liabilities		0.1			4,573,574
NET ASSETS		100.0	%	$	4,637,545,575

† Non-income producing security

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

(1) Security represents an investment in an affiliated company (see Note 3)

(2) The rate shown is the 7-day yield as of May 31, 2019.

(3) At May 31, 2019, the Fund had loaned securities with a total value of $26,331,777. This was secured by collateral of $2,450,227, which was received in cash and subsequently invested in short-term investments currently valued at $2,450,227 as reported in the Portfolio of Investments. Additional collateral of $24,954,753 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2019
Federal National Mtg. Assoc.	3.50%	10/01/2047 to 12/01/2047	$	749,270
Government National Mtg. Assoc.	3.00% to 4.50%	06/20/2046 to 05/20/2048		40,661
United States Treasury Bills	0.00%	06/11/2019 to 09/19/2019		545,933
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/30/2019 to 02/15/2049		23,618,889

(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)
	150	Long	S&P 500 E-Mini Index		June 2019	$	21,127,938	$	20,644,500	$	(483,438	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	4,623,034,656	$	—	$	—	$	4,623,034,656
Short-Term Investment Securities:
Registered Investment Companies		2,450,227		—		—		2,450,227
U.S. Government Treasuries		—		3,687,118		—		3,687,118
Repurchase Agreements		—		3,800,000		—		3,800,000
Total Investments at Value	$	4,625,484,883	$	7,487,118	$	—	$	4,632,972,001
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	483,438	$	—	$	—	$	483,438

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

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

See Notes to Financial Statements

224

VALIC Company I Value Fund

PORTFOLIO PROFILE — May 31, 2019 (unaudited)

Industry Allocation*

Medical — Drugs	10.7	%
Diversified Banking Institutions	9.5
Oil Companies — Exploration & Production	4.7
Electric — Integrated	4.0
Insurance — Multi-line	3.8
Oil Companies — Integrated	3.6
Medical — HMO	3.6
Electronic Components — Semiconductors	3.5
Real Estate Investment Trusts	3.5
Chemicals — Diversified	3.4
Telephone — Integrated	2.9
Networking Products	2.9
Aerospace/Defense — Equipment	2.8
Cable/Satellite TV	2.6
Repurchase Agreements	2.5
Investment Management/Advisor Services	2.3
Medical Instruments	2.3
Banks — Super Regional	2.1
Medical Products	2.1
Semiconductor Components — Integrated Circuits	2.1
Tobacco	2.0
Aerospace/Defense	1.4
Food — Misc./Diversified	1.3
Banks — Commercial	1.2
Building & Construction Products — Misc.	1.2
Insurance — Property/Casualty	1.2
Diversified Manufacturing Operations	1.2
Cosmetics & Toiletries	1.1
Transport — Rail	1.1
Electric — Distribution	1.1
Retail — Building Products	1.1
Food — Wholesale/Distribution	1.0
Hotels/Motels	1.0
Machinery — Construction & Mining	1.0
Finance — Investment Banker/Broker	1.0
E-Commerce/Services	1.0
Electronic Components — Misc.	1.0
Semiconductor Equipment	0.9
Computers — Memory Devices	0.9
Containers — Paper/Plastic	0.9
Wireless Equipment	0.9
Apparel Manufacturers	0.9
Footwear & Related Apparel	0.5
	99.8	%

* Calculated as a percentage of net assets

225

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Aerospace/Defense — 1.4%
Lockheed Martin Corp.		4,853	$	1,642,935
Aerospace/Defense - Equipment — 2.8%
Harris Corp.		7,380		1,381,462
United Technologies Corp.		15,139		1,912,056
				3,293,518
Apparel Manufacturers — 0.9%
Tapestry, Inc.		36,428		1,040,384
Banks - Commercial — 1.2%
M&T Bank Corp.		9,220		1,471,512
Banks - Super Regional — 2.1%
PNC Financial Services Group, Inc.		19,831		2,523,693
Building & Construction Products - Misc. — 1.2%
Fortune Brands Home & Security, Inc.		30,003		1,441,944
Cable/Satellite TV — 2.6%
Comcast Corp., Class A		74,077		3,037,157
Chemicals - Diversified — 3.4%
Celanese Corp.		12,810		1,216,053
Dow, Inc.		32,148		1,503,241
FMC Corp.		17,892		1,314,167
				4,033,461
Computers - Memory Devices — 0.9%
NetApp, Inc.		18,459		1,092,773
Containers - Paper/Plastic — 0.9%
Sealed Air Corp.		25,741		1,078,548
Cosmetics & Toiletries — 1.1%
Unilever NV		22,306		1,341,037
Diversified Banking Institutions — 9.5%
Bank of America Corp.		138,299		3,678,753
Citigroup, Inc.		43,784		2,721,176
JPMorgan Chase & Co.		45,332		4,803,379
				11,203,308
Diversified Manufacturing Operations — 1.2%
Ingersoll-Rand PLC		11,523		1,363,632
E-Commerce/Services — 1.0%
Booking Holdings, Inc.†		700		1,159,354
Electric - Distribution — 1.1%
Sempra Energy		9,970		1,310,556
Electric - Integrated — 4.0%
Dominion Energy, Inc.		24,030		1,806,575
Entergy Corp.		11,970		1,161,928
Eversource Energy		24,216		1,788,110
				4,756,613
Electronic Components - Misc. — 1.0%
nVent Electric PLC		50,015		1,153,346
Electronic Components - Semiconductors — 3.5%
Intel Corp.		71,845		3,164,054
Micron Technology, Inc.†		29,570		964,277
				4,128,331
Finance - Investment Banker/Broker — 1.0%
TD Ameritrade Holding Corp.		23,330		1,160,667
Food - Misc./Diversified — 1.3%
Mondelez International, Inc., Class A		30,001		1,525,551
Food - Wholesale/Distribution — 1.0%
US Foods Holding Corp.†		35,288		1,219,553

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.5%
Skechers U.S.A., Inc., Class A†		19,670	$	549,383
Hotels/Motels — 1.0%
Hilton Worldwide Holdings, Inc.		13,169		1,177,835
Insurance - Multi-line — 3.8%
Assurant, Inc.		12,940		1,293,482
Chubb, Ltd.		14,113		2,061,486
MetLife, Inc.		25,762		1,190,462
				4,545,430
Insurance - Property/Casualty — 1.2%
Intact Financial Corp.		16,352		1,405,938
Investment Management/Advisor Services — 2.3%
BlackRock, Inc.		3,678		1,528,429
Invesco, Ltd.		62,870		1,228,480
				2,756,909
Machinery - Construction & Mining — 1.0%
Caterpillar, Inc.		9,828		1,177,493
Medical Instruments — 2.3%
Medtronic PLC		29,643		2,744,349
Medical Products — 2.1%
Koninklijke Philips NV		35,598		1,402,618
Zimmer Biomet Holdings, Inc.		9,538		1,086,664
				2,489,282
Medical - Drugs — 10.7%
Allergan PLC		9,926		1,210,079
AstraZeneca PLC ADR		41,949		1,568,054
Eli Lilly & Co.		12,553		1,455,395
Merck & Co., Inc.		37,371		2,960,157
Pfizer, Inc.		86,310		3,583,591
Roche Holding AG		6,921		1,816,217
				12,593,493
Medical - HMO — 3.6%
Anthem, Inc.		8,868		2,465,127
UnitedHealth Group, Inc.		7,139		1,726,210
				4,191,337
Networking Products — 2.9%
Cisco Systems, Inc.		65,820		3,424,615
Oil Companies - Exploration & Production — 4.7%
Concho Resources, Inc.		12,865		1,260,899
EOG Resources, Inc.		19,309		1,581,021
Noble Energy, Inc.		57,210		1,224,294
Pioneer Natural Resources Co.		10,164		1,442,881
				5,509,095
Oil Companies - Integrated — 3.6%
Exxon Mobil Corp.		60,027		4,248,111
Real Estate Investment Trusts — 3.5%
Brixmor Property Group, Inc.		42,909		735,889
Crown Castle International Corp.		16,281		2,116,693
Gaming and Leisure Properties, Inc.		32,140		1,269,209
				4,121,791
Retail - Building Products — 1.1%
Home Depot, Inc.		6,826		1,295,916
Semiconductor Components - Integrated Circuits — 2.1%
Analog Devices, Inc.		14,194		1,371,424
Maxim Integrated Products, Inc.		20,965		1,102,550
				2,473,974

226

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment — 0.9%
KLA-Tencor Corp.		10,765		$	1,109,549
Telephone - Integrated — 2.9%
Verizon Communications, Inc.		63,787			3,466,823
Tobacco — 2.0%
Philip Morris International, Inc.		29,953			2,310,275
Transport - Rail — 1.1%
Union Pacific Corp.		7,980			1,330,904
Wireless Equipment — 0.9%
Nokia OYJ ADR		212,548			1,073,367
Total Long-Term Investment Securities
(cost $99,426,246)					114,973,742
REPURCHASE AGREEMENTS — 2.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $2,945,123 collateralized by $3,030,000 of United States Treasury Notes, bearing interest at 1.75% due 05/31/2022 and having an approximate value of $3,005,972 (cost $2,945,000)	$	2,945,000			2,945,000
TOTAL INVESTMENTS
(cost $102,371,246)(1)		99.8	%		117,918,742
Other assets less liabilities		0.2			208,598
NET ASSETS		100.0	%	$	118,127,340

† Non-income producing security

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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	$	111,754,907	$	3,218,835	**	$	—	$	114,973,742
Repurchase Agreements		—		2,945,000			—		2,945,000
Total Investments at Value	$	111,754,907	$	6,163,835		$	—	$	117,918,742

* 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

227

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2019

	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)*†	$	137,697,464		$	782,042,650	$	50,391,011	$	244,550,473	$	227,923,989	$	908,269,455	$	39,266,730
Investment securities, at value (affiliated)*†		–			–		–		–		–		–		166,601,331
Repurchase agreements (cost approximates value)		–			–		–		–		–		4,951,000		–
Cash		13,920			–		802,199		404,472		93,783		44,764,753		487
Foreign cash*		15,047,564			54,319		–		–		–		963		–
Cash collateral for futures contracts		–			–		–		–		–		–		–
Cash collateral for centrally cleared swap contracts		–			–		–		–		–		–		–
Due from broker		830,614			–		–		–		–		–		–
Receivable for:
Fund shares sold		24,057			613,912		31,147		2,157,472		2,551		333,125		13,435
Dividends and interest		338,985			634,353		114,087		1,294,843		512,281		2,983,349		140,189
Investments sold		–			491,370		–		832,984		560,562		3,363,007		440,083
Investments sold on an extended settlement basis		–			–		–		179,306		–		–		2,080,010
Receipts on swap contracts		–			–		–		–		–		–		–
Securities lending income		2,300			1,094		426		1,452		382		2,024		–
Prepaid expenses and other assets		29,540			23,205		8,322		18,700		25,846		24,214		9,807
Due from investment adviser for expense reimbursements/fee waivers		–			–		5,999		–		36,459		–		1,761
Variation margin on futures contracts		72,540			–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		326,478			–		–		–		–		–		–
TOTAL ASSETS		154,383,462			783,860,903		51,353,191		249,439,702		229,155,853		964,691,890		208,553,833
LIABILITIES:
Payable for:
Fund shares reacquired		3,930			30,134		9,391		213,100		35,715		115,136		218,630
Investments purchased		4,854,115			1,734,135		24,477		913,283		437,614		4,048,295		411,552
Investments purchased on an extended settlement basis		13,922			–		–		296,595		–		–		2,182,262
Payments on swap contracts		–			–		–		–		–		–		–
Accrued foreign tax on capital gains		–			–		–		–		–		–		–
Investment advisory and management fees		64,014			496,434		31,879		105,117		162,039		593,039		44,923
Administrative service fee		8,540			45,785		3,038		14,022		13,510		56,303		2,167
Transfer agent fees and expenses		277			704		368		645		266		645		184
Directors’ fees and expenses		8,582			19,454		1,433		8,421		19,338		21,449		3,861
Other accrued expenses		153,195			124,819		59,477		108,808		78,001		143,056		71,332
Line of credit		–			–		–		–		–		–		–
Variation margin on futures contracts		91,625			–		–		–		–		–		585,900
Collateral upon return of securities loaned		1,272,012			173,301		10,875		883,610		–		–		–
Due to broker		–			–		–		–		–		–		1,189,971
Unrealized depreciation on forward foreign currency contracts		370,154			–		–		–		–		–		–
Unrealized depreciation on swap contracts		–			–		–		–		–		–		–
TOTAL LIABILITIES		6,840,366			2,624,766		140,938		2,543,601		746,483		4,977,923		4,710,782
NET ASSETS	$	147,543,096		$	781,236,137	$	51,212,253	$	246,896,101	$	228,409,370	$	959,713,967	$	203,843,051
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	148,918		$	407,266	$	36,755	$	249,911	$	113,285	$	888,497	$	177,452
Additional paid-in capital		149,641,464			390,492,623		39,238,731		239,218,564		173,663,695		911,122,653		188,370,895
Total accumulated earnings (loss)		(2,247,286	)		390,336,248		11,936,767		7,427,626		54,632,390		47,702,817		15,294,704
NET ASSETS	$	147,543,096		$	781,236,137	$	51,212,253	$	246,896,101	$	228,409,370	$	959,713,967	$	203,843,051
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		14,891,788			40,726,550		3,675,527		24,991,125		11,328,533		88,849,744		17,745,226
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	9.91		$	19.18	$	13.93	$	9.88	$	20.16	$	10.80	$	11.49
*  Cost
Investment securities (unaffiliated)	$	141,083,851		$	471,641,916	$	44,317,907	$	240,584,384	$	193,459,905	$	927,289,517	$	37,114,514
Investment securities (affiliated)	$	–		$	–	$	–	$	–	$	–	$	–	$	158,768,803
Foreign cash	$	14,965,949		$	54,268	$	–	$	–	$	–	$	966	$	–
† Including securities on loan	$	5,712,156		$	7,322,163	$	2,110,816	$	10,958,599	$	969,861	$	12,181,194	$	–

See Notes to Financial Statements

228

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2019 — (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)*†	$	826,561,480	$	453,621,011	$	358,559,756	$	310,161,098	$	401,734,635		$	136,730,252	$	1,052,817,526
Investment securities, at value (affiliated)*†		–		–		–		–		–			–		–
Repurchase agreements (cost approximates value)		–		–		2,699,000		–		255,000			6,216,000		–
Cash		3,814,158		3,185,995		704		3,533,986		419			904		7,111,128
Foreign cash*		4,504,277		323,968		1,571,111		1,218,233		–			–		117,551
Cash collateral for futures contracts		–		–		–		–		–			–		–
Cash collateral for centrally cleared swap contracts		–		–		–		3,485,545		–			–		–
Due from broker		–		–		–		–		–			–		7
Receivable for:
Fund shares sold		205,399		166,545		94,026		13,328		1,156,537			63,956		86,598
Dividends and interest		3,087,946		1,390,073		1,276,423		2,227,111		318,265			519,153		1,344,438
Investments sold		1,236,195		925,411		–		6,529,678		–			–		4,947,742
Investments sold on an extended settlement basis		–		1,666,903		–		2,984,061		–			519,405		94,982
Receipts on swap contracts		–		–		–		181,764		–			–		–
Securities lending income		10,034		6,978		839		22,532		–			198		26,719
Prepaid expenses and other assets		23,708		16,130		27,368		21,902		37,528			27,805		47,582
Due from investment adviser for expense reimbursements/fee waivers		–		–		–		–		–			–		46,889
Variation margin on futures contracts		–		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		1,571,284		–			–		109,598
TOTAL ASSETS		839,443,197		461,303,014		364,229,227		331,950,522		403,502,384			144,077,673		1,066,750,760
LIABILITIES:
Payable for:
Fund shares reacquired		263,791		172,775		11,548		167,773		18,391			30,188		399,446
Investments purchased		398,008		1,342,009		–		–		–			–		3,937,329
Investments purchased on an extended settlement basis		–		734,792		–		434,178		8,000,000			518,905		714,645
Payments on swap contracts		–		–		–		196,878		–			–		–
Accrued foreign tax on capital gains		524,384		–		–		17,769		–			–		12,214
Investment advisory and management fees		519,623		286,390		159,530		142,505		135,985			60,037		651,143
Administrative service fee		45,823		26,278		21,281		19,010		22,675			8,009		62,550
Transfer agent fees and expenses		923		645		553		277		1,105			747		461
Directors’ fees and expenses		18,878		10,575		19,635		15,881		24,469			7,674		40,281
Other accrued expenses		466,201		109,118		117,736		191,417		116,336			80,135		161,762
Line of credit		–		–		–		175,000		–			–		–
Variation margin on futures contracts		–		–		81,270		–		–			–		–
Collateral upon return of securities loaned		14,134,802		–		–		4,185,805		–			–		11,569,553
Due to broker		21		–		20		–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		713,815		–			–		20,768
Unrealized depreciation on swap contracts		–		–		–		1,987,951		–			–		–
TOTAL LIABILITIES		16,372,454		2,682,582		411,573		8,248,259		8,318,961			705,695		17,570,152
NET ASSETS	$	823,070,743	$	458,620,432	$	363,817,654	$	323,702,263	$	395,183,423		$	143,371,978	$	1,049,180,608
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,066,976	$	573,583	$	140,442	$	316,151	$	3,951,956		$	135,592	$	641,850
Additional paid-in capital		820,004,341		417,158,120		271,363,438		319,947,271		391,242,525			140,193,728		725,925,457
Total accumulated earnings (loss)		1,999,426		40,888,729		92,313,774		3,438,841		(11,058	)		3,042,658		322,613,301
NET ASSETS	$	823,070,743	$	458,620,432	$	363,817,654	$	323,702,263	$	395,183,423		$	143,371,978	$	1,049,180,608
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		106,697,600		57,358,333		14,044,246		31,615,097		395,195,620			13,559,230		64,184,966
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.71	$	8.00	$	25.91	$	10.24	$	1.00		$	10.57	$	16.35
*  Cost
Investment securities (unaffiliated)	$	776,809,873	$	420,568,934	$	282,447,955	$	340,037,034	$	401,734,635		$	133,565,587	$	839,198,226
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–		$	–	$	–
Foreign cash	$	4,466,336	$	324,112	$	1,574,021	$	1,222,477	$	–		$	–	$	116,862
† Including securities on loan	$	15,190,848	$	8,922,182	$	7,715,497	$	4,033,547	$	–		$	1,382,512	$	25,232,016

# See Note 1

See Notes to Financial Statements

229

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2019 — (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)*†	$	116,656,647	$	754,949,139	$	698,213,549	$	1,016,172,414	$	197,870,654		$	448,548,430	$	676,148,989
Investment securities, at value (affiliated)*†		–		–		–		–		–			–		–
Repurchase agreements (cost approximates value)		–		–		–		41,466,000		–			–		–
Cash		737,634		–		10,067		991		–			28,995,896		–
Foreign cash*		–		12,092		48,189		5,512,950		1,756,818			1,165,077		7,807,144
Cash collateral for futures contracts		95,000		–		–		–		–			–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–			–		–
Due from broker		–		–		–		46		–			–		–
Receivable for:
Fund shares sold		19,927		34,994		200,220		166,855		51,955			86,868		151,699
Dividends and interest		213,361		716,229		2,982,220		6,933,655		1,887,163			1,190,996		4,996,793
Investments sold		277,782		1,873,268		–		8,136,134		2,474,023			488,698		1,506,305
Investments sold on an extended settlement basis		–		–		–		1,825,988		544,400			–		3,893,882
Receipts on swap contracts		–		–		–		–		–			–		–
Securities lending income		56		20,989		856		67,303		1,369			17,937		43,017
Prepaid expenses and other assets		13,516		22,557		18,424		48,875		16,576			32,030		36,241
Due from investment adviser for expense reimbursements/fee waivers		11,788		24,605		–		–		–			80,749		43,007
Variation margin on futures contracts		–		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			–		2,475,354
TOTAL ASSETS		118,025,711		757,653,873		701,473,525		1,080,331,211		204,602,958			480,606,681		697,102,431
LIABILITIES:
Payable for:
Fund shares reacquired		22,400		209,568		195,452		141,662		43,984			18,160		27,990
Investments purchased		325,655		1,101,109		–		7,154,891		1,141,409			–		2,416,963
Investments purchased on an extended settlement basis		–		–		–		4,472,201		–			–		–
Payments on swap contracts		–		–		–		–		–			–		–
Accrued foreign tax on capital gains		–		–		–		–		–			578,543		–
Investment advisory and management fees		78,686		632,766		271,178		265,651		85,366			373,988		418,909
Administrative service fee		6,998		42,936		39,908		59,666		11,388			26,930		40,980
Transfer agent fees and expenses		523		368		645		1,291		645			645		737
Directors’ fees and expenses		6,951		18,290		14,010		40,060		8,849			25,966		30,983
Other accrued expenses		72,093		139,072		124,362		330,525		101,141			140,907		219,461
Line of credit		–		–		–		–		–			–		–
Variation margin on futures contracts		9,450		–		–		475,850		–			–		–
Collateral upon return of securities loaned		–		13,437,488		254,200		25,661,919		26,625			12,819,474		2,832,262
Due to broker		1,941		–		–		–		–			260,000		2,629,131
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			–		–
Unrealized depreciation on swap contracts		–		–		–		–		–			–		–
TOTAL LIABILITIES		524,697		15,581,597		899,755		38,603,716		1,419,407			14,244,613		8,617,416
NET ASSETS	$	117,501,014	$	742,072,276	$	700,573,770	$	1,041,727,495	$	203,183,551		$	466,362,068	$	688,485,015
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	57,740	$	383,584	$	633,087	$	1,546,621	$	171,865		$	410,928	$	770,833
Additional paid-in capital		87,134,848		536,837,415		672,828,273		1,025,483,872		204,144,910			432,842,019		757,637,267
Total accumulated earnings (loss)		30,308,426		204,851,277		27,112,410		14,697,002		(1,133,224	)		33,109,121		(69,923,085	)
NET ASSETS	$	117,501,014	$	742,072,276	$	700,573,770	$	1,041,727,495	$	203,183,551		$	466,362,068	$	688,485,015
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		5,774,012		38,358,415		63,308,699		154,662,118		17,186,502			41,092,824		77,083,256
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	20.35	$	19.35	$	11.07	$	6.74	$	11.82		$	11.35	$	8.93
*  Cost
Investment securities (unaffiliated)	$	99,366,038	$	598,691,347	$	685,010,415	$	1,041,427,424	$	195,917,747		$	412,497,682	$	755,427,277
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	11,852	$	48,799	$	5,517,379	$	1,760,638		$	1,164,905	$	7,806,793
† Including securities on loan	$	302,093	$	95,333,827	$	4,346,221	$	33,163,060	$	5,823,438		$	17,374,566	$	3,336,765
# See Note 1

See Notes to Financial Statements

230

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2019 — (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)*†	$	161,332,803	$	477,934,397	$	2,883,146,195	$	305,238,948	$	470,609,794	$	1,359,559,257	$	156,527,591
Investment securities, at value (affiliated)*†		–		–		–		–		–		–		–
Repurchase agreements (cost approximates value)		4,686,000		–		32,032,000		–		29,496,000		4,239,000		6,723,000
Cash		450		490		962		1,238,670		941		47,616,014		260
Foreign cash*		–		–		–		2		–		915,866		–
Cash collateral for futures contracts		–		–		–		–		–		–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–		–		–
Due from broker		–		–		–		–		44		–		–
Receivable for:
Fund shares sold		64,224		32,624		330,182		13,292		1,471,044		23,398		34,207
Dividends and interest		259,317		588,856		3,442,191		201,911		498,655		901,957		33,713
Investments sold		1,281,428		280,858		242,875		80,515		–		3,341,062		1,646,108
Investments sold on an extended settlement basis		–		–		–		–		–		–		–
Receipts on swap contracts		–		–		–		–		–		–		–
Securities lending income		–		2,657		28,774		3,816		964		17,381		3,749
Prepaid expenses and other assets		11,863		20,730		136,754		16,700		15,730		63,920		9,934
Due from investment adviser for expense reimbursements/fee waivers		–		–		–		–		4,825		–		8,251
Variation margin on futures contracts		–		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL ASSETS		167,636,085		478,860,612		2,919,359,933		306,793,854		502,097,997		1,416,677,855		164,986,813
LIABILITIES:
Payable for:
Fund shares reacquired		16,991		120,774		368,958		20,288		13,016		587,268		12,681
Investments purchased		999,191		1,030,865		–		324,117		–		2,461,207		940,996
Investments purchased on an extended settlement basis		–		–		–		–		–		87,619		–
Payments on swap contracts		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		–
Investment advisory and management fees		103,241		268,349		687,753		182,553		173,347		1,079,765		119,546
Administrative service fee		9,837		27,967		172,869		17,643		29,757		83,064		9,381
Transfer agent fees and expenses		645		707		1,658		644		1,290		1,260		277
Directors’ fees and expenses		5,193		15,483		125,010		10,295		10,269		57,090		3,545
Other accrued expenses		73,372		95,134		349,278		82,020		42,414		241,940		75,727
Line of credit		–		–		–		–		–		–		–
Variation margin on futures contracts		–		–		388,040		–		547,875		–		–
Collateral upon return of securities loaned		–		–		19,952,997		2,868,354		2,010,816		19,244,928		1,912,620
Due to broker		–		–		38		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Unrealized depreciation on swap contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		1,208,470		1,559,279		22,046,601		3,505,914		2,828,784		23,844,141		3,074,773
NET ASSETS	$	166,427,615	$	477,301,333	$	2,897,313,332	$	303,287,940	$	499,269,213	$	1,392,833,714	$	161,912,040
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	151,297	$	304,483	$	1,231,997	$	195,813	$	354,472	$	536,661	$	115,171
Additional paid-in capital		131,031,835		302,892,027		2,090,847,913		212,230,896		210,214,495		1,052,413,674		125,456,111
Total accumulated earnings (loss)		35,244,483		174,104,823		805,233,422		90,861,231		288,700,246		339,883,379		36,340,758
NET ASSETS	$	166,427,615	$	477,301,333	$	2,897,313,332	$	303,287,940	$	499,269,213	$	1,392,833,714	$	161,912,040
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		15,129,716		30,448,271		123,199,682		19,581,328		35,447,190		53,666,058		11,517,062
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.00	$	15.68	$	23.52	$	15.49	$	14.08	$	25.95	$	14.06
*  Cost
Investment securities (unaffiliated)	$	137,333,480	$	344,696,166	$	2,352,672,312	$	227,534,192	$	199,847,861	$	1,164,234,025	$	137,164,894
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	–	$	–	$	2	$	–	$	923,731	$	–
† Including securities on loan	$	–	$	24,050,010	$	165,351,189	$	23,446,485	$	4,788,647	$	66,473,179	$	34,656,047

See Notes to Financial Statements

231

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2019 — (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)*†	$	283,130,764	$	1,011,173,849	$	210,501,394	$	118,758,889	$	4,629,172,001	$	114,973,742
Investment securities, at value (affiliated)*†		–		–		–		–		–		–
Repurchase agreements (cost approximates value)		7,033,000		32,486,000		–		–		3,800,000		2,945,000
Cash		179,568		129,565		12,104,513		–		977		958
Foreign cash*		4,249		–		–		–		–		–
Cash collateral for futures contracts		–		–		–		–		–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–		–
Due from broker		–		48		–		–		–		–
Receivable for:
Fund shares sold		11,476		47,729		10,721		29,705		364,658		1,522
Dividends and interest		246,669		825,630		310,344		59,454		9,462,250		357,833
Investments sold		851,934		–		2,458,436		16,437		–		–
Investments sold on an extended settlement basis		–		–		–		–		–		–
Receipts on swap contracts		–		–		–		–		–		–
Securities lending income		24,202		88,540		2,417		32,741		3,060		652
Prepaid expenses and other assets		28,989		49,233		16,003		10,691		287,743		11,877
Due from investment adviser for expense reimbursements/fee waivers		27,601		–		–		7,102		–		15,033
Variation margin on futures contracts		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–
TOTAL ASSETS		291,538,452		1,044,800,594		225,403,828		118,915,019		4,643,090,689		118,306,617
LIABILITIES:
Payable for:
Fund shares reacquired		87,824		332,847		31,782		3,740		824,805		15,048
Investments purchased		1,116,478		120,397		1,544,752		108,313		–		–
Investments purchased on an extended settlement basis		–		–		–		–		–		–
Payments on swap contracts		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–
Investment advisory and management fees		224,969		269,078		150,658		86,234		990,798		81,695
Administrative service fee		16,821		60,459		13,398		6,766		273,782		6,986
Transfer agent fees and expenses		276		1,353		553		277		1,935		645
Directors’ fees and expenses		22,159		44,031		8,744		4,140		217,056		5,345
Other accrued expenses		110,570		283,325		76,410		61,160		503,011		69,558
Line of credit		–		–		–		–		–		–
Variation margin on futures contracts		–		495,510		–		–		283,500		–
Collateral upon return of securities loaned		5,940,965		31,153,864		1,595		2,446,929		2,450,227		–
Due to broker		–		–		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–
Unrealized depreciation on swap contracts		–		–		–		–		–		–
TOTAL LIABILITIES		7,520,062		32,760,864		1,827,892		2,717,559		5,545,114		179,277
NET ASSETS	$	284,018,390	$	1,012,039,730	$	223,575,936	$	116,197,460	$	4,637,545,575	$	118,127,340
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	275,692	$	539,444	$	200,762	$	90,826	$	1,181,733	$	67,486
Additional paid-in capital		233,053,709		704,930,881		206,247,562		88,441,244		1,871,210,795		91,220,427
Total accumulated earnings (loss)		50,688,989		306,569,405		17,127,612		27,665,390		2,765,153,047		26,839,427
NET ASSETS	$	284,018,390	$	1,012,039,730	$	223,575,936	$	116,197,460	$	4,637,545,575	$	118,127,340
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		27,569,226		53,944,421		20,076,244		9,082,567		118,173,293		6,748,570
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.30	$	18.76	$	11.14	$	12.79	$	39.24	$	17.50
*  Cost
Investment securities (unaffiliated)	$	254,675,968	$	840,102,973	$	211,256,116	$	104,569,872	$	2,220,515,891	$	99,426,246
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	–
Foreign cash	$	4,338	$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	28,881,858	$	123,304,268	$	18,621,691	$	18,119,348	$	26,331,777	$	–

See Notes to Financial Statements

232

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2019

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,505,866		$	6,086,294		$	1,673,355		$	14,793		$	4,764,498		$	28,927,651		$	–
Dividends (affiliated)		–			–			–			–			–			–			2,814,205
Securities lending income		56,531			103,543			7,708			18,293			19,483			150,820			–
Interest (unaffiliated)		1,249,659			81,728			280			7,960,681			2,764			41,435			997,025
Total investment income*		3,812,056			6,271,565			1,681,343			7,993,767			4,786,745			29,119,906			3,811,230
EXPENSES:
Investment advisory and management fees		778,266			5,729,907			393,311			1,212,343			1,971,266			6,413,024			569,274
Administrative service fee		103,940			528,692			37,520			161,941			164,724			606,753			28,086
Transfer agent fees and expenses		1,094			2,638			1,457			2,550			1,053			2,553			729
Custodian fees		145,034			44,044			20,830			53,678			23,813			66,540			21,394
Reports to shareholders		17,773			95,130			6,477			28,397			30,638			110,086			26,691
Audit and tax fees		56,656			36,451			36,447			49,755			36,457			36,541			37,046
Legal fees		24,167			25,617			10,841			14,277			17,029			28,030			23,577
Directors’ fees and expenses		7,428			37,763			2,691			11,591			11,089			43,176			10,853
Interest expense		11,793			51			581			107			326			2,738			66
License fee		725			725			958			725			1,739			4,293			726
Other expenses		34,436			29,996			14,158			24,334			18,528			31,850			11,562
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,181,312			6,531,014			525,271			1,559,698			2,276,662			7,345,584			730,004
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(47,680	)		–			(444,032	)		–			(9,419	)
Fees paid indirectly (Note 7)		(2,531	)		–			(2,704	)		–			–			–			–
Net expenses		1,178,781			6,531,014			474,887			1,559,698			1,832,630			7,345,584			720,585
Net investment income (loss)		2,633,275			(259,449	)		1,206,456			6,434,069			2,954,115			21,774,322			3,090,645
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(1,582,149	)		81,118,619			5,572,842			(1,452,053	)		17,892,841			47,505,246			(3,646,911	)
Investments (affiliated)		–			–			–			–			–			–			2,477,042
Futures contracts		2,426,427			–			–			–			–			–			1,186,951
Forward contracts		(1,330,288	)		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			669,309
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			8,328,148
Net realized foreign exchange gain (loss) on other assets and liabilities		(18,213	)		810			(142	)		–			(1,708	)		(7,537	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(504,223	)		81,119,429			5,572,700			(1,452,053	)		17,891,133			47,497,709			9,014,539
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(7,857,577	)		(50,550,745	)		(7,626,334	)		8,917,354			(19,195,294	)		(71,876,842	)		3,401,486
Investments (affiliated)		–			–			–			–			–			–			(10,622,870	)
Futures contracts		(434,652	)		–			–			–			–			–			(921,704	)
Forward contracts		659,923			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			(136,769	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		99			23			38			–			–			(700	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(7,632,207	)		(50,550,722	)		(7,626,296	)		8,917,354			(19,195,294	)		(71,877,542	)		(8,279,857	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(8,136,430	)		30,568,707			(2,053,596	)		7,465,301			(1,304,161	)		(24,379,833	)		734,682
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,503,155	)	$	30,309,258		$	(847,140	)	$	13,899,370		$	1,649,954		$	(2,605,511	)	$	3,825,327
*  Net of foreign withholding taxes on interest and dividends of	$	97,689		$	13,292		$	14,207		$	730		$	52,301		$	335,469		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

233

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2019 — (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)	$	23,859,822		$	12,113,143		$	8,920,172		$	6,222,060		$	–	$	–	$	12,963,997
Dividends (affiliated)		–			–			–			–			–		–		–
Securities lending income		271,923			50,533			14,373			53,041			–		2,338		117,946
Interest (unaffiliated)		19,540			126,623			45,113			9,831,378			7,818,761		3,753,818		4,684
Total investment income*		24,151,285			12,290,299			8,979,658			16,106,479			7,818,761		3,756,156		13,086,627
EXPENSES:
Investment advisory and management fees		5,692,178			2,966,022			1,948,874			1,811,358			1,415,453		646,093		8,313,021
Administrative service fee		500,088			270,975			260,289			241,916			236,254		86,276		804,731
Transfer agent fees and expenses		4,067			2,550			2,188			1,094			4,386		2,585		1,822
Custodian fees		507,938			59,811			67,726			164,475			18,591		36,071		96,193
Reports to shareholders		92,676			45,036			44,858			38,525			40,382		13,426		147,475
Audit and tax fees		49,082			38,795			45,640			50,561			43,325		42,652		36,770
Legal fees		50,553			30,481			19,036			46,814			14,912		16,476		40,644
Directors’ fees and expenses		35,407			19,232			18,591			17,164			12,840		6,139		57,576
Interest expense		804			131			20,338			130			–		–		3,540
License fee		725			725			725			725			725		725		5,763
Other expenses		36,680			28,821			32,865			32,443			14,358		13,031		50,076
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		6,970,198			3,462,579			2,461,130			2,405,205			1,801,226		863,474		9,557,611
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			–		–		(602,580	)
Fees paid indirectly (Note 7)		(5,141	)		(63	)		–			(3,420	)		–		–		–
Net expenses		6,965,057			3,462,516			2,461,130			2,401,785			1,801,226		863,474		8,955,031
Net investment income (loss)		17,186,228			8,827,783			6,518,528			13,704,694			6,017,535		2,892,682		4,131,596
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(25,170,138	)		12,223,780			11,198,900			17,479,392			2,452		2,314		109,810,741
Investments (affiliated)		–			–			–			–			–		–		–
Futures contracts		1,253,362			–			524,922			–			–		–		(871,464	)
Forward contracts		–			–			–			9,869,104			–		–		773,097
Swap contracts		–			–			–			(21,294	)		–		–		–
Written options contracts		–			–			–			–			–		–		–
Net realized foreign exchange gain (loss) on other assets and liabilities		(353,780	)		(6,393	)		(44,000	)		(214,228	)		–		–		(16,854	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–		–		–
Net realized gain (loss) on investments and foreign currencies		(24,270,556	)		12,217,387			11,679,822			27,112,974			2,452		2,314		109,695,520
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(91,410,269	)		13,014,957			(16,421,473	)		(54,952,166	)		–		5,457,227		(82,909,787	)
Investments (affiliated)		–			–			–			–			–		–		–
Futures contracts		–			–			29,834			–			–		–		–
Forward contracts		–			–			–			(1,327,981	)		–		–		(320,939	)
Swap contracts		–			–			–			(2,988,531	)		–		–		–
Written options contracts		–			–			–			–			–		–		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(25,917	)		13,726			56,790			111,728			–		–		577
Change in accrued capital gains tax on unrealized appreciation (depreciation)		630,579			–			–			45,929			–		–		(3,695	)
Net unrealized gain (loss) on investments and foreign currencies		(90,805,607	)		13,028,683			(16,334,849	)		(59,111,021	)		–		5,457,227		(83,233,844	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(115,076,163	)		25,246,070			(4,655,027	)		(31,998,047	)		2,452		5,459,541		26,461,676
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(97,889,935	)	$	34,073,853		$	1,863,501		$	(18,293,353	)	$	6,019,987	$	8,352,223	$	30,593,272
*  Net of foreign withholding taxes on interest and dividends of	$	3,059,123		$	616,320		$	500,441		$	645,845		$	–	$	–	$	213,951
** Net of foreign withholding taxes on capital gains of	$	472,790		$	–		$	–		$	49,552		$	–	$	–	$	–

# See Note 1

See Notes to Financial Statements

234

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2019 — (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)	$	2,252,264		$	6,628,359		$	10,088		$	34,893,858		$	–		$	5,281,402		$	20,427,180
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		6,633			448,773			24,818			353,406			16,732			158,630			274,870
Interest (unaffiliated)		3,569			95,741			18,446,964			127,185			6,101,390			–			327,121
Total investment income*		2,262,466			7,172,873			18,481,870			35,374,449			6,118,122			5,440,032			21,029,171
EXPENSES:
Investment advisory and management fees		944,031			7,732,663			2,981,737			3,288,788			990,680			4,252,983			5,219,044
Administrative service fee		84,050			525,931			435,106			748,208			132,311			306,278			513,473
Transfer agent fees and expenses		2,188			1,457			2,550			5,258			2,551			2,550			2,915
Custodian fees		33,221			71,040			42,470			177,000			46,544			90,557			159,305
Reports to shareholders		14,796			90,557			74,664			139,337			23,242			77,797			198,451
Audit and tax fees		38,119			38,413			44,759			105,582			48,630			63,791			47,064
Legal fees		12,182			25,405			27,183			37,493			14,704			142,327			75,384
Directors’ fees and expenses		5,991			37,465			30,786			53,187			9,411			21,920			36,668
Interest expense		301			–			395			27,778			836			–			2,730
License fee		725			725			725			240,405			725			725			725
Other expenses		17,574			39,331			30,793			26,951			23,210			40,391			35,439
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,153,178			8,562,987			3,671,168			4,849,987			1,292,844			4,999,319			6,291,198
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(83,276	)		(301,165	)		–			–			–			(917,330	)		(373,868	)
Fees paid indirectly (Note 7)		(1,679	)		–			–			–			–			–			(5,802	)
Net expenses		1,068,223			8,261,822			3,671,168			4,849,987			1,292,844			4,081,989			5,911,528
Net investment income (loss)		1,194,243			(1,088,949	)		14,810,702			30,524,462			4,825,278			1,358,043			15,117,643
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		12,047,450			53,669,126			(962,348	)		32,743,329			(5,619,305	)		(2,898,285	)		17,902,931
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		51,522			–			–			(1,463,591	)		–			–			–
Forward contracts		–			–			–			–			–			–			1,087,343
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			7,736			22,572			(100,828	)		(49,018	)		(68,063	)		(228,663	)
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		12,098,972			53,676,862			(939,776	)		31,178,910			(5,668,323	)		(2,963,432	)		18,761,611
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(9,535,389	)		(27,630,345	)		10,954,759			(132,851,785	)		6,679,611			1,495,570			(151,177,165	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		(24,551	)		–			–			(777,471	)		–			–			–
Forward contracts		–			–			–			–			–			–			2,475,354
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			50			4,330			51,941			26,627			7,811			26,604
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			(578,543	)		84,383
Net unrealized gain (loss) on investments and foreign currencies		(9,559,940	)		(27,630,295	)		10,959,089			(133,577,315	)		6,706,238			924,838			(148,590,824	)
Net realized and unrealized gain (loss) on investments and foreign currencies		2,539,032			26,046,567			10,019,313			(102,398,405	)		1,037,915			(2,038,594	)		(129,829,213	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,733,275		$	24,957,618		$	24,830,015		$	(71,873,943	)	$	5,863,193		$	(680,551	)	$	(114,711,570	)
*  Net of foreign withholding taxes on interest and dividends of	$	835		$	140,277		$	–		$	3,200,746		$	(477	)	$	507,886		$	2,036,304
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	6,565		$	179,161
# See Note 1

See Notes to Financial Statements

235

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2019 — (continued)

	LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	3,268,187		$	7,065,516		$	49,410,534		$	2,168,570		$	6,692,632		$	7,787,035		$	496,120
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		1,100			110,143			1,069,072			59,275			57,575			349,678			83,639
Interest (unaffiliated)		19,083			58,427			415,488			112,080			178,407			679,493			18,244
Total investment income*		3,288,370			7,234,086			50,895,094			2,339,925			6,928,614			8,816,206			598,003
EXPENSES:
Investment advisory and management fees		1,229,904			2,974,762			8,549,325			2,039,653			1,960,643			12,131,838			1,351,540
Administrative service fee		117,324			310,355			2,188,345			196,689			336,126			933,407			106,173
Transfer agent fees and expenses		2,581			2,706			6,560			2,550			5,073			5,074			1,094
Custodian fees		31,948			29,652			125,394			32,709			40,631			164,029			39,379
Reports to shareholders		20,345			55,914			377,957			39,624			63,895			186,286			20,318
Audit and tax fees		36,447			36,438			38,555			36,343			38,109			36,008			36,414
Legal fees		13,682			18,856			94,984			16,128			19,858			41,960			13,074
Directors’ fees and expenses		8,363			22,150			156,737			14,046			24,067			67,251			7,600
Interest expense		59			303			5,051			17			955			650			42
License fee		1,449			2,571			32,771			1,878			201,363			725			1,360
Other expenses		16,227			21,684			96,047			19,981			19,012			78,030			15,744
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,478,329			3,475,391			11,671,726			2,399,618			2,709,732			13,645,258			1,592,738
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			(40,735	)		–			(18,592	)
Fees paid indirectly (Note 7)		(9,321	)		–			–			(8,461	)		–			(52,295	)		(10,767	)
Net expenses		1,469,008			3,475,391			11,671,726			2,391,157			2,668,997			13,592,963			1,563,379
Net investment income (loss)		1,819,362			3,758,695			39,223,368			(51,232	)		4,259,617			(4,776,757	)		(965,376	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		9,880,257			37,492,037			266,605,678			13,476,769			14,239,084			155,683,412			18,141,026
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			–			(10,818,710	)		–			614,766			–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(107	)		420			–			(3,134	)		–			(119,059	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		9,880,150			37,492,457			255,786,968			13,473,635			14,853,850			155,564,353			18,141,026
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(6,168,078	)		11,377,979			(480,343,613	)		8,414,217			(5,451,844	)		(109,654,992	)		(18,560,079	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			–			(1,915,688	)		–			(597,824	)		–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(1,400	)		–			968			–			(53,276	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(6,168,078	)		11,376,579			(482,259,301	)		8,415,185			(6,049,668	)		(109,708,268	)		(18,560,079	)
Net realized and unrealized gain (loss) on investments and foreign currencies		3,712,072			48,869,036			(226,472,333	)		21,888,820			8,804,182			45,856,085			(419,053	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,531,434		$	52,627,731		$	(187,248,965	)	$	21,837,588		$	13,063,799		$	41,079,328		$	(1,384,429	)
*  Net of foreign withholding taxes on interest and dividends of	$	13,146		$	96,623		$	27,333		$	47,130		$	3,012		$	287,528		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

236

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2019 — (continued)

	SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	3,459,091		$	14,835,069		$	4,662,791		$	639,019		$	104,148,432		$	2,970,848
Dividends (affiliated)		–			–			–			–			–			–
Securities lending income		318,398			1,722,357			147,087			127,326			230,592			17,900
Interest (unaffiliated)		59,358			254,126			10,823			55,233			332,454			9,380
Total investment income*		3,836,847			16,811,552			4,820,701			821,578			104,711,478			2,998,128
EXPENSES:
Investment advisory and management fees		2,721,581			3,477,416			2,033,957			991,177			11,884,799			943,437
Administrative service fee		203,990			795,314			181,109			77,865			3,310,694			80,761
Transfer agent fees and expenses		1,093			5,865			2,187			1,094			7,513			2,551
Custodian fees		68,698			106,932			27,048			16,254			171,251			29,306
Reports to shareholders		35,121			130,324			31,817			14,463			597,176			15,542
Audit and tax fees		38,343			42,236			36,339			36,550			38,332			36,425
Legal fees		16,420			32,787			15,095			12,144			163,142			12,581
Directors’ fees and expenses		14,642			57,169			12,920			5,574			236,006			5,737
Interest expense		141			14,502			–			–			19,270			–
License fee		1,969			117,114			1,867			1,191			49,581			1,212
Other expenses		33,420			43,592			22,049			15,222			119,802			14,348
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,135,418			4,823,251			2,364,388			1,171,534			16,597,566			1,141,900
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(294,453	)		–			–			(81,626	)		–			(113,796	)
Fees paid indirectly (Note 7)		(6,518	)		–			(17,562	)		–			–			(915	)
Net expenses		2,834,447			4,823,251			2,346,826			1,089,908			16,597,566			1,027,189
Net investment income (loss)		1,002,400			11,988,301			2,473,875			(268,330	)		88,113,912			1,970,939
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		21,658,959			127,933,934			17,580,533			14,183,813			308,039,364			9,484,205
Investments (affiliated)		–			–			–			–			–			–
Futures contracts		–			1,900,762			–			–			2,021,200			–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		592			(130	)		–			–			–			(1,835	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		21,659,551			129,834,566			17,580,533			14,183,813			310,060,564			9,482,370
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(27,990,981	)		(244,366,619	)		(39,180,954	)		(6,868,859	)		(220,862,000	)		(12,337,002	)
Investments (affiliated)		–			–			–			–			–			–
Futures contracts		–			(3,766,220	)		–			–			(36,080	)		–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(16	)		–			–			–			–			(79	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(27,990,997	)		(248,132,839	)		(39,180,954	)		(6,868,859	)		(220,898,080	)		(12,337,081	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(6,331,446	)		(118,298,273	)		(21,600,421	)		7,314,954			89,162,484			(2,854,711	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,329,046	)	$	(106,309,972	)	$	(19,126,546	)	$	7,046,624		$	177,276,396		$	(883,772	)
*  Net of foreign withholding taxes on interest and dividends of	$	12,717		$	5,291		$	6,060		$	–		$	76		$	30,366
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

237

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE INCOME FUND						CAPITAL CONSERVATION FUND
	For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,633,275		$	2,364,467		$	(259,449	)	$	(517,221	)	$	1,206,456		$	724,186		$	6,434,069		$	5,114,502
Net realized gain (loss) on investments and foreign currencies		(504,223	)		11,066,363			81,119,429			91,974,141			5,572,700			4,376,539			(1,452,053	)		113,239
Net unrealized gain (loss) on investments and foreign currencies		(7,632,207	)		804,074			(50,550,722	)		87,961,568			(7,626,296	)		613,558			8,917,354			(7,502,995	)
Net increase (decrease) in net assets resulting from operations		(5,503,155	)		14,234,904			30,309,258			179,418,488			(847,140	)		5,714,283			13,899,370			(2,275,254	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(14,272,597	)		(9,363,224	)		(91,702,729	)		(44,729,191	)		(5,742,883	)		(4,899,434	)		(5,692,352	)		(5,533,689	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		1,653,489			(973,761	)		63,293,609			(34,869,574	)		(1,729,270	)		2,377,357			(16,395,200	)		27,829,989
TOTAL INCREASE (DECREASE) IN NET ASSETS		(18,122,263	)		3,897,919			1,900,138			99,819,723			(8,319,293	)		3,192,206			(8,188,182	)		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	$	147,543,096		$	165,665,359		$	781,236,137		$	779,335,999		$	51,212,253		$	59,531,546		$	246,896,101		$	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

238

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND						EMERGING ECONOMIES FUND
	For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,954,115		$	2,787,221		$	21,774,322		$	16,853,516		$	3,090,645		$	2,451,189		$	17,186,228		$	14,556,417
Net realized gain (loss) on investments and foreign currencies		17,891,133			29,359,748			47,497,709			94,280,648			9,014,539			14,443,270			(24,270,556	)		61,608,570
Net unrealized gain (loss) on investments and foreign currencies		(19,195,294	)		3,928,974			(71,877,542	)		(55,243,291	)		(8,279,857	)		6,213,878			(90,805,607	)		15,242,666
Net increase (decrease) in net assets resulting from operations		1,649,954			36,075,943			(2,605,511	)		55,890,873			3,825,327			23,108,337			(97,889,935	)		91,407,653
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(31,653,198	)		(21,738,619	)		(111,492,491	)		(45,267,581	)		(15,660,572	)		(12,855,277	)		(12,932,082	)		(12,115,507	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		5,452,101			(3,023,337	)		189,631,683			64,858,084			(28,153,689	)		(15,050,927	)		116,660,454			29,067,088
TOTAL INCREASE (DECREASE) IN NET ASSETS		(24,551,143	)		11,313,987			75,533,681			75,481,376			(39,988,934	)		(4,797,867	)		5,838,437			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	$	228,409,370		$	252,960,513		$	959,713,967		$	884,180,286		$	203,843,051		$	243,831,985		$	823,070,743		$	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

239

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 Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	8,827,783		$	8,845,446		$	6,518,528		$	6,249,870		$	13,704,694		$	11,790,104		$	6,017,535		$	2,316,857
Net realized gain (loss) on investments and foreign currencies		12,217,387			8,435,494			11,679,822			9,962,794			27,112,974			21,023,299			2,452			(17,092	)
Net unrealized gain (loss) on investments and foreign currencies		13,028,683			5,628,410			(16,334,849	)		33,248,148			(59,111,021	)		(12,957,332	)		–			–
Net increase (decrease) in net assets resulting from operations		34,073,853			22,909,350			1,863,501			49,460,812			(18,293,353	)		19,856,071			6,019,987			2,299,765
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(16,229,726	)		(18,582,951	)		(6,661,198	)		(7,163,295	)		(35,015,636	)		(5,241,605	)		(6,017,418	)		(2,316,563	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		77,553,216			(28,240,730	)		(59,836,632	)		(30,409,838	)		(12,626,254	)		(44,302,111	)		83,472,727			(19,057,602	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		95,397,343			(23,914,331	)		(64,634,329	)		11,887,679			(65,935,243	)		(29,687,645	)		83,475,296			(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	$	458,620,432		$	363,223,089		$	363,817,654		$	428,451,983		$	323,702,263		$	389,637,506		$	395,183,423		$	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 Note 1

See Notes to Financial Statements

240

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT SECURITIES FUND						GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND
	For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,892,682		$	2,823,538		$	4,131,596		$	4,734,639		$	1,194,243		$	1,111,777		$	(1,088,949	)	$	(1,765,928	)
Net realized gain (loss) on investments and foreign currencies		2,314			77,920			109,695,520			89,476,870			12,098,972			12,299,348			53,676,862			65,429,789
Net unrealized gain (loss) on investments and foreign currencies		5,457,227			(4,504,096	)		(83,233,844	)		118,383,039			(9,559,940	)		1,010,367			(27,630,295	)		70,756,014
Net increase (decrease) in net assets resulting from operations		8,352,223			(1,602,638	)		30,593,272			212,594,548			3,733,275			14,421,492			24,957,618			134,419,875
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(3,165,086	)		(3,355,071	)		(94,348,347	)		(49,138,428	)		(13,348,269	)		(5,599,507	)		(65,443,360	)		(88,495,403	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		16,760,114			(19,077,336	)		(89,713,529	)		37,932,412			(1,056,401	)		(1,165,023	)		13,325,327			25,669,542
TOTAL INCREASE (DECREASE) IN NET ASSETS		21,947,251			(24,035,045	)		(153,468,604	)		201,388,532			(10,671,395	)		7,656,962			(27,160,415	)		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	$	143,371,978		$	121,424,727		$	1,049,180,608		$	1,202,649,212		$	117,501,014		$	128,172,409		$	742,072,276		$	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

241

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 Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	14,810,702		$	14,307,250		$	30,524,462		$	33,330,910		$	4,825,278		$	3,987,808		$	1,358,043		$	2,646,601
Net realized gain (loss) on investments and foreign currencies		(939,776	)		2,995,992			31,178,910			17,382,833			(5,668,323	)		1,729,560			(2,963,432	)		116,147,400
Net unrealized gain (loss) on investments and foreign currencies		10,959,089			(9,917,134	)		(133,577,315	)		40,097,997			6,706,238			(5,985,179	)		924,838			(41,251,757	)
Net increase (decrease) in net assets resulting from operations		24,830,015			7,386,108			(71,873,943	)		90,811,740			5,863,193			(267,811	)		(680,551	)		77,542,244
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(11,852,024	)		(17,222,662	)		(34,840,449	)		(27,087,828	)		(3,136,028	)		(1,876,878	)		(111,324,142	)		(12,706,702	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		92,552,853			(26,672,263	)		(139,544,765	)		130,397,633			(19,292,034	)		35,950,420			87,446,136			(13,137,209	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		105,530,844			(36,508,817	)		(246,259,157	)		194,121,545			(16,564,869	)		33,805,731			(24,558,557	)		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	$	700,573,770		$	595,042,926		$	1,041,727,495		$	1,287,986,652		$	203,183,551		$	219,748,420		$	466,362,068		$	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

242

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 Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	15,117,643		$	17,192,495		$	1,819,362		$	1,590,051		$	3,758,695		$	3,042,371		$	39,223,368		$	42,948,675
Net realized gain (loss) on investments and foreign currencies		18,761,611			(3,027,026	)		9,880,150			14,036,052			37,492,457			29,832,423			255,786,968			297,775,351
Net unrealized gain (loss) on investments and foreign currencies		(148,590,824	)		12,467,733			(6,168,078	)		406,370			11,376,579			31,584,585			(482,259,301	)		129,051,040
Net increase (decrease) in net assets resulting from operations		(114,711,570	)		26,633,202			5,531,434			16,032,473			52,627,731			64,459,379			(187,248,965	)		469,775,066
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(21,077,701	)		(17,026,333	)		(14,922,577	)		(10,658,752	)		(33,112,343	)		(24,116,708	)		(342,040,572	)		(251,922,042	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(45,142,157	)		(16,355,367	)		(4,530,438	)		3,348,553			13,153,251			(11,275,883	)		(7,486,282	)		(176,502,281	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(180,931,428	)		(6,748,498	)		(13,921,581	)		8,722,274			32,668,639			29,066,788			(536,775,819	)		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	$	688,485,015		$	869,416,443		$	166,427,615		$	180,349,196		$	477,301,333		$	444,632,694		$	2,897,313,332		$	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

243

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	MID CAP STRATEGIC GROWTH FUND						NASDAQ-100® INDEX FUND						SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND
	For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(51,232	)	$	99,961		$	4,259,617		$	2,122,593		$	(4,776,757	)	$	(4,083,723	)	$	(965,376	)	$	(807,858	)
Net realized gain (loss) on investments and foreign currencies		13,473,635			27,092,574			14,853,850			8,724,040			155,564,353			275,792,396			18,141,026			22,882,394
Net unrealized gain (loss) on investments and foreign currencies		8,415,185			21,131,738			(6,049,668	)		71,186,630			(109,708,268	)		59,620,924			(18,560,079	)		20,365,970
Net increase (decrease) in net assets resulting from operations		21,837,588			48,324,273			13,063,799			82,033,263			41,079,328			331,329,597			(1,384,429	)		42,440,506
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(27,034,945	)		(13,166,234	)		(9,579,982	)		(22,097,878	)		(267,545,909	)		(111,885,016	)		(22,033,890	)		(3,794,440	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		16,830,795			(3,673,803	)		22,272,378			19,177,671			215,867,521			53,829,175			28,160,534			6,132,843
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,633,438			31,484,236			25,756,195			79,113,056			(10,599,060	)		273,273,756			4,742,215			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	$	303,287,940		$	291,654,502		$	499,269,213		$	473,513,018		$	1,392,833,714		$	1,403,432,774		$	161,912,040		$	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

244

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP FUND						SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND
	For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,002,400		$	1,278,111		$	11,988,301		$	12,415,698		$	2,473,875		$	3,207,922		$	(268,330	)	$	(241,300	)
Net realized gain (loss) on investments and foreign currencies		21,659,551			25,065,918			129,834,566			92,393,113			17,580,533			29,873,945			14,183,813			15,097,200
Net unrealized gain (loss) on investments and foreign currencies		(27,990,997	)		25,943,654			(248,132,839	)		127,374,952			(39,180,954	)		11,101,173			(6,868,859	)		6,033,180
Net increase (decrease) in net assets resulting from operations		(5,329,046	)		52,287,683			(106,309,972	)		232,183,763			(19,126,546	)		44,183,040			7,046,624			20,889,080
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(26,310,691	)		(49,921,996	)		(106,796,337	)		(79,189,905	)		(33,301,346	)		(27,811,569	)		(14,991,380	)		(4,235,032	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(5,578,082	)		8,166,293			(69,283,785	)		(55,773,275	)		(24,741,428	)		1,765,218			5,620,151			(5,521,385	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(37,217,819	)		10,531,980			(282,390,094	)		97,220,583			(77,169,320	)		18,136,689			(2,324,605	)		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	$	284,018,390		$	321,236,209		$	1,012,039,730		$	1,294,429,824		$	223,575,936		$	300,745,256		$	116,197,460		$	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

245

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Year Ended May 31, 2019			For the Year Ended May 31, 2018			For the Year Ended May 31, 2019			For the Year Ended May 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	88,113,912		$	77,206,847		$	1,970,939			1,664,552
Net realized gain (loss) on investments and foreign currencies		310,060,564			116,128,701			9,482,370			7,087,770
Net unrealized gain (loss) on investments and foreign currencies		(220,898,080	)		423,697,672			(12,337,081	)		1,025,526
Net increase (decrease) in net assets resulting from operations		177,276,396			617,033,220			(883,772	)		9,777,848
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1)
Distributable earnings		(187,995,413	)		(251,051,797	)		(1,664,301	)		(1,701,685	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(310,238,062	)		50,187,343			5,201,683			(2,934,952	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(320,957,079	)		416,168,766			2,653,610			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	$	4,637,545,575		$	4,958,502,654		$	118,127,340		$	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

246

VALIC Company I

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	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.

*** Effective June 4, 2019, the name of the Global Social Awareness Fund will change to International Socially Responsible 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)

247

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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

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

The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of May 31, 2019, 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.

248

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The Growth Fund and the International Value Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

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

Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

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

Futures: During the period, the Asset Allocation Fund and Dynamic Allocation Fund used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. The Emerging Economies Fund, 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. The International Growth Fund used options to hedge against the decline in value of a currency.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

249

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Interest Rate Swap Agreements: During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of May 31, 2019, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2019. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2019, please refer to the Portfolio of Investments.

250

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Asset Derivatives								Liability Derivatives
Fund	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Interest Rate Contracts								Interest Rate Contracts
Asset Allocation	$	—	$	—	$	—	$	—	$	32,313	$	—	$	—	$	—
Global Strategy		—		—		—		—		—		1,987,951		—		—
	Equity Contracts								Equity Contracts
Asset Allocation		72,540		—		—		—		59,312		—		—		—
Dynamic Allocation		—		—		2,883,651		—		585,900		—		—		—
Emerging Economies		—		—		—		—		—		—		—		—
Global Social Awareness		—		—		—		—		81,270		—		—		—
Growth		—		—		—		—		—		—		—		—
Growth & Income		—		—		—		—		9,450		—		—		—
International Equities Index		—		—		—		—		475,850		—		—		—
Mid Cap Index		—		—		—		—		388,040		—		—		—
Nasdaq-100® Index		—		—		—		—		547,875		—		—		—
Small Cap Index		—		—		—		—		495,510		—		—		—
Stock Index		—		—		—		—		283,500		—		—		—
	Foreign Exchange Contracts								Foreign Exchange Contracts
Asset Allocation		—		—		—		326,478		—		—		—		370,154
Global Strategy		—		—		—		1,571,284		—		—		—		713,815
Growth		—		—		—		109,598		—		—		—		20,768
International Growth		—		—		276,140		—		—		—		—		—
International Value		—		—		—		2,475,354		—		—		—		—

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Unrealized depreciation on swap contracts

(6) Call and put options written, at value

(7) Unrealized depreciation on forward foreign currency contracts

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

Fund	Cumulative Appreciation/ (Depreciation)
Asset Allocation	$	(43,091	)
Dynamic Allocation		(1,520,910	)
Emerging Economies		—
Global Social Awareness		(145,217	)
Growth		—
Growth & Income		(32,673	)
International Equities Index		(1,288,442	)
Mid Cap Index		(1,319,909	)
Nasdaq-100® Index		(659,997	)
Small Cap Index		(2,194,781	)
Stock Index		(483,438	)

251

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(1)			Swap Contracts(2)			Written Options(3)		Purchased Options(4)			Foreign Forward Exchange Contracts(5)
	Interest Rate Contracts
Asset Allocation	$	487,169		$	—		$	—	$	—		$	—
Global Strategy		—			(21,294	)		—		—			—
	Equity Contracts
Asset Allocation		1,939,258			—			—		—			—
Dynamic Allocation		1,186,951			—			669,309		(3,148,586	)		—
Emerging Economies		1,253,362			—			—		—			—
Global Social Awareness		524,922			—			—		—			—
Growth		(871,464	)		—			—		—			—
Growth & Income		51,522			—			—		—			—
International Equities Index		(1,463,591	)		—			—		—			—
Mid Cap Index		(10,818,710	)		—			—		—			—
Nasdaq-100® Index		614,766			—			—		—			—
Small Cap Index		1,900,762			—			—		—			—
Stock Index		2,021,200			—			—		—			—
	Foreign Exchange Contracts
Asset Allocation		—			—			—		—			(1,330,288	)
Global Strategy		—			—			—		—			9,869,104
Growth		—			—			—		—			773,097
International Growth		—			—			—		—			—
International Value		—			—			—		—			1,087,343

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(6)			Swap Contracts(7)			Written Options(8)			Purchased Options(9)			Foreign Forward Exchange Contracts(10)
	Interest Rate Contracts
Asset Allocation	$	(31,027	)	$	—		$	—		$	—		$	—
Global Strategy		—			(2,988,531	)		—			—			—
	Equity Contracts
Asset Allocation		(403,625	)		—			—			—			—
Dynamic Allocation		(921,704	)		—			(136,769	)		962,839			—
Emerging Economies		—			—			—			—			—
Global Social Awareness		29,834			—			—			—			—
Growth		—			—			—			—			—
Growth & Income		(24,551	)		—			—			—			—
International Equities Index		(777,471	)		—			—			—			—
Mid Cap Index		(1,915,688	)		—			—			—			—
Nasdaq-100® Index		(597,824	)		—			—			—			—
Small Cap Index		(3,766,220	)		—			—			—			—
Stock Index		(36,080	)		—			—			—			—
	Foreign Exchange Contracts
Asset Allocation		—			—			—			—			659,923
Global Strategy		—			—			—			—			(1,327,981	)
Growth		—			—			—			—			(320,939	)
International Growth		—			—			—			(151,964	)		—
International Value		—			—			—			—			2,475,354

Statement of Operations Location:

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

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

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

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

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

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

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

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

252

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

The following table represents the average monthly balances of derivatives held during the year ended May 31, 2019.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(2)		Foreign Exchange Contracts(2)		Purchased Put Options Contracts(1)		Written Call Options Contracts(1)		Interest Rate Swap Contracts(2)
Asset Allocation	$	26,810,870	$	37,360,785	$	—	$	—	$	—
Dynamic Allocation		66,825,667		—		1,626,469		219,645		—
Emerging Economies		2,886,213		—		—		—		—
Global Social Awareness		7,840,678		—		—		—		—
Global Strategy		—		136,940,545		—		—		33,055,000
Growth		519,173		8,753,607		—		—		—
Growth & Income		1,430,755		—		—		—		—
International Equities Index		26,655,080		—		—		—		—
International Growth		—		—		29,597		—		—
International Value		—		59,877,336		—		—		—
Mid Cap Index		73,698,407		—		—		—		—
Nasdaq-100 Index		32,847,765		—		—		—		—
Small Cap Index		33,930,703		—		—		—		—
Stock Index		63,256,116		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2019. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2019, 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	$	59,938	$	—	$	—	$	59,938	$	14,430	$	—	$	—	$	14,430	$	45,508		$	—	$	45,508
Morgan Stanley Capital Services, Inc.		266,540		—		—		266,540		355,724		—		—		355,724		(89,184	)		89,184		—
Total	$	326,478	$	—	$	—	$	326,478	$	370,154	$	—	$	—	$	370,154	$	(43,676	)	$	89,184	$	45,508

(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.	$	—	$	—	$	733,110	$	733,110	$	—	$	—	$	—	$	—	$	733,110		(430,000	)	$	303,110
Goldman Sachs International		—		—		770,706		770,706		—		—		—		—		770,706		(760,000	)		10,706
UBS AG		—		—		1,379,835		1,379,835		—		—		—		—		1,379,835		—			1,379,835
Total	$	—	$	—	$	2,883,651	$	2,883,651	$	—	$	—	$	—	$	—	$	2,883,651	$	(1,190,000	)	$	1,693,651

(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.

253

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Global Strategy Fund																			Collateral Pledged/ (Received)(2)		Net Amount(3)
Counterparty	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Bank of America N.A.	$	67,995	$	—	$	—	$	67,995	$	830	$	—	$	—	$	830	$	67,165		$	—	$	67,165
Barclays Bank PLC		9,117		—		—		9,117		7,053		—		—		7,053		2,064			—		2,064
BNP Paribas SA		1,059		—		—		1,059		17,217		—		—		17,217		(16,158	)		—		(16,158	)
Citibank N.A.		207,232		—		—		207,232		100,677		—		—		100,677		106,555			—		106,555
Deutsch Bank AG		184,115		—		—		184,115		84,238		—		—		84,238		99,877			—		99,877
Goldman Sachs International		9,657		—		—		9,657		4,539		—		—		4,539		5,118			—		5,118
HSBC Bank PLC		427,886		—		—		427,886		92,686		—		—		92,686		335,200			—		335,200
JPMorgan Chase Bank N.A.		452,384		—		—		452,384		302,705		—		—		302,705		149,679			—		149,679
Morgan Stanley and Co., Inc.		—		—		—		—		288		—		—		288		(288	)		—		(288	)
Standard Chartered Bank		170,868		—		—		170,868		103,582		—		—		103,582		67,286			—		67,286
UBS AG		40,971		—		—		40,971		—		—		—		—		40,971			—		40,971
Total	$	1,571,284	$	—	$	—	$	1,571,284	$	713,815	$	—	$	—	$	713,815	$	857,469		$	—	$	857,469

(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.	$	4,132	$	—	$	—	$	4,132	$	18,711	$	—	$	—	$	18,711	$	(14,579	)	$	—	$	(14,579	)
Credit Suisse		97,332		—		—		97,332		1,815		—		—		1,815		95,517			—		95,517
Morgan Stanley and Co. Inc.		8,134		—		—		8,134		242		—		—		242		7,892			—		7,892
Total	$	109,598	$	—	$	—	$	109,598	$	20,768	$	—	$	—	$	20,768	$	88,830		$	—	$	88,830

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	International Growth Fund
	Derivative Assets(1)							Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased	Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total				Collateral Pledged/ (Received)(2)		Net Amount(3)
BNP Paribas SA	$	—	$	—	$276,140	$	276,140	$	—	$	—	$	—	$	—	$	276,140	$	—	$	276,140

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	International Value Fund
	Derivative Assets(1)							Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased	Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total				Collateral Pledged/ (Received)(2)			Net Amount(3)
Barclays Bank PLC	$	2,475,354	$	—	$        —	$	2,475,354	$	—	$	—	$	—	$	—	$	2,475,354	$	(2,475,354	)	$	—

(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.

254

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund‘s yield.

Mortgage-Backed Dollar Rolls: TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

Investment Securities Loaned: To realize additional income, each Fund, except for the Dynamic Allocation Fund and the Government Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be

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NOTES TO FINANCIAL STATEMENTS — (continued)

creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Dynamic Allocation Fund, distributions from income from the Underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by a Fund.

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

Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. For the Dynamic Allocation Fund, the expenses included in the accompanying financial statements reflect the expenses of the Dynamic Allocation Fund and do not include any expenses associated with the Underlying Funds.

Dividends from net investment income, if any, are normally paid annually, except for the Government Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2016 — 2018 or expected to be taken in each Fund’s 2019 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2016.

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.

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NOTES TO FINANCIAL STATEMENTS — (continued)

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	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%

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (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.

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (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 year ended May 31, 2019, the amount of investment advisory fees waived were as follows:

Fund	Amount
Core Equity	$	444,032
Dynamic Allocation		8,083
Growth		602,580
Health Sciences		301,165
International Growth		917,330
International Value		373,868
Small-Mid Growth		81,626

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, 2019, 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”).

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NOTES TO FINANCIAL STATEMENTS — (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 year ended May 31, 2019, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Broad Cap Value Income	$	47,680
Dynamic Allocation		1,336
Growth & Income		83,276
Nasdaq-100® Index		40,735
Small Cap Aggressive Growth		18,592
Small Cap Fund		294,453
Value		113,796

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the year ended May 31, 2019, VALIC did not voluntarily waive expenses for the Government Money Market I Fund.

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended May 31, 2019, no amount was recouped by VALIC for the Dynamic Allocation Fund.

At May 31, 2019, 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 year ended May 31, 2019, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the year ended May 31, 2019, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the plan as selected by the Directors. For the year ended May 31, 2019, certain Directors of VC I have deferred $36,129 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.

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

At May 31, 2019, the following affiliates owned outstanding shares of the following Funds:

Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VC I Dynamic Allocation Fund			VC II Aggressive Growth Lifestyle			VC II Conservative Growth Lifestyle			VC II Moderate Growth Lifestyle
Asset Allocation		—	%		—	%		100.00	%		—	%		—	%		—	%		—	%
Blue Chip Growth		0.01			—			99.21			0.78			0.00			—			0.00
Broad Cap Value Income		—			—			84.05			15.95			—			—			—
Capital Conservation		—			—			71.33			5.33			3.76			6.95			12.63
Core Equity		—			—			100.00			—			—			—			—
Dividend Value		—			—			89.77			0.76			3.25			1.34			4.88
Dynamic Allocation		2.11			—			97.89			—			—			—			—
Emerging Economies		0.01			0.00			88.65			0.25			4.96			1.36			4.77
Global Real Estate		—			—			88.86			0.36			4.36			1.81			4.61
Global Social Awareness		0.27			—			99.73			—			—			—			—
Global Strategy		—			—			100.00			—			—			—			—
Government Money Market I		3.75			0.00			96.25			—			—			—			—
Government Securities		0.61			—			75.20			5.41			3.61			5.99			9.18
Growth		—			—			99.27			0.73			—			—			—
Growth & Income		2.24			—			94.84			2.92			—			—			—
Health Sciences		0.01			—			99.99			—			—			—			—
Inflation Protected		—			—			87.82			0.47			3.06			2.84			5.81
International Equities Index		3.16			0.02			94.41			0.39			1.19			0.15			0.68
International Government Bond		—			—			68.18			0.40			7.73			7.61			16.08
International Growth		—			—			95.37			1.28			1.87			0.30			1.18
International Value		0.01			—			89.54			0.75			4.04			1.34			4.32
Large Cap Core		—			—			83.71			4.01			5.29			1.43			5.56
Large Capital Growth		—			—			94.07			1.51			1.35			0.00			3.07
Mid Cap Index		0.67			0.04			97.28			0.13			0.78			0.20			0.90
Mid Cap Strategic Growth		—			—			92.48			—			3.31			0.59			3.62
Nasdaq-100® Index		2.30			0.05			88.66			—			3.28			0.99			4.72
Science & Technology		0.54			0.00			94.51			—			1.81			0.52			2.62
Small Cap Aggressive Growth		—			—			100.00			—			—			—			—
Small Cap Fund		—			—			100.00			—			—			—			—
Small Cap Index		2.08			0.12			94.52			—			1.36			0.37			1.55
Small Cap Special Values		—			—			91.63			—			3.09			1.30			3.98
Small-Mid Growth		—			—			100.00			—			—			—			—
Stock Index		2.20			0.03			91.38			0.55			1.26			0.35			2.03
Value		—			—			63.53			7.01			11.30			2.67			15.49

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

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2019, 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 05/31/2019
VALIC Co. I Blue Chip Growth Fund	$	7,031,944	$	—	$	755,675	$	804,414	$	1,295,041	$	226,474		$	(683,758	)	$	6,084,033
VALIC Co. I Broad Cap Value Income Fund		9,722,551		121,298		840,494		1,356,418		1,850,058		207,527			(1,268,660	)		8,167,778
VALIC Co. I Capital Conservation Fund		16,101,298		329,624		—		741,025		4,165,093		(112,194	)		597,213			13,162,249
VALIC Co. I Dividend Value Fund		8,840,596		154,404		867,646		1,084,715		1,665,053		(95,438	)		(875,495	)		7,289,325
VALIC Co. I Emerging Economies Fund		2,848,116		39,896		—		58,927		494,257		(4,100	)		(348,774	)		2,059,912
VALIC Co. I Global Real Estate Fund		1,890,673		63,188		—		77,113		370,012		(11,320	)		85,303			1,671,757
VALIC Co. I Government Securities Fund		9,183,677		187,828		—		853,973		2,582,555		(104,636	)		396,512			7,746,971
VALIC Co. I Growth & Income Fund		4,010,587		33,726		371,117		432,692		740,023		220,464			(495,907	)		3,427,813
VALIC Co. I Growth Fund		9,043,859		34,331		638,226		935,221		1,915,053		155,975			(549,667	)		7,670,335
VALIC Co. I Inflation Protected Fund		3,921,304		56,322		3,220		87,393		740,023		(12,978	)		70,591			3,326,287

261

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (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 05/31/2019
VALIC Co. I International Equities Index Fund	$	4,833,579	$	150,485	$	—	$	535,298	$	925,029	$	(17,075	)	$	(366,998	)	$	4,059,775
VALIC Co. I International Government Bond Fund		969,025		13,274		1,009		21,245		185,006		(4,743	)		16,646			817,167
VALIC Co. I International Growth Fund		8,142,261		40,709		1,456,427		1,726,339		2,367,385		(26,098	)		(1,509,331	)		5,965,786
VALIC Co. I International Value Fund		7,842,680		170,173		—		470,304		2,097,765		(257,485	)		(778,950	)		5,178,784
VALIC Co. I Large Cap Core Fund		7,841,315		66,767		559,637		682,105		1,480,047		(280,699	)		(89,391	)		6,673,283
VALIC Co. I Large Capital Growth Fund		8,086,358		44,302		489,501		589,504		1,880,047		163,228			238,884			7,197,927
VALIC Co. I Mid Cap Index Fund		4,064,365		56,239		391,548		1,102,958		815,974		95,549			(758,503	)		3,688,395
VALIC Co. I Stock Index Fund		30,027,657		428,269		616,468		1,578,616		6,350,175		1,402,503			(1,312,158	)		25,346,443
VALIC Co. I Value Fund		9,840,019		123,408		—		418,034		1,850,058		544,022			(675,984	)		8,276,033
VALIC Co. II Capital Appreciation Fund		7,189,706		31,163		333,793		413,694		1,695,041		479,913			(593,195	)		5,795,077
VALIC Co. II Core Bond Fund		14,049,943		327,292		5,030		729,800		3,615,082		9,763			337,727			11,512,151
VALIC Co. II High Yield Bond Fund		1,993,983		111,551		—		125,476		370,012		(17,747	)		(8,916	)		1,722,784
VALIC Co. II International Opportunities Fund		2,001,015		15,579		—		127,648		609,251		7,944			(205,049	)		1,322,307
VALIC Co. II Large Cap Value Fund		3,984,804		46,111		128,903		202,865		740,023		(46,226	)		(232,700	)		3,168,720
VALIC Co. II Mid Cap Growth Fund		2,020,250		2,654		315,813		1,357,033		521,913		23,163			(312,232	)		2,566,301
VALIC Co. II Mid Cap Value Fund		2,011,436		8,167		148,850		1,245,584		521,913		(82,237	)		(244,477	)		2,408,393
VALIC Co. II Small Cap Growth Fund		4,120,557		—		128,325		638,033		800,784		191,894			(333,566	)		3,816,134
VALIC Co. II Small Cap Value Fund		4,125,380		31,613		276,466		1,093,251		815,974		(143,310	)		(786,150	)		3,473,197
VALIC Co. II Strategic Bond Fund		3,474,509		125,832		—		150,201		647,520		(35,091	)		64,115			3,006,214
	$	199,213,447	$	2,814,205	$	8,328,148	$	19,639,879	$	44,106,167	$	2,477,042		$	(10,622,870	)	$	166,601,331

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 05/31/2019
American International Group, Inc.
Common Stock	$	10,013,788	$	239,992	$	—	$	37,575	$	680,650	$	171,999	$	(592,541	)	$	8,950,171

During the year ended May 31, 2019, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Small-Mid Growth Fund		Global Real Estate
Goldman Sachs & Co.	$	3,668	$	117
KeyBanc Capital Markets, Inc.		186		—
Morgan Stanley & Co		4,971		15,700
Wells Fargo Securities		247		—

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 year ended May 31, 2019 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	$	126,252,604	$	169,281,818	$	27,304,466	$	6,699,492
Blue Chip Growth		234,191,223		264,627,971		—		—
Broad Cap Value Income		15,662,096		22,416,881		—		—
Capital Conservation		109,609,553		107,725,517		60,533,404		82,115,811
Core Equity		70,441,445		88,788,497		—		—
Dividend Value		487,297,194		398,042,373		—		—
Dynamic Allocation		8,497,526		44,106,167		15,632,061		21,749,928
Emerging Economies		669,029,042		529,127,942		—		—

262

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding  U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Global Real Estate	$	239,682,834	$	173,604,244	$	—	$	—
Global Social Awareness		6,147,692		49,526,515		—		—
Global Strategy		88,615,284		123,508,643		—		—
Government Securities		2,529,800		2,825,979		32,831,650		18,098,892
Growth		704,541,325		883,595,627		—		—
Growth & Income		54,229,539		65,847,876		—		—
Health Sciences		260,983,453		308,985,347		—		—
Inflation Protected		176,282,604		127,076,916		175,071,819		142,687,626
International Equities Index		163,882,597		330,450,063		—		—
International Government Bond		143,266,173		170,202,963		39,878,188		30,646,715
International Growth		150,074,980		178,921,582		—		—
International Value		1,019,155,412		1,044,575,663		—		—
Large Cap Core		95,096,112		113,140,455		—		—
Large Capital Growth		119,998,342		139,587,852		—		—
Mid Cap Index		455,293,538		622,622,101		—		—
Mid Cap Strategic Growth		88,670,401		100,288,395		—		—
Nasdaq-100® Index		34,370,265		26,271,883		—		—
Science & Technology		1,196,136,460		1,267,686,314		—		—
Small Cap Aggressive Growth		148,508,257		146,235,191		—		—
Small Cap		74,730,028		104,356,791		—		—
Small Cap Index		187,680,906		270,398,007		—		—
Small Cap Special Values		84,144,597		130,164,925		—		—
Small-Mid Growth		87,788,877		98,715,970		—		—
Stock Index		173,256,594		456,362,628		—		—
Value		60,323,005		54,476,440		—		—

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, investments in partnerships, corporate actions and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2019.

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Asset Allocation	$	142,815,811	$	5,866,599	$	(11,042,871	)	$	(5,176,272	)
Blue Chip Growth		473,328,579		319,878,335		(11,164,264	)		308,714,071
Broad Cap Value Income		44,435,744		9,607,547		(3,652,280	)		5,955,267
Capital Conservation		240,718,331		5,445,189		(1,613,047	)		3,832,142
Core Equity		193,761,024		42,242,833		(8,079,868	)		34,162,965
Dividend Value		938,325,831		68,837,098		(93,942,474	)		(25,105,376	)
Dynamic Allocation		197,458,314		13,085,788		(4,676,041	)		8,409,747
Emerging Economies		778,400,423		96,002,859		(47,841,802	)		48,161,057
Global Real Estate		432,326,911		46,602,827		(25,308,727	)		21,294,100
Global Social Awareness		287,254,285		106,919,855		(32,915,384	)		74,004,471
Global Strategy		341,538,749		15,292,494		(48,659,659	)		(33,367,165	)
Government Money Market I		401,989,635		—		—			—
Government Securities		139,781,587		4,363,145		(1,198,480	)		3,164,665
Growth		844,432,946		238,002,461		(29,619,118	)		208,383,343
Growth & Income		99,868,014		21,832,593		(5,043,960	)		16,788,633
Health Sciences		602,958,509		194,660,600		(42,669,970	)		151,990,630
Inflation Protected		685,453,048		21,956,779		(9,196,278	)		12,760,501
International Equities Index		1,094,515,521		132,758,724		(169,635,831	)		(36,877,919	)

263

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
International Government Bond*	$	195,941,893	$	5,487,061	$	(3,558,300	)	$	1,928,761
International Growth		413,984,227		50,442,516		(15,878,313	)		34,564,203
International Value		756,585,482		12,780,956		(93,187,263	)		(80,406,307	)
Large Cap Core		142,615,371		29,789,781		(6,386,349	)		23,403,432
Large Capital Growth		345,353,945		139,336,618		(6,756,166	)		132,580,452
Mid Cap Index		2,400,302,867		837,929,796		(323,054,468	)		514,875,328
Mid Cap Strategic Growth		227,804,894		83,132,678		(5,698,624	)		77,434,054
Nasdaq-100® Index		229,860,019		281,668,002		(11,422,227	)		270,245,775
Science & Technology		1,188,841,187		256,253,485		(81,296,415	)		174,957,070
Small Cap Aggressive Growth		144,439,309		27,768,792		(8,957,510	)		18,811,282
Small Cap		262,097,118		55,432,871		(27,366,225	)		28,066,646
Small Cap Index		874,981,809		321,036,548		(152,358,507	)		168,678,041
Small Cap Special Values		213,863,510		26,370,945		(29,733,061	)		(3,362,116	)
Small-Mid Growth		104,809,949		19,749,315		(5,800,375	)		13,948,940
Stock Index		2,261,233,585		2,535,229,415		(163,490,999	)		2,371,738,416
Value		102,527,177		20,568,934		(5,177,369	)		15,391,565

@ 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, 2019 and the tax character of distributions paid during the year ended May 31, 2019 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2019
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	1,615,666	$	2,514,194		$	(5,093,929	)	$	7,940,555	$	6,332,042
Blue Chip Growth		—		86,238,340			308,714,122			377,657		91,325,072
Broad Cap Value Income		1,206,430		4,775,803			5,955,266			726,807		5,016,076
Capital Conservation		6,932,358		(3,196,233	)		3,832,142			5,692,352		—
Core Equity		3,380,626		19,522,732			34,162,965			4,819,532		26,833,666
Dividend Value		26,047,218		46,795,371			(25,109,336	)		38,481,123		73,011,368
Dynamic Allocation		7,096,595		4,056,190			8,409,747			9,659,610		6,000,962
Emerging Economies		16,930,722		(49,612,102	)		47,642,308			12,932,082		—
Global Real Estate		13,625,242		6,637,006			21,291,957			16,229,726		—
Global Social Awareness		6,483,500		11,887,580			74,001,331			6,661,198		—
Global Strategy		20,806,640		16,149,373			(33,401,715	)		7,679,415		27,336,221
Government Money Market I		14,351		(14,640	)		—			6,017,418		—
Government Securities		3,178,016		(3,070,342	)		3,164,665			3,165,086		—
Growth		4,536,104		117,186,738			208,370,300			23,032,664		71,315,683
Growth & Income		1,476,727		12,563,186			16,788,633			1,526,608		11,821,661
Health Sciences		1,723,525		53,689,772			151,988,378			17,887,289		47,556,071
Inflation Protected		14,673,106		(215,205	)		12,745,312			11,688,416		163,608
International Equities Index		30,434,372		21,977,291			(36,896,171	)		34,840,449		—
International Government Bond*		3,098,611		37,417			(6,561,381	)		3,098,611		37,417
International Growth		530,816		(251,337	)		33,984,620			16,089,078		95,235,064
International Value		15,795,229		958,959			(80,415,414	)		21,077,701		—
Large Cap Core		1,819,779		11,658,518			23,403,432			1,590,555		13,332,022
Large Capital Growth		3,846,212		37,687,496			132,578,292			4,246,182		28,866,161
Mid Cap Index		40,958,552		251,332,742			514,875,329			59,566,500		282,474,072
Mid Cap Strategic Growth		—		16,210,213			77,434,054			4,667,422		22,367,523
Nasdaq-100® Index		4,260,381		14,202,001			270,245,775			3,552,163		6,027,819
Science & Technology		3,797,952		164,094,782			174,944,160			82,873,430		184,672,479
Small Cap Aggressive Growth		—		21,153,681			18,811,282			4,240,510		17,793,380

264

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Distributable Earnings							Tax Distributions
	For the year ended May 31, 2019
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses		Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Small Cap	$	2,372,902	$	21,052,873	$	28,066,630		$	8,108,469	$	18,202,222
Small Cap Index		22,187,761		117,185,605		168,678,041			26,150,639		80,645,698
Small Cap Special Values		2,537,663		18,499,372		(3,362,116	)		6,438,233		26,863,113
Small-Mid Growth		1,176,792		12,714,579		13,948,940			1,518,503		13,472,877
Stock Index		90,389,808		305,361,493		2,371,738,416			80,047,321		107,948,092
Value		2,212,600		10,130,875		15,390,625			1,664,301		—

* 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.

The tax character of distributions paid during the year ended May 31, 2018 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	5,223,476	$	4,139,748
Blue Chip Growth		464,379		44,264,812
Broad Cap Value Income		1,311,931		3,587,503
Capital Conservation		5,533,689		—
Core Equity		2,805,524		18,933,095
Dividend Value		17,733,293		27,534,288
Dynamic Allocation		6,981,384		5,873,893
Emerging Economies		12,115,507		—
Global Real Estate		16,353,390		2,229,561
Global Social Awareness		7,163,295		—
Global Strategy		—		5,241,605
Government Money Market I		2,316,563		—
Government Securities		3,355,071		—
Growth		16,911,039		32,227,389
Growth & Income		1,458,895		4,140,612
Health Sciences		—		88,495,403
Inflation Protected		12,914,381		4,308,281
International Equities Index		27,087,828		—
International Government Bond		1,876,878		—
International Growth		5,977,648		6,729,054
International Value		17,026,333		—
Large Cap Core		1,779,731		8,879,021
Large Capital Growth		4,066,557		20,050,151
Mid Cap Index		47,986,438		203,935,604
Mid Cap Strategic Growth		2,479,175		10,687,059
Nasdaq-100® Index		2,953,557		19,144,321
Science & Technology		48,763,832		63,121,184
Small Cap Aggressive Growth		—		3,794,440
Small Cap		8,155,637		41,766,359
Small Cap Index		15,724,664		63,465,241
Small Cap Special Values		7,353,760		20,457,809
Small-Mid Growth		—		4,235,032
Stock Index		83,554,505		167,497,292
Value		1,701,685		—

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

As of May 31, 2019, 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		1,814,566		1,381,667
Core Equity		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		49,612,102		—
Global Real Estate		—		—
Global Social Awareness		—		—
Global Strategy		—		—
Government Money Market I		14,640		—
Government Securities		1,204,505		1,865,837
Growth		—		—
Growth & Income		—		—
Health Sciences		—		—
Inflation Protected		118,250		98,134
International Equities Index		—		—
International Government Bond		—		—
International Growth		251,337		—
International Value		—		—
Large Cap Core		—		—
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Aggressive Growth		—		—
Small Cap		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—
Small-Mid Growth		—		—
Stock Index		—		—
Value		—		—

The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.

Fund	Capital Loss Carryforward Utilized
Asset Allocation	$	—
Blue Chip Growth		—
Broad Cap Value Income		—
Capital Conservation		—
Core Equity		—
Dividend Value		—
Dynamic Allocation		—
Emerging Economies		—
Global Real Estate		2,154,723
Global Social Awareness		—
Global Strategy		—
Government Money Market I		—

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Capital Loss Carryforward Utilized
Government Securities	$	—
Growth		—
Growth & Income		—
Health Sciences		—
Inflation Protected		—
International Equities Index		—
International Government Bond		—
International Growth		—
International Value		17,185,268
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		—

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, 2019, 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	$	111,327	$	453,125		$	571,669
Blue Chip Growth		168,064		4,439,082			—
Broad Cap Value Income		30		—			—
Capital Conservation		—		(693,199	)		819,309
Core Equity		1,069		2,397,539			—
Dividend Value		8,934		—			—
Dynamic Allocation		—		—			—
Emerging Economies		186,891		21,353,600			(9,007,635	)
Global Real Estate		—		619,126			—
Global Social Awareness		—		49,359			—
Global Strategy		—		—			—
Government Money Market I		—		—			—
Government Securities		—		1,666			214,295
Growth		—		7,456,509			—
Growth & Income		—		513,076			—
Health Sciences		503,856		2,037,571			—
Inflation Protected		83,857		—			—
International Equities Index		—		511,249			—
International Government Bond*		576,435		2,225,375			637,143
International Growth		8,916		4,798,303			(3,723,317	)
International Value		—		4,020,239			1,897,591
Large Cap Core		253		1,634,496			—
Large Capital Growth		—		—			—
Mid Cap Index		—		1,874,963			—
Mid Cap Strategic Growth		25,109		2,753,116			—
Nasdaq-100 Index®		—		—			—
Science & Technology		2,050,283		878,832			—
Small Cap Aggressive Growth		416,757		3,205,814			—

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss		Deferred Post-October Long-Term Capital  Loss
Small Cap	$	2,640	$	757,625	$	—
Small Cap Index		2,068		1,459,280		—
Small Cap Special Values		—		543,081		—
Small-Mid Growth		98,547		74,410		—
Stock Index		—		959,101		—
Value		883		891,353		—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2018.

For the period ended May 31, 2019, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, partnership investments, disposition of passive foreign investment companies securities, swap contracts, and foreign currency transactions to the components of net assets as follows:

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Asset Allocation	$	(1,323,666	)	$	1,323,666		$	—
Blue Chip Growth		335,295			(958	)		(334,337	)
Broad Cap Value Income		(142	)		142			—
Capital Conservation		468,548			(468,548	)		—
Core Equity		(1,708	)		1,708			—
Dividend Value		(522,119	)		522,119			—
Dynamic Allocation		730,851			(730,851	)		—
Emerging Economies		(820,672	)		820,672			—
Global Real Estate		3,709,921			(3,709,921	)		—
Global Social Awareness		(9,013	)		9,013			—
Global Strategy		8,444,967			(8,444,967	)		—
Government Money Market I		—			—			—
Government Securities		285,136			(285,136	)		—
Growth		815,797			(815,797	)		—
Growth & Income		—			—			—
Health Sciences		947,682			(947,682	)		—
Inflation Protected		(198,796	)		198,796			—
International Equities Index		1,549,296			(1,549,296	)		—
International Government Bond*		(37,808	)		37,808			—
International Growth		(451,020	)		451,020			—
International Value		1,870,641			(1,870,641	)		—
Large Cap Core		(107	)		107			—
Large Capital Growth		(477,098	)		477,098			—
Mid Cap Index		1,730,140			(1,730,140	)		—
Mid Cap Strategic Growth		142,961			(36,133	)		(106,828	)
Nasdaq-100® Index		—			—			—
Science & Technology		4,238,406			(4,238,406	)		—
Small Cap Aggressive Growth		854,398			(139,280	)		(715,118	)
Small Cap		5,320			(5,320	)		—
Small Cap Index		2,517,029			(2,517,029	)		—
Small Cap Special Values		66,424			(66,424	)		—
Small-Mid Growth		214,161			(214,161	)		—
Stock Index		439,450			(439,450	)		—
Value		(1,835	)		1,835			—

* The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year 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. All required changes have been made in accordance with the Act.

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 6 — Capital Share Transactions

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

	Asset Allocation												Blue Chip Growth
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,370,257		$	14,799,122			1,477,919		$	17,297,353			3,378,480		$	70,596,024			1,402,202		$	27,963,804
Reinvested dividends		1,427,260			14,272,597			807,871			9,363,224			4,829,001			91,702,729			2,156,663			44,729,191
Shares redeemed		(2,529,795	)		(27,418,230	)		(2,366,644	)		(27,634,338	)		(4,877,769	)		(99,005,144	)		(5,504,750	)		(107,562,569	)
Net increase (decrease)		267,722		$	1,653,489			(80,854	)	$	(973,761	)		3,329,712		$	63,293,609			(1,945,885	)	$	(34,869,574	)
	Broad Cap Value Income												Capital Conservation
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		200,979		$	3,104,021			471,995		$	7,967,286			5,107,863		$	49,236,111			5,166,082		$	50,616,708
Reinvested dividends		407,008			5,742,883			300,948			4,899,434			594,812			5,692,352			581,881			5,533,689
Shares redeemed		(674,269	)		(10,576,174	)		(633,963	)		(10,489,363	)		(7,440,341	)		(71,323,663	)		(2,885,164	)		(28,320,408	)
Net increase (decrease)		(66,282	)	$	(1,729,270	)		138,980		$	2,377,357			(1,737,666	)	$	(16,395,200	)		2,862,799		$	27,829,989
	Core Equity												Dividend Value
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		107,152		$	2,482,638			63,025		$	1,482,383			22,206,269		$	265,649,445			16,353,827		$	214,300,559
Reinvested dividends		1,552,388			31,653,198			935,799			21,738,619			10,053,426			111,492,491			3,550,399			45,267,581
Shares redeemed		(1,241,877	)		(28,683,735	)		(1,110,958	)		(26,244,339	)		(14,757,947	)		(187,510,253	)		(15,437,811	)		(194,710,056	)
Net increase (decrease)		417,663		$	5,452,101			(112,134	)	$	(3,023,337	)		17,501,748		$	189,631,683			4,466,415		$	64,858,084
	Dynamic Allocation												Emerging Economies
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		417,871		$	5,030,895			297,704		$	3,682,534			33,190,672		$	264,302,309			13,286,176		$	125,666,190
Reinvested dividends		1,373,734			15,660,572			1,036,716			12,855,277			1,612,479			12,932,082			1,246,451			12,115,507
Shares redeemed		(4,029,619	)		(48,845,156	)		(2,524,653	)		(31,588,738	)		(19,981,046	)		(160,573,937	)		(11,989,224	)		(108,714,609	)
Net increase (decrease)		(2,238,014	)	$	(28,153,689	)		(1,190,233	)	$	(15,050,927	)		14,822,105		$	116,660,454			2,543,403		$	29,067,088
	Global Real Estate												Global Social Awareness
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		19,281,150		$	149,473,543			2,831,665		$	22,115,683			332,664		$	8,642,347			605,245		$	15,284,134
Reinvested dividends		2,105,023			16,229,726			2,494,356			18,582,951			260,000			6,661,198			270,824			7,163,295
Shares redeemed		(11,341,281	)		(88,150,053	)		(8,742,964	)		(68,939,364	)		(2,879,170	)		(75,140,177	)		(2,060,012	)		(52,857,267	)
Net increase (decrease)		10,044,892		$	77,553,216			(3,416,943	)	$	(28,240,730	)		(2,286,506	)	$	(59,836,632	)		(1,183,943	)	$	(30,409,838	)
	Global Strategy												Government Money Market I
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		351,873		$	4,116,856			810,154		$	9,881,993			167,861,006		$	167,861,006			103,855,256		$	103,855,257
Reinvested dividends		3,300,248			35,015,636			428,586			5,241,605			6,017,418			6,017,418			2,316,563			2,316,563
Shares redeemed		(4,457,939	)		(51,758,746	)		(4,887,981	)		(59,425,709	)		(90,405,697	)		(90,405,697	)		(125,229,422	)		(125,229,422	)
Net increase (decrease)		(805,818	)	$	(12,626,254	)		(3,649,241	)	$	(44,302,111	)		83,472,727		$	83,472,727			(19,057,603	)	$	(19,057,602	)

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Government Securities												Growth
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,565,525		$	46,513,157			2,573,832		$	27,061,492			8,137,328		$	145,253,247			6,645,533		$	106,156,304
Reinvested dividends		308,789			3,165,086			330,549			3,355,071			5,831,171			94,348,347			2,838,731			49,138,428
Shares redeemed		(3,205,093	)		(32,918,129	)		(4,702,908	)		(49,493,899	)		(19,062,913	)		(329,315,123	)		(6,962,819	)		(117,362,320	)
Net increase (decrease)		1,669,221		$	16,760,114			(1,798,527	)	$	(19,077,336	)		(5,094,414	)	$	(89,713,529	)		2,521,445		$	37,932,412
	Growth & Income												Health Sciences
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,217,389		$	27,205,841			848,244		$	18,840,853			1,190,296		$	25,058,429			858,067		$	17,907,657
Reinvested dividends		656,257			13,348,269			248,646			5,599,507			3,272,168			65,443,360			4,331,640			88,495,403
Shares redeemed		(1,866,256	)		(41,610,511	)		(1,152,101	)		(25,605,383	)		(3,686,739	)		(77,176,462	)		(3,822,352	)		(80,733,518	)
Net increase (decrease)		7,390		$	(1,056,401	)		(55,211	)	$	(1,165,023	)		775,725		$	13,325,327			1,367,355		$	25,669,542
	Inflation Protected												International Equities Index
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		16,916,272		$	182,761,055			5,920,191		$	65,685,432			31,902,509		$	223,517,417			52,755,829		$	394,356,148
Reinvested dividends		1,101,489			11,852,024			1,581,512			17,222,662			5,161,548			34,840,449			3,611,710			27,087,828
Shares redeemed		(9,406,150	)		(102,060,226	)		(9,870,891	)		(109,580,357	)		(56,256,304	)		(397,902,631	)		(38,309,717	)		(291,046,343	)
Net increase (decrease)		8,611,611		$	92,552,853			(2,369,188	)	$	(26,672,263	)		(19,192,247	)	$	(139,544,765	)		18,057,822		$	130,397,633
	International Government Bond												International Growth
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,793,281		$	43,773,383			6,443,883		$	76,886,003			3,698,069		$	50,564,198			2,741,488		$	39,692,685
Reinvested dividends		271,753			3,136,028			157,192			1,876,878			10,157,312			111,324,142			898,000			12,706,702
Shares redeemed		(5,753,244	)		(66,201,445	)		(3,605,707	)		(42,812,461	)		(5,469,273	)		(74,442,204	)		(4,620,939	)		(65,536,596	)
Net increase (decrease)		(1,688,210	)	$	(19,292,034	)		2,995,368		$	35,950,420			8,386,108		$	87,446,136			(981,451	)	$	(13,137,209	)
	International Value												Large Cap Core
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,459,443		$	53,547,329			5,803,770		$	63,996,631			568,822		$	6,864,053			1,214,266		$	14,496,114
Reinvested dividends		2,232,807			21,077,701			1,585,320			17,026,333			1,370,301			14,922,577			887,490			10,658,752
Shares redeemed		(12,113,394	)		(119,767,187	)		(8,987,230	)		(97,378,331	)		(2,217,323	)		(26,317,068	)		(1,813,851	)		(21,806,313	)
Net increase (decrease)		(4,421,144	)	$	(45,142,157	)		(1,598,140	)	$	(16,355,367	)		(278,200	)	$	(4,530,438	)		287,905		$	3,348,553
	Large Capital Growth												Mid Cap Index
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,634,276		$	41,509,538			331,446		$	4,858,302			9,407,600		$	263,112,414			3,798,494		$	105,244,851
Reinvested dividends		2,178,444			33,112,343			1,598,191			24,116,708			14,163,171			342,040,572			9,144,176			251,922,042
Shares redeemed		(3,977,097	)		(61,468,630	)		(2,743,999	)		(40,250,893	)		(22,836,952	)		(612,639,268	)		(18,855,439	)		(533,669,174	)
Net increase (decrease)		835,623		$	13,153,251			(814,362	)	$	(11,275,883	)		733,819		$	(7,486,282	)		(5,912,769	)	$	(176,502,281	)

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Mid Cap Strategic Growth												Nasdaq-100® Index
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		880,052		$	13,784,489			645,972		$	10,110,629			4,330,128		$	62,101,576			3,384,690		$	44,985,893
Reinvested dividends		1,803,532			27,034,945			828,065			13,166,234			690,698			9,579,982			1,584,077			22,097,878
Shares redeemed		(1,505,933	)		(23,988,639	)		(1,761,437	)		(26,950,666	)		(3,464,310	)		(49,409,180	)		(3,636,392	)		(47,906,100	)
Net increase (decrease)		1,177,651		$	16,830,795			(287,400	)	$	(3,673,803	)		1,556,516		$	22,272,378			1,332,375		$	19,177,671
	Science & Technology												Small Cap Aggressive Growth
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,418,061		$	74,143,598			1,501,571		$	44,774,878			2,338,726		$	36,265,703			1,187,625		$	17,632,301
Reinvested dividends		10,496,113			267,545,909			3,617,362			111,885,016			1,622,525			22,033,890			238,195			3,794,440
Shares redeemed		(4,312,130	)		(125,821,986	)		(3,516,184	)		(102,830,719	)		(2,004,120	)		(30,139,059	)		(1,041,626	)		(15,293,898	)
Net increase (decrease)		8,602,044		$	215,867,521			1,602,749		$	53,829,175			1,957,131		$	28,160,534			384,194		$	6,132,843
	Small Cap												Small Cap Index
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		513,787		$	5,881,470			239,863		$	2,855,785			5,157,787		$	110,735,184			6,358,551		$	139,248,745
Reinvested dividends		2,542,096			26,310,691			4,461,304			49,921,996			5,493,639			106,796,337			3,615,977			79,189,905
Shares redeemed		(3,323,078	)		(37,770,243	)		(3,679,924	)		(44,611,488	)		(13,457,398	)		(286,815,306	)		(12,414,186	)		(274,211,925	)
Net increase (decrease)		(267,195	)	$	(5,578,082	)		1,021,243		$	8,166,293			(2,805,972	)	$	(69,283,785	)		(2,439,658	)	$	(55,773,275	)
	Small Cap Special Values												Small-Mid Growth
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,924,460		$	26,576,816			2,047,892		$	27,586,219			231,706		$	3,180,101			312,837		$	4,059,510
Reinvested dividends		2,903,343			33,301,346			2,064,704			27,811,569			1,199,310			14,991,380			303,804			4,235,032
Shares redeemed		(6,481,787	)		(84,619,590	)		(3,835,432	)		(53,632,570	)		(910,512	)		(12,551,330	)		(1,048,429	)		(13,815,927	)
Net increase (decrease)		(1,653,984	)	$	(24,741,428	)		277,164		$	1,765,218			520,504		$	5,620,151			(431,788	)	$	(5,521,385	)
	Stock Index												Value
	For the year ended May 31, 2019						For the year ended May 31, 2018						For the year ended May 31, 2019						For the year ended May 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		8,249,733		$	334,996,625			7,731,176		$	305,031,584			1,071,458		$	19,401,702			595,935		$	10,684,832
Reinvested dividends		4,815,456			187,995,413			6,306,250			251,051,797			93,922			1,664,301			93,499			1,701,685
Shares redeemed		(20,535,861	)		(833,230,100	)		(12,953,890	)		(505,896,038	)		(878,308	)		(15,864,320	)		(867,818	)		(15,321,469	)
Net increase (decrease)		(7,470,672	)	$	(310,238,062	)		1,083,536		$	50,187,343			287,072		$	5,201,683			(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 year ended May 31, 2019, 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.

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Blue Chip Growth Fund, Nasdaq-100^® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

The Global Real Estate Fund invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

Note 9 — Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the year ended May 31, 2019, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Blue Chip Growth		1	$	51	$	488,489		3.76	%
Broad Cap Value		4		581		1,472,306		3.55	%
Capital Conservation		1		107		1,025,806		3.76	%
Core Equity		10		326		342,466		3.48	%
Dividend Value		5		2,738		5,713,422		3.41	%
Dynamic Allocation		1		66		652,171		3.63	%
Emerging Economies		5		804		684,941		3.49	%
Global Real Estate		1		131		1,256,093		3.76	%
Global Social Awareness		60		19,629		3,209,777		3.68	%
Global Strategy		5		130		250,814		3.74	%
Growth		9		3,540		3,799,719		3.62	%
Growth and Income		7		301		427,134		3.62	%
Inflation Protected		6		395		629,590		3.77	%
International Equities Index		50		26,258		5,379,176		3.65	%
International Government Bond		11		836		770,884		3.55	%
International Value		10		2,730		2,781,612		3.52	%
Large Cap Core		1		59		581,099		3.63	%
Large Capital Growth		3		303		972,388		3.73	%
Mid Cap Index		2		2,477		11,899,986		3.75	%
Mid Cap Strategic Growth		1		17		162,618		3.74	%
NASDAQ-100 Index		1		18		179,253		3.63	%
Science & Technology		6		650		1,170,417		3.39	%
Small Cap Aggressive Growth		1		42		414,171		3.63	%
Small Cap		9		141		151,238		3.73	%
Small Cap Index		8		12,410		14,908,998		3.73	%
Stock Index		8		16,259		19,699,820		3.61	%

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

As of May 31, 2019, the Global Strategy Fund had an outstanding borrowing in the amount of $175,000.

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the year ended May 31, 2019, none of the Funds participated in this program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2019, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from  Sales		Realized Gain  (Loss)
Growth	$	12,709,939	$	10,144,738	$	2,644,425
Health Sciences		—		90,080		52,541
Large Capital Growth		176,004		101,805		22,438
Small Cap		179,760		8,560		182
Value		583,640		215,196		1,168

273

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund															Blue Chip Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	11.33		$	11.00		$	10.39		$	12.38		$	12.67		$	20.84		$	17.27		$	15.48		$	17.96		$	17.12
Income (loss) from investment operations:
Net investment income (loss)(d)		0.18			0.16			0.16			0.23			0.23			(0.01	)		(0.01	)		0.01			(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.55	)		0.83			0.71			(0.66	)		0.53			0.86			4.82			3.46			(0.24	)		2.62
Total income (loss) from investment operations		(0.37	)		0.99			0.87			(0.43	)		0.76			0.85			4.81			3.47			(0.26	)		2.60
Distributions from:
Net investment income		(0.17	)		(0.18	)		(0.26	)		(0.24	)		(0.27	)		–			(0.01	)		–			–			–
Net realized gain on securities		(0.88	)		(0.48	)		–			(1.32	)		(0.78	)		(2.51	)		(1.23	)		(1.68	)		(2.22	)		(1.76	)
Total distributions		(1.05	)		(0.66	)		(0.26	)		(1.56	)		(1.05	)		(2.51	)		(1.24	)		(1.68	)		(2.22	)		(1.76	)
Net asset value at end of period	$	9.91		$	11.33		$	11.00		$	10.39		$	12.38		$	19.18		$	20.84		$	17.27		$	15.48		$	17.96
TOTAL RETURN(a)		(3.42	)%		8.91	%		8.35	%		(2.16	)%		6.24	%		4.22	%		27.87	%		23.49	%		0.17	%		15.61	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.76	%		0.72	%		0.70	%		0.70	%		0.68	%		0.82	%		0.83	%		0.84	%		0.84	%		0.83	%
Ratio of expenses to average net assets(c)		0.76	%		0.72	%		0.70	%		0.70	%		0.68	%		0.82	%		0.83	%		0.84	%		0.84	%		0.83	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		–			–			0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.69	%		1.40	%		1.51	%		2.00	%		1.81	%		(0.03	)%		(0.07	)%		0.06	%		(0.09	)%		(0.12	)%
Ratio of net investment income (loss) to average net assets(c)		1.69	%		1.40	%		1.51	%		2.00	%		1.81	%		(0.03	)%		(0.07	)%		0.06	%		(0.09	)%		(0.12	)%
Portfolio turnover rate		113	%		84	%		161	%		102	%		131	%		30	%		24	%		27	%		30	%		30	%
Number of shares outstanding at end of period (000’s)		14,892			14,624			14,705			15,824			14,473			40,727			37,397			39,343			39,796			36,354
Net assets at end of period (000’s)	$	147,543		$	165,665		$	161,767		$	164,358		$	179,126		$	781,236		$	779,336		$	679,516		$	615,927		$	652,819

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

274

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund															Capital Conservation Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	15.91		$	15.64		$	13.97		$	16.03		$	15.19		$	9.54		$	9.85		$	9.95		$	9.92		$	9.84
Income (loss) from investment operations:
Net investment income (loss)(d)		0.34			0.20			0.24			0.22			0.21			0.25			0.20			0.18			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.61	)		1.45			2.16			(1.11	)		1.38			0.32			(0.29	)		(0.04	)		0.06			0.10
Total income (loss) from investment operations		(0.27	)		1.65			2.40			(0.89	)		1.59			0.57			(0.09	)		0.14			0.24			0.27
Distributions from:
Net investment income		(0.22	)		(0.28	)		(0.24	)		(0.21	)		(0.26	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)		(0.19	)
Net realized gain on securities		(1.49	)		(1.10	)		(0.49	)		(0.96	)		(0.49	)		–			(0.03	)		(0.01	)		(0.02	)		–
Total distributions		(1.71	)		(1.38	)		(0.73	)		(1.17	)		(0.75	)		(0.23	)		(0.22	)		(0.24	)		(0.21	)		(0.19	)
Net asset value at end of period	$	13.93		$	15.91		$	15.64		$	13.97		$	16.03		$	9.88		$	9.54		$	9.85		$	9.95		$	9.92
TOTAL RETURN(a)		(1.84	)%		10.34	%		17.25	%		(4.47	)%		10.70	%		6.10	%		(0.94	)%		1.45	%		2.47	%		2.76	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.64	%		0.64	%		0.64	%		0.64	%		0.63	%
Ratio of expenses to average net assets(c)		0.93	%		0.92	%		0.92	%		0.92	%		0.92	%		0.64	%		0.64	%		0.64	%		0.64	%		0.63	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.14	%		1.20	%		1.57	%		1.49	%		1.33	%		2.65	%		2.10	%		1.84	%		1.77	%		1.72	%
Ratio of net investment income (loss) to average net assets(c)		2.06	%		1.13	%		1.49	%		1.42	%		1.26	%		2.65	%		2.10	%		1.84	%		1.77	%		1.72	%
Portfolio turnover rate		28	%		24	%		20	%		26	%		23	%		72	%		53	%		56	%		71	%		193	%
Number of shares outstanding at end of period (000’s)		3,676			3,742			3,603			4,104			3,906			24,991			26,729			23,866			23,716			25,822
Net assets at end of period (000’s)	$	51,212		$	59,532		$	56,339		$	57,330		$	62,619		$	246,896		$	255,084		$	235,063		$	236,062		$	256,043

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

275

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund															Dividend Value Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	23.18		$	21.92		$	19.51		$	20.38		$	18.63		$	12.39		$	12.09		$	11.54		$	13.23		$	13.23
Income (loss) from investment operations:
Net investment income (loss)(d)		0.28			0.26			0.25			0.21			0.19			0.29			0.26			0.25			0.31			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.16	)		3.13			3.14			(0.87	)		1.74			(0.27	)		0.74			1.62			(0.24	)		0.85
Total income (loss) from investment operations		0.12			3.39			3.39			(0.66	)		1.93			0.02			1.00			1.87			0.07			1.13
Distributions from:
Net investment income		(0.28	)		(0.28	)		(0.24	)		(0.21	)		(0.18	)		(0.24	)		(0.24	)		(0.25	)		(0.32	)		(0.28	)
Net realized gain on securities		(2.86	)		(1.85	)		(0.74	)		–			–			(1.37	)		(0.46	)		(1.07	)		(1.44	)		(0.85	)
Total distributions		(3.14	)		(2.13	)		(0.98	)		(0.21	)		(0.18	)		(1.61	)		(0.70	)		(1.32	)		(1.76	)		(1.13	)
Net asset value at end of period	$	20.16		$	23.18		$	21.92		$	19.51		$	20.38		$	10.80		$	12.39		$	12.09		$	11.54		$	13.23
TOTAL RETURN(a)		0.35	%		15.42	%		17.48	%		(3.07	)%		10.41	%		(0.17	)%		8.14	%		16.51	%		2.20	%		8.69	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%		0.77	%		0.80	%		0.80	%		0.80	%		0.81	%		0.81	%		0.82	%		0.82	%		0.82	%
Ratio of expenses to average net assets(c)		0.92	%		0.93	%		0.92	%		0.92	%		0.92	%		0.81	%		0.81	%		0.83	%		0.83	%		0.82	%
Ratio of expense reductions to average net assets		–			–			0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.20	%		1.10	%		1.19	%		1.11	%		0.94	%		2.40	%		2.06	%		2.13	%		2.55	%		2.06	%
Ratio of net investment income (loss) to average net assets(c)		1.02	%		0.94	%		1.06	%		0.99	%		0.82	%		2.40	%		2.06	%		2.12	%		2.54	%		2.05	%
Portfolio turnover rate		29	%		50	%		36	%		41	%		40	%		46	%		54	%		41	%		45	%		35	%
Number of shares outstanding at end of period (000’s)		11,329			10,911			11,023			11,771			13,047			88,850			71,348			66,882			50,727			48,504
Net assets at end of period (000’s)	$	228,409		$	252,961		$	241,647		$	229,637		$	265,955		$	959,714		$	884,180		$	808,699		$	585,505		$	641,719

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

276

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dynamic Allocation Fund															Emerging Economies Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	12.20		$	11.74		$	10.76		$	12.04		$	11.93		$	8.89		$	7.94		$	6.18		$	7.84		$	8.12
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.12			0.15			0.17			0.16			0.18			0.16			0.13			0.13			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			1.00			1.13			(0.79	)		0.32			(1.22	)		0.92			1.74			(1.61	)		(0.30	)
Total income (loss) from investment operations		0.17			1.12			1.28			(0.62	)		0.48			(1.04	)		1.08			1.87			(1.48	)		(0.12	)
Distributions from:
Net investment income		(0.15	)		(0.16	)		(0.22	)		(0.22	)		(0.17	)		(0.14	)		(0.13	)		(0.11	)		(0.18	)		(0.16	)
Net realized gain on securities		(0.73	)		(0.50	)		(0.08	)		(0.44	)		(0.20	)		–			–			–			–			–
Total distributions		(0.88	)		(0.66	)		(0.30	)		(0.66	)		(0.37	)		(0.14	)		(0.13	)		(0.11	)		(0.18	)		(0.16	)
Net asset value at end of period	$	11.49		$	12.20		$	11.74		$	10.76		$	12.04		$	7.71		$	8.89		$	7.94		$	6.18		$	7.84
TOTAL RETURN(a)		1.47	%		9.45	%		11.98	%		(4.70	)%		4.04	%		(11.75	)%		13.50	%		30.41	%		(18.60	)%		(1.35	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.32	%		0.31	%		0.31	%		0.32	%		0.32	%		0.93	%		0.93	%		0.94	%		0.97	%		0.94	%
Ratio of expenses to average net assets(c)		0.32	%		0.31	%		0.32	%		0.32	%		0.32	%		0.93	%		0.93	%		0.94	%		0.97	%		0.94	%
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)		1.36	%		0.97	%		1.30	%		1.50	%		1.33	%		2.29	%		1.80	%		1.85	%		2.02	%		2.23	%
Ratio of net investment income (loss) to average net assets(c)		1.35	%		0.96	%		1.30	%		1.51	%		1.33	%		2.29	%		1.80	%		1.85	%		2.02	%		2.23	%
Portfolio turnover rate		11	%		15	%		14	%		20	%		31	%		72	%		53	%		69	%		64	%		65	%
Number of shares outstanding at end of period (000’s)		17,745			19,983			21,173			23,095			22,646			106,698			91,875			89,332			83,618			82,682
Net assets at end of period (000’s)	$	203,843		$	243,832		$	248,630		$	248,446		$	272,705		$	823,071		$	817,232		$	708,873		$	517,011		$	648,339

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

277

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Real Estate Fund															Global Social Awareness Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	7.68		$	7.63		$	8.02		$	8.60		$	8.58		$	26.24		$	23.78		$	21.01		$	22.11		$	21.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.18			0.16			0.18			0.21			0.44			0.37			0.32			0.34			0.35
Net realized and unrealized gain (loss) on investments and foreign currencies		0.44			0.28			0.21			(0.14	)		0.28			(0.29	)		2.52			2.84			(1.02	)		1.20
Total income (loss) from investment operations		0.61			0.46			0.37			0.04			0.49			0.15			2.89			3.16			(0.68	)		1.55
Distributions from:
Net investment income		(0.29	)		(0.31	)		(0.34	)		(0.26	)		(0.23	)		(0.48	)		(0.43	)		(0.39	)		(0.42	)		(0.44	)
Net realized gain on securities		–			(0.10	)		(0.42	)		(0.36	)		(0.24	)		–			–			–			–			–
Total distributions		(0.29	)		(0.41	)		(0.76	)		(0.62	)		(0.47	)		(0.48	)		(0.43	)		(0.39	)		(0.42	)		(0.44	)
Net asset value at end of period	$	8.00		$	7.68		$	7.63		$	8.02		$	8.60		$	25.91		$	26.24		$	23.78		$	21.01		$	22.11
TOTAL RETURN(a)		8.10	%		6.19	%		4.98	%		1.53	%		5.61	%		0.57	%		12.16	%		15.15	%		(2.83	)%		7.45	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.86	%		0.85	%		0.85	%		0.85	%		0.63	%		0.62	%		0.62	%		0.63	%		0.62	%
Ratio of expenses to average net assets(c)		0.85	%		0.86	%		0.85	%		0.85	%		0.85	%		0.63	%		0.62	%		0.62	%		0.63	%		0.62	%
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)		2.18	%		2.34	%		2.04	%		2.18	%		2.46	%		1.67	%		1.44	%		1.47	%		1.65	%		1.63	%
Ratio of net investment income (loss) to average net assets(c)		2.18	%		2.34	%		2.04	%		2.18	%		2.46	%		1.67	%		1.44	%		1.47	%		1.65	%		1.63	%
Portfolio turnover rate		44	%		50	%		47	%		71	%		44	%		2	%		5	%		23	%		0	%		88	%
Number of shares outstanding at end of period (000’s)		57,358			47,313			50,730			61,190			59,795			14,044			16,331			17,515			17,949			19,139
Net assets at end of period (000’s)	$	458,620		$	363,223		$	387,137		$	490,714		$	514,347		$	363,818		$	428,452		$	416,564		$	377,114		$	423,242

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

278

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund															Government Money Market I Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	12.02		$	11.63		$	10.48		$	13.58		$	14.12		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.44			0.35			0.33			0.27			0.30			0.02			0.01			0.00			0.00			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.02	)		0.20			1.14			(1.80	)		(0.03	)		0.00			0.00			0.00			0.00			0.00
Total income (loss) from investment operations		(0.58	)		0.55			1.47			(1.53	)		0.27			0.02			0.01			0.00			0.00			0.00
Distributions from:
Net investment income		(0.26	)		–			(0.10	)		(0.72	)		(0.37	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)
Net realized gain on securities		(0.94	)		(0.16	)		(0.22	)		(0.85	)		(0.44	)		–			–			–			–			–
Total distributions		(1.20	)		(0.16	)		(0.32	)		(1.57	)		(0.81	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)
Net asset value at end of period	$	10.24		$	12.02		$	11.63		$	10.48		$	13.58		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		(5.19	)%		4.72	%		14.16	%		(10.23	)%		2.14	%		1.69	%		0.72	%(e)		0.08	%		0.01	%(e)		0.01	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.66	%		0.65	%		0.66	%		0.64	%		0.64	%		0.51	%		0.51	%		0.45	%		0.26	%		0.14	%
Ratio of expenses to average net assets(c)		0.66	%		0.65	%		0.66	%		0.64	%		0.64	%		0.51	%		0.51	%		0.53	%		0.51	%		0.51	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		3.78	%		2.86	%		2.94	%		2.26	%		2.20	%		1.70	%		0.71	%		0.08	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		3.78	%		2.86	%		2.94	%		2.26	%		2.20	%		1.70	%		0.71	%		(0.00	)%		(0.24	)%		(0.36	)%
Portfolio turnover rate		30	%		30	%		35	%		26	%		28	%		N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		31,615			32,421			36,070			41,208			37,891			395,196			311,723			330,780			343,490			343,881
Net assets at end of period (000’s)	$	323,702		$	389,638		$	419,325		$	431,935		$	514,564		$	395,183		$	311,708		$	330,783		$	343,490		$	343,363

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

See Notes to Financial Statements

279

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund															Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	10.21		$	10.63		$	10.85		$	10.82		$	10.73		$	17.36		$	15.00		$	13.47		$	16.40		$	16.76
Income (loss) from investment operations:
Net investment income (loss)(d)		0.23			0.23			0.21			0.22			0.22			0.06			0.07			0.10			0.12			0.10
Net realized and unrealized gain (loss) on investments and foreign currencies		0.37			(0.37	)		(0.18	)		0.08			0.11			0.38			3.02			2.56			(0.52	)		1.67
Total income (loss) from investment operations		0.60			(0.14	)		0.03			0.30			0.33			0.44			3.09			2.66			(0.40	)		1.77
Distributions from:
Net investment income		(0.24	)		(0.28	)		(0.25	)		(0.27	)		(0.24	)		(0.07	)		(0.10	)		(0.12	)		(0.10	)		(0.11	)
Net realized gain on securities		–			–			–			–			–			(1.38	)		(0.63	)		(1.01	)		(2.43	)		(2.02	)
Total distributions		(0.24	)		(0.28	)		(0.25	)		(0.27	)		(0.24	)		(1.45	)		(0.73	)		(1.13	)		(2.53	)		(2.13	)
Net asset value at end of period	$	10.57		$	10.21		$	10.63		$	10.85		$	10.82		$	16.35		$	17.36		$	15.00		$	13.47		$	16.40
TOTAL RETURN(a)		5.98	%		(1.32	)%		0.35	%		2.74	%		3.07	%		2.65	%		20.60	%		20.48	%		(0.63	)%		10.89	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.67	%		0.66	%		0.64	%		0.64	%		0.64	%		0.74	%		0.74	%		0.76	%		0.79	%		0.80	%
Ratio of expenses to average net assets(c)		0.67	%		0.66	%		0.64	%		0.64	%		0.64	%		0.79	%		0.79	%		0.81	%		0.81	%		0.80	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.24	%		2.12	%		1.95	%		2.02	%		2.01	%		0.34	%		0.42	%		0.71	%		0.78	%		0.60	%
Ratio of net investment income (loss) to average net assets(c)		2.24	%		2.12	%		1.95	%		2.02	%		2.01	%		0.29	%		0.37	%		0.66	%		0.77	%		0.60	%
Portfolio turnover rate		17	%		3	%		15	%		17	%		7	%		60	%		58	%		71	%		102	%		99	%
Number of shares outstanding at end of period (000’s)		13,559			11,890			13,689			14,278			14,967			64,185			69,279			66,758			70,537			62,664
Net assets at end of period (000’s)	$	143,372		$	121,425		$	145,460		$	154,987		$	161,977		$	1,049,181		$	1,202,649		$	1,001,261		$	949,998		$	1,027,988

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

280

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth & Income Fund															Health Sciences Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	22.23		$	20.70		$	18.44		$	19.70		$	17.74		$	20.47		$	19.26		$	19.88		$	27.01		$	21.10
Income (loss) from investment operations:
Net investment income (loss)(d)		0.21			0.19			0.20			0.20			0.20			(0.03	)		(0.05	)		(0.04	)		(0.09	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.43			2.34			2.94			(0.34	)		1.94			0.72			3.86			1.80			(3.83	)		9.66
Total income (loss) from investment operations		0.64			2.53			3.14			(0.14	)		2.14			0.69			3.81			1.76			(3.92	)		9.52
Distributions from:
Net investment income		(0.21	)		(0.21	)		(0.24	)		(0.24	)		(0.18	)		–			–			–			–			–
Net realized gain on securities		(2.31	)		(0.79	)		(0.64	)		(0.88	)		–			(1.81	)		(2.60	)		(2.38	)		(3.21	)		(3.61	)
Total distributions		(2.52	)		(1.00	)		(0.88	)		(1.12	)		(0.18	)		(1.81	)		(2.60	)		(2.38	)		(3.21	)		(3.61	)
Net asset value at end of period	$	20.35		$	22.23		$	20.70		$	18.44		$	19.70		$	19.35		$	20.47		$	19.26		$	19.88		$	27.01
TOTAL RETURN(a)		2.87	%		12.17	%		17.22	%		0.08	%		12.11	%		3.09	%		19.80	%		9.37	%		(13.12	)%		47.50	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.05	%		1.06	%		1.07	%		1.06	%		1.09	%
Ratio of expenses to average net assets(c)		0.92	%		0.90	%		0.91	%		0.91	%		0.90	%		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.95	%		0.88	%		1.03	%		1.08	%		1.05	%		(0.14	)%		(0.23	)%		(0.21	)%		(0.40	)%		(0.59	)%
Ratio of net investment income (loss) to average net assets(c)		0.88	%		0.83	%		0.97	%		1.02	%		1.00	%		(0.18	)%		(0.27	)%		(0.23	)%		(0.43	)%		(0.59	)%
Portfolio turnover rate		44	%		43	%		34	%		33	%		38	%		33	%		44	%		30	%		31	%		26	%
Number of shares outstanding at end of period (000’s)		5,774			5,767			5,822			6,176			6,180			38,358			37,583			36,215			40,409			34,776
Net assets at end of period (000’s)	$	117,501		$	128,172		$	120,515		$	113,885		$	121,742		$	742,072		$	769,233		$	697,639		$	803,402		$	939,311

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

281

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Inflation Protected Fund															International Equities Index Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	10.88		$	11.07		$	10.76		$	10.92		$	11.33		$	7.41		$	7.02		$	6.22		$	7.13		$	7.44
Income (loss) from investment operations:
Net investment income (loss)(d)		0.24			0.26			0.25			0.15			0.12			0.19			0.19			0.17			0.16			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		0.14			(0.14	)		0.10			(0.16	)		(0.30	)		(0.62	)		0.35			0.81			(0.89	)		(0.25	)
Total income (loss) from investment operations		0.38			0.12			0.35			(0.01	)		(0.18	)		(0.43	)		0.54			0.98			(0.73	)		(0.06	)
Distributions from:
Net investment income		(0.18	)		(0.21	)		(0.03	)		(0.13	)		(0.21	)		(0.24	)		(0.15	)		(0.18	)		(0.18	)		(0.25	)
Net realized gain on securities		(0.01	)		(0.10	)		(0.01	)		(0.02	)		(0.02	)		–			–			–			–			–
Total distributions		(0.19	)		(0.31	)		(0.04	)		(0.15	)		(0.23	)		(0.24	)		(0.15	)		(0.18	)		(0.18	)		(0.25	)
Net asset value at end of period	$	11.07		$	10.88		$	11.07		$	10.76		$	10.92		$	6.74		$	7.41		$	7.02		$	6.22		$	7.13
TOTAL RETURN(a)		3.51	%		1.11	%		3.29	%		(0.09	)%		(1.57	)%		(5.81	)%		7.63	%		15.98	%		(9.99	)%		(0.57	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.56	%		0.57	%		0.58	%		0.59	%		0.58	%		0.43	%		0.42	%		0.44	%		0.43	%		0.44	%
Ratio of expenses to average net assets(c)		0.56	%		0.57	%		0.58	%		0.59	%		0.58	%		0.43	%		0.42	%		0.44	%		0.43	%		0.44	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.27	%		2.29	%		2.33	%		1.38	%		1.12	%		2.72	%		2.57	%		2.62	%		2.52	%		2.62	%
Ratio of net investment income (loss) to average net assets(c)		2.27	%		2.29	%		2.33	%		1.38	%		1.12	%		2.72	%		2.57	%		2.62	%		2.52	%		2.62	%
Portfolio turnover rate		42	%		34	%		42	%		33	%		33	%		15	%		17	%		11	%		4	%		40	%
Number of shares outstanding at end of period (000’s)		63,309			54,697			57,066			42,345			44,644			154,662			173,854			155,797			159,381			151,718
Net assets at end of period (000’s)	$	700,574		$	595,043		$	631,552		$	455,830		$	487,477		$	1,041,727		$	1,287,987		$	1,093,865		$	991,380		$	1,081,174

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

282

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Government Bond Fund															International Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	11.64		$	11.71		$	11.43		$	11.26		$	12.24		$	15.01		$	13.04		$	11.63		$	14.18		$	14.14
Income (loss) from investment operations:
Net investment income (loss)(d)		0.28			0.24			0.24			0.27			0.32			0.04			0.08			0.14			0.15			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		0.09			(0.20	)		0.04			0.23			(0.98	)		(0.19	)		2.29			1.45			(1.58	)		0.17
Total income (loss) from investment operations		0.37			0.04			0.28			0.50			(0.66	)		(0.15	)		2.37			1.59			(1.43	)		0.33
Distributions from:
Net investment income		(0.18	)		(0.11	)		–			(0.29	)		(0.29	)		(0.10	)		(0.19	)		(0.18	)		(0.17	)		(0.20	)
Net realized gain on securities		(0.01	)		–			–			(0.04	)		(0.03	)		(3.41	)		(0.21	)		–			(0.95	)		(0.09	)
Total distributions		(0.19	)		(0.11	)		–			(0.33	)		(0.32	)		(3.51	)		(0.40	)		(0.18	)		(1.12	)		(0.29	)
Net asset value at end of period	$	11.82		$	11.64		$	11.71		$	11.43		$	11.26		$	11.35		$	15.01		$	13.04		$	11.63		$	14.18
TOTAL RETURN(a)		3.26	%		0.32	%		2.45	%		4.61	%		(5.43	)%		(0.17	)%(e)		18.38	%		13.81	%		(9.20	)%		2.48	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%		0.65	%		0.64	%		0.64	%		0.65	%		0.89	%		0.98	%		1.01	%		1.01	%		1.01	%
Ratio of expenses to average net assets(c)		0.65	%		0.65	%		0.64	%		0.64	%		0.65	%		1.09	%		1.08	%		1.10	%		1.06	%		1.06	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.44	%		2.04	%		2.03	%		2.45	%		2.69	%		0.30	%		0.58	%		1.15	%		1.21	%		1.15	%
Ratio of net investment income (loss) to average net assets(c)		2.44	%		2.04	%		2.03	%		2.45	%		2.69	%		0.10	%		0.47	%		1.06	%		1.16	%		1.11	%
Portfolio turnover rate		94	%		95	%		70	%		95	%		43	%		35	%		130	%		39	%		36	%		44	%
Number of shares outstanding at end of period (000’s)		17,187			18,875			15,879			17,601			15,220			41,093			32,707			33,688			44,791			43,817
Net assets at end of period (000’s)	$	203,184		$	219,748		$	185,943		$	201,253		$	171,312		$	466,362		$	490,921		$	439,222		$	521,012		$	621,387

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (see Note 3).

See Notes to Financial Statements

283

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Value Fund*															Large Cap Core Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	10.67		$	10.54		$	8.78		$	10.44		$	11.44		$	11.70		$	11.35		$	10.77		$	13.74		$	14.25
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.21			0.20			0.18			0.20			0.12			0.11			0.12			0.12			0.11
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.66	)		0.13			1.75			(1.64	)		(0.94	)		0.23			0.98			1.44			(0.25	)		1.84
Total income (loss) from investment operations		(1.46	)		0.34			1.95			(1.46	)		(0.74	)		0.35			1.09			1.56			(0.13	)		1.95
Distributions from:
Net investment income		(0.28	)		(0.21	)		(0.19	)		(0.20	)		(0.26	)		(0.11	)		(0.12	)		(0.11	)		(0.45	)		(0.16	)
Net realized gain on securities		–			–			–			–			–			(0.94	)		(0.62	)		(0.87	)		(2.39	)		(2.30	)
Total distributions		(0.28	)		(0.21	)		(0.19	)		(0.20	)		(0.26	)		(1.05	)		(0.74	)		(0.98	)		(2.84	)		(2.46	)
Net asset value at end of period	$	8.93		$	10.67		$	10.54		$	8.78		$	10.44		$	11.00		$	11.70		$	11.35		$	10.77		$	13.74
TOTAL RETURN(a)		(13.83	)%		3.19	%		22.36	%		(13.72	)%		(6.23	)%		3.11	%		9.46	%		14.97	%		1.84	%		14.34	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%		0.79	%		0.80	%		0.79	%		0.79	%		0.84	%		0.84	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.82	%		0.79	%		0.80	%		0.79	%		0.79	%		0.84	%		0.84	%		0.83	%		0.83	%		0.83	%
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	%
Ratio of net investment income (loss) to average net assets(b)		1.97	%		1.93	%		2.04	%		1.97	%		1.90	%		1.03	%		0.88	%		1.03	%		0.93	%		0.75	%
Ratio of net investment income (loss) to average net assets(c)		1.92	%		1.93	%		2.04	%		1.97	%		1.90	%		1.03	%		0.88	%		1.03	%		0.93	%		0.75	%
Portfolio turnover rate		136	%		30	%		40	%		21	%		31	%		56	%		59	%		54	%		53	%		64	%
Number of shares outstanding at end of period (000’s)		77,083			81,504			83,103			93,244			94,932			15,130			15,408			15,120			15,240			13,111
Net assets at end of period (000’s)	$	688,485		$	869,416		$	876,165		$	818,993		$	990,964		$	166,428		$	180,349		$	171,627		$	164,060		$	180,201

* See Note 1

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

284

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	15.01		$	13.66		$	12.21		$	12.75		$	13.97		$	28.04		$	26.43		$	24.87		$	28.52		$	27.24
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.10			0.10			0.09			0.11			0.32			0.35			0.30			0.32			0.32
Net realized and unrealized gain (loss) on investments and foreign currencies		1.71			2.09			1.87			0.04			1.35			(1.86	)		3.45			3.91			(1.06	)		2.86
Total income (loss) from investment operations		1.84			2.19			1.97			0.13			1.46			(1.54	)		3.80			4.21			(0.74	)		3.18
Distributions from:
Net investment income		(0.10	)		(0.09	)		(0.09	)		(0.11	)		(0.08	)		(0.37	)		(0.32	)		(0.34	)		(0.34	)		(0.29	)
Net realized gain on securities		(1.07	)		(0.75	)		(0.43	)		(0.56	)		(2.60	)		(2.61	)		(1.87	)		(2.31	)		(2.57	)		(1.61	)
Total distributions		(1.17	)		(0.84	)		(0.52	)		(0.67	)		(2.68	)		(2.98	)		(2.19	)		(2.65	)		(2.91	)		(1.90	)
Net asset value at end of period	$	15.68		$	15.01		$	13.66		$	12.21		$	12.75		$	23.52		$	28.04		$	26.43		$	24.87		$	28.52
TOTAL RETURN(a)		12.50	%		16.00	%		16.50	%		1.73	%		11.01	%		(5.76	)%		14.51	%		16.94	%		(0.69	)%		11.92	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.36	%		0.35	%		0.36	%		0.36	%		0.36	%
Ratio of expenses to average net assets(c)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.36	%		0.35	%		0.36	%		0.36	%		0.36	%
Ratio of expense reductions to average net assets		–			0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.81	%		0.70	%		0.76	%		0.73	%		0.83	%		1.20	%		1.25	%		1.14	%		1.23	%		1.15	%
Ratio of net investment income (loss) to average net assets(c)		0.81	%		0.70	%		0.76	%		0.73	%		0.83	%		1.20	%		1.25	%		1.14	%		1.23	%		1.15	%
Portfolio turnover rate		26	%		21	%		23	%		24	%		26	%		14	%		15	%		14	%		15	%		13	%
Number of shares outstanding at end of period (000’s)		30,448			29,613			30,427			32,186			33,071			123,200			122,466			128,379			119,786			116,969
Net assets at end of period (000’s)	$	477,301		$	444,633		$	415,566		$	393,063		$	421,567		$	2,897,313		$	3,434,089		$	3,392,738		$	2,979,477		$	3,335,644

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

285

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Nasdaq-100® Index Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	15.85		$	13.92		$	12.58		$	15.35		$	15.99		$	13.97		$	12.11		$	9.92		$	10.36		$	8.71
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.01			0.02			0.00			(0.03	)		0.12			0.06			0.07			0.08			0.07
Net realized and unrealized gain (loss) on investments and foreign currencies		1.13			2.66			2.24			(0.82	)		1.83			0.26			2.48			2.73			(0.02	)		1.79
Total income (loss) from investment operations		1.13			2.67			2.26			(0.82	)		1.80			0.38			2.54			2.80			0.06			1.86
Distributions from:
Net investment income		(0.00	)		(0.01	)		–			–			–			(0.06	)		(0.07	)		(0.08	)		(0.07	)		(0.09	)
Net realized gain on securities		(1.49	)		(0.73	)		(0.92	)		(1.95	)		(2.44	)		(0.21	)		(0.61	)		(0.53	)		(0.43	)		(0.12	)
Total distributions		(1.49	)		(0.74	)		(0.92	)		(1.95	)		(2.44	)		(0.27	)		(0.68	)		(0.61	)		(0.50	)		(0.21	)
Net asset value at end of period	$	15.49		$	15.85		$	13.92		$	12.58		$	15.35		$	14.08		$	13.97		$	12.11		$	9.92		$	10.36
TOTAL RETURN(a)		7.45	%		19.17	%		18.43	%		(2.91	)%		11.60	%		2.76	%		20.94	%		28.88	%		1.18	%		21.42	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%		0.82	%		0.82	%		0.83	%		0.81	%		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	%		0.54	%		0.54	%		0.55	%		0.56	%		0.54	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.02	)%		0.03	%		0.12	%		0.00	%		(0.21	)%		0.85	%		0.49	%		0.67	%		0.80	%		0.72	%
Ratio of net investment income (loss) to average net assets(c)		(0.02	)%		0.03	%		0.12	%		0.00	%		(0.21	)%		0.84	%		0.48	%		0.66	%		0.78	%		0.71	%
Portfolio turnover rate		31	%		40	%		38	%		95	%		47	%		6	%		3	%		4	%		8	%		7	%
Number of shares outstanding at end of period (000’s)		19,581			18,404			18,691			19,764			18,777			35,447			33,891			32,558			32,164			31,854
Net assets at end of period (000’s)	$	303,288		$	291,655		$	260,170		$	248,619		$	288,138		$	499,269		$	473,513		$	394,400		$	319,222		$	330,077

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

286

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund															Small Cap Aggressive Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	31.14		$	26.00		$	21.30		$	26.68		$	24.83		$	16.44		$	12.25		$	10.17		$	14.56		$	14.12
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.10	)		(0.09	)		(0.01	)		(0.02	)		(0.03	)		(0.09	)		(0.09	)		(0.04	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.94			7.89			6.56			(0.71	)		4.70			(0.13	)		4.68			2.67			(2.61	)		4.01
Total income (loss) from investment operations		0.84			7.80			6.55			(0.73	)		4.67			(0.22	)		4.59			2.63			(2.64	)		3.95
Distributions from:
Net investment income		–			–			–			–			–			–			–			–			–			–
Net realized gain on securities		(6.03	)		(2.66	)		(1.85	)		(4.65	)		(2.82	)		(2.16	)		(0.40	)		(0.55	)		(1.75	)		(3.51	)
Total distributions		(6.03	)		(2.66	)		(1.85	)		(4.65	)		(2.82	)		(2.16	)		(0.40	)		(0.55	)		(1.75	)		(3.51	)
Net asset value at end of period	$	25.95		$	31.14		$	26.00		$	21.30		$	26.68		$	14.06		$	16.44		$	12.25		$	10.17		$	14.56
TOTAL RETURN(a)		3.04	%		30.08	%		31.82	%		0.39	%		19.52	%		(0.89	)%		37.58	%		26.17	%		(16.21	)%		30.24	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.98	%		0.97	%		0.99	%		0.99	%		0.98	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		0.98	%		0.97	%		0.99	%		0.99	%		0.98	%		1.00	%		1.00	%		1.02	%		1.01	%		1.01	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%		–			–
Ratio of net investment income (loss) to average net assets(b)		(0.35	)%		(0.33	)%		(0.06	)%		(0.07	)%		(0.12	)%		(0.61	)%		(0.61	)%		(0.33	)%		(0.24	)%		(0.42	)%
Ratio of net investment income (loss) to average net assets(c)		(0.35	)%		(0.33	)%		(0.06	)%		(0.07	)%		(0.12	)%		(0.63	)%		(0.62	)%		(0.36	)%		(0.26	)%		(0.44	)%
Portfolio turnover rate		89	%		84	%		92	%		107	%		101	%		94	%		74	%		82	%		101	%		94	%
Number of shares outstanding at end of period (000’s)		53,666			45,064			43,461			43,694			38,035			11,517			9,560			9,176			10,084			7,959
Net assets at end of period (000’s)	$	1,392,834		$	1,403,433		$	1,130,159		$	930,756		$	1,014,902		$	161,912		$	157,170		$	112,391		$	102,540		$	115,869

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

287

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund															Small Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	11.54		$	11.59		$	10.96		$	14.18		$	15.00		$	22.81		$	20.23		$	17.91		$	21.23		$	20.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.05			0.03			0.04			0.02			0.22			0.22			0.21			0.24			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.27	)		1.97			1.58			(1.17	)		1.55			(2.25	)		3.85			3.43			(1.86	)		1.99
Total income (loss) from investment operations		(0.22	)		2.02			1.61			(1.13	)		1.57			(2.03	)		4.07			3.64			(1.62	)		2.23
Distributions from:
Net investment income		(0.05	)		(0.04	)		(0.04	)		(0.03	)		–			(0.24	)		(0.22	)		(0.23	)		(0.25	)		(0.23	)
Net realized gain on securities		(0.97	)		(2.03	)		(0.94	)		(2.06	)		(2.39	)		(1.78	)		(1.27	)		(1.09	)		(1.45	)		(1.17	)
Total distributions		(1.02	)		(2.07	)		(0.98	)		(2.09	)		(2.39	)		(2.02	)		(1.49	)		(1.32	)		(1.70	)		(1.40	)
Net asset value at end of period	$	10.30		$	11.54		$	11.59		$	10.96		$	14.18		$	18.76		$	22.81		$	20.23		$	17.91		$	21.23
TOTAL RETURN(a)		(1.94	)%		17.95	%		14.64	%		(5.20	)%		11.10	%		(9.23	)%		20.42	%		20.25	%		(6.05	)%		11.23	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%		0.93	%		0.93	%		0.93	%		0.93	%		0.40	%		0.40	%		0.41	%		0.42	%		0.40	%
Ratio of expenses to average net assets(c)		1.03	%		1.03	%		1.02	%		1.01	%		1.00	%		0.40	%		0.40	%		0.41	%		0.42	%		0.40	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.33	%		0.40	%		0.27	%		0.29	%		0.15	%		1.01	%		0.99	%		1.07	%		1.26	%		1.15	%
Ratio of net investment income (loss) to average net assets(c)		0.23	%		0.31	%		0.18	%		0.21	%		0.08	%		1.01	%		0.99	%		1.07	%		1.26	%		1.15	%
Portfolio turnover rate		25	%		25	%		82	%		29	%		32	%		16	%		17	%		12	%		13	%		14	%
Number of shares outstanding at end of period (000’s)		27,569			27,836			26,815			27,431			24,990			53,944			56,750			59,190			55,029			52,734
Net assets at end of period (000’s)	$	284,018		$	321,236		$	310,704		$	300,734		$	354,294		$	1,012,040		$	1,294,430		$	1,197,209		$	985,833		$	1,119,463

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

288

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund															Small-Mid Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	13.84		$	13.17		$	12.05		$	13.74		$	13.87		$	13.84		$	11.94		$	11.23		$	13.57		$	14.54
Income (loss) from investment operations:
Net investment income (loss)(d)		0.12			0.15			0.19			0.16			0.18			(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.02	)		1.84			1.97			(0.24	)		0.92			0.84			2.43			1.34			(1.07	)		2.72
Total income (loss) from investment operations		(0.90	)		1.99			2.16			(0.08	)		1.10			0.81			2.40			1.31			(1.11	)		2.66
Distributions from:
Net investment income		(0.17	)		(0.18	)		(0.14	)		(0.21	)		(0.14	)		–			–			–			–			–
Net realized gain on securities		(1.63	)		(1.14	)		(0.90	)		(1.40	)		(1.09	)		(1.86	)		(0.50	)		(0.60	)		(1.23	)		(3.63	)
Total distributions		(1.80	)		(1.32	)		(1.04	)		(1.61	)		(1.23	)		(1.86	)		(0.50	)		(0.60	)		(1.23	)		(3.63	)
Net asset value at end of period	$	11.14		$	13.84		$	13.17		$	12.05		$	13.74		$	12.79		$	13.84		$	11.94		$	11.23		$	13.57
TOTAL RETURN(a)		(6.88	)%		15.39	%		17.65	%		1.49	%		8.16	%		6.17	%		20.07	%		11.94	%		(6.27	)%		19.75	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.87	%		0.87	%		0.87	%		0.88	%		0.87	%		0.93	%		0.95	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.87	%		0.87	%		0.87	%		0.88	%		0.87	%		1.00	%		1.01	%		1.01	%		1.00	%		1.00	%
Ratio of expense reductions to average net assets		0.01	%		0.00	%		0.01	%		0.00	%		0.01	%		–			–			–			0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.91	%		1.04	%		1.47	%		1.29	%		1.23	%		(0.23	)%		(0.21	)%		(0.26	)%		(0.33	)%		(0.41	)%
Ratio of net investment income (loss) to average net assets(c)		0.91	%		1.04	%		1.47	%		1.29	%		1.23	%		(0.30	)%		(0.27	)%		(0.27	)%		(0.33	)%		(0.41	)%
Portfolio turnover rate		33	%		37	%		46	%		74	%		52	%		77	%		62	%		61	%		64	%		55	%
Number of shares outstanding at end of period (000’s)		20,076			21,730			21,453			19,831			17,394			9,083			8,562			8,994			9,812			9,713
Net assets at end of period (000’s)	$	223,576		$	300,745		$	282,609		$	238,888		$	238,986		$	116,197		$	118,522		$	107,389		$	110,230		$	131,771

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

289

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund															Value Fund
	Year Ended May 31,															Year Ended May 31,
	2019			2018			2017			2016			2015			2019			2018			2017			2016			2015
PER SHARE DATA
Net asset value at beginning of period	$	39.46		$	36.47		$	33.14		$	36.60		$	34.65		$	17.87		$	16.62		$	14.93		$	15.46		$	14.18
Income (loss) from investment operations:
Net investment income (loss)(d)		0.72			0.63			0.61			0.63			0.62			0.29			0.26			0.25			0.26			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		0.62			4.49			4.96			(0.59	)		3.29			(0.41	)		1.27			1.72			(0.57	)		1.29
Total income (loss) from investment operations		1.34			5.12			5.57			0.04			3.91			(0.12	)		1.53			1.97			(0.31	)		1.50
Distributions from:
Net investment income		(0.64	)		(0.67	)		(0.57	)		(0.89	)		(0.60	)		(0.25	)		(0.28	)		(0.28	)		(0.22	)		(0.22	)
Net realized gain on securities		(0.92	)		(1.46	)		(1.67	)		(2.61	)		(1.36	)		–			–			–			–			–
Total distributions		(1.56	)		(2.13	)		(2.24	)		(3.50	)		(1.96	)		(0.25	)		(0.28	)		(0.28	)		(0.22	)		(0.22	)
Net asset value at end of period	$	39.24		$	39.46		$	36.47		$	33.14		$	36.60		$	17.50		$	17.87		$	16.62		$	14.93		$	15.46
TOTAL RETURN(a)		3.43	%		13.99	%		17.08	%		1.38	%		11.41	%		(0.71	)%		9.15	%		13.22	%		(1.80	)%		10.65	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.33	%		0.34	%		0.34	%		0.35	%		0.34	%		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	%		0.94	%		0.94	%		0.94	%		0.93	%		0.93	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.78	%		1.62	%		1.75	%		1.83	%		1.68	%		1.63	%		1.47	%		1.54	%		1.78	%		1.33	%
Ratio of net investment income (loss) to average net assets(c)		1.78	%		1.62	%		1.75	%		1.83	%		1.68	%		1.53	%		1.38	%		1.46	%		1.69	%		1.25	%
Portfolio turnover rate		4	%		3	%		3	%		3	%		3	%		46	%		19	%		15	%		15	%		16	%
Number of shares outstanding at end of period (000’s)		118,173			125,644			124,560			124,483			123,499			6,749			6,461			6,640			7,241			7,559
Net assets at end of period (000’s)	$	4,637,546		$	4,958,503		$	4,542,334		$	4,125,329		$	4,519,626		$	118,127		$	115,474		$	110,333		$	108,136		$	116,875

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

290

VALIC Company I

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of VALIC Company I and

Shareholders of each of the thirty-four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (thirty-four funds constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2019, the related statements of operations for the year ended May 31, 2019, the statements of changes in net assets for each of the two years in the period ended May 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2019 and each of the financial highlights for each of the five years in the period ended May 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

VALIC Company I

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 (formerly Foreign 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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2019 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

July 29, 2019

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

291

VALIC Company I Dynamic Allocation Fund

APPROVAL OF SUBADVISORY AGREEMENTS (unaudited)

At an in-person meeting held on April 29-30, 2019 (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 two Investment Sub-Advisory Agreements (each a “New AllianceBernstein Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and AllianceBernstein L.P. (“AllianceBernstein”) with respect to the Dynamic Allocation Fund (the “Fund”), each contingent upon the assignment of the then current Investment Sub-Advisory Agreement between VALIC and AllianceBernstein resulting from the sale of stock of AXA Equitable Holdings, Inc. (“Equitable”), the indirect parent of AllianceBernstein. Board approval of each New AllianceBernstein Agreement was subject to (i) no other single person, other than Equitable’s current parent, or group acting together purchasing more than 25% of the shares of Equitable or is determined to otherwise have gained control, and (ii) no later than the date of a change of control event, AllianceBernstein informing VALIC of the occurrence of the change of control event and, at that time, providing the Fund with reasonable assurances that there have been no material changes to the nature, quality and extent of services to be provided by AllianceBernstein.

In connection with the approval of the New AllianceBernstein Agreements, the Board, including the Independent Directors, received materials, at the Meeting and throughout the prior year, relating to certain factors the Board considered in determining whether to approve the New AllianceBernstein Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by AllianceBernstein; (2) the sub-advisory fees charged in connection with AllianceBernstein’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of the Fund compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”), and against the Fund’s benchmark (“Benchmark”); (4) the costs of services and the benefits potentially to be derived by AllianceBernstein; (5) whether the Fund will benefit from possible economies of scale from engaging AllianceBernstein; (6) information regarding AllianceBernstein’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed New AllianceBernstein Agreements.

In considering whether to approve the New AllianceBernstein Agreements, the Board also took into account a presentation made at the meeting of the Board on October 22-23, 2018, by representatives from AllianceBernstein who responded to questions posed by the Board and management. The Board noted that in accordance with Section 15(c) of the 1940 Act, AllianceBernstein furnished the Board with extensive information throughout the prior year in connection with the annual consideration and renewal of the current sub-advisory agreement between VALIC and AllianceBernstein with respect to the Fund (the “Current AllianceBernstein Agreement”). The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the New AllianceBernstein Agreements. 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. The Board noted that its consideration of much of the information provided in connection with the annual renewal of the Current AllianceBernstein Agreement remained applicable for its consideration of the New AllianceBernstein Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by AllianceBernstein. The Board took into account that AllianceBernstein’s operations and personnel would not change as a result of a deemed assignment of the Current AllianceBernstein Agreement and the engagement pursuant to the New AllianceBernstein Agreements and that the terms of the New AllianceBernstein Agreements were substantially identical to the terms of the Current AllianceBernstein Agreement. The Board also noted that AllianceBernstein’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information. The Board also noted that the Fund’s principal investment strategies and techniques were not expected to change in connection with the merger.

The Board considered information provided to them regarding the services to be provided by AllianceBernstein. The Board noted that AllianceBernstein will (i) manage the investment and reinvestment of the Fund’s assets; (ii) determine in its discretion the securities and other investments to be purchased or sold; (iii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (or arrange for another entity to provide a trading desk and to place orders) with broker dealers (including futures commission merchants) selected by AllianceBernstein, 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 New AllianceBernstein Agreements; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed AllianceBernstein’s history and investment experience as well as information regarding the qualifications, background and responsibilities of AllianceBernstein’s investment and compliance personnel, as applicable, who would provide services to the Fund. The Board also took into account the financial condition of AllianceBernstein. The Board also reviewed AllianceBernstein’s brokerage practices. The Board also considered AllianceBernstein’s risk management processes and regulatory history.

The Board concluded that the scope and quality of the services to be provided by AllianceBernstein were satisfactory and that there was a reasonable basis to conclude that AllianceBernstein would continue to provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees charged by AllianceBernstein for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Universe. The Board noted that VALIC negotiated the sub-advisory fee with AllianceBernstein at arm’s length. The Board also noted that the sub-advisory fee rate payable to AllianceBernstein pursuant to the New AllianceBernstein Agreements is identical to the sub-advisory fee rate payable to AllianceBernstein pursuant to the Current AllianceBernstein Agreement. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered expense information of comparable funds or accounts managed by AllianceBernstein that have comparable investment objectives and strategies to the Fund.

The Board took into account management’s discussion of the Fund’s expenses. The Board noted that Fund’s actual sub-advisory fees were below the median of the Subadvisory Expense Universe, as of the date of the information provided in connection with the last annual renewal of the Current AllianceBernstein Agreement. The Board concluded in light of all factors considered that such fees were reasonable.

292

VALIC Company I Dynamic Allocation Fund

APPROVAL OF SUBADVISORY AGREEMENTS (unaudited) — (continued)

The Board also received and reviewed information prepared in connection with the last annual renewal of the Current AllianceBernstein Agreement by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group/Universe and Benchmark. The Board noted that 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 prior discussion of the Fund’s performance.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits realized in connection with the Current AllianceBernstein 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 noted that the sub-advisory fee rate paid pursuant the Current AllianceBernstein Agreement would not change as a result of the prospective assignment and that, as a result, the approval of the New AllianceBernstein Agreements was not expected to have any impact on VALIC’s profitability with respect to the Fund. The Board considered that the sub-advisory fee rates were negotiated with AllianceBernstein at arm’s length. In considering the anticipated profitability to AllianceBernstein in connection with its relationship to the Funds, the Directors noted that the fees paid to AllianceBernstein are, and will continue to be under the New AllianceBernstein Agreements, paid by VALIC out of the advisory fees that VALIC receives 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 AllianceBernstein from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the New AllianceBernstein Agreements.

Economies of Scale. For similar reasons as stated above with respect to AllianceBernstein’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in AllianceBernstein’s management of the Fund are not material factors to the approval of the New AllianceBernstein Agreements, 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 New AllianceBernstein Agreements, including the duties and responsibilities to be undertaken. The Board noted that the terms of the New AllianceBernstein Agreements will not differ materially from the terms of the Current AllianceBernstein Agreement, except for the effective date of the agreement. The Board concluded that the terms of the New AllianceBernstein Agreements were reasonable.

Conclusions. In reaching its decisions to approve the New AllianceBernstein Agreements, 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 AllianceBernstein possesses the capability and resources to perform the duties required under the New AllianceBernstein Agreements.

293

VALIC Company I Growth Fund

APPROVAL OF SUBADVISORY AGREEMENTS (unaudited)

At an in-person meeting held on April 29-30, 2019 (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 between The Variable Annuity Life Insurance Company (“VALIC”) and each of BlackRock Investment Management LLC (“BlackRock” and the investment sub-advisory agreement with BlackRock shall be known herein as the “BlackRock Sub-Advisory Agreement”) and SunAmerica Asset Management, LLC (“SunAmerica” and the investment sub-advisory agreement with SunAmerica shall be known herein as the “SunAmerica Sub-Advisory Agreement” and, together with the BlackRock Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with respect to the Growth Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreements, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, American Century Investment Management, Inc. (“American Century”) with respect to the Fund.

In connection with the approval of the Sub-Advisory Agreements, the Board, including the Independent Directors, received materials, at the Meeting, in-person meeting and throughout the prior year, relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by SunAmerica and BlackRock; (2) the sub-advisory fees proposed to be charged in connection with SunAmerica’s and BlackRock’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”); (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of comparable funds managed by SunAmerica and BlackRock; (4) the costs of services and the benefits potentially to be derived by SunAmerica and BlackRock; (5) whether the Fund will benefit from possible economies of scale from engaging SunAmerica and BlackRock; (6) the anticipated profitability of VALIC, SunAmerica and their affiliates; (7) information regarding SunAmerica’s and BlackRock’s brokerage and trading practices and compliance and regulatory history; and (8) the terms of the proposed Sub-Advisory Agreements.

In considering whether to approve the Sub-Advisory Agreements, the Board also took into account a presentation made at the in-person meeting held on April 29-30, 2019, by members of management as well as presentations made by representatives from SunAmerica and BlackRock 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 Agreements. 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 SunAmerica and BlackRock. The Board reviewed information provided by SunAmerica and BlackRock relating to their operations and personnel. The Board also noted that SunAmerica’s and BlackRock’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 it regarding the services to be provided by SunAmerica and BlackRock. In this regard, the Board took into account its familiarity with SunAmerica and its operations through SunAmerica’s service as administrator to VC I and to VALIC Company II (“VC II”) and as sub-adviser to certain other funds in the same fund complex as the Fund. The Board also took into account its familiarity with BlackRock, which is a sub-adviser to other VC I funds. The Board noted that SunAmerica and BlackRock 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 the applicable sub-adviser, 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 Agreements; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed SunAmerica’s and BlackRock’s history and investment experience as well as information regarding the qualifications, background and responsibilities of SunAmerica’s and BlackRock’s investment personnel who would provide services to the Fund. The Board also reviewed SunAmerica’s and BlackRock’s brokerage practices. The Board also noted that it received information on SunAmerica’s and BlackRock’s financial condition and compliance function of SunAmerica and BlackRock. The Board also considered SunAmerica’s and BlackRock’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 SunAmerica and BlackRock were expected to be satisfactory and that there was a reasonable basis to conclude that SunAmerica and BlackRock would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board noted that the composite sub-advisory fee rate payable with respect to the Growth 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 each of SunAmerica and BlackRock; however, the Board noted that SunAmerica and BlackRock served as the investment adviser to the respective comparable funds and, thus, the services provided to the comparable funds were different than the proposed services to be provided to the Fund. The Board noted that VALIC negotiated the sub-advisory fee with BlackRock at arm’s length.

The Board considered that the proposed composite sub-advisory fee payable to SunAmerica and BlackRock is below the medians of the Fund’s Sub-Advisory Expense Group/Universe, while the sub-advisory fee rate paid to American Century 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 the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board took into account that the sub-advisory fee rate payable to SunAmerica is the lowest of its Sub-Advisory Expense Group. The Board also considered that the sub-advisory fee rates payable to SunAmerica and BlackRock contain breakpoints.

The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client

294

VALIC Company I Growth Fund

APPROVAL OF SUBADVISORY AGREEMENTS (unaudited) — (continued)

needs. The Board also considered that VALIC and SunAmerica, as affiliated entities, would earn more than the amount that VALIC currently retains as adviser. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement. Therefore, the Board considered that the appointment of SunAmerica and BlackRock will, therefore, result in a reduction to the management fee paid by the Fund to VALIC. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended February 28, 2019. The Board also considered the performance of other funds managed by SunAmerica and BlackRock using a similar investment strategy as that which SunAmerica and BlackRock, respectively, will use to manage the Fund. The Board noted that such comparable fund managed by BlackRock outperformed the benchmark index for the year-to-date, one-year and three-year periods ended February 28, 2019, while the comparable fund managed by SunAmerica underperformed the Fund’s benchmark index for the year-to-date, one-year, three-year and five-year periods ended March 31, 2019. The Board considered management’s discussion, including that the SunAmerica comparable fund tracked an index other than the benchmark index. The Board also noted that a hypothetical portfolio using the proposed strategies of SunAmerica and BlackRock outperformed the Fund for the one-, three- and five-year periods.

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 Agreements. 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 Growth Fund would be reduced as a result of the replacement of the Fund’s current sub-adviser with SunAmerica and BlackRock. The Board also noted that VALIC would waive a greater portion of its management fee if the Sub-Advisory Agreements are approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if SunAmerica and BlackRock are retained as the Fund’s sub-advisers.

In considering the anticipated profitability to SunAmerica and BlackRock in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreements 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 SunAmerica and BlackRock from their relationships with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.

The Board also noted that VC I and VC II pay SunAmerica an annual fee of 0.06% based on average daily net assets, plus a fund accounting basis point fee equal to 0.0061% on the first $25 billion of daily net assets, 0.007% on the next $75 billion of daily net assets, and 0.005% on daily net assets exceeding $100 billion. Out of the fee SunAmerica receives from VC I and VC II, SunAmerica compensates VALIC 0.02% for certain administrative services provided and pays the Fund’s custodian, State Street Bank and Trust Company an accounting fee based on the rate referenced above.

Economies of Scale. For similar reasons as stated above with respect to SunAmerica’s and BlackRock’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in SunAmerica’s and BlackRock’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreements, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements, including the duties and responsibilities to be undertaken by SunAmerica and BlackRock. The Board also reviewed the terms of payment for services to be rendered by SunAmerica and BlackRock and noted that VALIC would compensate SunAmerica and BlackRock out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreements provide that each of SunAmerica and BlackRock will pay all of its own expenses in connection with the performance of its 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 Sub-Advisory Agreements and other terms contained therein. The Board noted that the SunAmerica Sub-Advisory Agreement and/or the BlackRock Sub-Advisory Agreement contained additional terms related to the use of soft dollars, brokerage transactions, proxy voting, confidentiality, and trade allocation, and concluded that the terms of the SunAmerica Sub-Advisory Agreement and BlackRock Sub-Advisory Agreement were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreements, 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 each of SunAmerica and BlackRock possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreements.

295

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2019 (unaudited)

Name, Age and Address at May 31, 2019*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Independent Directors
Thomas J. Brown Age: 73	Director		2005- Present	Retired		49	Trustee, Virtus Funds (2011-Present).
Dr. Judith L. Craven Age: 73	Director		1998- Present	Retired		73	Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc. (1998-Present).
Dr. Timothy J. Ebner Age: 69	Director		1998- Present	Professor and Head, Department of Neuroscience Medical School (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-2013); Pickworth Chair (2000-Present) and Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014).		49	Trustee, Minnesota Medical Foundation (2003-2013).
Judge Gustavo E. Gonzales, Jr. Age: 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 Age: 69	Chairman and Director(5)		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		49	None.
Dr. John E. Maupin, Jr. Age: 72	Director		1998- Present	Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014).		49	Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present).
Interested Directors
Peter A. Harbeck(1) Age: 65	Director		2001- Present	Retired since June 2019; formerly President, CEO and Director, SunAmerica (1992-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016)		73	None.
Eric S. Levy Age: 54(1)	Director		2017- Present	Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015).		49	None
Officers
John T. Genoy Age: 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 to Present), SunAmerica.		N/A	N/A

296

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2019 (unaudited) — (continued)

Name, Age and Address at May 31, 2019*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Officers
John Packs Age: 63	Vice President and Senior Investment Officer		2001- Present	Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present).		N/A	N/A
Gregory R. Kingston Age: 53	Treasurer and Principal Financial Officer		2000- Present	Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica.		N/A	N/A
Gregory N. Bressler Age: 52	Vice President		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A
Christopher Joe Age: 50	Chief Compliance Officer		2017 to Present	Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).		N/A	N/A
Matthew J. Hackethal Age: 47	Anti-Money Laundering (“AML”) Compliance Officer		2007- Present	Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017), SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present).		N/A	N/A
Thomas M. Ward Age: 52	Vice President		2008- Present	Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc.		N/A	N/A
Kathleen D. Fuentes Age: 50	Chief Legal Officer, Vice President and Secretary		2015- Present	Vice President and Deputy General Counsel, SunAmerica (2006-Present).		N/A	N/A
Shawn Parry Age: 46	Vice President and Assistant Treasurer		2014- Present	Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica.		N/A	N/A
Donna McManus Age: 58	Vice President and Assistant Treasurer		2014- Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A

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

(1) Mr. Harbeck is considered to be an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because he owns shares of American International Group, Inc., the ultimate parent of VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (34 funds), SunAmerica Specialty Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (5 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (59 portfolios), and VALIC Company II (15 funds).

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

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

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

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

297

VALIC Company I

SHAREHOLDER TAX INFORMATION (unaudited)

Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2019.

During the year ended May 31, 2019, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

Fund	Net Long-term Capital Gains		Foreign Tax Credit*		Foreign Source Income		Qualifying % for the Dividends Received Deduction
Asset Allocation	$	6,332,042	$	—	$	—		16.75	%
Blue Chip Growth		91,325,072		—		—		100.00
Broad Cap Value Income		5,016,076		—		—		100.00
Capital Conservation		—		—		—		—
Core Equity		26,833,666		—		—		84.49
Dividend Value		73,011,368		—		—		42.35
Dynamic Allocation*		6,000,962		44,444		503,163		12.92
Emerging Economies*		—		2,075,773		24,053,346		0.26
Global Real Estate*		—		351,734		6,466,145		1.76
Global Social Awareness		—		—		—		48.91
Global Strategy*		27,336,221		523,029		12,142,395		14.92
Government Money Market I*		—		—		—		—
Government Securities		—		—		—		—
Growth		71,315,683		—		—		42.46
Growth & Income		11,821,661		—		—		100.00
Health Sciences		47,556,071		—		—		23.59
Inflation Protected		163,608		—		—		0.60
International Equities Index*		—		1,941,947		28,582,533		—
International Government Bond		37,417		—		—		—
International Growth*		95,235,064		249,926		4,308,603		0.04
International Value*		—		1,392,647		18,944,366		—
Large Cap Core		13,332,022		—		—		100.00
Large Capital Growth		28,866,161		—		—		94.21
Mid Cap Index		282,474,072		—		—		48.67
Mid Cap Strategic Growth		22,367,523		—		—		23.84
Nasdaq-100® Index		6,027,819		—		—		100.00
Science & Technology		184,672,479		—		—		5.29
Small Cap Aggressive Growth		17,793,380		—		—		8.51
Small Cap		18,202,222		—		—		31.93
Small Cap Index		80,645,698		—		—		30.64
Small Cap Special Values		26,863,113		—		—		55.08
Small-Mid Growth		13,472,877		—		—		36.92
Stock Index		107,948,092		—		—		100.00
Value		—		—		—		100.00

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

298

VALIC Company I

COMPARISONS: FUNDS VS. INDEXES (unaudited)

In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.

Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

299

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Pinebridge Investments, LLC

The Asset Allocation Fund posted a return of -3.42% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500^® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, 2.24% for the FTSE Treasury Bill 3 Month Index, and 4.96% for the Blended Index (S&P 500^® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%)).

Benchmark allocations are: 55% equity, 35% fixed income, and 10% cash. The Fund underperformed the Blended Index benchmark primarily due to its allocations in U.S. small cap equities and U.S. financial equities. Another significant detractor was the Fund’s allocation to Japanese equities.

In contrast, allocations to China A shares, Brazilian equities, and Indian equities were contributors to performance.

Treasury futures were used to hedge interest rate risk while equity index futures were used for hedging and efficient portfolio management. Currency forwards were used for hedging and taking selective currency exposures. The forward investments detracted from performance, but futures investments increased return. The net result from derivatives was a detraction from performance.

For the year ended May 31, 2019, the Asset Allocation Fund returned -3.42% compared to 3.78% for the S&P 500^® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, 2.24% for the FTSE Treasury Bill 3 Month Index and 4.96% for the Blended Index.

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

** The Blended Index consists of the S&P 500^® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%).

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

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-3.42%	3.45%	8.26%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

300

VALIC Company I Blue Chip Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Blue Chip Growth Fund posted a return of 4.22% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500^® Index.

The Fund’s relative outperformance was driven by sector allocation. Stock selection also boosted relative results.

On the positive side, the information technology sector contributed the most to relative results due to effective stock selection. An underweight to the energy sector as well as financials also boosted relative returns.

At the individual stock level, the top contributors were positions in Microsoft Corp., Amazon.com, Inc., and Mastercard, Inc.

Conversely, unfavorable stock selection in the communication services and consumer discretionary sectors detracted the most from relative performance. An underweight in the consumer staples sector also weighed on returns.

Top individual detractors included Alibaba Group Holding, Ltd., Booking Holdings, Inc., and NVIDIA Corp.

For the year ended May 31, 2019, the Blue Chip Growth Fund returned 4.22% compared to 3.78% for the S&P 500^® Index.

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
4.22%	13.77%	16.68%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

301

VALIC Company I Broad Cap Value Income Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC

The Broad Cap Value Income Fund posted a return of -1.84% for the twelve-month period ended May 31, 2019, compared to a return of 1.45% for the Russell 1000^® Value Index.

The Fund’s underperformance overall was primarily due to sector allocation during the period. Stock selection contributed to relative performance.

An overweight in the energy sector was the largest detractor to performance. Stock selection in the financials and industrials sectors also hampered returns.

The largest relative detractors for the period were State Street Corp., Parsley Energy, Inc., and Vermilion Energy, Inc.

On the positive side, stock selection in the consumer discretionary, information technology, and materials sectors contributed most to relative results.

The top individual contributors to performance included Dollar General Corp., Coca-Cola European Partners PLC and Air Products & Chemicals, Inc.

In aggregate, security selection, asset allocation and yield curve contributed to the performance of the Fund. An underweight allocation to U.S. Treasuries and overweight allocations to the communications and financials sectors contributed to performance. The Fund’s overweight in the utilities sector and cash detracted from performance.

For the year ended May 31, 2019, the Broad Cap Value Income Fund returned -1.84% compared to 1.45% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-1.84%	6.08%	11.92%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

302

VALIC Company I Capital Conservation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Capital Conservation Fund posted a return of 6.10% for the twelve-month period ended May 31, 2019, compared to a return of 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index.

Security selection within the financials, non-cyclical consumer and utilities sectors were the primary drivers during the reporting period. The Fund’s long duration positioning contributed to performance as rates declined during the period.

The largest individual contributors were South Carolina Electric and Gas (5.10% due 6/1/2065), Anheuser-Busch InBev Worldwide, Inc. (5.55% due 1/23/2049) and Électricité de France SA (5.00% due 9/21/2048).

Among the greatest detractors were Telecom Italia Capital SA (7.72% due 6/4/2038), Westlake Chemical Corp. (5.50% due 8/15/2048) and Federal National Mtg. Association (4.50% due 11/1/2047).

For the year ended May 31, 2019, the Capital Conservation Fund returned 6.10% compared to 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index.

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
6.10%	2.34%	4.16%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

303

VALIC Company I Core Equity Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with BlackRock Investment Management, LLC

The Core Equity Fund posted a return of 0.35% for the twelve-month period ended May 31, 2019, compared to a return of 3.47% for the Fund’s benchmark, the Russell 1000^® Index.

The Fund’s relative underperformance was driven by security selection. Overall sector allocation had a slightly negative impact as well.

Stock selection in the health care, materials and utilities sectors were large detractors. Lack of exposure to the strong real estate sector also hampered returns.

Individual detractors to performance included PG&E Corp., Suncor Energy, Inc. and Freeport McMoRan, Inc.

The largest contributors to relative performance during the period included stock selection in the information technology, industrials and energy sectors.

The top individual contributors to performance included Dell Technologies, Inc., Comcast Corp. and Norfolk Southern Corp.

For the year ended May 31, 2019, the Core Equity Fund returned 0.35% compared to 3.47% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000^® Index.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
0.35%	7.81%	12.15%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

304

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dividend Value Fund posted a return of -0.17% for the twelve-month period ended May 31, 2019, compared to a return of 1.45% for the Russell 1000^® Value Index.

A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the Russell 1000^® Value Index for the twelve-month period. Overall, stock selection provided the largest contribution to relative returns during the annual period, while sector allocation detracted from relative results.

Stock selection was especially strong in the information technology and energy sectors. An overweight to the healthcare sector was another significant contributor.

Top individual contributors included Anthem Inc., Microsoft Corp. and Intel Corp.

The largest detractors from relative performance during the year were stock selection in both the utilities and the health care sectors. Another significant detractor was the lack of exposure to the strong real estate sector.

Larger individual detractors included PG&E Corp., Suncor Energy, Inc. and Marathon Petroleum Corp.

A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the Russell 1000^® Value Index for the twelve-month period. On a sector basis, the primary driver of underperformance during the annual period was stock selection. Asset allocation contributed to relative results.

Stock selection in the industrials, consumer discretionary, and healthcare sectors were the most significant detractors.

In terms of individual holdings, Kraft Heinz Co., Foot Locker, Inc., and Macy’s, Inc. were the larger detractors on a relative basis.

The largest positive contributions came from an overweight to the consumer staples sector, stock selection in the energy sector, and lack of exposure to the weak financials sector.

Top contributors were positions in Procter & Gamble Co., Merck & Co., Inc. and Lam Research Corp.

For the year ended May 31, 2019, the Dividend Value Fund returned -0.17% compared to 1.45% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-0.17%	6.92%	11.97%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

305

VALIC Company I Dynamic Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dynamic Allocation Fund posted a return of 1.47% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500^® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 5.24% for the Blended Index (S&P 500^® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%)).

The Fund consists of two components: A fund-of-funds component representing a combination of VC I and VC II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.

A discussion with AllianceBernstein, L.P.—regarding their portion of the Fund (the “portfolio”)

The overlay portfolio, the process to manage the Fund’s net equity exposure, contributed to the Fund during the period.

The underlying cash assets invested in longer duration U.S. Treasury bonds was the largest contributor during the period. The volatility overlay component (the process to manage the portfolio’s net equity exposure using futures) contributed modestly to returns. Finally, the options hedging program, designed to protect against large and unexpected market declines, detracted from performance.

A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)

The fund-of-funds component underperformed the Fund’s blended benchmark during the period. Overall, an overweight to equities dampened results during the period.

Exposure to international equities was the largest detractor during the period. Also detracting from performance was exposure to funds investing primarily in U.S. mid cap and small cap equities.

Within fixed income, exposure to inflation-protected securities and high yield securities were modest detractors.

On the positive side, exposure to large cap growth stocks and a global real estate fund were modest contributors to performance.

Larger detractors from performance included the VCI Foreign Value, VCI Value, and VCI Broad Cap Value Funds. Leading individual contributors to performance included the VCI Large Capital Growth, VCI International Growth, and VCII Small Cap Growth Funds.

306

VALIC Company I Dynamic Allocation Fund

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

For the year ended May 31, 2019, the Dynamic Allocation Fund returned 1.47% compared to 3.78% for the S&P 500^® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index and 5.24% for the Blended Index.

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

** The Blended Index consists of the S&P 500^® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%).

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	Since Inception*
1.47%	4.28%	6.22%

* Inception date of Fund: December 19, 2012

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

307

VALIC Company I Emerging Economies Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Emerging Economies Fund posted a return of -11.75% for the twelve-month period ended May 31, 2019, compared to a return of -8.70% for the MSCI Emerging Markets Index (net).

The Fund’s relative underperformance was driven predominately by stock selection. Sector allocation added to results for the period.

Major factors weighing on relative performance were stock selection in Taiwan and China, and an underweight to the India market. Performance was also offset by stock selection in information technology, energy, and industrials.

Among individual performers, a position in Catcher Technology Co., Ltd. was among the larger detractors. Additionally, not owning strong benchmark performers Banco Bradesco S.A. and Reliance Industries Limited weighed on relative performance.

On the positive side, a combination of an overweight and positive stock selection in the financials sector provided a significant contribution. An underweight to the weak healthcare sector was an additional driver of performance. Overweights to Brazil and Russia added to performance, as did stock selection in Brazil.

Among the positive individual performers were Banco do Brasil S.A., Itau Unibanco Holding SA, and IRB Brasil Resseguros SA.

For the year ended May 31, 2019, the Emerging Economies Fund returned -11.75% compared to -8.70% for the MSCI Emerging Markets Index (net).

* MSCI Emerging Markets Index (net) is a free-float adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-11.75%	0.96%	3.82%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

308

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Real Estate Fund posted a return of 8.10% for the twelve-month period ended May 31, 2019, compared to a return of 8.51% for the FTSE EPRA/NAREIT Developed Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio, which is U.S. — focused, significantly outperformed the benchmark for the twelve-month period. Both stock selection and industry allocation contributed to the outperformance for the period.

An allocation to the out-of-benchmark industry, infrastructure, was a large contributor to relative performance. Overweights to the apartments and manufactured homes industries were other large contributors to performance for the period.

The top individual contributors to performance included American Tower Corp., Crown Castle International Corp. and AvalonBay Communities, Inc.

An allocation to the out-of-benchmark industry, timber, was the largest detractor from performance for the period. An overweight to the lodging/resorts industries and stock selection in the diversified industry were additional detractors from relative performance.

The top individual detractors from performance included Weyerhaeuser Co., Macerich Co. and PotlatchDeltic Corp.

A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)

The portfolio, which is focused on international stocks, underperformed the benchmark for the twelve-month period, primarily due to country allocation. Stock selection contributed to relative performance.

A significant underweight to the U.S. was a large detractor from performance relative to the global benchmark for this Fund. Overweights to the weak United Kingdom and France markets were other large detractors from performance.

The top individual detractors from performance included Gecina SA, CK Asset Holdings, Ltd. and Unibail-Rodamco-Westfield SE.

On the positive side, top contributors to the portfolio’s relative performance included stock selection in the United Kingdom, Switzerland and Germany.

For the year ended May 31, 2019, the Global Real Estate Fund returned 8.10% compared to 8.51% for the FTSE EPRA/NAREIT Developed Index.

* The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
8.10%	5.26%	10.55%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

309

VALIC Company I Global Social Awareness Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Global Social Awareness Fund posted a return of 0.57% for the twelve-month period ended May 31, 2019, compared to a return of -0.29% for the MSCI World Index (net).

The Fund’s outperformance was driven primarily by stock selection. Sector allocation was also a positive contributor to performance during the period.

Stock selection within the financials, industrials, and consumer staples sectors were the biggest contributors to performance for the period.

Top individual contributors to performance included Microsoft Corp., Procter & Gamble Co. and Mastercard Inc., Class A.

On the negative side, stock selection within the energy and consumer discretionary sectors were among the largest detractors from performance. An underweight to the healthcare sector was another detractor during the period.

The largest individual detractors included positions in Apple, Inc., NVIDIA Corp. and Schlumberger, Ltd.

The Fund utilized stock index futures contracts to keep its cash position fully exposed to the market. During the twelve-month period, stock index futures contributed to relative performance.

For the year ended May 31, 2019, the Global Social Awareness Fund returned 0.57% compared to -0.29% for MSCI World Index (net).

* The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consists of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
0.57%	6.28%	10.82%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

310

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Strategy Fund posted a return of -5.19% for the twelve-month period ended May 31, 2019, compared to a return of -1.29% for the MSCI ACWI (net), 3.14% for the JPMorgan GBI Global Index (unhedged) and 0.80% for the Blended Index (JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%)).

A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)

During the twelve-month period, the portfolio underperformed relative to the benchmark for the equity portion of the Fund, the MSCI ACWI (net). From a sector perspective, stock selection was primarily responsible for the underperformance. Specifically, selection in the consumer staples, information technology, and consumer discretionary sectors were among the larger detractors from relative returns. Key contributors included an overweight to the health care sector, an underweight in the lagging consumer discretionary sector, and stock selection in the energy sector.

From a regional perspective, stock selection accounted for the majority of the underperformance. Key detractors from relative performance included stock selection and an underweighting in the U.S. In addition, an overweight to United Kingdom detracted from results. On the positive side, stock selection in Denmark, China, and Taiwan benefited relative results.

Some large individual detractors during the period were Teva Pharmaceuticals Industries, Ltd., Bayer AG, and Baidu, Inc. Significant individual contributors included Advance Auto Parts, Inc., Eli Lilly & Co. and Vestas Wind Systems A/S.

A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)

During the twelve-month period, the portfolio outperformed the benchmark for the fixed income portion of the Fund, the JP Morgan GBI Global Index (unhedged). The portfolio’s fixed income benchmark index consists solely of investment-grade global government bonds, while the portfolio’s holdings include investment-grade and below investment-grade global government bonds, sovereign debt and cash. The portfolio also invests in currency-related transactions.

The portfolio’s total return was influenced by various factors, including interest rate and foreign exchange rate movements across local-currency markets. During the period, currency positions contributed to relative performance, while interest-rate strategies detracted. Sovereign credit exposures had a largely neutral effect on relative results.

Regarding the Fund’s currency exposure, positions in the Euro, Japanese Yen, and Mexican Peso contributed to performance. Exposure to the Argentine Peso detracted from performance.

Exposure to U.S. Treasuries was the most significant detractor from relative performance. Additionally, exposures in Argentina and Europe were large detractors. Exposure in Brazil, India, and South Korea were significant contributors to relative return.

Currency forward contracts were used to actively manage currencies. In addition, interest-rate swaps were employed to tactically manage duration exposures.

311

VALIC Company I Global Strategy Fund

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

For the year ended May 31, 2019, the Global Strategy Fund returned -5.19% compared to -1.29% for the MSCI ACWI (net), 3.14% for the JPMorgan GBI Global Index (unhedged) and 0.80% for the Blended Index.

* The MSCI ACWI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 49 country indices comprising 23 developed and 26 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

** The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%).

*** The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-5.19%	0.77%	7.06%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

312

VALIC Company I Government Money Market I Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Government Money Market I Fund posted a return of 1.69% for the twelve-month period ended May 31, 2019, compared to a return of 2.24% for the FTSE Treasury Bill 3 Month Index.*

Positions in U.S. Government Treasuries, Federal National Mortgage Association and modest exposure to Federal Farm Credit Bank investments detracted from the Fund’s relative performance. While these positions had positive returns, those returns were lower than that of the benchmark.

Among the U.S. Government Agencies positions, the exposure to Federal Home Loan Bank investments positively contributed to performance.

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
1.69%	0.50%	0.26%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

313

VALIC Company I Government Securities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Government Securities Fund posted a return of 5.98% for the twelve-month period ended May 31, 2019, compared to a return of 6.26% for the Bloomberg Barclays U.S. Government Bond Index.

U.S. Treasury yields fell sharply across the curve and flattened during the fiscal year. The spread between the 2- and 10-year Treasuries narrowed by 23 basis points (bps), moving the spread from 43 to 20 bps at the end of the period. As a result, the Fund’s shorter duration posture was the largest detractor from performance, while the Fund’s yield curve positioning was a contributor.

During the period, the Fund maintained an overweight in the belly of the curve (5-10 years), underweight in the 20-plus year bucket and maintained a shorter duration than the index.

The Fund continued to have a yield advantage over the benchmark, which contributed to results over the period.

The Fund’s allocation in spread sectors, specifically mortgage-backed securities, credit and commercial mortgage-backed securities were positive for excess returns. The Fund’s security selection in U.S. Treasuries was a slight detractor from performance.

For the year ended May 31, 2019, the Government Securities Fund returned 5.98% compared to 6.26% for the Bloomberg Barclays U.S. Government Bond Index.

* The Bloomberg Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
5.98%	2.13%	2.87%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

314

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with American Century Investment Management, Inc.

The Growth Fund posted a return of 2.65% for the twelve-month period ended May 31, 2019, compared to return of 5.39% for the Russell 1000^® Growth Index.

The Fund’s relative underperformance was driven predominately by sector allocation. Stock selection also detracted from results for the period.

From a sector perspective, an overweight to the energy sector and stock selection in both industrials and consumer staples were the largest detractors from relative performance.

Geographically, exposure to Japan, Canada, and Netherlands detracted from relative returns.

The bottom performing names included: the underweight positioning in Microsoft Corp. and American Tower Corp., and exposure to Concho Resources, Inc.

Stock selection in the information technology and healthcare sector, as well as an underweight to industrials added the most to relative performance.

From a geographic perspective, exposure to Australia and United Kingdom, and stock selection in United States were among the major contributors to relative performance.

The top individual contributors to performance in the Fund included underweighting NVIDIA Corp., and exposure to Visa, Inc. and PayPal Holdings, Inc.

For the year ended May 31, 2019, the Growth Fund returned 2.65% compared to 5.39% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
2.65%	10.45%	14.17%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

315

VALIC Company I Growth & Income Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management Inc.

The Growth & Income Fund posted a return of 2.87% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500^® Index.

Stock selection in the financials and materials sectors were large detractors from performance. An underweight to the consumer staples sector also weighed on relative performance.

PVH Corp was the largest individual detractor. Additional large individual detractors were NVIDIA Corp. and Marathon Petroleum Corp.

Stock selection in the industrials, information technology, and communication services sectors contributed to performance.

Large individual contributors were positions in Autozone, Inc., Intel Corp. and Microsoft Corp.

For the year ended May 31, 2019, the Growth & Income Fund returned 2.87% compared to 3.78% for the S&P 500^® Index.

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
2.87%	8.70%	11.81%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

316

VALIC Company I Health Sciences Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Health Sciences Fund posted a return of 3.09% for the twelve-month period ended May 31, 2019, compared to a return of 7.67% for the S&P 500^® Health Care Index.

Sector allocation was the primary driver of underperformance during the period. Stock selection was also a detractor to relative performance.

An overweight in the biotechnology sector as well as stock selection within this sector were the largest detractors from performance. An underweight in the pharmaceuticals sector also weighed on returns.

Individual detractors included Bluebird Bio, Inc., Cigna Corp. and Nektar Therapeutics.

On the positive side, stock selection in the services sector was the largest contributor to performance during the period. A slight overweight to the life sciences sector also contributed to relative returns.

Large individual contributors included Thermo Fisher Scientific, Inc., Anthem, Inc. and Merck & Co., Inc.

For the year ended May 31, 2019, the Health Sciences Fund returned 3.09% compared to 7.67% for the S&P 500^® Health Care Index.

* The S&P 500^® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500^® Index and is designed to measure the performance of the healthcare sector.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
3.09%	11.60%	19.60%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

317

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Inflation Protected Fund posted a return of 3.51% for the twelve-month period ended May 31, 2019, compared to a return of 4.36% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.

The Fund’s underperformance was driven predominantly by short duration positioning which detracted from performance as rates declined during the period. The Fund’s exposure to non-USD foreign exchange further detracted from performance as the U.S. dollar appreciated during the period. Yield curve positioning also had a negative effect on the relative performance of the Fund.

Overweight allocations to corporate bonds/notes and inflation-linked bonds/notes contributed to performance. The Fund’s overweight in collateralized mortgage backed securities (CMBS) and preferred shares also had a positive impact on performance. Security selection within U.S. TIPS contributed to performance.

Among the top individual contributors were Republic of Italy Inflation-Linked Bonds (0.10% due 5/15/2022), Government of Canada Bonds (4.25% due 12/1/2021) and United Kingdom Inflation-Linked Gilt Treasury (0.13% due 8/10/2028).

Among the largest detractors were Barclays Bank PLC (4.00% due 5/22/2023), Government of Canada Bonds (4.00% due 12/1/2031) and U.S. Treasury Notes (0.13 due 7/15/2022).

For the year ended May 31, 2019, the Inflation Protected Fund returned 3.51% compared to 4.36% for the Bloomberg Barclays U.S. TIPS Index.

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

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
3.51%	1.23%	3.73%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

318

VALIC Company I International Equities Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The International Equities Index Fund posted a return of -5.81% for the twelve-month period ended May 31, 2019, compared to a return of -5.75% for the MSCI EAFE Index (net).

This Fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when MSCI rebalances its indices.

With respect to geography, Austria, Israel, and Belgium were prominent laggards, while Switzerland, New Zealand, and Australia were the only constituent countries in the MSCI EAFE Index (net) to post positive returns during the twelve-month period.

From a sector perspective, consumer discretionary, materials, and financials companies were prominent laggards, while utilities, consumer staples, and healthcare holdings were positive performers for the MSCI EAFE Index (net) during the period.

Among the largest individual detractors from performance were Bayar AG, British American Tobacco PLC and BASF SE. Top individual contributors to performance included Nestle SA, Novartis AG and Roche Holding AG.

For the year ended May 31, 2019, the International Equities Index Fund returned -5.81% compared to -5.75% for the MSCI EAFE Index (net).

* The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-5.81%	1.02%	5.67%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

319

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the year ended May 31, 2019, the International Government Bond Fund posted a return of 3.26% compared to 7.46% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 2.79% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 4.21% for the Blended Index (FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%)).

In aggregate, sector selection had a negative effect on the relative performance of the Fund. An overweight allocation to emerging markets detracted from performance.

Foreign exchange was the primary driver of underperformance during the year. Specifically, negative contributions from overweight positions in the South African Rand, Australian Dollar and British Pound.

Country selection detracted from performance during the year. Overweight positions in Argentina and Turkey were the primary contributors.

Yield curve positioning contributed to performance. Specifically, the Fund’s underweight position at the long end of the U.S. yield curve and overweight position at the belly of the curve contributed to performance.

Among individual holdings, Republic of Ivory Coast (6.13 due 6/15/2033), Republic of Lebanon (8.25 due 4/12/2021) and PT Pelabuhan Indonesian II (4.25 due 5/5/2025) were the largest contributors.

Kazakhstan Temir zHoly Finance BV (6.95 due 7/10/2042), Petroleos Mexicanos (6.75 due 9/21/2047) and Republic of Argentina (5.25 due 1/15/2028) were among the largest individual detractors.

For the year ended May 31, 2019, the International Government Bond Fund returned 3.26% compared to 7.46% for the JP Morgan EMBI Global Diversified Index, 2.79% for the FTSE WGBI Index (unhedged) and 4.21% for the Blended Index.

* The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets.

** The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

*** The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%).

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
3.26%	0.98%	3.37%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

320

VALIC Company I International Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Growth Fund posted a return of -0.17% for the twelve-month period ended May 31, 2019, compared to a return of -6.26% for the MSCI ACWI ex USA Index (net).

A discussion with Morgan Stanley Investment Management, Inc. “MSIM”

The principal factor for the Fund’s outperformance was stock selection. Sector allocation also contributed to the relative outperformance during the twelve-month period.

Stock selection in the information technology and financials sectors were significant contributors. Another strong contributor was a large overweight to the consumer staples sector.

From a geographic perspective, stock selection in United Kingdom, China, and Sweden were among the major contributors to relative performance.

The top performing names included EPAM Systems, Inc., Vitrolife AB and DSV A/S.

On the negative side, stock selection in the consumer staples sector was a large detractor. Also, an overweight to the consumer discretionary sector and an underweight allocation in the healthcare sector detracted from returns.

Geographically, stock selection in Japan and Italy proved detrimental. An overweight to China was another detractor from relative returns.

The bottom performing names included Moncler SpA, Booking Holdings Inc. and Anheuser-Busch InBev SA/NV.

For the year ended May 31, 2019, the International Growth Fund returned -0.17% compared to -6.26% for the MSCI ACWI ex USA Index (net).

* The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-0.17%	4.59%	8.79%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

321

VALIC Company I International Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Value Fund posted a return of -13.83% for the twelve-month period ended May 31, 2019, compared to a return of -5.75% for the MSCI EAFE Index (net) and -6.26 for the MSCI ACWI ex USA (net).

A discussion with Wells Capital Management Incorporated “WellsCap”

Effective September 10, 2018, WellsCap became subadvisor for the International Value Fund. The Fund’s underperformance during the period, September 10, 2018 through May 31, 2019, overall was primarily due to stock selection. Sector and country allocation contributed to relative performance during the period.

Stock selection was weakest in the financials, industrials, and materials sectors. On the positive side, stock selection in the consumer staples sector and underweights to both the consumer discretionary and the health care sectors were among the contributors to performance.

At the country level, stock selection in United Kingdom, Japan, and Netherlands were large detractors from performance. Positive contributions came from stock selection in Brazil and Germany. A small allocation to United States provided another contribution to relative performance.

Among individual performers, some of the largest detractors were John Wood Group PLC, Daiwa Securities Group, Inc. and Prysmian SpA. Sizeable contributions to performance came from Cosan Ltd., Munich Re (Muenchener Rueckversicherungs-Gesellschaft AG) and Greencore Group PLC.

Derivatives were utilized in the form of currency forward contracts used to partially hedge currency exposure (British Pound and Euro) in the portfolio. During the period, the British Pound and Euro declined versus the U.S. Dollar, resulting in positive attribution from currency hedges.

A discussion with Templeton Global Advisors Ltd

Effective September 10, 2018, WellsCap replaced Templeton Global Advisors Limited as subadvisor for the International Value Fund. The Fund’s underperformance during the period, June 1, 2018 through September 10, 2018, overall was primarily due to stock selection. Sector allocation contributed to relative performance during the period.

Stock selection was weakest in the consumer staples, materials, and consumer discretionary sectors. On the positive side, stock selection in the communication services sector contributed to relative performance. An overweight to the health care sector and an underweight to the consumer discretionary sector were also among the contributors to performance.

At the country level, an overweight to China and exposure to non-benchmark country Canada were large detractors from performance. Stock selection in Australia and New Zealand was another large detractor. Positive contributions came from stock selection in Sweden and Japan. Exposure to non-benchmark country Taiwan provided another contribution to relative performance.

Among individual performers, some of the largest detractors were Wheaton Precious Metals Corp., Samsung Electronics Co., Ltd., and Standard Chartered PLC. Sizeable contributions to performance came from Softbank Corp., Taiwan Semiconductor Manufacturing Co. Ltd., and SES SA.

322

VALIC Company I International Value Fund

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

For the year ended May 31, 2019, the International Value Fund returned -13.83% compared to -5.75% for the MSCI EAFE Index (net) and -6.26 for the MSCI ACWI ex USA (net).

* The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

** Effective September 10, 2018, the Fund changed its benchmark against which it measures its performance from the MSCI EAFE Index (net) to the MSCI ACWI ex USA Index (net). Fund management believes that the MSCI ACWI ex USA Index (net) is more representative of the securities in which the Fund invests. The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-13.83%	-2.52%	4.60%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

323

VALIC Company I Large Cap Core Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Columbia Management Investment Advisers, LLC

The Large Cap Core Fund posted a return of 3.11% for the twelve-month period ended May 31, 2019, compared to a return of 3.47% for the Russell 1000^® Index.

Stock selection in the consumer staples sector was the largest detractor from performance. An underweight to the utilities and real estate sectors also detracted from results for the period.

The largest individual detractors included positions in PVH Corp., FedEx Corp. and EOG Resources, Inc.

Stock selection in the information technology and real estate sectors as well as an overweight to the health care sector added the most to relative performance.

The top individual contributors to performance in the Fund included Mastercard, Inc., American Tower Corp. and Anthem, Inc.

For the year ended May 31, 2019, the Large Cap Core Fund returned 3.11% compared to 3.47% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000^® Index.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
3.11%	8.61%	13.75%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

324

VALIC Company I Large Capital Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Massachusetts Financial Services Company

The Large Capital Growth Fund posted a return of 12.50% for the twelve-month period ended May 31, 2019, compared to a return of 5.39% for the Russell 1000^® Growth Index.

The Fund’s outperformance was driven primarily by stock selection. Sector allocation also contributed to the positive results.

Stock selection in the healthcare, industrials, and consumer discretionary sectors were the most additive to performance.

The top individual contributors in the Fund included positions in Starbucks Corp. and Comcast Corp., and lack of exposure to weak performer NVIDIA Corp.

Lack of exposure to the strong real estate sector and an overweight allocation to the weak materials sector were drags on relative performance. Weak selection in the consumer staples sector also detracted from overall results.

The bottom-performing names included Electronic Arts, Inc., Paddy Power Betfair PLC, and Cognizant Technology Solutions Corp.

For the year ended May 31, 2019, the Large Capital Growth Fund returned 12.50% compared to 5.39% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
12.50%	11.42%	13.38%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

325

VALIC Company I Mid Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Mid Cap Index Fund posted a return of -5.76% for the twelve-month period ended May 31, 2019, compared to a return of -5.44% for the S&P MidCap 400^® Index.

The Fund is passively managed to match the S&P MidCap 400^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

In terms of sectors, the energy, materials, and consumer discretionary sectors were the most notable laggards, while the telecommunication services, utilities, and real estate sectors performed the best.

Steel Dynamics, Inc., United States Steel Corp. and Chemours Co. were among the constituent holdings to detract the most from performance during the twelve-month period.

Among individual holdings, positions in Fair Isaac Corp., MarketAxess Holdings, Inc., and WellCare Health Plans, Inc. were the top contributors to relative performance during the fiscal period.

The Fund utilizes stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the S&P 400^® MidCap Index. During the twelve-month period, these derivatives detracted from relative performance.

For the year ended May 31, 2019, the Mid Cap Index Fund returned -5.76% compared to -5.44% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®, “S&P^®,” and “S&P MidCap 400^®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-5.76%	7.00%	13.59%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

326

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Strategic Growth Fund posted a return of 7.45% for the twelve-month period ended May 31, 2019, compared to a return of 6.87% for the Russell Midcap^® Growth Index.

A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).

The portfolio’s underperformance relative to the benchmark was driven primarily by stock section. Sector allocation was also a detractor to relative returns.

Stock selection in the industrials, energy, and financials sectors were among the larger detractors from relative returns.

The bottom-performing names for the portfolio included XPO Logistics Inc., E*Trade Financial Corp., and out-of-benchmark position Heron Therapeutics, Inc.

On the positive side, stock selection in the health care, information technology, and materials sectors added the most to relative performance.

The top performing names in the portfolio included Worldpay, Inc., Workday, Inc., and out-of-benchmark position Trade Desk, Inc.

A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).

The portfolio’s outperformance relative to the benchmark was driven by strong stock selection. Sector allocation was also additive for the period.

Stock selection in the healthcare, financials, and consumer discretionary sectors were among the largest contributors to relative performance.

The top performing names in the portfolio included Atlassian Corp PLC, NICE, Ltd. and Global Payments, Inc.

On the negative side, stock selection in the information technology and industrials sectors detracted from relative performance. The lack of exposure to the consumer staples sector also detracted from performance.

The bottom-performing names for the portfolio included ON Semiconductor Corp., Cimpress NV and Flex, Ltd.

For the year ended May 31, 2019, the Mid Cap Strategic Growth Fund returned 7.45% compared to 6.87% for the Russell Midcap^® Growth Index.

* The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
7.45%	10.44%	13.47%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

327

VALIC Company I Nasdaq-100^® Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Nasdaq-100^® Index Fund posted a return of 2.76% for the twelve-month period ended May 31, 2019, compared to a return of 3.41% for the Nasdaq-100^® Index.

The Fund is passively managed to match the NASDAQ 100^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

In terms of sectors, the financials and utilities sectors led the benchmark higher. The telecommunication services and healthcare sectors were the most notable laggards.

Top-contributing index holdings during the fiscal period included Microsoft Corp., Comcast Corp., Class A, and Amazon.com, Inc. Conversely, Apple, Inc., NVIDIA Corp., and Kraft Heinz Co. were the index holdings which detracted most significantly from the Fund’s performance.

For the year ended May 31, 2019, the Nasdaq-100^® Index Fund returned 2.76% compared to 3.41% for the Nasdaq-100^® Index.

* The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
2.76%	14.50%	18.10%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

328

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Science & Technology Fund posted a return of 3.04% for the twelve-month period ended May 31, 2019, compared to a return of 5.12% for the S&P^® North American Technology Sector Index.

A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark during the period. Stock selection was the primary driver of relative outperformance. Sector allocation also contributed to the positive results.

From an industry perspective, stock selection in the software & services industry had the largest positive impact on relative performance. Additionally, exposure to the health care equipment & services industry as well as an underweight in the technology hardware & equipment industry contributed to returns.

The top performing names in the portfolio included overweight allocations in Okta, Inc., Twilio, Inc. and Paycom Software, Inc..

Conversely, allocation and stock selection within the semiconductor and semiconductor equipment industry, and stock selection in the technology hardware & equipment industry negatively impacted relative performance.

The bottom performing names in the portfolio included positions in DXC Technology Co., Micron Technology, Inc. and NVIDIA Corp.

A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the benchmark during the period due to sector allocation and stock selection.

Stock selection in the internet sector was the largest detractor from relative returns. Lack of exposure to the information technology services sector as well as stock selection in hardware also weighed on performance.

The bottom performing names in the portfolio included Micron Technology, Inc., Ctrip. Com International, Ltd. and Altaba, Inc.

On the positive side, stock selection in the semiconductors, telecom services, and electronic components sectors contributed to relative performance.

Top performing names in the portfolio included positions in Microsoft Corp., Red Hat, Inc. and Qualcomm, Inc.

A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark during the period primarily due to security selection. Sector allocation was a modest detractor from performance during the period.

Stock selection in both the semiconductor & semiconductor equipment and the information technology services industries, as well as an underweight to the technology hardware, storage & peripherals industry contributed most to relative returns.

From an individual stock perspective, overweight positions in Advanced Micro Devices, Inc., Workday, Inc. and Global Payments, Inc. were amongst the main contributors.

Conversely, weak stock selection within the electronic equipment, instruments & components industries and the internet software & services industries hampered returns. In addition, an overweight allocation to the semiconductor & semiconductor equipment industry detracted most from relative returns.

The top detractors from relative performance were out of benchmark positions in Sunny Optical Technology Group Co., Ltd. and Flex, Ltd. and an underweight to Microsoft Corp.

329

VALIC Company I Science & Technology Fund

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

For the year ended May 31, 2019, the Science & Technology Fund returned 3.04% compared to 5.12% for the S&P^® North American Technology Sector Index.

* The S&P^® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
3.04%	16.22%	18.12%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

330

VALIC Company I Small Cap Aggressive Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Victory Capital Management, Inc.

The Small Cap Aggressive Growth Fund posted a return of -0.89% for the twelve-month period ended May 31, 2019, compared to a return of -6.88% for the Russell 2000^® Growth Index.

Overall, the fund’s outperformance of the benchmark was primarily driven by stock selection. Sector allocation also boosted relative results.

Stock selection within the information technology sector contributed most to performance. An overweight to the strong information technology sector as well as stock selection in consumer discretionary and financials also contributed to relative performance.

The largest detractors from relative performance during the period were sector allocation to communication services as well as stock selection in industrials. A lack of exposure to the real estate sector also weighed on relative returns.

Top individual contributors to benchmark-relative returns were RingCentral, Inc., Euronet Worldwide, Inc., and SendGrid, Inc. Top detractors were At Home Group, Inc., Lumentum Holdings, Inc. and National Vision Holdings, Inc.

For the year ended May 31, 2019, the Small Cap Aggressive Growth Fund returned -0.89% compared to -6.88% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-0.89%	13.41%	16.26%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

331

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Fund posted a return of -1.94% for the twelve-month period ended May 31, 2019, compared to a return of -9.05% for the Russell 2000^® Index.

A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark for the twelve-month period. Both stock selection and sector allocation contributed to the outperformance for the period.

Stock selection within the health care, information technology, and consumer discretionary sectors were the biggest contributors to performance for the period.

Top individual contributors to performance included Molina Healthcare, Inc., Cable One, Inc. and Lattice Semiconductor Corp.

On the negative side, stock selection within the financials sector, in addition to underweights in the communication services and real estate sectors, were the largest detractors from performance during the period.

The biggest individual detractors from performance included BWX Technologies, Inc., Visteon Corp. and Western Alliance Bancorp.

A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio underperformed the benchmark for the twelve-month period. Both stock selection and sector allocation detracted from relative performance.

Stock selection within the consumer discretionary and information technology sectors were among the biggest detractors from performance for the period. An overweight to the weak energy sector was another significant detractor.

The biggest individual detractors from performance included Pioneer Energy Services Corp., Approach Resources, Inc. and Key Energy Services, Inc.

Stock selection within the health care, communication services, and materials sectors were the biggest contributors to performance for the period.

Top individual contributors to performance included ConforMIS, Inc., Chiasma, Inc. and Adverum Biotechnologies, Inc.

A discussion with J.P. Morgan Investment Management Inc. (“JPMIM”) — regarding their portion of the Fund (the “portfolio”).

The portfolio outperformed the benchmark for the twelve-month period. Stock selection was the primary driver of the outperformance during the period. Sector allocation was a modest detractor to relative performance.

Stock selection within the health care, materials, and industrials sectors were the biggest contributors to performance for the period.

The top individual contributors to performance included out-of-benchmark positions Pool Corp., AptarGroup, Inc. and National Retail Properties, Inc.

On the negative side, stock selection within the energy, financials, and information technology sectors were large detractors from performance during the period. An overweight to the weak materials sector also detracted from relative returns.

The biggest individual detractors from performance included SRC Energy, Inc. and out-of-benchmark positions Core Laboratories NV and Patterson-UTI Energy, Inc.

332

VALIC Company I Small Cap Fund

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

For the year ended May 31, 2019, the Small Cap Fund returned -1.94% compared to -9.05% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-1.94%	6.91%	13.26%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

333

VALIC Company I Small Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Small Cap Index Fund posted a return of -9.23% for the twelve-month period ended May 31, 2019, compared to a return of -9.05% for the Russell 2000^® Index.

The Fund is passively managed to match the Russell 2000^® Index. As with all Funds, there will be performance discrepancies due to trading, cash and pricing effects.

In terms of sectors, energy, materials, and health care were the most notable laggards, while utilities, information technology, and real estate performed the best.

Positions in Nektar Therapeutics, Stamps.com, Inc., and McDermott International, Inc. were amongst the holdings which detracted most significantly from the fund’s performance.

Conversely, top-contributing holdings during the period included Trade Desk, Inc., Class A, Etsy, Inc. and Planet Fitness, Inc., Class A.

For the year ended May 31, 2019, the Small Cap Index Fund returned -9.23% compared to -9.05% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

The Russell 2000^® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-9.23%	6.55%	12.71%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

334

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management Incorporated

The Small Cap Special Values Fund posted a return of -6.88% for the twelve-month period ended May 31, 2019, compared to a return of -11.32% for the Russell 2000^® Value Index.

The Fund’s outperformance was driven by stock selection. Sector allocation detracted from relative performance during the period.

Stock selection in the consumer discretionary, consumer staples, and health care sectors provided strong contributions to performance over the twelve month period.

Large individual contributors were Dine Brands Global, Inc., Denny’s Corp. and Helen Of Troy, Ltd.

An overweight to the weak materials sector and underweights to the real estate and utilities sectors were primary detractors from performance relative to the benchmark.

Large individual detractors were Neenah, Inc., Deluxe Corp. and Patterson-UTI Energy, Inc.

For the year ended May 31, 2019, the Small Cap Special Values Fund returned -6.88% compared to -11.32% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-6.88%	6.77%	12.80%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

335

VALIC Company I Small-Mid Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Goldman Sachs Asset Management, L.P.

The Small-Mid Growth Fund posted a return of 6.17% for the twelve-month period ended May 31, 2019, compared to a return of -0.70% for the Russell 2500 Growth^® Index.

The portfolio outperformed the benchmark during the period, predominantly due to stock selection. Sector allocation was another positive factor.

During the period, strong stock selection in the health care and information technology sectors as well as an overweight to information technology contributed to returns.

The top performing names in the Fund included Spark Therapeutics, Inc., McCormick & Co., Inc. and Total System Services, Inc.

Negative stock selection and an overweight within the financials sector detracted from relative returns. An underweight to the real estate sector also weighed on returns.

Individual detractors from performance included Summit Materials, Inc., Agios Pharmaceuticals, Inc., and Alkermes PLC.

For the year ended May 31, 2019, the Small-Mid Growth Fund returned 6.17% compared to -0.70% for the Russell 2500^® Growth Index.

* The Russell 2500^® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
6.17%	9.88%	13.53%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

336

VALIC Company I Stock Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Stock Index Fund posted a return of 3.43% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500^® Index.

The Fund is passively managed to match the S&P 500^® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.

By sector, real estate, utilities, and consumer staples outperformed, while energy, materials and financials underperformed.

Top-performing index holdings during the fiscal period included Microsoft Corp., Procter & Gamble Co., and Merck & Co., Inc.

Conversely, NVIDIA Corp., Apple, Inc. and Schlumberger NV hindered performance the most during the twelve-month period.

For the year ended May 31, 2019, the Stock Index Fund returned 3.43% compared to 3.78% for the S&P 500^® Index.

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

“Standard & Poor’s^®,” “S&P^®,” and “S&P 500^®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
3.43%	9.30%	13.60%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

337

VALIC Company I Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP

The Value Fund posted a return of -0.71% for the twelve-month period ended May 31, 2019, compared to a return of 1.45% for the Russell 1000^® Value Index.

The Fund’s relative underperformance was driven by both sector allocation and stock selection during the twelve-month period.

Stock selection in the consumer staples, energy, and consumer discretionary sectors were large detractors. Additionally, an underweight to the utilities sector and an overweight to the weak energy sector weighed on relative returns.

Top individual detractors during the period were Halliburton Co., and EOG Resources, Inc., and lack of exposure to strong performer Procter & Gamble Co.

Stock selection in the industrials, communication services, and utilities sectors provided a large contribution to performance during the period.

Top individual contributors to benchmark-relative returns were Eli Lilly & Co., Eversource Energy, and QUALCOMM, Inc.

For the year ended May 31, 2019, the Value Fund returned -0.71% compared to 1.45% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

Average Annual Total Returns as of May 31, 2019
1 Year	5 Years	10 Years
-0.71%	5.92%	11.04%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

338

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

VALIC COMPANY I

Small-Mid Growth Fund

(the “Fund”)

Supplement dated February 14, 2019

to the Fund’s Summary Prospectus and Prospectus,

each dated October 1, 2018, as supplemented to date

Effective immediately, in the section of the Summary Prospectus entitled “Investment Adviser” and in the subsection of the Prospectus entitled “Fund Summary: Small-Mid Growth Fund — Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:

Portfolio Managers

Name and Title	Portfolio Manager of the Fund Since
Daniel Zimmerman, CFA Managing Director and Co-Lead Portfolio Manager		2014
Jessica Katz Vice President and Co-Lead Portfolio Manager		2019

In the subsection of the Prospectus entitled “Management — Investment Subadvisers” the third paragraph under “Goldman Sachs Asset Management, L.P. (“GSAM”)” is deleted in its entirety and replaced with the following:

Mr. Daniel Zimmerman, CFA and Ms. Jessica Katz manage the Small-Mid Growth Fund. Mr. Zimmerman, Managing Director and Co-Lead Portfolio Manager, joined GSAM in 2008. Mr. Zimmerman is a CFA charterholder. Ms. Katz, Vice President and Co-Lead Portfolio Manager, joined GSAM in 2015. Ms. Katz has 13 years of investment experience.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Summary Prospectus and/or Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

VALIC COMPANY I

Small-Mid Growth Fund

(the “Fund”)

Supplement dated March 4, 2019

to the Fund’s Summary Prospectus and Prospectus,

each dated October 1, 2018, as supplemented to date

Effective immediately, in the section of the Summary Prospectus entitled “Investment Adviser” and in the subsection of the Prospectus entitled “Fund Summary: Small-Mid Growth Fund — Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:

Portfolio Managers

Name and Title	Portfolio Manager of the Fund Since
Steven M. Barry Managing Director, Chief Investment Officer and Co-Lead Portfolio Manager		2019
Jessica Katz Vice President and Co-Lead Portfolio Manager		2019

In the subsection of the Prospectus entitled “Management — Investment Subadvisers” the third paragraph under “Goldman Sachs Asset Management, L.P. (“GSAM”)” is deleted in its entirety and replaced with the following:

Mr. Steven M. Barry and Ms. Jessica Katz manage the Small-Mid Growth Fund. Mr. Barry, Managing Director, Chief Investment Officer and Co-Lead Portfolio Manager, joined GSAM in 1999. Mr. Barry became Chief Investment Officer of Fundamental Equity U.S. Equity in 2009. From 1988 to 1999, he was a portfolio manager at Alliance Capital. Ms. Katz, Vice President and Co-Lead Portfolio Manager, joined GSAM in 2015. Ms. Katz has 13 years of investment experience.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Summary Prospectus and/or Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

339

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rule 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC Company I

International Growth Fund

(the “Fund”)

Supplement dated April 25, 2019, to the Fund’s Summary Prospectus and Prospectus

dated October 1, 2018, as supplemented and amended to date

The section entitled “Fund Summary: International Growth Fund — Principal Investment Strategies of the Fund” is hereby deleted in its entirety and replaced with the following:

The Fund’s subadviser uses a proprietary investment strategy to invest in companies that it believes will increase in value over time. Under normal market conditions, the subadviser seeks to achieve the Fund’s objective by investing primarily in established companies on an international basis, with capitalizations within the range of companies included in the MSCI ACWI ex USA Index. As of August 31, 2018, the market capitalization range of the companies in the MSCI ACWI ex USA Index was approximately $14.9 million to $261 billion.

The subadviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. In selecting securities for investment, the subadviser seeks high-quality, established companies that the subadviser believes are undervalued at the time of purchase. The subadviser typically favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social externalities and governance (also referred to as ESG). The subadviser generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria because the quality of the company’s business deteriorates or the price relative to the company’s intrinsic value is no longer attractive.

The Fund invests in foreign securities, which may include emerging market securities. Under normal circumstances, the Fund invests at least 40% of its net assets in the securities of issuers from at least three countries outside of the United States. The Fund considers an issuer to be from a particular country (including the United States) or geographic region if: (i) its principal securities trading market is in that country or geographic region; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in that country or geographic region or has at least 50% of its assets in that country or geographic region; or (iii) it is organized under the laws of, or has a principal office in, that country or geographic region.

The Fund primarily invests in equity securities and in depositary receipts of foreign issuers, although it may invest in equity securities of U.S. issuers. The equity securities in which the Fund invests are denominated in both U.S. and non-U.S. currencies and include common stock.

In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

340

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rule 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC Company I

Growth Fund

(the “Fund”)

Supplement dated May 14, 2019, to the Fund’s Summary Prospectus and Prospectus

dated October 1, 2018, as supplemented and amended to date

At an in-person meeting held on April 29-30, 2019 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of American Century Investment Management, Inc. (“American Century”) as the subadviser to the Growth Fund (the “Fund”) and approved the appointment of BlackRock Investment Management, LLC (“BlackRock”) and SunAmerica Asset Management, LLC (“SunAmerica” and, together with BlackRock, the “Subadvisers”) as co-subadvisers to the Fund. The Board also approved certain changes to the Fund’s principal investment strategies and techniques. The Fund intends to file an amendment to its registration statement with the Securities and Exchange Commission (“SEC”) reflecting the changes to the Fund’s subadvisers, principal investment strategies and techniques, and corresponding changes to the Fund’s risks. This filing will be subject to review by the SEC and is scheduled to become effective approximately 60 days after the expected filing date of August 1, 2019. The filing is expected to become effective on or about September 30, 2019 (the “Effective Date”).

The Fund currently attempts to achieve its investment objective by allocating its assets among four investment strategies: a growth strategy, a U.S. premier large cap growth strategy, a disciplined growth strategy and an international growth strategy. American Century employs both strategic and tactical approaches when allocating the Fund’s assets among the four strategies, and seeks to strategically diversify the Fund’s assets while maintaining the flexibility to tactically allocate its investments among the four strategies in response to market conditions and other factors. While the growth, U.S. premier large cap growth and disciplined growth strategies invest primarily in U.S. companies, they may also invest in securities of foreign companies, including companies located in emerging markets. The Fund may invest up to 20% of its net assets in foreign securities, including emerging market securities.

As of the Effective Date, the Fund will attempt to achieve its investment objective by investing primarily in common stock of companies that are selected based on such factors as strong earnings, strong sales and revenue growth and capital appreciation potential. The Fund will emphasize common stock of companies with mid- to large-stock market capitalizations; however, the Fund also may invest in the common stock of small companies. The Fund generally will invest at least 65% of its total assets in equity securities, which may consist of common stock and American Depositary Receipts (“ADRs”). The Fund may invest without limitation in the securities of foreign companies in the form of ADRs. In addition to ADRs, the Fund may also invest up to 20% of its total assets in securities of foreign companies, including companies located in emerging markets.

The Fund’s assets will not necessarily be divided equally among the Subadvisers. Approximately 25% of the Fund’s assets will be allocated to one Subadviser that will passively manage a portion of the assets allocated to it by seeking to track an index, and the remainder of the Fund’s assets will be allocated to the other Subadviser.

At the Meeting, the Board approved an amendment to the existing investment subadvisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and BlackRock (the “BlackRock Subadvisory Agreement”). The Board also approved an amendment to the investment subadvisory agreement between VALIC and SunAmerica, which will become effective if approved by shareholders of the Fund (the “SunAmerica Subadvisory Agreement”). Additionally, the Board approved an Amended and Restated Advisory Fee Waiver Agreement (“Advisory Fee Waiver Agreement”) between VALIC and VC I on behalf of the Fund, which will become effective on the Effective Date.

The Board has the authority, pursuant to an exemptive order granted by the SEC, to enter into subadvisory agreements without a shareholder vote under certain conditions. A notice will be sent to shareholders with information on how to access an Information Statement that will include information about BlackRock, the BlackRock Subadvisory Agreement and the Advisory Fee Waiver Agreement. The SunAmerica Subadvisory Agreement is subject to shareholder approval. The Board has called a special meeting of the Fund’s shareholders to be held on or about July 18, 2019, to consider the proposal to approve the SunAmerica Subadvisory Agreement. Shareholders of record on the record date, entitled to notice of and to vote at the special meeting, will receive information on how to access proxy materials describing the proposal in more detail. Each of the BlackRock Subadvisory Agreement and the SunAmerica Subadvisory Agreement are expected to become effective on the Effective Date, if the SunAmerica Subadvisory Agreement is approved by shareholders of the Fund.

Once the changes to the Fund’s principal investment strategies and techniques become effective, an updated prospectus reflecting these changes will be mailed to shareholders of the Fund. The updated prospectus will include additional information about the changes to the Fund’s investment objective, principal investment strategies, techniques and risks. Please read the prospectus carefully.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

341

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rule 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC Company I

Stock Index Fund

(the “Fund”)

Supplement dated May 14, 2019, to the Fund’s Summary Prospectus and Prospectus

dated October 1, 2018, as supplemented and amended to date

At the April 29-30, 2019 meeting of the Board of Directors (the “Board”) of VALIC Company I (the “Company”), the Board approved an amendment (the “Amendment”) to the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and SunAmerica Asset Management, LLC (“SunAmerica”) with respect to the Fund. The Amendment revises the Sub-Advisory Agreement so that the fee payable with respect to the Fund will be based on the aggregate assets SunAmerica manages for the Fund and the VALIC Company I Growth Fund. No change was made to the sub-advisory fee rates payable by VALIC to SunAmerica with respect to the Fund. It is currently anticipated this change will become effective on or about September 30, 2019.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

342

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

Kenneth J. Lavery

Eric S. Levy

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

One Lincoln St.

Boston, Massachusetts 02111

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, NY 10105

Allianz Global Investors U.S. LLC

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

343

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

The Series is required to file its complete schedule of portfolio holdings quarterly with the U.S. Securities and Exchange Commission on Form N-PORT. The Series’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

344

VALIC.com — Account access

Manage your account online

You will need to create an online security profile with a unique user ID and password.

With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542.

• Print and download account transaction confirmations and tax statements

• View transaction history and download it to Quicken using Direct Connect^SM

• Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts

• Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more

With VALIC.com, you can initiate account transactions including:

• Change allocation

• Transfer money among investment options

• Rebalance account to your desired allocation mix

• Change contributions

• Automate future contribution increases

Start exploring VALIC.com today!

• Visit VALIC.com

• Register for online access

• Follow steps to create a security profile

PersonalDeliver- ^®

• It’s easy to sign up

• Simply visit VALIC.com today to get started

Please note:

Email delivery is not accessible to certain VALIC annuity contract owners.

Sign up today at VALIC.com

We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

Easy and secure. Sign up for PersonalDeliver- ^® today.

CLICK VALIC.com         CALL 1-800-448-2542        VISIT your financial advisor

Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (“VFA”), member FINRA, SIPC and an SEC-registered investment advisor. VFA registered representatives offer securities and other products under retirement plans and IRAs, and to clients outside of such arrangements.

Annuities issued by The Variable Annuity Life Insurance Company (“VALIC”). Variable annuities distributed by its affiliate, AIG Capital Services, Inc. (“ACS”), member FINRA. VALIC, VFA and ACS are members of American International Group, Inc. (“AIG”).

Copyright ^© The Variable Annuity Life Insurance Company. All rights reserved.

VC 23800 (06/2017) J102011 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 9530    [05/2019]    J101997

Item 2. Code of Ethics.

VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2019, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2019		2018
(a) Audit Fees	$	953,340	$	925,575
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2019		2018
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	267,667	$	269,506

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE18 report and Third Party Assurance report.

(e)    (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the

registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2019 and 2018 were $402,408 and $295,961 respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: August 8, 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: August 8, 2019

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: August 8, 2019