UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street,

Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2020

Item 1. Reports to Stockholders

VALIC Company I

SEMI ANNUAL REPORT NOVEMBER 30, 2020

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	6
Blue Chip Growth Fund	21
Capital Conservation Fund	25
Core Equity Fund	41
Dividend Value Fund	44
Dynamic Allocation Fund	48
Emerging Economies Fund	51
Global Real Estate Fund	54
Global Strategy Fund	58
Government Money Market I Fund	71
Government Securities Fund	73
Growth Fund	78
Health Sciences Fund	85
Inflation Protected Fund	92
International Equities Index Fund	103
International Government Bond Fund	113
International Growth Fund	121
International Socially Responsible Fund	124
International Value Fund	131
Large Cap Core Fund	134
Large Capital Growth Fund	137
Mid Cap Index Fund	141
Mid Cap Strategic Growth Fund	149
Nasdaq-100® Index Fund	154
Science & Technology Fund	158
Small Cap Aggressive Growth Fund	164
Small Cap Fund	169
Small Cap Index Fund	185
Small Cap Special Values Fund	209
Small-Mid Growth Fund	213
Stock Index Fund	218
Systematic Core Fund	228
Systematic Value Fund	240
Value Fund	244
Statements of Assets and Liabilities	246
Statements of Operations	251
Statements of Changes in Net Assets	256
Notes to Financial Statements	265
Financial Highlights	291
Statement Regarding Liquidity Risk Management Program	308
Approval of Advisory Agreements	309
Supplements to the Prospectus	318

VALIC Company I

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Semi-Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for the six-month period ended November 30, 2020. We encourage you to carefully read this report.

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

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

Thank you for your investment.

Sincerely,

John T. Genoy,

President VALIC Company I

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

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

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

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

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

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

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

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

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

1

VALIC Company I

EXPENSE EXAMPLE — November 30, 2020 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2020 and held until November 30, 2020. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended November 30, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended November 30, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended November 30, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended November 30, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

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

2

VALIC Company I

EXPENSE EXAMPLE — November 30, 2020 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2020		Ending Account Value Using Actual Return at November  30, 2020		Expenses Paid During the Six Months Ended November  30, 2020		Beginning Account Value at June 1, 2020		Ending Account Value Using a Hypothetical 5% Annual Return at November  30, 2020		Expenses Paid During the Six Months Ended November  30, 2020		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	1,185.19	$	4.77	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Blue Chip Growth	$	1,000.00	$	1,230.29	$	4.58	$	1,000.00	$	1,020.96	$	4.15		0.82	%
Capital Conservation	$	1,000.00	$	1,026.67	$	3.20	$	1,000.00	$	1,021.91	$	3.19		0.63	%
Core Equity#	$	1,000.00	$	1,241.42	$	4.21	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Dividend Value#	$	1,000.00	$	1,139.28	$	3.81	$	1,000.00	$	1,021.51	$	3.60		0.71	%
Dynamic Allocation#	$	1,000.00	$	1,093.88	$	1.68	$	1,000.00	$	1,023.46	$	1.62		0.32	%
Emerging Economies	$	1,000.00	$	1,298.76	$	5.13	$	1,000.00	$	1,020.61	$	4.51		0.89	%
Global Real Estate	$	1,000.00	$	1,115.33	$	4.61	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Global Strategy#	$	1,000.00	$	1,096.05	$	3.84	$	1,000.00	$	1,021.41	$	3.70		0.73	%
Government Money Market I#	$	1,000.00	$	1,000.05	$	0.50	$	1,000.00	$	1,024.57	$	0.51		0.10	%
Government Securities	$	1,000.00	$	1,005.35	$	3.37	$	1,000.00	$	1,021.71	$	3.40		0.67	%
Growth#	$	1,000.00	$	1,242.30	$	3.54	$	1,000.00	$	1,021.91	$	3.19		0.63	%
Health Sciences#	$	1,000.00	$	1,168.73	$	5.65	$	1,000.00	$	1,019.85	$	5.27		1.04	%
Inflation Protected#	$	1,000.00	$	1,064.37	$	2.85	$	1,000.00	$	1,022.31	$	2.79		0.55	%
International Equities Index	$	1,000.00	$	1,193.86	$	2.47	$	1,000.00	$	1,022.81	$	2.28		0.45	%
International Government Bond	$	1,000.00	$	1,083.20	$	3.45	$	1,000.00	$	1,021.76	$	3.35		0.66	%
International Growth#	$	1,000.00	$	1,299.92	$	4.90	$	1,000.00	$	1,020.81	$	4.31		0.85	%
International Socially Responsible	$	1,000.00	$	1,194.41	$	3.63	$	1,000.00	$	1,021.76	$	3.35		0.66	%
International Value#	$	1,000.00	$	1,245.50	$	4.17	$	1,000.00	$	1,021.36	$	3.75		0.74	%
Large Cap Core#	$	1,000.00	$	1,204.12	$	4.53	$	1,000.00	$	1,020.96	$	4.15		0.82	%
Large Capital Growth	$	1,000.00	$	1,211.65	$	4.16	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Mid Cap Index	$	1,000.00	$	1,237.11	$	2.02	$	1,000.00	$	1,023.26	$	1.83		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	1,275.76	$	4.62	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Nasdaq -100® Index	$	1,000.00	$	1,284.31	$	2.98	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Science & Technology	$	1,000.00	$	1,327.64	$	5.66	$	1,000.00	$	1,020.21	$	4.91		0.97	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,297.42	$	5.70	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Small Cap#	$	1,000.00	$	1,289.31	$	5.34	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Small Cap Index	$	1,000.00	$	1,311.01	$	2.55	$	1,000.00	$	1,022.86	$	2.23		0.44	%
Small Cap Special Values	$	1,000.00	$	1,231.82	$	5.09	$	1,000.00	$	1,020.51	$	4.61		0.91	%
Small-Mid Growth#	$	1,000.00	$	1,321.43	$	5.59	$	1,000.00	$	1,020.26	$	4.86		0.96	%
Stock Index#	$	1,000.00	$	1,198.16	$	1.60	$	1,000.00	$	1,023.61	$	1.47		0.29	%
Systematic Core#	$	1,000.00	$	1,218.77	$	4.28	$	1,000.00	$	1,021.21	$	3.90		0.77	%
Systematic Value#	$	1,000.00	$	1,100.08	$	4.16	$	1,000.00	$	1,021.11	$	4.00		0.79	%
Value#	$	1,000.00	$	1,144.41	$	4.57	$	1,000.00	$	1,020.81	$	4.31		0.85	%

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor.

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2020” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2020” and the “Annualized Expense Ratio” would have been lower.

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Registered Investment Companies	11.7	%
Exchange — Traded Funds	9.6
Electronic Components — Semiconductors	4.7
Diversified Banking Institutions	2.7
Applications Software	2.3
Banks — Commercial	2.1
Energy — Alternate Sources	2.0
Sovereign	1.9
Computers	1.9
Electric — Integrated	1.7
U.S. Government Treasuries	1.6
Electric — Generation	1.5
Computer Services	1.4
Web Portals/ISP	1.3
Real Estate Operations & Development	1.3
E — Commerce/Products	1.3
Enterprise Software/Service	1.2
Internet Content — Entertainment	1.1
Real Estate Investment Trusts	1.0
Auto — Cars/Light Trucks	0.9
Diversified Manufacturing Operations	0.9
Electric — Distribution	0.9
Aerospace/Defense	0.7
Commercial Services — Finance	0.7
Oil Companies — Integrated	0.7
Auto/Truck Parts & Equipment — Original	0.6
Banks — Super Regional	0.6
Independent Power Producers	0.6
Industrial Automated/Robotic	0.6
Telephone — Integrated	0.5
Computer Software	0.5
Finance — Credit Card	0.5
Semiconductor Components — Integrated Circuits	0.5
Building — Heavy Construction	0.5
Real Estate Management/Services	0.5
Electronic Components — Misc.	0.5
Transport — Rail	0.5
Semiconductor Equipment	0.5
Retail — Building Products	0.4
Networking Products	0.4
Medical — Drugs	0.4
Data Processing/Management	0.4
Medical — Biomedical/Gene	0.4
Internet Application Software	0.4
Medical Instruments	0.4
Multimedia	0.3
Food — Misc./Diversified	0.3
Coal	0.3
Electronic Forms	0.3
Computer Aided Design	0.3
Chemicals — Diversified	0.3
Cable/Satellite TV	0.3
Metal — Aluminum	0.3
Machinery — General Industrial	0.3
Insurance — Multi — line	0.3
E — Commerce/Services	0.3
Finance — Investment Banker/Broker	0.3
Instruments — Controls	0.3
Investment Companies	0.3
Oil Companies — Exploration & Production	0.3
Insurance — Property/Casualty	0.3
Commercial Services	0.3
Cellular Telecom	0.3
Transport — Services	0.3
Retail — Restaurants	0.3
Petrochemicals	0.3
Building & Construction — Misc.	0.3
Machinery — Electrical	0.3
Auto — Heavy Duty Trucks	0.3

Computer Data Security	0.3	%
Electric Products — Misc.	0.3
Insurance — Life/Health	0.3
Electronic Measurement Instruments	0.2
Medical — Generic Drugs	0.2
Building & Construction Products — Misc.	0.2
Retail — Discount	0.2
Entertainment Software	0.2
Investment Management/Advisor Services	0.2
Steel — Producers	0.2
Oil — Field Services	0.2
Food — Retail	0.2
Distribution/Wholesale	0.2
Machinery — Construction & Mining	0.2
Appliances	0.2
Communications Software	0.2
Wireless Equipment	0.2
Oil Refining & Marketing	0.2
Non — Hazardous Waste Disposal	0.2
Chemicals — Specialty	0.2
Building Products — Air & Heating	0.2
Engineering/R&D Services	0.2
Banks — Fiduciary	0.2
Finance — Other Services	0.2
Diversified Financial Services	0.2
Advertising Services	0.2
Computers — Integrated Systems	0.2
Medical — Wholesale Drug Distribution	0.2
Cosmetics & Toiletries	0.2
Internet Security	0.2
Containers — Paper/Plastic	0.2
Retail — Apparel/Shoe	0.2
Machinery — Material Handling	0.2
Finance — Leasing Companies	0.1
Transport — Equipment & Leasing	0.1
Machinery — Farming	0.1
Pipelines	0.1
Building — Residential/Commercial	0.1
Industrial Gases	0.1
Food — Dairy Products	0.1
Building — Maintenance & Services	0.1
Hotels/Motels	0.1
Fisheries	0.1
Athletic Footwear	0.1
Software Tools	0.1
Consulting Services	0.1
Metal Processors & Fabrication	0.1
Containers — Metal/Glass	0.1
Coatings/Paint	0.1
Pastoral & Agricultural	0.1
Electronic Connectors	0.1
Leisure Products	0.1
Audio/Video Products	0.1
Rubber — Tires	0.1
Lasers — System/Components	0.1
Television	0.1
Tools — Hand Held	0.1
Beverages — Wine/Spirits	0.1
Broadcast Services/Program	0.1
Brewery	0.1
Building Products — Cement	0.1
Gas — Distribution	0.1
Rubber/Plastic Products	0.1
Transactional Software	0.1
Web Hosting/Design	0.1
Satellite Telecom	0.1
Miscellaneous Manufacturing	0.1
Lighting Products & Systems	0.1
Electronic Security Devices	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Airport Development/Maintenance	0.1	%
Shipbuilding	0.1
Retail — Major Department Stores	0.1
Power Converter/Supply Equipment	0.1
Machinery — Pumps	0.1
Tobacco	0.1
Theaters	0.1
Recycling	0.1
Industrial Audio & Video Products	0.1
Recreational Vehicles	0.1
Retail — Drug Store	0.1
Aerospace/Defense — Equipment	0.1
Office Automation & Equipment	0.1
Retail — Auto Parts	0.1
Gold Mining	0.1
Medical — Nursing Homes	0.1
Environmental Consulting & Engineering	0.1
Medical Labs & Testing Services	0.1
Forestry	0.1
Metal — Copper	0.1
Import/Export	0.1
	86.6	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 55.8%
Advertising Services — 0.2%
Stroeer SE & Co. KGaA		890	$	79,623
Trade Desk, Inc., Class A†		168		151,380
				231,003
Aerospace/Defense — 0.7%
Boeing Co.		1,175		247,584
General Dynamics Corp.		552		82,441
Korea Aerospace Industries, Ltd.		1,020		21,432
Lockheed Martin Corp.		473		172,645
Northrop Grumman Corp.		359		108,511
Raytheon Technologies Corp.		3,291		236,031
Saab AB, Series B†		2,236		58,605
TransDigm Group, Inc.		118		68,345
				995,594
Aerospace/Defense - Equipment — 0.1%
L3Harris Technologies, Inc.		483		92,731
Agricultural Biotech — 0.0%
Corteva, Inc.		1,290		49,433
Airport Development/Maintenance — 0.1%
Flughafen Zurich AG†#		627		106,116
Apparel Manufacturers — 0.0%
Capri Holdings, Ltd.†		27		955
Carter’s, Inc.		27		2,403
Hanesbrands, Inc.		116		1,647
VF Corp.		470		39,198
				44,203
Appliances — 0.2%
Coway Co, Ltd.†		543		34,056
De’Longhi SpA†		1,701		59,370
Gree Electric Appliances, Inc. of Zhuhai, Class A		13,000		131,615
Rational AG		71		63,096
				288,137
Applications Software — 2.3%
CDK Global, Inc.		476		22,800
Elastic NV†		246		30,455
Five9, Inc.†		878		136,266
Intuit, Inc.		330		116,167
Microsoft Corp.		11,301		2,419,205
PTC, Inc.†		510		55,003
RealPage, Inc.†		765		52,777
ServiceNow, Inc.†		729		389,687
				3,222,360
Athletic Footwear — 0.1%
NIKE, Inc., Class B		1,232		165,950
Audio/Video Products — 0.1%
LG Electronics, Inc.		1,107		85,535
Sony Corp.		600		55,770
				141,305
Auto - Cars/Light Trucks — 0.9%
Ford Motor Co.		5,730		52,028
General Motors Co.		1,790		78,474
Hyundai Motor Co.		1,487		243,903
Hyundai Motor Co. (2nd Preference Shares)		382		29,896
Kia Motors Corp.		2,594		135,496
SAIC Motor Corp., Ltd., Class A		22,100		89,008
Suzuki Motor Corp.		700		37,575
Tesla, Inc.†		1,012		574,411
Toyota Motor Corp.		1,200		80,448
				1,321,239

Security Description	Shares		Value (Note 2)
Auto - Heavy Duty Trucks — 0.3%
Cummins, Inc.		588	$	135,928
PACCAR, Inc.		732		63,728
Zhengzhou Yutong Bus Co., Ltd., Class A†		61,900		163,444
				363,100
Auto/Truck Parts & Equipment - Original — 0.6%
Aptiv PLC		330		39,171
Brembo SpA†		6,327		81,585
Cie Plastic Omnium SA		2,420		83,599
Georg Fischer AG		113		131,559
Hanon Systems		2,299		31,268
Hyundai Mobis Co., Ltd.		647		142,667
IKD Co., Ltd., Class A		6,100		15,208
Koito Manufacturing Co., Ltd.		700		42,107
Rheinmetall AG		1,179		104,859
Sumitomo Electric Industries, Ltd.		2,400		27,448
Valeo SA		1,791		69,476
Weifu High - Technology Group Co., Ltd., Class A		38,400		151,098
				920,045
Banks - Commercial — 1.4%
Agricultural Bank of China, Ltd., Class A		130,500		65,228
Banca Generali SpA†		1,351		44,865
Banco BPM SpA†#		47,574		105,014
Banco de Sabadell SA		276,397		107,318
BAWAG Group AG†*		2,786		126,218
Cembra Money Bank AG		968		112,272
China Everbright Bank Co., Ltd.		199,000		77,535
China Minsheng Banking Corp., Ltd., Class A		86,900		69,972
Citizens Financial Group, Inc.		1,403		45,822
Concordia Financial Group, Ltd.		4,700		16,702
First Republic Bank		544		70,481
Industrial & Commercial Bank of China, Ltd., Class A		76,200		61,588
Industrial Bank Co., Ltd., Class A		41,400		132,209
Jyske Bank A/S†		4,035		151,696
M&T Bank Corp.		425		49,508
Regions Financial Corp.		3,114		47,551
Ringkjoebing Landbobank A/S		1,660		143,915
Shinhan Financial Group Co., Ltd.		4,494		130,773
SpareBank 1 SR Bank ASA†		13,761		137,519
SVB Financial Group†		166		57,247
Truist Financial Corp.		4,327		200,859
Zions Bancorp NA		548		21,147
				1,975,439
Banks - Fiduciary — 0.2%
Bank of New York Mellon Corp.		2,709		105,976
Northern Trust Corp.		685		63,787
State Street Corp.		1,174		82,744
				252,507
Banks - Super Regional — 0.6%
Comerica, Inc.		467		22,976
Fifth Third Bancorp		2,291		58,054
Huntington Bancshares, Inc.		3,332		40,251
KeyCorp		3,179		49,147
PNC Financial Services Group, Inc.		1,415		195,369
US Bancorp		4,589		198,291
Wells Fargo & Co.		12,424		339,796
				903,884
Batteries/Battery Systems — 0.0%
Varta AG†#		349		47,167
W - Scope Corp.†#		1,600		12,046
				59,213

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages - Non-alcoholic — 0.0%
Monster Beverage Corp.†		33	$	2,798
Beverages - Wine/Spirits — 0.1%
Kweichow Moutai Co., Ltd., Class A		500		130,193
Bicycle Manufacturing — 0.0%
Shimano, Inc.		100		23,697
Brewery — 0.1%
Asahi Group Holdings, Ltd.		800		30,935
Boston Beer Co., Inc., Class A†		2		1,862
Royal Unibrew A/S		928		97,020
				129,817
Broadcast Services/Program — 0.1%
Discovery, Inc., Class C†		38		913
Nordic Entertainment Group AB, Class B†		2,597		129,109
				130,022
Building & Construction Products - Misc. — 0.2%
Forbo Holding AG		57		93,082
Fortune Brands Home & Security, Inc.		81		6,763
Owens Corning		53		3,862
ROCKWOOL International A/S, Class B		224		81,844
Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A		41,500		66,958
Wienerberger AG		3,295		91,343
				343,852
Building & Construction - Misc. — 0.3%
China State Construction Engineering Corp., Ltd., Class A		149,700		123,495
GS Engineering & Construction Corp.		860		24,637
JM AB		1,050		33,605
Peab AB†		7,084		76,812
Penta-Ocean Construction Co., Ltd.		3,400		25,305
Samsung C&T Corp.		831		90,493
				374,347
Building Products - Air & Heating — 0.2%
Belimo Holding AG		10		84,182
Carrier Global Corp.		1,819		69,249
Daikin Industries, Ltd.		100		22,668
Johnson Controls International PLC		1,825		84,023
				260,122
Building Products - Cement — 0.1%
Anhui Conch Cement Co., Ltd., Class A		10,700		91,846
Buzzi Unicem SpA#		1,545		37,615
				129,461
Building - Heavy Construction — 0.5%
Acciona SA#		3,240		412,378
Ackermans & van Haaren NV		557		81,059
Boskalis Westminster NV†		2,997		69,176
China Railway Construction Corp., Ltd., Class A		37,700		49,200
Daelim Industrial Co., Ltd.		336		24,292
Hyundai Engineering & Construction Co., Ltd.		959		29,119
NCC AB, Class B		3,437		59,227
				724,451
Building - Maintenance & Services — 0.1%
Bravida Holding AB*		8,137		98,761
ISS A/S†#		4,438		81,112
				179,873
Building - Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		48		4,632

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		1,011	$	75,319
Lennar Corp., Class A		1,149		87,163
Open House Co., Ltd.		500		19,804
PulteGroup, Inc.		214		9,337
				191,623
Cable/Satellite TV — 0.3%
Charter Communications, Inc., Class A†		240		156,478
Comcast Corp., Class A		5,408		271,698
Sirius XM Holdings, Inc.#		2,131		13,830
				442,006
Casino Hotels — 0.0%
Kangwon Land, Inc.		1,340		27,186
Cellular Telecom — 0.1%
Hikari Tsushin, Inc.		100		24,014
LG Uplus Corp.		2,390		25,810
SK Telecom Co., Ltd.		399		85,638
T-Mobile US, Inc.†		430		57,164
				192,626
Chemicals - Diversified — 0.2%
Dow, Inc.		1,252		66,368
DuPont de Nemours, Inc.		1,240		78,666
Hanwha Solutions Corp.		1,065		45,957
PPG Industries, Inc.		400		58,708
				249,699
Chemicals - Other — 0.0%
Wanhua Chemical Group Co., Ltd.†		3,400		41,943
Chemicals - Specialty — 0.2%
Chemours Co.		76		1,849
Ecolab, Inc.		306		67,978
IMCD NV		981		122,753
Nolato AB†		150		13,475
Shin-Etsu Chemical Co., Ltd.		400		65,651
				271,706
Circuit Boards — 0.0%
Meiko Electronics Co.		1,000		19,157
Taiyo Holdings Co., Ltd.		300		18,420
				37,577
Coatings/Paint — 0.1%
OC Oerlikon Corp. AG		8,979		84,479
Sherwin-Williams Co.		100		74,763
				159,242
Commercial Services — 0.3%
Amadeus IT Group SA		1,403		96,163
Cintas Corp.		318		112,985
CoStar Group, Inc.†		84		76,488
Elis SA†		7,688		125,363
				410,999
Commercial Services - Finance — 0.7%
Automatic Data Processing, Inc.		518		90,070
Equifax, Inc.		303		50,571
Euronet Worldwide, Inc.†		169		22,720
Experian PLC		2,807		99,017
FleetCor Technologies, Inc.†		9		2,387
Global Payments, Inc.		528		103,060
Hypoport SE†		96		50,501
IHS Markit, Ltd.		853		84,839
PayPal Holdings, Inc.†		1,331		284,994

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance (continued)
S&P Global, Inc.		91	$	32,012
Square, Inc., Class A†		544		114,762
StoneCo, Ltd., Class A†		75		5,492
				940,425
Communications Software — 0.2%
RingCentral, Inc., Class A†		291		86,442
Sinch AB†*		582		76,271
Zoom Video Communications, Inc., Class A†		259		123,895
				286,608
Computer Aided Design — 0.3%
ANSYS, Inc.†		223		75,387
Autodesk, Inc.†		802		224,745
Cadence Design Systems, Inc.†		576		66,989
Dassault Systemes SE		75		13,871
Synopsys, Inc.†		326		74,165
				455,157
Computer Data Security — 0.3%
Avast PLC*		9,615		65,117
Check Point Software Technologies, Ltd.†		611		71,902
Crowdstrike Holdings, Inc., Class A†		269		41,232
Fortinet, Inc.†		690		85,029
Zscaler, Inc.†		605		94,229
				357,509
Computer Services — 1.4%
Accenture PLC, Class A		1,088		271,010
Amdocs, Ltd.		1,018		66,995
Atos SE†		474		43,469
CACI International, Inc., Class A†		306		72,611
Capgemini SE		593		82,266
Cognizant Technology Solutions Corp., Class A		1,884		147,197
EPAM Systems, Inc.†		159		51,250
Fujitsu, Ltd.		400		55,575
International Business Machines Corp.		2,585		319,299
Itochu Techno-Solutions Corp.		1,500		52,945
Leidos Holdings, Inc.		608		61,226
LG Corp.		1,022		65,205
NEC Corp.		1,900		102,462
Netcompany Group A/S†*		983		91,051
Nihon Unisys, Ltd.		700		25,881
Nomura Research Institute, Ltd.		1,200		40,517
NTT Data Corp.		7,200		95,724
Samsung SDS Co., Ltd.		357		55,814
SCSK Corp.		700		41,772
Softwareone Holding AG		1,300		33,045
Solutions 30 SE†#		2,550		51,619
Sopra Steria Group†		723		110,219
				1,937,152
Computer Software — 0.5%
Akamai Technologies, Inc.†		1,178		121,935
Citrix Systems, Inc.		699		86,620
Dropbox, Inc., Class A†		3,039		60,689
Software AG		1,202		51,703
Splunk, Inc.†		625		127,612
Twilio, Inc., Class A†		476		152,363
Zhejiang Dahua Technology Co., Ltd., Class A		45,800		145,356
				746,278
Computers — 1.9%
Apple, Inc.		22,199		2,642,791
Hewlett Packard Enterprise Co.		4,285		47,306

Security Description	Shares		Value (Note 2)
Computers (continued)
HP, Inc.		3,251	$	71,295
				2,761,392
Computers - Integrated Systems — 0.2%
Bechtle AG		648		141,221
Net One Systems Co., Ltd.		1,200		42,758
OBIC Co., Ltd.		200		44,962
				228,941
Computers - Other — 0.0%
Lumentum Holdings, Inc.†		55		4,751
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		797		69,172
FTI Consulting, Inc.†		89		9,347
Prored Partners Co., Ltd.†		400		18,659
Verisk Analytics, Inc.		343		68,020
				165,198
Consumer Products - Misc. — 0.0%
Clorox Co.		85		17,252
Kimberly-Clark Corp.		153		21,314
				38,566
Containers - Metal/Glass — 0.1%
Ball Corp.		550		52,805
Gerresheimer AG		903		105,237
Silgan Holdings, Inc.		171		5,780
				163,822
Containers - Paper/Plastic — 0.2%
Graphic Packaging Holding Co.		64		980
Huhtamaki Oyj		2,219		111,436
Rengo Co., Ltd.		3,900		29,698
SIG Combibloc Group AG		3,241		74,539
				216,653
Cosmetics & Toiletries — 0.2%
Amorepacific Corp.		340		55,000
Fancl Corp.#		800		32,452
LG Household & Health Care, Ltd.		100		136,822
Procter & Gamble Co.		5		694
				224,968
Data Processing/Management — 0.4%
CompuGroup Medical SE & Co. KgaA		470		46,701
DocuSign, Inc.†		848		193,242
Fidelity National Information Services, Inc.		909		134,905
Fiserv, Inc.†		713		82,123
Jack Henry & Associates, Inc.		118		18,982
Paychex, Inc.		783		72,937
				548,890
Dental Supplies & Equipment — 0.0%
Lifco AB		534		43,644
Diagnostic Equipment — 0.0%
Avantor, Inc.†		77		2,101
Thermo Fisher Scientific, Inc.		23		10,694
				12,795
Diagnostic Kits — 0.0%
Quidel Corp.†		41		7,997
Dialysis Centers — 0.0%
DaVita, Inc.†		48		5,273

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Direct Marketing — 0.0%
DKSH Holding AG		840	$	57,448
Distribution/Wholesale — 0.2%
AddTech AB, Class B		5,526		69,583
ALSO Holding AG		171		44,408
Copart, Inc.†		822		94,900
Fastenal Co.		1,235		61,071
Pool Corp.		59		20,421
				290,383
Diversified Banking Institutions — 2.1%
Bank of America Corp.		26,122		735,595
Citigroup, Inc.		7,051		388,299
Goldman Sachs Group, Inc.		1,031		237,728
JPMorgan Chase & Co.		10,123		1,193,299
Mitsubishi UFJ Financial Group, Inc.		8,800		37,805
Morgan Stanley		3,969		245,403
Sumitomo Mitsui Financial Group, Inc.		1,300		37,755
Woori Financial Group, Inc.		5,858		52,039
				2,927,923
Diversified Financial Services — 0.2%
Hana Financial Group, Inc.		3,028		92,628
KB Financial Group, Inc.		3,851		157,827
				250,455
Diversified Manufacturing Operations — 0.9%
3M Co.		1,036		178,948
Aalberts NV		3,092		133,885
Eaton Corp. PLC		922		111,663
General Electric Co.		25,881		263,469
Illinois Tool Works, Inc.		484		102,167
Indutrade AB†		2,070		118,018
Parker-Hannifin Corp.		577		154,209
Siemens AG		265		35,404
Sulzer AG		1,102		109,503
Trane Technologies PLC		532		77,800
				1,285,066
Diversified Minerals — 0.0%
Sumitomo Metal Mining Co., Ltd.		500		18,616
E-Commerce/Products — 1.3%
Amazon.com, Inc.†		544		1,723,414
eBay, Inc.		1,443		72,770
Etsy, Inc.†		14		2,250
Wayfair, Inc., Class A†#		26		6,613
				1,805,047
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		60		121,707
Match Group, Inc.†		640		89,094
MercadoLibre, Inc.†		60		93,200
Uber Technologies, Inc.†		2,578		128,024
				432,025
E-Services/Consulting — 0.0%
Reply SpA		539		60,244
Electric Products - Misc. — 0.3%
AMETEK, Inc.		1,092		129,435
Casio Computer Co., Ltd.		1,200		21,552
Emerson Electric Co.		2,391		183,676
LG Innotek Co., Ltd.		156		21,852
				356,515

Security Description	Shares		Value (Note 2)
Electric - Distribution — 0.6%
E.ON SE		25,700	$	278,236
Iren SpA		18,758		50,300
Orsted A/S*		2,600		468,319
				796,855
Electric - Generation — 1.3%
ACEA SpA		14,194		298,838
EDP Renovaveis SA		21,580		457,173
Encavis AG		2,690		57,565
Engie SA†		22,300		329,049
RWE AG		8,810		365,398
SDIC Power Holdings Co., Ltd., Class A Class A		18,700		26,904
SSE PLC		18,450		329,841
				1,864,768
Electric - Integrated — 1.7%
A2A SpA		30,432		46,393
Avangrid, Inc.		6,320		294,133
BKW AG		116		11,973
EDP - Energias de Portugal SA		62,350		332,304
Enel SpA		35,050		349,945
Enersis Chile SA ADR		68,985		240,758
Fortum Oyj		14,960		342,714
Hera SpA		12,804		46,736
Iberdrola SA		25,940		354,137
Korea Electric Power Corp.†		2,578		49,973
NextEra Energy, Inc.		4,520		332,627
				2,401,693
Electronic Components - Misc. — 0.5%
Hoya Corp.		300		39,971
LG Display Co., Ltd.†		2,716		37,431
Luxshare Precision Industry Co., Ltd., Class A		7,279		57,162
Minebea Mitsumi, Inc.		1,300		27,071
Murata Manufacturing Co., Ltd.		600		52,466
Nidec Corp.		700		89,210
Omron Corp.		1,500		135,488
Samsung Electro-Mechanics Co., Ltd.		548		77,256
TKH Group NV		3,023		142,292
				658,347
Electronic Components - Semiconductors — 4.7%
Advanced Micro Devices, Inc.†		1,344		124,535
ams AG†		4,334		110,645
Broadcom, Inc.		742		297,972
Dialog Semiconductor PLC†		2,113		111,456
Infineon Technologies AG		3,001		105,674
Intel Corp.		4,718		228,115
IPG Photonics Corp.†		381		78,871
Marvell Technology Group, Ltd.		1,699		78,647
Melexis NV		217		20,747
Microchip Technology, Inc.		817		109,797
Micron Technology, Inc.†		1,264		81,010
Monolithic Power Systems, Inc.		48		15,358
NVIDIA Corp.		1,084		581,089
ON Semiconductor Corp.†		544		15,640
Qorvo, Inc.†		57		8,931
Samsung Electronics Co., Ltd.		52,023		3,135,813
Samsung Electronics Co., Ltd. (Preference Shares)		7,535		416,058
SK Hynix, Inc.		6,633		584,445
Skyworks Solutions, Inc.		343		48,421
SOITEC†		336		58,797
STMicroelectronics NV		2,941		115,173

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
Texas Instruments, Inc.		1,759	$	283,639
Xilinx, Inc.		666		96,936
				6,707,769
Electronic Connectors — 0.1%
Amphenol Corp., Class A		568		74,300
TE Connectivity, Ltd.		695		79,209
				153,509
Electronic Forms — 0.3%
Adobe, Inc.†		958		458,374
Electronic Measurement Instruments — 0.2%
FLIR Systems, Inc.		1,515		57,934
Fortive Corp.		670		46,987
National Instruments Corp.		794		29,719
Roper Technologies, Inc.		223		95,221
Shimadzu Corp.		800		28,774
Trimble, Inc.†		1,241		74,299
Vontier Corp.†		466		15,457
				348,391
Electronic Parts Distribution — 0.0%
Otsuka Corp.		500		24,234
Electronic Security Devices — 0.1%
dormakaba Holding AG		190		106,525
Energy - Alternate Sources — 1.8%
Atlantica Sustainable Infrastructure PLC		10,930		375,883
Enphase Energy, Inc.†#		21		2,868
ERG SpA		14,110		339,989
First Solar, Inc.†		5,410		505,456
LONGi Green Energy Technology Co., Ltd., Class A		2,500		26,093
NEL ASA†		23,805		65,320
Scatec ASA*		1,660		51,913
Siemens Gamesa Renewable Energy SA		16,910		603,721
Vestas Wind Systems A/S		2,720		555,969
				2,527,212
Engineering/R&D Services — 0.2%
AF Poyry AB†		2,001		56,879
Alten SA†		1,084		115,469
SPIE SA†		4,172		85,249
				257,597
Enterprise Software/Service — 1.2%
Alteryx, Inc., Class A†#		201		24,088
AVEVA Group PLC#		629		28,444
Ceridian HCM Holding, Inc.†		501		48,306
Coupa Software, Inc.†		160		52,626
Guidewire Software, Inc.†		213		26,088
HubSpot, Inc.†		403		158,915
Oracle Corp.		5,620		324,386
Oracle Corp. Japan		400		44,330
salesforce.com, Inc.†		2,221		545,922
SAP SE		1,080		131,379
TIS, Inc.		1,600		31,847
Tyler Technologies, Inc.†		264		112,886
Veeva Systems, Inc., Class A†		260		71,986
Workday, Inc., Class A†		728		163,647
				1,764,850
Entertainment Software — 0.2%
Activision Blizzard, Inc.		1,262		100,304
Capcom Co., Ltd.		300		16,896
Electronic Arts, Inc.		503		64,258

Security Description	Shares		Value (Note 2)
Entertainment Software (continued)
Embracer Group AB†		2,399	$	48,697
Netmarble Corp.†*		228		25,756
Stillfront Group AB†		510		58,689
Take-Two Interactive Software, Inc.†		98		17,690
				332,290
Environmental Consulting & Engineering — 0.1%
Sweco AB Class B		4,755		82,771
Finance - Auto Loans — 0.0%
Ally Financial, Inc.		49		1,453
Finance - Credit Card — 0.5%
Alliance Data Systems Corp.		32		2,340
Mastercard, Inc., Class A		1,025		344,923
Visa, Inc., Class A		1,803		379,261
Western Union Co.		709		15,995
				742,519
Finance - Investment Banker/Broker — 0.2%
Avanza Bank Holding AB		2,077		45,672
Haitong Securities Co., Ltd.#		81,600		70,219
Korea Investment Holdings Co., Ltd.		525		35,156
Mirae Asset Daewoo Co., Ltd.		4,386		37,576
Samsung Securities Co. Ltd.		924		32,942
Virtu Financial, Inc., Class A		104		2,370
				223,935
Finance - Leasing Companies — 0.0%
Tokyo Century Corp.		300		19,856
Finance - Other Services — 0.2%
Euronext NV*		1,437		152,557
Intertrust NV†*		5,720		98,662
				251,219
Fisheries — 0.1%
Bakkafrost P/F†		1,039		65,055
Leroy Seafood Group ASA		7,590		47,438
Salmar ASA†		1,079		59,130
				171,623
Food - Confectionery — 0.0%
Hershey Co.		81		11,979
Orion Corp.		249		26,665
				38,644
Food - Dairy Products — 0.1%
Emmi AG		60		57,474
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		16,200		93,008
Morinaga Milk Industry Co., Ltd.		800		38,851
				189,333
Food - Misc./Diversified — 0.3%
AAK AB		3,571		70,447
Axfood AB		2,082		47,335
CJ CheilJedang Corp.		97		31,689
Corbion NV		2,139		110,735
Fuji Oil Holdings, Inc.		900		24,104
Glanbia PLC (LSE)		2,154		26,362
Glanbia PLC (Euronext Dublin)		4,098		50,350
Viscofan SA		1,559		110,649
				471,671
Food - Retail — 0.2%
HelloFresh SE†		2,872		168,827
Kesko Oyj, Class B		2,994		78,571

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Retail (continued)
Kroger Co.		165	$	5,445
Seven & i Holdings Co., Ltd.		1,200		38,080
Sprouts Farmers Market, Inc.†		157		3,324
				294,247
Forestry — 0.1%
Holmen AB		1,814		78,381
Gambling (Non-Hotel) — 0.0%
Evolution Gaming Group AB*		573		49,012
Gas - Distribution — 0.1%
Italgas SpA		7,288		46,771
Rubis SCA		1,863		79,735
				126,506
Gold Mining — 0.1%
Newmont Corp.		1,483		87,230
Home Decoration Products — 0.0%
Newell Brands, Inc.		66		1,403
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.		824		85,391
Marriott International, Inc., Class A		734		93,123
				178,514
Human Resources — 0.0%
Recruit Holdings Co., Ltd.		500		21,073
Import/Export — 0.1%
ITOCHU Corp.		2,700		71,341
Independent Power Producers — 0.3%
Clearway Energy, Inc., Class C		12,810		374,949
Industrial Audio & Video Products — 0.1%
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		13,500		93,669
Industrial Automated/Robotic — 0.6%
Cognex Corp.		854		64,170
FANUC Corp.		400		97,184
Harmonic Drive Systems, Inc.#		900		71,810
Keyence Corp.		500		255,220
Nittoku Co., Ltd.		600		23,822
Rockwell Automation, Inc.		395		100,946
SMC Corp.		200		127,050
Yaskawa Electric Corp.		800		38,544
				778,746
Industrial Gases — 0.1%
Air Products & Chemicals, Inc.		263		73,677
Linde PLC		453		116,158
				189,835
Instruments - Controls — 0.3%
ABB, Ltd.		2,960		78,076
Honeywell International, Inc.		1,719		350,538
				428,614
Instruments - Scientific — 0.0%
PerkinElmer, Inc.		138		18,354
Insurance - Life/Health — 0.1%
Aflac, Inc.		49		2,153
Anicom Holdings, Inc.		1,600		16,751
China Pacific Insurance Group Co., Ltd.		6,800		25,880
Dai-ichi Life Holdings, Inc.		700		11,026
Samsung Life Insurance Co., Ltd.		883		56,896
				112,706

Security Description	Shares		Value (Note 2)
Insurance - Multi-line — 0.3%
Allstate Corp.		79	$	8,086
ASR Nederland NV		3,627		135,332
Helvetia Holding AG		980		96,247
Ping An Insurance Group Co of China, Ltd., Class A		4,800		65,653
Unipol Gruppo SpA†		26,908		129,031
				434,349
Insurance - Property/Casualty — 0.1%
DB Insurance Co., Ltd.		547		21,750
Markel Corp.†		8		7,791
MS&AD Insurance Group Holdings, Inc.		1,600		46,513
Progressive Corp.		23		2,004
Samsung Fire & Marine Insurance Co., Ltd.		321		54,537
Topdanmark A/S		987		41,883
				174,478
Internet Application Software — 0.4%
Okta, Inc.†		795		194,807
Shopify, Inc., Class A†		218		237,703
Zendesk, Inc.†		494		65,949
				498,459
Internet Connectivity Services — 0.0%
Masmovil Ibercom SA†#		2,323		62,347
Internet Content - Entertainment — 1.1%
Facebook, Inc., Class A†		3,070		850,298
Kakao Corp.		536		178,255
NCSoft Corp.		157		114,925
Netflix, Inc.†		534		262,034
Pinterest, Inc., Class A†		29		2,030
Snap, Inc., Class A†#		1,727		76,713
Twitter, Inc.†		1,413		65,719
				1,549,974
Internet Gambling — 0.0%
Kindred Group PLC SDR†		8,020		67,101
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		408		66,426
Internet Security — 0.2%
Palo Alto Networks, Inc.†		426		125,210
Proofpoint, Inc.†		533		55,160
Trend Micro, Inc.#		800		43,448
				223,818
Investment Management/Advisor Services — 0.1%
Azimut Holding SpA		2,998		63,191
LPL Financial Holdings, Inc.		26		2,360
Raymond James Financial, Inc.		25		2,274
T. Rowe Price Group, Inc.		95		13,624
Vontobel Holding AG		604		45,927
				127,376
Lasers - System/Components — 0.1%
Han’s Laser Technology Industry Group Co., Ltd., Class A		14,100		84,700
Mycronic AB		1,892		50,207
				134,907
Leisure Products — 0.1%
Thule Group AB†*		4,024		135,496
Yamaha Corp.		300		17,126
				152,622
Lighting Products & Systems — 0.1%
Signify NV†*		2,744		116,198

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machine Tools & Related Products — 0.0%
IMA Industria Macchine Automatiche SpA†		593	$	48,030
Machinery - Construction & Mining — 0.2%
Caterpillar, Inc.		1,251		217,161
Metso Outotec Oyj		8,160		73,003
				290,164
Machinery - Electrical — 0.3%
Disco Corp.		100		31,849
Fuji Electric Co., Ltd.		800		28,429
Hitachi, Ltd.		2,800		106,368
Konecranes OYJ		2,936		100,163
Mitsubishi Electric Corp.		6,200		91,070
Siemens Energy AG†		132		3,921
Union Tool Co.		400		11,743
				373,543
Machinery - Farming — 0.1%
Deere & Co.		644		168,483
Kubota Corp.		1,600		31,732
				200,215
Machinery - General Industrial — 0.3%
Beijer Ref AB		1,054		36,129
Bucher Industries AG		270		113,556
Duerr AG		2,560		93,504
Hexagon AB, Class B		934		77,513
Otis Worldwide Corp.		906		60,648
Valmet Oyj		2,333		59,026
				440,376
Machinery - Material Handling — 0.2%
Daifuku Co., Ltd.		800		92,720
Interroll Holding AG		30		85,337
Jungheinrich AG (Preference Shares)		760		33,181
				211,238
Machinery - Pumps — 0.1%
Curtiss-Wright Corp.		30		3,458
Interpump Group SpA		2,202		95,558
				99,016
Medical Instruments — 0.4%
Elekta AB, Series B		5,577		75,525
Getinge AB, Class B		3,164		67,564
Intuitive Surgical, Inc.†		277		201,116
Tecan Group AG		350		153,364
				497,569
Medical Labs & Testing Services — 0.1%
Evotec SE†		2,357		71,891
Quest Diagnostics, Inc.		57		7,067
Syneos Health, Inc.†		18		1,185
				80,143
Medical Products — 0.0%
Abbott Laboratories		158		17,099
Hill-Rom Holdings, Inc.		27		2,561
Hologic, Inc.†		251		17,352
Terumo Corp.		500		19,861
West Pharmaceutical Services, Inc.		9		2,476
				59,349
Medical - Biomedical/Gene — 0.4%
Alexion Pharmaceuticals, Inc.†		58		7,082
Amgen, Inc.		17		3,775

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Bavarian Nordic A/S†#		1,633	$	48,988
Gilead Sciences, Inc.		20		1,213
Idorsia, Ltd.†		1,748		52,012
JCR Pharmaceuticals Co., Ltd.†		1,300		33,870
MorphoSys AG†		689		77,371
Pharma Mar SA#		360		41,526
Samsung Biologics Co, Ltd.†*		157		111,520
Seagen, Inc.†		56		9,537
Seegene, Inc.		164		27,848
Swedish Orphan Biovitrum AB†		3,071		57,110
United Therapeutics Corp.†		38		5,040
Vertex Pharmaceuticals, Inc.†		97		22,092
Vitrolife AB†		1,600		38,877
				537,861
Medical - Drugs — 0.4%
ALK-Abello A/S†		131		46,352
Alteogen, Inc.†		184		26,722
Daiichi Sankyo Co., Ltd.		1,500		53,075
Eli Lilly & Co.		60		8,739
Hanmi Pharm Co., Ltd.		84		27,214
Huadong Medicine Co., Ltd., Class A		24,400		102,535
Jiangsu Hengrui Medicine Co., Ltd.†		4,000		52,256
PRA Health Sciences, Inc.†		25		2,805
Santen Pharmaceutical Co., Ltd.		2,900		48,194
Shin Poong Pharmaceutical Co Ltd†		316		37,695
Siegfried Holding AG		173		121,457
Yuhan Corp.		536		31,195
Zoetis, Inc.		16		2,566
				560,805
Medical - Generic Drugs — 0.2%
Celltrion Healthcare Co., Ltd.†		657		72,495
Celltrion, Inc.†		888		272,848
				345,343
Medical - HMO — 0.0%
Humana, Inc.		54		21,628
UnitedHealth Group, Inc.		106		35,652
				57,280
Medical - Hospitals — 0.0%
Acadia Healthcare Co., Inc.†		6		255
HCA Healthcare, Inc.		55		8,256
				8,511
Medical - Nursing Homes — 0.1%
Korian SA†		2,531		84,112
Medical - Outpatient/Home Medical — 0.0%
Amedisys, Inc.†		10		2,448
Chemed Corp.		21		10,043
				12,491
Medical - Wholesale Drug Distribution — 0.2%
Amplifon SpA†		1,738		69,596
Cardinal Health, Inc.		124		6,769
Galenica AG*		1,382		88,585
Guangxi Liuzhou Pharmaceutical Co., Ltd., Class A		11,380		40,768
Hubei Jumpcan Pharmaceutical Co., Ltd.		6,800		22,594
McKesson Corp.		1		180
				228,492
Metal Processors & Fabrication — 0.1%
Aurubis AG		845		64,368
VAT Group AG*		478		100,361
				164,729

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Products - Distribution — 0.0%
MISUMI Group, Inc.		1,300	$	40,781
Metal Products - Fasteners — 0.0%
SFS Group AG		353		40,126
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		3,094		72,369
Miscellaneous Manufacturing — 0.1%
China Railway Signal & Communication Corp., Ltd.*		54,000		19,159
Stadler Rail AG#		569		25,596
Zhuzhou CRRC Times Electric Co., Ltd.		22,800		71,774
				116,529
Multilevel Direct Selling — 0.0%
Nu Skin Enterprises, Inc., Class A		15		773
Multimedia — 0.2%
FactSet Research Systems, Inc.		4		1,335
Walt Disney Co.		2,188		323,846
				325,181
Networking Products — 0.4%
Arista Networks, Inc.†		601		162,691
Cisco Systems, Inc.		9,662		415,659
				578,350
Non-Ferrous Metals — 0.0%
Korea Zinc Co., Ltd.		97		33,223
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		958		92,658
Waste Connections, Inc.		609		63,324
Waste Management, Inc.		987		117,581
				273,563
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		241		91,199
Oil Companies - Exploration & Production — 0.1%
ConocoPhillips		2,188		86,557
EOG Resources, Inc.		1,689		79,180
Inpex Corp.		4,800		26,851
Pioneer Natural Resources Co.		38		3,822
				196,410
Oil Companies - Integrated — 0.3%
Chevron Corp.		2,180		190,052
Exxon Mobil Corp.		4,797		182,910
				372,962
Oil Refining & Marketing — 0.2%
Hyundai Heavy Industries Holdings Co., Ltd.		124		31,321
Marathon Petroleum Corp.		750		29,160
Phillips 66		540		32,713
S-Oil Corp.		489		30,757
SK Holdings Co., Ltd.		344		65,751
SK Innovation Co., Ltd.		559		87,395
				277,097
Oil - Field Services — 0.2%
SBM Offshore NV		3,942		74,413
Schlumberger, Ltd.		3,435		71,414
Subsea 7 SA†		16,620		157,757
				303,584
Paper & Related Products — 0.0%
BillerudKorsnas AB		3,876		62,522

Security Description	Shares		Value (Note 2)
Pastoral & Agricultural — 0.1%
Guangdong Haid Group Co., Ltd., Class A		14,200	$	121,436
Liaoning Wellhope Agri-Tech JSC, Ltd., Class A		16,800		32,925
				154,361
Petrochemicals — 0.3%
LG Chem, Ltd.		455		328,950
Lotte Chemical Corp.		186		47,402
				376,352
Pharmacy Services — 0.0%
CVS Health Corp.		161		10,914
Pipelines — 0.1%
Gaztransport Et Technigaz SA		617		60,866
Kinder Morgan, Inc.		5,073		72,950
Williams Cos., Inc.		2,881		60,443
				194,259
Power Converter/Supply Equipment — 0.1%
Generac Holdings, Inc.†		68		14,661
Schneider Electric SE		619		86,131
				100,792
Private Equity — 0.0%
Bure Equity AB		600		19,084
Publishing - Newspapers — 0.0%
New York Times Co., Class A		6		257
Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities, Inc.		407		66,638
Alstria Office REIT-AG		8,737		140,592
American Tower Corp.		493		113,982
AvalonBay Communities, Inc.		467		77,797
Cofinimmo SA		450		66,990
Crown Castle International Corp.		646		108,250
Digital Realty Trust, Inc.		320		43,120
Equinix, Inc.		120		83,735
Inmobiliaria Colonial Socimi SA		9,027		86,143
Merlin Properties Socimi SA		10,510		96,596
Prologis, Inc.		957		95,748
Public Storage		271		60,829
Realty Income Corp.		1,274		76,402
SBA Communications Corp.		181		51,979
Segro PLC		2,903		35,296
Simon Property Group, Inc.		968		79,928
Warehouses De Pauw CVA		2,620		88,758
Welltower, Inc.		1,189		74,883
Weyerhaeuser Co.		1,240		36,010
				1,483,676
Real Estate Management/Services — 0.5%
Entra ASA#*		7,182		143,545
Fabege AB		5,324		83,551
Fastighets AB Balder, Class B†		1,522		76,092
Hufvudstaden AB, Class A		5,278		83,752
Kungsleden AB		12,683		133,752
Wallenstam AB		2,463		37,131
Wihlborgs Fastigheter AB		5,990		132,065
				689,888
Real Estate Operations & Development — 0.5%
ADLER Group SA†*		1,770		51,179
Allreal Holding AG		365		77,037
CA Immobilien Anlagen AG		1,869		64,765
Castellum AB		3,880		95,949
China Vanke Co., Ltd., Class A†		14,900		69,495

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Operations & Development (continued)
Grand City Properties SA		3,388	$	80,019
Mitsui Fudosan Co., Ltd.		1,800		37,612
Poly Developments and Holdings Group Co., Ltd., Class A		4,800		12,558
PSP Swiss Property AG		408		49,701
Samhallsbyggnadsbolaget i Norden AB		17,816		60,571
TAG Immobilien AG		4,139		123,727
				722,613
Recreational Vehicles — 0.1%
Dometic Group AB†*		7,316		92,165
Polaris, Inc.		10		960
				93,125
Recycling — 0.1%
TOMRA Systems ASA		2,183		93,961
Respiratory Products — 0.0%
ResMed, Inc.		52		10,899
Retail - Apparel/Shoe — 0.2%
HUGO BOSS AG		3,467		106,740
Lululemon Athletica, Inc.†		140		51,831
Ross Stores, Inc.		500		53,760
				212,331
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		29		32,992
O’Reilly Automotive, Inc.†		131		57,959
				90,951
Retail - Building Products — 0.4%
Home Depot, Inc.		1,278		354,530
Lowe’s Cos., Inc.		1,204		187,607
Nitori Holdings Co., Ltd.		200		42,586
				584,723
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		539		58,643
Retail - Convenience Store — 0.0%
Casey’s General Stores, Inc.		4		727
Retail - Discount — 0.2%
Dollar General Corp.		419		91,585
Dollar Tree, Inc.†		320		34,957
E-MART Inc.		239		33,262
Ollie’s Bargain Outlet Holdings, Inc.†		47		4,139
Pan Pacific International Holdings Corp.		1,500		35,445
Target Corp.		680		122,080
Walmart, Inc.		138		21,085
				342,553
Retail - Drug Store — 0.1%
Shop Apotheke Europe NV†*		270		42,578
Zur Rose Group AG†		168		50,469
				93,047
Retail - Gardening Products — 0.0%
Tractor Supply Co.		36		5,069
Retail - Home Furnishings — 0.0%
Williams-Sonoma, Inc.		101		11,056
Retail - Jewelry — 0.0%
Lao Feng Xiang Co., Ltd., Class A		2,100		15,046
Retail - Major Department Stores — 0.1%
TJX Cos., Inc.		1,607		102,061
Retail - Misc./Diversified — 0.0%
Hotel Shilla Co., Ltd.		354		25,593

Security Description	Shares		Value (Note 2)
Retail - Regional Department Stores — 0.0%
H20 Retailing Corp.		5,400	$	33,259
Retail - Restaurants — 0.3%
Chipotle Mexican Grill, Inc.†		38		48,998
McDonald’s Corp.		730		158,731
Starbucks Corp.		1,291		126,544
Yum! Brands, Inc.		410		43,378
				377,651
Rubber - Tires — 0.1%
Hankook Tire & Technology Co., Ltd.		1,012		29,906
Nokian Renkaat Oyj		3,102		109,008
				138,914
Rubber/Plastic Products — 0.1%
Daetwyler Holding AG		138		37,509
Hexpol AB		8,522		88,778
				126,287
Satellite Telecom — 0.1%
Eutelsat Communications SA#		10,863		119,990
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		1,436		17,806
Security Services — 0.0%
Loomis AB†		2,115		60,317
Semiconductor Components - Integrated Circuits — 0.5%
Analog Devices, Inc.		850		118,218
Maxim Integrated Products, Inc.		53		4,401
NXP Semiconductors NV		1,297		205,471
QUALCOMM, Inc.		2,061		303,317
Renesas Electronics Corp.†		10,600		94,222
				725,629
Semiconductor Equipment — 0.5%
Advantest Corp.		400		27,816
Applied Materials, Inc.		1,191		98,234
ASM International NV		724		127,946
BE Semiconductor Industries NV		1,923		100,494
KLA Corp.		230		57,953
Lam Research Corp.		170		76,952
Siltronic AG		556		81,046
Teradyne, Inc.		632		69,735
				640,176
Shipbuilding — 0.1%
HLB, Inc.†		428		35,237
Korea Shipbuilding & Offshore Engineering Co., Ltd.†		418		38,908
Samsung Heavy Industries Co., Ltd.†		5,059		31,226
				105,371
Software Tools — 0.1%
VMware, Inc., Class A†		1,182		165,350
Steel - Producers — 0.2%
Baoshan Iron & Steel Co., Ltd., Class A		67,200		63,400
Hyundai Steel Co.		1,062		30,520
POSCO		726		153,526
Reliance Steel & Aluminum Co.		93		10,955
SSAB AB, Class B†		19,138		52,704
Steel Dynamics, Inc.		28		1,014
				312,119
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		1,791		67,019

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		2,297	$	50,006
KMW Co., Ltd.†		258		17,137
				67,143
Telephone - Integrated — 0.5%
AT&T, Inc.		8,499		244,346
Freenet AG		4,534		92,645
KDDI Corp.		1,900		54,279
Nippon Telegraph & Telephone Corp.		2,400		56,667
SoftBank Group Corp.		700		48,759
Verizon Communications, Inc.		4,412		266,529
				763,225
Television — 0.1%
ION Media Networks, Inc.†(1)(2)		18		15,578
ProSiebenSat.1 Media SE†		8,090		117,105
				132,683
Theaters — 0.1%
CTS Eventim AG & Co. KGaA†		1,606		97,223
Tobacco — 0.1%
Altria Group, Inc.		79		3,147
KT&G Corp.		1,189		88,647
Philip Morris International, Inc.		79		5,984
				97,778
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		719		132,519
Transactional Software — 0.1%
SimCorp A/S		961		126,127
Transport - Marine — 0.0%
Euronav NV		6,381		50,198
Transport - Rail — 0.5%
Central Japan Railway Co.		400		50,958
CSX Corp.		1,640		147,682
Norfolk Southern Corp.		583		138,183
Tokyu Corp.		3,800		46,117
Union Pacific Corp.		1,268		258,773
				641,713
Transport - Services — 0.3%
FedEx Corp.		518		148,448
United Parcel Service, Inc., Class B		1,294		221,365
YTO Express Group Co., Ltd.		6,500		12,749
				382,562
Transport - Truck — 0.0%
Hyundai Glovis Co., Ltd.		229		36,837
Landstar System, Inc.		71		9,331
Old Dominion Freight Line, Inc.		14		2,847
				49,015
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		102		4,887
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		796		63,314
VeriSign, Inc.†		293		58,811
				122,125
Web Portals/ISP — 1.1%
Alphabet, Inc., Class A†		381		668,426
Alphabet, Inc., Class C†		365		642,670
Baidu, Inc. ADR†		158		21,961

Security Description	Shares/ Principal Amount(7)		Value (Note 2)
Web Portals/ISP (continued)
NAVER Corp.		1,161	$	291,155
				1,624,212
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		210		36,022
Samsung SDI Co., Ltd.		520		250,472
				286,494
Total Common Stocks
(cost $61,176,338)				79,371,654
EXCHANGE-TRADED FUNDS — 9.5%
iShares JP Morgan USD Emerging Markets Bond ETF		34,400		3,930,200
iShares MSCI Europe Small-Cap ETF		3,900		223,743
iShares MSCI Eurozone ETF#		32,400		1,391,256
iShares MSCI France ETF#		52,300		1,400,071
iShares MSCI South Korea ETF#		24,800		1,895,216
iShares MSCI Spain ETF		43,200		1,403,568
iShares Russell 1000 Growth ETF#		98		22,662
VanEck Vectors Gold Miners ETF		94,756		3,286,138
Total Exchange-Traded Funds
(cost $12,601,587)				13,552,854
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Electric - Generation — 0.1%
China Huadian Overseas Development Management Co., Ltd. 4.00% due 05/29/2024(3)		200,000		207,087
Insurance - Life/Health — 0.2%
Dai-ichi Life Insurance Co., Ltd. 4.00% due 07/24/2026(3)		200,000		220,000
Insurance - Property/Casualty — 0.2%
Mitsui Sumitomo Insurance Co., Ltd. 4.95% due 03/06/2029(3)		200,000		238,000
Investment Companies — 0.1%
Huarong Finance II Co., Ltd. 4.00% due 11/07/2022(3)		200,000		203,107
Metal - Aluminum — 0.1%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(3)		200,000		201,993
Total Preferred Securities/Capital Securities
(cost $1,029,000)				1,070,187
RIGHTS — 0.0%
Enterprise Software/Service — 0.0%
Aveva Group PLC Expires 12/09/2020#		0		3
Real Estate Operations & Development — 0.0%
BUWOG AG#(1)		1,461		0
Total Rights
(cost $3)				3
FOREIGN CORPORATE BONDS & NOTES — 5.3%
Banks - Commercial — 0.7%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		200,000		218,840
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030		200,000		206,100
Metropolitan Bank & Trust Co. Senior Notes 2.13% due 01/15/2026		200,000		202,546
NongHyup Bank Senior Notes 1.25% due 07/20/2025*		200,000		203,148
Oversea-Chinese Banking Corp Ltd Sub. Notes 1.83% due 09/10/2030*		200,000		201,549
				1,032,183

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(7)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.2%
Turkcell Iletisim Hizmetleri AS Senior Notes 5.80% due 04/11/2028	$	200,000	$	208,224
Chemicals - Diversified — 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		200,000		202,060
Coal — 0.3%
Adaro Indonesia PT Company Guar. Notes 4.25% due 10/31/2024		250,000		257,500
Indika Energy Capital III Pte, Ltd. Senior Sec. Notes 5.88% due 11/09/2024		200,000		202,000
				459,500
Diversified Banking Institutions — 0.6%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		200,000		210,617
Mizuho Financial Group, Inc. Senior Notes 2.72% due 07/16/2023		200,000		206,785
Mizuho Financial Group, Inc. Senior Notes 2.87% due 09/13/2030		200,000		216,759
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.35% due 01/15/2025		200,000		211,655
				845,816
Electric - Distribution — 0.3%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		200,000		208,502
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		200,000		194,600
				403,102
Electric - Generation — 0.1%
Korea East-West Power Co., Ltd. Senior Notes 1.75% due 05/06/2025*		200,000		207,284
Energy - Alternate Sources — 0.2%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		200,000		211,601
Finance - Investment Banker/Broker — 0.1%
Mirae Asset Daewoo Co., Ltd. Senior Notes 2.63% due 07/30/2025		200,000		205,522
Finance - Leasing Companies — 0.1%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		200,000		198,148
Independent Power Producers — 0.3%
Cometa Energia SA de CV Senior Sec. Notes 6.38% due 04/24/2035		187,400		215,979

Security Description	Principal Amount(7)		Value (Note 2)
Independent Power Producers (continued)
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029	$	200,000	$	221,000
				436,979
Investment Companies — 0.2%
Beijing State-Owned Assets Management Hong Kong Co., Ltd. Senior Notes 4.13% due 05/26/2025		200,000		216,228
Investment Management/Advisor Services — 0.1%
China Great Wall International Holdings V, Ltd. Company Guar. Notes 2.38% due 08/18/2030		200,000		196,403
Metal - Aluminum — 0.2%
Indonesia Asahan Aluminium Persero PT Senior Notes 5.45% due 05/15/2030		200,000		238,395
Multimedia — 0.1%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		200,000		208,102
Oil Companies - Exploration & Production — 0.2%
Korea National Oil Corp. Senior Notes 3.25% due 10/01/2025		200,000		221,818
Oil Companies - Integrated — 0.4%
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		40,000		47,550
Pertamina Persero PT Senior Notes 6.45% due 05/30/2044		200,000		273,588
Saudi Arabian Oil Co. Senior Notes 3.50% due 04/16/2029		200,000		221,579
				542,717
Real Estate Operations & Development — 0.8%
Country Garden Holdings Co., Ltd. Senior Sec. Notes 7.25% due 04/08/2026		200,000		223,496
Goodman HK Finance Company Guar. Notes 3.00% due 07/22/2030		200,000		207,212
Longfor Group Holdings, Ltd. Senior Notes 3.95% due 09/16/2029		200,000		216,426
Sun Hung Kai Properties Capital Market, Ltd. Company Guar. Notes 3.75% due 02/25/2029		200,000		224,263
Vanke Real Estate Hong Kong Co., Ltd. Senior Notes 3.50% due 11/12/2029		200,000		212,554
				1,083,951
Transport - Equipment & Leasing — 0.1%
CMB International Leasing Management, Ltd. Senior Notes 3.00% due 07/03/2024		200,000		205,844

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)			Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Web Portals/ISP — 0.2%
Baidu, Inc. Senior Notes 3.08% due 04/07/2025#	$	200,000		$	213,272
Total Foreign Corporate Bonds & Notes
(cost $7,232,755)					7,537,149
FOREIGN GOVERNMENT OBLIGATIONS — 1.9%
Sovereign — 1.9%
United Mexican States Senior Notes 8.50% due 05/31/2029 (cost $2,457,723)	MXN	47,000,000			2,785,547
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%(1)†		45,000			4
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000			493
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(1)†		71,000			7
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(1)†		69,000			7
Total Escrows And Litigation Trusts
(cost $0)					511
Total Long-Term Investment Securities
(cost $84,497,406)					104,317,905
SHORT-TERM INVESTMENT SECURITIES — 13.3%
Registered Investment Companies — 11.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.02%(4)		10,696,304			10,696,304
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(4)(5)		6,047,096			6,047,096
					16,743,400
U.S. Government Treasuries — 1.6%
United States Treasury Bills 0.09% due 12/17/2020(6)		2,250,000			2,249,935
Total Short-Term Investment Securities
(cost $18,993,310)					18,993,335
TOTAL INVESTMENTS
(cost $103,490,716) (8)		86.6	%		123,311,240
Other assets less liabilities		13.4			19,013,064
NET ASSETS		100.0	%	$	142,324,304

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $3,417,254 representing 2.4% 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 November 30, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		3/5/2014		18	$	0	$	15,578		865.44		0.01	%

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

(4) The rate shown is the 7-day yield as of November 30, 2020.

(5) At November 30, 2020, the Fund had loaned securities with a total value of $6,362,622. This was secured by collateral of $6,047,096, which was received in cash and subsequently invested in short-term investments currently valued at $6,047,096 as reported in the Portfolio of Investments. Additional collateral of $577,320 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range		Maturity Date Range		Value as of November 30, 2020
Federal Home Loan Mtg. Corp.		1.25% to 3.50%		02/01/2048 to 11/01/2050	$	19,188
Federal National Mtg. Assoc.		1.49% to 4.00%		05/25/2030 to 09/01/2050		51,527
Government National Mtg. Assoc.		2.50% to 2.70%		09/20/2046 to 05/16/2053		1,766
United States Treasury Bills		0.00%		12/24/2020 to 07/15/2021		81,830
United States Treasury Notes/Bonds		0.13% to 8.13%		12/31/2020 to 11/15/2049		423,009

(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

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange Traded Fund

Euronext Dublin—Euronext Stock Exchange, Dublin

LSE—London Stock Exchange

MXN—Mexican Peso

SDR—Swedish Depositary Receipt

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation
	140	Long	FTSE China A50 Index		December 2020	$	2,301,224	$	2,340,380	$	39,156
	45	Long	IBEX 35 Index		December 2020		4,299,600		4,328,026		28,426
	5	Long	MSCI Europe Index		December 2020		341,061		361,775		20,714
	38	Long	U.S. Treasury Ultra Bonds		March 2021		8,186,707		8,209,188		22,481
										$	110,777
										Unrealized (Depreciation)
	87	Long	CAC 40 Index		December 2020	$	5,743,713	$	5,717,130	$	(26,583	)
	3	Short	NASDAQ 100 E-mini Index		December 2020		787,969		736,620		(51,349	)
	28	Short	Russell 1000 E-mini Growth Index		December 2020		3,450,204		3,252,760		(197,444	)
	9	Short	Russell 1000 E-mini Value Index		December 2020		637,770		585,630		(52,140	)
	1	Short	TOPIX Index		December 2020		184,486		168,151		(16,335	)
										$	(343,851	)
			Net Unrealized Appreciation (Depreciation)							$	(233,074	)

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

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital Services, Inc		CNH	16,160,000		USD	2,349,281		12/16/2020	$	–	$	(102,695	)
		DKK	7,330,000		USD	1,179,788		03/17/2021		1,945		–
		EUR	1,120,000		USD	1,330,874		12/16/2020		–		(5,687	)
		EUR	2,400,000		USD	2,859,990		03/17/2021		–		(10,736	)
		JPY	412,200,000		USD	3,943,614		12/16/2020		–		(5,755	)
		KRW	2,645,600,000		USD	2,228,868		12/16/2020		–		(161,714	)
		KRW	1,479,000,000		USD	1,333,285		03/17/2021		–		(2,818	)
		MXN	56,400,000		USD	2,596,011		12/16/2020		–		(190,476	)
		NOK	5,400,000		USD	610,266		12/16/2020		3,201		–
		SEK	16,660,000		USD	1,905,509		12/16/2020		–		(37,497	)
		USD	2,543,133		AUD	3,490,000		12/16/2020		19,092		–
		USD	2,687,408		CAD	3,540,000		12/16/2020		38,655		–
		USD	1,729,596		CHF	1,570,000		12/16/2020		–		(1,023	)
		USD	1,330,380		EUR	1,120,000		12/16/2020		6,181		–
		USD	2,636,190		GBP	2,060,000		12/16/2020		110,644		–
		USD	12,007,873		JPY	1,272,520,000		12/16/2020		184,391		–
Unrealized Appreciation/(Depreciation)									$	364,109	$	(518,401	)

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Yuan Renminbi Offshore

DKK—Danish Krone

EUR—Euro Currency

GBP—British Pound Sterling

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

SEK—Swedish Krona

USD—U.S. Dollar

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	117,105	$	—	$	15,578	$	132,683
Other Industries		79,176,624		62,347		—		79,238,971
Exchange-Traded Funds		13,552,854		—		—		13,552,854
Preferred Securitites/Capital Securities		—		1,070,187		—		1,070,187
Rights:
Enterprise Software/Service		3		—		—		3
Real Estate Operations & Development		—		—		0		0
Foreign Corporate Bonds & Notes		—		7,537,149		—		7,537,149
Foreign Government Obligations		—		2,785,547		—		2,785,547
Escrows and Lititgation Trusts		—		493		18		511
Short-Term Investment Securities:
Registered Investment Companies		16,743,400		—		—		16,743,400
U.S. Government Treasuries		—		2,249,935		—		2,249,935
Total Investments at Value	$	109,589,986	$	13,705,658	$	15,596	$	123,311,240
Other Financial Instruments:†
Futures Contracts	$	110,777	$	—	$	—	$	110,777
Forward Foreign Currency Contracts		—		364,109		—		364,109
Total Other Financial Instruments	$	110,777	$	364,109	$	—	$	474,886
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	343,851	$	—	$	—	$	343,851
Forward Foreign Currency Contracts		—		518,401		—		518,401
Total Other Financial Instruments	$	343,851	$	518,401	$	—	$	862,252

* 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

19

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

E-Commerce/Products	15.6	%
Internet Content-Entertainment	10.1
Applications Software	9.7
Web Portals/ISP	6.7
Finance-Credit Card	5.4
Commercial Services-Finance	5.3
Computers	4.5
Enterprise Software/Service	3.9
Electronic Components-Semiconductors	3.6
Medical-HMO	3.3
Data Processing/Management	2.9
Internet Content-Information/News	2.7
Diagnostic Equipment	2.3
E-Commerce/Services	1.8
Medical-Biomedical/Gene	1.4
Medical Instruments	1.4
Pharmacy Services	1.4
Medical Products	1.3
Retail-Apparel/Shoe	1.3
Retail-Discount	1.2
Entertainment Software	1.2
Commercial Services	1.0
Computer Software	1.0
Diversified Banking Institutions	1.0
Retail-Restaurants	0.9
Semiconductor Components-Integrated Circuits	0.8
Internet Application Software	0.8
Electronic Measurement Instruments	0.8
Athletic Footwear	0.7
Computer Aided Design	0.7
Registered Investment Companies	0.6
Transport-Rail	0.5
Communications Software	0.4
Finance-Investment Banker/Broker	0.4
Medical-Hospitals	0.3
Industrial Gases	0.3
Medical-Drugs	0.3
Insurance Brokers	0.3
Retail-Automobile	0.3
Finance-Other Services	0.3
Semiconductor Equipment	0.3
Diversified Financial Services	0.3
Diversified Manufacturing Operations	0.2
Electronic Connectors	0.2
Retail-Major Department Stores	0.1
Coatings/Paint	0.1
Chemicals-Diversified	0.1
Hotels/Motels	0.1
Medical Labs & Testing Services	0.1
Dental Supplies & Equipment	0.1
Cable/Satellite TV	0.1
Auto/Truck Parts & Equipment-Original	0.1
	100.2	%

* Calculated as a percentage of net assets

20

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Aerospace/Defense — 0.0%
Northrop Grumman Corp.		362	$	109,418
Aerospace/Defense-Equipment — 0.0%
L3Harris Technologies, Inc.		403		77,372
Airlines — 0.0%
United Airlines Holdings, Inc.†		451		20,318
Apparel Manufacturers — 0.0%
VF Corp.		4,100		341,940
Applications Software — 9.7%
Intuit, Inc.		55,783		19,636,732
Microsoft Corp.		232,553		49,782,621
ServiceNow, Inc.†		45,964		24,570,056
				93,989,409
Athletic Footwear — 0.7%
NIKE, Inc., Class B		52,915		7,127,650
Auto-Cars/Light Trucks — 0.0%
Tesla, Inc.†		200		113,520
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC		4,390		521,093
Banks-Fiduciary — 0.0%
State Street Corp.		1,581		111,429
Cable/Satellite TV — 0.1%
Charter Communications, Inc., Class A†		800		521,592
Cellular Telecom — 0.0%
T-Mobile US, Inc.†		1,500		199,410
Chemicals-Diversified — 0.1%
PPG Industries, Inc.		8,000		1,174,160
Coatings/Paint — 0.1%
Sherwin-Williams Co.		1,656		1,238,075
Commercial Services — 1.0%
Cintas Corp.		10,240		3,638,272
CoStar Group, Inc.†		7,096		6,461,405
				10,099,677
Commercial Services-Finance — 5.3%
Equifax, Inc.		900		150,210
Global Payments, Inc.		95,374		18,616,051
PayPal Holdings, Inc.†		118,821		25,441,953
S&P Global, Inc.		18,203		6,403,451
Square, Inc., Class A†		2,500		527,400
				51,139,065
Communications Software — 0.4%
Zoom Video Communications, Inc., Class A†		8,400		4,018,224
Computer Aided Design — 0.7%
Synopsys, Inc.†		30,078		6,842,745
Computer Software — 1.0%
Snowflake, Inc., Class A†#		485		158,032
Splunk, Inc.†		45,279		9,245,066
Twilio, Inc., Class A†		1,787		572,001
				9,975,099
Computers — 4.5%
Apple, Inc.		370,139		44,065,048
Data Processing/Management — 2.9%
DocuSign, Inc.†		21,462		4,890,760
Fidelity National Information Services, Inc.		83,938		12,457,239
Fiserv, Inc.†		90,187		10,387,739
				27,735,738

Security Description	Shares		Value (Note 2)
Decision Support Software — 0.0%
MSCI, Inc.		500	$	204,710
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		1,196		575,623
Diagnostic Equipment — 2.3%
Danaher Corp.		51,906		11,659,645
Thermo Fisher Scientific, Inc.		22,499		10,461,585
				22,121,230
Diversified Banking Institutions — 1.0%
Goldman Sachs Group, Inc.		28,438		6,557,234
Morgan Stanley		51,651		3,193,581
				9,750,815
Diversified Financial Services — 0.3%
ANT International Co., Ltd., Class C(1)(2)		273,650		2,380,755
Diversified Manufacturing Operations — 0.2%
General Electric Co.		102,467		1,043,114
Parker-Hannifin Corp.		3,400		908,684
				1,951,798
Drug Delivery Systems — 0.0%
Becton Dickinson and Co.		844		198,205
E-Commerce/Products — 15.6%
Alibaba Group Holding, Ltd. ADR†		145,751		38,384,984
Amazon.com, Inc.†		34,773		110,162,255
Etsy, Inc.†		10,400		1,671,280
Pinduoduo, Inc. ADR†		10,893		1,512,057
				151,730,576
E-Commerce/Services — 1.8%
Booking Holdings, Inc.†		3,938		7,988,036
Match Group, Inc.†		68,022		9,469,343
Trip.com Group, Ltd . ADR†		3,699		124,249
				17,581,628
Electronic Components-Semiconductors — 3.6%
Advanced Micro Devices, Inc.†		105,000		9,729,300
Marvell Technology Group, Ltd.		166,301		7,698,073
Monolithic Power Systems, Inc.		300		95,988
NVIDIA Corp.		27,871		14,940,528
Texas Instruments, Inc.		17,387		2,803,654
				35,267,543
Electronic Connectors — 0.2%
TE Connectivity, Ltd.		15,000		1,709,550
Electronic Forms — 0.0%
Adobe, Inc.†		200		95,694
Electronic Measurement Instruments — 0.8%
Agilent Technologies, Inc.		1,853		216,616
Fortive Corp.		28,784		2,018,622
Roper Technologies, Inc.		11,864		5,065,928
				7,301,166
Enterprise Software/Service — 3.9%
Atlassian Corp. PLC, Class A†		8,983		2,021,624
Coupa Software, Inc.†		905		297,663
Paycom Software, Inc.†		6,471		2,698,925
salesforce.com, Inc.†		90,783		22,314,461
Veeva Systems, Inc., Class A†		11,700		3,239,379
Workday, Inc., Class A†		30,464		6,848,003
				37,420,055
Entertainment Software — 1.2%
Sea, Ltd. ADR†		61,900		11,164,903

21

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Credit Card — 5.4%
Mastercard, Inc., Class A		66,528	$	22,387,337
Visa, Inc., Class A		141,786		29,824,685
				52,212,022
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		72,509		3,536,989
Finance-Other Services — 0.3%
Intercontinental Exchange, Inc.		23,977		2,529,813
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.		2,141		221,872
Marriott International, Inc., Class A		2,919		370,333
				592,205
Industrial Gases — 0.3%
Linde PLC		12,960		3,323,203
Instruments-Controls — 0.0%
Honeywell International, Inc.		405		82,588
Insurance Brokers — 0.3%
Marsh & McLennan Cos., Inc.		8,299		951,398
Willis Towers Watson PLC		9,833		2,047,132
				2,998,530
Insurance-Multi-line — 0.0%
Chubb, Ltd.		2,766		408,898
Internet Application Software — 0.8%
Shopify, Inc., Class A†		3,001		3,272,230
Wix.com, Ltd.†		15,900		4,061,337
				7,333,567
Internet Content-Entertainment — 10.1%
Facebook, Inc., Class A†		231,768		64,192,783
Netflix, Inc.†		42,794		20,999,016
Snap, Inc., Class A†		165,657		7,358,484
Spotify Technology SA†		19,600		5,710,852
				98,261,135
Internet Content-Information/News — 2.7%
Tencent Holdings, Ltd.		363,800		26,424,730
Medical Instruments — 1.4%
Intuitive Surgical, Inc.†		18,476		13,414,500
Medical Labs & Testing Services — 0.1%
PPD, Inc.†		16,797		587,895
Medical Products — 1.3%
Stryker Corp.		55,570		12,970,038
Medical-Biomedical/Gene — 1.4%
Exact Sciences Corp.†		1,215		147,088
Incyte Corp.†		39,724		3,358,267
Seagen, Inc.†		883		150,384
Vertex Pharmaceuticals, Inc.†		44,100		10,043,775
				13,699,514
Medical-Drugs — 0.3%
AbbVie, Inc.		2,044		213,762
Zoetis, Inc.		17,914		2,873,047
				3,086,809
Medical-HMO — 3.3%
Anthem, Inc.		17,784		5,540,072
Centene Corp.†		83,444		5,144,323
Humana, Inc.		5,800		2,323,016
UnitedHealth Group, Inc.		55,231		18,576,394
				31,583,805

Security Description	Shares			Value (Note 2)
Medical-Hospitals — 0.3%
HCA Healthcare, Inc.		22,312		$	3,349,254
Pharmacy Services — 1.4%
Cigna Corp.		63,572			13,295,448
Retail-Apparel/Shoe — 1.3%
Lululemon Athletica, Inc.†		18,909			7,000,490
Ross Stores, Inc.		50,203			5,397,826
					12,398,316
Retail-Automobile — 0.3%
Carvana Co.†#		11,771			2,945,222
Retail-Discount — 1.2%
Dollar General Corp.		53,146			11,616,652
Dollar Tree, Inc.†		899			98,207
					11,714,859
Retail-Major Department Stores — 0.1%
TJX Cos., Inc.		20,343			1,291,984
Retail-Restaurants — 0.9%
Chipotle Mexican Grill, Inc.†		4,300			5,544,549
Domino’s Pizza, Inc.		1,400			549,598
McDonald’s Corp.		1,500			326,160
Yum! Brands, Inc.		25,351			2,682,136
					9,102,443
Semiconductor Components-Integrated Circuits — 0.8%
Maxim Integrated Products, Inc.		29,795			2,474,177
QUALCOMM, Inc.		36,178			5,324,316
					7,798,493
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		19,748			1,628,815
KLA Corp.		413			104,064
Lam Research Corp.		1,466			663,599
					2,396,478
Transport-Rail — 0.5%
Canadian Pacific Railway, Ltd.		395			127,131
Kansas City Southern		458			85,266
Norfolk Southern Corp.		10,526			2,494,872
Union Pacific Corp.		11,177			2,281,002
					4,988,271
Web Portals/ISP — 6.7%
Alphabet, Inc., Class A†		6,693			11,742,199
Alphabet, Inc., Class C†		30,216			53,202,520
					64,944,719
Total Long-Term Investment Securities
(cost $449,778,649)					966,146,961
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.02%(4)		500,014			500,014
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(3)(4)		162,718			162,718
T. Rowe Price Government Reserve Fund † 0.09%(4)		5,018,127			5,018,127
Total Short-Term Investment Securities
(cost $5,680,859)					5,680,859
TOTAL INVESTMENTS
(cost $455,459,508)(5)		100.2	%		971,827,820
Liabilities in excess of other assets		(0.2	)		(1,716,840	)
NET ASSETS		100.0	%	$	970,110,980

22

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

† Non-income producing security

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

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, 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	$	2,380,755	$	8.70		0.25	%

(3) At November 30, 2020, the Fund had loaned securities with a total value of $1,108,830. This was secured by collateral of $162,718 which was received in cash and subsequently invested in short-term investments currently valued at $162,718 as reported in the Portfolio of Investments. Additional collateral of $966,024 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Notes/Bonds	0.13% to 8.13%	01/15/2021 to 11/15/2049	$966,024

(4) The rate shown is the 7-day yield as of November 30, 2020.

(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 November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Diversified Financial Services	$	—	$	—	$	2,380,755	$	2,380,755
Other Industries		963,766,206		—		—		963,766,206
Short-Term Investment Securities		5,680,859		—		—		5,680,859
Total Investments at Value	$	969,447,065	$	—	$	2,380,755	$	971,827,820

* 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

23

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	20.7	%
United States Treasury Notes	13.5
Registered Investment Companies	9.9
Federal Home Loan Mtg. Corp.	9.0
United States Treasury Bonds	6.1
Government National Mtg. Assoc.	5.6
Diversified Banking Institutions	5.0
Uniform Mtg. Backed Securities	4.3
Banks — Commercial	3.1
Diversified Financial Services	2.8
Electric — Integrated	2.3
Pipelines	1.3
Telephone — Integrated	1.2
Real Estate Investment Trusts	0.8
Oil Companies — Exploration & Production	0.8
Insurance — Life/Health	0.8
Oil Companies — Integrated	0.7
Medical — Drugs	0.6
Cable/Satellite TV	0.6
SupraNational Banks	0.6
Banks — Super Regional	0.6
Electric — Distribution	0.6
Federal Home Loan Bank	0.5
Cellular Telecom	0.5
Paper & Related Products	0.5
Computers	0.4
Medical — Biomedical/Gene	0.4
Chemicals — Diversified	0.4
Banks — Special Purpose	0.4
Computer Services	0.3
Beverages — Non-alcoholic	0.3
Brewery	0.3
Machinery — Farming	0.3
Finance — Consumer Loans	0.3
Electric — Generation	0.3
Auto — Cars/Light Trucks	0.3
Pharmacy Services	0.3
Television	0.3
Food — Wholesale/Distribution	0.3
Savings & Loans/Thrifts	0.2
Diversified Minerals	0.2
Food — Misc./Diversified	0.2
Sovereign	0.2
Diversified Manufacturing Operations	0.2
Finance — Credit Card	0.2
Transport — Rail	0.2
Chemicals — Specialty	0.2
Aerospace/Defense	0.2
Medical — HMO	0.2
Retail — Auto Parts	0.2
Machinery — Construction & Mining	0.2
Building Products — Air & Heating	0.2
Retail — Restaurants	0.2
Electronic Components — Semiconductors	0.2
Trucking/Leasing	0.2
Telecom Equipment — Fiber Optics	0.2
Enterprise Software/Service	0.2
Tools — Hand Held	0.2
Transport — Equipment & Leasing	0.1
Transport — Services	0.1
Finance — Commercial	0.1
Retail — Regional Department Stores	0.1
Insurance — Property/Casualty	0.1
Building & Construction Products — Misc.	0.1
Oil — Field Services	0.1
Beverages — Wine/Spirits	0.1
Semiconductor Components — Integrated Circuits	0.1
Energy — Alternate Sources	0.1
Medical — Generic Drugs	0.1

Food — Meat Products	0.1
Oil Refining & Marketing	0.1
Machinery — Electrical	0.1
Multimedia	0.1
Retail — Discount	0.1
Medical — Wholesale Drug Distribution	0.1
Retail — Apparel/Shoe	0.1
Agricultural Chemicals	0.1
Advertising Agencies	0.1
Investment Companies	0.1
Water	0.1
Steel — Producers	0.1
Building Products — Wood	0.1
Commercial Services	0.1
Containers — Paper/Plastic	0.1
Broadcast Services/Program	0.1
Shipbuilding	0.1
Electric Products — Misc.	0.1
Insurance — Multi-line	0.1
Auto/Truck Parts & Equipment — Original	0.1
Non-Profit Charity	0.1
Investment Management/Advisor Services	0.1
Transport — Marine	0.1
Retail — Automobile	0.1
Entertainment Software	0.1
Instruments — Controls	0.1
Petrochemicals	0.1
E-Commerce/Products	0.1
Auto — Heavy Duty Trucks	0.1
Retail — Building Products	0.1
	104.9	%

Credit Quality†#

Aaa	64.8	%
Aa	1.7
A	10.2
Baa	18.7
Ba	1.2
Not Rated@	3.4
	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.

24

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.6%
Diversified Financial Services — 2.6%
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025	$	100,000	$	102,553
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		267,000		269,768
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		400,000		429,268
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		186,000		193,341
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		500,000		575,634
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.14% (1 ML+1.00%) due 04/15/2034*(1)		100,000		96,873
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		200,000		203,684
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		230,000		235,673
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		227,893		232,940
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		132,418		136,936
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(2)		125,000		131,475
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,764,000		1,797,403
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		201,949
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		75,000		76,289
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		430,000		430,040
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		101,854
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		23,000		23,422
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		410,000		464,220
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		200,000		210,423
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		188,493		189,006
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		34,000		33,921

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
MSDB Trust VRS Series 2017-712F, Class A 3.43% due 07/11/2039*(1)(2)	$	790,000	$	852,419
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.04% (1 ML+0.90%) due 12/15/2033*(1)		250,000		248,948
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		270,000		287,137
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		100,000		106,736
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		225,000		233,674
Total Asset Backed Securities
(cost $7,635,011)				7,865,586
U.S. CORPORATE BONDS & NOTES — 23.6%
Advertising Agencies — 0.1%
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030		189,000		200,569
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030		53,000		63,924
				264,493
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		339,000		383,864
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050		4,000		4,362
				388,226
Auto - Cars/Light Trucks — 0.2%
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		257,000		259,239
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		224,000		236,842
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		161,000		171,858
				667,939
Auto - Heavy Duty Trucks — 0.1%
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		152,000		153,780
Auto/Truck Parts & Equipment - Original — 0.1%
BorgWarner, Inc. Senior Notes 2.65% due 07/01/2027		182,000		194,074
Banks - Commercial — 1.5%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		543,000		622,412
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		541,000		607,004

25

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032*	$	583,000	$	609,103
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		250,000		291,196
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		297,000		450,484
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026		119,000		128,536
Signature Bank New York Sub. Notes 4.00% due 10/15/2030		531,000		537,726
SunTrust Bank Senior Notes 3.20% due 04/01/2024		406,000		440,194
SunTrust Bank Senior Notes 3.50% due 08/02/2022		4,000		4,083
Synovus Bank Senior Notes 2.29% due 02/10/2023		250,000		253,108
Truist Bank Sub. Notes 2.64% due 09/17/2029		257,000		269,057
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		397,000		408,023
				4,620,926
Banks - Super Regional — 0.6%
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		143,000		150,921
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		356,000		387,793
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		647,000		754,762
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051		330,000		471,265
				1,764,741
Beverages - Non-alcoholic — 0.2%
Coca-Cola Co. Senior Notes 2.50% due 03/15/2051		221,000		229,813
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		243,000		259,707
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049		185,000		206,845
				696,365
Beverages - Wine/Spirits — 0.0%
Pernod Ricard International Finance LLC Company Guar. Notes 2.75% due 10/01/2050*		151,000		149,289

Security Description	Principal Amount		Value (Note 2)
Brewery — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046	$	438,000	$	572,327
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		351,000		445,515
				1,017,842
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		178,000		230,042
Building & Construction Products - Misc. — 0.1%
Owens Corning Senior Notes 4.30% due 07/15/2047		350,000		414,543
Building Products - Air & Heating — 0.2%
Carrier Global Corp. Senior Notes 2.70% due 02/15/2031*		104,000		111,052
Carrier Global Corp. Senior Notes 2.72% due 02/15/2030*		123,000		131,039
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*		302,000		332,669
				574,760
Building Products - Wood — 0.1%
Masco Corp. Senior Notes 2.00% due 10/01/2030		237,000		240,453
Cable/Satellite TV — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		60,000		62,701
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		315,000		323,650
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		182,000		217,327
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		31,000		39,077
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		104,000		145,021
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052		194,000		190,787
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		231,000		260,590
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		96,000		116,617

26

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038	$	68,000	$	83,715
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		151,000		199,839
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		216,000		298,878
				1,938,202
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 2.25% due 11/15/2031*		358,000		363,212
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041*		38,000		39,237
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		150,000		159,929
				562,378
Chemicals - Diversified — 0.2%
LYB International Finance III LLC Company Guar. Notes 3.80% due 10/01/2060		139,000		148,874
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030		373,000		408,422
				557,296
Chemicals - Specialty — 0.2%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		234,000		242,243
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		237,000		272,908
				515,151
Commercial Services — 0.1%
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030		223,000		238,657
Computer Services — 0.3%
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		628,000		666,045
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031*		156,000		158,617
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*		141,000		156,943
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		73,000		86,422
				1,068,027
Computers — 0.4%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		160,000		171,199

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*	$	244,000	$	350,862
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		505,000		517,528
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		183,000		234,428
				1,274,017
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030		4,000		4,621
Containers - Paper/Plastic — 0.1%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		212,000		234,812
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		460,000		469,712
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		211,000		212,274
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		377,000		399,506
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		254,000		289,942
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		57,000		72,647
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		266,000		307,410
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		234,000		343,732
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		225,000		242,083
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		173,000		196,232
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		214,000		251,086
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		110,000		147,712
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		139,000		187,361
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		284,000		393,919
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		404,000		452,984
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		217,000		254,187

27

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037	$	414,000	$	634,359
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		314,000		315,386
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		733,000		766,056
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		626,000		640,017
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		89,000		97,163
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		93,000		103,902
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		228,000		258,420
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		125,000		152,348
Morgan Stanley Senior Notes 3.62% due 04/01/2031		109,000		127,005
Morgan Stanley Senior Notes 3.63% due 01/20/2027		582,000		665,157
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		52,000		61,967
				8,042,567
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 4.25% due 05/01/2040		90,000		102,436
General Electric Co. Senior Notes 4.35% due 05/01/2050		82,000		96,706
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		173,000		188,229
				387,371
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		114,000		157,784
Electric Products - Misc. — 0.1%
Emerson Electric Co. Senior Notes 0.88% due 10/15/2026		211,000		212,988
Electric - Distribution — 0.4%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.35% due 03/15/2031		280,000		277,549
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		562,000		609,471

Security Description	Principal Amount		Value (Note 2)
Electric - Distribution (continued)
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030	$	202,000	$	245,002
				1,132,022
Electric - Generation — 0.1%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		197,000		247,960
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		137,000		137,250
				385,210
Electric - Integrated — 2.0%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		89,000		109,657
AES Corp. Senior Notes 2.45% due 01/15/2031*		437,000		444,637
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		224,000		268,337
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		537,000		587,875
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		52,000		64,543
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		237,000		373,795
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		251,000		323,152
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		357,000		463,241
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		400,000		504,823
Exelon Corp. Senior Notes 4.70% due 04/15/2050		151,000		204,335
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		439,000		603,352
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		133,000		149,907
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		99,000		112,823
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047#		221,000		231,300
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		197,000		211,610
PECO Energy Co. 1st Mtg. Bonds 3.00% due 09/15/2049		156,000		171,895

28

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051	$	370,000	$	396,219
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		211,000		246,717
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		149,000		193,325
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		22,000		25,591
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		219,000		241,249
				5,928,383
Electronic Components - Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		170,000		197,431
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030		99,000		119,848
NVIDIA Corp. Senior Notes 3.70% due 04/01/2060		187,000		241,042
				558,321
Electronic Measurement Instruments — 0.0%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		22,000		25,251
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		121,000		132,228
Energy - Alternate Sources — 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*#		356,000		365,556
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.50% due 04/01/2025		510,000		546,990
Entertainment Software — 0.1%
Activision Blizzard, Inc. Senior Notes 2.50% due 09/15/2050		176,000		169,776
Finance - Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*		413,000		475,811
Finance - Consumer Loans — 0.3%
Synchrony Financial Senior Notes 4.50% due 07/23/2025		827,000		930,311
Finance - Credit Card — 0.2%
American Express Co. Senior Notes 3.40% due 02/22/2024		152,000		165,357

Security Description	Principal Amount		Value (Note 2)
Finance - Credit Card (continued)
American Express Co. Senior Notes 4.20% due 11/06/2025	$	117,000	$	135,849
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		247,000		262,429
Visa, Inc. Senior Notes 0.75% due 08/15/2027		90,000		89,448
				653,083
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		156,000		173,004
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		161,000		191,751
				364,755
Food - Misc./Diversified — 0.2%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		203,000		275,118
Mars, Inc. Senior Notes 2.38% due 07/16/2040*		135,000		138,831
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		297,000		334,117
				748,066
Food - Wholesale/Distribution — 0.3%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		192,000		200,698
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		81,000		107,027
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040		236,000		348,656
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		90,000		139,588
				795,969
Instruments - Controls — 0.1%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		168,000		168,270
Insurance Brokers — 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		33,000		40,663
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		44,000		61,912
				102,575
Insurance - Life/Health — 0.4%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		81,000		83,792

29

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health (continued)
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030	$	306,000	$	374,960
Pacific LifeCorp Senior Notes 3.35% due 09/15/2050*		60,000		67,487
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		507,000		522,230
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		54,000		65,578
Unum Group Senior Notes 4.50% due 03/15/2025		90,000		100,240
				1,214,287
Insurance - Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050		132,000		144,431
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		185,000		191,387
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		336,000		338,338
Caterpillar Financial Services Corp. Senior Notes 1.10% due 09/14/2027		248,000		250,375
				588,713
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		287,000		306,801
Machinery - Farming — 0.3%
CNH Industrial Capital LLC Company Guar. Notes 1.88% due 01/15/2026		230,000		235,521
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		265,000		288,771
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		339,000		351,196
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		108,000		118,278
				993,766
Medical - Biomedical/Gene — 0.4%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		731,000		791,832
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		251,000		246,989
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		141,000		137,839
				1,176,660

Security Description	Principal Amount		Value (Note 2)
Medical - Drugs — 0.4%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039	$	194,000	$	235,574
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		240,000		303,211
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		303,000		303,398
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044		145,000		197,750
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		174,000		186,861
				1,226,794
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		173,000		205,252
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050*		140,000		159,743
				364,995
Medical - HMO — 0.2%
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		282,000		290,056
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060		147,000		170,303
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		139,000		158,332
				618,691
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		253,000		294,645
Multimedia — 0.1%
Walt Disney Co. Company Guar. Bonds 2.75% due 09/01/2049		297,000		304,161
Non-Profit Charity — 0.1%
Ford Foundation Notes 2.82% due 06/01/2070		183,000		192,876
Oil Companies - Exploration & Production — 0.7%
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		173,000		181,037
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		221,000		303,441
Hess Corp. Senior Notes 6.00% due 01/15/2040		355,000		431,679
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		314,000		371,702

30

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032	$	135,000	$	160,004
Noble Energy, Inc. Senior Notes 4.20% due 10/15/2049		125,000		157,199
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		201,000		278,609
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		199,000		195,743
				2,079,414
Oil Companies - Integrated — 0.5%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		434,000		432,793
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		503,000		564,954
Chevron Corp. Senior Notes 1.55% due 05/11/2025		430,000		446,536
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		149,000		149,186
				1,593,469
Oil Refining & Marketing — 0.1%
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		213,000		211,853
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		152,000		151,334
				363,187
Oil - Field Services — 0.1%
Halliburton Co. Senior Notes 2.92% due 03/01/2030#		192,000		197,382
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		180,000		202,030
				399,412
Paper & Related Products — 0.4%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		345,000		411,738
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		389,000		389,178
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		277,000		298,156
				1,099,072
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		159,000		168,222

Security Description	Principal Amount		Value (Note 2)
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040	$	96,000	$	96,884
CVS Health Corp. Senior Notes 4.25% due 04/01/2050		112,000		140,543
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		370,000		469,459
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		122,000		164,571
				871,457
Pipelines — 1.3%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		229,000		250,836
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*		84,000		94,070
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		142,000		139,912
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		244,000		254,146
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		109,000		125,575
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		136,000		153,983
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		25,000		18,344
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 01/31/2051		231,000		251,234
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		168,000		196,459
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		314,000		316,491
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		186,000		191,362
Kinder Morgan, Inc. Company Guar. Notes 5.05% due 02/15/2046		201,000		240,687
MPLX LP Senior Notes 2.65% due 08/15/2030		170,000		172,131
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		132,000		159,003
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		102,000		102,968
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		89,000		115,415

31

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043	$	98,000	$	91,997
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		157,000		183,984
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026		303,000		343,894
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		330,000		415,291
				3,817,782
Real Estate Investment Trusts — 0.7%
American Tower Corp. Senior Notes 3.10% due 06/15/2050		202,000		209,969
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		271,000		284,956
Federal Realty Investment Trust Senior Notes 1.25% due 02/15/2026		297,000		298,626
Host Hotels & Resorts LP Senior Notes 3.38% due 12/15/2029		248,000		249,424
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		210,000		215,643
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		188,000		189,029
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		245,000		245,184
Rexford Industrial Realty LP Company Guar. Notes 2.13% due 12/01/2030		100,000		100,445
Simon Property Group LP Senior Notes 3.25% due 09/13/2049		180,000		176,324
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		120,000		122,855
				2,092,455
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031		279,000		280,105
Retail - Auto Parts — 0.2%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027		157,000		158,449
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030		223,000		256,289
Genuine Parts Co. Senior Notes 1.88% due 11/01/2030		191,000		189,689
				604,427

Security Description	Principal Amount		Value (Note 2)
Retail - Automobile — 0.1%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030	$	147,000	$	176,854
Retail - Building Products — 0.1%
Lowe’s Cos., Inc. Senior Notes 3.00% due 10/15/2050		142,000		152,503
Retail - Discount — 0.1%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		282,000		295,353
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		316,000		309,571
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025		97,000		121,823
				431,394
Retail - Restaurants — 0.2%
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		123,000		144,357
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		131,000		168,625
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		198,000		256,384
				569,366
Savings & Loans/Thrifts — 0.2%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		300,000		320,754
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		429,000		445,258
				766,012
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*		193,000		229,015
Software Tools — 0.0%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		98,000		119,582
Steel - Producers — 0.1%
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		251,000		256,136
Telecom Equipment - Fiber Optics — 0.2%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		400,000		549,706
Telephone - Integrated — 1.0%
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*		71,000		72,773

32

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
AT&T, Inc. Senior Notes 4.50% due 05/15/2035	$	727,000	$	880,841
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		184,000		228,170
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		145,000		176,243
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		337,000		422,758
Verizon Communications, Inc. Senior Notes 1.50% due 09/18/2030		379,000		373,927
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056*		371,000		392,979
Verizon Communications, Inc. Senior Notes 3.00% due 11/20/2060		313,000		329,782
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		102,000		128,156
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		77,000		97,336
				3,102,965
Television — 0.3%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		737,000		856,763
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		152,000		171,634
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.00% due 06/30/2030#		160,000		187,542
GATX Corp. Senior Notes 4.35% due 02/15/2024		277,000		304,918
				492,460
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		169,000		182,022
Transport - Rail — 0.2%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		151,000		162,621
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		99,000		123,789
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		187,000		239,856
				526,266

Security Description	Principal Amount		Value (Note 2)
Transport - Services — 0.1%
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035	$	305,000	$	311,991
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		154,000		173,957
				485,948
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		37,000		40,114
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		334,000		369,209
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		127,000		146,035
				555,358
Water — 0.1%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		101,000		120,268
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		125,000		139,679
				259,947
Total U.S. Corporate Bonds & Notes
(cost $65,535,124)				71,220,414
FOREIGN CORPORATE BONDS & NOTES — 7.8%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		206,000		232,852
Agricultural Chemicals — 0.1%
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		134,000		160,921
Yara International ASA Senior Notes 3.15% due 06/04/2030*		99,000		107,105
				268,026
Auto - Cars/Light Trucks — 0.1%
Nissan Motor Co., Ltd. Senior Notes 3.04% due 09/15/2023*		200,000		207,958
Banks - Commercial — 1.6%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		200,000		210,120
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		228,000		257,822
Bank of Montreal Senior Notes 2.05% due 11/01/2022		505,000		521,174
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025		150,000		151,030

33

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025	$	345,000	$	365,118
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		565,000		566,350
Credit Suisse AG Senior Notes 2.10% due 11/12/2021		349,000		354,839
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		200,000		213,726
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		239,000		257,897
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		231,000		238,064
ING Groep NV Senior Notes 1.40% due 07/01/2026*		496,000		502,871
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		258,438
National Bank of Canada Senior Notes 2.15% due 10/07/2022*		387,000		399,157
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		200,000		225,939
Standard Chartered PLC Sub. Notes 3.27% due 02/18/2036*		229,000		232,488
				4,755,033
Banks - Special Purpose — 0.3%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*		206,000		205,940
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		652,000		658,338
				864,278
Beverages - Non-alcoholic — 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		330,000		333,244
Beverages - Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 2.13% due 04/29/2032		233,000		246,484
Cellular Telecom — 0.3%
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		209,000		231,990
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		213,791
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		183,000		239,684

Security Description	Principal Amount		Value (Note 2)
Cellular Telecom (continued)
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048	$	131,000	$	179,329
				864,794
Chemicals - Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		209,000		216,472
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		300,000		303,090
				519,562
Chemicals - Specialty — 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		116,000		118,716
Diversified Banking Institutions — 2.2%
Banco Santander SA Senior Notes 2.71% due 06/27/2024		200,000		212,926
Barclays PLC Sub. Notes 3.56% due 09/23/2035		208,000		217,090
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		599,000		650,277
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		424,000		470,784
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		250,000		258,114
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		269,000		279,974
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*		500,000		588,548
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		249,000		254,128
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		342,000		344,884
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		302,000		318,032
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		536,000		565,675
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		611,000		616,309
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		315,000		327,235
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		414,000		429,109
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		350,000		356,050

34

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*	$	409,000	$	448,019
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000		398,604
				6,735,758
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		445,000		513,003
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		250,000		277,262
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		209,000		214,380
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		443,000		551,376
				765,756
Electric - Generation — 0.2%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		400,000		535,508
Electric - Integrated — 0.2%
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*#		248,000		332,849
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		209,000		225,409
				558,258
Insurance - Life/Health — 0.2%
Athene Holding, Ltd. Senior Notes 3.50% due 01/15/2031		232,000		245,529
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		220,000		241,378
				486,907
Insurance - Property/Casualty — 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		377,000		418,668
Investment Companies — 0.1%
JAB Holdings BV Company Guar. Notes 2.20% due 11/23/2030*		263,000		263,906
Medical - Drugs — 0.2%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050#		88,000		83,225
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		382,000		426,759

Security Description	Principal Amount		Value (Note 2)
Medical - Drugs (continued)
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050	$	243,000	$	260,282
				770,266
Oil Companies - Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		158,000		163,029
Oil Companies - Integrated — 0.1%
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		127,000		132,800
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049		23,000		25,479
Petro - Canada Senior Notes 5.95% due 05/15/2035		99,000		124,599
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		90,000		103,234
				386,112
Paper & Related Products — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		255,000		268,770
Semiconductor Components - Integrated Circuits — 0.1%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		377,000		374,910
SupraNational Banks — 0.6%
African Development Bank Senior Notes 0.75% due 04/03/2023		299,000		302,521
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		366,000		379,374
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		502,000		502,711
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		226,000		255,070
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		438,000		440,462
				1,880,138
Telephone - Integrated — 0.2%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		141,000		192,915
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		250,000		318,730
				511,645
Transport - Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		70,000		113,000
Total Foreign Corporate Bonds & Notes
(cost $22,092,598)				23,433,843

35

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 40.1%
Federal Home Loan Bank — 0.5%
2.13% due 09/14/2029	$	1,000,000	$	1,102,187
5.50% due 07/15/2036		250,000		388,515
				1,490,702
Federal Home Loan Mtg. Corp. — 9.0%
2.50% due 01/01/2028		117,180		122,947
2.50% due 04/01/2028		610,914		643,863
2.50% due 03/01/2031		414,236		431,923
2.50% due 10/01/2032		517,837		539,666
3.00% due 08/01/2027		90,491		95,081
3.00% due 10/01/2042		357,544		389,595
3.00% due 11/01/2042		423,921		450,707
3.00% due 04/01/2043		429,572		455,982
3.00% due 05/01/2043		696,358		758,790
3.00% due 08/01/2043		425,591		452,227
3.00% due 10/01/2045		242,077		254,153
3.00% due 08/01/2046		1,457,160		1,528,143
3.00% due 01/01/2050		3,074,905		3,214,497
3.50% due 01/01/2032		920,638		986,124
3.50% due 11/01/2041		327,262		353,766
3.50% due 03/01/2042		119,142		128,997
3.50% due 04/01/2042		701,613		760,807
3.50% due 06/01/2042		777,601		841,934
3.50% due 08/01/2042		174,538		190,592
3.50% due 03/01/2045		522,053		559,512
3.50% due 07/01/2045		731,415		789,742
3.50% due 08/01/2045		414,536		450,662
3.50% due 11/01/2045		232,010		248,022
3.50% due 12/01/2046		506,978		540,599
3.50% due 11/01/2047		3,445,963		3,650,470
3.50% due 08/01/2049		667,542		710,880
3.50% due 04/01/2050		823,053		867,904
4.00% due 09/01/2040		161,954		177,071
4.00% due 10/01/2045		397,555		430,991
4.00% due 07/01/2049		445,519		483,428
4.00% due 01/01/2050		1,313,258		1,400,777
4.50% due 04/01/2044		91,330		102,349
4.50% due 07/01/2045		1,369,014		1,535,412
5.00% due 10/01/2033		304		346
5.00% due 06/01/2039		257,225		299,073
5.00% due 11/01/2043		315,129		365,813
5.50% due 02/01/2035		39,996		44,695
6.00% due 10/01/2033		77,282		87,217
6.00% due 03/01/2040		389		462
6.50% due 02/01/2035		1,349		1,552
6.75% due 09/15/2029		500,000		749,083
6.75% due 03/15/2031		250,000		385,766
Federal Home Loan Mtg. Corp. FRS
2.36% (6 ML+1.49%) due 02/01/2037		16,990		17,572
3.38% (12 ML+1.88%) due 11/01/2037		207,212		219,054
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(3)		434,243		447,259
Series 4800, Class KG 3.50% due 11/15/2045(3)		61,890		63,246
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.66% (6.80%-1 ML) due 09/15/2039(3)(4)(5)		107,684		17,843
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2014-HQ2, Class M2 2.35% (1 ML+2.20%) due 09/25/2024(3)		26,654		26,654
				27,273,248

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. — 20.7%
2.00% due 07/01/2035	$	1,911,929	$	1,990,978
2.00% due 12/01/2050		1,995,086		2,072,328
2.50% due 04/01/2028		186,562		196,563
2.50% due 07/01/2031		975,165		1,015,222
2.50% due 01/01/2032		481,118		501,354
2.50% due 04/01/2035		1,385,124		1,439,920
2.50% due 05/01/2050		1,435,509		1,519,749
2.50% due 06/01/2050		2,437,917		2,557,283
2.50% due 07/01/2050		1,469,649		1,566,782
3.00% due 10/01/2027		51,971		54,482
3.00% due 12/01/2027		549,354		575,923
3.00% due 01/01/2028		419,486		440,016
3.00% due 03/01/2030		1,065,820		1,139,252
3.00% due 10/01/2030		288,868		302,736
3.00% due 02/01/2033		1,396,553		1,462,029
3.00% due 07/01/2034		38,023		39,790
3.00% due 11/01/2039		762,215		796,193
3.00% due 03/01/2042		439,970		466,484
3.00% due 12/01/2042		444,765		476,510
3.00% due 02/01/2045		329,838		346,432
3.00% due 09/01/2046		61,127		64,092
3.00% due 01/01/2047		326,342		341,960
3.00% due 11/01/2048		1,999,034		2,090,376
3.00% due 06/01/2049		1,468,864		1,570,688
3.00% due 03/01/2050		1,768,702		1,867,960
3.50% due 08/01/2026		67,951		71,931
3.50% due 09/01/2026		22,149		23,454
3.50% due 08/01/2027		20,861		22,080
3.50% due 10/01/2028		239,144		258,786
3.50% due 03/01/2033		758,688		805,160
3.50% due 08/01/2033		386,539		409,274
3.50% due 12/01/2041		328,892		358,960
3.50% due 08/01/2042		947,187		1,020,142
3.50% due 07/01/2045		259,253		276,995
3.50% due 08/01/2045		296,372		319,196
3.50% due 09/01/2045		218,450		232,603
3.50% due 10/01/2045		477,578		522,633
3.50% due 11/01/2045		148,790		158,398
3.50% due 12/01/2045		1,354,025		1,445,433
3.50% due 02/01/2046		389,760		416,053
3.50% due 03/01/2046		208,458		221,831
3.50% due 07/01/2046		1,015,311		1,103,590
3.50% due 01/01/2047		1,512,531		1,607,609
3.50% due 12/01/2047		2,810,411		2,973,199
3.50% due 04/01/2048		1,739,412		1,875,852
3.50% due 08/01/2049		1,555,430		1,639,246
4.00% due 07/01/2040		99,893		112,397
4.00% due 10/01/2040		45,620		49,868
4.00% due 12/01/2040		586,893		645,126
4.00% due 10/01/2041		286,105		311,627
4.00% due 11/01/2041		270,738		295,293
4.00% due 01/01/2043		382,384		420,928
4.00% due 02/01/2045		646,178		709,353
4.00% due 06/01/2046		174,598		189,418
4.00% due 01/01/2047		373,921		403,151
4.00% due 05/01/2047		403,470		433,534
4.00% due 06/01/2047		1,232,554		1,349,684
4.00% due 07/01/2047		1,633,005		1,755,160
4.00% due 08/01/2047		1,093,298		1,173,716
4.00% due 12/01/2048		480,623		512,671
4.00% due 01/01/2049		960,701		1,024,959
4.00% due 03/01/2049		321,647		343,014
4.00% due 03/01/2050		1,434,544		1,529,712
4.50% due 11/01/2022		4,343		4,553
4.50% due 10/01/2024		88,162		93,809

36

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 08/01/2045	$	1,471,618	$	1,661,711
4.50% due 06/01/2048		862,600		937,801
4.50% due 10/01/2048		587,802		637,735
4.50% due 11/01/2048		254,960		279,367
4.50% due 12/01/2048		1,476,155		1,600,875
4.50% due 10/01/2049		1,021,592		1,108,741
5.00% due 10/01/2033		1,554		1,791
5.00% due 03/01/2034		25,172		29,162
5.00% due 05/01/2040		63,308		73,591
5.00% due 06/01/2040		32,463		37,566
5.00% due 02/01/2045		199,721		230,140
5.50% due 12/01/2029		38,400		42,968
5.50% due 04/01/2033		35,467		41,473
5.50% due 12/01/2033		32,134		37,879
5.50% due 07/01/2037		145,671		171,162
5.50% due 08/01/2037		144,556		170,765
5.50% due 06/01/2038		15,977		18,848
6.00% due 12/01/2036		215,671		257,225
6.00% due 11/01/2038		59,343		70,025
6.00% due 06/01/2040		46,972		55,351
6.50% due 10/01/2037		12,788		14,361
Federal National Mtg. Assoc. FRS
1.90% (6 ML+1.54%) due 09/01/2035		178,896		185,662
2.33% (12 ML+1.83%) due 10/01/2040		84,038		87,697
2.33% (12 ML+1.82%) due 10/01/2040		35,650		37,208
2.79% (12 ML+1.77%) due 05/01/2040		178,819		186,646
2.82% (12 ML+1.57%) due 05/01/2037		30,559		31,836
2.95% (12 ML+1.91%) due 08/01/2035		108,055		113,745
3.04% (1 Yr USTYCR+2.26%) due 11/01/2036		69,424		73,112
3.06% (1 Yr USTYCR+2.22%) due 10/01/2035		139,667		147,054
3.11% (12 ML+1.67%) due 07/01/2039		152,694		159,437
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(3)		209,531		225,340
Series 2018-27, Class EA 3.00% due 05/25/2048(3)		983,327		1,049,155
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		603,457		637,539
				62,428,468
Government National Mtg. Assoc. — 5.6%
2.50% due 05/20/2050		2,916,217		3,074,825
2.50% due 06/20/2050		1,467,886		1,548,177
3.00% due 02/20/2045		289,413		308,000
3.00% due 05/20/2045		222,300		237,174
3.00% due 07/20/2045		38,614		41,057
3.00% due 11/20/2045		791,069		841,250
3.00% due 12/20/2045		364,289		387,339
3.00% due 01/20/2046		1,136,812		1,208,519
3.00% due 03/20/2046		1,111,534		1,181,398
3.00% due 04/20/2046		1,475,512		1,568,396
3.00% due 09/20/2047		1,165,124		1,233,170
3.00% due 05/20/2050		1,941,507		2,035,494
3.50% due 03/20/2045		193,179		207,214
3.50% due 04/20/2045		360,627		386,845
3.50% due 07/20/2045		83,066		89,121

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
3.50% due 07/20/2046	$	112,878	$	121,453
3.50% due 03/20/2047		320,785		345,182
4.00% due 07/20/2045		121,065		132,440
4.00% due 05/20/2048		1,482,981		1,598,292
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(2)		200,000		207,489
				16,752,835
Uniform Mtg. Backed Securities — 4.3%
2.00% due December 15 TBA		1,000,000		1,041,172
2.00% due December 30 TBA		6,300,000		6,543,175
2.50% due December 30 TBA		4,500,000		4,715,180
3.00% due December 30 TBA		500,000		522,324
				12,821,851
Total U.S. Government Agencies
(cost $117,903,122)				120,767,104
U.S. GOVERNMENT TREASURIES — 19.6%
United States Treasury Bonds — 6.1%
1.25% due 05/15/2050		1,175,900		1,084,951
2.38% due 11/15/2049		5,000,000		5,965,625
2.75% due 11/15/2042		406,000		510,053
2.88% due 11/15/2046#		384,000		497,595
3.00% due 11/15/2045		1,729,000		2,280,119
3.00% due 05/15/2047		1,441,000		1,913,209
3.13% due 11/15/2041		2,303,000		3,054,264
3.13% due 02/15/2042		392,000		521,130
3.88% due 08/15/2040		167,000		242,698
4.25% due 05/15/2039		256,000		385,060
4.38% due 11/15/2039		105,000		161,011
4.38% due 05/15/2040		192,000		295,740
4.75% due 02/15/2037		564,000		870,697
5.00% due 05/15/2037		153,000		242,876
5.25% due 11/15/2028		354,000		479,822
				18,504,850
United States Treasury Notes — 13.5%
0.63% due 03/31/2027		538,000		541,047
0.63% due 08/15/2030		672,000		658,980
1.38% due 10/15/2022		3,000,000		3,068,555
1.50% due 11/30/2024		1,500,000		1,573,066
1.50% due 02/15/2030		480,000		510,488
1.63% due 08/15/2022		2,296,000		2,354,297
1.63% due 08/31/2022		1,921,000		1,970,601
1.63% due 12/15/2022		358,000		368,754
1.63% due 02/15/2026		4,839,000		5,146,541
1.63% due 11/30/2026		1,600,000		1,707,000
1.63% due 08/15/2029		900,000		966,867
1.75% due 09/30/2022		5,137,000		5,288,301
1.75% due 11/15/2029		3,500,000		3,800,918
2.00% due 02/15/2025		1,729,000		1,852,191
2.00% due 11/15/2026		384,000		418,035
2.25% due 04/30/2024		167,000		178,527
2.25% due 11/15/2024#		3,596,000		3,875,111
2.25% due 08/15/2027		576,000		639,743
2.38% due 05/15/2029		500,000		567,305
2.50% due 02/28/2021		2,401,000		2,414,861
2.50% due 01/15/2022		2,401,000		2,464,964
2.63% due 02/15/2029#		171,000		197,071
				40,563,223
Total U.S. Government Treasuries
(cost $54,287,027)				59,068,073

37

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount/ Shares		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 0.3%
Banks - Special Purpose — 0.1%
Korea Development Bank Senior Notes 0.50% due 10/27/2023	$	200,000	$	200,312
Sovereign — 0.2%
Republic of Italy Senior Notes 4.00% due 10/17/2049		200,000		223,740
United Mexican States Senior Notes 4.50% due 04/22/2029		228,000		263,000
United Mexican States Senior Bonds 4.75% due 03/08/2044		198,000		227,950
				714,690
Total Foreign Government Obligations
(cost $819,349)				915,002
PREFERRED SECURITIES — 0.1%
Electric - Distribution — 0.1%
Entergy Louisiana LLC 4.70%# (cost $175,590)		7,025		176,538
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.9%
Banks - Super Regional — 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086		71,000		94,747
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(6)		217,000		233,818
Electric - Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		151,000		159,018
Electric - Integrated — 0.1%
CMS Energy Corp. 3.75% due 12/01/2050		133,000		134,636
CMS Energy Corp. 4.75% due 06/01/2050		154,000		169,371
Dominion Resources, Inc. 5.75% due 10/01/2054		110,000		120,700
				424,707
Insurance - Life/Health — 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043		210,000		226,012
Prudential Financial, Inc. 5.70% due 09/15/2048		85,000		98,595
Voya Financial, Inc. 4.70% due 01/23/2048		144,000		147,243
				471,850
Insurance - Multi-line — 0.1%
Allianz SE 3.50% due 11/17/2025*(6)		200,000		202,040
Oil Companies - Integrated — 0.1%
BP Capital Markets PLC 4.88% due 03/22/2030(6)		274,000		302,167
Pipelines — 0.0%
Enterprise Products Operating LLC 5.25% due 08/16/2077		114,000		112,450

Security Description	Principal Amount/ Shares			Value (Note 2)
Real Estate Investment Trusts — 0.1%
Scentre Group Trust 2 5.13% due 09/24/2080*	$	206,000		$	215,908
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		337,000			356,988
Total Preferred Securities/Capital Securities
(cost $2,397,017)					2,573,693
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(7)		78,000			8
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000			997
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(7)		87,000			9
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(7)		112,000			11
Total Escrows And Litigation Trusts
(cost $0)					1,025
Total Long-Term Investment Securities
(cost $270,844,838)					286,021,278
SHORT-TERM INVESTMENT SECURITIES — 9.9%
Registered Investment Companies — 9.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.02%(8)		29,188,684			29,188,684
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(8)(9)		661,408			661,408
Total Short-Term Investment Securities
(cost $29,850,092)					29,850,092
TOTAL INVESTMENTS
(cost $300,694,930)(10)		104.9	%		315,871,370
Liabilities in excess of other assets		(4.9	)		(14,652,574	)
NET ASSETS		100.0	%	$	301,218,796

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $24,165,368 representing 8.0% of net assets.

† Non-income producing security

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

(1) Commercial Mortgage Backed Security

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

(3) Collateralized Mortgage Obligation

(4) Interest Only

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2020.

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

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

(8) The rate shown is the 7-day yield as of November 30, 2020.

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

(9) At November 30, 2020, the Fund had loaned securities with a total value of $2,521,814. This was secured by collateral of $661,408 which was received in cash and subsequently invested in short-term investments currently valued at $661,408 as reported in the Portfolio of Investments. Additional collateral of $1,907,063 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	0.50% to 17.97%	01/25/2023 to 12/25/2050	$	587,486
Federal National Mtg. Assoc.	1.50% to 12.24%	02/01/2026 to 08/25/2058		496,328
Government National Mtg. Assoc.	0.50% to 9.59%	10/20/2034 to 12/16/2062		282,781
United States Treasury Bills	0.00%	12/03/2020 to 04/08/2021		123,679
United States Treasury Notes/Bonds	0.13% to 3.88%	12/31/2020 to 08/15/2048		416,789

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

REMIC—Real Estate Mortgage Investment Conduit

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

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	7,865,586	$	—	$	7,865,586
U.S. Corporate Bonds & Notes		—		71,220,414		—		71,220,414
Foreign Corporate Bonds & Notes		—		23,433,843		—		23,433,843
U.S. Government Agencies		—		120,767,104		—		120,767,104
U.S. Government Treasuries		—		59,068,073		—		59,068,073
Foreign Government Obligations		—		915,002		—		915,002
Preferred Securities		176,538		—		—		176,538
Preferred Securities/Capital Securities		—		2,573,693		—		2,573,693
Escrows and Litigation Trusts		—		997		28		1,025
Short-Term Investment Securities		29,850,092		—		—		29,850,092
Total Investment at Value	$	30,026,630	$	285,844,712	$	28	$	315,871,370

* 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

39

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Applications Software	6.9	%
Computers	6.2
E-Commerce/Products	5.3
Web Portals/ISP	5.1
Medical-HMO	5.0
Diversified Banking Institutions	4.8
Retail-Discount	4.4
Insurance-Property/Casualty	3.2
Internet Content-Entertainment	3.0
Semiconductor Components-Integrated Circuits	2.7
Finance-Credit Card	2.7
Cable/Satellite TV	2.5
Medical-Drugs	2.4
Agricultural Biotech	2.3
Auto-Cars/Light Trucks	2.2
Semiconductor Equipment	2.0
Computer Services	2.0
Commercial Services	1.9
Cosmetics & Toiletries	1.9
Networking Products	1.8
Transport-Rail	1.7
Oil Companies-Integrated	1.6
Medical Labs & Testing Services	1.6
Cellular Telecom	1.6
Beverages-Non-alcoholic	1.6
Commercial Services-Finance	1.5
Aerospace/Defense	1.5
Human Resources	1.5
Registered Investment Companies	1.5
Retail-Apparel/Shoe	1.5
Electronic Measurement Instruments	1.4
Real Estate Management/Services	1.3
Broadcast Services/Program	1.2
Coatings/Paint	1.2
Machinery-General Industrial	1.2
Medical Products	1.1
Finance-Auto Loans	1.1
Oil Companies-Exploration & Production	1.1
Retail-Auto Parts	1.1
Repurchase Agreements	1.0
Retail-Building Products	0.9
Insurance-Reinsurance	0.8
Investment Management/Advisor Services	0.8
Medical-Biomedical/Gene	0.7
Tobacco	0.6
Footwear & Related Apparel	0.6
Finance-Other Services	0.5
Telecom Equipment-Fiber Optics	0.3
	100.8	%

* Calculated as a percentage of net assets

40

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Aerospace/Defense — 1.5%
BAE Systems PLC ADR#		143,098	$	3,899,420
Agricultural Biotech — 2.3%
Corteva, Inc.		158,888		6,088,588
Applications Software — 6.9%
CDK Global, Inc.		63,317		3,032,884
Microsoft Corp.		69,252		14,824,776
				17,857,660
Auto - Cars/Light Trucks — 2.2%
General Motors Co.		129,623		5,682,672
Beverages - Non-alcoholic — 1.6%
Coca-Cola Co.		79,337		4,093,789
Broadcast Services/Program — 1.2%
Fox Corp., Class A		111,578		3,217,910
Cable/Satellite TV — 2.5%
Comcast Corp., Class A		127,779		6,419,617
Cellular Telecom — 1.6%
Vodafone Group PLC ADR		248,672		4,122,982
Coatings/Paint — 1.2%
Axalta Coating Systems, Ltd.†		111,548		3,191,388
Commercial Services — 1.9%
Quanta Services, Inc.		72,787		4,974,264
Commercial Services - Finance — 1.5%
FleetCor Technologies, Inc.†		15,196		4,030,131
Computer Services — 2.0%
Cognizant Technology Solutions Corp., Class A		66,154		5,168,612
Computers — 6.2%
Apple, Inc.		134,862		16,055,321
Cosmetics & Toiletries — 1.9%
Unilever PLC ADR		79,077		4,828,442
Diversified Banking Institutions — 4.8%
Bank of America Corp.		139,945		3,940,851
JPMorgan Chase & Co.		39,899		4,703,294
Morgan Stanley		63,293		3,913,406
				12,557,551
E-Commerce/Products — 5.3%
Alibaba Group Holding, Ltd. ADR†		14,466		3,809,766
Amazon.com, Inc.†		3,196		10,125,056
				13,934,822
Electronic Measurement Instruments — 1.4%
Fortive Corp.		43,058		3,019,658
Vontier Corp.†		17,671		586,147
				3,605,805
Finance - Auto Loans — 1.1%
Ally Financial, Inc.		97,749		2,898,258
Finance - Credit Card — 2.7%
Visa, Inc., Class A		33,700		7,088,795
Finance - Other Services — 0.5%
Intercontinental Exchange, Inc.		12,460		1,314,655
Footwear & Related Apparel — 0.6%
Skechers U.S.A., Inc., Class A†		49,464		1,655,560
Human Resources — 1.5%
Robert Half International, Inc.		60,738		3,898,165

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty — 3.2%
Berkshire Hathaway, Inc., Class B†		28,663	$	6,561,247
Fidelity National Financial, Inc.		47,853		1,722,230
				8,283,477
Insurance - Reinsurance — 0.8%
Reinsurance Group of America, Inc.		19,061		2,197,352
Internet Content - Entertainment — 3.0%
Facebook, Inc., Class A†		28,650		7,935,190
Investment Management/Advisor Services — 0.8%
Raymond James Financial, Inc.		23,422		2,130,231
Machinery - General Industrial — 1.2%
Otis Worldwide Corp.		45,075		3,017,320
Medical Labs & Testing Services — 1.6%
Laboratory Corp. of America Holdings†		20,789		4,154,474
Medical Products — 1.1%
Koninklijke Philips NV†		57,910		2,983,523
Medical - Biomedical/Gene — 0.7%
Biogen, Inc.†		7,643		1,835,619
Medical - Drugs — 2.4%
Novo Nordisk A/S ADR		32,271		2,166,352
Sanofi ADR		79,521		3,991,954
				6,158,306
Medical - HMO — 5.0%
Anthem, Inc.		13,277		4,136,051
Humana, Inc.		4,514		1,807,947
UnitedHealth Group, Inc.		20,855		7,014,371
				12,958,369
Networking Products — 1.8%
Cisco Systems, Inc.		111,645		4,802,968
Oil Companies - Exploration & Production — 1.1%
ConocoPhillips		71,734		2,837,797
Oil Companies - Integrated — 1.6%
BP PLC ADR		86,345		1,688,908
Chevron Corp.		29,985		2,614,092
				4,303,000
Real Estate Management/Services — 1.3%
CBRE Group, Inc., Class A†		54,440		3,328,462
Retail - Apparel/Shoe — 1.5%
Ross Stores, Inc.		35,701		3,838,572
Retail - Auto Parts — 1.1%
O’Reilly Automotive, Inc.†		6,300		2,787,372
Retail - Building Products — 0.9%
Lowe’s Cos., Inc.		14,401		2,243,964
Retail - Discount — 4.4%
Dollar General Corp.		8,480		1,853,559
Dollar Tree, Inc.†		53,296		5,822,055
Walmart, Inc.		24,008		3,668,182
				11,343,796
Semiconductor Components - Integrated Circuits — 2.7%
NXP Semiconductors NV		11,142		1,765,116
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		55,618		5,396,058
				7,161,174

41

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment — 2.0%
Applied Materials, Inc.		63,354	$	5,225,438
Telecom Equipment - Fiber Optics — 0.3%
Ciena Corp.†		15,024		673,075
Tobacco — 0.6%
Altria Group, Inc.		41,670		1,659,716
Transport - Rail — 1.7%
Norfolk Southern Corp.		18,280		4,332,726
Web Portals/ISP — 5.1%
Alphabet, Inc., Class A†		3,746		6,571,982
Alphabet, Inc., Class C†		3,751		6,604,536
				13,176,518
Total Long-Term Investment Securities
(cost $184,919,291)				255,952,846
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $3,841,068)		3,841,068		3,841,068

Security Description	Shares/ Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $2,748,000 and collateralized by $2,814,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $2,803,008 (cost $2,748,000)		2,748,000		$	2,748,000
TOTAL INVESTMENTS
(cost $191,508,359)(3)		100.8	%		262,541,914
Liabilities in excess of other assets		(0.8	)		(2,047,106	)
NET ASSETS		100.0	%	$	260,494,808

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

† Non-income producing security

(1) The rate shown is the 7-day yield as of November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $3,738,182. This was secured by collateral of $3,841,068, which was received in cash and subsequently invested in short-term investments currently valued at $3,841,068 as reported in the Portfolio of Investments.

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	255,952,846	$	—	$	—	$	255,952,846
Short-Term Investment Securities :
Registered Investment Companies . . . .		3,841,068		—		—		3,841,068
Repurchase Agreements		—		2,748,000		—		2,748,000
Total Investments at Value	$	259,793,914	$	2,748,000	$	—	$	262,541,914

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

See Notes to Financial Statements

42

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Diversified Banking Institutions	7.0	%
Medical — Drugs	6.1
Registered Investment Companies	4.2
Electronic Components — Semiconductors	3.9
Cosmetics & Toiletries	3.6
Telephone — Integrated	3.2
Insurance — Property/Casualty	2.9
Medical — Wholesale Drug Distribution	2.9
Diversified Manufacturing Operations	2.9
Medical — HMO	2.5
Computer Services	2.5
Food — Misc./Diversified	2.4
Chemicals — Diversified	2.2
Insurance — Multi-line	2.2
Networking Products	2.2
Electric — Integrated	2.1
Medical Instruments	2.0
Oil Companies — Integrated	2.0
Medical Products	1.8
Beverages — Non-alcoholic	1.7
Banks — Super Regional	1.5
Pipelines	1.5
Finance — Credit Card	1.5
Aerospace/Defense	1.5
Commercial Services — Finance	1.3
Cable/Satellite TV	1.3
Data Processing/Management	1.3
Auto — Cars/Light Trucks	1.3
Computers — Memory Devices	1.2
Computers	1.2
Electric Products — Misc.	1.2
Insurance Brokers	1.2
Tobacco	1.1
Investment Management/Advisor Services	1.1
Retail — Drug Store	1.1
Oil Companies — Exploration & Production	1.1
Finance — Investment Banker/Broker	1.1
Oil Refining & Marketing	1.1
Food — Confectionery	1.1
Retail — Consumer Electronics	1.1
Insurance — Life/Health	1.0
Applications Software	1.0
Pharmacy Services	1.0
Medical — Biomedical/Gene	0.9
Brewery	0.9
Soap & Cleaning Preparation	0.9
Internet Security	0.8
Broadcast Services/Program	0.7
Retail — Apparel/Shoe	0.7
Transport — Rail	0.6
Wireless Equipment	0.6
Semiconductor Components — Integrated Circuits	0.6
Repurchase Agreements	0.5
Finance — Other Services	0.5
Agricultural Biotech	0.4
Gas — Distribution	0.4
Home Decoration Products	0.4
Semiconductor Equipment	0.4
Distribution/Wholesale	0.4
Retail — Major Department Stores	0.4
Food — Dairy Products	0.4
Audio/Video Products	0.3
Enterprise Software/Service	0.3
Retail — Building Products	0.2
Retail — Discount	0.2
Transport — Services	0.1
Machinery — Electrical	0.1
	99.8	%

* Calculated as a percentage of net assets

43

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.1%
Aerospace/Defense — 1.5%
BAE Systems PLC		1,989,517	$	13,367,718
Agricultural Biotech — 0.4%
Corteva, Inc.		101,455		3,887,756
Applications Software — 1.0%
CDK Global, Inc.		62,721		3,004,336
Microsoft Corp.		29,950		6,411,396
				9,415,732
Audio/Video Products — 0.3%
Sony Corp.		32,100		2,983,701
Auto - Cars/Light Trucks — 1.3%
General Motors Co.		269,306		11,806,375
Banks - Super Regional — 1.5%
Wells Fargo & Co.		512,169		14,007,822
Beverages - Non-alcoholic — 1.7%
Coca-Cola Co.		301,603		15,562,715
Brewery — 0.9%
Constellation Brands, Inc., Class A		38,760		7,978,358
Broadcast Services/Program — 0.7%
Fox Corp., Class A		216,700		6,249,628
Fox Corp., Class B		5,070		143,887
				6,393,515
Cable/Satellite TV — 1.3%
Comcast Corp., Class A		243,899		12,253,486
Chemicals - Diversified — 2.2%
Dow, Inc.		206,118		10,926,315
DuPont de Nemours, Inc.		70,777		4,490,093
PPG Industries, Inc.		32,880		4,825,798
				20,242,206
Commercial Services - Finance — 1.3%
Automatic Data Processing, Inc.		70,517		12,261,496
Computer Services — 2.5%
Cognizant Technology Solutions Corp., Class A		149,852		11,707,937
International Business Machines Corp.		78,271		9,668,034
Leidos Holdings, Inc.		9,210		927,447
				22,303,418
Computers — 1.2%
HP, Inc.		504,378		11,061,010
Computers - Memory Devices — 1.2%
NetApp, Inc.		209,150		11,149,787
Cosmetics & Toiletries — 3.6%
Colgate-Palmolive Co.		125,395		10,738,828
Procter & Gamble Co.		71,066		9,868,935
Unilever PLC ADR		195,329		11,926,789
				32,534,552
Data Processing/Management — 1.3%
Paychex, Inc.		128,754		11,993,435
Distribution/Wholesale — 0.4%
Ferguson PLC		31,344		3,520,075
Diversified Banking Institutions — 7.0%
Bank of America Corp.		635,585		17,898,074
Citigroup, Inc.		335,212		18,460,125
JPMorgan Chase & Co.		164,646		19,408,470
Morgan Stanley		128,786		7,962,838
				63,729,507

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 2.9%
3M Co.		59,185	$	10,223,025
General Electric Co.		882,794		8,986,843
Siemens AG		52,267		6,982,832
				26,192,700
Electric Products - Misc. — 1.2%
Emerson Electric Co.		141,395		10,861,964
Electric - Integrated — 2.1%
Edison International		90,090		5,527,922
Exelon Corp.		45,750		1,878,953
PPL Corp.		121,300		3,447,346
Public Service Enterprise Group, Inc.		144,148		8,400,945
				19,255,166
Electronic Components - Semiconductors — 3.9%
Broadcom, Inc.		26,837		10,777,202
Samsung Electronics Co., Ltd. GDR		9,251		14,006,014
Texas Instruments, Inc.		68,071		10,976,449
				35,759,665
Enterprise Software/Service — 0.3%
Open Text Corp.		58,695		2,592,558
Finance - Credit Card — 1.5%
American Express Co.		39,430		4,676,004
Visa, Inc., Class A		41,537		8,737,308
				13,413,312
Finance - Investment Banker/Broker — 1.1%
Charles Schwab Corp.		201,676		9,837,755
Finance - Other Services — 0.5%
CME Group, Inc.		24,230		4,240,977
Food - Confectionery — 1.1%
J.M. Smucker Co.		83,067		9,735,452
Food - Dairy Products — 0.4%
Danone SA		49,370		3,171,871
Food - Misc./Diversified — 2.4%
Campbell Soup Co.		189,948		9,501,199
General Mills, Inc.		155,345		9,448,083
Nestle SA		25,182		2,803,758
				21,753,040
Gas - Distribution — 0.4%
NiSource, Inc.		156,060		3,776,652
Home Decoration Products — 0.4%
Newell Brands, Inc.		172,770		3,673,090
Insurance Brokers — 1.2%
Arthur J. Gallagher & Co.		91,094		10,513,159
Insurance - Life/Health — 1.0%
Equitable Holdings, Inc.		182,452		4,630,632
Prudential Financial, Inc.		64,702		4,892,765
				9,523,397
Insurance - Multi-line — 2.2%
Allstate Corp.		36,188		3,703,842
Hartford Financial Services Group, Inc.		106,493		4,706,991
MetLife, Inc.		256,061		11,822,336
				20,233,169
Insurance - Property/Casualty — 2.9%
Berkshire Hathaway, Inc., Class B†		43,795		10,025,114
Fidelity National Financial, Inc.		137,383		4,944,414
First American Financial Corp.		10,960		530,902

44

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
Travelers Cos., Inc.		85,004	$	11,020,769
				26,521,199
Internet Security — 0.8%
NortonLifeLock, Inc.		418,037		7,620,815
Investment Management/Advisor Services — 1.1%
Raymond James Financial, Inc.		114,530		10,416,504
Machinery - Electrical — 0.1%
Siemens Energy AG†		26,148		776,647
Medical Instruments — 2.0%
Alcon, Inc.†		97,985		6,251,632
Medtronic PLC		107,623		12,236,735
				18,488,367
Medical Products — 1.8%
Koninklijke Philips NV†		214,176		11,077,611
Zimmer Biomet Holdings, Inc.		32,940		4,912,013
				15,989,624
Medical - Biomedical/Gene — 0.9%
Amgen, Inc.		38,894		8,636,024
Medical - Drugs — 6.1%
AstraZeneca PLC		65,767		6,843,212
Bayer AG		144,688		8,330,975
Bristol-Myers Squibb Co.		161,982		10,107,677
Johnson & Johnson		64,938		9,395,230
Merck & Co., Inc.		115,902		9,317,362
Sanofi		117,490		11,871,938
				55,866,394
Medical - HMO — 2.5%
Anthem, Inc.		42,539		13,251,749
Humana, Inc.		4,630		1,854,408
UnitedHealth Group, Inc.		22,480		7,560,923
				22,667,080
Medical - Wholesale Drug Distribution — 2.9%
AmerisourceBergen Corp.		102,118		10,529,387
Cardinal Health, Inc.		196,086		10,704,335
McKesson Corp.		27,693		4,982,247
				26,215,969
Networking Products — 2.2%
Cisco Systems, Inc.		457,590		19,685,522
Oil Companies - Exploration & Production — 1.1%
ConocoPhillips		107,780		4,263,777
Pioneer Natural Resources Co.		58,746		5,908,672
				10,172,449
Oil Companies - Integrated — 2.0%
BP PLC		949,934		3,136,251
Chevron Corp.		119,464		10,414,872
Equinor ASA		305,979		4,822,250
				18,373,373
Oil Refining & Marketing — 1.1%
Marathon Petroleum Corp.		252,322		9,810,279
Pharmacy Services — 1.0%
Cigna Corp.		7,870		1,645,932
CVS Health Corp.		103,859		7,040,601
				8,686,533

Security Description	Shares/ Principal Amount			Value (Note 2)
Pipelines — 1.5%
Enterprise Products Partners LP		423,425		$	8,214,445
Williams Cos., Inc.		251,149			5,269,106
					13,483,551
Retail - Apparel/Shoe — 0.7%
Ross Stores, Inc.		55,320			5,948,006
Retail - Building Products — 0.2%
Lowe’s Cos., Inc.		13,522			2,106,998
Retail - Consumer Electronics — 1.1%
Best Buy Co., Inc.		88,433			9,621,510
Retail - Discount — 0.2%
Dollar General Corp.		8,422			1,840,881
Retail - Drug Store — 1.1%
Walgreens Boots Alliance, Inc.		270,822			10,293,944
Retail - Major Department Stores — 0.4%
TJX Cos., Inc.		53,880			3,421,919
Semiconductor Components - Integrated Circuits — 0.6%
NXP Semiconductors NV		32,270			5,112,213
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		42,900			3,538,392
Soap & Cleaning Preparation — 0.9%
Henkel AG & Co. KGaA (Preference Shares)		72,730			7,828,863
Telephone - Integrated — 3.2%
Verizon Communications, Inc.		488,122			29,487,450
Tobacco — 1.1%
Altria Group, Inc.		247,420			9,854,739
British American Tobacco PLC		16,760			589,759
					10,444,498
Transport - Rail — 0.6%
Union Pacific Corp.		27,954			5,704,852
Transport - Services — 0.1%
FedEx Corp.		3,474			995,579
Wireless Equipment — 0.6%
Motorola Solutions, Inc.		31,300			5,368,888
Total Long-Term Investment Securities
(cost $793,602,140)					866,110,914
SHORT-TERM INVESTMENT SECURITIES — 4.2%
Registered Investment Companies — 4.2%
State Street Institutional Liquid Reserves Fund, Premier Class  0.09%(1) (cost $38,485,246)		38,475,129			38,482,824
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $4,592,000 and collateralized by $4,702,400 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of 4,683,865 (cost $4,592,000)	$	4,592,000			4,592,000
TOTAL INVESTMENTS
(cost $836,679,386)(2)		99.8	%		909,185,738
Other assets less liabilities		0.2			1,770,615
NET ASSETS		100.0	%	$	910,956,353

† Non-income producing security

45

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

(1) The rate shown is the 7-day yield as of November 30, 2020.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	866,110,914	$	—	$	—	$	866,110,914
Short-Term Investment Securities		38,482,824		—		—		38,482,824
Repurchase Agreements		—		4,592,000		—		4,592,000
Total Investments at Value	$	904,593,738	$	4,592,000	$	—	$	909,185,738

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

See Notes to Financial Statements

46

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	54.4	%
Domestic Fixed Income Investment Companies	19.7
United States Treasury Notes	12.7
International Equity Investment Companies	10.5
Registered Investment Companies	2.0
Options — Purchased	0.8
International Fixed Income Investment Companies	0.4
	100.5	%

* Calculated as a percentage of net assets

47

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 85.0%(1)@
Domestic Equity Investment Companies — 54.4%
VALIC Co. I Blue Chip Growth Fund†		315,129	$	8,064,163
VALIC Co. I Dividend Value Fund		670,604		7,624,763
VALIC Co. I Growth Fund		368,562		8,620,676
VALIC Co. I Large Cap Core Fund		611,036		8,578,949
VALIC Co. I Large Capital Growth Fund		335,908		6,845,811
VALIC Co. I Mid Cap Index Fund		139,126		3,571,361
VALIC Co. I Small Cap Aggressive Growth Fund†		54,341		955,320
VALIC Co. I Small Cap Index Fund		74,692		1,476,664
VALIC Co. I Small Cap Special Values Fund		132,009		1,430,973
VALIC Co. I Stock Index Fund		485,295		23,415,494
VALIC Co. I Systematic Core Fund		147,672		3,702,138
VALIC Co. I Systematic Value Fund		520,183		6,746,777
VALIC Co. I Value Fund		429,937		7,700,165
VALIC Co. II Capital Appreciation Fund		343,072		6,542,387
VALIC Co. II Large Cap Value Fund		189,128		3,894,151
VALIC Co. II Mid Cap Growth Fund		186,616		2,306,569
VALIC Co. II Mid Cap Value Fund		125,381		2,202,941
VALIC Co. II Small Cap Growth Fund		25,479		615,056
VALIC Co. II Small Cap Value Fund		34,636		389,305
VALIC Co. II U.S. Socially Responsible Fund		74,480		1,641,531
Total Domestic Equity Investment Companies
(cost $85,628,379)				106,325,194
Domestic Fixed Income Investment Companies — 19.7%
VALIC Co. I Capital Conservation Fund		1,179,461		12,714,585
VALIC Co. I Government Securities Fund		787,010		8,877,473
VALIC Co. I Inflation Protected Fund		220,161		2,657,339
VALIC Co. II Core Bond Fund		840,592		10,179,575
VALIC Co. II High Yield Bond Fund		200,774		1,547,967
VALIC Co. II Strategic Bond Fund		226,355		2,650,620
Total Domestic Fixed Income Investment Companies
(cost $36,036,249)				38,627,559
International Equity Investment Companies — 10.5%
VALIC Co. I Emerging Economies Fund		144,468		1,356,553
VALIC Co. I Global Real Estate Fund		170,585		1,303,268
VALIC Co. I International Equities Index Fund		767,059		5,668,569
VALIC Co. I International Growth Fund		364,893		5,914,911
VALIC Co. I International Socially Responsible Fund		27,438		785,545
VALIC Co. I International Value Fund		561,377		5,439,744
VALIC Co. II International Opportunities Fund		5,256		117,374
Total International Equity Investment Companies
(cost $17,096,314)				20,585,964

Security Description	Shares/ Principal Amount			Value (Note 2)
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund (cost $637,789)		54,931		$	722,342
Total Affiliated Registered Investment Companies
(cost $139,398,731)					166,261,059
U.S. GOVERNMENT TREASURIES — 12.7%
United States Treasury Notes — 12.7%
0.63% due 05/15/2030	$	2,444,000			2,402,376
0.63% due 08/15/2030		2,683,600			2,631,605
1.50% due 02/15/2030		1,608,100			1,710,239
1.63% due 08/15/2029		2,458,800			2,641,481
1.75% due 11/15/2029		2,213,800			2,404,135
2.38% due 05/15/2029		5,086,900			5,771,644
2.63% due 02/15/2029		610,700			703,808
2.75% due 02/15/2028#		1,388,100			1,596,857
2.88% due 05/15/2028		2,104,100			2,446,181
3.13% due 11/15/2028		2,097,500			2,492,748
Total U.S. Government Treasuries
(cost $23,146,171)					24,801,074
OPTIONS - PURCHASED — 0.8%
Over the Counter Purchased Put Options(2) (cost $2,526,955)		29,000			1,540,925
Total Long-Term Investment Securities
(cost $165,071,857)					192,603,058
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 2.0%
AB Government Money Market Portfolio, Class AB 0.14%(3)
(cost $4,026,119)		4,026,119			4,026,119
TOTAL INVESTMENTS
(cost $169,097,976)(4)		100.5	%		196,629,177
Liabilities in excess of other assets		(0.5	)		(1,061,563	)
NET ASSETS		100.0	%	$	195,567,614

@ 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 security

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

(1) See Note 3

(2) Options—Purchased

Over the Counter Purchased Put Options
Issue	Counter Party		Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at November 30, 2020		Unrealized Appreciation (Depreciation)
S&P 500 Index		Citibank, N.A.		March 2021	$	2,500		8,000	$	28,973,040	$	444,312	$	96,984	$	(347,328	)
S&P 500 Index		Citibank, N.A.		April 2021		3,200		3,000		10,864,890		277,829		221,063		(56,766	)
S&P 500 Index		Goldman Sachs International		April 2021		3,200		3,500		12,675,705		313,501		257,907		(55,594	)
S&P 500 Index		Goldman Sachs International		June 2021		3,000		3,500		12,675,705		301,318		263,403		(37,915	)
S&P 500 Index		UBS AG		March 2021		2,500		2,000		7,243,260		126,762		24,246		(102,516	)
S&P 500 Index		UBS AG		June 2021		3,000		9,000		32,594,670		1,063,233		677,322		(385,911	)
								29,000	$	105,027,270	$	2,526,955	$	1,540,925	$	(986,030	)

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

48

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

(3) The rate shown is the 7-day yield as of November 30 2020.

(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)
	30	Short	S&P 500 E-Mini Index		December 2020	$	5,428,002	$	5,434,800	$	(6,798	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	166,261,059	$	—	$	—	$	166,261,059
U.S. Government Treasuries		—		24,801,074		—		24,801,074
Options Purchased		—		1,540,925		—		1,540,925
Short-Term Investment Securities		4,026,119		—		—		4,026,119
Total Investments at Value	$	170,287,178	$	26,341,999	$	—	$	196,629,177
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	6,798	$	—	$	—	$	6,798

* 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

49

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

E-Commerce/Products	10.8	%
Semiconductor Components — Integrated Circuits	8.6
Banks — Commercial	8.5
Electronic Components — Semiconductors	7.9
Internet Content — Information/News	7.6
Real Estate Operations & Development	3.8
Entertainment Software	2.6
Appliances	2.4
Auto — Cars/Light Trucks	2.2
Oil Companies — Integrated	2.2
Diversified Financial Services	2.0
Metal — Iron	2.0
Auto/Truck Parts & Equipment — Original	1.9
Electronic Components — Misc.	1.7
Building Products — Cement	1.7
Steel — Producers	1.6
Finance — Mortgage Loan/Banker	1.6
Metal — Diversified	1.4
Food — Retail	1.4
Applications Software	1.2
Investment Management/Advisor Services	1.0
Medical — Drugs	1.0
Building Products — Doors & Windows	0.9
E-Commerce/Services	0.9
Home Furnishings	0.8
Semiconductor Equipment	0.8
Internet Content — Entertainment	0.8
Gold Mining	0.8
Machinery — Construction & Mining	0.7
Communications Software	0.7
Finance — Leasing Companies	0.7
Retail — Discount	0.7
Platinum	0.6
Power Converter/Supply Equipment	0.6
Banks — Money Center	0.6
Retail — Automobile	0.6
Circuit Boards	0.6
Transport — Truck	0.5
Computers — Periphery Equipment	0.5
Diamonds/Precious Stones	0.5
Apparel Manufacturers	0.5
Auto/Truck Parts & Equipment — Replacement	0.5
Computers	0.5
Tools — Hand Held	0.5
Paper & Related Products	0.5
Non-Hazardous Waste Disposal	0.5
Food — Misc./Diversified	0.5
Medical Instruments	0.4
Motorcycle/Motor Scooter	0.4
Rubber/Plastic Products	0.4
Food — Flour & Grain	0.4
Chemicals — Diversified	0.4
Disposable Medical Products	0.4
Energy — Alternate Sources	0.4
Finance — Investment Banker/Broker	0.4
Consulting Services	0.4
Computer Services	0.4
Retail — Apparel/Shoe	0.3
Building & Construction Products — Misc.	0.3
Retail — Hypermarkets	0.3
Electronic Connectors	0.3
Retail — Drug Store	0.3
Home Decoration Products	0.3
Rubber — Tires	0.3
Transport — Services	0.3
Retail — Misc./Diversified	0.3
Building — Heavy Construction	0.3
Electric Products — Misc.	0.3
Food — Confectionery	0.2

Electric — Generation	0.2
Coal	0.2
Registered Investment Companies	0.2
Gas — Distribution	0.2
Medical — Hospitals	0.2
	99.4	%

* Calculated as a percentage of net assets

Country Allocation*

Cayman Islands	24.9	%
South Korea	18.0
Taiwan	15.7
China	15.4
Russia	7.0
India	6.1
Brazil	4.0
South Africa	2.6
Bermuda	1.6
United States	1.1
United Kingdom	1.0
Hong Kong	0.7
Poland	0.5
Turkey	0.5
Thailand	0.3
	99.4	%

* Calculated as a percentage of net assets

50

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Bermuda — 1.6%
Brilliance China Automotive Holdings, Ltd.		4,670,000	$	4,157,243
Haier Electronics Group Co., Ltd.		1,304,000		6,216,294
Nine Dragons Paper Holdings, Ltd.		3,345,000		4,393,224
				14,766,761
Brazil — 4.0%
Atacadao SA		779,250		2,925,060
Banco do Brasil SA		1,483,955		9,378,937
Qualicorp Consultoria e Corretora de Seguros SA		548,491		3,395,947
Raia Drogasil SA		567,093		2,736,281
Vale SA ADR		1,259,053		18,331,812
				36,768,037
Cayman Islands — 24.9%
Alibaba Group Holding, Ltd.†		2,004,344		67,595,425
Alibaba Group Holding, Ltd. ADR†		27,472		7,235,026
Chailease Holding Co., Ltd.		1,161,000		6,354,390
China Conch Venture Holdings, Ltd.		911,500		4,327,569
China Lesso Group Holdings, Ltd.		1,711,000		3,055,101
China Resources Cement Holdings, Ltd.		3,498,000		4,350,471
Country Garden Holdings Co., Ltd.		6,193,000		8,181,643
Geely Automobile Holdings, Ltd.		1,667,000		4,634,708
IGG, Inc.		2,317,000		2,316,686
JD.com, Inc. ADR†		95,699		8,167,910
JD.com, Inc., Class A†		203,950		8,909,434
Kingsoft Corp., Ltd.#		479,000		2,403,945
Longfor Group Holdings, Ltd.*		1,225,500		8,031,867
Meituan, Class B†		172,700		6,461,447
NetEase, Inc.		311,600		5,809,045
NetEase, Inc. ADR		64,985		5,872,694
Tencent Holdings, Ltd.		869,800		63,178,202
Tianneng Power International, Ltd.#		1,054,000		2,211,060
Tingyi Cayman Islands Holding Corp.		2,298,000		3,877,906
Zhongsheng Group Holdings, Ltd.		679,000		5,098,380
				228,072,909
China — 15.4%
Anhui Conch Cement Co., Ltd.		1,288,000		8,242,083
China Construction Bank Corp.		22,037,000		17,286,040
China National Accord Medicines Corp., Ltd., Class A		604,171		4,541,701
China Vanke Co., Ltd.		2,330,300		8,853,940
GF Securities Co., Ltd.		6,591,000		9,200,640
Hang Zhou Great Star Industrial Co., Ltd., Class A†		1,033,881		4,394,882
Hangzhou Robam Appliances Co., Ltd.		899,718		5,463,482
Industrial & Commercial Bank of China, Ltd.		20,026,000		12,711,558
Livzon Pharmaceutical Group, Inc.		1,084,900		4,269,028
LONGi Green Energy Technology Co., Ltd., Class A		351,400		3,667,646
Midea Group Co., Ltd.		512,699		6,764,897
Poly Developments and Holdings Group Co., Ltd., Class A		3,643,674		9,532,385
Postal Savings Bank of China Co., Ltd.*		9,109,000		5,147,357
Sany Heavy Industry Co., Ltd., Class A		1,443,833		6,736,367
Shandong Weigao Group Medical Polymer Co., Ltd.		1,804,000		3,733,192
Suofeiya Home Collection Co., Ltd., Class A		1,741,767		7,224,065
Weichai Power Co., Ltd.		2,246,881		4,585,915
Weifu High-Technology Group Co., Ltd., Class A		1,872,980		7,369,904
Xiamen C & D, Inc., Class A		1,817,998		2,521,698
Zhuzhou Kibing Group Co., Ltd., Class A		4,829,473		8,518,456
				140,765,236
Hong Kong — 0.7%
Beijing Enterprises Holdings, Ltd.		499,500		1,617,516
Lenovo Group, Ltd.		6,192,000		4,417,693
				6,035,209

Security Description	Shares		Value (Note 2)
India — 6.1%
HCL Technologies, Ltd.		952,977	$	10,592,529
HDFC Bank, Ltd. ADR†		164,654		11,361,126
Hero MotoCorp, Ltd.		97,705		4,070,148
Housing Development Finance Corp., Ltd.		486,731		14,709,143
Kotak Mahindra Bank, Ltd.†		221,951		5,650,357
Mindtree, Ltd.		170,169		3,249,023
Tech Mahindra, Ltd.		561,789		6,577,042
				56,209,368
Poland — 0.5%
CD Projekt SA†		45,945		4,767,831
Russia — 7.0%
Alrosa PJSC†		4,108,344		4,742,767
Inter RAO UES PJSC†		32,805,758		2,214,422
Lukoil PJSC ADR		187,110		12,349,260
Magnit PJSC GDR†		370,277		5,587,480
Magnitogorsk Iron & Steel Works PJSC†		5,657,015		3,161,909
MMC Norilsk Nickel PJSC ADR#		134,465		3,769,054
Polyus PJSC GDR		72,280		6,830,460
Sberbank of Russia PJSC ADR		1,032,770		13,766,824
Severstal PAO GDR		322,862		4,717,014
Tatneft PJSC ADR#		190,499		7,174,192
				64,313,382
South Africa — 2.6%
Clicks Group, Ltd.		166,066		2,517,651
Exxaro Resources, Ltd.		256,821		1,978,283
Foschini Group, Ltd.#		501,256		3,178,519
Impala Platinum Holdings, Ltd.		560,648		5,890,945
Naspers, Ltd., Class N#		31,789		6,422,871
Netcare, Ltd.		1,791,694		1,423,058
Woolworths Holdings, Ltd.		1,201,005		2,713,579
				24,124,906
South Korea — 18.0%
CJ CheilJedang Corp.		13,046		4,262,012
Coway Co, Ltd.†		61,512		3,857,876
Daelim Industrial Co., Ltd.		34,820		2,517,374
E-MART Inc.		44,172		6,147,474
Hana Financial Group, Inc.		313,627		9,594,030
Hankook Tire & Technology Co., Ltd.		89,308		2,639,168
Hyundai Glovis Co., Ltd.		30,076		4,838,035
Hyundai Mobis Co., Ltd.		45,786		10,096,050
Kakao Corp.		21,016		6,989,190
Kia Motors Corp.		223,601		11,679,669
Kumho Petrochemical Co., Ltd.		29,814		3,745,105
Orion Corp.		21,671		2,320,739
POSCO		35,443		7,495,063
Samsung Electro-Mechanics Co., Ltd.		50,097		7,062,611
Samsung Electronics Co., Ltd.		749,077		45,152,443
Samsung Securities Co. Ltd.		98,004		3,493,975
Shinhan Financial Group Co., Ltd.#		278,480		8,103,616
SK Hynix, Inc.		283,391		24,970,062
				164,964,492
Taiwan — 15.7%
ASE Technology Holding Co., Ltd.		1,069,000		2,872,920
Delta Electronics, Inc.		677,000		5,332,392
Elite Material Co., Ltd.		723,000		3,957,126
FLEXium Interconnect, Inc.		576,072		2,425,354
Gigabyte Technology Co., Ltd.		947,000		2,608,175
Globalwafers Co., Ltd.		358,000		7,008,648
International Games System Co., Ltd.†		142,000		3,377,809
Lite-On Technology Corp.		1,285,000		2,166,275
Lotes Co., Ltd.		180,000		2,810,280

51

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Taiwan (continued)
Makalot Industrial Co., Ltd.		726,000		$	4,699,482
Micro-Star International Co., Ltd.		505,000			2,214,718
Nanya Technology Corp.		1,727,000			4,386,801
Nien Made Enterprise Co., Ltd.		224,000			2,644,540
Novatek Microelectronics Corp.		400,000			4,196,123
Radiant Opto-Electronics Corp.		694,000			2,824,454
Simplo Technology Co., Ltd.†		202,000			2,349,373
Sunonwealth Electric Machine Industry Co Ltd		1,272,000			2,512,537
TaiDoc Technology Corp.		516,000			4,145,742
Taiwan Cement Corp.		1,789,000			2,692,680
Taiwan Semiconductor Manufacturing Co., Ltd.		821,000			13,840,558
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		499,671			48,478,080
United Microelectronics Corp.		5,032,000			7,150,110
Yuanta Financial Holding Co., Ltd.		13,898,520			9,313,630
					144,007,807
Thailand — 0.3%
Hana Microelectronics PCL†		1,802,000			2,546,628
Turkey — 0.5%
BIM Birlesik Magazalar AS		449,479			4,023,469
United Kingdom — 1.0%
Anglo American PLC		320,369			9,453,859
United States — 0.9%
MercadoLibre, Inc.†		5,145			7,991,883
Total Long-Term Investment Securities
(cost $720,625,573)					908,811,777
SHORT-TERM INVESTMENT SECURITIES — 0.2%
Registered Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $1,941,078)		1,941,078			1,941,078
TOTAL INVESTMENTS
(cost $722,566,651)(3)		99.4	%		910,752,855
Other assets less liabilities		0.6			5,940,584
NET ASSETS		100.0	%	$	916,693,439

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $13,179,224 representing 1.4% of net assets.

(1) At November 30, 2020, the Fund had loaned securities with a total value of $14,779,674. This was secured by collateral of $1,941,078, which was received in cash and subsequently invested in short-term investments currently valued at $1,941,078 as reported in the Portfolio of Investments. Additional collateral of $13,936,407 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Bills	0.00%	12/03/2020 to 06/17/2021	$	1,233,269
United States Treasury Notes/Bonds	0.13% to 6.25%	12/31/2020 to 02/15/2050		12,703,138

(2) The rate shown is the 7-day yield as of November 30, 2020.

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

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 -Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Russia	$	54,194,284	$	10,119,098	$	—	$	64,313,382
Other Countries		844,498,395		—		—		844,498,395
Short-Term Investment Securities		1,941,078		—		—		1,941,078
Total Investments at Value	$	900,633,757	$	10,119,098	$	—	$	910,752,855

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

See Notes to Financial Statements

52

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	71.5	%
Real Estate Operations & Development	12.9
Real Estate Management/Services	8.7
Hotels/Motels	2.9
Registered Investment Companies	2.5
Telecom Services	1.1
Building-Heavy Construction	0.4
	100.0	%

Country Allocation*

United States	46.8	%
Japan	13.3
United Kingdom	6.9
Germany	6.8
Hong Kong	4.2
Australia	4.1
Canada	3.4
Singapore	3.1
France	2.5
Cayman Islands	2.4
Sweden	1.6
Bermuda	1.3
Switzerland	1.3
Spain	1.0
Belgium	0.7
Norway	0.3
Ireland	0.3
	100.0	%

* Calculated as a percentage of net assets

53

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.5%
Australia — 4.1%
BGP Holdings PLC†(1)		479,213	$	0
Goodman Group		404,816		5,550,859
Ingenia Communities Group		1,294,517		4,475,631
Mirvac Group		1,375,128		2,604,285
NEXTDC, Ltd.†		159,010		1,313,115
				13,943,890
Belgium — 0.7%
Warehouses De Pauw CVA		73,325		2,484,028
Bermuda — 1.3%
Shangri-La Asia, Ltd.†		4,854,000		4,433,763
Canada — 3.4%
Allied Properties Real Estate Investment Trust		92,467		2,906,370
Canadian Apartment Properties REIT		91,061		3,587,188
Chartwell Retirement Residences		163,751		1,423,538
Summit Industrial Income REIT		361,073		3,683,851
				11,600,947
Cayman Islands — 2.4%
CK Asset Holdings, Ltd.		1,073,000		5,876,475
GDS Holdings, Ltd. ADR†		25,358		2,282,981
				8,159,456
France — 2.5%
Gecina SA		35,107		5,330,993
Klepierre SA#		154,794		3,415,953
				8,746,946
Germany — 6.8%
Alstria Office REIT-AG		200,229		3,221,996
Deutsche Wohnen AG		56,719		2,844,312
Instone Real Estate Group AG†*		34,742		891,003
Vonovia SE		238,147		16,328,561
				23,285,872
Hong Kong — 4.2%
Link REIT		807,200		7,081,570
Sun Hung Kai Properties, Ltd.		263,004		3,511,900
Swire Properties, Ltd.		1,202,400		3,668,762
				14,262,232
Ireland — 0.3%
Dalata Hotel Group PLC†		237,336		1,072,973
Japan — 13.3%
Comforia Residential REIT, Inc.†		922		2,554,929
ESCON Japan Reit Investment Corp.		2,211		2,393,132
GLP J-REIT		2,877		4,351,325
Kyoritsu Maintenance Co., Ltd.		60,100		2,092,562
Mitsubishi Estate Co., Ltd.		551,900		9,536,663
Mitsui Fudosan Co., Ltd.		206,200		4,308,672
Mitsui Fudosan Logistics Park, Inc.		800		3,800,766
Nippon Prologis REIT, Inc.#		843		2,644,468
Sankei Real Estate, Inc.#		2,832		2,650,253
Sumitomo Realty & Development Co., Ltd.		209,100		6,819,785
United Urban Investment Corp.#		3,909		4,418,218
				45,570,773
Norway — 0.3%
Entra ASA#*		60,932		1,217,832
Singapore — 3.1%
Ascendas India Trust		3,057,300		3,123,067
CapitaLand, Ltd.		1,033,820		2,412,748

Security Description	Shares		Value (Note 2)
Singapore (continued)
Keppel DC REIT		1,423,000	$	2,981,493
Mapletree Logistics Trust		1,379,800		2,026,772
				10,544,080
Spain — 1.0%
Cellnex Telecom SA*		19,716		1,243,644
Merlin Properties Socimi SA		230,805		2,121,309
				3,364,953
Sweden — 1.6%
Castellum AB		226,375		5,598,076
Switzerland — 1.3%
PSP Swiss Property AG		35,457		4,319,219
United Kingdom — 6.9%
Big Yellow Group PLC		236,155		3,582,766
Capital & Counties Properties PLC		635,195		1,140,654
Derwent London PLC		91,660		3,717,219
Segro PLC		489,242		5,948,366
Tritax Big Box REIT PLC		778,085		1,715,701
Tritax EuroBox PLC*		1,872,403		2,479,182
UNITE Group PLC†		377,729		4,982,820
				23,566,708
United States — 44.3%
Alexandria Real Estate Equities, Inc.		24,531		4,016,461
American Tower Corp.		81,165		18,765,348
Apple Hospitality REIT, Inc.		159,540		2,115,500
AvalonBay Communities, Inc.		22,227		3,702,796
Boston Properties, Inc.		39,456		3,873,001
Brixmor Property Group, Inc.		173,222		2,645,100
Columbia Property Trust, Inc.		21,183		296,138
CoreSite Realty Corp.		22,117		2,773,251
Crown Castle International Corp.		64,369		10,786,313
CubeSmart		43,600		1,418,308
CyrusOne, Inc.		45,479		3,179,437
DiamondRock Hospitality Co.		58,114		437,017
Digital Realty Trust, Inc.		24,082		3,245,050
Duke Realty Corp.		129,217		4,917,999
Equinix, Inc.		8,770		6,119,618
Equity LifeStyle Properties, Inc.		26,959		1,579,528
Equity Residential		43,699		2,531,046
Essential Properties Realty Trust, Inc.		89,880		1,846,135
Extra Space Storage, Inc.		40,060		4,515,964
Gaming and Leisure Properties, Inc.		20,112		835,453
Healthcare Realty Trust, Inc.		55,866		1,648,047
Healthcare Trust of America, Inc., Class A		99,175		2,581,525
Healthpeak Properties, Inc.		55,810		1,610,677
Highwoods Properties, Inc.		12,156		465,575
Hilton Worldwide Holdings, Inc.		11,388		1,180,138
Host Hotels & Resorts, Inc.		120,278		1,687,500
Invitation Homes, Inc.		203,142		5,805,798
JBG SMITH Properties		4,646		142,818
Kilroy Realty Corp.		18,200		1,113,112
Life Storage, Inc.		7,992		876,882
Marriott International, Inc., Class A		10,041		1,273,902
National Retail Properties, Inc.		42,122		1,587,999
NETSTREIT Corp.		21,610		409,942
Omega Healthcare Investors, Inc.		83,188		2,929,881
PotlatchDeltic Corp.		16,829		783,222
Prologis, Inc.		77,113		7,715,156
QTS Realty Trust, Inc., Class A#		27,658		1,643,162
Realty Income Corp.		24,518		1,470,345
Regency Centers Corp.		52,460		2,391,127
Retail Opportunity Investments Corp.		79,341		1,029,846

54

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Rexford Industrial Realty, Inc.		86,804		$	4,159,648
RLJ Lodging Trust		33,772			416,409
SBA Communications Corp.		16,830			4,833,239
SITE Centers Corp.		26,185			264,207
STAG Industrial, Inc.		27,762			826,752
Sun Communities, Inc.		21,366			2,969,874
Sunstone Hotel Investors, Inc.		120,830			1,268,715
UDR, Inc.		155,373			5,977,199
Urban Edge Properties		23,152			300,513
Ventas, Inc.		20,559			984,982
VEREIT, Inc.		274,627			1,947,105
VICI Properties, Inc.		58,928			1,490,289
Vornado Realty Trust		9,188			357,505
Welltower, Inc.		59,552			3,750,585
Weyerhaeuser Co.		148,854			4,322,720
Xenia Hotels & Resorts, Inc.		2,626			37,000
					151,852,859
Total Long-Term Investment Securities
(cost $313,038,759)					334,024,607
SHORT-TERM INVESTMENT SECURITIES — 2.5%
Registered Investment Companies — 2.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3)		4,062,244			4,062,244
State Street Institutional U.S. Government Money Market Fund, Administration Class 0.01%(2)		4,387,147			4,387,147
Total Short-Term Investment Securities
(cost $8,449,391)					8,449,391
TOTAL INVESTMENTS —
(cost $321,488,150)(4)		100.0	%		342,473,998
Other assets less liabilities		0.0			144,795
NET ASSETS		100.0	%	$	342,618,793

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $5,831,661 representing 1.7% of net assets.

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

(2) The rate shown is the 7-day yield as of November 30, 2020.

(3) At November 30, 2020, the Fund had loaned securities with a total value of $13,166,568. This was secured by collateral of $4,062,244, which was received in cash and subsequently invested in short-term investments currently valued at $4,062,244 as reported in the Portfolio of Investments. Additional collateral of $9,973,114 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Bills	0.00%	7/15/2021	$	763,598
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2047		9,209,516

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (See Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	13,943,890	$	—	$	0	$	13,943,890
Other Countries		320,080,717		—		—		320,080,717
Short-Term Investment Securities		8,449,391		—		—		8,449,391
Total Investments at Value	$	342,473,998	$	—	$	0	$	342,473,998

* 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

55

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Sovereign	19.4	%
Foreign Government Obligations	11.2
Medical-Drugs	5.6
U.S. Government Agencies	3.5
U.S. Government Treasuries	3.2
Electronic Components-Semiconductors	3.2
Medical-Biomedical/Gene	2.3
Cosmetics & Toiletries	2.2
Computer Services	2.0
Telephone-Integrated	2.0
Tobacco	1.7
Semiconductor Components-Integrated Circuits	1.6
Semiconductor Equipment	1.4
Retail-Discount	1.3
Applications Software	1.3
Metal-Diversified	1.3
Banks-Commercial	1.2
Real Estate Investment Trusts	1.1
Retail-Building Products	0.9
Electric-Integrated	0.9
Computers	0.9
Retail-Apparel/Shoe	0.9
Transport-Services	0.9
Cellular Telecom	0.9
Food-Misc./Diversified	0.8
Commercial Services-Finance	0.8
Diversified Minerals	0.8
Athletic Footwear	0.8
Food-Retail	0.8
Beverages-Non-alcoholic	0.8
Internet Content-Entertainment	0.8
Building-Residential/Commercial	0.8
Telecom Services	0.7
United States Treasury Notes	0.6
Finance-Credit Card	0.6
Oil Companies-Integrated	0.6
Electronic Forms	0.6
Web Portals/ISP	0.6
Diversified Manufacturing Operations	0.5
Networking Products	0.5
Aerospace/Defense	0.5
Metal-Iron	0.5
Distribution/Wholesale	0.5
Enterprise Software/Service	0.5
Repurchase Agreements	0.5
Consumer Products-Misc.	0.5
Gold Mining	0.5
Transport-Rail	0.4
Apparel Manufacturers	0.4
Electronic Components-Misc.	0.4
Auto-Cars/Light Trucks	0.4
Commercial Services	0.4
Data Processing/Management	0.4
Entertainment Software	0.4
Soap & Cleaning Preparation	0.4
Auto-Heavy Duty Trucks	0.3
Medical Products	0.3
Chemicals-Diversified	0.3
Industrial Gases	0.3
Insurance-Life/Health	0.3
Import/Export	0.3
Steel-Producers	0.2
Insurance-Property/Casualty	0.2
E-Commerce/Services	0.2
Toys	0.2
Food-Meat Products	0.2
Retail-Auto Parts	0.2
Diagnostic Kits	0.2
Retail-Drug Store	0.2

Diversified Financial Services	0.2
Electronic Connectors	0.2
Computers-Memory Devices	0.2
Transport-Truck	0.2
Casino Hotels	0.2
Computer Aided Design	0.2
Beverages-Wine/Spirits	0.2
Precious Metals	0.2
Building Products-Cement	0.2
Diversified Operations	0.2
Investment Management/Advisor Services	0.1
Real Estate Operations & Development	0.1
Food-Confectionery	0.1
Auto/Truck Parts & Equipment-Original	0.1
Oil Companies-Exploration & Production	0.1
Private Equity	0.1
Retail-Consumer Electronics	0.1
Diversified Banking Institutions	0.1
Communications Software	0.1
Industrial Automated/Robotic	0.1
E-Commerce/Products	0.1
Paper & Related Products	0.1
Building & Construction Products-Misc.	0.1
Television	0.1
Real Estate Management/Services	0.1
Rubber-Tires	0.1
Coal	0.1
Building Products-Air & Heating	0.1
Respiratory Products	0.1
Finance-Other Services	0.1
Food-Dairy Products	0.1
Machinery-Electrical	0.1
Retail-Jewelry	0.1
Retail-Gardening Products	0.1
Computer Software	0.1
Retail-Hypermarkets	0.1
Computer Data Security	0.1
Instruments-Controls	0.1
Advertising Agencies	0.1
Machinery-General Industrial	0.1
Diamonds/Precious Stones	0.1
Petrochemicals	0.1
Diversified Operations/Commercial Services	0.1
Airport Development/Maintenance	0.1
Registered Investment Companies	0.1
Multimedia	0.1
Containers-Paper/Plastic	0.1
Investment Companies	0.1
Medical Information Systems	0.1
Internet Infrastructure Software	0.1
Central Bank	0.1
MRI/Medical Diagnostic Imaging	0.1
Brewery	0.1
Gas-Transportation	0.1
Gambling (Non-Hotel)	0.1
Medical-Wholesale Drug Distribution	0.1
Chemicals-Plastics	0.1
Human Resources	0.1
Non-Ferrous Metals	0.1
Non-Hazardous Waste Disposal	0.1
Rubber/Plastic Products	0.1
Coatings/Paint	0.1
	99.3	%

* Calculated as a percentage of net assets

56

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Country Allocation* (continued)

United States	40.6	%
Japan	13.1
South Korea	8.8
Mexico	5.2
United Kingdom	4.5
Australia	2.6
India	2.3
Indonesia	2.2
Switzerland	2.2
Norway	2.1
China	1.6
Brazil	1.6
Canada	1.4
Taiwan	1.4
Spain	0.9
Russia	0.9
Denmark	0.8
Ireland	0.8
Colombia	0.7
Argentina	0.6
Ghana	0.6
Italy	0.5
Hong Kong	0.5
Netherlands	0.5
Cayman Islands	0.4
France	0.3
Sweden	0.3
Thailand	0.2
Finland	0.2
Singapore	0.2
Jersey	0.2
South Africa	0.2
New Zealand	0.2
Malaysia	0.1
Bermuda	0.1
Israel	0.1
Turkey	0.1
United Arab Emirates	0.1
Germany	0.1
SupraNational	0.1
	99.3	%

* Calculated as a percentage of net assets

57

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 60.7%
Australia — 2.6%
AGL Energy, Ltd.		10,455	$	103,606
Aurizon Holdings, Ltd.		32,508		101,416
BHP Group, Ltd.		53,239		1,487,779
BlueScope Steel, Ltd.		7,986		100,242
Brambles, Ltd.		24,705		198,756
CIMIC Group, Ltd.†#		1,590		29,844
Coca-Cola Amatil, Ltd.		8,252		76,626
Cochlear, Ltd.#		1,098		177,656
Coles Group, Ltd.#		20,612		270,226
Crown Resorts, Ltd.#		5,628		39,825
CSL, Ltd.		7,742		1,690,015
Evolution Mining, Ltd.#		14,340		52,316
Fortescue Metals Group, Ltd.		43,671		584,393
Magellan Financial Group, Ltd.		1,810		78,628
Medibank Private, Ltd.		52,830		110,523
Newcrest Mining, Ltd.#		8,331		164,687
Northern Star Resources, Ltd.#		6,430		59,518
Qantas Airways, Ltd.†		8,578		33,876
REA Group, Ltd.#		910		97,018
Rio Tinto, Ltd.		8,026		597,397
Sonic Healthcare, Ltd.		6,485		156,805
Telstra Corp., Ltd.		73,797		166,304
Wesfarmers, Ltd.		20,189		732,836
Woolworths Group, Ltd.		21,727		589,783
				7,700,075
Belgium — 0.0%
Colruyt SA		942		56,206
Proximus SADP		2,782		58,107
				114,313
Bermuda — 0.1%
Brilliance China Automotive Holdings, Ltd.		28,000		24,926
Invesco, Ltd.		4,855		78,796
Jardine Matheson Holdings, Ltd.		3,200		169,824
Kerry Properties, Ltd.		12,000		30,716
Nine Dragons Paper Holdings, Ltd.		24,000		31,521
NWS Holdings, Ltd.		23,000		21,988
Shanghai Industrial Urban Development Group, Ltd.		600		63
				357,834
Brazil — 0.5%
AMBEV SA		51,900		135,432
BB Seguridade Participacoes SA		16,700		89,027
Cia Paranaense de Energia, Class B (Preference Shares)		600		7,646
Cielo SA		18,900		12,524
Engie Brasil Energia SA		3,500		27,661
Hypera SA		5,200		31,166
Itau Unibanco Holding SA (Preference Shares)		58,700		312,926
Itausa SA (Preference Shares)		85,400		168,651
Porto Seguro SA		1,200		10,617
Telefonica Brasil SA		8,400		70,165
TIM SA		12,200		30,720
Vale SA		40,900		595,475
				1,492,010
Canada — 1.4%
Algonquin Power & Utilities Corp.		5,600		87,749
B2Gold Corp.		9,000		50,173
BCE, Inc.		2,300		99,707
Canadian Apartment Properties REIT		600		23,636
Canadian National Railway Co.		10,600		1,110,033
CGI, Inc.†		2,700		199,397
CI Financial Corp.		3,500		45,869
Constellation Software, Inc.		100		123,838

Security Description	Shares		Value (Note 2)
Canada (continued)
Empire Co., Ltd., Class A		1,900	$	51,995
First Capital Real Estate Investment Trust		1,900		22,779
Franco-Nevada Corp.		2,300		306,153
Gildan Activewear, Inc.		3,100		81,063
Hydro One, Ltd.*		3,900		90,991
IGM Financial, Inc.		800		21,160
Keyera Corp.#		2,400		41,414
Kirkland Lake Gold, Ltd.		4,100		167,984
Magna International, Inc.#		5,500		337,276
Metro, Inc.		3,800		174,565
Power Corp. of Canada		7,745		174,377
Quebecor, Inc., Class B		2,300		57,274
RioCan Real Estate Investment Trust		2,500		33,765
Rogers Communications, Inc., Class B		5,100		240,568
Saputo, Inc.		3,100		86,004
Shaw Communications, Inc., Class B#		4,800		83,456
SmartCentres Real Estate Investment Trust		900		16,694
Teck Resources, Ltd., Class B		7,300		115,343
TELUS Corp. (Non Voting Shares)#		6,100		117,852
Wheaton Precious Metals Corp.		4,800		185,281
				4,146,396
Cayman Islands — 0.4%
China Conch Venture Holdings, Ltd.		25,500		121,067
China Feihe, Ltd.*		6,000		14,336
China Hongqiao Group, Ltd.		12,500		10,918
China Lesso Group Holdings, Ltd.		13,000		23,212
China Medical System Holdings, Ltd.		22,000		22,480
China Overseas Property Holdings, Ltd.		5,000		3,271
China Resources Cement Holdings, Ltd.		38,000		47,261
CK Asset Holdings, Ltd.		20,000		109,534
Country Garden Services Holdings Co., Ltd.		17,000		95,187
Dali Foods Group Co., Ltd.*		36,500		22,603
GSX Techedu, Inc. ADR†#		395		25,395
Kingboard Holdings, Ltd.		9,500		36,402
Kingboard Laminates Holdings, Ltd.		17,000		27,503
Lee & Man Paper Manufacturing, Ltd.		23,000		18,694
Longfor Group Holdings, Ltd.*		30,500		199,895
NetEase, Inc. ADR		1,985		179,384
Sands China, Ltd.		44,400		182,159
Seazen Group, Ltd.		14,000		12,373
Shui On Land, Ltd.		48,500		6,695
Yihai International Holding, Ltd.		1,000		11,721
Yuzhou Group Holdings Co., Ltd.		26,000		10,331
Zhen Ding Technology Holding, Ltd.		5,000		21,665
ZTO Express Cayman, Inc. ADR		2,700		76,248
				1,278,334
Chile — 0.0%
Aguas Andinas SA, Class A		40,586		11,773
Cia Cervecerias Unidas SA		2,177		15,401
Colbun SA		116,621		18,674
Enel Americas SA		388,393		56,380
Enel Chile SA		443,567		30,897
				133,125
China — 1.6%
A-Living Smart City Services Co., Ltd.#*		3,000		12,637
Agricultural Bank of China, Ltd.		471,000		178,652
Agricultural Bank of China, Ltd., Class A		58,100		29,040
Anhui Conch Cement Co., Ltd.		24,000		153,579
Anhui Conch Cement Co., Ltd., Class A		4,000		34,335
Anhui Kouzi Distillery Co., Ltd., Class A		100		912
Apeloa Pharmaceutical Co., Ltd.		500		1,584
Autobio Diagnostics Co., Ltd.		100		2,203

58

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
China (continued)
BAIC Motor Corp., Ltd.#*		12,000	$	4,490
Bank of Beijing Co., Ltd., Class A		15,600		11,566
Bank of China, Ltd.		1,381,000		488,184
Bank of China, Ltd., Class A		28,400		14,238
Bank of Communications Co., Ltd.		148,000		81,914
Bank of Communications Co., Ltd., Class A		31,300		22,397
Bank of Hangzhou Co., Ltd.		3,800		8,775
Bank of Nanjing Co., Ltd., Class A		6,500		8,512
Baoshan Iron & Steel Co., Ltd., Class A		14,800		13,963
Beijing Capital Development Co., Ltd.		1,000		953
Beijing Kunlun Tech Co., Ltd.		300		1,004
Chacha Food Co., Ltd.		100		820
Chaozhou Three-Circle Group Co., Ltd.		700		3,398
China Cinda Asset Management Co., Ltd.		140,000		27,274
China CITIC Bank Corp., Ltd.		170,000		73,474
China CITIC Bank Corp., Ltd., Class A		4,300		3,423
China Construction Bank Corp.		1,312,000		1,029,146
China Construction Bank Corp., Class A		4,000		4,345
China Everbright Bank Co., Ltd.		50,000		19,481
China Everbright Bank Co., Ltd., Class A		29,300		19,319
China Minsheng Banking Corp., Ltd.#		112,000		61,844
China Minsheng Banking Corp., Ltd., Class A		28,600		23,029
China National Building Material Co., Ltd.		26,000		34,148
China Pacific Insurance Group Co., Ltd.		19,600		74,596
China Pacific Insurance Group Co., Ltd., Class A		2,600		15,267
China Petroleum & Chemical Corp.		370,000		167,551
China Petroleum & Chemical Corp., Class A†		19,600		12,477
China Railway Group, Ltd.		26,000		12,847
China Reinsurance Group Corp.		40,000		4,232
China Shenhua Energy Co., Ltd.		65,500		126,588
China Shenhua Energy Co., Ltd., Class A		4,300		12,817
China South Publishing & Media Group Co., Ltd.		1,200		1,962
China Telecom Corp., Ltd.		168,000		50,718
China Yangtze Power Co., Ltd.		15,600		47,661
Chinese Universe Publishing and Media Group Co., Ltd., Class A		1,000		1,787
Chongqing Brewery Co., Ltd.		300		4,786
Chongqing Rural Commercial Bank Co., Ltd.		41,000		17,561
Da An Gene Co., Ltd. of Sun Yat-Sen University		140		701
Daqin Railway Co., Ltd., Class A		13,900		14,318
Dongfeng Motor Group Co., Ltd.		46,000		47,359
East Money Information Co., Ltd.		3,500		14,623
Focus Media Information Technology Co., Ltd., Class A		10,700		15,768
Foshan Haitian Flavouring & Food Co., Ltd., Class A		2,160		52,243
Fujian Sunner Development Co., Ltd.		1,000		4,003
Fuyao Glass Industry Group Co., Ltd.*		6,800		32,548
Fuyao Glass Industry Group Co., Ltd., Class A		1,400		8,529
Great Wall Motor Co., Ltd.		21,000		42,536
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,000		20,249
Greendland Holdings Corp., Ltd., Class A		3,300		3,229
Guangdong Haid Group Co., Ltd., Class A		600		5,131
Guangzhou Automobile Group Co., Ltd.		44,000		47,343
Guangzhou Shiyuan Electronic Technology Co., Ltd.		100		1,630
Hangzhou Robam Appliances Co., Ltd.		500		3,036
Hefei Meiya Optoelectronic Technology, Inc.		300		2,024
Heilongjiang Agriculture Co., Ltd.		1,200		3,123
Henan Shuanghui Investment & Development Co., Ltd.		2,300		16,116
Hithink RoyalFlush Information Network Co., Ltd.		100		2,173
HLA Corp., Ltd., Class A		2,400		2,443
Hualan Biological Engineering, Inc., Class A		1,200		7,847
Huaxin Cement Co., Ltd.		1,200		4,468
Huayu Automotive Systems Co., Ltd., Class A		2,100		9,973
Hubei Jumpcan Pharmaceutical Co., Ltd.		600		1,994
Hunan Valin Steel Co., Ltd.		3,100		2,520
Industrial & Commercial Bank of China, Ltd.		847,000		537,635

Security Description	Shares		Value (Note 2)
China (continued)
Industrial & Commercial Bank of China, Ltd., Class A		23,800	$	19,236
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd.		5,900		4,733
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		2,600		14,927
Jafron Biomedical Co., Ltd.		500		4,957
Jiangsu Expressway Co., Ltd.		16,000		18,000
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd.		500		13,521
Jiangsu Zhongtian Technology Co., Ltd.		1,200		1,971
Jiangxi Zhengbang Technology Co., Ltd., Class A		900		2,551
Juewei Food Co., Ltd.		200		2,154
Kweichow Moutai Co., Ltd., Class A		1,000		260,386
Lomon Billions Group Co., Ltd.		1,000		4,816
Luenmei Quantum Co., Ltd.		500		1,034
Luzhou Laojiao Co., Ltd.		900		25,067
Maanshan Iron & Steel Co., Ltd.		5,100		2,154
Muyuan Foodstuff Co., Ltd.		1,470		17,196
NanJi E-Commerce Co., Ltd.		1,100		2,772
New Hope Liuhe Co., Ltd.		1,800		7,102
Offcn Education Technology Co., Ltd.		400		2,193
Ovctek China, Inc.		200		1,945
Perfect World Co., Ltd., Class A		700		2,866
Postal Savings Bank of China Co., Ltd.*		105,000		59,334
RiseSun Real Estate Development Co., Ltd.		3,000		3,332
SAIC Motor Corp., Ltd., Class A		5,500		22,151
Sansteel Minguang Co., Ltd., Class A		2,400		2,607
Seazen Holdings Co., Ltd.		900		4,843
Shaanxi Coal Industry Co., Ltd.		7,100		11,261
Shandong Buchang Pharmaceuticals Co., Ltd.		600		2,201
Shandong Hualu Hengsheng Chemical Co., Ltd.		1,100		5,866
Shandong Sun Paper Industry JSC, Ltd., Class A		1,000		2,233
Shanghai International Airport Co., Ltd., Class A		500		5,965
Shanghai M&G Stationery, Inc.		400		4,422
Shanghai Pudong Development Bank Co., Ltd.		12,200		18,646
Shanxi Lu’an Environmental Energy Development Co., Ltd.		2,400		2,396
Shanxi Xishan Coal & Electricity Power Co., Ltd.		1,650		1,376
Shengyi Technology Co., Ltd.		1,000		4,240
Shenzhen Expressway Co., Ltd.#		6,000		5,984
Shenzhen Goodix Technology Co., Ltd.		100		2,536
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		400		20,501
Shenzhen Salubris Pharmaceuticals Co., Ltd.		500		2,068
Sichuan Chuantou Energy Co., Ltd.		2,800		4,437
Sichuan Swellfun Co., Ltd.		200		2,127
Sinopec Shanghai Petrochemical Co., Ltd.#		64,000		14,202
Sinopec Shanghai Petrochemical Co., Ltd. Class A		4,800		2,581
Suofeiya Home Collection Co., Ltd., Class A		300		1,244
Tangshan Jidong Cement Co., Ltd.		500		1,206
Toly Bread Co., Ltd.		100		912
Tongkun Group Co., Ltd.		700		2,096
Topchoice Medical Corp.†		100		3,186
Wanhua Chemical Group Co., Ltd.†		2,400		29,607
Weichai Power Co., Ltd.		3,900		9,889
Weifu High-Technology Group Co., Ltd., Class A		700		2,754
Weihai Guangwei Composites Co., Ltd.		100		1,088
Wens Foodstuffs Group Co., Ltd.		4,700		13,781
Wuchan Zhongda Group Co., Ltd.		2,000		1,395
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd.		1,900		7,543
Wuliangye Yibin Co., Ltd., Class A		2,400		92,613
Xiamen C & D, Inc., Class A		1,700		2,358
Yanzhou Coal Mining Co., Ltd.		18,000		14,839
Yanzhou Coal Mining Co., Ltd., Class A		1,000		1,726
Yealink Network Technology Corp., Ltd.		200		2,093
Yunda Holding Co., Ltd.		1,390		3,632
Zhejiang Expressway Co., Ltd.		12,000		8,546
Zhejiang Juhua Co., Ltd.		2,100		2,517

59

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
China (continued)
Zhejiang NHU Co., Ltd.		1,500	$	7,247
Zhejiang Semir Garment Co., Ltd. Class A		1,400		1,895
Zhejiang Supor Co., Ltd.		300		3,185
Zhejiang Weixing New Building Materials Co., Ltd.		1,100		3,155
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.		200		1,776
				4,658,224
Colombia — 0.0%
Ecopetrol SA		79,432		45,964
Denmark — 0.8%
Coloplast A/S, Class B		2,656		396,514
Novo Nordisk A/S, Class B		23,707		1,594,473
Novozymes A/S, Class B		1,515		86,648
Pandora A/S		2,563		256,703
Tryg A/S#		1,631		47,282
				2,381,620
Egypt — 0.0%
Commercial International Bank Egypt SAE		17,130		68,782
Eastern Co. SAE		21,255		15,037
ElSwedy Electric Co.		14,744		8,720
				92,539
Finland — 0.2%
Elisa Oyj		2,455		131,780
Kone Oyj, Class B		2,554		214,233
Orion Oyj, Class B		1,809		85,149
UPM-Kymmene Oyj		3,763		123,978
				555,140
France — 0.3%
BioMerieux		290		41,788
Hermes International		520		507,019
Peugeot SA†#		10,286		242,510
Publicis Groupe SA		1,611		73,197
Sartorius Stedim Biotech		197		71,202
				935,716
Germany — 0.1%
Fuchs Petrolub SE (Preference Shares)		520		29,724
HOCHTIEF AG		204		19,686
Porsche Automobil Holding SE (Preference Shares)		2,414		153,480
				202,890
Greece — 0.0%
Hellenic Telecommunications Organization SA		1,671		27,846
JUMBO SA		1,500		26,821
Motor Oil Hellas Corinth Refineries SA		944		12,060
OPAP SA		2,202		24,822
				91,549
Hong Kong — 0.5%
Beijing Enterprises Holdings, Ltd.		3,500		11,334
China Merchants Port Holdings Co., Ltd.		12,000		14,228
China Mobile, Ltd.		103,500		619,581
China Taiping Insurance Holdings Co., Ltd.		11,800		20,857
CNOOC, Ltd.		238,000		249,636
Far East Horizon, Ltd.		14,000		14,865
Galaxy Entertainment Group, Ltd.		30,000		228,356
Guangdong Investment, Ltd.		42,000		69,792
Power Assets Holdings, Ltd.		18,500		97,380
Shanghai Industrial Holdings, Ltd.		2,000		2,972
Sino Land Co., Ltd.		36,000		49,232
Sino-Ocean Group Holdings, Ltd.		45,000		9,463
Sinotruk Hong Kong, Ltd.#		6,000		14,893

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
Wharf Holdings, Ltd.		11,000	$	27,220
Yuexiu Property Co., Ltd.		80,000		16,617
				1,446,426
India — 1.1%
Asian Paints, Ltd.		2,997		88,974
Bajaj Auto, Ltd.		1,301		55,694
Bharat Petroleum Corp., Ltd.		10,526		52,953
Bharti Infratel, Ltd.		6,139		18,154
Britannia Industries, Ltd.		835		40,021
Coal India, Ltd.		26,401		44,634
Colgate-Palmolive India, Ltd.		961		19,388
Dabur India, Ltd.		8,094		54,533
Eicher Motors, Ltd.		2,033		69,454
GAIL India, Ltd.		24,560		34,076
HCL Technologies, Ltd.		16,892		187,758
HDFC Asset Management Co., Ltd.*		676		23,058
Hero MotoCorp, Ltd.		1,384		57,654
Hindustan Petroleum Corp., Ltd.		11,954		33,970
Hindustan Unilever, Ltd.		14,946		431,944
Indian Oil Corp., Ltd.		30,723		35,014
Indraprastha Gas, Ltd.		1,546		10,245
Infosys, Ltd.		56,909		854,793
ITC, Ltd.		54,851		143,319
Jubilant Foodworks, Ltd.		511		16,974
Marico, Ltd.		7,255		35,895
Nestle India, Ltd.		441		101,062
Oil & Natural Gas Corp., Ltd.		40,495		42,898
Page Industries, Ltd.		79		24,163
Petronet LNG, Ltd.		9,131		30,547
Pidilite Industries, Ltd.		1,808		36,935
REC, Ltd.		10,162		16,322
Tata Consultancy Services, Ltd.		16,847		609,216
Tech Mahindra, Ltd.		6,908		80,874
				3,250,522
Indonesia — 0.2%
Adaro Energy Tbk PT		244,500		24,069
Charoen Pokphand Indonesia Tbk PT		89,300		38,420
Gudang Garam Tbk PT†		7,300		21,843
Hanjaya Mandala Sampoerna Tbk PT		196,900		21,266
Indofood CBP Sukses Makmur Tbk PT		34,400		24,119
Indofood Sukses Makmur Tbk PT		31,000		15,588
Kalbe Farma Tbk PT		212,900		22,692
Telekomunikasi Indonesia Persero Tbk PT		830,300		189,934
Unilever Indonesia Tbk PT		153,700		84,089
United Tractors Tbk PT		30,300		49,356
				491,376
Ireland — 0.8%
Accenture PLC, Class A		8,000		1,992,720
Jazz Pharmaceuticals PLC†		400		56,284
Seagate Technology PLC		5,200		305,812
				2,354,816
Israel — 0.1%
Azrieli Group, Ltd.		517		31,571
Check Point Software Technologies, Ltd.†		1,982		233,242
ICL Group, Ltd.		9,965		47,296
				312,109
Italy — 0.5%
DiaSorin SpA		248		52,243
Enel SpA		101,440		1,012,793
Infrastrutture Wireless Italiane SpA*		1,683		21,662

60

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Italy (continued)
Moncler SpA†		3,155	$	154,903
Recordati SpA#		1,557		82,890
Snam SpA		25,419		142,600
Telecom Italia SpA		41,709		21,170
				1,488,261
Japan — 3.2%
ABC-Mart, Inc.		400		20,843
Advantest Corp.		2,400		166,897
Aeon Mall Co., Ltd.		800		12,835
Astellas Pharma, Inc.		31,000		440,503
Bandai Namco Holdings, Inc.		3,200		292,107
Bridgestone Corp.		9,100		317,628
Chugai Pharmaceutical Co., Ltd.		6,100		294,717
Daito Trust Construction Co., Ltd.		1,300		127,510
Daiwa House Industry Co., Ltd.		8,100		248,276
Hitachi, Ltd.		6,800		258,322
Hoya Corp.		6,500		866,044
Hulic Co., Ltd.		2,900		29,361
Iida Group Holdings Co., Ltd.		2,200		44,211
ITOCHU Corp.		23,100		610,358
Japan Airlines Co., Ltd.†#		2,000		37,874
Japan Post Bank Co., Ltd.		5,800		45,667
Japan Tobacco, Inc.		20,700		420,345
Kakaku.com, Inc.		2,500		70,139
Kao Corp.		6,600		493,609
KDDI Corp.		33,200		948,458
Marubeni Corp.		23,300		135,805
Mitsubishi Gas Chemical Co., Inc.		2,300		48,776
MonotaRO Co., Ltd.#		800		48,812
MS&AD Insurance Group Holdings, Inc.		3,100		90,120
Nexon Co., Ltd.		7,000		211,542
Nintendo Co., Ltd.		700		397,337
Nippon Telegraph & Telephone Corp.		23,300		550,139
Nitori Holdings Co., Ltd.		200		42,586
Obayashi Corp.		7,200		63,448
OBIC Co., Ltd.		400		89,923
Oracle Corp. Japan		600		66,494
Sekisui House, Ltd.		9,500		170,891
Shionogi & Co., Ltd.		4,200		225,006
Showa Denko KK		1,500		27,830
SoftBank Corp.		23,600		290,366
Subaru Corp.		9,700		192,606
Sundrug Co., Ltd.		500		20,977
Tokyo Electron, Ltd.		2,400		815,402
Tosoh Corp.		4,600		72,525
Tsuruha Holdings, Inc.		100		14,636
USS Co., Ltd.		1,300		27,195
Welcia Holdings Co., Ltd.		600		24,109
Yamaha Motor Co., Ltd.		1,900		36,581
ZOZO, Inc.		2,100		52,379
				9,461,189
Jersey — 0.2%
Ferguson PLC		2,313		259,760
Polymetal International PLC		10,026		208,760
				468,520
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		1,089		85,824
Malaysia — 0.1%
Carlsberg Brewery Malaysia Bhd		1,200		5,667
DiGi.Com Bhd		59,400		58,321
Fraser & Neave Holdings Bhd		1,900		15,138
Hartalega Holdings Bhd		25,700		90,840

Security Description	Shares		Value (Note 2)
Malaysia (continued)
Nestle Malaysia Bhd		1,200	$	39,470
Petronas Chemicals Group Bhd		37,700		59,409
Petronas Dagangan Bhd		2,300		11,720
Petronas Gas Bhd		11,100		49,479
Top Glove Corp. Bhd		32,700		57,149
Westports Holdings Bhd		14,100		14,882
				402,075
Mexico — 0.2%
Fibra Uno Administracion SA de CV		49,500		49,402
Grupo Aeroportuario del Pacifico SAB de CV, Class B†		5,800		59,454
Grupo Mexico SAB de CV, Class B		22,700		82,555
Kimberly-Clark de Mexico SAB de CV, Class A		26,600		42,170
Megacable Holdings SA de CV		4,400		16,045
Wal-Mart de Mexico SAB de CV		86,000		226,380
				476,006
Netherlands — 0.5%
Ferrari NV		1,530		322,671
Koninklijke Ahold Delhaize NV		17,238		493,291
Koninklijke Vopak NV		507		26,628
LyondellBasell Industries NV, Class A		5,351		455,370
NN Group NV		2,254		91,550
				1,389,510
New Zealand — 0.2%
a2 Milk Co., Ltd.†#		5,539		57,288
Fisher & Paykel Healthcare Corp., Ltd.		10,876		273,935
Spark New Zealand, Ltd.		37,653		120,394
				451,617
Norway — 0.1%
Mowi ASA		7,399		149,753
Orkla ASA		9,124		87,385
Telenor ASA		11,158		189,961
				427,099
Philippines — 0.0%
Globe Telecom, Inc.		570		23,094
Manila Electric Co.		3,790		22,198
Metro Pacific Investments Corp.		104,000		8,868
PLDT, Inc.		625		17,081
				71,241
Poland — 0.0%
PGE Polska Grupa Energetyczna SA†		5,574		8,560
Polski Koncern Naftowy Orlen SA		2,347		34,604
				43,164
Portugal — 0.0%
Jeronimo Martins SGPS SA		3,531		60,484
Russia — 0.9%
Alrosa PJSC		181,980		210,082
Inter RAO UES PJSC		1,747,000		117,924
Magnitogorsk Iron & Steel Works PJSC		113,800		63,607
MMC Norilsk Nickel PJSC		2,513		708,411
Mobile TeleSystems PJSC ADR		33,800		291,694
Moscow Exchange MICEX-RTS PJSC		45,920		91,951
Novolipetsk Steel PJSC		110,580		278,607
PhosAgro PJSC GDR		6,549		83,696
Polyus PJSC		1,318		249,588
Severstal PAO		16,549		243,858
Tatneft PJSC		62,593		405,492
				2,744,910

61

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore — 0.2%
Mapletree Commercial Trust		22,000	$	33,464
Singapore Exchange, Ltd.		20,200		133,898
Singapore Telecommunications, Ltd.		132,900		236,835
Venture Corp., Ltd.		3,900		54,757
Yangzijiang Shipbuilding Holdings, Ltd.		47,300		31,036
				489,990
South Africa — 0.2%
AngloGold Ashanti, Ltd.		4,421		93,169
Clicks Group, Ltd.		4,006		60,733
Exxaro Resources, Ltd.		5,200		40,056
Kumba Iron Ore, Ltd.		1,501		51,080
Mr. Price Group, Ltd.		5,016		52,708
Nedbank Group, Ltd.		2,703		21,381
Pick n Pay Stores, Ltd.#		2,826		9,228
Tiger Brands, Ltd.		2,464		31,345
Vodacom Group, Ltd.		11,704		93,133
				452,833
South Korea — 1.2%
BGF retail Co., Ltd.		98		11,115
BNK Financial Group, Inc.		4,540		23,099
Coway Co, Ltd.†		881		55,254
Daelim Industrial Co., Ltd.		383		27,690
Hana Financial Group, Inc.		5,229		159,958
Hankook Tire & Technology Co., Ltd.		1,042		30,792
Hyundai Marine & Fire Insurance Co., Ltd.		942		18,984
Industrial Bank of Korea		4,710		39,585
KB Financial Group, Inc.		6,534		267,785
Korea Zinc Co., Ltd.		121		41,443
KT&G Corp.		1,950		145,384
Kumho Petrochemical Co., Ltd.		263		33,037
LG Household & Health Care, Ltd. (Preference Shares)		32		20,099
NCSoft Corp.		218		159,577
PearlAbyss Corp.†		84		15,721
S-1 Corp.		258		18,373
Samsung Card Co., Ltd.		391		11,696
Samsung Electronics Co., Ltd.		32,279		1,945,695
Samsung Electronics Co., Ltd. (Preference Shares)		5,982		330,306
Shinhan Financial Group Co., Ltd.		6,235		181,435
Woori Financial Group, Inc.		6,652		59,093
				3,596,121
Spain — 0.9%
Banco Santander SA†		122,935		354,510
Bankinter SA#		4,919		24,345
Enagas SA		3,433		83,621
Endesa SA		5,277		150,883
Iberdrola SA		73,300		1,000,704
Industria de Diseno Textil SA		19,182		637,243
Red Electrica Corp. SA		6,360		129,995
Repsol SA		23,717		227,968
Telefonica SA		36,707		160,125
				2,769,394
SupraNational — 0.1%
HKT Trust & HKT, Ltd.		59,000		77,184
Unibail-Rodamco-Westfield (Euronext Paris)#		1,041		73,885
Unibail-Rodamco-Westfield (Euronext Amsterdam)		22		1,561
				152,630
Sweden — 0.3%
Boliden AB		4,299		148,114
Epiroc AB, Class B		2,790		44,337
Evolution Gaming Group AB*		1,324		113,183

Security Description	Shares		Value (Note 2)
Sweden (continued)
Hennes & Mauritz AB, Class B†		13,321	$	282,048
ICA Gruppen AB		1,015		49,064
Svenska Cellulosa AB SCA, Class B†		4,152		67,119
Swedish Match AB		1,259		101,402
				805,267
Switzerland — 2.2%
EMS-Chemie Holding AG		149		136,170
Garmin, Ltd.		2,180		254,537
Geberit AG		534		321,428
Logitech International SA		1,223		108,176
Nestle SA		14,034		1,562,542
Novartis AG		15,052		1,362,672
Partners Group Holding AG		371		398,047
Roche Holding AG		4,420		1,454,527
Swiss Prime Site AG		546		49,147
Swisscom AG		414		218,674
TE Connectivity, Ltd.		4,360		496,909
				6,362,829
Taiwan — 1.4%
Accton Technology Corp.		6,000		50,311
Advantech Co., Ltd.		3,499		37,688
Asia Cement Corp.		17,000		25,826
Asustek Computer, Inc.		4,000		34,944
Catcher Technology Co., Ltd.		8,000		52,767
Chicony Electronics Co., Ltd.		7,000		20,974
China Development Financial Holding Corp.		171,000		53,515
Chunghwa Telecom Co., Ltd.		58,000		220,788
Eclat Textile Co., Ltd.		1,000		14,034
Far EasTone Telecommunications Co., Ltd.		24,000		52,206
Feng TAY Enterprise Co., Ltd.		5,200		33,478
Formosa Chemicals & Fibre Corp.		47,000		126,971
Formosa Taffeta Co., Ltd.		10,000		10,753
Globalwafers Co., Ltd.		2,000		39,154
Lite-On Technology Corp.		34,000		57,318
Micro-Star International Co., Ltd.		3,000		13,157
Nanya Technology Corp.		20,000		50,803
Nien Made Enterprise Co., Ltd.		1,000		11,806
Novatek Microelectronics Corp.		8,000		83,922
Powertech Technology, Inc.		11,000		35,506
Ruentex Development Co., Ltd.		5,000		7,377
Standard Foods Corp		4,000		8,757
Synnex Technology International Corp.		8,000		12,490
Taiwan Cement Corp.		59,050		88,878
Taiwan Mobile Co., Ltd.		26,000		88,575
Taiwan Semiconductor Manufacturing Co., Ltd.		157,914		2,662,141
Vanguard International Semiconductor Corp.		14,000		51,574
Walsin Technology Corp.†		3,000		20,472
WPG Holdings, Ltd.		20,000		29,927
				3,996,112
Thailand — 0.2%
Advanced Info Service PCL		21,200		124,046
Airports of Thailand PCL		62,900		133,078
Bumrungrad Hospital PCL		6,300		25,929
Home Product Center PCL		79,000		38,390
Intouch Holdings PCL		33,600		61,646
PTT Exploration & Production PCL		18,700		59,809
Siam Cement PCL		10,200		126,109
				569,007
Turkey — 0.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		4,990		11,033
BIM Birlesik Magazalar AS		7,564		67,708

62

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Turkey (continued)
Eregli Demir ve Celik Fabrikalari TAS		29,009	$	40,806
Ford Otomotiv Sanayi AS		1,488		20,512
Haci Omer Sabanci Holding AS		14,730		18,158
Turkcell Iletisim Hizmetleri AS		18,203		34,451
Turkiye Is Bankasi, Class C†		24,806		20,651
				213,319
United Arab Emirates — 0.1%
Aldar Properties PJSC		57,229		47,364
Dubai Islamic Bank PJSC		27,098		33,051
Emirates Telecommunications Group Co. PJSC		28,152		132,745
				213,160
United Kingdom — 4.5%
Admiral Group PLC		4,295		163,588
Anglo American PLC		18,351		541,525
Auto Trader Group PLC*		15,364		114,825
Barratt Developments PLC†		20,465		169,154
Berkeley Group Holdings PLC		2,207		136,050
BHP Group PLC		34,851		789,197
British American Tobacco PLC		28,316		996,398
British Land Co. PLC		15,015		94,421
BT Group PLC		168,312		262,082
Burberry Group PLC		6,962		160,475
Croda International PLC		947		75,194
Direct Line Insurance Group PLC		22,118		87,221
Evraz PLC		10,678		54,991
GlaxoSmithKline PLC		76,170		1,391,181
Hargreaves Lansdown PLC		6,214		118,464
Hikma Pharmaceuticals PLC		1,129		39,254
Imperial Brands PLC		20,373		369,651
Intertek Group PLC		2,547		187,501
ITV PLC†		75,061		94,144
J Sainsbury PLC#		13,201		37,151
Kingfisher PLC†		30,609		111,646
Land Securities Group PLC#		10,019		87,835
M&G PLC		38,258		95,632
Mondi PLC		7,657		169,248
Next PLC		2,711		236,800
Persimmon PLC		6,585		233,165
Prudential PLC		18,911		294,845
RELX PLC		34,225		797,333
Rio Tinto PLC		22,336		1,439,432
Royal Dutch Shell PLC, Class A		54,013		915,359
Smith & Nephew PLC		9,544		184,619
Taylor Wimpey PLC†		68,286		140,149
Unilever PLC		18,527		1,129,004
Unilever PLC		21,736		1,317,651
WM Morrison Supermarkets PLC		16,933		40,600
				13,075,785
United States — 32.7%
3M Co.		3,963		684,529
A.O. Smith Corp.		692		38,967
AbbVie, Inc.		16,947		1,772,317
ABIOMED, Inc.†		99		27,136
Adobe, Inc.†		3,767		1,802,396
Air Products & Chemicals, Inc.		2,974		833,136
Alexion Pharmaceuticals, Inc.†		1,684		205,633
Alphabet, Inc., Class A†		496		870,182
Alphabet, Inc., Class C†		496		873,327
Altria Group, Inc.		38,851		1,547,435
American Tower Corp.		6,045		1,397,604
Amgen, Inc.		6,740		1,496,550
Apollo Global Management, Inc.#		990		43,184

Security Description	Shares		Value (Note 2)
United States (continued)
Apple, Inc.		19,724	$	2,348,142
Applied Materials, Inc.		14,964		1,234,231
Arista Networks, Inc.†		297		80,398
AT&T, Inc.		53,122		1,527,257
Best Buy Co., Inc.		3,864		420,403
Biogen, Inc.†		3,767		904,720
Booking Holdings, Inc.†		296		600,421
BorgWarner, Inc.		2,476		96,193
Bristol-Myers Squibb Co.		24,379		1,521,250
Broadridge Financial Solutions, Inc.		1,685		247,493
C.H. Robinson Worldwide, Inc.		2,181		204,949
Cabot Oil & Gas Corp.		6,144		107,643
Cadence Design Systems, Inc.†		3,765		437,870
Campbell Soup Co.		2,575		128,802
Cardinal Health, Inc.		2,476		135,165
Carrier Global Corp.		7,334		279,205
Celanese Corp.		1,586		205,117
Cerner Corp.		2,180		163,151
Charles Schwab Corp.		2,063		100,633
Church & Dwight Co., Inc.		2,873		252,163
Cisco Systems, Inc.		34,490		1,483,760
Citrix Systems, Inc.		1,982		245,609
Clorox Co.		2,478		502,935
Cognizant Technology Solutions Corp., Class A		7,928		619,415
Colgate-Palmolive Co.		6,837		585,521
Copart, Inc.†		3,469		400,496
Cummins, Inc.		2,478		572,839
D.R. Horton, Inc.		4,260		317,370
Dollar General Corp.		3,864		844,593
Domino’s Pizza, Inc.		199		78,121
eBay, Inc.		5,945		299,806
Electronic Arts, Inc.		2,181		278,623
Eli Lilly & Co.		9,812		1,429,118
Equity LifeStyle Properties, Inc.		2,080		121,867
Erie Indemnity Co., Class A		397		89,567
Estee Lauder Cos., Inc., Class A		3,470		851,260
Expeditors International of Washington, Inc.		2,676		239,154
Extra Space Storage, Inc.		1,685		189,950
F5 Networks, Inc.†		990		161,182
Facebook, Inc., Class A†		7,136		1,976,458
FactSet Research Systems, Inc.		396		132,169
Fastenal Co.		9,810		485,104
Fox Corp., Class A		4,558		131,453
Fox Corp., Class B		2,080		59,030
General Mills, Inc.		9,613		584,663
Gilead Sciences, Inc.		21,258		1,289,723
Hershey Co.		2,774		410,247
HollyFrontier Corp.		2,279		53,306
Hormel Foods Corp.#		5,053		238,401
Host Hotels & Resorts, Inc.		5,351		75,075
HP, Inc.		10,803		236,910
IDEXX Laboratories, Inc.†		992		457,292
Illinois Tool Works, Inc.		4,560		962,570
Ingredion, Inc.		890		68,664
Intel Corp.		25,570		1,236,309
International Business Machines Corp.		12,784		1,579,080
Intuit, Inc.		4,659		1,640,061
J.M. Smucker Co.		792		92,822
Jack Henry & Associates, Inc.		990		159,251
JB Hunt Transport Services, Inc.		1,188		160,713
Johnson & Johnson		10,407		1,505,685
Kellogg Co.		3,468		221,640
Kimberly-Clark Corp.		5,253		731,795
KLA Corp.		2,378		599,185
Kroger Co.		12,090		398,970

63

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Lam Research Corp.		2,280	$	1,032,065
Lamb Weston Holdings, Inc.		1,585		114,722
Lockheed Martin Corp.		4,164		1,519,860
Lowe’s Cos., Inc.		11,596		1,806,889
Lululemon Athletica, Inc.†		1,785		660,843
MarketAxess Holdings, Inc.		496		267,433
Masimo Corp.†		198		50,389
Mastercard, Inc., Class A		5,253		1,767,687
Match Group, Inc.†		517		71,972
Maxim Integrated Products, Inc.		4,458		370,192
Merck & Co., Inc.		19,821		1,593,410
Mettler-Toledo International, Inc.†		198		227,708
Microsoft Corp.		8,326		1,782,347
Monster Beverage Corp.†		5,549		470,444
Moody’s Corp.		2,477		699,356
NetApp, Inc.		3,467		184,826
NIKE, Inc., Class B		16,948		2,282,896
Nucor Corp.		3,864		207,497
NVIDIA Corp.		4,361		2,337,758
NVR, Inc.†		39		155,890
O’Reilly Automotive, Inc.†		1,190		526,504
Old Dominion Freight Line, Inc.		1,536		312,361
Omnicom Group, Inc.		3,270		206,010
Oracle Corp.		16,749		966,752
PACCAR, Inc.		4,657		405,438
Packaging Corp. of America		1,288		167,440
Paychex, Inc.		4,855		452,243
PepsiCo, Inc.		11,595		1,672,347
Pfizer, Inc.		40,833		1,564,312
Philip Morris International, Inc.		22,397		1,696,573
PPL Corp.		8,721		247,851
Procter & Gamble Co.		13,577		1,885,438
Progressive Corp.		4,459		388,423
Public Storage		3,272		734,433
PulteGroup, Inc.		3,764		164,223
QUALCOMM, Inc.		9,812		1,444,032
Ralph Lauren Corp.		594		50,936
Regeneron Pharmaceuticals, Inc.†		1,289		665,163
Robert Half International, Inc.		2,081		133,559
Rockwell Automation, Inc.		1,586		405,318
Rollins, Inc.		2,180		124,652
Ross Stores, Inc.		6,143		660,495
S&P Global, Inc.		4,461		1,569,291
SEI Investments Co.		692		36,503
Simon Property Group, Inc.		5,847		482,787
Skyworks Solutions, Inc.		3,270		461,626
Snap-on, Inc.		692		121,688
Steel Dynamics, Inc.		2,873		104,031
T. Rowe Price Group, Inc.		2,675		383,622
Take-Two Interactive Software, Inc.†		793		143,144
Target Corp.		8,524		1,530,314
Teradyne, Inc.		1,090		120,271
Texas Instruments, Inc.		13,677		2,205,416
Tractor Supply Co.		1,783		251,064
Tyson Foods, Inc., Class A		4,359		284,207
United Parcel Service, Inc., Class B		11,100		1,898,877
Veeva Systems, Inc., Class A†		991		274,378
Verizon Communications, Inc.		28,146		1,700,300
Vertex Pharmaceuticals, Inc.†		1,982		451,401
VF Corp.		4,757		396,734
ViacomCBS, Inc., Class B		7,334		258,744
Viatris, Inc.†		5,066		85,210
Walgreens Boots Alliance, Inc.		11,794		448,290
Walmart, Inc.		10,208		1,559,680
West Pharmaceutical Services, Inc.		396		108,963

Security Description	Shares/ Principal Amount(3)		Value (Note 2)
United States (continued)
Western Union Co.		4,658	$	105,084
Whirlpool Corp.		297		57,799
WW Grainger, Inc.		695		290,719
Xilinx, Inc.		3,170		461,393
Zoom Video Communications, Inc., Class A†		695		332,460
				95,988,047
Total Common Stocks
(cost $160,812,584)				178,295,372
FOREIGN GOVERNMENT OBLIGATIONS — 20.2%
Argentina — 0.6%
Republic of Argentina Bonds 1.00% due 08/05/2021(1)(2)	ARS	5,793,600		49,407
Republic of Argentina Bonds 1.20% due 03/18/2022(1)(2)	ARS	66,178,289		529,854
Republic of Argentina Bonds 1.30% due 09/20/2022(1)(2)	ARS	698,400		5,263
Republic of Argentina Bonds 1.40% due 03/25/2023(1)(2)	ARS	37,208,148		279,631
Republic of Argentina Bonds 1.50% due 03/25/2024(1)(2)	ARS	37,208,149		255,973
Republic of Argentina Bonds 15.50% due 10/17/2026(1)	ARS	79,847,000		190,713
Republic of Argentina Bonds 16.00% due 10/17/2023(1)	ARS	43,574,000		140,722
Republic of Argentina Notes 18.20% due 10/03/2021(1)	ARS	40,723,000		222,616
Republic of Argentina FRS Bonds 33.87% (BADLARPP+2.00%) due 04/03/2022(1)	ARS	2,800,000		18,274
				1,692,453
Brazil — 1.0%
Federative Republic of Brazil Bills zero coupon due 07/01/2021	BRL	10,820,000		1,991,480
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2021	BRL	5,356,000		1,046,731
				3,038,211
Colombia — 0.7%
Republic of Colombia Senior Notes 4.38% due 03/21/2023	COP	64,000,000		18,152
Republic of Colombia Bonds 6.00% due 04/28/2028	COP	2,472,300,000		731,717
Republic of Colombia Bonds 7.50% due 08/26/2026	COP	2,400,700,000		771,975
Republic of Colombia Senior Notes 7.75% due 04/14/2021	COP	329,000,000		93,026

64

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Colombia (continued)
Republic of Colombia Bonds 10.00% due 07/24/2024	COP	1,269,000,000	$	429,480
				2,044,350
Ghana — 0.6%
Republic of Ghana Bonds 18.75% due 01/24/2022	GHS	1,400,000		237,881
Republic of Ghana Bonds 19.00% due 11/02/2026	GHS	4,210,000		672,515
Republic of Ghana Bonds 19.75% due 03/25/2024	GHS	1,400,000		237,465
Republic of Ghana Bonds 19.75% due 03/15/2032	GHS	4,210,000		652,372
Republic of Ghana Bonds 24.50% due 06/21/2021	GHS	50,000		8,735
Republic of Ghana Bonds 24.75% due 03/01/2021	GHS	50,000		8,645
Republic of Ghana Bonds 24.75% due 07/19/2021	GHS	50,000		8,768
				1,826,381
India — 1.2%
Republic of India Bonds 6.79% due 05/15/2027	INR	118,010,000		1,690,723
Republic of India Bonds 6.84% due 12/19/2022	INR	40,000,000		570,647
Republic of India Bonds 7.16% due 05/20/2023	INR	96,000,000		1,385,758
				3,647,128
Indonesia — 2.0%
Republic of Indonesia Bonds 5.63% due 05/15/2023	IDR	5,689,000,000		414,233
Republic of Indonesia Bonds 7.00% due 05/15/2022	IDR	3,435,000,000		254,209
Republic of Indonesia Bonds 8.25% due 07/15/2021	IDR	4,525,000,000		331,383
Republic of Indonesia Bonds 8.38% due 03/15/2024	IDR	45,950,000,000		3,591,032
Republic of Indonesia Bonds 10.25% due 07/15/2022	IDR	116,000,000		8,995
Republic of Indonesia Bonds 12.80% due 06/15/2021	IDR	7,078,000,000		528,058
Republic of Indonesia Senior Bonds 12.90% due 06/15/2022	IDR	10,859,000,000		872,410
				6,000,320

Security Description	Principal Amount(3)		Value (Note 2)
Mexico — 4.4%
United Mexican States Bonds 2.50% due 12/10/2020(2)	MXN	2,759,607	$	136,418
United Mexican States Bonds 6.50% due 06/10/2021	MXN	20,960,000		1,046,981
United Mexican States Bonds 6.50% due 06/09/2022	MXN	78,664,000		4,011,308
United Mexican States Senior Notes 6.75% due 03/09/2023	MXN	10,255,000		531,995
United Mexican States Senior Notes 7.25% due 12/09/2021	MXN	89,440,000		4,550,895
United Mexican States Senior Bonds 8.00% due 12/07/2023	MXN	38,822,000		2,101,472
United Mexican States Bonds 10.00% due 12/05/2024	MXN	6,840,000		402,205
				12,781,274
Norway — 2.0%
Kingdom of Norway Bonds 1.50% due 02/19/2026*	NOK	2,523,000		297,381
Kingdom of Norway Bonds 1.75% due 03/13/2025*	NOK	4,250,000		503,451
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK	14,941,000		1,750,528
Kingdom of Norway Bonds 3.00% due 03/14/2024*	NOK	12,599,000		1,538,251
Kingdom of Norway Bonds 3.75% due 05/25/2021*	NOK	15,973,000		1,826,516
				5,916,127
South Korea — 7.6%
Republic of South Korea Senior Notes 1.18% due 08/02/2021	KRW	176,000,000		159,559
Republic of South Korea Bonds 1.38% due 09/10/2021	KRW	1,470,700,000		1,336,996
Republic of South Korea Bonds 1.38% due 09/10/2024	KRW	2,374,500,000		2,158,387
Republic of South Korea Bonds 1.38% due 12/10/2029	KRW	9,776,590,000		8,622,755
Republic of South Korea Bonds 1.88% due 03/10/2022	KRW	257,000,000		235,550
Republic of South Korea Bonds 1.88% due 03/10/2024	KRW	2,889,000,000		2,674,970
Republic of South Korea Bonds 2.00% due 12/10/2021	KRW	321,000,000		294,065

65

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares/ Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
South Korea (continued)
Republic of South Korea Bonds 2.25% due 09/10/2023	KRW	742,000,000	$	693,336
Republic of South Korea Bonds 2.38% due 12/10/2027	KRW	4,490,000,000		4,292,144
Republic of South Korea Bonds 3.00% due 09/10/2024	KRW	579,100,000		557,622
Republic of South Korea Bonds 4.25% due 06/10/2021	KRW	1,400,000,000		1,289,702
				22,315,086
Total Foreign Government Obligations
(cost $70,172,875)				59,261,330
U.S. GOVERNMENT TREASURIES — 0.6%
United States Treasury Notes
1.63% due 10/31/2026		1,210,000		1,290,541
2.13% due 05/31/2026		550,000		600,746
Total U.S. Government Treasuries
(cost $1,831,829)				1,891,287
RIGHTS — 0.0%
Hong Kong — 0.0%
Sino-Ocean Group Holding, Ltd. Expires 12/09/2020† (cost $0)	HKD	180		0
Total Long-Term Investment Securities
(cost $232,817,288)				239,447,989
SHORT-TERM INVESTMENT SECURITIES — 17.3%
Foreign Government Obligations — 10.5%
Republic of Argentina(6)
due 12/04/2020(1)(2)	ARS	14,646,900		116,285
due 02/26/2021(1)(2)	ARS	2,773,700		20,013
due 04/17/2021(1)(2)	ARS	14,696,800		118,164
				254,462
Government of Japan
(0.09)%-(0.10)% due 01/18/2021	JPY	196,000,000		1,877,654
(0.11)% due 05/25/2021	JPY	654,600,000		6,273,412
(0.12)%-(0.14)% due 12/14/2020	JPY	87,150,000		834,803
(0.12)% due 02/25/2021	JPY	13,400,000		128,382
(0.13)% due 02/10/2021	JPY	655,950,000		6,284,261
(0.13)% due 04/12/2021	JPY	317,300,000		3,040,391
(0.14)% due 01/12/2021	JPY	303,700,000		2,909,360
(0.14)%-(0.17)% due 03/10/2021	JPY	702,300,000		6,728,781
(0.17)% due 03/25/2021	JPY	33,500,000		320,980
(0.19)% due 01/12/2021	JPY	91,800,000		879,418
				29,277,442
United Mexican States
4.16%-4.42% due 03/25/2021	MXN	163,391,000		797,420
4.21% due 04/08/2021	MXN	2,542,800		123,893
4.38%-4.48% due 02/25/2021	MXN	39,068,000		191,306
4.44% due 12/17/2020	MXN	30,110,000		148,677
				1,261,296
				30,793,200
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(4)(5)		197,938		197,938

Security Description	Principal Amount(3)			Value (Note 2)
U.S. Government Agencies — 3.5%
Federal Home Loan Bank 0.00% due 12/01/2020	$	10,165,000		$	10,165,000
U.S. Government Treasuries — 3.2%
United States Treasury Bills
0.09% due 01/07/2021		6,875,000			6,874,417
0.09% due 01/12/2021		2,700,000			2,699,748
					9,574,165
Total Short-Term Investment Securities
(cost $50,311,923)					50,730,303
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $149,000 and collateralized by $152,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $151,999		149,000			149,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $1,231,000 and collateralized by $1,260,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $1,255,631		1,231,000			1,231,000
Total Repurchase Agreements
(cost $1,380,000)					1,380,000
TOTAL INVESTMENTS
(cost $284,509,211)(7)		99.3	%		291,558,292
Other assets less liabilities		0.7			2,200,587
NET ASSETS		100.0	%	$	293,758,879

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $6,625,689 representing 2.3% of net assets.

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities:

Description	Acquistion Date		Principal Amount			Acquistion Cost			Value			Value Per Share			% of Net Assets
Foreign Government Obligations
Republic of Argentina 1.00% due 08/05/2021		10/28/2020 - 11/12/2020		ARS	5,793,600		$	45,744		$	49,407		$	0.01		0.02	%

66

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Description	Acquistion Date		Principal Amount			Acquistion Cost			Value			Value Per Share			% of Net Assets
Republic of Argentina 1.20% due 03/18/2022		03/19/2020 - 11/05/2020		ARS	66,178,289		$	1,084,926		$	529,854		$	0.01		0.18	%
Republic of Argentina 1.30% due 09/20/2022		10/29/2020 - 11/03/2020		ARS	698,400			4,530			5,263			0.01		0.00
Republic of Argentina 1.40% due 03/25/2023		03/26/2020 - 04/24/2020		ARS	37,208,148			684,556			279,631			0.01		0.10
Republic of Argentina 1.50% due 03/25/2024		03/26/2020 - 04/24/2020		ARS	37,208,149			684,556			255,973			0.01		0.09
Republic of Argentina 15.50% due 10/17/2026		10/17/2016 - 05/17/2018		ARS	79,847,000			4,460,922			190,713			0.00		0.06
Republic of Argentina 16.00% due 10/17/2023		10/17/2016 - 05/17/2018		ARS	43,574,000			2,079,973			140,722			0.00		0.05
Republic of Argentina 18.20% due 10/03/2021		10/03/2016 - 08/01/2018		ARS	40,723,000			2,672,053			222,616			0.01		0.08
Republic of Argentina 33.87% (BADLARPP +2.00%) due 04/03/2022		04/03/2017		ARS	2,800,000			186,226			18,274			0.01		0.01
Republic of Argentina discount note due 12/04/2020		04/03/2020 - 10/30/2020		ARS	14,646,900			163,659			116,284			0.01		0.04
Republic of Argentina discount note due 02/26/2021		10/29/2020 - 11/12/2020		ARS	2,773,700			18,745			20,013			0.01		0.01
Republic of Argentina discount note due 04/17/2021		05/07/2020 - 11/03/2020		ARS	14,696,800			133,027			118,164			0.01		0.04
										$	1,946,914					0.68	%

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

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

(4) At November 30, 2020, the Fund had loaned securities with a total value of $2,367,970. This was secured by collateral of $197,938, which was received in cash and subsequently

invested in short-term investments currently valued at $197,938 as reported in the Portfolio of Investments. Additional collateral of $2,412,184 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$68,051
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050	182,745
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053	6,263
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021	121,971
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050	2,033,154

(5) The rate shown is the 7-day yield as of November 30, 2020.

(6) The security was issued on a discount basis with no stated coupon rate.

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

ADR—American Depositary Receipt

ARS—Argentine Peso

BRL—Brazilian Real

COP— Colombian Peso

GDR—Global Depositary Receipt

GHS—Ghanaian Cedi

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

FRS— Floating Rate Security

The rates shown on the FRS are the current interest rates at November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

BADLARPP— Argentina Deposit Rates Badlar 30-35 days

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Bank of America, N.A.	EUR	454,552	USD	537,058		04/16/2021	$	–	$	(7,017	)
	EUR	36,820	USD	43,701		04/29/2021		–		(384	)
	EUR	431,144	USD	515,269		05/27/2021		–		(1,266	)
								–		(8,667	)
BNP Paribas SA	EUR	118,000	USD	140,041		02/26/2021		–		(1,043	)
Citibank N.A.	AUD	5,644,750	JPY	431,793,457		03/10/2021		–		(4,144	)
	AUD	3,160,000	JPY	234,650,540		04/19/2021		–		(69,472	)
	BRL	4,622,695	USD	841,041		12/02/2020		–		(21,821	)
	BRL	4,999,700	USD	862,940		01/04/2021		–		(69,918	)
	BRL	4,622,695	USD	856,308		02/02/2021		–		(5,588	)
	EUR	900,000	USD	1,014,516		01/04/2021		–		(60,282	)
	EUR	89,576	USD	106,080		04/15/2021		–		(1,135	)
	EUR	955,070	CHF	1,020,000		04/19/2021		–		(15,796	)
	EUR	910,000	USD	1,068,622		04/19/2021		–		(20,674	)
	JPY	57,130,000	USD	551,129		04/19/2021		2,726		–
	KRW	538,612,000	USD	449,218		01/19/2021		–		(37,410	)
	KRW	1,049,895,196	USD	872,368		01/29/2021		–		(76,181	)
	KRW	1,245,000,000	USD	1,123,900		02/23/2021		–		(838	)
	KRW	4,014,104,804	USD	3,558,121		02/26/2021		–		(68,200	)
	KRW	524,000,000	USD	443,880		03/22/2021		–		(29,493	)
	KRW	1,051,000,000	USD	942,221		05/17/2021		–		(7,235	)

67

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
	MXN	15,565,000	USD	720,168		01/13/2021	$	–	$	(46,636	)
	MXN	22,911,000	USD	1,058,147		01/15/2021		–		(70,303	)
	MXN	18,134,000	USD	859,403		01/27/2021		–		(32,561	)
	MXN	30,327,000	USD	1,432,864		01/28/2021		–		(58,674	)
	MXN	16,943,000	USD	774,732		03/08/2021		–		(55,049	)
	MXN	20,773,000	USD	922,433		03/11/2021		–		(94,581	)
	MXN	20,978,000	USD	965,314		03/16/2021		–		(61,164	)
	USD	857,643	BRL	4,622,695		12/02/2020		5,219		–
	USD	2,620,644	JPY	275,110,000		04/19/2021		20,191		–
								28,136		(907,155	)
Deutsche Bank AG	EUR	1,382,342	SEK	14,293,534		12/14/2020		17,403		–
	EUR	480,683	SEK	5,000,117		12/15/2020		9,525		–
	EUR	540,927	USD	638,781		01/15/2021		–		(7,365	)
	EUR	924,401	NOK	10,160,000		01/19/2021		38,065		–
	EUR	517,132	SEK	5,360,100		01/19/2021		7,852		–
	EUR	1,192,051	SEK	12,146,883		02/16/2021		–		(6,667	)
	EUR	411,628	SEK	4,280,150		03/15/2021		7,556		–
	EUR	60,000	USD	71,050		04/08/2021		–		(754	)
	EUR	483,005	SEK	5,000,117		04/15/2021		6,050		–
	EUR	516,616	SEK	5,360,100		04/16/2021		7,870		–
	EUR	594,577	SEK	6,180,000		04/19/2021		10,320		–
	EUR	201,877	USD	240,298		04/27/2021		–		(1,398	)
	EUR	154,729	USD	183,795		04/29/2021		–		(1,462	)
	EUR	1,857,096	USD	2,214,178		05/27/2021		–		(10,730	)
	KRW	920,000,000	USD	767,370		01/13/2021		–		(63,843	)
	KRW	920,000,000	USD	768,139		02/04/2021		–		(63,043	)
								104,641		(155,262	)
Goldman Sachs International	EUR	1,333,816	CHF	1,441,755		12/14/2020		–		(4,372	)
	EUR	328,288	CHF	352,526		01/14/2021		–		(3,549	)
	EUR	535,563	CHF	576,705		02/12/2021		–		(3,906	)
	EUR	535,520	CHF	576,701		03/15/2021		–		(3,726	)
	EUR	327,785	CHF	352,528		04/13/2021		–		(2,719	)
								–		(18,272	)
HSBC Bank PLC	AUD	1,725,000	JPY	133,423,575		12/14/2020		11,886		–
	AUD	1,307,504	JPY	100,715,725		03/11/2021		5,750		–
	AUD	3,040,000	JPY	233,669,600		03/16/2021		8,676		–
	AUD	880,000	JPY	67,576,080		03/17/2021		1,892		–
	AUD	1,307,496	JPY	98,987,253		04/13/2021		–		(10,579	)
	BRL	2,763,195	USD	502,244		12/02/2020		–		(13,528	)
	BRL	2,763,195	USD	511,883		02/02/2021		–		(3,312	)
	EUR	1,018,902	JPY	125,570,445		01/25/2021		–		(13,278	)
	EUR	1,065,851	JPY	133,805,358		02/24/2021		9,210		–
	EUR	2,084,789	JPY	258,535,581		02/25/2021		–		(12,569	)
	EUR	1,065,913	JPY	131,111,583		03/25/2021		–		(17,060	)
	EUR	517,579	USD	610,855		04/13/2021		–		(8,618	)
	KRW	1,103,729,587	USD	915,730		01/19/2021		–		(81,472	)
	KRW	3,988,829,320	USD	3,517,641		01/29/2021		–		(86,148	)
	KRW	3,173,000,000	USD	2,809,755		02/10/2021		–		(56,865	)
	KRW	6,315,000,000	USD	5,513,245		04/20/2021		–		(191,620	)
	MXN	60,330,000	USD	2,777,496		01/07/2021		–		(196,646	)
	MXN	80,900,000	USD	3,869,554		02/10/2021		–		(103,633	)
	USD	512,652	BRL	2,763,195		12/02/2020		3,120		–
								40,534		(795,328	)
JPMorgan Chase Bank N.A	AUD	937,467	JPY	72,766,618		12/14/2020		8,916		–
	AUD	365,822	JPY	27,896,858		01/13/2021		–		(1,191	)
	AUD	4,773,844	JPY	363,682,405		02/22/2021		–		(18,210	)
	AUD	454,406	JPY	34,441,258		02/25/2021		–		(3,420	)
	AUD	1,763,000	USD	1,286,759		02/26/2021		–		(8,313	)
	AUD	2,360,889	JPY	178,962,143		04/13/2021		–		(16,941	)
	AUD	365,822	JPY	27,833,960		07/13/2021		–		(1,416	)
	BRL	3,499,270	USD	605,620		12/02/2020		–		(47,546	)
	BRL	3,499,270	USD	647,258		02/02/2021		–		(5,177	)
	EUR	500,521	NOK	5,358,700		12/16/2020		5,122		–
	EUR	493,925	NOK	5,358,700		01/19/2021		12,471		–

68

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
		EUR	2,120,000		USD	2,524,454		03/04/2021	$	–	$	(10,610	)
		EUR	1,023,360		NOK	11,353,925		03/31/2021		52,123		–
		USD	648,253		BRL	3,499,270		12/02/2020		4,913		–
		USD	1,059,037		NOK	9,620,500		12/21/2020		22,542		–
										106,087		(112,824	)
Morgan Stanley and Co., Inc.		EUR	138,000		USD	164,504		05/27/2021		–		(828	)
Standard Chartered Bank		EUR	2,642,368		USD	3,134,707		12/08/2020		–		(17,673	)
		INR	114,436,600		USD	1,550,737		12/02/2020		5,471		–
		USD	1,550,667		INR	114,436,600		12/02/2020		–		(5,409	)
										5,471		(23,082	)
UBS AG		EUR	274,152		CHF	293,814		12/09/2020		–		(3,690	)
		EUR	274,226		CHF	293,814		01/11/2021		–		(3,696	)
		EUR	204,488		CHF	220,358		01/13/2021		–		(1,361	)
		EUR	274,287		CHF	293,817		02/09/2021		–		(3,706	)
		EUR	820,097		CHF	881,461		02/10/2021		–		(7,800	)
		EUR	176,932		USD	210,392		03/08/2021		–		(1,200	)
		EUR	408,558		CHF	440,716		03/10/2021		–		(2,042	)
		EUR	226,932		USD	268,284		04/09/2021		–		(3,299	)
		EUR	204,635		CHF	220,358		04/13/2021		–		(1,392	)
										–		(28,186	)
Unrealized Appreciation (Depreciation)									$	284,869	$	(2,050,647	)

AUD—Australian Dollar

BRL—Brazilian Real

CHF—Swiss Franc

EUR—Euro Currency

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

SEK—Swedish Krona

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	178,295,372	$	—		—		178,295,372
Foreign Government Obligations		—		59,261,330		—		59,261,330
U.S. Government Treasuries		—		1,891,287		—		1,891,287
Rights		—		0		—		0
Short-Term Investment Securities:
Registered Investment Companies		197,938		—		—		197,938
Other Short-Term Investments		—		50,532,365		—		50,532,365
Repurchase Agreements		—		1,380,000		—		1,380,000
Total Investments at Value	$	178,493,310	$	113,064,982	$	—	$	291,558,292
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	284,869	$	—	$	284,869
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	2,050,647	$	—	$	2,050,647

* 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

69

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

U.S. Government Treasuries	51.5	%
U.S. Government Agencies	48.5
Repurchase Agreements	0.1
	100.1	%

Credit Quality†#

P-1 100.1 % 

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues

Weighted Average days to Maturity - 24.5 days

70

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 100.0%
U.S. Government Agencies — 48.5%
Federal Farm Credit Bank FRS 0.14% (1 ML+0.00%) due 12/16/2020	$	8,000,000	$	8,000,000
Federal Home Loan Bank
0.00% due 12/01/2020		40,000,000		40,000,000
0.07% due 12/14/2020		9,500,000		9,499,760
0.07% due 01/13/2021		11,000,000		10,999,080
0.08% due 12/02/2020		12,000,000		11,999,973
0.08% due 12/09/2020		9,000,000		8,999,840
0.08% due 12/16/2020		11,000,000		10,999,633
0.08% due 12/23/2020		10,000,000		9,999,493
0.08% due 01/20/2021		9,000,000		8,999,062
0.09% due 12/04/2020		11,000,000		10,999,918
0.09% due 12/18/2020		11,000,000		10,999,558
0.09% due 12/30/2020		9,000,000		8,999,384
0.09% due 01/04/2021		8,000,000		7,999,358
0.32% due 12/15/2020		7,500,000		7,499,067
0.35% due 12/24/2020		8,500,000		8,498,099
0.35% due 12/28/2020		8,500,000		8,497,769
Federal Home Loan Bank FRS 0.11% (SOFR+0.03%) due 01/14/2021		6,000,000		6,000,000
Federal Home Loan Mtg. Corp. FRS 0.11% (SOFR+0.03%) due 02/24/2021		5,000,000		5,000,000
0.12% (SOFR+0.04%) due 12/04/2020		5,000,000		5,000,000
Total U.S. Government Agencies
(amortized cost $198,989,994)				198,989,994
U.S. Government Treasuries — 51.5%
United States Treasury Bills
0.05% due 01/21/2021		11,000,000		10,999,252
0.06% due 01/19/2021		11,000,000		10,999,042
0.06% due 01/26/2021		10,000,000		9,999,036
0.06% due 01/28/2021		11,500,000		11,498,981
0.07% due 01/12/2021		10,000,000		9,999,137
0.07% due 01/14/2021		9,000,000		8,999,224
0.08% due 12/10/2020		10,000,000		9,999,795
0.08% due 12/15/2020		10,000,000		9,999,689
0.08% due 12/17/2020		10,000,000		9,999,644

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries (continued)
0.08% due 12/22/2020	$	11,000,000		$	10,999,500
0.08% due 12/24/2020		11,000,000			10,999,438
0.08% due 01/07/2021		9,000,000			8,999,306
0.08% due 02/04/2021		10,000,000			9,998,637
0.09% due 12/01/2020		12,500,000			12,500,000
0.09% due 12/03/2020		12,000,000			11,999,943
0.09% due 12/08/2020		11,000,000			10,999,803
0.09% due 12/29/2020		10,000,000			9,999,336
0.09% due 12/31/2020		11,000,000			10,999,183
0.09% due 01/05/2021		10,000,000			9,999,149
United States Treasury Notes 1.38% due 01/31/2021		11,000,000			11,023,792
Total U.S. Government Treasuries
(amortized cost $211,011,887)					211,011,887
Total Short-Term Investment Securities — 100.0%
(amortized cost $410,001,881)					410,001,881
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $378,000 and collateralized by $385,500 of United States Treasury Notes, bearing interest at 0.38% due 11/30/2025 and having an approximate value of $385,651 (cost $378,000)		378,000			378,000
TOTAL INVESTMENTS
(amortized cost $410,379,881)(1)		100.1	%		410,379,881
Liabilities in excess of other assets		(0.1	)		(584,012	)
NET ASSETS		100.0	%	$	409,795,869

(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 November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

SOFR—Secured Overnight Financing Rate

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—	$	410,001,881	$	—	$	410,001,881
Repurchase Agreements		—		378,000		—		378,000
Total Investments at Value	$	—	$	410,379,881	$	—	$	410,379,881

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

See Notes to Financial Statements

71

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	35.2	%
United States Treasury Notes	18.7
United States Treasury Bonds	12.3
Federal Home Loan Mtg. Corp.	11.0
Diversified Financial Services	5.9
Repurchase Agreements	4.7
Government National Mtg. Assoc.	4.5
Sovereign	1.7
Federal Farm Credit Bank	1.2
Diversified Banking Institutions	1.0
Uniform Mtg. Backed Securities	0.7
Banks — Super Regional	0.6
Airlines	0.6
Telephone — Integrated	0.4
Multimedia	0.3
Pharmacy Services	0.3
Tennessee Valley Authority	0.3
Pipelines	0.2
Real Estate Investment Trusts	0.2
Electric — Integrated	0.2
Medical — Biomedical/Gene	0.1
Insurance — Mutual	0.1
Medical — Drugs	0.1
Oil Companies — Exploration & Production	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	100.6	%

Credit Quality Allocation†#

Aaa	92.7	%
A	2.5
Baa	2.0
Not Rated@	2.8
	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.

72

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.9%
Diversified Financial Services — 5.9%
AMSR Trust Series 2020-SFR3, Class A 1.36% due 09/17/2037*	$	568,738	$	572,421
BANK Series 2020-BN26, Class A4 2.40% due 03/15/2063(1)		500,000		534,869
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(1)		271,790		267,394
Citigroup Commercial Mtg. Trust Series 2020-GC46, Class A5 2.72% due 02/15/2053(1)		1,250,000		1,366,786
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.78% due 08/15/2045(1)(2)(3)		748,038		14,447
COMM Mtg. Trust VRS Series 2020-CBM, Class A1 2.31% due 02/10/2037*(1)(3)		600,000		582,221
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		9,282		9,290
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.67% due 09/10/2035*(1)(3)		398,000		433,800
GS Mtg. Securities Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(1)		1,100,000		1,241,561
Progress Residential Trust Series 2017-SFR1, Class A 2.77% due 08/17/2034*		298,068		302,286
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX 3.34% due 08/25/2047*		917,409		943,545
Tricon American Homes Trust Series 2016-SFR1, Class A 2.59% due 11/17/2033*		528,386		528,460
UBS Commercial Mtg. Trust Series 2018-C14, Class A2 4.26% due 12/15/2051(1)		1,500,000		1,627,094
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		212,795
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		255,456		256,249
Total Asset Backed Securities
(cost $8,577,821)				8,893,218
U.S. CORPORATE BONDS & NOTES — 4.0%
Airlines — 0.6%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		614,749		593,366
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		282,755		267,547
				860,913
Banks - Super Regional — 0.6%
Wells Fargo & Co. Senior Notes 2.16% due 02/11/2026		900,000		941,654

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 0.6%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026	$	400,000	$	447,152
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022		162,000		169,694
Morgan Stanley Senior Notes 2.50% due 04/21/2021		319,000		321,664
				938,510
Electric - Integrated — 0.2%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		248,621
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		115,348
Insurance - Mutual — 0.1%
New York Life Global Funding Senior Sec. Notes 2.00% due 04/13/2021*		154,000		154,984
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		159,049
Medical - Drugs — 0.1%
AbbVie, Inc. Senior Notes 3.45% due 03/15/2022		126,000		130,163
Multimedia — 0.3%
Walt Disney Co. Company Guar. Notes 2.00% due 09/01/2029		500,000		519,961
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		116,000		129,294
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		440,000		517,009
Pipelines — 0.2%
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		143,219
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		146,992
				290,211
Real Estate Investment Trusts — 0.2%
Boston Properties LP Senior Notes 2.75% due 10/01/2026		240,000		258,330
Telephone - Integrated — 0.4%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028		580,000		588,826

73

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023	$	89,000	$	93,344
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		22,676
				116,020
Total U.S. Corporate Bonds & Notes
(cost $5,668,312)				5,968,893
FOREIGN CORPORATE BONDS & NOTES — 0.4%
Diversified Banking Institutions — 0.4%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026		217,000		237,391
Mizuho Financial Group, Inc. Senior Notes 2.95% due 02/28/2022		363,000		374,863
Total Foreign Corporate Bonds & Notes
(cost $580,000)				612,254
U.S. GOVERNMENT AGENCIES — 52.9%
Federal Farm Credit Bank — 1.2%
3.33% due 04/28/2037		500,000		620,332
3.35% due 10/21/2025		1,000,000		1,138,568
				1,758,900
Federal Home Loan Mtg. Corp. — 11.0%
2.50% due 05/01/2050		789,770		830,717
3.50% due 06/01/2033		870,669		939,838
4.50% due 09/01/2039		266,371		297,551
4.50% due 11/01/2039		143,621		160,538
4.50% due 02/01/2040		210,584		236,177
4.50% due 04/01/2040		20,905		23,467
4.50% due 06/01/2040		33,642		37,250
4.50% due 08/01/2040		218,462		244,292
4.50% due 03/01/2041		867,945		970,731
4.50% due 04/01/2041		109,994		123,445
4.50% due 06/01/2041		185,049		206,972
5.00% due 10/01/2034		20,352		22,481
5.50% due 12/01/2036		9,663		10,888
6.00% due 11/01/2033		51,159		61,390
6.50% due 02/01/2032		16,282		18,506
8.00% due 02/01/2030		139		140
8.00% due 08/01/2030		114		136
8.00% due 06/01/2031		860		900
Federal Home Loan Mtg. Corp. FRS 3.36% (12 ML+1.83%) due 12/01/2035		5,209		5,295
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)		594,902		637,424
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series KJ14, Class A2 2.81% due 09/25/2024(1)		591,000		629,866
Federal Home Loan Mtg. Corp. REMIC
Series 4594, Class GN 2.50% due 02/15/2045(4)		591,966		619,793
Series 3981, Class PA 3.00% due 04/15/2031(4)		145,687		150,428
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,952,346
Series 4150, Class IG 3.00% due 01/15/2033(2)(4)		2,236,964		185,889

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 4838, Class CY 3.00% due 01/15/2038(4)	$	1,000,000	$	1,129,566
Series 4365, Class HZ 3.00% due 01/15/2040(4)		846,274		905,336
Series 4599, Class PA 3.00% due 09/15/2045(4)		1,039,313		1,094,176
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		1,095,544
Series 3813, Class D 4.00% due 02/15/2026(4)		1,000,000		1,063,942
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		511,977
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,646,205
Series 3786, Class PB 4.50% due 07/15/2040(4)		566,457		595,390
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 6.36% (6.50%-1 ML) due 05/15/2042(2)(4)(5)		306,620		52,718
				16,461,314
Federal National Mtg. Assoc. — 35.2%
2.04% due 06/01/2037		253,802		260,087
2.50% due 07/01/2050		1,956,149		2,051,926
2.55% due 09/01/2034		700,000		772,062
2.81% due 04/01/2025		800,000		863,315
2.94% due 01/01/2026		1,549,390		1,694,783
3.00% due 03/01/2043		863,013		937,615
3.00% due 02/01/2050		893,515		940,051
3.12% due 07/01/2029		3,483,355		3,967,575
3.30% due 02/01/2030		2,918,668		3,281,645
3.64% due 07/01/2028		1,493,197		1,724,786
3.69% due 05/01/2030		1,473,215		1,729,382
4.00% due 09/01/2040		67,220		73,810
4.00% due 10/01/2040		60,390		66,336
4.00% due 12/01/2040		86,294		94,055
4.00% due 01/01/2041		193,850		212,919
4.00% due 02/01/2041		728,406		799,310
4.00% due 03/01/2041		1,094,787		1,202,617
4.00% due 06/01/2042		626,852		680,626
4.00% due 03/01/2043		1,701,176		1,864,063
5.00% due 12/01/2036		9,041		9,997
5.50% due 12/01/2033		11,113		12,624
5.50% due 10/01/2034		7,086		7,929
6.50% due 07/01/2032		3,630		4,251
7.00% due 09/01/2031		11,131		12,534
Federal National Mtg. Assoc. FRS 2.35% (1 Yr USTYCR+2.25%) due 11/01/2034		2,750		2,715
2.37% (6 ML+1.50%) due 01/01/2036		3,014		3,080
3.32% (12 ML+1.32%) due 02/01/2035		643		648
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(2)(4)		126,946		25,708
Federal National Mtg. Assoc. VRS 2.64% due 12/01/2026(3)		1,887,894		2,043,370
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027		1,124,508		1,235,497
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO zero coupon due 05/18/2032(4)(6)		152,043		146,929

74

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2020-M8, Class A2 1.82% due 02/25/2030(1)	$	800,000	$	836,684
Series 2011-126, Class EC 2.00% due 04/25/2040(4)		58,198		58,540
Series 2020-12, Class JC 2.00% due 03/25/2050(4)		1,435,997		1,494,424
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		1,102,556		1,144,278
Series 2012-93, Class ME 2.50% due 01/25/2042(4)		1,244,644		1,300,837
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		429,964		447,113
Series 2019-M31, Class A2 2.85% due 04/25/2034(1)		1,000,000		1,088,852
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		1,239,349		1,273,665
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,900,000		3,219,799
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		575,572		610,043
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		418,796		444,846
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		422,786		448,651
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		2,176,912
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		748,066		801,428
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		937,675
Series 2012-50, Class VB 4.00% due 01/25/2029(4)		1,355,000		1,411,696
Series 2012-47, Class VB 4.00% due 04/25/2031(4)		2,000,000		2,098,614
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		974,930		1,055,838
Series 2010-134, Class MB 4.50% due 12/25/2040(4)		250,000		303,798
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		44,373		51,898
Federal National Mtg. Assoc. REMIC VRS
Series 2015-M13, Class A2 2.80% due 06/25/2025(1)(3)		515,000		550,841
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(3)		1,239,000		1,353,974
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(3)		1,179,678		1,265,125
Series 2018-M4, Class A2 3.15% due 03/25/2028(1)(3)		1,400,000		1,587,546
				52,685,322
Government National Mtg. Assoc. — 4.5%
3.50% due 09/15/2048		863,397		988,718
3.50% due 10/15/2048		1,020,603		1,167,114
3.50% due 02/15/2049		979,142		1,121,749
4.00% due 01/20/2050		723,571		770,029
4.50% due 03/15/2038		12,083		13,360
4.50% due 03/15/2039		3,926		4,398
4.50% due 05/15/2039		98,999		110,495
4.50% due 06/15/2039		80,857		90,297
4.50% due 07/15/2039		165,556		184,340
4.50% due 09/15/2039		2,271		2,536
4.50% due 12/15/2039		59,655		65,636
4.50% due 04/15/2040		68,127		76,098
4.50% due 06/15/2040		168,388		188,351

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
4.50% due 08/15/2040	$	31,465	$	35,239
5.00% due 09/15/2035		944		1,077
5.00% due 02/15/2036		37,372		43,331
5.00% due 05/15/2036		5,690		6,269
6.00% due 01/15/2032		4,992		5,652
7.50% due 02/15/2029		2,245		2,255
7.50% due 07/15/2030		110		113
7.50% due 01/15/2031		4,071		4,626
Government National Mtg. Assoc. REMIC
Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		518,706
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		192,561		212,002
Series 2008-6, Class GL 4.50% due 02/20/2038(4)		668,289		716,094
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		333,085		378,535
				6,707,020
Tennessee Valley Authority — 0.3%
0.75% due 05/15/2025		500,000		506,000
Uniform Mtg. Backed Securities — 0.7%
2.00% due January 30 TBA		1,000,000		1,036,658
Total U.S. Government Agencies
(cost $74,133,028)				79,155,214
U.S. GOVERNMENT TREASURIES — 31.0%
United States Treasury Bonds — 12.3%
zero coupon due 08/15/2024 STRIPS		2,040,000		2,017,612
2.00% due 02/15/2050		3,000,000		3,310,547
2.88% due 08/15/2045#		1,000,000		1,289,492
3.00% due 02/15/2048		750,000		998,701
3.13% due 02/15/2043		1,000,000		1,330,664
3.75% due 08/15/2041#		4,000,000		5,761,875
3.75% due 11/15/2043		1,000,000		1,459,180
3.88% due 08/15/2040		1,500,000		2,179,922
				18,347,993
United States Treasury Notes — 18.7%
0.63% due 03/31/2027		7,000,000		7,039,648
0.63% due 08/15/2030		1,000,000		980,625
1.75% due 05/15/2023		8,000,000		8,309,687
2.50% due 08/15/2023		3,000,000		3,188,555
2.75% due 02/15/2024		2,500,000		2,703,418
2.88% due 08/15/2028		5,000,000		5,829,102
				28,051,035
Total U.S. Government Treasuries
(cost $41,167,412)				46,399,028
FOREIGN GOVERNMENT OBLIGATIONS — 1.7%
Sovereign — 1.7%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,468,431)		2,641,000		2,580,834
Total Long-Term Investment Securities
(cost $132,595,004)				143,609,441

75

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 4.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $7,105,000 and collateralized by $4,808,500 of United States Treasury Bonds, bearing interest at 4.25% due 05/15/2039 and having an approximate value of $7,247,141 (cost $7,105,000)	$	7,105,000		$	7,105,000
TOTAL INVESTMENTS
(cost $139,700,004)(7)		100.6	%		150,714,441
Liabilities in excess of other assets		(0.6	)		(945,847	)
NET ASSETS		100.0	%	$	149,768,594

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $4,263,445 representing 2.8% of net assets.

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

At November 30, 2020, the Fund had loaned securities with a total value of $7,104,255. This was secured by collateral of $7,244,424 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	0.50% to 17.97%	01/25/2023 to 12/25/2050	$	3,114,307
Federal National Mtg. Assoc.	1.50% to 12.24%	02/01/2026 to 08/25/2058		2,631,070
Government National Mtg. Assoc.	0.50% to 9.59%	10/20/2034 to 12/16/2062		1,499,047

(1) Commercial Mortgage Backed Security

(2) Interest Only

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

(4) Collateralized Mortgage Obligation

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 2020.

(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

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

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	8,893,218	$	—	$	8,893,218
U.S. Corporate Bonds & Notes		—		5,968,893		—		5,968,893
Foreign Corporate Bonds & Notes		—		612,254		—		612,254
U.S. Government Agencies		—		79,155,214		—		79,155,214
U.S. Government Treasuries		—		46,399,028		—		46,399,028
Foreign Government Obligations		—		2,580,834		—		2,580,834
Repurchase Agreements		—		7,105,000		—		7,105,000
Total Investments at Value	$	—	$	150,714,441	$	—	$	150,714,441

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

See Notes to Financial Statements

76

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Applications Software	12.9	%
E-Commerce/Products	11.7
Internet Content — Entertainment	7.4
Finance — Credit Card	7.2
Commercial Services — Finance	4.7
Computers	4.1
Web Portals/ISP	3.7
Electronic Components — Semiconductors	3.5
E-Commerce/Services	3.3
Medical — Drugs	2.8
Semiconductor Equipment	2.2
Electronic Forms	2.2
Data Processing/Management	2.1
Commercial Services	2.0
Distribution/Wholesale	1.9
Athletic Footwear	1.9
Semiconductor Components — Integrated Circuits	1.8
Medical Instruments	1.7
Internet Application Software	1.7
Enterprise Software/Service	1.7
Real Estate Investment Trusts	1.6
Computer Aided Design	1.5
Medical Labs & Testing Services	1.5
Medical — HMO	1.4
Electronic Measurement Instruments	1.3
Exchange — Traded Funds	1.2
Diagnostic Equipment	1.0
Communications Software	1.0
Coatings/Paint	1.0
Repurchase Agreements	0.8
Computer Software	0.6
Retail — Building Products	0.4
Aerospace/Defense	0.4
Cosmetics & Toiletries	0.4
Retail — Restaurants	0.3
Medical Products	0.3
Medical — Biomedical/Gene	0.3
Cable/Satellite TV	0.3
Retail — Discount	0.3
Beverages — Non-alcoholic	0.2
Diversified Banking Institutions	0.2
Transport — Rail	0.2
Multimedia	0.2
Industrial Gases	0.2
Computer Services	0.1
Insurance Brokers	0.1
Investment Management/Advisor Services	0.1
Chemicals — Diversified	0.1
Oil Companies — Exploration & Production	0.1
Instruments — Controls	0.1
Finance — Other Services	0.1
Tobacco	0.1
Diversified Manufacturing Operations	0.1
Electric — Integrated	0.1
Retail — Major Department Stores	0.1
Hotels/Motels	0.1
Transport — Services	0.1
Retail — Auto Parts	0.1
Electronic Connectors	0.1
Machinery — Construction & Mining	0.1
Finance — Investment Banker/Broker	0.1
Electric Products — Misc.	0.1
Auto — Heavy Duty Trucks	0.1
Building — Residential/Commercial	0.1
Machinery — Farming	0.1
Aerospace/Defense — Equipment	0.1
Dental Supplies & Equipment	0.1
Entertainment Software	0.1
Diagnostic Kits	0.1

Retail — Apparel/Shoe	0.1
Non-Hazardous Waste Disposal	0.1
Consulting Services	0.1
Building Products — Cement	0.1
Decision Support Software	0.1
	100.1	%

* Calculated as a percentage of net assets

77

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Aerospace/Defense — 0.4%
Boeing Co.		4,637	$	977,062
Lockheed Martin Corp.		4,886		1,783,390
Northrop Grumman Corp.		3,080		930,961
Raytheon Technologies Corp.		16,083		1,153,473
Teledyne Technologies, Inc.†		732		276,652
TransDigm Group, Inc.		1,077		623,788
				5,745,326
Aerospace/Defense - Equipment — 0.1%
Howmet Aerospace, Inc.		3,898		91,447
L3Harris Technologies, Inc.		4,294		824,405
				915,852
Apparel Manufacturers — 0.0%
VF Corp.		3,364		280,558
Applications Software — 12.9%
Intuit, Inc.		108,619		38,236,060
Microsoft Corp.		580,067		124,174,943
ServiceNow, Inc.†		88,582		47,351,508
				209,762,511
Athletic Footwear — 1.9%
NIKE, Inc., Class B		225,084		30,318,815
Auto - Heavy Duty Trucks — 0.1%
Cummins, Inc.		1,848		427,202
PACCAR, Inc.		6,876		598,625
				1,025,827
Banks - Commercial — 0.0%
First Republic Bank		1,675		217,013
SVB Financial Group†		658		226,918
				443,931
Beverages - Non-alcoholic — 0.2%
Coca-Cola Co.		30,716		1,584,946
Monster Beverage Corp.†		4,913		416,524
PepsiCo, Inc.		13,202		1,904,124
				3,905,594
Beverages - Wine/Spirits — 0.0%
Brown - Forman Corp., Class B		3,626		292,473
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		2,744		229,124
Building Products - Air & Heating — 0.0%
Carrier Global Corp.		8,572		326,336
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		1,237		328,584
Vulcan Materials Co.		2,631		367,419
				696,003
Building Products - Wood — 0.0%
Masco Corp.		5,195		278,816
Building - Maintenance & Services — 0.0%
Rollins, Inc.		1,377		78,737
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		6,574		489,763
NVR, Inc.†		69		275,805
PulteGroup, Inc.		5,327		232,417
				997,985

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.3%
Charter Communications, Inc., Class A†		2,971	$	1,937,062
Comcast Corp., Class A		50,708		2,547,570
				4,484,632
Casino Hotels — 0.0%
Las Vegas Sands Corp.		3,719		207,186
MGM Resorts International		4,961		140,148
Wynn Resorts, Ltd.		1,928		193,764
				541,098
Chemicals - Diversified — 0.1%
Celanese Corp.		2,350		303,926
Dow, Inc.		14,721		780,360
FMC Corp.		2,574		298,610
PPG Industries, Inc.		2,391		350,927
				1,733,823
Chemicals - Specialty — 0.0%
Ecolab, Inc.		2,515		558,707
Coatings/Paint — 1.0%
Sherwin-Williams Co.		20,768		15,526,780
Commercial Services — 2.0%
Cintas Corp.		1,727		613,603
CoStar Group, Inc.†		34,944		31,818,958
Quanta Services, Inc.		1,234		84,332
				32,516,893
Commercial Services - Finance — 4.7%
Adyen NV†*		14,361		27,443,103
Automatic Data Processing, Inc.		5,295		920,695
Equifax, Inc.		1,448		241,671
FleetCor Technologies, Inc.†		1,670		442,901
Global Payments, Inc.		2,913		568,588
IHS Markit, Ltd.		5,409		537,979
MarketAxess Holdings, Inc.		754		406,542
Moody’s Corp.		3,206		905,182
PayPal Holdings, Inc.†		23,306		4,990,281
S&P Global, Inc.		113,109		39,789,484
				76,246,426
Communications Software — 1.0%
RingCentral, Inc., Class A†		55,146		16,381,119
Computer Aided Design — 1.5%
ANSYS, Inc.†		1,704		576,054
Autodesk, Inc.†		80,674		22,607,275
Cadence Design Systems, Inc.†		5,538		644,069
Synopsys, Inc.†		3,015		685,913
				24,513,311
Computer Data Security — 0.0%
Fortinet, Inc.†		2,668		328,778
Computer Services — 0.1%
Accenture PLC, Class A		7,961		1,983,005
Leidos Holdings, Inc.		1,328		133,730
				2,116,735
Computer Software — 0.6%
Akamai Technologies, Inc.†		2,327		240,868
Citrix Systems, Inc.		1,276		158,122
Twilio, Inc., Class A†		30,724		9,834,445
				10,233,435

78

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers — 4.1%
Apple, Inc.		564,169	$	67,164,319
Computers - Memory Devices — 0.0%
NetApp, Inc.		2,029		108,166
Seagate Technology PLC		2,660		156,435
				264,601
Consulting Services — 0.1%
Gartner, Inc.†		1,772		269,344
Verisk Analytics, Inc.		2,226		441,438
				710,782
Consumer Products - Misc. — 0.0%
Kimberly - Clark Corp.		3,319		462,370
Containers - Metal/Glass — 0.0%
Ball Corp.		4,606		442,222
Cosmetics & Toiletries — 0.4%
Colgate - Palmolive Co.		7,664		656,345
Estee Lauder Cos., Inc., Class A		4,481		1,099,279
Procter & Gamble Co.		28,682		3,983,069
				5,738,693
Data Processing/Management — 2.1%
Broadridge Financial Solutions, Inc.		1,601		235,155
Fair Isaac Corp.†		66,498		31,438,924
Fiserv, Inc.†		11,040		1,271,587
Jack Henry & Associates, Inc.		792		127,401
Paychex, Inc.		4,264		397,192
				33,470,259
Decision Support Software — 0.1%
MSCI, Inc.		1,661		680,047
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		1,424		685,357
DENTSPLY SIRONA, Inc.		2,300		117,047
				802,404
Diagnostic Equipment — 1.0%
Adaptive Biotechnologies Corp.†		234,966		11,330,061
Danaher Corp.		8,026		1,802,880
Thermo Fisher Scientific, Inc.		7,858		3,653,813
				16,786,754
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		1,689		778,595
Disposable Medical Products — 0.0%
Teleflex, Inc.		924		353,661
Distribution/Wholesale — 1.9%
Copart, Inc.†		263,562		30,428,233
Fastenal Co.		7,976		394,413
LKQ Corp.†		2,892		101,856
Pool Corp.		796		275,504
				31,200,006
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co.		29,057		3,425,239
Diversified Manufacturing Operations — 0.1%
Illinois Tool Works, Inc.		3,486		735,860
Parker - Hannifin Corp.		1,405		375,500
Trane Technologies PLC		2,948		431,116
				1,542,476

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 0.0%
DexCom, Inc.†		1,902	$	608,031
E-Commerce/Products — 11.7%
Alibaba Group Holding, Ltd. ADR†		93,968		24,747,412
Amazon.com, Inc.†		52,050		164,896,482
eBay, Inc.		13,207		666,029
Etsy, Inc.†		2,370		380,859
				190,690,782
E-Commerce/Services — 3.3%
Booking Holdings, Inc.†		813		1,649,130
Match Group, Inc.†		137,878		19,193,996
MercadoLibre, Inc.†		21,060		32,713,130
				53,556,256
E-Services/Consulting — 0.0%
CDW Corp.		2,834		369,809
Electric Products - Misc. — 0.1%
AMETEK, Inc.		4,561		540,616
Emerson Electric Co.		6,410		492,416
				1,033,032
Electric - Distribution — 0.0%
Sempra Energy		2,586		329,663
Electric - Integrated — 0.1%
NextEra Energy, Inc.		20,620		1,517,426
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		2,963		345,960
Electronic Components - Semiconductors — 3.5%
Advanced Micro Devices, Inc.†		23,321		2,160,924
Broadcom, Inc.		7,989		3,208,223
Intel Corp.		48,153		2,328,197
IPG Photonics Corp.†		354		73,281
Marvell Technology Group, Ltd.		358,037		16,573,533
Microchip Technology, Inc.		5,015		673,966
Micron Technology, Inc.†		22,068		1,414,338
Monolithic Power Systems, Inc.		16,955		5,424,922
NVIDIA Corp.		42,419		22,739,129
Qorvo, Inc.†		2,269		355,507
Skyworks Solutions, Inc.		1,924		271,611
Texas Instruments, Inc.		11,280		1,818,900
Xilinx, Inc.		3,009		437,960
				57,480,491
Electronic Connectors — 0.1%
Amphenol Corp., Class A		5,927		775,311
TE Connectivity, Ltd.		3,278		373,594
				1,148,905
Electronic Forms — 2.2%
Adobe, Inc.†		74,538		35,664,197
Electronic Measurement Instruments — 1.3%
Agilent Technologies, Inc.		3,491		408,098
FLIR Systems, Inc.		1,250		47,800
Keysight Technologies, Inc.†		3,717		446,189
Roper Technologies, Inc.		48,214		20,587,378
				21,489,465
Electronic Security Devices — 0.0%
Allegion PLC		1,832		208,921
Enterprise Software/Service — 1.7%
Coupa Software, Inc.†		29,955		9,852,499
Oracle Corp.		23,041		1,329,927
Paycom Software, Inc.†		973		405,819

79

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
salesforce.com, Inc.†		63,810	$	15,684,498
Tyler Technologies, Inc.†		799		341,652
				27,614,395
Entertainment Software — 0.1%
Electronic Arts, Inc.		3,040		388,360
Take - Two Interactive Software, Inc.†		2,271		409,938
				798,298
Finance - Consumer Loans — 0.0%
Synchrony Financial		10,784		328,589
Finance - Credit Card — 7.2%
American Express Co.		7,773		921,800
Discover Financial Services		3,774		287,466
Mastercard, Inc., Class A		160,979		54,171,043
Visa, Inc., Class A		296,471		62,362,675
Western Union Co.		8,164		184,180
				117,927,164
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		21,477		1,047,648
Finance - Other Services — 0.1%
Cboe Global Markets, Inc.		2,160		197,251
CME Group, Inc.		3,633		635,884
Intercontinental Exchange, Inc.		6,132		646,988
Nasdaq, Inc.		1,073		137,333
				1,617,456
Food - Confectionery — 0.0%
Hershey Co.		1,962		290,160
Food - Meat Products — 0.0%
Tyson Foods, Inc., Class A		2,806		182,951
Food - Misc./Diversified — 0.0%
Campbell Soup Co.		1,769		88,485
Lamb Weston Holdings, Inc.		1,588		114,940
McCormick & Co., Inc.		1,256		234,847
				438,272
Food - Wholesale/Distribution — 0.0%
Sysco Corp.		4,546		324,084
Home Furnishings — 0.0%
Leggett & Platt, Inc.		1,736		74,822
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.		5,508		570,794
Marriott International, Inc., Class A		5,282		670,127
				1,240,921
Independent Power Producers — 0.0%
NRG Energy, Inc.		4,849		158,805
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		1,313		335,550
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		4,388		1,229,254
Linde PLC		7,409		1,899,816
				3,129,070
Instruments - Controls — 0.1%
Honeywell International, Inc.		6,412		1,307,535
Mettler - Toledo International, Inc.†		300		345,012
				1,652,547

Security Description	Shares		Value (Note 2)
Instruments - Scientific — 0.0%
PerkinElmer, Inc.		1,266	$	168,378
Waters Corp.†		763		177,024
				345,402
Insurance Brokers — 0.1%
Aon PLC, Class A		2,899		593,976
Arthur J. Gallagher & Co.		1,940		223,895
Marsh & McLennan Cos., Inc.		6,137		703,546
Willis Towers Watson PLC		1,229		255,866
				1,777,283
Insurance - Multi-line — 0.0%
Cincinnati Financial Corp.		1,367		104,370
Insurance - Property/Casualty — 0.0%
Progressive Corp.		7,093		617,871
Internet Application Software — 1.7%
Shopify, Inc., Class A†		9,453		10,307,362
Wix.com, Ltd.†		68,260		17,435,652
				27,743,014
Internet Content - Entertainment — 7.4%
Facebook, Inc., Class A†		188,108		52,100,273
Netflix, Inc.†		74,939		36,772,567
Snap, Inc., Class A†#		731,122		32,476,439
				121,349,279
Internet Security — 0.0%
NortonLifeLock, Inc.		7,278		132,678
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		1,553		287,677
BlackRock, Inc.		1,437		1,003,529
T. Rowe Price Group, Inc.		3,336		478,416
				1,769,622
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		6,346		1,101,602
Machinery - Farming — 0.1%
Deere & Co.		3,673		960,930
Machinery - General Industrial — 0.0%
IDEX Corp.		855		165,143
Otis Worldwide Corp.		4,286		286,905
				452,048
Machinery - Pumps — 0.0%
Dover Corp.		1,687		205,865
Ingersoll Rand, Inc.†		5,382		238,261
Xylem, Inc.		2,109		202,401
				646,527
Medical Information Systems — 0.0%
Cerner Corp.		3,822		286,038
Medical Instruments — 1.7%
Boston Scientific Corp.†		449,170		14,889,985
Edwards Lifesciences Corp.†		12,350		1,036,042
Intuitive Surgical, Inc.†		16,559		12,022,662
				27,948,689
Medical Labs & Testing Services — 1.5%
Catalent, Inc.†		3,260		313,416
IQVIA Holdings, Inc.†		2,622		443,092
Lonza Group AG		37,605		23,570,628
				24,327,136

80

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 0.3%
Abbott Laboratories		20,398	$	2,207,471
ABIOMED, Inc.†		510		139,791
Baxter International, Inc.		4,525		344,217
Cooper Cos., Inc.		556		186,382
Hologic, Inc.†		2,778		192,043
STERIS PLC		912		176,755
Stryker Corp.		4,284		999,886
Varian Medical Systems, Inc.†		996		173,284
West Pharmaceutical Services, Inc.		1,467		403,660
				4,823,489
Medical - Biomedical/Gene — 0.3%
Alexion Pharmaceuticals, Inc.†		2,525		308,328
Amgen, Inc.		6,864		1,524,082
Bio - Rad Laboratories, Inc., Class A†		306		164,781
Illumina, Inc.†		1,740		560,437
Incyte Corp.†		3,693		312,206
Regeneron Pharmaceuticals, Inc.†		1,391		717,798
Vertex Pharmaceuticals, Inc.†		5,174		1,178,378
				4,766,010
Medical - Drugs — 2.8%
AbbVie, Inc.		18,580		1,943,096
AstraZeneca PLC ADR		294,088		15,569,019
Bristol - Myers Squibb Co.		24,624		1,536,538
Eli Lilly & Co.		8,673		1,263,222
Johnson & Johnson		21,965		3,177,896
Merck & Co., Inc.		27,632		2,221,336
Zoetis, Inc.		118,783		19,050,418
				44,761,525
Medical - HMO — 1.4%
Humana, Inc.		55,761		22,333,396
Metal - Copper — 0.0%
Freeport - McMoRan, Inc.		15,865		371,082
Multimedia — 0.2%
Walt Disney Co.		21,896		3,240,827
Networking Products — 0.0%
Arista Networks, Inc.†		1,087		294,251
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		1,921		185,799
Waste Management, Inc.		4,478		533,464
				719,263
Office Automation & Equipment — 0.0%
Xerox Holdings Corp.		3,554		77,797
Zebra Technologies Corp., Class A†		1,060		401,125
				478,922
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		1,177		175,773
Oil Companies - Exploration & Production — 0.1%
Apache Corp.		4,649		59,926
Cabot Oil & Gas Corp.		4,988		87,390
ConocoPhillips		21,305		842,826
EOG Resources, Inc.		5,783		271,107
Hess Corp.		5,430		256,187
Pioneer Natural Resources Co.		2,023		203,473
				1,720,909
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		2,391		29,314

Security Description	Shares		Value (Note 2)
Oil Refining & Marketing — 0.0%
Phillips 66		4,337	$	262,735
Real Estate Investment Trusts — 1.6%
Alexandria Real Estate Equities, Inc.		1,258		205,972
American Tower Corp.		8,811		2,037,103
Boston Properties, Inc.		1,238		121,522
Crown Castle International Corp.		4,835		810,201
Duke Realty Corp.		4,343		165,295
Equinix, Inc.		1,759		1,227,413
Essex Property Trust, Inc.		648		159,330
Extra Space Storage, Inc.		1,487		167,630
Federal Realty Investment Trust		574		50,064
Healthpeak Properties, Inc.		5,026		145,050
Mid-America Apartment Communities, Inc.		1,022		128,936
Prologis, Inc.		8,364		836,818
Public Storage		1,329		298,307
Realty Income Corp.		3,084		184,948
SBA Communications Corp.		68,151		19,571,604
Simon Property Group, Inc.		2,584		213,361
UDR, Inc.		2,755		105,985
				26,429,539
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		6,660		407,192
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		1,432		325,035
Respiratory Products — 0.0%
ResMed, Inc.		2,878		603,229
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc.		7,070		760,166
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		464		527,870
O’Reilly Automotive, Inc.†		1,471		650,829
				1,178,699
Retail - Automobile — 0.0%
CarMax, Inc.†		3,239		302,782
Retail - Building Products — 0.4%
Home Depot, Inc.		15,181		4,211,361
Lowe’s Cos., Inc.		9,908		1,543,865
				5,755,226
Retail - Discount — 0.3%
Costco Wholesale Corp.		5,174		2,027,018
Dollar General Corp.		4,947		1,081,315
Target Corp.		6,364		1,142,529
				4,250,862
Retail - Gardening Products — 0.0%
Tractor Supply Co.		1,131		159,256
Retail - Jewelry — 0.0%
Tiffany & Co.		2,146		282,156
Retail - Major Department Stores — 0.1%
TJX Cos., Inc.		23,818		1,512,681
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		615		169,371
Retail - Restaurants — 0.3%
Chipotle Mexican Grill, Inc.†		556		716,923
Darden Restaurants, Inc.		1,189		128,388
Domino’s Pizza, Inc.		782		306,990
McDonald’s Corp.		6,503		1,414,012
Starbucks Corp.		23,220		2,276,024

81

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Yum! Brands, Inc.		5,987	$	633,425
				5,475,762
Semiconductor Components - Integrated Circuits — 1.8%
Analog Devices, Inc.		185,592		25,812,136
Maxim Integrated Products, Inc.		2,333		193,732
QUALCOMM, Inc.		22,411		3,298,227
				29,304,095
Semiconductor Equipment — 2.2%
Applied Materials, Inc.		18,141		1,496,270
ASML Holding NV (NASDAQ)		72,916		31,917,521
KLA Corp.		3,088		778,083
Lam Research Corp.		2,893		1,309,545
Teradyne, Inc.		3,298		363,901
				35,865,320
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		475		76,090
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		2,653		232,854
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		7,104		265,832
Theaters — 0.0%
Live Nation Entertainment, Inc.†		1,891		124,144
Tobacco — 0.1%
Altria Group, Inc.		14,397		573,433
Philip Morris International, Inc.		13,611		1,031,033
				1,604,466
Transport - Rail — 0.2%
CSX Corp.		7,598		684,200
Kansas City Southern		1,874		348,882
Norfolk Southern Corp.		2,736		648,487
Union Pacific Corp.		8,360		1,706,109
				3,387,678
Transport - Services — 0.1%
Expeditors International of Washington, Inc.		1,732		154,789
United Parcel Service, Inc., Class B		6,320		1,081,162
				1,235,951
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc.		977		132,169
Old Dominion Freight Line, Inc.		1,911		388,621
				520,790
Water — 0.0%
American Water Works Co., Inc.		1,800		276,084
Web Hosting/Design — 0.0%
VeriSign, Inc.†		1,064		213,566
Web Portals/ISP — 3.7%
Alphabet, Inc., Class A†		28,315		49,675,836
Alphabet, Inc., Class C†		5,832		10,268,636
				59,944,472
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		3,373		578,570
Total Common Stocks
(cost $1,042,511,177)				1,600,687,576

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 1.2%
iShares S&P 500 Growth ETF		84,000		$	5,166,840
SPDR Portfolio S&P 500 Growth ETF#		264,464			14,095,931
Total Exchange-Traded Funds
(cost $18,230,688)					19,262,771
Total Long-Term Investment Securities
(cost $1,060,741,865)					1,619,950,347
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2)		256,150			256,150
U.S. Government Treasuries — 0.0%
United States Treasury Bills Disc. Notes 0.12% due 11/04/2021(3)	$	100,000			99,897
Total Short-Term Investment Securities
(cost $356,041)					356,047
REPURCHASE AGREEMENTS — 0.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $12,901,000 and collateralized by $13,211,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $13,159,028		12,901,000			12,901,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $759,000 and collateralized by $719,800 of United States Treasury Notes, bearing interest at 0.13% due 10/15/2025 and having an approximate value of $774,209		759,000			759,000
Total Repurchase Agreements
(cost $13,660,000)		13,660,000			13,660,000
TOTAL INVESTMENTS
(cost $1,074,757,906)(4)		100.1	%		1,633,966,394
Liabilities in excess of other assets		(0.1	)		(1,696,592	)
NET ASSETS		100.0	%	$	1,632,269,802

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $27,443,103 representing 1.7% of net assets.

(1) At November 30, 2020, the Fund had loaned securities with a total value of $2,640,084. This was secured by collateral of $256,150, which was received in cash and subsequently invested in short-term investments currently valued at $256,150 as reported in the Portfolio of Investments. Additional collateral of $2,534,768 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly,

82

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	597,683
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		1,605,025
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		55,009
United States Treasury Bills	0.00%	07/15/2021		8,007
United States Treasury Notes/Bonds	1.38% to 8.13%	01/31/2021 to 02/15/2030		269,044

(2) The rate shown is the 7-day yield as of November 30, 2020.

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

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Funds

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 E-Mini Index		December 2020	$	674,456	$	724,640	$	50,184

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,600,687,576	$	—	$	—	$	1,600,687,576
Exchange-Traded Funds		19,262,771		—		—		19,262,771
Short-Term Investment Securities
Registered Investment Companies		256,150		—		—		256,150
U.S Government Treasuries		—		99,897		—		99,897
Repurchase Agreements		—		13,660,000		—		13,660,000
Total Investments at Value	$	1,620,206,497	$	13,759,897	$	—	$	1,633,966,394
Other Financial Instruments:†
Futures Contracts	$	50,184	$	—	$	—	$	50,184

* 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

83

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	34.9	%
Medical — Drugs	13.4
Medical — HMO	11.9
Medical Products	8.4
Diagnostic Equipment	7.9
Medical Instruments	4.6
Drug Delivery Systems	2.8
Medical Labs & Testing Services	2.3
Pharmacy Services	2.3
Electronic Measurement Instruments	2.2
Therapeutics	1.5
Medical — Hospitals	1.2
Diagnostic Kits	0.9
Disposable Medical Products	0.9
Registered Investment Companies	0.7
Hospital Beds/Equipment	0.6
Enterprise Software/Service	0.6
Patient Monitoring Equipment	0.5
Medical — Outpatient/Home Medical	0.5
Health Care Providers & Services	0.4
Instruments — Controls	0.3
Veterinary Diagnostics	0.3
Medical Information Systems	0.3
Specified Purpose Acquisitions	0.3
Healthcare Safety Devices	0.2
Applications Software	0.2
Commercial Services	0.1
Physicians Practice Management	0.1
Commercial Services — Finance	0.1
Medical Imaging Systems	0.1
Retirement/Aged Care	0.1
	100.6	%

* Calculated as a percentage of net assets

84

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.2%
Applications Software — 0.1%
Outset Medical, Inc.†		11,219	$	718,016
Phreesia, Inc.†		17,329		765,249
				1,483,265
Commercial Services - Finance — 0.1%
Multiplan Corp.†#		93,400		648,196
Diagnostic Equipment — 7.9%
10X Genomics, Inc., Class A†		24,190		3,703,731
Adaptive Biotechnologies Corp.†		32,702		1,576,890
Avantor, Inc.†		204,834		5,587,872
Danaher Corp.		107,713		24,195,571
GenMark Diagnostics, Inc.†		75,165		1,004,956
Quanterix Corp.†		45,339		1,958,191
Repligen Corp.†		3,280		622,118
Thermo Fisher Scientific, Inc.		78,936		36,703,661
				75,352,990
Diagnostic Kits — 0.9%
DiaSorin SpA		13,425		2,828,075
Quidel Corp.†		30,156		5,881,928
				8,710,003
Disposable Medical Products — 0.9%
ICU Medical, Inc.†		8,909		1,681,128
Teleflex, Inc.		17,781		6,805,678
				8,486,806
Drug Delivery Systems — 2.8%
Becton Dickinson and Co.		82,125		19,286,235
DexCom, Inc.†		22,035		7,044,149
				26,330,384
Electronic Measurement Instruments — 2.2%
Agilent Technologies, Inc.		128,764		15,052,512
Sartorius AG (Preference Shares)		12,235		5,575,109
				20,627,621
Enterprise Software/Service — 0.6%
Veeva Systems, Inc., Class A†		20,600		5,703,522
Health Care Providers & Services — 0.1%
Alignment Healthcare Partners LP†(1)(2)		87,707		1,062,886
Healthcare Safety Devices — 0.2%
Tandem Diabetes Care, Inc.†		26,600		2,497,208
Hospital Beds/Equipment — 0.6%
Outset Medical, Inc. Lock-Up Shares(2)		99,676		6,060,301
Instruments - Controls — 0.3%
Mettler-Toledo International, Inc.†		2,676		3,077,507
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		44,750		588,910
Medical Information Systems — 0.2%
Oak Street Health, Inc.†		15,112		712,833
Schrodinger, Inc.†		12,872		895,634
				1,608,467
Medical Instruments — 4.6%
Alcon, Inc.†		36,569		2,333,173
Bio-Techne Corp.		7,400		2,244,494
Bruker Corp.		108,147		5,473,320
Intuitive Surgical, Inc.†		45,508		33,041,083
Pulmonx Corp.†		10,452		566,498
				43,658,568

Security Description	Shares		Value (Note 2)
Medical Labs & Testing Services — 1.6%
Catalent, Inc.†		40,401	$	3,884,152
Evotec SE†		52,514		1,601,739
Invitae Corp.†#		29,300		1,454,745
Lonza Group AG		4,482		2,809,296
PPD, Inc.†		38,516		1,348,060
Teladoc Health, Inc.†		13,118		2,607,465
Wuxi Biologics Cayman, Inc.†*		178,500		1,770,941
				15,476,398
Medical Products — 8.3%
Alphatec Holdings, Inc.†		54,821		575,621
AtriCure, Inc.†		26,026		1,131,610
Cooper Cos., Inc.		11,975		4,014,259
Envista Holdings Corp.†		150,361		4,470,233
Hologic, Inc.†		159,718		11,041,305
Inari Medical, Inc.†		7,787		537,848
iRhythm Technologies, Inc.†		16,129		3,943,702
Nevro Corp.†		31,149		5,022,776
Novocure, Ltd.†		22,650		2,845,973
Penumbra, Inc.†		30,447		6,756,189
Shockwave Medical, Inc.†#		55,672		5,446,392
Stryker Corp.		95,599		22,312,807
West Pharmaceutical Services, Inc.		29,694		8,170,601
Zimmer Biomet Holdings, Inc.		16,350		2,438,112
				78,707,428
Medical - Biomedical/Gene — 34.0%
Abcam PLC		81,460		1,560,559
ACADIA Pharmaceuticals, Inc.†		117,971		6,684,237
Acceleron Pharma, Inc.†		81,282		9,596,966
Acerta Pharma BV, Class B(1)		9,771,120		1,195,985
ADC Therapeutics SA†		17,557		655,052
Adverum Biotechnologies, Inc.†		33,195		451,120
Akero Therapeutics, Inc.†		10,988		316,235
Akouos, Inc.†		23,127		478,266
Alexion Pharmaceuticals, Inc.†		92,753		11,326,069
Allogene Therapeutics, Inc.†		55,765		1,731,503
Alnylam Pharmaceuticals, Inc.†		56,408		7,327,963
Amarin Corp. PLC ADR†#		64,152		318,194
Amgen, Inc.		55,040		12,221,082
Annexon, Inc.†		18,951		458,614
Apellis Pharmaceuticals, Inc.†		55,218		2,602,977
Arcturus Therapeutics Holdings, Inc.†		27,128		2,489,265
Ardelyx, Inc.†		71,911		453,039
Argenx SE ADR†		43,749		12,548,088
Ascendis Pharma A/S ADR†		51,281		8,652,643
Atea Pharmaceuticals, Inc.†#		11,891		396,208
Atea Pharmaceuticals, Inc. Lock-Up Shares†(2)		71,191		2,253,480
Athira Pharma, Inc.†		33,364		830,764
Avidity Biosciences, Inc.†		14,274		427,364
Avrobio, Inc.†		5,691		78,365
BeiGene, Ltd. ADR†		19,709		5,039,394
Berkeley Lights, Inc.†		15,593		1,292,036
Biogen, Inc.†		29,867		7,173,157
Biohaven Pharmaceutical Holding Co., Ltd.†		4,137		367,986
BioMarin Pharmaceutical, Inc.†		24,651		1,940,034
BioNTech SE ADR†		63,453		7,883,401
Bluebird Bio, Inc.†		16,426		724,222
Blueprint Medicines Corp.†		34,479		3,726,490
Burning Rock Biotech, Ltd. ADR†		37,444		1,068,277
C4 Therapeutics, Inc.†		13,130		449,046
C4 Therapeutics, Inc. Lock-Up Shares†(2)		39,764		1,291,932

85

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Cara Therapeutics, Inc.†		43,722	$	641,402
Cardiff Oncology, Inc.†		25,847		638,679
Celldex Therapeutic,s Inc.†		13,100		294,750
Cerevel Therapeutics Holdings PIPE†(2)		41,722		559,659
Cerevel Therapeutics Holdings, Inc.†		33,419		471,876
Constellation Pharmaceuticals, Inc.†		11,600		293,944
CRISPR Therapeutics AG†#		20,477		2,598,941
CureVac NV†#		22,684		2,385,676
Deciphera Pharmaceuticals, Inc.†		17,282		1,068,028
Denali Therapeutics, Inc.†		94,423		5,756,970
Dicerna Pharmaceuticals, Inc.†		44,767		1,131,262
Dyne Therapeutics, Inc.†		23,070		465,091
Epizyme, Inc.†		30,834		423,659
Exact Sciences Corp.†		76,851		9,303,582
Exelixis, Inc.†		276,780		5,303,105
Fate Therapeutics, Inc.†		56,400		3,297,426
FibroGen, Inc.†		68,393		2,825,315
Five Prime Therapeutics, Inc.†		38,016		714,701
Flame Biosciences, Inc.(1)(2)		48,560		318,068
Generation Bio Co.†		16,399		790,760
Generation Bio Co.†(2)		48,484		2,221,004
Genmab A/S†		5,990		2,298,013
Global Blood Therapeutics, Inc.†		31,599		1,450,710
Guardant Health, Inc.†		29,322		3,551,481
Homology Medicines, Inc.†		23,265		228,928
IGM Biosciences, Inc.†#		9,877		659,586
Immunic, Inc.†		14,926		279,564
Immunovant, Inc.†		9,396		462,189
Incyte Corp.†		141,965		12,001,721
Insmed, Inc.†		99,105		3,866,086
Ionis Pharmaceuticals, Inc.†		87,911		4,442,143
Iovance Biotherapeutics, Inc.†		134,003		5,200,656
IVERIC bio, Inc.†		81,249		554,118
Karuna Therapeutics, Inc.†#		23,932		2,387,696
Karyopharm Therapeutics, Inc.†		24,824		421,760
Kodiak Sciences, Inc.†		61,430		8,395,638
Kronos Bio, Inc.†		22,514		722,024
Kronos Bio, Inc. Lock-Up Shares†(2)		18,614		567,103
Kymera Therapeutics, Inc.†		15,902		741,669
Legend Biotech Corp. ADR†		10,415		309,638
MeiraGTx Holdings PLC†		30,411		429,403
Mersana Therapeutics, Inc.†		43,039		1,096,634
Mirati Therapeutics, Inc.†		27,049		6,433,605
Moderna, Inc.†		53,978		8,244,600
MorphoSys AG†		9,638		1,082,299
Nkarta, Inc.†		15,702		522,563
Novavax, Inc.†#		13,400		1,869,300
Nurix Therapeutics, Inc.†		29,744		1,267,689
Pacific Biosciences of California, Inc.†		118,180		1,868,426
Prelude Therapeutics Inc†		18,751		965,114
Protara Therapeutics, Inc.†		21,003		505,122
PTC Therapeutics, Inc.†		23,370		1,462,261
Radius Health, Inc.†		3,162		49,896
RAPT Therapeutics, Inc.†		33,599		728,090
Regeneron Pharmaceuticals, Inc.†		28,149		14,525,728
REGENXBIO, Inc.†		15,867		552,806
Relay Therapeutics, Inc.†		16,081		857,278
Replimune Group, Inc.†		36,669		1,895,054
Rocket Pharmaceuticals, Inc.†#		50,064		1,549,981
Royalty Pharma PLC, Class A		107,456		4,577,626
Sage Therapeutics, Inc.†		39,395		2,918,776
Scholar Rock Holding Corp.†		39,613		1,973,520
Seagen, Inc.†		71,394		12,159,112

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
SpringWorks Therapeutics, Inc.†		13,764	$	900,716
Stoke Therapeutics, Inc.†#		18,909		984,970
Translate Bio, Inc.†		38,034		845,115
Turning Point Therapeutics, Inc.†		27,195		2,896,268
Twist Bioscience Corp.†		22,777		2,545,102
Ultragenyx Pharmaceutical, Inc.†		73,400		8,700,836
Vaxart, Inc.†#		30,800		245,784
Verily Life Sciences LLC†(1)(2)		6,986		861,094
Vertex Pharmaceuticals, Inc.†		108,521		24,715,658
WaVe Life Sciences, Ltd.†		39,568		348,990
Xencor, Inc.†#		57,893		2,450,032
Zai Lab, Ltd. ADR†		15,754		1,745,228
Zeneca, Inc. CVR†(1)		23,110		14,213
Zentalis Pharmaceuticals, Inc.†#		15,867		808,582
Zymeworks, Inc.†		21,017		1,106,545
				322,758,650
Medical - Drugs — 13.4%
AbbVie, Inc.		138,750		14,510,475
Alector, Inc.†		29,063		381,016
Alkermes PLC†		9,817		179,258
Astellas Pharma, Inc.		154,300		2,192,568
AstraZeneca PLC ADR		302,454		16,011,915
Bayer AG		26,323		1,515,649
Bristol-Myers Squibb Co. CVR†		193,509		228,341
Chugai Pharmaceutical Co., Ltd.		50,000		2,415,709
Daiichi Sankyo Co., Ltd.		168,800		5,972,674
Eisai Co., Ltd.		26,200		1,979,305
Eli Lilly & Co.		122,976		17,911,454
Enanta Pharmaceuticals, Inc.†		14,560		599,872
Intellia Therapeutics, Inc.†#		27,523		1,080,828
Ipsen SA		14,570		1,405,160
Madrigal Pharmaceuticals, Inc.†		4,300		502,197
Merck & Co., Inc.		334,092		26,857,656
Merck KGaA		30,304		4,838,429
Milestone Pharmaceuticals, Inc.†#		24,122		161,617
Pfizer, Inc.		134,861		5,166,525
PRA Health Sciences, Inc.†		22,600		2,535,720
Progenics Pharmaceuticals, Inc. CVR†(1)		54,000		0
Protagonist Therapeutics, Inc.†		26,552		641,496
Reata Pharmaceuticals, Inc., Class A†#		10,703		1,634,883
Roche Holding AG		30,327		9,979,961
Sanofi		64,210		6,488,187
Seres Therapeutics, Inc.†		26,788		739,617
uniQure NV†		23,600		1,134,688
				127,065,200
Medical - Generic Drugs — 0.0%
Arvinas, Inc.†		13,300		321,860
Medical - HMO — 11.9%
Anthem, Inc.		46,499		14,485,369
Centene Corp.†		259,048		15,970,309
Humana, Inc.		44,895		17,981,345
Molina Healthcare, Inc.†		35,893		7,326,838
UnitedHealth Group, Inc.		170,048		57,193,944
				112,957,805
Medical - Hospitals — 1.2%
HCA Healthcare, Inc.		73,920		11,096,131
Medical - Outpatient/Home Medical — 0.5%
Amedisys, Inc.†		11,590		2,837,116
Pennant Group, Inc.†		31,791		1,611,486
				4,448,602

86

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Patient Monitoring Equipment — 0.5%
Insulet Corp.†		19,400	$	4,999,574
Pharmacy Services — 2.0%
Cigna Corp.		84,269		17,624,019
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		36,095		885,432
Option Care Health, Inc.†		23,679		372,944
				18,882,395
Physicians Practice Management — 0.1%
Accolade, Inc.†		12,628		655,519
Specified Purpose Acquisitions — 0.3%
BCLS Acquisition Corp.†		36,091		378,956
CM Life Sciences, Inc.†		43,967		470,447
Eucrates Biomedical Acquisition Corp.†		35,726		359,046
Health Sciences Acquisitions Corp.†		39,862		464,392
Helix Acquisition Corp.†		36,753		384,069
Therapeutics Acquisition Corp., Class A†		43,605		610,470
				2,667,380
Therapeutics — 1.5%
Agios Pharmaceuticals, Inc.†		28,229		1,307,567
Axsome Therapeutics, Inc.†		22,777		1,651,105
G1 Therapeutics, Inc.†#		12,912		235,773
GW Pharmaceuticals PLC ADR†#		10,710		1,500,257
Neurocrine Biosciences, Inc.†		60,364		5,730,958
Sarepta Therapeutics, Inc.†		27,383		3,857,169
				14,282,829
Veterinary Diagnostics — 0.3%
Elanco Animal Health, Inc.†#		91,588		2,801,678
Total Common Stocks
(cost $588,532,132)				923,018,083
CONVERTIBLE PREFERRED SECURITIES† — 2.6%
Commercial Services — 0.1%
Ginkgo Bioworks Series E(1)(2)		8,722		1,309,957
Health Care Providers & Services — 0.3%
Bright Health, Inc. Series E(1)(2)		60,348		1,232,167
Freenome Holdings, Inc. Series B(1)(2)		94,602		625,632
Freenome Holdings, Inc. Series C(1)(2)		53,807		355,842
PrognomIQ, Inc. Series B(1)(2)		216,177		493,989
PrognomIQ, Inc. Series A4(1)(2)		35,670		81,510
PrognomIQ, Inc. Series A5(1)(2)		30,468		69,623
				2,858,763
Medical Information Systems — 0.1%
Doximity, Inc. Series C(1)(2)		64,785		1,085,149
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C(1)(2)		160,251		305,509
RefleXion Medical, Inc. Series D(1)(2)		67,040		127,808
				433,317

Security Description	Shares/ Principal Amount		Value (Note 2)
Medical Labs & Testing Services — 0.7%
Tempus Labs, Inc. Series D(1)(2)		60,677	$	3,396,262
Tempus Labs, Inc. Series E(1)(2)		39,722		2,267,665
Tempus Labs, Inc. Series F(1)(2)		10,551		607,338
Tempus Labs, Inc. Series G(1)(2)		6,661		385,271
				6,656,536
Medical Products — 0.1%
Kardium, Inc. Series D-5(1)(2)		542,402		525,544
Medical - Biomedical/Gene — 0.9%
Caris Life Sciences, Inc. Series C(1)(2)		217,911		601,434
Longboard Pharmaceuticals, Inc. Series A(1)(2)		23,868		238,680
National Resilience, Inc. Series B(1)(2)		69,360		947,458
Seer, Inc. Series D(1)(2)		142,683		1,133,459
Seer, Inc. Series D-1(1)(2)		121,873		968,147
Thrive Earlier Detection Corp., Series B(1)(2)		199,654		1,072,961
VelosBio, Inc. Series B(1)(2)		256,410		2,933,330
				7,895,469
Medical - Wholesale Drug Distribution — 0.0%
Insitro, Inc. Series B(1)(2)		52,029		324,177
Pharmacy Services — 0.3%
JAND, Inc. (dba Warby Parker) Series D(1)(2)		75,264		1,846,271
JAND, Inc. (dba Warby Parker) Series E(1)(2)		2,948		72,316
JAND, Inc. (dba Warby Parker) Series F(1)(2)		34,881		855,652
				2,774,239
Retirement/Aged Care — 0.1%
Honor Tech, Inc. Series D(1)(2)		180,527		434,723
Total Convertible Preferred Securities
(cost $12,846,317)				24,297,874
WARRANTS — 0.0%
Medical - Biomedical/Gene — 0.0%
Cerevel Therapeutics Holding Expires 10/27/2025† (cost $21,439)		11,139		37,873
U.S. CONVERTIBLE BONDS & NOTES — 0.1%
Applications Software — 0.1%
Color Genomics, Inc. Notes 3.00% due 06/30/2021(1)(2) (cost $543,971)		543,971		543,971
Total Long-Term Investment Securities
(cost $601,943,859)				947,897,801

87

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.02%(3)		500,008		$	500,008
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(3)(4)		3,408,207			3,408,207
T. Rowe Price Government Reserve Fund 0.09%(3)		2,943,292			2,943,292
Total Short-Term Investment Securities
(cost $6,851,507)					6,851,507
TOTAL INVESTMENTS
(cost $608,795,366)(5)		100.6	%		954,749,308
Liabilities in excess of other assets		(0.6	)		(5,222,533	)
NET ASSETS		100.0	%	$	949,526,775

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $1,770,941 representing 0.2% 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 November 30, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Alignment Healthcare Partners, Class A-1		2/28/2020		87,707	$	1,062,887	$	1,062,886	$	12.12		0.11	%
Atea Pharmaceuticals, Inc. Lock-Up Shares		10/30/2020		71,191		630,224		2,253,480		31.65		0.24	%
C4 Therapeutics, Inc. Lock-Up Shares		6/5/2020		39,764		352,123		1,291,932		32.49		0.14	%
Cerevel Therapeutics Holdings PIPE		10/29/2020		41,722		417,220		559,659		13.41		0.06	%
Flame Biosciences, Inc.		9/28/2020		48,560		318,068		318,068		6.55		0.03	%
Generation Bio Co.		1/9/2020		48,484		478,836		2,221,004		45.81		0.23	%
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		885,432		24.53		0.09	%
Kronos Bio, Inc. Lock-Up Shares		10/9/2020		18,614		300,626		567,103		30.47		0.06	%

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Outset Medical, Inc. Lock-Up Shares		4/19/2017		40,530		829,778
		8/20/2018		28,593		532,202
		1/27/2020		11,264		195,769
		1/28/2020		19,289		335,247
				99,676		1,892,995		6,060,301		60.80		0.64	%
Verily Life Sciences LLC Series B		1/25/2019		6,986		861,094		861,094		123.26		0.09	%
Convertible Preferred Securities
Bright Health, Inc. Series E		9/16/2020		60,348		1,232,167		1,232,167		20.42		0.13	%
Caris Life Sciences, Series C		8/14/2020		217,911		601,434		601,434		2.76		0.06	%
Doximity, Inc. Series C		4/10/2014		64,785		312,316		1,085,149		16.75		0.11	%
Freenome Holdings, Inc. Series B		6/24/2019		94,602		431,111		625,632		6.61		0.07	%
Freenome Holdings, Inc. Series C		8/14/2020		53,807		355,842		355,842		6.61		0.04	%
Gingko Bioworks Series E		9/9/2019		6,443		967,674
		9/30/2019		2,279		324,284
				8,722		1,291,958		1,309,957		150.19		0.14	%
Honor Tech, Inc. Series D		10/16/2020		180,527		434,723		434,723		2.41		0.05	%
Insitro, Inc. Series B		5/21/2020		52,029		324,177		324,177		6.23		0.03	%
JAND, Inc. (dba Warby Parker). Series D		4/23/2015		75,264		864,430		1,846,271		24.53		0.19	%
JAND, Inc. (dba Warby Parker). Series E		3/9/2018		2,948		46,334		72,316		24.53		0.01	%
JAND, Inc. (dba Warby Parker). Series F		4/3/2020		34,881		679,939		855,652		24.53		0.09	%
Kardium, Inc. Series D-5		11/29/2018		542,402		525,533		525,544		0.97		0.06	%
Longboard Pharmaceuticals, Inc. Series A		10/27/2020		23,868		238,680		238,680		10.00		0.03	%
National Resilience, Inc. Series B		10/23/2020		69,360		947,458		947,458		13.66		0.10	%
PrognomIQ, Inc. Series B		9/11/2020		216,177		493,989		493,989		2.29		0.05	%
PrognomIQ, Inc. Series A4		11/15/2019		35,670		81,510		81,510		2.29		0.01	%
PrognomIQ, Inc. Series A5		5/12/2020		30,468		69,623		69,623		2.29		0.01	%
RefleXion Medical, Inc. Series C		4/23/2018		160,251		271,145		305,509		1.91		0.03	%
RefleXion Medical, Inc. Series D		4/4/2020		67,040		127,808		127,808		1.91		0.01	%
Seer, Inc. Series D		11/15/2019		142,683		463,720		1,133,459		7.94		0.12	%
Seer, Inc. Series D-1		5/12/2020		121,873		457,024		968,147		7.94		0.10	%
Tempus Labs, Inc. Series D		3/20/2018		60,677		568,780		3,396,262		55.97		0.36	%
Tempus Labs, Inc. Series E		8/23/2018		39,722		665,058		2,267,665		57.09		0.24	%

88

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Tempus Labs, Inc. Series F		5/1/2019		10,551		261,239		607,338		57.56		0.06	%
Tempus Labs, Inc. Series G		2/6/2020		6,661		255,465		385,271		57.84		0.04	%
Thrive Earlier Detection Corp. Series B		7/24/2020		199,654		495,941		1,072,961		5.37		0.11	%
VelosBio, Inc. Series B		7/7/2020		256,410		500,051		2,933,330		11.44		0.31	%
U.S. Convertible Bonds & Notes
Color Genomics, Inc.		1/13/2020		543,971		543,971		543,971		1.00		0.06	%
							$	40,922,804				4.31	%

(3) The rate shown is the 7-day yield as of November 30, 2020.

(4) At November 30, 2020, the Fund had loaned securities with a total value of $17,335,443. This was secured by collateral of $3,408,207, which was received in cash and subsequently invested in short-term investments currently valued at $3,408,207 as reported in the Portfolio of Investments. Additional collateral of $13,583,913 was received

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	147,266
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		395,469
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		13,554
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		1,357,474
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		11,670,150

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Health Care Providers & Services	$	—	$	—	$	1,062,886	$	1,062,886
Hospital Beds/Equipment		—		6,060,301		—		6,060,301
Medical - Biomedical/Gene		313,476,112		6,893,178		2,389,360		322,758,650
Medical - Drugs		127,065,200		—		0		127,065,200
Pharmacy Services		17,996,963		—		885,432		18,882,395
Other Industries		447,188,651		—		—		447,188,651
U.S. Convertible Preferred Securities:		—		—		24,297,874		24,297,874
Warrants		37,873		—		—		37,873
U.S. Convertible Bonds & Notes:		—		—		543,971		543,971
Short-Term Investment Securities		6,851,507		—		—		6,851,507
Total Investments at Value	$	912,616,306	$	12,953,479	$	29,179,523	$	954,749,308

* 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:

	Common Stocks			Convertible Preferred Securities			U.S. Convertible Bonds & Notes
Balance as of May 31, 2020		$3,688,502		$	12,295,108		$	543,971
Accrued Discounts		—			—			—
Accrued Premiums		—			—			—
Realized Gain		—			—			—
Realized Loss		—			—			—
Change in unrealized appreciation(1)		1,015,955			15,719,884			—
Change in unrealized depreciation(1)		—			—			—
Net purchases		318,068			5,300,285			—
Net sales		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3(2)		(684,847	)		(9,017,403	)		—
Balance as of November 30, 2020		$4,337,678		$	24,297,874		$	543,971

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2020 includes:

89

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Common Stocks		Convertible Preferred Securities		U.S. Convertible Bonds & Notes
$	526,874	$	9,033,052	$	—

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2020.

(2) Private Common and Preferred Securities was converted to Restricted Common Stock following the Company’s IPO listing. Security is now valued using Level 2 inputs

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

Description	Fair Value at 11/30/20		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)#
Common Stocks	$	3,127,480	Market Approach	Market Transaction Price*	$6.55 - $123.26 ($45.6670)
	$	1,210,198	Income Approach	Estimated Future Cash Distribution*	$0.00 - $0.615 ($0.116591)
Convertible Preferred Securities	$	10,448,292	Market Approach	Market Transaction Price*	$0.96892 - $150.19000 ($30.560998)
	$	2,101,606	Market Approach	Mid Point of Announced IPO Range	$17.000
				Pending Reverse Split adjustment	2.14
	$	4,006,291	Market Approach	Expected Future Cash Distribution*	$5.972 - $14.300 ($12.0694)
				Discount for Uncertainty	10.0% - 20.0% (17.34%)
	$	6,656,536	Market Approach	Market Transaction Price*	$57.3069
				Future Dividend Payout Adjustment	(2.3%) - 0.9% ((1.22%))
	$	1,085,149	Market Approach	Transaction Price*	$11.6000
				Gross Profit Multiple*	13.0x
				Revenue Multiple*	10.53x
				Discount for Lack of Marketability	10.0%
U.S. Convertible Bonds & Notes	$	543,971	Market Approach	Market Transaction Price*	$100.0000

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

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

See Notes to Financial Statements

90

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2020 — (unaudited)

Industry Allocation*

United States Treasury Notes	37.9	%
Sovereign	29.6
United States Treasury Bonds	14.4
Repurchase Agreements	5.7
Diversified Banking Institutions	3.4
Uniform Mtg. Backed Securities	1.6
Pipelines	1.4
Insurance-Life/Health	1.0
Diversified Financial Services	1.0
Federal Home Loan Bank	0.9
Chemicals-Specialty	0.7
Insurance-Multi-line	0.4
Federal Home Loan Mtg. Corp.	0.4
Oil Companies-Integrated	0.3
Oil Companies-Exploration & Production	0.2
Chemicals-Diversified	0.2
Oil Refining & Marketing	0.2
Decision Support Software	0.2
Trucking/Leasing	0.2
Computer Services	0.1
Office Automation & Equipment	0.1
Insurance Brokers	0.1
Federal National Mtg. Assoc.	0.1
Retail-Building Products	0.1
Commercial Services-Finance	0.1
Enterprise Software/Service	0.1
Banks-Commercial	0.1
Transactional Software	0.1
Data Processing/Management	0.1
Insurance-Property/Casualty	0.1
Containers-Paper/Plastic	0.1
Retail-Pawn Shops	0.1
Retail-Auto Parts	0.1
Casino Hotels	0.1
Cable/Satellite TV	0.1
Distribution/Wholesale	0.1
Food-Wholesale/Distribution	0.1
Diagnostic Equipment	0.1
Retail-Restaurants	0.1
Auto/Truck Parts & Equipment-Original	0.1
Building Products-Doors & Windows	0.1
Medical-Drugs	0.1
Telecom Services	0.1
Consulting Services	0.1
Medical-Hospitals	0.1
Containers-Metal/Glass	0.1
Professional Sports	0.1
	102.5%

Credit Quality+#

Aaa	78.0	%
Aa	2.2
A	2.2
Baa	8.5
Ba	2.0
B	1.6
Not Rated@	5.5
	100.0	%

* Calculated as a percentage of net assets

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

+ Source: Moody’s

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

91

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Principal Amount(7)		Value (Note 2)
ASSET BACKED SECURITIES — 1.0%
Diversified Financial Services — 1.0%
BANK VRS Series 2020-BN29, Class XA 1.36% due 11/15/2053(1)(2)(3)	$	11,105,000	$	1,210,435
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.21% (1 ML+1.07%) due 12/15/2037*(2)		750,000		749,525
Preston Ridge Partners Mtg. VRS Series 2020-3, Class A1 2.86% due 09/25/2025*(3)(4)		1,618,546		1,619,799
Traingle Re, Ltd. 1 ML+3.00% Series 2020-1, Class M1A 3.15% (X ML+0.00%) due 10/25/2030*(4)		1,020,000		1,023,859
Vericrest Opportunity Loan Trust VRS Series 2019-NPL7, Class A1A 3.18% due 10/25/2049*(3)		1,703,459		1,706,873
Vericrest Opportunity Loan Trust VRS Series 2019-NPL2, Class A1 3.97% due 02/25/2049*(3)		2,007,184		2,010,975
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		780,000		785,005
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*		315,000		319,060
Total Asset Backed Securities
(cost $9,409,417)				9,425,531
U.S. CORPORATE BONDS & NOTES — 5.3%
Apparel Manufacturers — 0.0%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		260,000		273,975
Building & Construction Products-Misc. — 0.0%
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		215,000		227,363
Chemicals-Diversified — 0.2%
Dow Chemical Co. Senior Notes 5.25% due 11/15/2041		1,495,000		1,955,506
Chemicals-Specialty — 0.6%
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		4,800,000		5,527,252
Computer Services — 0.1%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		1,131,000		1,167,758
Decision Support Software — 0.2%
MSCI, Inc. Company Guar. Notes 3.88% due 02/15/2031*		1,465,000		1,547,406
Diversified Banking Institutions — 2.1%
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		2,353,000		2,367,204
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		5,000,000		5,320,364
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		2,614,000		3,020,942

Security Description	Principal Amount(7)		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 4.24% due 04/24/2038	$	2,721,000	$	3,396,194
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		5,013,000		5,472,782
				19,577,486
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		994,000		996,584
Oil Companies-Exploration & Production — 0.2%
Apache Corp. Senior Notes 4.25% due 01/15/2030		1,800,000		1,791,000
Apache Corp. Senior Notes 4.88% due 11/15/2027		451,000		471,070
				2,262,070
Oil Companies-Integrated — 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		3,161,000		3,288,289
Oil Refining & Marketing — 0.2%
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		1,587,000		1,580,048
Pipelines — 0.9%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		580,000		635,305
Energy Transfer Operating LP Company Guar. Notes 5.80% due 06/15/2038		1,159,000		1,275,342
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052		2,225,000		2,245,375
MPLX LP Senior Notes 2.65% due 08/15/2030		1,730,000		1,751,688
MPLX LP Senior Notes 4.25% due 12/01/2027		2,274,000		2,582,477
				8,490,187
Retail-Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		610,000		626,775
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		702,000		712,530
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		1,398,000		1,515,670
Total U.S. Corporate Bonds & Notes
(cost $47,011,097)				49,748,899

92

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 0.8%
Banks-Commercial — 0.1%
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*	$	675,000	$	721,324
Diversified Banking Institutions — 0.7%
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		1,297,000		1,339,094
Credit Agricole SA Sub. Notes 4.00% due 01/10/2033*		2,548,000		2,832,075
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		2,729,000		2,752,715
				6,923,884
Total Foreign Corporate Bonds & Notes
(cost $7,163,225)				7,645,208
U.S. GOVERNMENT AGENCIES — 3.0%
Federal Home Loan Bank — 0.9%
1.75% due 03/08/2030		5,100,000		5,445,067
3.25% due 11/16/2028		2,800,000		3,344,214
				8,789,281
Federal Home Loan Mtg. Corp. — 0.4%
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K740, Class X1 0.76% due 09/25/2027(1)(2)(3)		6,265,000		286,162
Series K119, Class X1 0.93% due 09/25/2030(1)(2)(3)		24,140,000		1,854,044
Federal Home Loan Mtg. Corp. REMIC FRS
Series 4012, Class NF 0.59% (1 ML+0.45%) due 12/15/2038(4)		150,508		150,913
Series 3925, Class FL 0.59% (1 ML+0.45%) due 01/15/2041(4)		709,045		711,539
Series 4001, Class FM 0.64% (1 ML+0.50%) due 02/15/2042(4)		268,084		270,377
Series 3355, Class BF 0.84% (1 ML+0.70%) due 08/15/2037(4)		291,804		297,911
				3,570,946
Federal National Mtg. Assoc. — 0.1%
Federal National Mtg. Assoc. REMIC FRS
Series 2012-93, Class BF 0.55% (1 ML+0.40%) due 09/25/2042(4)		474,389		476,059
Series 2011-103, Class FD 0.60% (1 ML+0.45%) due 05/25/2040(4)		309,994		311,015
				787,074
Government National Mtg. Assoc. — 0.0%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 0.69% (1 ML+0.55%) due 02/16/2040(4)		244,335		246,127

Security Description94197	Principal Amount(7)		Value (Note 2)
Uniform Mtg. Backed Securities — 1.6%
Uniform Mtg. Backed Securities 1.50% due December 15 TBA	$	14,300,000	$	14,663,644
Total U.S. Government Agencies
(cost $27,618,423)				28,057,072
U.S. GOVERNMENT TREASURIES — 52.3%
United States Treasury Bonds — 14.4%
United States Treasury Bonds TIPS (5)
0.25% due 02/15/2050		26,320,840		31,205,275
0.63% due 02/15/2043		6,616,774		8,201,870
0.75% due 02/15/2042		6,718,624		8,498,360
0.75% due 02/15/2045		26,568,461		34,065,057
0.88% due 02/15/2047		6,361,321		8,504,208
1.00% due 02/15/2046		7,589,712		10,292,954
1.00% due 02/15/2048 (12)		10,881,586		15,076,665
1.38% due 02/15/2044		4,785,274		6,857,023
2.13% due 02/15/2040		2,890,008		4,451,327
2.13% due 02/15/2041		4,956,003		7,722,137
				134,874,876
United States Treasury Notes — 37.9%
United States Treasury Notes TIPS (5)
0.13% due 04/15/2021		6,479,026		6,485,859
0.13% due 07/15/2024		9,234,727		9,768,609
0.13% due 10/15/2024		10,144,300		10,744,769
0.13% due 07/15/2026		28,405,940		30,766,813
0.13% due 01/15/2030		11,835,720		13,039,172
0.13% due 07/15/2030		44,152,644		48,907,677
0.25% due 07/15/2029		10,174,900		11,344,881
0.38% due 07/15/2023		13,420,560		14,083,550
0.38% due 01/15/2027		28,525,489		31,363,924
0.38% due 07/15/2027		15,823,511		17,553,795
0.50% due 04/15/2024		9,287,640		9,848,647
0.50% due 01/15/2028		11,770,087		13,169,470
0.63% due 07/15/2021		15,935,964		16,109,434
0.63% due 04/15/2023		13,307,187		13,897,693
0.63% due 01/15/2024		8,365,875		8,883,405
0.63% due 01/15/2026		14,962,152		16,457,783
0.75% due 07/15/2028		10,575,972		12,143,640
0.88% due 01/15/2029		55,918,188		64,871,651
1.13% due 01/15/2021		6,543,790		6,546,730
				355,987,502
Total U.S. Government Treasuries
(cost $462,085,900)				490,862,378
FOREIGN GOVERNMENT OBLIGATIONS — 29.6%
Sovereign — 29.6%
Commonwealth of Australia Senior Notes 0.79% due 11/21/2027(5)	AUD	22,491,150		18,445,774
Commonwealth of Australia Senior Notes 1.36% due 08/21/2040(5)	AUD	9,500,000		9,667,468
Commonwealth of Australia Senior Notes 3.75% due 09/20/2025(5)	AUD	15,206,250		13,386,094
Government of Canada Bonds 2.00% due 12/01/2041(5)	CAD	29,357,919		34,146,241
Government of Canada Bonds 4.00% due 12/01/2031(5)	CAD	25,468,380		29,981,384
Government of Canada Bonds 4.25% due 12/01/2026(5)	CAD	29,617,390		30,012,836

93

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of New Zealand Senior Notes 2.22% due 09/20/2025(5)	NZD	67,569,700	$	52,956,202
Government of Romania Senior Notes 4.63% due 04/03/2049(5)	EUR	1,850,000		2,885,356
Kingdom of Spain Bonds 0.30% due 11/30/2021(5)	EUR	2,609,000		3,161,705
Kingdom of Spain Senior Notes 1.00% due 11/30/2030*(5)	EUR	9,637,575		13,748,473
Republic of Italy Bonds 0.40% due 04/11/2024*(5)	EUR	7,467,450		9,079,557
Republic of Italy Senior Notes 0.55% due 05/21/2026*(5)	EUR	32,941,920		40,198,881
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2024(5)	GBP	6,676,285		9,838,603
United Kingdom Gilt Treasury Bonds 1.25% due 11/22/2032(5)	GBP	4,743,340		10,019,784
Total Foreign Government Obligations
(cost $253,646,146)				277,528,358
LOANS(8)(9)(10) — 2.3%
Aerospace/Defense-Equipment — 0.0%
TransDigm, Inc. FRS BTL-E coupon TBD due 05/30/2025		250,000		242,049
Airlines — 0.0%
JetBlue Airways Corp. FRS BTL coupon TBD due 06/17/2024		125,000		126,953
Appliances — 0.0%
Weber-Stephen Products LLC FRS BTL-B 4.00% (1 WL+3.25%) due 10/30/2027		150,000		149,281
Auto/Truck Parts & Equipment-Original — 0.1%
Panther BF Aggregator 2 LP FRS BTL-B 3.65% (1 ML+3.50%) due 04/30/2026		245,491		242,729
Trico Group LLC FRS BTL-B coupon TBD due 02/02/2024		165,000		163,969
				406,698
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. FRS BTL-B4 coupon TBD due 09/18/2026		250,000		246,920

Security Description	Principal Amount(7)		Value (Note 2)
Building & Construction-Misc. — 0.0%
Wilsonart LLC FRS BTL-D coupon TBD due 12/19/2023	$	200,000	$	197,857
Building Products-Air & Heating — 0.0%
Ingersoll-Rand Services Co. FRS BTL-B coupon TBD due 03/01/2027		250,000		245,268
Building Products-Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lein coupon TBD due 02/01/2027		250,000		246,215
Building Products-Doors & Windows — 0.1%
NCI Building Systems, Inc. FRS BTL coupon TBD due 04/12/2025		300,000		297,500
Building-Heavy Construction — 0.0%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML+4.25%) due 06/21/2024		200,000		192,000
Cable/Satellite TV — 0.1%
UPC Broadband Holdings BV FRS BTL-B2 coupon TBD due 01/31/2029		150,000		148,406
Charter Communications Operating LLC FRS BTL-B2 coupon TBD due 02/01/2027		200,000		197,500
UPC Broadband Holdings BV FRS BTL-B1 coupon TBD due 01/31/2029		150,000		148,406
				494,312
Casino Hotels — 0.1%
Caesars Resort Collection LLC FRS BTL-B coupon TBD due 12/23/2024		375,000		362,484
Boyd Gaming Corp. FRS BTL-B 2.35% (1 WL+2.25%) due 09/15/2023		250,000		246,023
				608,507
Chemicals-Specialty — 0.1%
Tronox Finance LLC FRS Initial Dollar 3.15% (1 ML+3.00%) due 09/23/2024		205,183		202,419
Tronox Finance LLC FRS Initial Dollar 3.22% (3 ML+3.00%) due 09/23/2024		144,817		142,866
Diamond BC BV FRS BTL coupon TBD due 09/06/2024		300,000		293,562

94

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
LOANS (continued)
Chemicals-Specialty (continued)
Starfruit US HoldCo. LLC FRS BTL-B 3.14% (1 ML+3.00%) due 10/01/2025	$	250,000	$	244,922
				883,769
Commercial Services — 0.0%
Amentum Government Services Holdings LLC FRS BTL-B coupon TBD due 01/29/2027		280,000		277,200
Commercial Services-Finance — 0.1%
WEX, Inc. FRS BTL-B3 coupon TBD due 05/15/2026		250,000		245,375
EVO Payments International LLC FRS BTL coupon TBD due 12/22/2023		300,000		298,219
MPH Acquisition Holdings LLC FRS BTL-B coupon TBD due 06/07/2023		225,000		221,681
				765,275
Computer Data Security — 0.0%
McAfee LLC FRS BTL-B1 coupon TBD due 09/30/2024		250,000		249,271
Consulting Services — 0.1%
AlixPartners LLP FRS BTL coupon TBD due 04/04/2024		300,000		293,727
Containers-Metal/Glass — 0.1%
Berlin Packaging LLC FRS 1st Lein coupon TBD due 11/07/2025		300,000		293,000
Containers-Paper/Plastic — 0.1%
Flex Acquisition Co, Inc. FRS BTL coupon TBD due 12/29/2023		300,000		295,500
Proampac PG Borrower LLC FRS BTL 5.00% (1 ML+4.00%) due 11/03/2025		86,358		85,279
Proampac PG Borrower LLC FRS BTL 5.00% (3 ML+4.00%) due 11/03/2025		263,642		260,346
				641,125
Cosmetics & Toiletries — 0.0%
Sunshine Luxembourg VII SARL FRS BTL coupon TBD due 10/01/2026		200,000		199,573

Security Description	Principal Amount(7)		Value (Note 2)
Data Processing/Management — 0.1%
Dun & Bradstreet Corp. FRS BTL 3.89% (1 ML+3.75%) due 02/06/2026	$	175,000	$	173,809
CCC Information Services, Inc. FRS 1st Lien coupon TBD due 04/29/2024		225,000		223,547
Dun & Bradstreet Corp. FRS BTL coupon TBD due 02/06/2026		300,000		297,891
				695,247
Diagnostic Equipment — 0.1%
Avantor Funding, Inc. FRS BTL-B4 3.50% (1 ML+2.50%) due 11/08/2027		455,000		454,431
Distribution/Wholesale — 0.1%
Core & Main LP FRS BTL-B 3.75% (3 ML+2.75%) due 08/01/2024		249,357		245,409
American Builders & Contractors Supply Co., Inc. FRS BTL coupon TBD due 01/15/2027		250,000		245,039
				490,448
Enterprise Software/Service — 0.1%
Hyland Software, Inc. FRS BTL 4.25% (1 ML+3.50%) due 07/01/2024		250,000		249,063
Ultimate Software Group, Inc. FRS 1st Lien coupon TBD due 05/04/2026		250,000		248,182
E2open LLC FRS BTL-B coupon TBD due 10/29/2027		245,000		243,009
				740,254
Finance-Credit Card — 0.0%
Blackhawk Network Holdings, Inc. FRS 1st Lien 3.15% (1 ML+3.00%) due 06/15/2025		250,000		238,000
Finance-Investment Banker/Broker — 0.0%
Deerfield Dakota Holding LLC FRS BTL coupon TBD due 04/09/2027		100,000		99,578
Food-Baking — 0.0%
Hostess Brands LLC FRS BTL coupon TBD due 08/03/2025		250,000		247,048
Food-Catering — 0.0%
Aramark Services, Inc. FRS BTL-B1 1.90% (1 ML+1.75%) due 03/11/2025		250,000		241,758

95

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
LOANS (continued)
Food-Misc./Diversified — 0.0%
Froneri US, Inc. FRS BTL coupon TBD due 01/31/2027	$	250,000	$	243,594
Food-Wholesale/Distribution — 0.1%
US Foods, Inc. FRS BTL-B 1.90% (1 ML+1.75%) due 06/27/2023		250,000		242,187
US Foods, Inc. FRS BTL-B coupon TBD due 09/13/2026		250,000		240,469
				482,656
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. FRS BTL-B5 coupon TBD due 08/14/2024		250,000		240,521
Hotels/Motels — 0.0%
Four Seasons Holdings, Inc. FRS BTL coupon TBD due 11/30/2023		150,000		146,180
Insurance Brokers — 0.1%
HUB International, Ltd. FRS BTL-B 2.94% (3 ML+2.75%) due 04/25/2025		639		623
HUB International, Ltd. FRS BTL-B 2.96% (3 ML+2.75%) due 04/25/2025		249,361		242,997
USI, Inc. FRS BTL 3.22% (3 ML+3.00%) due 05/16/2024		375,000		366,830
Hyperion Insurance Group, Ltd. FRS BTL-B coupon TBD due 11/12/2027		56,713		56,193
Alliant Holdings Intermediate LLC FRS BTL-B1 coupon TBD due 05/09/2025		250,000		243,636
Hyperion Refinance SARL FRS Delayed Draw coupon TBD due 11/12/2027		68,287		67,661
				977,940
Insurance-Multi-line — 0.0%
Acrisure LLC FRS BTL-B 3.65% (1 ML+3.50%) due 02/15/2027		250,000		244,625
Insurance-Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 coupon TBD due 11/03/2023		300,000		296,766
Asurion LLC FRS BTL-B7 coupon TBD due 11/03/2024		150,000		148,383

Security Description	Principal Amount(7)		Value (Note 2)
Insurance-Property/Casualty (continued)
Sedgwick Claims Management Services, Inc. FRS BTL coupon TBD due 12/31/2025	$	250,000	$	243,867
				689,016
Internet Content-Entertainment — 0.0%
Adevinta ASA FRS BTL-B coupon TBD due 10/13/2027	EUR	105,000		125,406
Internet Content-Information/News — 0.0%
MH Sub I LLC FRS BTL coupon TBD due 09/13/2024		240,000		237,360
Leisure Products — 0.0%
Hayward Industries, Inc. FRS 1st Lien coupon TBD due 08/05/2024		250,000		244,937
Machinery-General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B coupon TBD due 07/30/2027		250,000		249,219
Medical Labs & Testing Services — 0.0%
Jaguar Holding Co. II FRS BTL 3.50% (1 ML+2.50%) due 08/18/2022		150,000		149,644
Medical Products — 0.0%
Agiliti Health, Inc. FRS BTL coupon TBD due 01/04/2026		160,000		158,800
Medical-Drugs — 0.1%
Bausch Health Americas, Inc. FRS BTL coupon TBD due 06/02/2025		300,000		296,011
Medical-Generic Drugs — 0.0%
Endo Luxembourg Finance Co. I SARL FRS BTL-B 5.00% (3 ML+4.25%) due 04/29/2024		250,000		242,277
Medical-Hospitals — 0.1%
Surgery Center Holdings, Inc. FRS BTL 4.25% (1 ML+3.25%) due 09/03/2024		300,000		293,464
Medical-Outpatient/Home Medical — 0.0%
Dentalcorp Perfect Smile ULC FRS 1st Lien coupon TBD due 06/06/2025		250,000		242,813
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B2 coupon TBD due 05/01/2026		275,000		268,881
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL coupon TBD due 03/01/2024		262,195		259,614

96

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)		Value (Note 2)
LOANS (continued)
Pollution Control — 0.0%
Filtration Group Corp. FRS BTL 4.50% (1 ML+3.75%) due 03/29/2025	$	120,000	$	119,350
Professional Sports — 0.1%
Delta 2 Luxembourg SARL FRS BTL-B3 3.50% (1 ML+2.50%) due 02/01/2024		300,000		291,667
Protection/Safety — 0.0%
APX Group, Inc. FRS BTL coupon TBD due 12/31/2025		200,000		198,125
Racetracks — 0.0%
Penn National Gaming, Inc. FRS BTL 3.00% (1 ML+2.25%) due 10/15/2025		268,891		263,574
Real Estate Investment Trusts — 0.0%
VICI Properties 1 LLC FRS BTL 1.90% (1 ML+1.75%) due 12/20/2024		250,000		243,344
Research & Development — 0.0%
PAREXEL International Corp. FRS BTL coupon TBD due 09/27/2024		250,000		244,375
Retail-Arts & Crafts — 0.0%
Michaels Stores, Inc. FRS BTL-B 4.25% (1 ML+3.50%) due 10/01/2027		249,375		245,323
Retail-Auto Parts — 0.1%
Harbor Freight Tools USA, Inc. FRS BTL-B 4.00% (1 ML+3.25%) due 10/19/2027		221,648		220,025
KPAE Finance Sub, Inc. FRS BTL-B 5.00% (3 ML+4.00%) due 10/28/2027		115,000		114,856
LS Group OpCo Acquistion LLC FRS BTL-B coupon TBD due 11/02/2027		285,000		282,150
				617,031
Retail-Building Products — 0.1%
Beacon Roofing Supply, Inc. FRS BTL-B coupon TBD due 01/02/2025		250,000		244,375
SRS Distribution, Inc. FRS BTL-B coupon TBD due 05/23/2025		250,000		244,140
White Cap Buyer LLC FRS BTL-B coupon TBD due 10/19/2027		300,000		297,161
				785,676

Security Description	Principal Amount(7)		Value (Note 2)
Retail-Pet Food & Supplies — 0.0%
PetSmart, Inc. FRS BTL-B2 coupon TBD due 03/11/2022	$	250,000	$	248,618
Retail-Restaurants — 0.1%
1011778 BC ULC FRS BTL-B 1.90% (1 ML+1.75%) due 11/19/2026		275,000		267,094
IRB Holding Corp. FRS BTL coupon TBD due 11/18/2027		160,000		158,200
				425,294
Retail-Sporting Goods — 0.0%
Bass Pro Group LLC FRS BTL coupon TBD due 09/25/2024		200,000		199,806
Telecom Services — 0.1%
MTN Infrastructure TopCo, Inc. FRS BTL 4.00% (1 ML+3.00%) due 11/15/2024		300,000		295,125
Telephone-Integrated — 0.0%
Frontier Communications Corp. FRS BTL coupon TBD due 10/08/2021		100,000		100,000
Television — 0.0%
Gray Television, Inc. FRS BTL-C coupon TBD due 01/02/2026		250,000		245,937
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. FRS BTL 1.90% (1 ML+1.75%) due 08/01/2027		250,000		246,015
Web Hosting/Design — 0.0%
Go Daddy Operating Co. LLC FRS BTL-B coupon TBD due 02/15/2024		200,000		197,000
Total Loans
(cost $20,958,833)				21,022,482
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
Banco Santander SA 4.00% (cost $238,831)		9,950		248,750
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.5%
Diversified Banking Institutions — 0.6%
BAC Capital Trust XIV FRS Series G 4.00% (3 ML+0.40%) due 12/21/2020(6)		3,161,000		3,122,120
Goldman Sachs Group, Inc. Series P 5.00% due 11/10/2022(6)		2,799,000		2,801,799
				5,923,919

97

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(7)			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Insurance - Life/Health — 1.0%
Prudential Financial, Inc. 5.70% due 09/15/2048	$	8,376,000		$	9,715,703
Insurance - Multi-line — 0.4%
Hartford Financial Services Group, Inc. FRS 2.35% (3 ML+2.13%) due 02/12/2067*		3,832,000			3,410,554
Pipelines — 0.5%
Energy Transfer Operating LP 6.25% due 02/15/2023(6)		2,554,000			2,035,219
EnLink Midstream Partners LP 6.00% due 12/15/2022(6)		475,000			261,250
Enterprise Products Operating LLC 5.25% due 08/16/2077		1,029,000			1,015,005
MPLX LP Series B 6.88% due 02/15/2023(6)		1,271,000			1,156,610
					4,468,084
Total Preferred Securities/Capital Securities
(cost $22,811,563)					23,518,260
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings, Inc. FRS† Escrow Notes 0.00% due 11/12/2014† (cost $0)		1,000,000			9,200
Total Long-Term Investment Securities
(cost $850,943,435)					908,066,138
REPURCHASE AGREEMENTS — 5.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $53,521,000 and collateralized by $28,103,300 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and by $24,729,600 of United States Treasury Notes, bearing interest at 0.13% due 10/15/2025 and having an approximate aggregate value of $54,591,427 (cost $53,521,000)		53,521,000			53,521,000
TOTAL INVESTMENTS
(cost $904,464,435) (11)		102.5	%		961,587,138
Liabilities in excess of other assets		(2.5	)		(23,698,833	)
NET ASSETS		100.0	%	$	937,888,305

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $85,616,531 representing 9.1% of net assets.

† Non-income producing security

(1) Interest Only

(2) Commercial Mortgage Backed Security

(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) Principal Amount of security is adjusted for inflation.

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

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

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

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

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

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

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

BTL—Bank Term Loan

REMIC—Real Estate Mortgage Investment Conduit

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

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of November 30, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro Currency

GBP British Pound

NZD New Zealand Dollar

Index Legend

1 ML—1 Month USD LIBOR

1 WL—1 Week LIBOR

2 ML—2 Month USD LIBOR

3 ML—3 Month USD LIBOR

6 ML—6 Month USD LIBOR

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Canadian Imperial Bank Of Commerce		CAD	3,340,000		USD	2,498,182		12/16/2020	$	–	$	(73,865	)
Citibank N.A.		EUR	1,793,000		USD	2,121,793		12/16/2020		–		(17,898	)
Credit Agricole Cib		EUR	54,584,000		USD	63,759,570		12/16/2020		–		(1,378,682	)
Goldman Sachs International		AUD	55,780,000		USD	39,427,870		12/16/2020		–		(1,523,682	)
		CAD	119,525,000		USD	89,393,560		12/16/2020		–		(2,649,550	)
		GBP	15,101,000		USD	19,388,989		12/16/2020		–		(746,907	)
										–		(4,920,139	)
Hsbc Bank Usa		EUR	595,000		USD	698,114		12/16/2020		–		(11,934	)
		NZD	76,400,000		USD	50,052,238		12/16/2020		–		(3,520,985	)
										–		(3,532,919	)

98

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Jpmorgan Chase Bank N.A		EUR	104,000		USD	123,428		12/31/2020	$	–	$	(752	)
Westpac Banking Corporation		AUD	223,000		USD	159,788		12/16/2020		–		(3,930	)
Net Unrealized Appreciation/(Depreciation)									$	–	$	(9,928,185	)

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

NZD—New Zealand Dollar

USD—U.S. Dollar

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation
	181	Short	Euro-Bund		December 2020	$	37,844,637	$	37,837,517	$	7,120
	273	Long	U.S. Treasury 10 Year Notes		March 2021		37,653,189		37,720,922		67,733
	81	Long	U.S. Treasury 5 Year Notes		March 2021		10,197,950		10,208,531		10,581
	56	Short	U.S. Treasury Ultra Bonds		March 2021		12,123,395		12,097,750		25,645
										$	111,079
										Unrealized (Depreciation)
	97	Short	Long GILT		March 2021	$	17,336,230	$	17,352,857	$	(16,627	)
			Net Unrealized Appreciation (Depreciation)							$	94,452

* 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.

Over the Counter Interest Rate Swap Contracts
				Rates Exchanged		Value
Swap Counterparty	Notional Amount (000’s)	Maturity Date		Payments Received by the Portfolio/ Frequency	Payments Made by the Portfolio/ Frequency	Upfront Payments Made (Received) by the Portfolio		Unrealized Appreciation
Barclays Bank PLC	USD  100,000		04/15/2022	USD-12 Month- USCPI/Maturity	1.135%/Maturity	$	—	$	269,919
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
	USD  9,500		12/16/2030	USD-3 Month-LIBOR-BBA/Quarterly	0.719%/Semi-annually	$	91,100	$	31,634

BBA—British Bankers’ Association

LIBOR—London Interbank Offered Rate

USCPI—United States Consumer Price Index

USD—United States Dollar

99

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 -  Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	9,425,531	$	—	$	9,425,531
U.S. Corporate Bonds & Notes		—		49,748,899		—		49,748,899
Foreign Corporate Bonds & Notes		—		7,645,208		—		7,645,208
U.S. Government Agencies		—		28,057,072		—		28,057,072
U.S. Government Treasuries		—		490,862,378		—		490,862,378
Foreign Government Obligations		—		277,528,358		—		277,528,358
Loans		—		21,022,482		—		21,022,482
Preferred Securities		248,750		—		—		248,750
Preferred Securities/Capital Securities		—		23,518,260		—		23,518,260
Escrows and Litigation Trusts		—		9,200		—		9,200
Repurchase Agreements		—		53,521,000		—		53,521,000
Total Investment at Value	$	248,750	$	961,338,388	$	—	$	961,587,138
Other Financial Instruments:†
Over the Counter Interest Rate Swap Contracts	$	—	$	269,919	$	—	$	269,919
Centrally Cleared Interest Rate Swap Contracts		—		31,634		—		31,634
Futures Contracts		111,079		—		—		111,079
Forward Foreign Currency Contracts		—		—		—		—
Total Other Financial Instruments	$	111,079	$	301,553	$	—	$	412,632
LIABILITIES:
Other Financial Instruments:†
Over the Counter Interest Rate Swap Contracts	$	—	$	—	$	—	$	—
Centrally Cleared Interest Rate Swap Contracts		—		—		—		—
Futures Contracts		16,627		—		—		16,627
Forward Foreign Currency Contracts		—		9,928,185		—		9,928,185
Total Other Financial Instruments	$	16,627	$	9,928,185	$	—	$	9,944,812

* 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.

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 May 31, 2020	$	9,640,000
Accrued Discounts		—
Accrued Premiums		—
Realized Gain		300,000
Realized Loss		—
Change in unrealized appreciation		360,000
Change in unrealized depreciation		—
Net purchases		—
Net sales		(10,300,000	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of November 30, 2020	$	—

There were no Level 3 securities at the end of the reporting period. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

100

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Repurchase Agreements	10.0	%
Medical — Drugs	7.1
Banks — Commercial	4.2
Diversified Banking Institutions	3.5
Exchange — Traded Funds	2.7
Auto — Cars/Light Trucks	2.7
Food — Misc./Diversified	2.5
Cosmetics & Toiletries	2.1
Oil Companies — Integrated	2.1
Insurance — Life/Health	2.0
Telephone — Integrated	1.9
Semiconductor Equipment	1.5
Electric — Integrated	1.4
Chemicals — Diversified	1.4
Electronic Components — Misc.	1.3
Medical Products	1.3
Insurance — Multi-line	1.2
Food — Retail	1.2
Real Estate Investment Trusts	1.1
Industrial Automated/Robotic	1.1
U.S. Government Treasuries	1.1
Metal — Diversified	1.1
Chemicals — Specialty	1.0
Registered Investment Companies	0.9
Textile — Apparel	0.9
Finance — Other Services	0.9
Medical — Biomedical/Gene	0.9
Retail — Apparel/Shoe	0.9
Brewery	0.9
Diversified Minerals	0.9
Tobacco	0.9
Transport — Rail	0.9
Import/Export	0.9
Audio/Video Products	0.8
Cellular Telecom	0.8
Transport — Services	0.8
Computer Services	0.8
Commercial Services	0.8
Machinery — Electrical	0.8
Enterprise Software/Service	0.7
Beverages — Wine/Spirits	0.7
Machinery — General Industrial	0.7
Building & Construction Products — Misc.	0.7
Diversified Manufacturing Operations	0.7
Insurance — Property/Casualty	0.7
Real Estate Operations & Development	0.6
Building — Heavy Construction	0.6
Aerospace/Defense — Equipment	0.6
Commercial Services — Finance	0.6
Electric — Generation	0.6
Apparel Manufacturers	0.6
Soap & Cleaning Preparation	0.6
Internet Content — Information/News	0.5
Electric — Distribution	0.5
Electronic Components — Semiconductors	0.5
Investment Companies	0.5
Toys	0.5
Insurance — Reinsurance	0.5
Medical Instruments	0.5
Building Products — Cement	0.5
Paper & Related Products	0.5
Real Estate Management/Services	0.4
Industrial Gases	0.4
Auto/Truck Parts & Equipment — Original	0.4
Power Converter/Supply Equipment	0.4
Human Resources	0.4
Building Products — Air & Heating	0.4
Athletic Footwear	0.4
Medical Labs & Testing Services	0.4

Building — Residential/Commercial	0.3
Machinery — Construction & Mining	0.3
Retail — Building Products	0.3
Rubber — Tires	0.3
Oil Refining & Marketing	0.3
Aerospace/Defense	0.3
Food — Dairy Products	0.3
Gas — Distribution	0.3
Instruments — Controls	0.3
Building & Construction — Misc.	0.3
Electronic Measurement Instruments	0.3
Public Thoroughfares	0.3
Gambling (Non-Hotel)	0.2
Energy — Alternate Sources	0.2
Office Automation & Equipment	0.2
Multimedia	0.2
Coatings/Paint	0.2
Steel — Producers	0.2
Private Equity	0.2
Auto — Heavy Duty Trucks	0.2
Optical Supplies	0.2
Telecom Services	0.2
Oil Companies — Exploration & Production	0.2
Food — Catering	0.2
Casino Hotels	0.2
Distribution/Wholesale	0.2
Dialysis Centers	0.2
Diversified Operations	0.2
Machinery — Farming	0.2
Networking Products	0.2
Resorts/Theme Parks	0.2
Entertainment Software	0.2
Airport Development/Maintenance	0.2
Retail — Discount	0.2
Food — Confectionery	0.2
E-Commerce/Products	0.2
Electric — Transmission	0.2
Miscellaneous Manufacturing	0.2
Advertising Services	0.2
Consulting Services	0.2
Investment Management/Advisor Services	0.1
Water	0.1
Beverages — Non-alcoholic	0.1
Electric Products — Misc.	0.1
Security Services	0.1
Finance — Leasing Companies	0.1
Gold Mining	0.1
Finance — Investment Banker/Broker	0.1
Hotels/Motels	0.1
Computer Aided Design	0.1
Web Portals/ISP	0.1
Electronic Security Devices	0.1
Publishing — Periodicals	0.1
E-Commerce/Services	0.1
Transport — Marine	0.1
Metal — Iron	0.1
Wireless Equipment	0.1
Machine Tools & Related Products	0.1
Applications Software	0.1
Rental Auto/Equipment	0.1
Computer Data Security	0.1
Bicycle Manufacturing	0.1
Diagnostic Equipment	0.1
Finance — Consumer Loans	0.1
Machinery — Material Handling	0.1
Diagnostic Kits	0.1
Casino Services	0.1
Computers — Integrated Systems	0.1
Telecommunication Equipment	0.1

101

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Computers — Periphery Equipment	0.1	%
Respiratory Products	0.1
Metal — Aluminum	0.1
Fisheries	0.1
Internet Application Software	0.1
Pipelines	0.1
Building — Maintenance & Services	0.1
Metal Processors & Fabrication	0.1
Diversified Operations/Commercial Services	0.1
Advertising Agencies	0.1
Tools — Hand Held	0.1
Gas — Transportation	0.1
MRI/Medical Diagnostic Imaging	0.1
Medical — Generic Drugs	0.1
Electronics — Military	0.1
Food — Flour & Grain	0.1
Metal Products — Distribution	0.1
Medical — Hospitals	0.1
Internet Gambling	0.1
Food — Meat Products	0.1
Leisure Products	0.1
Internet Security	0.1
E-Marketing/Info	0.1
Semiconductor Components — Integrated Circuits	0.1
	100.2	%

Country Allocation*

Japan	21.9	%
United States	14.7
United Kingdom	11.3
France	9.0
Germany	7.7
Australia	5.8
Netherlands	4.2
Sweden	2.7
Spain	2.1
Hong Kong	2.1
Denmark	2.1
Italy	1.6
Finland	1.0
Singapore	0.9
Belgium	0.8
Ireland	0.7
Jersey	0.6
Cayman Islands	0.5
Israel	0.5
Norway	0.5
New Zealand	0.3
Luxembourg	0.2
Bermuda	0.2
Austria	0.2
Portugal	0.1
SupraNational	0.1
Isle of Man	0.1
	100.2	%

* Calculated as a percentage of net assets

102

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 85.5%
Australia — 5.8%
Afterpay, Ltd.†		19,314	$	1,346,999
AGL Energy, Ltd.		56,572		560,610
AMP, Ltd.#		310,318		389,519
Ampol, Ltd.		22,548		507,299
APA Group#		106,542		809,444
Aristocrat Leisure, Ltd.		51,893		1,221,231
ASX, Ltd.		17,481		989,470
Aurizon Holdings, Ltd.		173,064		539,910
AusNet Services#		168,263		229,117
Australia & New Zealand Banking Group, Ltd.		256,101		4,256,115
BGP Holdings PLC†(1)		835,027		0
BHP Group, Ltd.		266,005		7,433,585
BlueScope Steel, Ltd.		45,387		569,709
Brambles, Ltd.		137,048		1,102,577
CIMIC Group, Ltd.†#		8,642		162,207
Coca-Cola Amatil, Ltd.		45,763		424,943
Cochlear, Ltd.#		5,931		959,632
Coles Group, Ltd.		120,451		1,579,129
Commonwealth Bank of Australia		159,849		9,277,849
Computershare, Ltd.		43,956		460,757
Crown Resorts, Ltd.#		33,630		237,974
CSL, Ltd.		41,000		8,949,963
Dexus		98,533		706,646
Evolution Mining, Ltd.		146,210		533,408
Fortescue Metals Group, Ltd.		152,914		2,046,254
Goodman Group		148,592		2,037,502
GPT Group		175,894		609,423
Insurance Australia Group, Ltd.#		208,683		788,896
LendLease Group		59,725		620,791
Macquarie Group, Ltd.		30,400		3,094,438
Magellan Financial Group, Ltd.		11,522		500,528
Medibank Private, Ltd.		248,681		520,251
Mirvac Group		355,228		672,748
National Australia Bank, Ltd.		288,613		4,849,392
Newcrest Mining, Ltd.		72,984		1,442,745
Northern Star Resources, Ltd.		66,825		618,557
Orica, Ltd.		36,628		434,222
Origin Energy, Ltd.		159,034		604,708
Qantas Airways, Ltd.†		82,452		325,619
QBE Insurance Group, Ltd.		132,667		973,842
Ramsay Health Care, Ltd.		16,534		765,224
REA Group, Ltd.#		4,757		507,160
Rio Tinto, Ltd.		33,520		2,494,983
Santos, Ltd.		159,885		722,960
Scentre Group		468,681		963,299
SEEK, Ltd.		30,217		577,810
Sonic Healthcare, Ltd.		40,763		985,633
South32, Ltd.		437,609		770,945
Stockland		215,302		719,093
Suncorp Group, Ltd.		113,861		843,319
Sydney Airport#		119,404		588,121
Tabcorp Holdings, Ltd.		216,856		611,263
Telstra Corp., Ltd.		375,880		847,058
TPG Telecom, Ltd.†		33,512		188,678
Transurban Group		246,975		2,541,714
Treasury Wine Estates, Ltd.		65,087		410,405
Vicinity Centres#		347,665		421,086
Washington H. Soul Pattinson & Co., Ltd.#		9,728		207,370
Wesfarmers, Ltd.		102,384		3,716,414
Westpac Banking Corp.		326,128		4,819,006
WiseTech Global, Ltd.		13,155		298,384
Woodside Petroleum, Ltd.		86,177		1,415,087
Woolworths Group, Ltd.		114,055		3,096,042
				91,899,063

Security Description	Shares		Value (Note 2)
Austria — 0.2%
ANDRITZ AG#		6,574	$	277,129
Erste Group Bank AG†		25,227		725,218
OMV AG		13,298		450,496
Raiffeisen Bank International AG†		13,366		256,055
Verbund AG		6,149		431,655
voestalpine AG		10,480		335,529
				2,476,082
Belgium — 0.8%
Ageas SA/NV		15,811		777,416
Anheuser-Busch InBev SA NV		68,803		4,586,166
Colruyt SA		5,000		298,332
Elia Group SA/NV#		2,790		315,500
Galapagos NV†		3,830		471,253
Groupe Bruxelles Lambert SA		10,199		993,709
KBC Group NV†		22,560		1,571,585
Proximus SADP		13,735		286,881
Sofina SA		1,392		441,679
Solvay SA		6,692		765,048
Telenet Group Holding NV		4,108		175,428
UCB SA		11,416		1,219,591
Umicore SA		17,800		797,714
				12,700,302
Bermuda — 0.2%
CK Infrastructure Holdings, Ltd.		60,000		306,926
Dairy Farm International Holdings, Ltd.#		30,526		124,241
Hongkong Land Holdings, Ltd.		105,400		428,978
Jardine Matheson Holdings, Ltd.		19,886		1,055,350
Jardine Strategic Holdings, Ltd.		20,061		479,257
Kerry Properties, Ltd.		59,000		151,020
Pacific Century Premium Developments, Ltd.†		41,472		4,548
				2,550,320
Cayman Islands — 0.5%
ASM Pacific Technology, Ltd.		27,700		346,650
BeiGene, Ltd. ADR†		3,636		929,689
Budweiser Brewing Co. APAC, Ltd.*		155,500		535,650
CK Asset Holdings, Ltd.		233,308		1,277,753
CK Hutchison Holdings, Ltd.		243,808		1,769,334
Melco Resorts & Entertainment, Ltd. ADR		19,375		351,269
Microport Scientific Corp.#		65,000		280,510
Sands China, Ltd.		219,200		899,305
WH Group, Ltd.*		864,500		706,006
Wharf Real Estate Investment Co., Ltd.#		151,000		702,298
Wynn Macau, Ltd.†#		140,800		240,145
				8,038,609
Denmark — 2.1%
Ambu A/S, Class B#		14,757		494,486
AP Moller - Maersk A/S, Series A#		291		551,203
AP Moller - Maersk A/S, Series B		590		1,204,072
Carlsberg A/S, Class B		9,302		1,383,926
Chr. Hansen Holding A/S†		9,525		922,857
Coloplast A/S, Class B		10,727		1,601,435
Danske Bank A/S†		62,283		1,026,539
Demant A/S†		9,780		368,306
DSV PANALPINA A/S		18,692		2,949,287
Genmab A/S†		5,895		2,261,567
GN Store Nord A/S		11,562		941,235
H. Lundbeck A/S		6,294		192,495
Novo Nordisk A/S, Class B		155,487		10,457,661
Novozymes A/S, Class B		18,794		1,074,898
Orsted A/S*		17,082		3,076,851
Pandora A/S		9,030		904,418

103

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
Tryg A/S		10,913	$	316,362
Vestas Wind Systems A/S		17,782		3,634,650
				33,362,248
Finland — 1.0%
Elisa Oyj		12,844		689,444
Fortum Oyj		40,106		918,776
Kone Oyj, Class B		30,691		2,574,399
Neste Oyj		38,202		2,560,082
Nokia Oyj†		510,535		2,038,601
Nordea Bank Abp†		292,562		2,499,273
Orion Oyj, Class B		9,502		447,258
Sampo Oyj, Class A		42,533		1,838,148
Stora Enso Oyj, Class R		52,531		887,915
UPM-Kymmene Oyj		48,195		1,587,858
Wartsila Oyj Abp		40,074		376,778
				16,418,532
France — 9.0%
Accor SA†		17,109		586,744
Aeroports de Paris		2,681		338,672
Air Liquide SA		42,747		7,018,881
Alstom SA†#		22,633		1,206,801
Amundi SA†*		5,476		436,341
Arkema SA		6,236		726,902
Atos SE†		8,874		813,802
AXA SA		174,651		4,106,651
BioMerieux		3,741		539,064
BNP Paribas SA†		101,569		5,205,495
Bollore SA		79,684		309,296
Bouygues SA		20,583		819,561
Bureau Veritas SA†		26,526		684,723
Capgemini SE		14,536		2,016,558
Carrefour SA		54,671		895,393
Cie de Saint-Gobain†		46,725		2,219,405
Cie Generale des Etablissements Michelin SCA		15,323		1,909,142
CNP Assurances†		15,500		246,831
Covivio		4,693		383,466
Credit Agricole SA†		104,193		1,202,349
Danone SA		55,760		3,582,409
Dassault Aviation SA†		226		233,190
Dassault Systemes SE		11,931		2,206,656
Edenred		21,961		1,255,583
Eiffage SA†		7,645		749,063
Electricite de France SA†		56,050		850,116
Engie SA†		164,926		2,433,576
EssilorLuxottica SA†		25,680		3,717,242
Eurazeo SE†		3,550		218,930
Faurecia SE†		6,855		340,980
Gecina SA		4,140		628,658
Getlink SE†		39,731		661,134
Hermes International		2,860		2,788,603
ICADE		2,692		198,931
Iliad SA		1,336		271,239
Ipsen SA		3,406		328,481
JCDecaux SA†#		7,690		172,820
Kering SA		6,842		4,937,697
Klepierre SA#		17,764		392,011
L’Oreal SA		22,726		8,316,956
La Francaise des Jeux SAEM*		7,761		323,650
Legrand SA		24,105		2,040,935
LVMH Moet Hennessy Louis Vuitton SE		25,082		14,447,922
Natixis SA†		85,490		263,100
Orange SA		180,149		2,275,694
Orpea SA†		4,668		583,550

Security Description	Shares		Value (Note 2)
France (continued)
Pernod Ricard SA		19,174	$	3,659,475
Peugeot SA†#		53,108		1,252,111
Publicis Groupe SA		19,562		888,813
Remy Cointreau SA#		2,038		362,223
Renault SA†		17,357		690,592
Safran SA†		28,935		4,221,200
Sanofi		102,081		10,314,914
Sartorius Stedim Biotech		2,497		902,500
Schneider Electric SE		49,924		6,946,726
SCOR SE†		14,318		489,149
SEB SA		2,044		363,777
Societe Generale SA†		73,205		1,457,065
Sodexo SA		7,989		660,979
Suez SA		31,207		600,630
Teleperformance		5,302		1,765,799
Thales SA		9,621		884,373
TOTAL SE		223,199		9,538,157
Ubisoft Entertainment SA†		8,211		781,405
Valeo SA		20,677		802,092
Veolia Environnement SA		48,662		1,117,975
Vinci SA		46,529		4,745,433
Vivendi SA		74,935		2,250,746
Wendel SE		2,421		273,628
Worldline SA†*		20,956		1,937,297
				142,792,262
Germany — 7.7%
adidas AG†		17,192		5,481,651
Allianz SE		37,670		8,881,789
BASF SE		82,937		6,067,465
Bayer AG		88,711		5,107,881
Bayerische Motoren Werke AG		29,897		2,604,800
Bayerische Motoren Werke AG (Preference Shares)		5,135		339,341
Beiersdorf AG		9,102		1,017,766
Brenntag AG		13,951		1,066,052
Carl Zeiss Meditec AG		3,634		484,633
Commerzbank AG†		90,468		562,236
Continental AG		9,933		1,353,108
Covestro AG*		15,698		875,411
Daimler AG		77,283		5,203,960
Delivery Hero SE†*		11,664		1,408,733
Deutsche Bank AG†		177,294		1,975,907
Deutsche Boerse AG		17,157		2,860,087
Deutsche Lufthansa AG†		26,988		310,530
Deutsche Post AG		89,323		4,315,234
Deutsche Telekom AG		300,965		5,426,380
Deutsche Wohnen SE		30,863		1,547,700
E.ON SE		202,730		2,194,818
Evonik Industries AG		18,935		571,667
Fraport AG Frankfurt Airport Services Worldwide†		3,757		213,232
Fresenius Medical Care AG & Co. KGaA		19,244		1,618,343
Fresenius SE & Co. KGaA		37,750		1,688,629
Fuchs Petrolub SE (Preference Shares)		6,276		358,745
GEA Group AG		13,853		474,420
Hannover Rueck SE		5,445		911,258
HeidelbergCement AG		13,437		954,327
Henkel AG & Co. KGaA		9,384		905,571
Henkel AG & Co. KGaA (Preference Shares)		16,088		1,731,758
HOCHTIEF AG		2,233		215,488
Infineon Technologies AG		112,956		3,977,514
KION Group AG		5,865		450,827
Knorr-Bremse AG		6,551		838,325
LANXESS AG		7,502		524,934
LEG Immobilien AG		6,231		887,904
Merck KGaA		11,670		1,863,268

104

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
METRO AG		16,259	$	148,562
MTU Aero Engines AG		4,794		1,131,982
Muenchener Rueckversicherungs-Gesellschaft AG		12,651		3,525,200
Nemetschek SE		5,215		412,433
Porsche Automobil Holding SE (Preference Shares)		13,827		879,106
Puma SE†		8,853		880,307
RWE AG		58,008		2,405,906
SAP SE		94,292		11,470,329
Sartorius AG (Preference Shares)		3,212		1,463,608
Scout24 AG*		9,716		742,902
Siemens AG		69,078		9,228,770
Siemens Energy AG†		34,539		1,025,877
Siemens Healthineers AG*		24,268		1,115,949
Symrise AG		11,617		1,455,021
TeamViewer AG†*		11,739		559,135
Telefonica Deutschland Holding AG		94,009		259,489
thyssenkrupp AG†		36,539		244,166
Uniper SE		18,175		615,714
United Internet AG		9,635		384,215
Volkswagen AG		2,931		543,666
Volkswagen AG (Preference Shares)		16,758		2,825,357
Vonovia SE		46,518		3,189,509
Zalando SE†*		13,701		1,385,907
				123,164,802
Hong Kong — 2.1%
AIA Group, Ltd.		1,091,800		11,965,916
Bank of East Asia, Ltd.		118,400		263,042
BOC Hong Kong Holdings, Ltd.		334,000		1,088,046
CLP Holdings, Ltd.		148,500		1,394,753
Galaxy Entertainment Group, Ltd.		196,000		1,491,927
Hang Lung Properties, Ltd.		183,000		453,778
Hang Seng Bank, Ltd.		69,100		1,204,406
Henderson Land Development Co., Ltd.		131,231		550,249
Hong Kong & China Gas Co., Ltd.		962,546		1,482,741
Hong Kong Exchanges & Clearing, Ltd.		108,800		5,409,786
Link REIT		185,800		1,630,024
MTR Corp., Ltd.		139,000		754,085
New World Development Co., Ltd.		137,750		698,431
PCCW, Ltd.		384,000		233,341
Power Assets Holdings, Ltd.		125,500		660,607
Sino Land Co., Ltd.		286,000		391,121
SJM Holdings, Ltd.		179,000		209,459
Sun Hung Kai Properties, Ltd.		117,500		1,568,981
Swire Pacific, Ltd., Class A		45,000		258,352
Swire Properties, Ltd.		105,600		322,207
Techtronic Industries Co., Ltd.		124,000		1,589,385
				33,620,637
Ireland — 0.7%
CRH PLC		70,867		2,774,397
DCC PLC		8,894		673,717
Flutter Entertainment PLC†		13,936		2,584,964
James Hardie Industries PLC CDI		40,015		1,158,765
Kerry Group PLC, Class A		14,355		2,010,284
Kingspan Group PLC†		13,902		1,213,047
Smurfit Kappa Group PLC		20,465		870,033
				11,285,207
Isle of Man — 0.1%
GVC Holdings PLC†		52,621		726,421
Israel — 0.5%
Azrieli Group, Ltd.		3,832		234,005
Bank Hapoalim BM†		102,535		671,705
Bank Leumi Le-Israel BM		131,194		736,898

Security Description	Shares		Value (Note 2)
Israel (continued)
Check Point Software Technologies, Ltd.†		10,329	$	1,215,517
CyberArk Software, Ltd.†		3,497		401,700
Elbit Systems, Ltd.		2,395		306,624
ICL Group, Ltd.		63,597		301,845
Israel Discount Bank, Ltd., Class A		105,108		355,878
Mizrahi Tefahot Bank, Ltd.		12,736		272,054
NICE, Ltd.†		5,634		1,354,551
Teva Pharmaceutical Industries, Ltd. ADR†		98,924		940,767
Wix.com, Ltd.†		4,653		1,188,516
				7,980,060
Italy — 1.6%
Assicurazioni Generali SpA		99,620		1,701,671
Atlantia SpA†		44,740		815,465
DiaSorin SpA		2,273		478,824
Enel SpA		734,425		7,332,616
Eni SpA		229,712		2,275,122
FinecoBank Banca Fineco SpA†		55,040		862,372
Infrastrutture Wireless Italiane SpA*		21,672		278,937
Intesa Sanpaolo SpA†		1,493,238		3,429,541
Leonardo SpA#		36,544		264,339
Mediobanca Banca di Credito Finanziario SpA		56,081		499,983
Moncler SpA†		17,494		858,916
Nexi SpA†*		39,681		747,869
Pirelli & C SpA†#*		36,119		193,881
Poste Italiane SpA*		47,176		480,804
Prysmian SpA		21,792		713,032
Recordati Industria Chimica e Farmaceutica SpA#		9,442		502,663
Snam SpA		183,929		1,031,837
Telecom Italia SpA		755,047		353,508
Telecom Italia SpA (RSP)		544,298		276,263
Terna Rete Elettrica Nazionale SpA#		127,049		950,525
UniCredit SpA†		191,919		1,978,648
				26,026,816
Japan — 21.9%
ABC-Mart, Inc.		3,000		156,322
Acom Co., Ltd.		36,000		172,759
Advantest Corp.		18,000		1,251,724
Aeon Co., Ltd.		59,000		1,754,741
Aeon Mall Co., Ltd.		9,200		147,605
AGC, Inc.		17,500		582,495
Air Water, Inc.		16,600		273,646
Aisin Seiki Co., Ltd.		14,600		432,826
Ajinomoto Co., Inc.		42,100		879,301
Alfresa Holdings Corp.		17,000		340,326
Amada Co., Ltd.		29,200		281,372
ANA Holdings, Inc.†#		10,400		250,785
Aozora Bank, Ltd.#		10,700		194,219
Asahi Group Holdings, Ltd.		40,900		1,581,545
Asahi Intecc Co., Ltd.		17,600		644,828
Asahi Kasei Corp.		113,300		1,038,692
Astellas Pharma, Inc.		168,100		2,388,662
Bandai Namco Holdings, Inc.		18,000		1,643,103
Bank of Kyoto, Ltd.		5,100		254,512
Benesse Holdings, Inc.		6,500		136,475
Bridgestone Corp.		48,300		1,685,874
Brother Industries, Ltd.		20,100		385,057
Calbee, Inc.		7,900		233,444
Canon, Inc.#		90,300		1,603,171
Casio Computer Co., Ltd.		17,500		314,296
Central Japan Railway Co.		13,000		1,656,130
Chiba Bank, Ltd.		47,900		271,617
Chubu Electric Power Co., Inc.		58,200		701,020
Chugai Pharmaceutical Co., Ltd.		60,600		2,927,839

105

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Chugoku Electric Power Co., Inc.		26,200	$	333,021
Coca-Cola Bottlers Japan Holdings, Inc.#		11,202		172,322
Concordia Financial Group, Ltd.		92,800		329,778
Cosmos Pharmaceutical Corp.		1,810		312,069
CyberAgent, Inc.		9,149		626,584
Dai Nippon Printing Co., Ltd.		22,000		412,184
Dai-ichi Life Holdings, Inc.		97,400		1,534,237
Daicel Corp.		21,400		150,456
Daifuku Co., Ltd.		9,191		1,065,240
Daiichi Sankyo Co., Ltd.		153,600		5,434,851
Daikin Industries, Ltd.		22,500		5,100,216
Daito Trust Construction Co., Ltd.		5,900		578,697
Daiwa House Industry Co., Ltd.		51,100		1,566,284
Daiwa House REIT Investment Corp.		178		428,462
Daiwa Securities Group, Inc.		130,400		567,190
Denso Corp.		39,100		1,846,014
Dentsu Group, Inc.#		19,500		635,057
Disco Corp.		2,600		828,065
East Japan Railway Co.		27,300		1,696,575
Eisai Co., Ltd.		22,800		1,722,448
Electric Power Development Co., Ltd.		12,400		166,759
ENEOS Holdings, Inc.		277,100		951,536
FANUC Corp.		17,300		4,203,204
Fast Retailing Co., Ltd.		5,300		4,362,854
Fuji Electric Co., Ltd.		11,500		408,669
FUJIFILM Holdings Corp.		32,500		1,751,078
Fujitsu, Ltd.		17,800		2,473,075
Fukuoka Financial Group, Inc.		15,500		276,595
GLP J-REIT		329		497,597
GMO Payment Gateway, Inc.		3,700		518,851
Hakuhodo DY Holdings, Inc.		21,100		305,182
Hamamatsu Photonics KK		12,700		714,071
Hankyu Hanshin Holdings, Inc.		20,700		676,121
Hikari Tsushin, Inc.		1,900		456,255
Hino Motors, Ltd.		25,900		224,516
Hirose Electric Co., Ltd.		2,935		414,948
Hisamitsu Pharmaceutical Co., Inc.		4,600		269,655
Hitachi Construction Machinery Co., Ltd.		9,700		268,608
Hitachi Metals, Ltd.		19,400		284,868
Hitachi, Ltd.		87,400		3,320,195
Honda Motor Co., Ltd.		147,200		4,048,705
Hoshizaki Corp.#		4,600		455,153
Hoya Corp.		33,900		4,516,753
Hulic Co., Ltd.		27,400		277,412
Idemitsu Kosan Co., Ltd.		17,476		363,916
Iida Group Holdings Co., Ltd.		13,300		267,274
Inpex Corp.		92,400		516,874
Isetan Mitsukoshi Holdings, Ltd.		30,400		163,356
Isuzu Motors, Ltd.		49,800		485,598
Ito En, Ltd.		4,843		373,894
ITOCHU Corp.		121,600		3,212,966
Itochu Techno-Solutions Corp.		8,700		307,083
Japan Airlines Co., Ltd.†		10,000		189,368
Japan Airport Terminal Co., Ltd.#		4,600		267,893
Japan Exchange Group, Inc.		46,000		1,138,324
Japan Post Bank Co., Ltd.		36,600		288,172
Japan Post Holdings Co., Ltd.		142,200		1,052,471
Japan Post Insurance Co., Ltd.		20,300		338,333
Japan Prime Realty Investment Corp.#		74		217,251
Japan Real Estate Investment Corp.		119		617,797
Japan Retail Fund Investment Corp.#		236		376,379
Japan Tobacco, Inc.		108,400		2,201,226
JFE Holdings, Inc.†		44,400		406,575
JGC Holdings Corp.		19,900		178,223
JSR Corp.		18,400		508,467

Security Description	Shares		Value (Note 2)
Japan (continued)
JTEKT Corp.		18,600	$	144,489
Kajima Corp.		40,600		533,944
Kakaku.com, Inc.		12,100		339,472
Kamigumi Co., Ltd.		8,900		153,875
Kansai Electric Power Co., Inc.		63,600		581,964
Kansai Paint Co., Ltd.		16,000		485,057
Kao Corp.		43,500		3,253,333
Kawasaki Heavy Industries, Ltd.†		12,800		185,747
KDDI Corp.		145,600		4,159,502
Keihan Holdings Co., Ltd.		8,700		409,583
Keikyu Corp.		19,899		340,608
Keio Corp.		9,300		660,086
Keisei Electric Railway Co., Ltd.		11,700		392,802
Keyence Corp.		16,500		8,422,270
Kikkoman Corp.		13,100		814,358
Kintetsu Group Holdings Co., Ltd.		15,500		687,404
Kirin Holdings Co., Ltd.		74,300		1,618,018
Kobayashi Pharmaceutical Co., Ltd.		4,401		529,047
Kobe Bussan Co., Ltd.		11,140		388,406
Koito Manufacturing Co., Ltd.		9,400		565,441
Komatsu, Ltd.		79,000		1,922,031
Konami Holdings Corp.		8,400		440,115
Kose Corp.		2,979		454,840
Kubota Corp.		93,700		1,858,294
Kuraray Co., Ltd.		28,800		285,793
Kurita Water Industries, Ltd.		8,900		328,209
Kyocera Corp.		29,000		1,656,389
Kyowa Kirin Co., Ltd.		24,400		662,586
Kyushu Electric Power Co., Inc.		34,300		289,447
Kyushu Railway Co.		13,500		284,224
Lasertec Corp.†		6,825		719,109
Lawson, Inc.		4,500		203,879
LINE Corp.†		3,300		170,057
Lion Corp.#		20,300		479,889
LIXIL Corp.		24,000		575,862
M3, Inc.		39,800		3,668,157
Makita Corp.		20,200		1,044,828
Marubeni Corp.		149,100		869,036
Marui Group Co., Ltd.		17,200		314,015
Maruichi Steel Tube, Ltd.		5,100		107,276
Mazda Motor Corp.		51,300		303,181
McDonald’s Holdings Co. Japan, Ltd.#		6,000		291,379
Mebuki Financial Group, Inc.		83,700		171,569
Medipal Holdings Corp.		16,600		312,125
MEIJI Holdings Co., Ltd.		10,300		728,103
Mercari, Inc.†#		7,700		352,548
Minebea Mitsumi, Inc.		32,800		683,019
MISUMI Group, Inc.		25,600		803,065
Mitsubishi Chemical Holdings Corp.		115,600		639,454
Mitsubishi Corp.		120,700		2,812,865
Mitsubishi Electric Corp.		164,800		2,420,697
Mitsubishi Estate Co., Ltd.		106,800		1,845,471
Mitsubishi Gas Chemical Co., Inc.		14,300		303,259
Mitsubishi Heavy Industries, Ltd.		28,900		650,942
Mitsubishi Materials Corp.		10,100		191,745
Mitsubishi Motors Corp.†#		60,600		109,126
Mitsubishi UFJ Financial Group, Inc.		1,103,800		4,741,899
Mitsubishi UFJ Lease & Finance Co., Ltd.		36,400		167,008
Mitsui & Co., Ltd.		147,300		2,511,437
Mitsui Chemicals, Inc.		16,600		466,358
Mitsui Fudosan Co., Ltd.		84,000		1,755,230
Miura Co., Ltd.		7,936		417,324
Mizuho Financial Group, Inc.		217,820		2,769,694
MonotaRO Co., Ltd.		11,300		689,473
MS&AD Insurance Group Holdings, Inc.		40,200		1,168,649

106

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Murata Manufacturing Co., Ltd.		51,900	$	4,538,267
Nabtesco Corp.		10,200		421,092
Nagoya Railroad Co., Ltd.		16,900		464,912
NEC Corp.		22,300		1,202,577
Nexon Co., Ltd.		43,900		1,326,671
NGK Insulators, Ltd.		23,300		370,256
NGK Spark Plug Co., Ltd.		13,800		249,960
NH Foods, Ltd.		7,400		315,776
Nidec Corp.		40,400		5,148,678
Nihon M&A Center, Inc.		13,524		945,644
Nikon Corp.		27,300		169,710
Nintendo Co., Ltd.		10,100		5,733,008
Nippon Building Fund, Inc.		115		635,584
Nippon Express Co., Ltd.		6,500		434,579
Nippon Paint Holdings Co., Ltd.		13,200		1,690,460
Nippon Prologis REIT, Inc.#		189		592,888
Nippon Shinyaku Co., Ltd.		4,100		292,969
Nippon Steel Corp.†		72,900		891,349
Nippon Telegraph & Telephone Corp.		116,200		2,743,611
Nippon Yusen KK		13,800		300,851
Nissan Chemical Corp.		11,200		669,425
Nissan Motor Co., Ltd.†		209,600		988,774
Nisshin Seifun Group, Inc.		17,900		290,961
Nissin Foods Holdings Co., Ltd.		5,700		470,632
Nitori Holdings Co., Ltd.		7,200		1,533,103
Nitto Denko Corp.		14,300		1,183,448
Nomura Holdings, Inc.		283,900		1,424,939
Nomura Real Estate Holdings, Inc.		10,400		225,134
Nomura Real Estate Master Fund, Inc.		383		498,927
Nomura Research Institute, Ltd.		28,900		975,790
NSK, Ltd.		32,400		262,241
NTT Data Corp.		57,000		757,816
Obayashi Corp.		58,600		516,398
OBIC Co., Ltd.		6,300		1,416,293
Odakyu Electric Railway Co., Ltd.		26,599		806,378
Oji Holdings Corp.		77,900		353,684
Olympus Corp.		105,200		2,273,791
Omron Corp.		16,800		1,517,471
Ono Pharmaceutical Co., Ltd.		33,400		1,056,707
Oracle Corp. Japan		3,500		387,883
Oriental Land Co., Ltd.		18,100		3,079,947
ORIX Corp.		118,600		1,764,232
Orix JREIT, Inc.		237		354,138
Osaka Gas Co., Ltd.		33,900		650,724
Otsuka Corp.		9,400		455,594
Otsuka Holdings Co., Ltd.		35,300		1,434,316
Pan Pacific International Holdings Corp.		37,200		879,046
Panasonic Corp.		199,330		2,124,086
Park24 Co., Ltd.†		9,800		146,061
PeptiDream, Inc.†		8,500		433,142
Persol Holdings Co., Ltd.		16,074		294,382
Pigeon Corp.		10,400		464,215
Pola Orbis Holdings, Inc.#		8,232		164,403
Rakuten, Inc.		77,700		870,032
Recruit Holdings Co., Ltd.		114,883		4,841,812
Renesas Electronics Corp.†		69,600		618,667
Resona Holdings, Inc.		188,900		661,693
Ricoh Co., Ltd.		60,500		403,913
Rinnai Corp.		3,300		385,000
Rohm Co., Ltd.		7,900		659,090
Ryohin Keikaku Co., Ltd.		21,540		442,973
Santen Pharmaceutical Co., Ltd.		32,500		540,110
SBI Holdings, Inc.		21,400		580,096
SCSK Corp.		4,714		281,305
Secom Co., Ltd.		19,000		1,891,810

Security Description	Shares		Value (Note 2)
Japan (continued)
Sega Sammy Holdings, Inc.		15,600	$	219,207
Seibu Holdings, Inc.		19,000		188,362
Seiko Epson Corp.		25,300		377,319
Sekisui Chemical Co., Ltd.		32,300		557,825
Sekisui House, Ltd.		55,600		1,000,161
Seven & i Holdings Co., Ltd.		68,000		2,157,893
Seven Bank, Ltd.		53,200		116,694
SG Holdings Co., Ltd.		28,856		862,363
Sharp Corp.#		19,200		257,471
Shimadzu Corp.		20,000		719,349
Shimamura Co., Ltd.		2,000		206,897
Shimano, Inc.		6,700		1,587,720
Shimizu Corp.		49,800		378,270
Shin-Etsu Chemical Co., Ltd.		32,000		5,252,107
Shinsei Bank, Ltd.#		14,000		166,552
Shionogi & Co., Ltd.		23,900		1,280,390
Shiseido Co., Ltd.		36,100		2,544,981
Shizuoka Bank, Ltd.		37,600		267,234
Showa Denko KK#		12,200		226,354
SMC Corp.		5,200		3,303,295
SoftBank Corp.		259,300		3,190,334
SoftBank Group Corp.		141,500		9,856,207
Sohgo Security Services Co., Ltd.		6,400		342,682
Sompo Holdings, Inc.		30,300		1,163,822
Sony Corp.		113,900		10,587,027
Square Enix Holdings Co., Ltd.		8,300		509,607
Stanley Electric Co., Ltd.		11,800		346,992
Subaru Corp.		55,600		1,104,012
SUMCO Corp.		23,704		479,983
Sumitomo Chemical Co., Ltd.		134,500		476,676
Sumitomo Corp.		107,300		1,322,236
Sumitomo Dainippon Pharma Co., Ltd.		16,200		205,293
Sumitomo Electric Industries, Ltd.		68,100		778,845
Sumitomo Heavy Industries, Ltd.		10,000		215,805
Sumitomo Metal Mining Co., Ltd.		21,000		781,868
Sumitomo Mitsui Financial Group, Inc.		117,800		3,421,165
Sumitomo Mitsui Trust Holdings, Inc.		30,500		891,336
Sumitomo Realty & Development Co., Ltd.		27,900		909,957
Sumitomo Rubber Industries, Ltd.		15,400		136,151
Sundrug Co., Ltd.		6,480		271,862
Suntory Beverage & Food, Ltd.		12,600		460,431
Suzuken Co., Ltd.		6,100		233,132
Suzuki Motor Corp.		33,300		1,787,483
Sysmex Corp.		15,100		1,580,872
T&D Holdings, Inc.		48,600		567,466
Taiheiyo Cement Corp.		10,900		292,964
Taisei Corp.		17,200		607,931
Taisho Pharmaceutical Holdings Co., Ltd.		3,100		197,165
Taiyo Nippon Sanso Corp.		13,700		228,858
Takeda Pharmaceutical Co., Ltd.		142,300		5,104,535
TDK Corp.		11,700		1,649,655
Teijin, Ltd.		16,100		275,119
Terumo Corp.		58,300		2,315,806
THK Co., Ltd.		10,900		336,710
TIS, Inc.		20,256		403,180
Tobu Railway Co., Ltd.		17,100		512,672
Toho Co., Ltd.		10,100		427,605
Toho Gas Co., Ltd.		6,700		438,324
Tohoku Electric Power Co., Inc.		38,600		323,515
Tokio Marine Holdings, Inc.		57,000		2,833,621
Tokyo Century Corp.#		3,916		259,191
Tokyo Electric Power Co. Holdings, Inc.†		130,600		340,261
Tokyo Electron, Ltd.		13,500		4,586,638
Tokyo Gas Co., Ltd.		34,000		763,534
Tokyu Corp.		45,100		547,334

107

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Tokyu Fudosan Holdings Corp.		55,200	$	267,540
Toppan Printing Co., Ltd.		23,700		323,491
Toray Industries, Inc.		125,200		678,886
Toshiba Corp.		34,900		976,799
Tosoh Corp.		23,500		370,508
TOTO, Ltd.		12,800		724,598
Toyo Suisan Kaisha, Ltd.		8,000		393,103
Toyoda Gosei Co., Ltd.		5,900		160,046
Toyota Industries Corp.		13,200		953,333
Toyota Motor Corp.		191,500		12,838,204
Toyota Tsusho Corp.		19,200		663,908
Trend Micro, Inc.#		12,100		657,155
Tsuruha Holdings, Inc.		3,304		483,574
Unicharm Corp.		36,400		1,765,261
United Urban Investment Corp.#		267		301,782
USS Co., Ltd.		19,799		414,186
Welcia Holdings Co., Ltd.		8,500		341,547
West Japan Railway Co.		14,700		670,793
Yakult Honsha Co., Ltd.		11,600		552,778
Yamada Holdings Co., Ltd.		65,500		311,188
Yamaha Corp.		12,100		690,766
Yamaha Motor Co., Ltd.		25,300		487,098
Yamato Holdings Co., Ltd.		27,900		704,716
Yamazaki Baking Co., Ltd.#		10,900		180,831
Yaskawa Electric Corp.		21,700		1,045,508
Yokogawa Electric Corp.		20,600		363,854
Yokohama Rubber Co., Ltd.#		10,700		156,093
Z Holdings Corp.		239,500		1,507,198
ZOZO, Inc.		9,893		246,756
				348,610,528
Jersey — 0.6%
Experian PLC		82,018		2,893,198
Ferguson PLC		20,292		2,278,884
Glencore PLC†		902,370		2,548,544
WPP PLC		110,645		1,070,307
				8,790,933
Luxembourg — 0.2%
ArcelorMittal SA†		64,728		1,185,186
Aroundtown SA†		90,177		625,829
Eurofins Scientific SE†		11,910		966,918
SES SA FDR		34,625		314,973
Tenaris SA		42,640		329,898
				3,422,804
Netherlands — 4.2%
ABN AMRO Bank NV CVA†*		38,196		394,112
Adyen NV†*		1,635		3,124,398
Aegon NV		161,576		604,420
AerCap Holdings NV†		11,706		430,313
Airbus SE†#		53,100		5,556,850
Akzo Nobel NV		17,424		1,851,043
Altice Europe NV†#		56,264		296,512
Argenx SE†		4,032		1,150,450
ASML Holding NV		38,436		16,681,942
CNH Industrial NV†		92,402		1,010,513
Davide Campari-Milano NV		52,445		606,447
EXOR NV		9,793		681,971
Ferrari NV		11,382		2,400,418
Fiat Chrysler Automobiles NV†		99,124		1,544,925
Heineken Holding NV		10,403		961,095
Heineken NV		23,405		2,471,360
ING Groep NV†		352,208		3,434,575
Just Eat Takeaway.com NV†#*		11,414		1,212,297

Security Description	Shares		Value (Note 2)
Netherlands (continued)
Koninklijke Ahold Delhaize NV		99,393	$	2,844,278
Koninklijke DSM NV		15,563		2,548,883
Koninklijke KPN NV		322,582		961,596
Koninklijke Philips NV†		82,634		4,273,996
Koninklijke Vopak NV		6,349		333,457
NN Group NV		26,028		1,057,168
Prosus NV		44,011		4,768,968
QIAGEN NV†		20,603		993,128
Randstad NV†		10,759		667,362
STMicroelectronics NV		57,555		2,253,241
Wolters Kluwer NV		24,653		2,067,336
				67,183,054
New Zealand — 0.3%
a2 Milk Co., Ltd.†#		66,805		690,944
Auckland International Airport, Ltd.†		113,023		616,578
Fisher & Paykel Healthcare Corp., Ltd.		51,888		1,306,908
Mercury NZ, Ltd.		61,507		258,772
Meridian Energy, Ltd.		115,698		521,649
Ryman Healthcare, Ltd.		36,119		373,062
Spark New Zealand, Ltd.		165,882		530,403
				4,298,316
Norway — 0.5%
Adevinta ASA†		21,647		357,219
DNB ASA†		85,619		1,550,996
Equinor ASA		90,442		1,425,372
Gjensidige Forsikring ASA		18,060		393,240
Mowi ASA		39,690		803,312
Norsk Hydro ASA		121,437		491,432
Orkla ASA		67,820		649,542
Schibsted ASA, Class B†		8,850		322,328
Telenor ASA		65,126		1,108,751
Yara International ASA#		15,988		646,644
				7,748,836
Papua New Guinea — 0.0%
Oil Search, Ltd.#		178,245		476,260
Portugal — 0.1%
Banco Espirito Santo SA†(1)		213,818		0
EDP - Energias de Portugal SA		250,779		1,336,566
Galp Energia SGPS SA		45,263		488,303
Jeronimo Martins SGPS SA		22,730		389,350
				2,214,219
Singapore — 0.9%
Ascendas Real Estate Investment Trust		277,748		615,078
CapitaLand Integrated Commercial Trust		408,952		591,557
CapitaLand, Ltd.		231,900		541,212
City Developments, Ltd.		41,100		239,034
DBS Group Holdings, Ltd.		162,100		3,045,834
Genting Singapore, Ltd.		546,000		337,904
Jardine Cycle & Carriage, Ltd.		8,900		128,807
Keppel Corp., Ltd.		131,500		497,114
Mapletree Commercial Trust		194,400		295,699
Mapletree Logistics Trust		245,078		359,992
Oversea-Chinese Banking Corp., Ltd.		298,600		2,244,259
Singapore Airlines, Ltd.†		121,849		394,307
Singapore Exchange, Ltd.		72,600		481,239
Singapore Technologies Engineering, Ltd.		141,000		405,816
Singapore Telecommunications, Ltd.		737,200		1,313,729
Suntec Real Estate Investment Trust		178,000		200,410
United Overseas Bank, Ltd.		106,200		1,782,472
UOL Group, Ltd.		41,900		230,252
Venture Corp., Ltd.		24,852		348,927

108

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
Wilmar International, Ltd.		173,500	$	544,633
Yangzijiang Shipbuilding Holdings, Ltd.		233,300		153,081
				14,751,356
Spain — 2.1%
ACS Actividades de Construccion y Servicios SA		24,152		763,170
Aena SME SA†*		6,095		993,140
Amadeus IT Group SA		40,679		2,788,187
Banco Bilbao Vizcaya Argentaria SA		602,097		2,822,572
Banco Santander SA†		1,500,584		4,327,258
Bankinter SA#		60,874		301,274
CaixaBank SA		324,067		829,952
Cellnex Telecom SA#*		28,568		1,802,010
Enagas SA		22,474		547,422
Endesa SA		28,681		820,065
Ferrovial SA (Madrid)#		43,760		1,217,284
Ferrovial SA†		438		12,173
Grifols SA#		26,935		763,074
Iberdrola SA		536,392		7,322,917
Industria de Diseno Textil SA		98,500		3,272,257
Mapfre SA#		97,327		186,567
Naturgy Energy Group SA#		26,659		614,857
Red Electrica Corp. SA		39,087		798,919
Repsol SA		134,340		1,291,275
Siemens Gamesa Renewable Energy SA		21,527		768,557
Telefonica SA		439,537		1,917,372
				34,160,302
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.		239,269		240,780
HKT Trust & HKT, Ltd.		342,000		447,408
Unibail-Rodamco-Westfield#		12,495		886,828
				1,575,016
Sweden — 2.7%
Alfa Laval AB†		28,407		716,393
Assa Abloy AB, Class B		90,506		2,153,724
Atlas Copco AB, Class A		60,636		3,055,519
Atlas Copco AB, Class B		35,236		1,555,792
Boliden AB		24,698		850,920
Electrolux AB, Series B		20,366		488,201
Epiroc AB, Class A		59,507		988,673
Epiroc AB, Class B		35,214		559,604
EQT AB		21,513		478,699
Essity AB, Class B		54,789		1,736,890
Evolution Gaming Group AB*		11,480		981,373
Hennes & Mauritz AB, Class B†		72,543		1,535,964
Hexagon AB, Class B		25,413		2,109,034
Husqvarna AB, Class B		37,745		401,879
ICA Gruppen AB		9,082		439,016
Industrivarden AB, Class C†		14,419		439,787
Investment AB Latour, Class B		13,369		351,959
Investor AB, Class B		41,129		2,846,503
Kinnevik AB Class B		21,844		1,087,374
L E Lundbergforetagen AB, Class B†		6,863		351,436
Lundin Energy AB		16,782		401,700
Nibe Industrier AB, Class B†		28,158		793,174
Sandvik AB†		101,942		2,286,204
Securitas AB, Class B†		28,275		464,827
Skandinaviska Enskilda Banken AB, Class A†		146,961		1,553,415
Skanska AB, Class B		30,717		729,882
SKF AB, Class B		34,373		846,410
Svenska Cellulosa AB SCA, Class B†		54,709		884,399
Svenska Handelsbanken AB, Class A†		140,488		1,426,681
Swedbank AB, Class A†		81,774		1,479,901

Security Description	Shares		Value (Note 2)
Sweden (continued)
Swedish Match AB		14,646	$	1,179,617
Tele2 AB, Class B		45,093		579,902
Telefonaktiebolaget LM Ericsson, Class B		263,560		3,221,941
Telia Co AB		221,572		939,309
Volvo AB, Class B†		134,299		3,050,222
				42,966,324
Switzerland — 8.3%
ABB, Ltd.		166,413		4,389,458
Adecco Group AG		14,012		848,661
Alcon, Inc.†		44,400		2,832,806
Baloise Holding AG		4,186		721,812
Banque Cantonale Vaudoise		2,720		280,156
Barry Callebaut AG		273		586,105
Chocoladefabriken Lindt & Spruengli AG		9		800,220
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		98		836,303
Cie Financiere Richemont SA		47,136		3,915,076
Clariant AG		17,984		360,966
Coca-Cola HBC AG		18,081		521,143
Credit Suisse Group AG		219,263		2,769,892
EMS-Chemie Holding AG		739		675,367
Geberit AG		3,345		2,013,442
Givaudan SA		834		3,399,324
Julius Baer Group, Ltd.		20,210		1,166,231
Kuehne & Nagel International AG		4,876		1,103,706
LafargeHolcim, Ltd.		47,275		2,479,369
Logitech International SA		14,850		1,313,500
Lonza Group AG		6,724		4,214,570
Nestle SA		268,727		29,919,998
Novartis AG		200,494		18,150,912
Partners Group Holding AG		1,688		1,811,059
Roche Holding AG		63,440		20,876,734
Schindler Holding AG (Participation Certificate)		3,677		1,003,462
Schindler Holding AG		1,817		481,068
SGS SA		547		1,558,386
Sika AG		12,803		3,267,142
Sonova Holding AG†		4,943		1,224,395
Straumann Holding AG		934		1,070,952
Swatch Group AG (TRQX)		4,751		227,839
Swatch Group AG (XEGT)		2,613		644,660
Swiss Life Holding AG		2,882		1,286,950
Swiss Prime Site AG		6,860		617,494
Swiss Re AG		26,608		2,430,807
Swisscom AG		2,339		1,235,455
Temenos AG		5,984		755,943
UBS Group AG		331,042		4,695,605
Vifor Pharma AG		4,109		602,729
Zurich Insurance Group AG		13,586		5,515,131
				132,604,828
United Kingdom — 11.3%
3i Group PLC		87,868		1,253,997
Admiral Group PLC		17,258		657,324
Anglo American PLC		110,774		3,268,861
Antofagasta PLC		35,608		595,047
Ashtead Group PLC		40,572		1,720,558
Associated British Foods PLC		32,169		904,897
AstraZeneca PLC		118,493		12,329,478
Auto Trader Group PLC*		87,548		654,302
AVEVA Group PLC#		5,834		263,816
Aviva PLC		354,661		1,518,686
BAE Systems PLC		290,339		1,950,810
Barclays PLC†		1,565,554		2,808,427
Barratt Developments PLC†		91,950		760,016

109

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Berkeley Group Holdings PLC		11,351	$	699,731
BHP Group PLC		190,716		4,318,743
BP PLC		1,829,458		6,040,041
British American Tobacco PLC		207,162		7,289,720
British Land Co. PLC#		79,494		499,896
BT Group PLC		803,110		1,250,538
Bunzl PLC		30,412		956,427
Burberry Group PLC		36,544		842,345
Coca-Cola European Partners PLC		18,454		824,525
Compass Group PLC		161,068		2,842,997
Croda International PLC		11,638		924,085
Diageo PLC		211,048		8,103,130
Direct Line Insurance Group PLC		123,216		485,897
Evraz PLC		46,043		237,120
GlaxoSmithKline PLC		453,034		8,274,285
Halma PLC		34,281		1,012,750
Hargreaves Lansdown PLC		29,981		571,559
Hikma Pharmaceuticals PLC		15,607		542,633
HSBC Holdings PLC†		1,839,015		9,518,660
Imperial Brands PLC		85,459		1,550,583
Informa PLC†		135,638		958,739
InterContinental Hotels Group PLC†		15,669		969,882
Intertek Group PLC		14,573		1,072,814
J Sainsbury PLC		160,276		451,062
JD Sports Fashion PLC†		39,546		409,219
Johnson Matthey PLC#		17,476		518,151
Kingfisher PLC†		190,540		694,994
Land Securities Group PLC#		63,606		557,621
Legal & General Group PLC		538,680		1,814,743
Lloyds Banking Group PLC†		6,388,780		3,033,828
London Stock Exchange Group PLC		28,561		3,086,449
M&G PLC		234,767		586,837
Melrose Industries PLC†		438,691		897,731
Mondi PLC		43,845		969,134
National Grid PLC		316,930		3,584,620
Natwest Group PLC†		436,856		900,382
Next PLC		12,005		1,048,613
Ocado Group PLC†#		41,269		1,214,242
Pearson PLC#		67,941		586,024
Persimmon PLC		28,799		1,019,729
Prudential PLC		235,575		3,672,895
Reckitt Benckiser Group PLC		64,149		5,630,654
RELX PLC		174,397		4,062,892
Rentokil Initial PLC†		167,443		1,110,106
Rio Tinto PLC		101,316		6,529,257
Rolls-Royce Holdings PLC†		755,581		1,064,719
Royal Dutch Shell PLC, Class A#		370,334		6,276,053
Royal Dutch Shell PLC, Class B		334,661		5,506,425
RSA Insurance Group PLC		93,415		839,374
Sage Group PLC		98,496		794,425
Schroders PLC		11,225		481,711
Segro PLC		107,530		1,307,385
Severn Trent PLC		21,487		684,339
Smith & Nephew PLC		78,988		1,527,945
Smiths Group PLC		35,777		695,886
Spirax-Sarco Engineering PLC		6,658		988,355
SSE PLC		93,855		1,677,897
St James’s Place PLC#		48,457		658,925
Standard Chartered PLC†		242,248		1,460,393
Standard Life Aberdeen PLC		205,945		743,771
Taylor Wimpey PLC†		329,065		675,368
Tesco PLC		884,334		2,676,217
Unilever PLC		105,516		6,429,965
Unilever PLC		131,900		7,995,866
United Utilities Group PLC		61,573		739,103

Security Description	Shares/ Principal Amount			Value (Note 2)
United Kingdom (continued)
Vodafone Group PLC		2,417,572		$	3,986,190
Whitbread PLC†		18,225			736,432
WM Morrison Supermarkets PLC#		217,170			520,702
					179,319,948
Total Common Stocks
(cost $1,181,979,473)					1,361,164,085
EXCHANGE-TRADED FUNDS — 2.7%
United States — 2.7%
iShares MSCI EAFE ETF (cost $35,134,311)		608,400			42,679,260
RIGHTS — 0.0%
Germany — 0.0%
Kion Group AG Expires 12/03/2020		5,865			2,085
Singapore — 0.0%
Ascendas Real Estate Investment Trust Expires 12/01/2020		10,277			77
Spain — 0.0%
Banco Santander SA Expires 12/03/2020		1,500,584			187,410
United Kingdom — 0.0%
Aveva Group PLC Expires 12/09/2020		4,537			67,751
Total Rights
(cost $478,911)					257,323
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/22/2023 (cost $0)		94,272			18,673
Total Long-Term Investment Securities
(cost $1,217,592,695)					1,404,119,341
SHORT-TERM INVESTMENT SECURITIES — 2.0%
Registered Investment Companies — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3)		15,131,098			15,131,098
U.S. Government Treasuries — 1.1%
United States Treasury Bills 0.07% due 02/25/2021(4)	$	6,000,000			5,998,747
0.10% due 11/04/2021(4)		8,000,000			7,991,738
0.12% due 10/07/2021(4)		2,500,000			2,497,766
0.17% due 12/31/2020(4)		750,000			749,948
					17,238,199
Total Short-Term Investment Securities
(cost $32,369,999)					32,369,297
REPURCHASE AGREEMENTS — 10.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $159,502,000 and collateralized by $163,335,900 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $162,692,103 (cost $159,502,000)		159,502,000			159,502,000
TOTAL INVESTMENTS
(cost $1,409,464,694)(5)		100.2	%		1,595,990,638
Liabilities in excess of other assets		(0.2	)		(3,316,778	)
NET ASSETS		100.0	%	$	1,592,673,860

110

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $23,966,955 representing 1.5% of net assets.

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

(2) At November 30, 2020, the Fund had loaned securities with a total value of $27,243,746. This was secured by collateral of $15,131,098, which was received in cash and subsequently invested in short-term investments currently valued at $15,131,098 as reported in the Portfolio of Investments. Additional collateral of $14,138,587 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 November 30, 2020
United States Treasury Bills	0.00%	12/24/2020 to 07/15/2021	$	690,233
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		13,448,354

(3) The rate shown is the 7-day yield as of November 30, 2020.

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

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

ADR—American Depositary Receipt

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange Traded Fund

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)
	1,862	Long	MSCI EAFE Index		December 2020	$	183,120,329	$	189,272,300	$	6,151,971

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	91,899,063	$	—	$	0	$	91,899,063
Portugal		2,214,219		—		0		2,214,219
Spain		34,148,129		12,173		—		34,160,302
Other Countries		1,232,890,501		—		—		1,232,890,501
Exchange-Traded Funds		42,679,260		—		—		42,679,260
Rights:
Singapore		—		77		—		77
Other Countries		257,246		—		—		257,246
Warrants		18,673		—		—		18,673
Short-Term Investment Securities:
Registered Investment Companies		15,131,098		—		—		15,131,098
U.S. Government Treasuries		—		17,238,199		—		17,238,199
Repurchase Agreements		—		159,502,000		—		159,502,000
Total Investments at Value	$	1,419,238,189	$	176,752,449	$	0	$	1,595,990,638
Other Financial Instruments:†
Futures Contracts	$	6,151,971	$	—	$	—	$	6,151,971

* 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

111

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Sovereign	65.9	%
United States Treasury Notes	19.6
United States Treasury Bonds	4.0
Registered Investment Companies	3.8
Oil Companies-Integrated	1.7
Banks — Commercial	0.8
Electric — Generation	0.7
Electric — Distribution	0.4
Oil Companies — Exploration & Production	0.4
Investment Companies	0.4
Finance — Leasing Companies	0.3
Energy — Alternate Sources	0.2
Warehousing & Harbor Transportation Services	0.2
Building & Construction — Misc.	0.2
Multimedia	0.2
Industrial Gases	0.2
Steel — Producers	0.2
Food — Meat Products	0.2
Chemicals — Diversified	0.2
Electric — Integrated	0.1
Metal — Aluminum	0.1
Transport — Services	0.1
Cellular Telecom	0.1
Paper & Related Products	0.1
	100.1	%

Country Allocation*

United States	27.4	%
Japan	10.1
Italy	5.6
Spain	5.5
France	5.4
United Kingdom	4.6
Mexico	2.6
Germany	2.6
Qatar	2.0
Saudi Arabia	1.9
Australia	1.9
Netherlands	1.7
Egypt	1.7
Colombia	1.6
Romania	1.6
United Arab Emirates	1.4
Indonesia	1.3
Oman	1.2
Ukraine	1.0
Sri Lanka	0.9
El Salvador	0.9
Belarus	0.9
Russia	0.8
Kenya	0.8
Philippines	0.8
British Virgin Islands	0.8
Canada	0.8
Chile	0.8
Turkey	0.8
Panama	0.7
Brazil	0.7
South Africa	0.7
Ghana	0.7
Belgium	0.7
Pakistan	0.6
Costa Rica	0.6
Ivory Coast	0.6
Poland	0.6
Uruguay	0.6
China	0.5
Singapore	0.5

Peru	0.5
Cayman Islands	0.4
Ireland	0.4
Luxembourg	0.3
Norway	0.3
Kazakhstan	0.3
Angola	0.2
Dominican Republic	0.2
India	0.2
Ethiopia	0.2
Georgia	0.1
Austria	0.1
	100.1	%

Credit Quality†#

Aaa	31.2	%
Aa	11.9
A	13.0
Baa	18.6
Ba	5.1
B	7.2
Caa	1.2
Not Rated@	11.8
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Moody’s

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

112

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.6%
Austria — 0.1%
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031	$	200,000	$	210,800
Brazil — 0.4%
BRF SA Senior Notes 4.88% due 01/24/2030*		300,000		319,800
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		400,000		416,204
				736,004
British Virgin Islands — 0.8%
CNOOC Finance, Ltd. Company Guar. Notes 2.88% due 09/30/2029		420,000		438,227
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		400,000		441,168
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		330,000		333,300
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023		400,000		411,043
				1,623,738
Cayman Islands — 0.4%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		300,000		312,753
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		255,000		262,777
Lamar Funding, Ltd. Company Guar. Notes 3.96% due 05/07/2025		280,000		267,369
				842,899
Chile — 0.3%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		510,000		558,042
Colombia — 0.5%
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		210,000		233,100
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		175,000		208,031
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		300,000		379,950
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		240,000		255,303
				1,076,384
India — 0.2%
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		430,000		444,620

Security Description	Principal Amount(1)		Value (Note 2)
Indonesia — 0.5%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028	$	200,000	$	249,207
Pertamina Persero PT Senior Notes 6.50% due 05/27/2041		300,000		400,478
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		400,000		377,711
				1,027,396
Luxembourg — 0.3%
Rumo Luxembourg SARL Company Guar. Notes 5.25% due 01/10/2028*		220,000		237,708
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		370,000		400,796
				638,504
Mexico — 1.1%
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		250,000		243,250
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028		340,000		318,478
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		500,000		418,750
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		690,000		635,352
Petroleos Mexicanos Company Guar. Bonds 6.63% due 06/15/2038		300,000		262,800
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		500,000		430,000
				2,308,630
Netherlands — 0.9%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		300,000		303,090
MDGH—GMTN BV Company Guar. Notes 3.70% due 11/07/2049		300,000		342,750
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		250,000		264,375
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		420,000		442,140
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		400,000		452,920
				1,805,275
Peru — 0.2%
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		300,000		303,753

113

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Philippines — 0.2%
Philippine National Bank Senior Notes 3.28% due 09/27/2024	$	400,000	$	421,177
Singapore — 0.5%
BOC Aviation, Ltd. Senior Notes 2.63% due 09/17/2030*		580,000		574,630
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		281,700		329,519
				904,149
United Arab Emirates — 0.2%
DP World PLC Senior Notes 4.70% due 09/30/2049		400,000		442,000
Total Foreign Corporate Bonds & Notes
(cost $12,748,101)				13,343,371
FOREIGN GOVERNMENT OBLIGATIONS — 65.9%
Angola — 0.2%
Republic of Angola Senior Notes 9.13% due 11/26/2049		570,000		488,319
Australia — 1.9%
Commonwealth of Australia Senior Notes 2.50% due 05/21/2030	AUD	1,000,000		844,752
Commonwealth of Australia Bonds 2.75% due 04/21/2024	AUD	1,000,000		799,346
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD	600,000		550,157
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD	1,000,000		830,660
Commonwealth of Australia Senior Notes 3.25% due 06/21/2039	AUD	800,000		748,016
				3,772,931
Belarus — 0.9%
Republic of Belarus Senior Notes 5.88% due 02/24/2026*		450,000		451,591
Republic of Belarus Senior Notes 6.38% due 02/24/2031*		550,000		550,248
Republic of Belarus Senior Notes 6.88% due 02/28/2023		750,000		771,435
				1,773,274
Belgium — 0.7%
Kingdom of Belgium Bonds 1.00% due 06/22/2031*	EUR	1,000,000		1,360,432
Brazil — 0.3%
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		600,000		663,900

Security Description	Principal Amount(1)		Value (Note 2)
Canada — 0.8%
Government of Canada Bonds 1.25% due 03/01/2025	CAD	1,000,000	$	798,183
Government of Canada Bonds 1.25% due 06/01/2030	CAD	1,000,000		810,811
				1,608,994
Chile — 0.5%
Republic of Chile Senior Notes 2.45% due 01/31/2031		560,000		593,600
Republic of Chile Senior Notes 3.50% due 01/25/2050		400,000		455,504
				1,049,104
China — 0.3%
People’s Republic of China Senior Bonds 2.25% due 10/21/2050*		600,000		599,094
Colombia — 1.1%
Republic of Colombia Senior Notes 3.13% due 04/15/2031		735,000		771,382
Republic of Colombia Senior Notes 4.50% due 03/15/2029		500,000		569,625
Republic of Colombia Senior Notes 5.00% due 06/15/2045		400,000		481,000
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		300,000		430,503
				2,252,510
Costa Rica — 0.6%
Republic of Costa Rica Senior Notes 6.13% due 02/19/2031		1,440,000		1,270,080
Dominican Republic — 0.2%
Dominican Republic Senior Notes 5.88% due 01/30/2060*		450,000		468,000
Egypt — 1.7%
Arab Republic of Egypt Senior Notes 5.63% due 04/16/2030	EUR	500,000		599,336
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		550,000		578,457
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031	EUR	500,000		610,397
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		770,000		857,426
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		687,000		742,818
				3,388,434

114

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
El Salvador — 0.9%
Republic of El Salvador Senior Notes 6.38% due 01/18/2027	$	420,000	$	370,020
Republic of El Salvador Senior Notes 7.65% due 06/15/2035		450,000		394,650
Republic of El Salvador Senior Notes 9.50% due 07/15/2052*		740,000		700,780
Republic of El Salvador Senior Notes 9.50% due 07/15/2052		400,000		378,800
				1,844,250
Ethiopia — 0.2%
Federal Republic of Ethiopia Senior Notes 6.63% due 12/11/2024		350,000		343,406
France — 5.4%
Government of France Bonds 0.50% due 05/25/2029	EUR	1,050,000		1,354,759
Government of France Bonds 1.25% due 05/25/2036*	EUR	1,000,000		1,437,468
Government of France Bonds 1.75% due 06/25/2039*	EUR	1,800,000		2,838,619
Government of France Bonds 1.75% due 05/25/2066*	EUR	250,000		459,158
Government of France Bonds 2.00% due 05/25/2048*	EUR	1,390,000		2,421,779
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		812,294
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000		1,589,116
				10,913,193
Georgia — 0.1%
Republic of Georgia Notes 6.88% due 04/12/2021		270,000		273,518
Germany — 2.6%
Federal Republic of Germany Bonds 0.50% due 02/15/2028	EUR	1,000,000		1,299,155
Federal Republic of Germany Bonds 1.50% due 02/15/2023	EUR	1,000,000		1,253,196
Federal Republic of Germany Bonds 2.50% due 07/04/2044	EUR	600,000		1,202,282
Federal Republic of Germany Bonds 2.50% due 08/15/2046	EUR	700,000		1,441,633
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	50,000		103,673
				5,299,939

Security Description	Principal Amount(1)		Value (Note 2)
Ghana — 0.7%
Republic of Ghana Senior Notes 8.63% due 06/16/2049	$	580,000	$	565,355
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		314,000		308,109
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		400,000		517,228
				1,390,692
Indonesia — 0.8%
Republic of Indonesia Senior Notes 3.85% due 10/15/2030		300,000		350,601
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		750,000		838,155
Republic of Indonesia Senior Bonds 7.75% due 01/17/2038		300,000		475,114
				1,663,870
Ireland — 0.4%
Republic of Ireland Bonds 1.00% due 05/15/2026	EUR	600,000		776,853
Italy — 5.6%
Republic of Italy Bonds 1.25% due 12/01/2026	EUR	1,000,000		1,272,891
Republic of Italy Senior Notes 1.35% due 04/01/2030	EUR	1,000,000		1,284,378
Republic of Italy Bonds 1.50% due 06/01/2025	EUR	800,000		1,022,136
Republic of Italy Senior Notes 2.00% due 02/01/2028	EUR	500,000		668,712
Republic of Italy Senior Notes 2.25% due 09/01/2036*	EUR	700,000		985,929
Republic of Italy Senior Notes 2.70% due 03/01/2047*	EUR	500,000		764,996
Republic of Italy Senior Notes 3.00% due 08/01/2029	EUR	190,000		276,004
Republic of Italy Senior Notes 3.85% due 09/01/2049*	EUR	550,000		1,026,082
Republic of Italy Senior Notes 4.75% due 09/01/2028*	EUR	150,000		238,843
Republic of Italy Bonds 5.75% due 02/01/2033	EUR	350,000		658,110
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		1,102,695
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	750,000		1,275,405

115

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Italy (continued)
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,913	$	809,163
				11,385,344
Ivory Coast — 0.6%
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		560,000		616,000
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		550,000		619,503
				1,235,503
Japan — 10.1%
Government of Japan Bonds 0.10% due 12/20/2029	JPY	200,000,000		1,935,211
Government of Japan Bonds 0.10% due 06/20/2030	JPY	299,999,999		2,896,092
Government of Japan Bonds 0.80% due 06/20/2023	JPY	150,000,000		1,470,977
Government of Japan Bonds 1.30% due 06/20/2035	JPY	75,000,000		828,657
Government of Japan Bonds 1.50% due 03/20/2034	JPY	90,000,000		1,011,302
Government of Japan Bonds 1.90% due 09/20/2042	JPY	120,000,000		1,494,609
Government of Japan Bonds 2.00% due 09/20/2040	JPY	85,000,000		1,061,002
Government of Japan Bonds 2.00% due 09/20/2041	JPY	100,000,000		1,256,533
Government of Japan Bonds 2.00% due 03/20/2042	JPY	130,000,000		1,638,336
Government of Japan Bonds 2.10% due 12/20/2027	JPY	60,000,000		663,661
Government of Japan Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,454,835
Government of Japan Bonds 2.20% due 03/20/2051	JPY	33,000,000		449,922
Government of Japan Bonds 2.30% due 12/20/2036	JPY	130,000,000		1,637,626
Government of Japan Bonds 2.30% due 03/20/2039	JPY	200,000,000		2,567,605
				20,366,368
Kazakhstan — 0.3%
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		350,000		564,245

Security Description	Principal Amount(1)		Value (Note 2)
Kenya — 0.8%
Republic of Kenya Senior Notes 6.88% due 06/24/2024	$	480,000	$	518,726
Republic of Kenya Senior Notes 7.00% due 05/22/2027		420,000		455,334
Republic of Kenya Senior Notes 8.00% due 05/22/2032		200,000		228,246
Republic of Kenya Senior Notes 8.25% due 02/28/2048		400,000		447,472
				1,649,778
Mexico — 1.5%
United Mexican States Senior Notes 2.66% due 05/24/2031		540,000		540,481
United Mexican States Senior Notes 4.50% due 01/31/2050		800,000		906,008
United Mexican States Senior Notes 5.00% due 04/27/2051#		380,000		457,938
United Mexican States Senior Notes 8.50% due 05/31/2029	MXN	20,000,000		1,185,339
				3,089,766
Netherlands — 0.8%
Kingdom of the Netherlands Bonds 2.50% due 01/15/2033*	EUR	1,000,000		1,625,354
Norway — 0.3%
Kingdom of Norway Bonds 3.00% due 03/14/2024*	NOK	5,000,000		610,466
Oman — 1.2%
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		620,000		608,375
Sultanate of Oman Senior Notes 6.75% due 10/28/2027*#		1,025,000		1,065,692
Sultanate of Oman Senior Notes 7.38% due 10/28/2032*#		800,000		838,448
				2,512,515
Pakistan — 0.6%
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		675,000		695,250
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		550,000		594,000
				1,289,250
Panama — 0.7%
Republic of Panama Senior Notes 2.25% due 09/29/2032		520,000		527,280

116

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Panama (continued)
Republic of Panama Senior Notes 3.87% due 07/23/2060	$	300,000	$	349,128
Republic of Panama Senior Notes 4.50% due 04/01/2056		200,000		254,000
Republic of Panama Senior Notes 6.70% due 01/26/2036		200,000		293,752
				1,424,160
Peru — 0.3%
Republic of Peru Senior Notes 1.86% due 12/01/2032		550,000		545,875
Philippines — 0.6%
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		700,000		745,659
Republic of the Philippines Senior Notes 3.75% due 01/14/2029		400,000		465,911
				1,211,570
Poland — 0.6%
Republic of Poland Bonds 2.75% due 04/25/2028	PLN	2,000,000		601,695
Republic of Poland Bonds 2.75% due 10/25/2029	PLN	2,000,000		607,076
				1,208,771
Qatar — 2.0%
State of Qatar Senior Notes 3.40% due 04/16/2025*		480,000		528,000
State of Qatar Senior Notes 4.40% due 04/16/2050*		880,000		1,164,372
State of Qatar Senior Notes 4.82% due 03/14/2049		1,190,000		1,646,662
State of Qatar Senior Notes 5.10% due 04/23/2048		420,000		600,075
				3,939,109
Romania — 1.6%
Government of Romania Bonds 2.63% due 12/02/2040*	EUR	1,000,000		1,202,990
Government of Romania Senior Notes 3.00% due 02/14/2031*		700,000		747,950
Government of Romania Senior Notes 3.00% due 02/14/2031		740,000		790,690
Government of Romania Senior Notes 4.00% due 02/14/2051*		500,000		546,250
				3,287,880

Security Description	Principal Amount(1)		Value (Note 2)
Russia — 0.8%
Russian Federation Senior Notes 4.38% due 03/21/2029	$	1,200,000	$	1,388,993
Russian Federation Senior Notes 5.25% due 06/23/2047		200,000		271,624
				1,660,617
Saudi Arabia — 1.9%
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		995,000		1,093,256
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		750,000		824,063
Kingdom of Saudi Arabia Senior Notes 3.63% due 03/04/2028		250,000		278,775
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		500,000		636,250
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060		200,000		254,500
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		600,000		751,428
				3,838,272
South Africa — 0.7%
Republic of South Africa Senior Notes 4.30% due 10/12/2028		1,060,000		1,067,123
Republic of South Africa Senior Notes 5.38% due 07/24/2044		350,000		328,069
				1,395,192
Spain — 5.5%
Kingdom of Spain Notes 0.60% due 10/31/2029*	EUR	2,300,000		2,897,603
Kingdom of Spain Senior Notes 1.00% due 10/31/2050*	EUR	500,000		614,016
Kingdom of Spain Senior Notes 1.25% due 10/31/2030*	EUR	1,000,000		1,330,624
Kingdom of Spain Notes 1.30% due 10/31/2026*	EUR	1,000,000		1,309,257
Kingdom of Spain Senior Notes 1.40% due 04/30/2028*	EUR	1,000,000		1,331,799
Kingdom of Spain Senior Notes 1.45% due 10/31/2027*	EUR	600,000		798,435
Kingdom of Spain Senior Notes 1.95% due 07/30/2030*	EUR	1,000,000		1,413,156
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR	400,000		939,045

117

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Spain (continued)
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	300,000	$	536,754
				11,170,689
Sri Lanka — 0.9%
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023		1,070,000		716,900
Republic of Sri Lanka Senior Notes 6.85% due 11/03/2025		300,000		186,000
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		870,000		508,950
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030		800,000		468,000
				1,879,850
Turkey — 0.8%
Republic of Turkey Senior Notes 5.13% due 02/17/2028		700,000		682,570
Republic of Turkey Senior Notes 5.60% due 11/14/2024		250,000		255,302
Republic of Turkey Senior Notes 7.63% due 04/26/2029		600,000		664,728
				1,602,600
Ukraine — 1.0%
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		200,000		212,200
Government of Ukraine Senior Notes 7.75% due 09/01/2022		370,000		393,214
Government of Ukraine Senior Notes 7.75% due 09/01/2024		460,000		502,251
Government of Ukraine Senior Notes 9.75% due 11/01/2028		700,000		831,649
				1,939,314
United Arab Emirates — 1.2%
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*		510,000		544,354
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		1,050,000		1,176,000
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		215,000		266,703
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050#		400,000		496,192
				2,483,249

Security Description	Principal Amount(1)		Value (Note 2)
United Kingdom — 4.6%
United Kingdom Gilt Treasury Bonds 0.63% due 06/07/2025	GBP	1,000,000	$	1,370,219
United Kingdom Gilt Treasury Bonds 1.63% due 10/22/2028	GBP	900,000		1,336,302
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2057	GBP	900,000		1,556,786
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	300,000		425,105
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000		805,213
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2021	GBP	700,000		960,034
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		483,472
United Kingdom Gilt Treasury Bonds 4.25% due 06/07/2032	GBP	300,000		572,166
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/2036	GBP	300,000		611,921
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP	200,000		545,152
United Kingdom Gilt Treasury Bonds 4.75% due 12/07/2030	GBP	350,000		671,012
				9,337,382
Uruguay — 0.6%
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031	$	193,015		233,068
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		690,000		936,675
				1,169,743
Total Foreign Government Obligations
(cost $125,127,418)				133,623,655
U.S. GOVERNMENT TREASURIES — 23.6%
United States — 23.6%
United States Treasury Bonds 2.00% due 02/15/2050#		1,600,000		1,765,625
2.50% due 02/15/2045		500,000		604,433
2.88% due 05/15/2049		400,000		524,094
3.00% due 02/15/2047		1,200,000		1,591,172
3.13% due 08/15/2044		900,000		1,203,223
3.38% due 05/15/2044		700,000		970,758
3.38% due 11/15/2048		450,000		641,531
3.75% due 11/15/2043		500,000		729,590
United States Treasury Notes 0.25% due 07/31/2025		3,000,000		2,988,516
0.63% due 08/15/2030		2,000,000		1,961,250
1.38% due 06/30/2023		1,000,000		1,031,094
1.50% due 11/30/2024		1,000,000		1,048,711
1.50% due 08/15/2026		1,000,000		1,058,672

118

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount(1)/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States (continued)
1.50% due 02/15/2030	$	2,000,000		$	2,127,031
1.75% due 05/15/2023		2,000,000			2,077,422
2.00% due 11/30/2022		1,500,000			1,555,137
2.00% due 08/15/2025		2,000,000			2,155,312
2.00% due 11/15/2026		1,500,000			1,632,949
2.13% due 12/31/2022		1,100,000			1,145,074
2.13% due 03/31/2024		1,500,000			1,595,039
2.13% due 05/15/2025#		500,000			539,941
2.25% due 11/15/2024#		1,500,000			1,616,426
2.25% due 11/15/2025		1,000,000			1,092,422
2.25% due 11/15/2027		600,000			667,922
2.38% due 08/15/2024#		2,050,000			2,211,117
2.38% due 05/15/2027		1,200,000			1,340,062
2.50% due 08/15/2023		2,000,000			2,125,703
2.50% due 05/15/2024		1,700,000			1,832,879
2.75% due 11/15/2023		1,500,000			1,613,555
2.75% due 02/15/2024		1,200,000			1,297,641
2.75% due 02/15/2028		1,600,000			1,840,625
2.88% due 08/15/2028		1,500,000			1,748,730
3.13% due 11/15/2028		1,200,000			1,426,125
Total U.S. Government Treasuries
(cost $45,790,320)					47,759,781
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
China — 0.2%
China Minmetals Corp. 3.75% due 11/13/2022(2) (cost $410,439)		430,000			436,665
Total Long-Term Investment Securities
(cost $184,076,278)					195,163,472
SHORT-TERM INVESTMENT SECURITIES — 3.8%
Registered Investment Companies — 3.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.02%(4)		4,535,226			4,535,226
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(3)(4)		3,140,015			3,140,015
Total Short-Term Investment Securities
(cost $7,675,241)					7,675,241
TOTAL INVESTMENTS
(cost $191,751,519)(5)		100.1	%		202,838,713
Liabilities in excess of other assets		(0.1	)		(159,220	)
NET ASSETS		100.0	%	$	202,679,493

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $40,261,280 representing 19.9% 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 November 30, 2020, the Fund had loaned securities with a total value of $7,924,846. This was secured by collateral of $3,140,015, which was received in cash and subsequently invested in short-term investments currently valued at $3,140,015 as reported in the Portfolio of Investments. Additional collateral of $5,036,757 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	0.50% to 17.97%	07/01/2022 to 08/25/2056	$	1,154,419
Federal National Mtg. Assoc.	1.32% to 38.46%	12/01/2020 to 08/25/2058		3,070,538
Government National Mtg. Assoc.	0.50% to 9.59%	10/20/2034 to 12/16/2062		341,689
United States Treasury Notes/Bonds	0.13% to 8.00%	04/15/2021 to 02/15/2047		470,111

(4) The rate shown is the 7-day yield as of November 30, 2020.

(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 Jen

MXN—Mexican Peso

NOK—Norwegian Krone

PLN--Polish Zloty

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (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	$	—	$	13,343,371	$	—	$	13,343,371
Foreign Government Obligations		—		133,623,655		—		133,623,655
U.S. Government Treasuries		—		47,759,781		—		47,759,781
Preferred Securities/Capital Securities		—		436,665		—		436,665
Short-Term Investment Securities		7,675,241		—		—		7,675,241
Total Investments at Value	$	7,675,241	$	195,163,472	$	—	$	202,838,713

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

See Notes to Financial Statements

119

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Transport — Services	9.7	%
Apparel Manufacturers	9.7
Banks — Commercial	7.7
Semiconductor Equipment	5.1
Industrial Automated/Robotic	5.0
Beverages — Wine/Spirits	4.8
Retail — Apparel/Shoe	4.5
Schools	4.1
Cosmetics & Toiletries	4.0
Computer Services	3.9
Semiconductor Components — Integrated Circuits	3.7
Food — Misc./Diversified	3.2
Insurance — Life/Health	3.1
Commercial Services — Finance	2.9
Private Equity	2.9
Electric — Transmission	2.8
E-Commerce/Services	2.8
Registered Investment Companies	2.8
E-Commerce/Products	2.5
Chemicals — Specialty	2.3
Medical Products	2.1
Food — Confectionery	1.6
Computer Aided Design	1.6
Athletic Footwear	1.6
Medical — Biomedical/Gene	1.4
	95.8	%

Country Allocation*

Denmark	10.3	%
Netherlands	9.9
France	9.3
Japan	9.0
India	7.7
United States	6.7
Canada	6.6
Cayman Islands	6.6
Switzerland	5.4
Italy	4.5
United Kingdom	4.0
Taiwan	3.7
China	3.2
Hong Kong	3.1
Bermuda	2.8
Germany	1.6
Sweden	1.4
	95.8	%

* Calculated as a percentage of net assets

120

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.0%
Bermuda — 2.8%
Brookfield Infrastructure Partners LP		317,155	$	15,797,491
Canada — 6.6%
Brookfield Asset Management, Inc., Class A		405,101		16,402,539
Canada Goose Holdings, Inc.†#		623,216		20,715,700
				37,118,239
Cayman Islands — 6.6%
Alibaba Group Holding, Ltd. ADR†		54,096		14,246,722
TAL Education Group ADR†		324,761		22,752,756
				36,999,478
China — 3.2%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		745,612		18,033,702
Denmark — 10.3%
Chr. Hansen Holding A/S†		133,614		12,945,583
DSV PANALPINA A/S		284,572		44,900,739
				57,846,322
France — 9.3%
Dassault Systemes SE		48,587		8,986,237
Hermes International		34,637		33,772,323
Pernod Ricard SA		51,146		9,761,525
				52,520,085
Germany — 1.6%
adidas AG†		27,982		8,922,031
Hong Kong — 3.1%
AIA Group, Ltd.		1,571,318		17,221,340
India — 7.7%
HDFC Bank, Ltd.†		1,686,253		32,743,108
Kotak Mahindra Bank, Ltd.†		410,452		10,449,154
				43,192,262
Italy — 4.5%
Moncler SpA†		512,180		25,146,874
Japan — 9.0%
Keyence Corp.		55,400		28,278,410
Pigeon Corp.#		495,800		22,130,536
				50,408,946
Netherlands — 9.9%
Adyen NV†*		8,584		16,403,565
ASML Holding NV		65,773		28,546,710
Davide Campari-Milano NV		943,382		10,908,791
				55,859,066
Sweden — 1.4%
Vitrolife AB†		336,216		8,169,317

Security Description	Shares			Value (Note 2)
Switzerland — 5.4%
Chocoladefabriken Lindt & Spruengli AG		103		$	9,158,074
Kuehne & Nagel International AG		43,210			9,780,795
Straumann Holding AG		10,234			11,734,611
					30,673,480
Taiwan — 3.7%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		216,704			21,024,622
United Kingdom — 4.0%
Diageo PLC		180,272			6,921,495
Rightmove PLC†		1,887,426			15,726,390
					22,647,885
United States — 3.9%
EPAM Systems, Inc.†		68,354			22,032,545
Total Long-Term Investment Securities
(cost $334,833,345)					523,613,685
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $15,669,262)		15,669,262			15,669,262
TOTAL INVESTMENTS
(cost $350,502,607)(3)		95.8	%		539,282,947
Other assets less liabilities		4.2			23,766,966
NET ASSETS		100.0	%	$	563,049,913

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $16,403,565 representing 2.9% of net assets.

(1) The rate shown is the 7-day yield as of November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $25,829,968. This was secured by collateral of $15,669,262, which was received in cash and subsequently invested in short-term investments currently valued at $15,669,262 as reported in the Portfolio of Investments. Additional collateral of $11,391,340 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Bills	0.00%	12/03/2020 to 04/08/2021	$	348,721
United States Treasury Notes/Bonds	zero coupon to 4.25%	12/31/2020 to 05/15/2049		11,042,619

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

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	523,613,685	$	—	$	—	$	523,613,685
Short-Term Investment Securities		15,669,262		—		—		15,669,262
Total Investments at Value	$	539,282,947	$	—	$	—	$	539,282,947

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

See Notes to Financial Statements

121

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	6.0	%
Insurance — Life/Health	4.0
Banks — Commercial	3.6
Cosmetics & Toiletries	3.0
Insurance — Multi-line	2.9
Telephone — Integrated	2.7
Auto — Cars/Light Trucks	2.0
Semiconductor Equipment	1.8
Real Estate Operations & Development	1.8
Real Estate Investment Trusts	1.7
Commercial Services	1.6
Chemicals — Specialty	1.6
Investment Companies	1.5
Electronic Components — Misc.	1.4
Chemicals — Diversified	1.3
Repurchase Agreements	1.3
Finance — Other Services	1.3
Transport — Rail	1.3
Medical Products	1.3
Industrial Automated/Robotic	1.3
Enterprise Software/Service	1.2
Food — Retail	1.2
Import/Export	1.2
Steel — Producers	1.1
Insurance — Reinsurance	1.1
Apparel Manufacturers	1.1
Oil Companies — Integrated	1.1
Audio/Video Products	1.1
Building & Construction Products — Misc.	1.0
Diversified Banking Institutions	1.0
Medical — Biomedical/Gene	1.0
Industrial Gases	1.0
Electric — Distribution	1.0
Food — Misc./Diversified	1.0
U.S. Government Treasuries	0.9
Food — Dairy Products	0.9
Insurance — Property/Casualty	0.9
Real Estate Management/Services	0.8
Power Converter/Supply Equipment	0.8
Instruments — Controls	0.8
Machinery — Electrical	0.8
Medical Labs & Testing Services	0.8
Private Equity	0.8
Oil Refining & Marketing	0.7
Transport — Services	0.7
Internet Content — Information/News	0.7
Investment Management/Advisor Services	0.7
Oil Companies — Exploration & Production	0.7
Electric — Integrated	0.7
Gas — Distribution	0.7
Water	0.7
Distribution/Wholesale	0.7
Machinery — General Industrial	0.6
Auto/Truck Parts & Equipment — Original	0.6
Retail — Apparel/Shoe	0.6
Beverages — Non-alcoholic	0.6
Rubber — Tires	0.6
Paper & Related Products	0.5
Soap & Cleaning Preparation	0.5
Optical Supplies	0.5
Toys	0.5
Electric — Transmission	0.5
Building Products — Air & Heating	0.5
Human Resources	0.5
Building — Residential/Commercial	0.5
Building Products — Cement	0.5
Electric — Generation	0.5
Electronic Components — Semiconductors	0.5
Auto — Heavy Duty Trucks	0.5
Airport Development/Maintenance	0.4

Gas — Transportation	0.4
Computer Services	0.4
Medical Instruments	0.4
Machinery — Construction & Mining	0.4
Food — Catering	0.4
Building — Heavy Construction	0.4
Telecom Services	0.4
Office Automation & Equipment	0.4
Machinery — Farming	0.4
Multimedia	0.4
Retail — Jewelry	0.4
Hotels/Motels	0.4
Gold Mining	0.4
Commercial Services — Finance	0.4
Metal — Copper	0.3
Coatings/Paint	0.3
Public Thoroughfares	0.3
Retail — Discount	0.3
Finance — Leasing Companies	0.3
Diversified Operations	0.3
Rental Auto/Equipment	0.3
Networking Products	0.3
Electric Products — Misc.	0.3
Cellular Telecom	0.3
Electronic Measurement Instruments	0.3
Energy — Alternate Sources	0.3
Pipelines	0.3
Retail — Building Products	0.3
Computer Aided Design	0.3
Diagnostic Kits	0.3
Metal — Iron	0.3
Publishing — Periodicals	0.3
Metal — Diversified	0.3
Resorts/Theme Parks	0.3
Building & Construction — Misc.	0.3
Diversified Manufacturing Operations	0.2
MRI/Medical Diagnostic Imaging	0.2
Web Portals/ISP	0.2
Wireless Equipment	0.2
Advertising Services	0.2
Applications Software	0.2
Building — Maintenance & Services	0.2
Advertising Agencies	0.2
Diversified Minerals	0.2
Fisheries	0.2
Electronic Security Devices	0.2
Security Services	0.2
Steel Pipe & Tube	0.1
Diversified Operations/Commercial Services	0.1
Steel — Specialty	0.1
Chemicals — Plastics	0.1
E-Commerce/Services	0.1
Diagnostic Equipment	0.1
Computer Data Security	0.1
Medical — Hospitals	0.1
Bicycle Manufacturing	0.1
Television	0.1
Airlines	0.1
Telecommunication Equipment	0.1
Athletic Footwear	0.1
Food — Meat Products	0.1
Medical — Nursing Homes	0.1
E-Commerce/Products	0.1
Consulting Services	0.1
Engineering/R&D Services	0.1
Respiratory Products	0.1
Finance — Consumer Loans	0.1
Food — Flour & Grain	0.1
Internet Application Software	0.1
Wire & Cable Products	0.1

122

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Satellite Telecom	0.1	%
Computers — Periphery Equipment	0.1
	98.5%

Country Allocation*

Japan	24.3	%
United Kingdom	11.6
France	10.5
Switzerland	8.6
Germany	6.5
Australia	5.7
Netherlands	5.6
Sweden	3.0
Hong Kong	2.9
Denmark	2.7
United States	2.2
Spain	2.1
Italy	2.1
Finland	2.0
Singapore	1.5
Belgium	1.5
Norway	0.9
Ireland	0.8
Jersey	0.6
Portugal	0.6
Cayman Islands	0.6
Israel	0.5
Austria	0.5
Luxembourg	0.4
New Zealand	0.3
Bermuda	0.3
SupraNational	0.1
Papua New Guinea	0.1
	98.5%

* Calculated as a percentage of net assets

123

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Australia — 5.7%
Afterpay, Ltd.†		3,859	$	269,135
AGL Energy, Ltd.		25,046		248,198
Ampol, Ltd.		23,515		529,055
APA Group		75,332		572,329
ASX, Ltd.		9,202		520,857
Aurizon Holdings, Ltd.		120,207		375,011
BGP Holdings PLC†(1)		60,919		0
BlueScope Steel, Ltd.		33,623		422,044
Brambles, Ltd.		63,470		510,628
Coca-Cola Amatil, Ltd.		65,362		606,934
Cochlear, Ltd.		854		138,177
Coles Group, Ltd.		47,183		618,575
Computershare, Ltd.		16,395		171,856
CSL, Ltd.		13,940		3,042,988
Dexus		28,278		202,800
Evolution Mining, Ltd.		61,739		225,238
Fortescue Metals Group, Ltd.		70,883		948,537
Goodman Group		51,282		703,182
GPT Group		61,897		214,456
Insurance Australia Group, Ltd.		62,321		235,596
Macquarie Group, Ltd.		16,161		1,645,040
Newcrest Mining, Ltd.		41,204		814,519
Northern Star Resources, Ltd.		22,371		207,074
Origin Energy, Ltd.		123,475		469,499
QBE Insurance Group, Ltd.		37,063		272,061
Ramsay Health Care, Ltd.		9,388		434,494
Santos, Ltd.		109,662		495,864
Scentre Group		277,553		570,466
Sonic Healthcare, Ltd.		34,789		841,184
Stockland		85,968		287,127
Suncorp Group, Ltd.		60,881		450,919
Sydney Airport		96,995		477,746
Telstra Corp., Ltd.		194,029		437,251
Transurban Group		119,194		1,226,671
Vicinity Centres		166,785		202,007
Washington H. Soul Pattinson & Co., Ltd.		2,906		61,947
Woodside Petroleum, Ltd.		84,232		1,383,148
				20,832,613
Austria — 0.5%
Erste Group Bank AG†		12,326		354,344
OMV AG		15,366		520,553
Verbund AG		1,627		114,214
voestalpine AG		23,831		762,976
				1,752,087
Belgium — 1.5%
Ageas SA/NV		2,563		126,021
Colruyt SA		4,364		260,384
Galapagos NV†		997		122,674
Groupe Bruxelles Lambert SA		22,874		2,228,660
KBC Group NV		12,320		858,242
Proximus SADP		4,849		101,280
Solvay SA		3,637		415,792
UCB SA		10,853		1,159,444
Umicore SA		4,987		223,494
				5,495,991
Bermuda — 0.3%
CK Infrastructure Holdings, Ltd.		8,000		40,923
Dairy Farm International Holdings, Ltd.		27,500		111,925
Hongkong Land Holdings, Ltd.		55,100		224,257
Jardine Matheson Holdings, Ltd.		8,700		461,709
Jardine Strategic Holdings, Ltd.		8,800		210,232
				1,049,046

Security Description	Shares		Value (Note 2)
Cayman Islands — 0.6%
BeiGene, Ltd. ADR†		317	$	81,054
CK Asset Holdings, Ltd.		103,808		568,523
CK Hutchison Holdings, Ltd.		65,000		471,710
WH Group, Ltd.*		424,000		346,265
Wharf Real Estate Investment Co., Ltd.		122,000		567,420
				2,034,972
Denmark — 2.7%
Ambu A/S, Class B		2,334		78,209
Chr. Hansen Holding A/S		2,578		249,777
Demant A/S†		2,605		98,102
DSV PANALPINA A/S		5,197		820,000
Genmab A/S†		2,025		776,874
H. Lundbeck A/S		3,753		114,782
Novo Nordisk A/S, Class B		69,830		4,696,588
Novozymes A/S, Class B		4,284		245,018
Orsted A/S*		7,392		1,331,465
Pandora A/S		3,725		373,085
Vestas Wind Systems A/S		5,332		1,089,864
				9,873,764
Finland — 2.0%
Elisa Oyj		4,829		259,212
Kone Oyj, Class B		13,906		1,166,453
Neles Oyj		3,945		50,917
Neste Oyj		18,469		1,237,688
Nokia Oyj†		195,633		781,176
Nordea Bank Abp†		149,115		1,273,847
Orion Oyj, Class B		11,247		529,395
Sampo Oyj, Class A		16,341		706,208
Stora Enso Oyj, Class R		30,154		509,684
UPM-Kymmene Oyj		26,756		881,517
				7,396,097
France — 10.5%
Accor SA†		6,150		210,911
Aeroports de Paris		2,264		285,995
Air Liquide SA		22,577		3,707,050
Amundi SA†*		2,230		177,692
Arkema SA		3,503		408,328
Atos SE†		4,174		382,782
AXA SA		102,690		2,414,598
BioMerieux		1,011		145,681
Bouygues SA†		21,140		841,739
Bureau Veritas SA†		11,721		302,557
Capgemini SE		7,401		1,026,730
Carrefour SA		31,728		519,636
Casino Guichard Perrachon SA†		3,862		111,346
Cie de Saint-Gobain†		23,752		1,128,204
Cie Generale des Etablissements Michelin SCA		8,332		1,038,111
CNP Assurances†		21,713		345,770
Covivio		2,035		166,280
Danone SA		37,830		2,430,461
Dassault Systemes SE		5,470		1,011,685
Edenred		9,742		556,983
Eiffage SA†		5,995		587,395
EssilorLuxottica SA†		13,318		1,927,813
Eurazeo SE†		5,026		309,955
Gecina SA		1,567		237,949
Getlink SE†		26,210		436,141
Hermes International		3,229		3,148,391
Iliad SA		719		145,974
Ipsen SA		3,686		355,485
Klepierre SA		13,440		296,590
L’Oreal SA		12,857		4,705,232

124

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Legrand SA		13,096	$	1,108,819
Natixis SA†		125,128		385,088
Orpea†		2,487		310,902
Publicis Groupe SA†		11,512		523,055
Sartorius Stedim Biotech		2,629		950,209
Schneider Electric SE		20,895		2,907,456
SCOR SE†		5,897		201,461
Sodexo SA		3,824		316,383
Suez SA		33,182		638,642
Ubisoft Entertainment SA†		1,212		115,341
Valeo SA		4,245		164,670
Veolia Environnement SA		37,405		859,354
Wendel SE		2,016		227,854
Worldline SA†*		3,214		297,121
				38,369,819
Germany — 6.5%
Allianz SE		11,673		2,752,246
Beiersdorf AG		8,154		911,762
Brenntag AG		2,406		183,852
Carl Zeiss Meditec AG		810		108,022
Commerzbank AG†		85,771		533,045
Covestro AG*		5,315		296,395
Deutsche Boerse AG		6,646		1,107,894
Deutsche Wohnen SE		17,209		862,987
Evonik Industries AG		7,369		222,478
Fraport AG Frankfurt Airport Services Worldwide†		2,868		162,776
Hannover Rueck SE		1,641		274,633
HeidelbergCement AG		7,777		552,341
Henkel AG & Co. KGaA		4,203		405,596
Henkel AG & Co. KGaA (Preference Shares)		14,936		1,607,753
Infineon Technologies AG		27,474		967,441
Knorr-Bremse AG		1,128		144,349
LANXESS AG		1,424		99,641
Merck KGaA		12,248		1,955,553
Muenchener Rueckversicherungs-Gesellschaft AG		6,793		1,892,869
Puma SE†		3,696		367,516
SAP SE		33,393		4,062,155
Sartorius AG (Preference Shares)		1,127		513,539
Siemens Healthineers AG*		13,780		633,665
Symrise AG		3,803		476,323
TeamViewer AG†*		2,140		101,929
Telefonica Deutschland Holding AG		107,196		295,888
United Internet AG		5,128		204,489
Vonovia SE		21,799		1,494,650
Zalando SE†*		4,241		428,993
				23,620,780
Hong Kong — 2.9%
AIA Group, Ltd.		333,000		3,649,615
BOC Hong Kong Holdings, Ltd.		126,500		412,089
Hang Lung Properties, Ltd.		86,000		213,251
Hang Seng Bank, Ltd.		22,000		383,458
Henderson Land Development Co., Ltd.		106,503		446,565
Hong Kong & China Gas Co., Ltd.		525,050		808,806
Hong Kong Exchanges & Clearing, Ltd.		29,700		1,476,752
Link REIT		50,500		443,037
MTR Corp., Ltd.		77,000		417,731
New World Development Co., Ltd.		81,250		411,960
Power Assets Holdings, Ltd.		44,000		231,607
Sun Hung Kai Properties, Ltd.		73,500		981,448
Swire Pacific, Ltd., Class A		31,000		177,976
Swire Properties, Ltd.		54,200		165,375
Wharf Holdings, Ltd.		73,000		180,639
				10,400,309

Security Description	Shares		Value (Note 2)
Ireland — 0.8%
CRH PLC		27,196	$	1,064,706
DCC PLC		7,978		604,330
Kerry Group PLC, Class A		9,975		1,396,906
				3,065,942
Israel — 0.5%
Bank Hapoalim B		58,066		380,389
Bank Leumi Le-Israel BM		74,268		417,153
Check Point Software Technologies, Ltd.†		3,706		436,122
NICE, Ltd.†		1,638		393,815
Wix.com, Ltd.†		951		242,914
				1,870,393
Italy — 2.1%
Assicurazioni Generali SpA		107,154		1,830,364
DiaSorin SpA		861		181,376
FinecoBank Banca Fineco SpA†		14,431		226,106
Mediobanca Banca di Credito Finanziario SpA		56,238		501,382
Moncler SpA†		9,133		448,410
Nexi SpA†*		7,864		148,213
Poste Italiane SpA*		44,625		454,805
Prysmian SpA		6,635		217,097
Recordati SpA		15,145		806,273
Snam SpA		284,615		1,596,683
Terna Rete Elettrica Nazionale SpA		141,587		1,059,292
				7,470,001
Japan — 24.3%
Aeon Co., Ltd.		37,200		1,106,379
Ajinomoto Co., Inc.		27,500		574,365
ANA Holdings, Inc.†		12,300		296,602
Aozora Bank, Ltd.		2,300		41,748
Astellas Pharma, Inc.		92,800		1,318,667
Bridgestone Corp.		26,500		924,962
Canon, Inc.		41,300		733,233
Central Japan Railway Co.		7,400		942,720
Chiba Bank, Ltd.		7,900		44,797
Chubu Electric Power Co., Inc.		27,900		336,056
Chugai Pharmaceutical Co., Ltd.		27,300		1,318,977
Concordia Financial Group, Ltd.		24,700		87,775
Dai Nippon Printing Co., Ltd.		5,700		106,793
Dai-ichi Life Holdings, Inc.		35,200		554,467
Daiichi Sankyo Co., Ltd.		62,700		2,218,523
Daikin Industries, Ltd.		7,400		1,677,404
Denso Corp.		21,200		1,000,908
Dentsu Group, Inc.		7,500		244,253
East Japan Railway Co.		16,300		1,012,973
Eisai Co., Ltd.		10,400		785,678
ENEOS Holdings, Inc.		156,300		536,720
FANUC Corp.		5,700		1,384,871
FUJIFILM Holdings Corp.		12,100		651,940
Hankyu Hanshin Holdings, Inc.		9,200		300,498
Hisamitsu Pharmaceutical Co., Inc.		5,700		334,138
Hitachi Metals, Ltd.		34,000		499,253
Hitachi, Ltd.		25,800		980,103
Hoya Corp.		10,700		1,425,642
Idemitsu Kosan Co., Ltd.		9,300		193,661
Inpex Corp.		68,800		384,858
Isetan Mitsukoshi Holdings, Ltd.		29,100		156,371
Isuzu Motors, Ltd.		19,400		189,169
JFE Holdings, Inc.		94,400		864,429
Kajima Corp.		22,500		295,905
Kao Corp.		17,300		1,293,854
KDDI Corp.		51,500		1,471,252
Keikyu Corp.		400		6,847

125

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Keio Corp.		2,000	$	141,954
Keyence Corp.		4,600		2,348,027
Kintetsu Group Holdings Co., Ltd.		7,700		341,485
Kobayashi Pharmaceutical Co., Ltd.		400		48,084
Komatsu, Ltd.		29,200		710,421
Kose Corp.		1,300		198,487
Kubota Corp.		32,100		636,619
Kyocera Corp.		6,200		354,125
Kyowa Kirin Co., Ltd.		20,900		567,543
Lawson, Inc.		2,600		117,797
Lion Corp.		4,200		99,287
LIXIL Group Corp.		3,000		71,983
M3, Inc.		5,800		534,556
Marubeni Corp.		85,200		496,592
Maruichi Steel Tube, Ltd.		7,200		151,448
Mazda Motor Corp.		43,600		257,674
MEIJI Holdings Co., Ltd.		8,200		579,655
Mitsubishi Chemical Holdings Corp.		59,600		329,684
Mitsubishi Corp.		54,500		1,270,101
Mitsubishi Electric Corp.		57,500		844,600
Mitsubishi Estate Co., Ltd.		37,600		649,716
Mitsui & Co., Ltd.		91,200		1,554,943
Mitsui Fudosan Co., Ltd.		37,100		775,227
MS&AD Insurance Group Holdings, Inc.		13,100		380,829
Murata Manufacturing Co., Ltd.		14,700		1,285,405
Nexon Co., Ltd.		2,300		69,507
NGK Spark Plug Co., Ltd.		1,300		23,547
NH Foods, Ltd.		2,400		102,414
Nidec Corp.		13,200		1,682,241
Nikon Corp.		1,100		6,838
Nintendo Co., Ltd.		3,200		1,816,398
Nippon Express Co., Ltd.		2,400		160,460
Nippon Paint Holdings Co., Ltd.		1,000		128,065
Nippon Shinyaku Co., Ltd.		1,500		107,184
Nippon Steel Corp.		114,300		1,397,547
Nippon Telegraph & Telephone Corp.		50,000		1,180,556
Nisshin Seifun Group, Inc.		16,400		266,579
Nissin Foods Holdings Co., Ltd.		2,000		165,134
Nitori Holdings Co., Ltd.		2,000		425,862
Odakyu Electric Railway Co., Ltd.		5,700		172,802
Ono Pharmaceutical Co., Ltd.		35,300		1,116,819
Oriental Land Co., Ltd.		5,400		918,879
ORIX Corp.		58,800		874,678
Osaka Gas Co., Ltd.		28,100		539,391
Otsuka Holdings Co., Ltd.		26,300		1,068,626
Pan Pacific International Holdings Corp.		3,800		89,795
Panasonic Corp.		65,600		699,042
Pigeon Corp.		5,800		258,889
Rakuten, Inc.		27,100		303,447
Recruit Holdings Co., Ltd.		30,300		1,277,012
Resona Holdings, Inc.		98,100		343,632
Ryohin Keikaku Co., Ltd.		5,000		102,826
Santen Pharmaceutical Co., Ltd.		27,600		458,678
Secom Co., Ltd.		5,600		557,586
Sekisui House, Ltd.		11,000		197,874
SG Holdings Co., Ltd.		4,600		137,471
Shimano, Inc.		1,800		426,552
Shin-Etsu Chemical Co., Ltd.		11,100		1,821,825
Shionogi & Co., Ltd.		16,300		873,237
Shiseido Co., Ltd.		12,800		902,375
Shizuoka Bank, Ltd.		4,500		31,983
SMC Corp.		1,500		952,874
SoftBank Corp.		54,200		666,857
SoftBank Group Corp.		42,200		2,939,448
Sony Corp.		33,800		3,141,716

Security Description	Shares		Value (Note 2)
Japan (continued)
Sumitomo Chemical Co., Ltd.		44,800	$	158,774
Sumitomo Corp.		63,600		783,730
Sumitomo Dainippon Pharma Co., Ltd.		13,300		168,543
Sumitomo Electric Industries, Ltd.		43,100		492,925
Sumitomo Metal Mining Co., Ltd.		19,300		718,574
Sumitomo Mitsui Financial Group, Inc.		68,600		1,992,291
Sumitomo Realty & Development Co., Ltd.		11,100		362,026
Suntory Beverage & Food, Ltd.		8,500		310,608
Sysmex Corp.		4,700		492,059
Taisho Pharmaceutical Holdings Co., Ltd.		6,900		438,851
Terumo Corp.		19,100		758,694
Tobu Railway Co., Ltd.		4,000		119,923
Toho Gas Co., Ltd.		600		39,253
Tohoku Electric Power Co., Inc.		17,900		150,024
Tokio Marine Holdings, Inc.		18,800		934,598
Tokyo Electron, Ltd.		3,000		1,019,253
Tokyo Gas Co., Ltd.		24,900		559,177
Tokyu Corp.		18,500		224,516
Toppan Printing Co., Ltd.		8,100		110,560
Toray Industries, Inc.		42,100		228,284
TOTO, Ltd.		800		45,287
Toyo Suisan Kaisha, Ltd.		2,100		103,190
Toyota Industries Corp.		8,900		642,778
Toyota Motor Corp.		86,700		5,812,388
Toyota Tsusho Corp.		5,200		179,808
Unicharm Corp.		21,100		1,023,269
Welcia Holdings Co., Ltd.		1,400		56,255
West Japan Railway Co.		7,500		342,241
Yakult Honsha Co., Ltd.		6,300		300,216
Yamazaki Baking Co., Ltd.		8,700		144,333
Z Holdings Corp.		75,000		471,983
				88,634,090
Jersey — 0.6%
Ferguson PLC		12,773		1,434,466
WPP PLC		74,506		720,722
				2,155,188
Luxembourg — 0.4%
Aroundtown SA†		43,901		304,673
Eurofins Scientific SE†		2,360		191,598
SES SA FDR		23,602		214,700
Tenaris SA		89,317		691,030
				1,402,001
Netherlands — 5.6%
ABN AMRO Bank NV CVA*		40,437		417,235
Adyen NV†*		359		686,030
Aegon NV		159,801		597,780
AerCap Holdings NV†		8,745		321,466
Akzo Nobel NV		10,725		1,139,373
ASML Holding NV		12,465		5,410,043
CNH Industrial NV†		68,258		746,473
EXOR NV		8,039		559,825
Ferrari NV		4,742		1,000,069
ING Groep NV†		127,273		1,241,109
Just Eat Takeaway.com NV †*		2,017		214,228
Koninklijke DSM NV		7,823		1,281,238
Koninklijke KPN NV		179,435		534,884
Koninklijke Vopak NV		9,640		506,305
NN Group NV		28,286		1,148,880
Prosus NV†		21,492		2,328,842
QIAGEN NV†		17,184		828,322
STMicroelectronics NV		15,441		604,505

126

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
Wolters Kluwer NV		11,208	$	939,874
				20,506,481
New Zealand — 0.3%
a2 Milk Co., Ltd.†		28,722		297,063
Auckland International Airport, Ltd.		39,303		214,411
Fisher & Paykel Healthcare Corp., Ltd.		10,896		274,438
Meridian Energy, Ltd.		66,764		301,020
Ryman Healthcare, Ltd.		8,583		88,651
Spark New Zealand, Ltd.		26,250		83,934
				1,259,517
Norway — 0.9%
Equinor ASA		81,700		1,287,598
Mowi ASA		28,738		581,647
Orkla ASA		68,334		654,465
Telenor ASA		36,831		627,037
Yara International ASA		2,341		94,683
				3,245,430
Papua New Guinea — 0.1%
Oil Search, Ltd.		177,283		473,690
Portugal — 0.6%
Banco Espirito Santo SA†(1)		126,030		0
EDP—Energias de Portugal SA		210,580		1,122,319
Galp Energia SGPS SA		62,555		674,852
Jeronimo Martins SGPS SA		15,979		273,710
				2,070,881
Singapore — 1.5%
CapitaLand, Ltd.		184,500		430,589
City Developments, Ltd.		11,500		66,883
DBS Group Holdings, Ltd.		84,200		1,582,105
Jardine Cycle & Carriage, Ltd.		10,700		154,857
Keppel Corp., Ltd.		55,800		210,943
Oversea-Chinese Banking Corp., Ltd.		157,800		1,186,015
Singapore Airlines, Ltd.		33,500		108,407
Singapore Telecommunications, Ltd.		401,500		715,494
United Overseas Bank, Ltd.		66,200		1,111,108
				5,566,401
Spain — 2.1%
Aena SME SA†*		4,547		740,904
Amadeus IT Group SA		17,484		1,198,374
Bankinter SA		29,064		143,842
CaixaBank SA		186,624		477,953
Cellnex Telecom SA*		5,283		333,241
Enagas SA		29,593		720,826
Ferrovial SA		9,311		259,007
Ferrovial SA†		93		2,590
Grifols SA		19,249		545,328
Red Electrica Corp. SA		33,714		689,097
Repsol SA		141,529		1,360,375
Telefonica SA		257,187		1,121,915
				7,593,452
SupraNational — 0.1%
Unibail-Rodamco-Westfield		7,305		518,470
Sweden — 3.0%
Assa Abloy AB, Class B		26,280		625,371
Boliden AB		26,697		919,792
Essity AB, Class B†		38,080		1,207,190
Hennes & Mauritz AB, Class B		27,444		581,076
Hexagon AB, Class B†		5,502		456,613
ICA Gruppen AB		1,379		66,660

Security Description	Shares		Value (Note 2)
Sweden (continued)
Industrivarden AB, Class C†		2,994	$	91,319
Investor AB, Class B		29,152		2,017,585
Sandvik AB†		36,253		813,029
Skandinaviska Enskilda Banken AB, Class A†		75,933		802,631
Svenska Handelsbanken AB, Class A†		79,367		805,986
Telefonaktiebolaget LM Ericsson, Class B		93,191		1,139,232
Volvo AB, Class B†		60,577		1,375,835
				10,902,319
Switzerland — 8.6%
ABB, Ltd.		108,821		2,870,360
Adecco Group AG		6,603		399,922
Alcon, Inc.†		23,158		1,477,525
Baloise Holding AG		3,177		547,825
Coca-Cola HBC AG		24,531		707,050
EMS-Chemie Holding AG		545		498,072
Geberit AG		2,039		1,227,327
Givaudan SA		554		2,258,064
Julius Baer Group, Ltd.		13,548		781,796
Kuehne & Nagel International AG†		5,934		1,343,190
Logitech International SA		2,081		184,067
Lonza Group AG		3,956		2,479,601
Partners Group Holding AG		1,194		1,281,045
Schindler Holding AG		215		56,923
Schindler Holding AG (Participation Certificate)		3,620		987,906
SGS SA		344		980,045
Sika AG		6,257		1,596,697
Sonova Holding AG†		2,333		577,891
Straumann Holding AG		453		519,423
Swatch Group AG		3,991		984,630
Swiss Life Holding AG		2,980		1,330,711
Swiss Prime Site AG		5,084		457,630
Swiss Re AG		17,499		1,598,643
Swisscom AG		2,858		1,509,590
Temenos AG		2,443		308,618
Vifor Pharma AG		4,670		685,019
Zurich Insurance Group AG		9,130		3,706,253
				31,355,823
United Kingdom — 11.6%
3i Group PLC		74,419		1,062,061
Admiral Group PLC		9,778		372,425
Antofagasta PLC		76,756		1,282,672
Ashtead Group PLC		27,651		1,172,610
Auto Trader Group PLC*		65,958		492,946
Aviva PLC		384,999		1,648,596
Barratt Developments PLC		42,101		347,987
Berkeley Group Holdings PLC		5,382		331,773
British Land Co. PLC		99,532		625,904
BT Group PLC		452,868		705,170
Bunzl PLC		24,415		767,828
Burberry Group PLC		34,562		796,660
Coca-Cola European Partners PLC		11,097		495,814
Compass Group PLC		67,664		1,194,331
Croda International PLC		12,322		978,397
Direct Line Insurance Group PLC		92,473		364,663
Evraz PLC		113,305		583,516
Halma PLC		19,869		586,982
Hargreaves Lansdown PLC		17,251		328,874
Hikma Pharmaceuticals PLC		13,233		460,092
Informa PLC†		115,137		813,830
InterContinental Hotels Group PLC†		10,143		627,833
Intertek Group PLC		12,850		945,973
ITV PLC		339,979		426,411
J Sainsbury PLC		245,839		691,860

127

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Johnson Matthey PLC		16,550	$	490,695
Kingfisher PLC		172,440		628,975
Land Securities Group PLC		62,054		544,015
Legal & General Group PLC		283,595		955,395
London Stock Exchange Group PLC		16,072		1,736,823
M&G PLC		79,270		198,148
Mondi PLC		28,293		625,378
National Grid PLC		195,085		2,206,499
Next PLC		9,684		845,878
Ocado Group PLC†		13,495		397,058
Pearson PLC		65,779		567,376
Persimmon PLC		13,999		495,683
Prudential PLC		65,427		1,020,085
RELX PLC		90,689		2,112,764
Rentokil Initial PLC†		112,138		743,448
RSA Insurance Group PLC†		78,299		703,550
Sage Group PLC		80,754		651,326
Schroders PLC		17,665		758,078
Segro PLC		67,895		825,490
Smith & Nephew PLC		57,248		1,107,406
Smiths Group PLC		46,568		905,778
Spirax-Sarco Engineering PLC		4,902		727,684
SSE PLC		72,392		1,294,191
St James’s Place PLC		58,462		794,974
Taylor Wimpey PLC		143,400		294,312
United Utilities Group PLC		88,464		1,061,894
Whitbread PLC†		10,271		415,028
WM Morrison Supermarkets PLC		364,283		873,431
				42,086,570
Total Long-Term Investment Securities
(cost $292,961,433)				351,002,127

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.9%
U.S. Government Treasuries — 0.9%
United States Treasury Bills
0.07% due 02/25/2021(2)	$	700,000		$	699,854
0.11% due 12/31/2020(2)		600,000			599,959
0.15% due 03/25/2021(2)		900,000			899,733
0.17% due 12/31/2020(2)		500,000			499,965
0.18% due 05/20/2021(2)		500,000			499,790
Total Short-Term Investment Securities
(cost $3,198,928)					3,199,301
REPURCHASE AGREEMENTS — 1.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $4,910,000 and collateralized by $5,028,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $5,008,281
(cost $4,910,000)		4,910,000			4,910,000
TOTAL INVESTMENTS
(cost $301,070,361)(3)		98.5	%		359,111,428
Other assets less liabilities		1.5			5,314,698
NET ASSETS		100.0	%	$	364,426,126

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $7,101,127 representing 1.9% of net assets.

(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

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Fiduciary Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	136	Long	MSCI EAFE Index		December 2020	$	13,154,937	$	13,824,400	$	669,463

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	20,832,613	$	—	$	0	$	20,832,613
Portugal		2,070,881		—		0		2,070,881
Other Countries		328,096,043		2,590		—		328,098,633
Short-Term Investment Securities		—		3,199,301		—		3,199,301
Repurchase Agreements		—		4,910,000		—		4,910,000
Total Investments at Value	$	350,999,537	$	8,111,891	$	0	$	359,111,428

128

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
Other Financial Instruments:†
Futures Contracts	$	669,463	$	—	$	—	$	669,463

* 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

129

VALIC Company I International Value Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	7.3	%
Banks — Commercial	5.7
Auto/Truck Parts & Equipment — Original	5.0
Apparel Manufacturers	4.4
Appliances	4.3
Medical Products	3.7
Food — Misc./Diversified	3.7
Cellular Telecom	3.5
Diversified Manufacturing Operations	3.4
Electronic Components — Semiconductors	3.2
Machinery — Electrical	3.1
Building Products — Cement	3.0
Electronic Components — Misc.	3.0
Diversified Banking Institutions	2.9
Building & Construction Products — Misc.	2.7
Insurance — Life/Health	2.6
Airlines	2.5
Registered Investment Companies	2.5
Communications Software	2.4
Computer Data Security	2.4
Diversified Financial Services	2.3
Finance — Investment Banker/Broker	2.2
Building Products — Doors & Windows	2.2
Diversified Minerals	2.2
Insurance — Reinsurance	2.1
Retail — Drug Store	1.9
Agricultural Chemicals	1.6
Containers — Paper/Plastic	1.5
E-Commerce/Products	1.4
Banks — Mortgage	1.4
Retail — Building Products	1.4
Investment Management/Advisor Services	1.4
Oil — Field Services	1.3
Wire & Cable Products	1.3
Home Furnishings	1.2
Retail — Auto Parts	0.9
Industrial Automated/Robotic	0.8
Energy — Alternate Sources	0.6
Food — Retail	0.5
Silver Mining	0.4
	99.9	%

Country Allocation*

Japan	12.2	%
South Korea	9.2
United Kingdom	8.1
United States	6.9
Germany	6.8
Netherlands	6.3
Cayman Islands	5.7
France	5.6
China	5.5
Switzerland	5.2
Canada	3.6
British Virgin Islands	3.3
Norway	2.7
Australia	2.5
India	2.4
Israel	2.4
Denmark	2.3
Russia	2.3
Luxembourg	2.3
Jersey	1.4
Italy	1.3
Ireland	1.2
Thailand	0.7
	99.9	%

* Calculated as a percentage of net assets

130

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Australia — 2.5%
Qantas Airways, Ltd.†		4,476,875	$	17,680,026
British Virgin Islands — 3.3%
Hollysys Automation Technologies, Ltd.		414,881		5,231,649
Nomad Foods, Ltd.†		727,432		17,567,483
				22,799,132
Canada — 3.6%
Home Capital Group, Inc.†		432,900		9,830,000
Lundin Mining Corp.		1,875,850		14,992,934
				24,822,934
Cayman Islands — 5.7%
Alibaba Group Holding, Ltd.†		292,388		9,860,628
Topsports International Holdings, Ltd.*		9,777,000		14,556,296
Xinyi Glass Holdings, Ltd.		6,700,000		15,040,543
				39,457,467
China — 5.5%
LONGi Green Energy Technology Co., Ltd., Class A		381,500		3,981,807
Midea Group Co., Ltd.		957,312		12,631,422
Oppein Home Group, Inc., Class A		456,920		8,856,287
Shanghai Pharmaceuticals Holding Co., Ltd.		7,709,300		13,049,331
				38,518,847
Denmark — 2.3%
Danske Bank A/S†		994,249		16,387,056
France — 5.6%
Cie de Saint-Gobain†		400,807		19,038,055
Sanofi		200,024		20,211,699
				39,249,754
Germany — 6.8%
METRO AG		332,493		3,038,067
Muenchener Rueckversicherungs-Gesellschaft AG		52,560		14,645,838
Rheinmetall AG		235,530		20,947,787
Siemens AG		57,077		7,625,445
Siemens Energy AG†		28,538		847,635
				47,104,772
India — 2.4%
Tech Mahindra, Ltd.		1,440,491		16,864,285
				16,864,285
Ireland — 1.2%
Greencore Group PLC		5,338,788		8,334,483
				8,334,483
Israel — 2.4%
Check Point Software Technologies, Ltd.†		141,418		16,642,070
Italy — 1.3%
Prysmian SpA		277,476		9,078,984
Japan — 12.2%
Alps Alpine Co., Ltd.		1,058,000		13,255,402
Daiwa Securities Group, Inc.		3,579,000		15,567,279
Hitachi, Ltd.		551,200		20,939,265
Mitsubishi UFJ Financial Group, Inc.		4,658,400		20,012,379
Takeda Pharmaceutical Co., Ltd.		419,600		15,051,743
				84,826,068
Jersey — 1.4%
Man Group PLC		6,094,336		9,562,731
				9,562,731

Security Description	Shares			Value (Note 2)
Luxembourg — 2.3%
Samsonite International SA†*		9,981,300		$	16,122,445
Netherlands — 6.3%
Koninklijke Philips NV†		281,149			14,541,588
NN Group NV†		455,664			18,507,505
OCI NV†#		632,320			11,004,701
					44,053,794
Norway — 2.7%
DNB ASA#		1,027,446			18,612,273
Russia — 2.3%
Mobile TeleSystems PJSC ADR		1,873,622			16,169,358
South Korea — 9.2%
Coway Co, Ltd.†		271,224			17,010,479
Hana Financial Group, Inc.		529,753			16,205,449
Samsung Electronics Co., Ltd.		373,399			22,507,535
SK Telecom Co., Ltd.		40,189			8,625,808
					64,349,271
Switzerland — 5.2%
LafargeHolcim, Ltd.		406,795			21,334,635
Novartis AG†		169,048			15,304,076
					36,638,711
Thailand — 0.7%
Siam Commercial Bank PCL		1,659,200			4,689,640
United Kingdom — 8.1%
ConvaTec Group PLC*		4,145,317			11,428,451
Fresnillo PLC		225,193			3,159,775
John Wood Group PLC†		2,289,446			9,095,483
Kingfisher PLC†		2,678,493			9,769,801
Sensata Technologies Holding PLC†		153,110			7,476,361
Smiths Group PLC#		813,859			15,830,096
					56,759,967
United States — 4.4%
Advance Auto Parts, Inc.		43,621			6,442,822
Berry Global Group, Inc.†		189,426			10,039,578
Gentex Corp.		426,350			13,899,010
					30,381,410
Total Long-Term Investment Securities
(cost $608,490,907)					679,105,478
SHORT-TERM INVESTMENT SECURITIES — 2.5%
Registered Investment Companies — 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.02%(1)		17,106,455			17,106,455
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2)		235,011			235,011
Total Short-Term Investment Securities
(cost $17,341,466)					17,341,466
TOTAL INVESTMENTS
(cost $625,832,373)(3)		99.9	%		696,446,944
Other assets less liabilities		0.1			563,712
NET ASSETS		100.0	%	$	697,010,656

131

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $42,107,192 representing 6.0% of net assets.

(1) The rate shown is the 7-day yield as of November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $1,802,313. This was secured by collateral of $235,011, which was received in cash and subsequently invested in short-term investments currently valued at $235,011 as reported in the Portfolio of Investments. Additional collateral of $1,671,500 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.

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

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Notes/Bonds	0.13% to 7.88%	02/15/2021 to 02/15/2047	$1,671,500

ADR—American Depositary Receipt

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Barclays Bank PLC		GBP	8,988,000		USD	11,863,203		02/18/2021	$	–	$	(129,141	)
		USD	11,950,179		GBP	8,988,000		02/18/2021		42,165		–
Unrealized Appreciation (Depreciation)									$	42,165	$	(129,141	)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	679,105,478	$	—	$	—	$	679,105,478
Short-Term Investment Securities		17,341,466		—		—		17,341,466
Total Investments at Value	$	696,446,944	$	—	$	—	$	696,446,944
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	42,165	$	—	$	42,165
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	129,141	$	—	$	129,141

* 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

132

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Applications Software	6.2	%
E-Commerce/Products	6.0
Computers	5.8
Diversified Banking Institutions	5.2
Web Portals/ISP	3.6
Insurance — Property/Casualty	3.3
Data Processing/Management	3.2
Finance — Credit Card	3.0
Cable/Satellite TV	3.0
Medical Products	2.2
Medical Instruments	2.2
Internet Content — Entertainment	2.0
Medical — Drugs	1.9
Retail — Building Products	1.8
Electric — Integrated	1.8
Investment Management/Advisor Services	1.7
Aerospace/Defense	1.7
Tools — Hand Held	1.7
Transport — Rail	1.7
Cellular Telecom	1.6
Electronic Connectors	1.6
Beverages — Non-alcoholic	1.5
Agricultural Chemicals	1.5
Oil Companies — Exploration & Production	1.5
Commercial Services — Finance	1.4
Electronic Components — Semiconductors	1.4
Tobacco	1.3
Building Products — Air & Heating	1.3
E-Commerce/Services	1.3
Semiconductor Equipment	1.3
Retail — Restaurants	1.3
Electronic Forms	1.2
Multimedia	1.2
Instruments — Controls	1.2
Retail — Discount	1.1
Food — Confectionery	1.1
Gold Mining	1.1
Entertainment Software	1.1
Repurchase Agreements	1.1
Food — Wholesale/Distribution	1.0
Pharmacy Services	1.0
Internet Security	1.0
Agricultural Biotech	1.0
Oil Companies — Integrated	0.9
Semiconductor Components — Integrated Circuits	0.9
Insurance Brokers	0.9
Drug Delivery Systems	0.8
Medical Labs & Testing Services	0.7
Medical — HMO	0.7
Food — Misc./Diversified	0.7
Medical — Biomedical/Gene	0.7
Computers — Memory Devices	0.6
Dental Supplies & Equipment	0.6
Computer Aided Design	0.5
Cosmetics & Toiletries	0.5
Networking Products	0.5
Retail — Auto Parts	0.5
Apparel Manufacturers	0.5
Industrial Gases	0.5
Real Estate Investment Trusts	0.4
Banks — Fiduciary	0.4
Coatings/Paint	0.3
Airlines	0.3
Retail — Perfume & Cosmetics	0.2
	100.2	%

* Calculated as a percentage of net assets

133

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Aerospace/Defense — 1.7%
Raytheon Technologies Corp.		46,944	$	3,366,824
Agricultural Biotech — 1.0%
Corteva, Inc.		51,049		1,956,198
Agricultural Chemicals — 1.5%
Nutrien, Ltd.		60,042		2,958,269
Airlines — 0.3%
Southwest Airlines Co.		10,687		495,236
Apparel Manufacturers — 0.5%
Tapestry, Inc.		18,459		522,759
Under Armour, Inc., Class A†		27,391		453,869
				976,628
Applications Software — 6.2%
Intuit, Inc.		6,240		2,196,605
Microsoft Corp.		46,952		10,051,014
				12,247,619
Banks - Fiduciary — 0.4%
State Street Corp.		9,780		689,294
Beverages - Non-alcoholic — 1.5%
Coca-Cola Co.		58,583		3,022,883
Building Products-Air & Heating — 1.3%
Carrier Global Corp.		69,194		2,634,216
Cable/Satellite TV — 3.0%
Comcast Corp., Class A		116,609		5,858,436
Cellular Telecom — 1.6%
T-Mobile US, Inc.†		23,489		3,122,628
Coatings/Paint — 0.3%
Sherwin-Williams Co.		738		551,751
Commercial Services-Finance — 1.4%
Automatic Data Processing, Inc.		5,706		992,159
PayPal Holdings, Inc.†		8,445		1,808,244
				2,800,403
Computer Aided Design — 0.5%
Autodesk, Inc.†		3,818		1,069,918
Computers — 5.8%
Apple, Inc.		97,337		11,587,970
Computers-Memory Devices — 0.6%
Western Digital Corp.		28,238		1,267,321
Cosmetics & Toiletries — 0.5%
Colgate-Palmolive Co.		11,916		1,020,486
Data Processing/Management — 3.2%
Fidelity National Information Services, Inc.		23,935		3,552,193
Fiserv, Inc.†		24,832		2,860,150
				6,412,343
Dental Supplies & Equipment — 0.6%
DENTSPLY SIRONA, Inc.		23,822		1,212,302
Diversified Banking Institutions — 5.2%
Bank of America Corp.		66,179		1,863,601
Citigroup, Inc.		44,224		2,435,416
JPMorgan Chase & Co.		27,098		3,194,312
Morgan Stanley		46,404		2,869,159
				10,362,488
Drug Delivery Systems — 0.8%
Becton Dickinson and Co.		7,128		1,673,939

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 6.0%
Amazon.com, Inc.†		2,992	$	9,478,776
eBay, Inc.		49,412		2,491,847
				11,970,623
E-Commerce/Services — 1.3%
Uber Technologies, Inc.†		52,479		2,606,107
Electric - Integrated — 1.8%
AES Corp.		82,353		1,683,296
American Electric Power Co., Inc.		21,234		1,802,554
				3,485,850
Electronic Components - Semiconductors — 1.4%
Marvell Technology Group, Ltd.		13,150		608,714
NVIDIA Corp.		3,870		2,074,552
				2,683,266
Electronic Connectors — 1.6%
TE Connectivity, Ltd.		27,221		3,102,377
Electronic Forms — 1.2%
Adobe, Inc.†		5,080		2,430,628
Entertainment Software — 1.1%
Activision Blizzard, Inc.		27,773		2,207,398
Finance - Credit Card — 3.0%
American Express Co.		16,712		1,981,876
Mastercard, Inc., Class A		12,087		4,067,396
				6,049,272
Food - Confectionery — 1.1%
Mondelez International, Inc., Class A		39,200		2,252,040
Food - Misc./Diversified — 0.7%
Conagra Brands, Inc.		36,518		1,335,098
Food - Wholesale/Distribution — 1.0%
Sysco Corp.		29,086		2,073,541
Gold Mining — 1.1%
Newmont Corp.		37,948		2,232,101
Industrial Gases — 0.5%
Air Products & Chemicals, Inc.		3,330		932,866
Instruments - Controls — 1.2%
Honeywell International, Inc.		11,470		2,338,962
Insurance Brokers — 0.9%
Aon PLC, Class A		8,422		1,725,584
Insurance - Property/Casualty — 3.3%
Berkshire Hathaway, Inc., Class B†		28,589		6,544,308
Internet Content - Entertainment — 2.0%
Facebook, Inc., Class A†		14,198		3,932,420
Internet Security — 1.0%
Palo Alto Networks, Inc.†		6,824		2,005,710
Investment Management/Advisor Services — 1.7%
BlackRock, Inc.		4,838		3,378,617
Medical Instruments — 2.2%
Medtronic PLC		38,156		4,338,337
Medical Labs & Testing Services — 0.7%
Quest Diagnostics, Inc.		11,791		1,461,848
Medical Products — 2.2%
Abbott Laboratories		19,770		2,139,509
Stryker Corp.		9,542		2,227,103
				4,366,612

134

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 0.7%
Alexion Pharmaceuticals, Inc.†		10,670	$	1,302,914
Medical - Drugs — 1.9%
Johnson & Johnson		26,718		3,865,560
Medical - HMO — 0.7%
Anthem, Inc.		4,661		1,451,995
Multimedia — 1.2%
Walt Disney Co.		16,300		2,412,563
Networking Products — 0.5%
Cisco Systems, Inc.		23,596		1,015,100
Oil Companies - Exploration & Production — 1.5%
Canadian Natural Resources, Ltd.		89,899		2,053,293
EOG Resources, Inc.		17,538		822,182
				2,875,475
Oil Companies - Integrated — 0.9%
Chevron Corp.		21,166		1,845,252
Pharmacy Services — 1.0%
Cigna Corp.		7,421		1,552,028
CVS Health Corp.		7,228		489,986
				2,042,014
Real Estate Investment Trusts — 0.4%
American Tower Corp.		3,730		862,376
Retail - Auto Parts — 0.5%
AutoZone, Inc.†		880		1,001,132
Retail - Building Products — 1.8%
Lowe’s Cos., Inc.		23,242		3,621,568
Retail - Discount — 1.1%
Dollar Tree, Inc.†		20,710		2,262,360
Retail - Perfume & Cosmetics — 0.2%
Ulta Beauty, Inc.†		1,630		448,902
Retail - Restaurants — 1.3%
Darden Restaurants, Inc.		9,951		1,074,509
McDonald’s Corp.		6,900		1,500,336
				2,574,845

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components - Integrated Circuits — 0.9%
NXP Semiconductors NV		11,280		$	1,786,978
Semiconductor Equipment — 1.3%
Lam Research Corp.		5,704			2,581,973
Tobacco — 1.3%
Philip Morris International, Inc.		34,842			2,639,281
Tools - Hand Held — 1.7%
Stanley Black & Decker, Inc.		18,097			3,335,458
Transport-Rail — 1.7%
Union Pacific Corp.		16,023			3,269,974
Web Portals/ISP — 3.6%
Alphabet, Inc., Class A†		1,883			3,303,535
Alphabet, Inc., Class C†		2,193			3,861,303
					7,164,838
Total Long-Term Investment Securities
(cost $133,301,323)					197,101,275
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $2,144,000 and collateralized by $2,195,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $2,186,946 (cost $2,144,000)	$	2,144,000			2,144,000
TOTAL INVESTMENTS
(cost $135,445,323) (1)		100.2	%		199,245,275
Liabilities in excess of other assets		(0.2	)		(462,204	)
NET ASSETS		100.0	%	$	198,783,071

† Non-income producing security

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	197,101,275	$	—	$	—	$	197,101,275
Repurchase Agreements		—		2,144,000		—		2,144,000
Total Investments at Value	$	197,101,275	$	2,144,000	$	—	$	199,245,275

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

See Notes to Financial Statements

135

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Applications Software	10.0	%
Web Portals/ISP	7.1
Computer Services	5.8
Computers	4.7
Cosmetics & Toiletries	4.5
Data Processing/Management	4.3
Insurance Brokers	4.0
Electronic Connectors	3.8
Athletic Footwear	3.6
Finance-Credit Card	3.3
Electronic Measurement Instruments	3.2
Medical Instruments	2.9
Medical Products	2.9
Finance-Investment Banker/Broker	2.8
Cable/Satellite TV	2.2
Entertainment Software	2.2
E-Commerce/Products	2.1
Commercial Services-Finance	2.1
Diagnostic Equipment	2.0
Beverages-Non-alcoholic	1.9
Semiconductor Components-Integrated Circuits	1.9
Drug Delivery Systems	1.9
Retail-Discount	1.9
Textile-Apparel	1.7
Medical-Drugs	1.7
Soap & Cleaning Preparation	1.6
Coatings/Paint	1.5
Transport-Rail	1.4
Retail-Restaurants	1.4
Electronic Components-Semiconductors	1.3
Internet Content-Information/News	1.2
Machinery-General Industrial	1.2
Retail-Major Department Stores	1.1
Pharmacy Services	1.1
Apparel Manufacturers	0.8
Retail-Apparel/Shoe	0.8
Private Equity	0.7
U.S. Government Agencies	0.7
Consulting Services	0.5
Instruments-Controls	0.2
	100.0	%

* Calculated as a percentage of net assets

136

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Apparel Manufacturers — 0.8%
VF Corp.		58,197	$	4,853,630
Applications Software — 10.0%
Microsoft Corp.		280,685		60,086,238
Athletic Footwear — 3.6%
adidas AG		26,548		8,464,802
NIKE, Inc., Class B		95,829		12,908,166
				21,372,968
Beverages - Non-alcoholic — 1.9%
PepsiCo, Inc.		80,739		11,644,986
Cable/Satellite TV — 2.2%
Comcast Corp., Class A		267,619		13,445,179
Coatings/Paint — 1.5%
Sherwin-Williams Co.		11,997		8,969,317
Commercial Services-Finance — 2.1%
Equifax, Inc.		38,867		6,486,902
Moody’s Corp.		21,417		6,046,876
				12,533,778
Computer Services — 5.8%
Accenture PLC, Class A		99,581		24,804,631
Cognizant Technology Solutions Corp., Class A		126,175		9,858,053
				34,662,684
Computers — 4.7%
Apple, Inc.		237,370		28,258,898
Consulting Services — 0.5%
Verisk Analytics, Inc.		15,441		3,062,105
Cosmetics & Toiletries — 4.5%
Colgate-Palmolive Co.		221,268		18,949,392
Estee Lauder Cos., Inc., Class A		32,089		7,872,073
				26,821,465
Data Processing/Management — 4.3%
Fidelity National Information Services, Inc.		71,065		10,546,757
Fiserv, Inc.†		134,747		15,520,159
				26,066,916
Diagnostic Equipment — 2.0%
Danaher Corp.		18,575		4,172,502
Thermo Fisher Scientific, Inc.		17,396		8,088,792
				12,261,294
Drug Delivery Systems — 1.9%
Becton Dickinson and Co.		48,144		11,306,137
E-Commerce/Products — 2.1%
Alibaba Group Holding, Ltd. ADR†		47,833		12,597,299
Electronic Components-Semiconductors — 1.3%
Texas Instruments, Inc.		49,781		8,027,186
Electronic Connectors — 3.8%
Amphenol Corp., Class A		105,822		13,842,576
TE Connectivity, Ltd.		76,119		8,675,282
				22,517,858
Electronic Measurement Instruments — 3.2%
Agilent Technologies, Inc.		93,138		10,887,832
Fortive Corp.		118,619		8,318,751
				19,206,583
Entertainment Software — 2.2%
Electronic Arts, Inc.		102,209		13,057,200

Security Description	Shares		Value (Note 2)
Finance - Credit Card — 3.3%
Mastercard, Inc., Class A		4,638	$	1,560,734
Visa, Inc., Class A		87,381		18,380,593
				19,941,327
Finance - Investment Banker/Broker — 2.8%
Charles Schwab Corp.		347,732		16,962,367
Instruments - Controls — 0.2%
Mettler-Toledo International, Inc.†		1,230		1,414,549
Insurance Brokers — 4.0%
Aon PLC, Class A		75,316		15,431,495
Marsh & McLennan Cos., Inc.		75,543		8,660,250
				24,091,745
Internet Content - Information/News — 1.2%
Tencent Holdings, Ltd.		100,600		7,307,113
Machinery - General Industrial — 1.2%
Otis Worldwide Corp.		105,033		7,030,909
Medical Instruments — 2.9%
Boston Scientific Corp.†		341,266		11,312,968
Medtronic PLC		54,126		6,154,126
				17,467,094
Medical Products — 2.9%
Abbott Laboratories		52,483		5,679,710
Stryker Corp.		50,282		11,735,819
				17,415,529
Medical - Drugs — 1.7%
PRA Health Sciences, Inc.†		68,313		7,664,719
Roche Holding AG		6,890		2,267,350
				9,932,069
Pharmacy Services — 1.1%
Cigna Corp.		32,486		6,794,122
Private Equity — 0.7%
Blackstone Group, Inc., Class A		71,521		4,259,076
Retail - Apparel/Shoe — 0.8%
Ross Stores, Inc.		45,101		4,849,260
Retail - Discount — 1.9%
Dollarama, Inc.		271,368		11,107,972
Retail - Major Department Stores — 1.1%
TJX Cos., Inc.		107,025		6,797,158
Retail - Restaurants — 1.4%
Starbucks Corp.		83,713		8,205,548
Semiconductor Components - Integrated Circuits — 1.9%
Analog Devices, Inc.		46,651		6,488,221
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		53,133		5,154,964
				11,643,185
Soap & Cleaning Preparation — 1.6%
Church & Dwight Co., Inc.		109,004		9,567,281
Textile - Apparel — 1.7%
LVMH Moet Hennessy Louis Vuitton SE		17,277		9,952,027
Transport - Rail — 1.4%
Union Pacific Corp.		42,256		8,623,604
Web Portals/ISP — 7.1%
Alphabet, Inc., Class A†		24,316		42,659,990
Total Long-Term Investment Securities
(cost $376,134,702)				596,773,646

137

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
U.S. Government Agencies — 0.7%
Federal Home Loan Bank zero coupon due 12/01/2020 (cost $4,085,000)	$	4,085,000		$	4,085,000
TOTAL INVESTMENTS
(cost $380,219,702)(1)		100.0	%		600,858,646
Liabilities in excess of other assets		(0.0	)		(122,851	)
NET ASSETS		100.0	%	$	600,735,795

† Non-income producing security

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

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	596,773,646	$	—	$	—	$	596,773,646
U.S. Government Agencies		—		4,085,000		—		4,085,000
Total Investments at Value	$	596,773,646	$	4,085,000	$	—	$	600,858,646

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

See Notes to Financial Statements

138

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	8.6	%
Banks — Commercial	5.9
Energy — Alternate Sources	2.5
Medical Products	2.1
Electronic Components — Semiconductors	1.8
Insurance — Property/Casualty	1.6
Medical — Biomedical/Gene	1.6
Enterprise Software/Service	1.5
Retail — Restaurants	1.5
Building & Construction Products — Misc.	1.5
Electric — Integrated	1.5
Auto/Truck Parts & Equipment — Original	1.4
Gas — Distribution	1.3
Chemicals — Specialty	1.3
Distribution/Wholesale	1.2
Investment Management/Advisor Services	1.2
Transport — Truck	1.1
Machinery — General Industrial	1.1
Medical — Outpatient/Home Medical	1.1
Insurance — Reinsurance	1.1
Electronic Components — Misc.	1.1
Steel — Producers	1.0
Medical Instruments	1.0
Food — Misc./Diversified	1.0
Electronic Measurement Instruments	1.0
Medical Labs & Testing Services	1.0
Human Resources	1.0
Computer Services	1.0
Applications Software	0.9
Medical — Drugs	0.9
Electronic Parts Distribution	0.9
Racetracks	0.8
Diversified Manufacturing Operations	0.8
Machinery — Pumps	0.8
Data Processing/Management	0.8
Casino Services	0.8
Retail — Home Furnishings	0.8
Machinery — Farming	0.8
Apparel Manufacturers	0.8
Commercial Services — Finance	0.8
Lighting Products & Systems	0.7
Engineering/R&D Services	0.7
Building — Residential/Commercial	0.7
Containers — Paper/Plastic	0.7
Power Converter/Supply Equipment	0.7
Machine Tools & Related Products	0.7
Insurance — Multi-line	0.7
Industrial Automated/Robotic	0.7
Repurchase Agreements	0.7
Commercial Services	0.7
Finance — Investment Banker/Broker	0.7
Oil Companies — Exploration & Production	0.7
Multimedia	0.7
Medical — HMO	0.6
Semiconductor Equipment	0.6
Hotels/Motels	0.6
Recreational Vehicles	0.6
Coatings/Paint	0.6
Insurance — Life/Health	0.6
Retail — Automobile	0.6
Cable/Satellite TV	0.6
Retail — Discount	0.5
Insurance Brokers	0.5
Building & Construction — Misc.	0.5
Hazardous Waste Disposal	0.5
Water	0.5
Building Products — Air & Heating	0.5
Lasers — System/Components	0.5
Schools	0.5

Savings & Loans/Thrifts	0.5
Publishing — Newspapers	0.5
Diagnostic Equipment	0.5
E-Commerce/Services	0.5
Building Products — Cement	0.5
Retail — Misc./Diversified	0.5
Registered Investment Companies	0.4
Finance — Consumer Loans	0.4
Funeral Services & Related Items	0.4
Brewery	0.4
Physical Therapy/Rehabilitation Centers	0.4
Firearms & Ammunition	0.4
Pastoral & Agricultural	0.4
Machinery — Construction & Mining	0.4
Resorts/Theme Parks	0.4
Diagnostic Kits	0.4
Gold Mining	0.4
Garden Products	0.4
Medical — Hospitals	0.4
Telecom Equipment — Fiber Optics	0.4
Real Estate Management/Services	0.4
Filtration/Separation Products	0.3
Retail — Convenience Store	0.3
Retail — Apparel/Shoe	0.3
Computers — Other	0.3
Instruments — Controls	0.3
Environmental Consulting & Engineering	0.3
Finance — Other Services	0.3
Computer Software	0.3
Motorcycle/Motor Scooter	0.3
Batteries/Battery Systems	0.3
Electric Products — Misc.	0.3
Containers — Metal/Glass	0.3
Food — Retail	0.3
Health Care Cost Containment	0.3
Tools — Hand Held	0.3
Toys	0.3
Building — Mobile Home/Manufactured Housing	0.3
Computers — Integrated Systems	0.3
Pipelines	0.3
Building — Heavy Construction	0.3
Consumer Products — Misc.	0.3
Retail — Regional Department Stores	0.3
Metal Processors & Fabrication	0.3
Home Furnishings	0.2
Machinery — Electrical	0.2
Semiconductor Components — Integrated Circuits	0.2
Footwear & Related Apparel	0.2
Food — Baking	0.2
Finance — Leasing Companies	0.2
Aerospace/Defense — Equipment	0.2
Airlines	0.2
Financial Guarantee Insurance	0.2
Wireless Equipment	0.2
Electronics — Military	0.2
Veterinary Diagnostics	0.2
Cosmetics & Toiletries	0.2
Consulting Services	0.2
Retail — Catalog Shopping	0.2
Retail — Sporting Goods	0.2
Disposable Medical Products	0.2
Office Furnishings — Original	0.2
Poultry	0.2
U.S. Government Treasuries	0.2
Finance — Credit Card	0.2
Steel Pipe & Tube	0.2
Oil Refining & Marketing	0.2
Security Services	0.2
Computer Data Security	0.2

139

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Transport — Services	0.2	%
Chemicals — Diversified	0.2
Casino Hotels	0.2
Transport — Marine	0.2
Television	0.2
Retail — Major Department Stores	0.1
Transport — Equipment & Leasing	0.1
Retail — Pawn Shops	0.1
Multilevel Direct Selling	0.1
Rubber — Tires	0.1
Dental Supplies & Equipment	0.1
Oil — Field Services	0.1
Internet Content — Information/News	0.1
Quarrying	0.1
Telephone — Integrated	0.1
Metal Products — Distribution	0.1
Rental Auto/Equipment	0.1
Retail — Petroleum Products	0.1
Food — Catering	0.1
Wire & Cable Products	0.1
Paper & Related Products	0.1
Theaters	0.1
Oil Companies — Integrated	0.1
	100.5%

* Calculated as a percentage of net assets

140

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Aerospace/Defense - Equipment — 0.2%
Hexcel Corp.		135,826	$	6,726,104
Airlines — 0.2%
JetBlue Airways Corp.†		443,110		6,686,530
Apparel Manufacturers — 0.8%
Carter’s, Inc.		70,974		6,315,976
Columbia Sportswear Co.		49,493		4,054,962
Deckers Outdoor Corp.†		45,577		11,603,449
Urban Outfitters, Inc.†		111,330		3,048,215
				25,022,602
Applications Software — 0.9%
CDK Global, Inc.		197,691		9,469,399
PTC, Inc.†		169,983		18,332,666
				27,802,065
Auto/Truck Parts & Equipment - Original — 1.4%
Adient PLC†		152,706		4,778,171
Dana, Inc.		235,006		3,957,501
Fox Factory Holding Corp.†		67,400		5,881,998
Gentex Corp.		399,770		13,032,502
Lear Corp.		88,726		12,683,381
Visteon Corp.†		45,262		5,469,913
				45,803,466
Banks - Commercial — 5.9%
Associated Banc-Corp		249,974		3,829,602
BancorpSouth Bank		156,824		3,975,488
Bank of Hawaii Corp.		65,141		4,877,758
Bank OZK		196,624		5,497,607
Cathay General Bancorp		121,734		3,438,986
CIT Group, Inc.		160,128		5,362,687
Commerce Bancshares, Inc.#		163,271		10,769,355
Cullen/Frost Bankers, Inc.		90,767		7,616,259
East West Bancorp, Inc.		230,133		9,831,282
First Financial Bankshares, Inc.		231,025		7,720,856
First Horizon Corp.		899,920		10,997,022
FNB Corp.		525,706		4,641,984
Fulton Financial Corp.		263,618		3,247,774
Glacier Bancorp, Inc.		155,186		6,326,933
Hancock Whitney Corp.		140,455		3,945,381
Home BancShares, Inc.		247,216		4,575,968
International Bancshares Corp.		90,559		2,935,017
PacWest Bancorp		189,898		4,417,028
Pinnacle Financial Partners, Inc.		123,363		6,681,340
Prosperity Bancshares, Inc.		150,715		9,469,423
Signature Bank		87,122		9,774,217
Synovus Financial Corp.		239,610		7,564,488
TCF Financial Corp.		247,614		8,319,830
Texas Capital Bancshares, Inc.†		82,056		4,586,930
Trustmark Corp.		103,158		2,560,382
UMB Financial Corp.		70,302		4,781,239
Umpqua Holdings Corp.		358,199		4,975,384
United Bankshares, Inc.		211,051		6,179,573
Valley National Bancorp		656,791		6,003,070
Webster Financial Corp.		146,700		5,551,128
Wintrust Financial Corp.		93,690		5,105,168
				185,559,159
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc.		94,728		3,968,156
EnerSys		69,090		5,652,253
				9,620,409

Security Description	Shares		Value (Note 2)
Brewery — 0.4%
Boston Beer Co., Inc., Class A†		14,817	$	13,792,256
Building & Construction Products - Misc. — 1.5%
Builders FirstSource, Inc.†		189,854		7,102,438
Louisiana-Pacific Corp.		182,671		6,252,828
Owens Corning		175,689		12,802,458
Simpson Manufacturing Co., Inc.		70,713		6,498,525
Trex Co., Inc.†		188,281		14,087,184
				46,743,433
Building & Construction - Misc. — 0.5%
EMCOR Group, Inc.		89,306		7,696,391
TopBuild Corp.†		53,807		9,374,794
				17,071,185
Building Products - Air & Heating — 0.5%
Lennox International, Inc.		56,622		16,297,510
Building Products - Cement — 0.5%
Eagle Materials, Inc.		67,919		6,179,950
MDU Resources Group, Inc.		326,156		8,134,330
				14,314,280
Building - Heavy Construction — 0.3%
Arcosa, Inc.		1		52
Dycom Industries, Inc.†		51,787		3,255,331
MasTec, Inc.†		91,251		5,174,844
				8,430,227
Building - Mobile Home/Manufactured Housing — 0.3%
Thor Industries, Inc.		89,783		8,664,957
Building - Residential/Commercial — 0.7%
KB Home		143,232		5,041,766
Taylor Morrison Home Corp.†		210,954		5,332,917
Toll Brothers, Inc.		186,770		8,843,560
TRI Pointe Group, Inc.†		211,980		3,705,410
				22,923,653
Cable/Satellite TV — 0.6%
Cable One, Inc.		8,813		17,455,645
Casino Hotels — 0.2%
Boyd Gaming Corp.		130,446		5,020,867
Casino Services — 0.8%
Caesars Entertainment, Inc.†		324,376		22,096,493
Scientific Games Corp.†		90,884		3,388,156
				25,484,649
Chemicals - Diversified — 0.2%
Olin Corp.		231,091		5,058,582
Chemicals - Specialty — 1.3%
Ashland Global Holdings, Inc.		88,521		6,654,124
Cabot Corp.		91,837		3,802,970
Chemours Co.		267,143		6,499,589
Ingevity Corp.†		67,137		4,469,982
Minerals Technologies, Inc.		55,497		3,367,003
NewMarket Corp.		11,904		4,401,623
Sensient Technologies Corp.		68,895		4,941,149
Valvoline, Inc.		300,966		6,859,015
				40,995,455
Coatings/Paint — 0.6%
RPM International, Inc.		211,404		18,605,666
Commercial Services — 0.7%
CoreLogic, Inc.		129,243		10,016,332
John Wiley & Sons, Inc., Class A		70,975		2,451,477

141

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services (continued)
LiveRamp Holdings, Inc.†		107,153	$	6,269,522
WW International, Inc.†		76,329		2,252,469
				20,989,800
Commercial Services - Finance — 0.8%
H&R Block, Inc.		313,755		5,898,594
Sabre Corp.		506,840		5,701,950
WEX, Inc.†		71,722		12,425,119
				24,025,663
Computer Data Security — 0.2%
Qualys, Inc.†		54,900		5,216,049
Computer Services — 1.0%
CACI International, Inc., Class A†		40,821		9,686,415
MAXIMUS, Inc.		99,728		7,161,468
Perspecta, Inc.		222,257		4,983,002
Science Applications International Corp.		94,606		8,754,839
				30,585,724
Computer Software — 0.3%
J2 Global, Inc.†		72,787		6,522,443
Teradata Corp.†		177,292		3,888,014
				10,410,457
Computers - Integrated Systems — 0.3%
NCR Corp.†		208,848		5,778,824
NetScout Systems, Inc.†		117,851		2,760,071
				8,538,895
Computers - Other — 0.3%
Lumentum Holdings, Inc.†		122,316		10,565,656
Consulting Services — 0.2%
FTI Consulting, Inc.†		59,523		6,251,105
Consumer Products - Misc. — 0.3%
Helen of Troy, Ltd.†		41,188		8,319,564
Containers - Metal/Glass — 0.3%
Greif, Inc., Class A		43,009		2,090,668
O-I Glass, Inc.		255,294		2,889,928
Silgan Holdings, Inc.		128,055		4,328,259
				9,308,855
Containers - Paper/Plastic — 0.7%
AptarGroup, Inc.		104,869		13,247,052
Sonoco Products Co.		163,266		9,479,224
				22,726,276
Cosmetics & Toiletries — 0.2%
Coty, Inc., Class A		460,440		3,310,564
Edgewell Personal Care Co.†		88,410		3,072,247
				6,382,811
Data Processing/Management — 0.8%
CommVault Systems, Inc.†		75,459		3,603,922
Fair Isaac Corp.†		47,168		22,300,087
				25,904,009
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		141,051		3,915,576
Diagnostic Equipment — 0.5%
Repligen Corp.†		79,420		15,063,591
Diagnostic Kits — 0.4%
Quidel Corp.†		62,092		12,111,045

Security Description	Shares		Value (Note 2)
Disposable Medical Products — 0.2%
ICU Medical, Inc.†		31,672	$	5,976,506
Distribution/Wholesale — 1.2%
Avient Corp.		148,725		5,435,899
IAA, Inc.†		217,872		13,054,890
KAR Auction Services, Inc.		210,194		3,794,002
Univar Solutions, Inc.†		274,986		4,922,249
Watsco, Inc.		53,388		12,138,296
				39,345,336
Diversified Manufacturing Operations — 0.8%
Carlisle Cos., Inc.		88,777		12,857,573
ITT, Inc.		140,532		10,206,839
Trinity Industries, Inc.#		144,756		3,307,675
				26,372,087
E-Commerce/Services — 0.5%
GrubHub, Inc.†		150,094		10,557,612
TripAdvisor, Inc.†		156,304		4,079,534
				14,637,146
Electric Products - Misc. — 0.3%
Littelfuse, Inc.		39,593		9,523,304
Electric - Integrated — 1.5%
ALLETE, Inc.		84,386		4,745,869
Black Hills Corp.		102,057		6,208,127
Hawaiian Electric Industries, Inc.		177,587		6,362,942
IDACORP, Inc.		82,076		7,434,444
NorthWestern Corp.		82,264		4,771,312
OGE Energy Corp.		325,584		10,545,666
PNM Resources, Inc.		129,560		6,362,692
				46,431,052
Electronic Components - Misc. — 1.1%
Hubbell, Inc.		88,204		14,252,884
Jabil, Inc.		220,423		8,424,567
nVent Electric PLC		276,397		6,357,131
Vishay Intertechnology, Inc.		215,615		4,174,307
				33,208,889
Electronic Components - Semiconductors — 1.8%
Cree, Inc.†		178,400		16,125,576
Monolithic Power Systems, Inc.		68,670		21,971,653
Semtech Corp.†		105,988		7,151,010
Silicon Laboratories, Inc.†		71,236		8,349,572
Synaptics, Inc.†		55,677		4,330,000
				57,927,811
Electronic Measurement Instruments — 1.0%
National Instruments Corp.		213,785		8,001,973
Trimble, Inc.†		406,985		24,366,192
				32,368,165
Electronic Parts Distribution — 0.9%
Arrow Electronics, Inc.†		126,263		11,572,004
Avnet, Inc.		160,666		4,876,213
SYNNEX Corp.		67,006		10,741,732
				27,189,949
Electronics - Military — 0.2%
Mercury Systems, Inc.†		91,087		6,487,216
Energy - Alternate Sources — 2.5%
Enphase Energy, Inc.†#		204,955		27,990,704
First Solar, Inc.†		137,885		12,882,596
SolarEdge Technologies, Inc.†		81,520		22,660,930

142

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources (continued)
Sunrun, Inc.†		251,754	$	16,132,396
				79,666,626
Engineering/R&D Services — 0.7%
AECOM†		260,878		13,536,959
Fluor Corp.		202,918		3,504,394
KBR, Inc.		231,549		6,430,116
				23,471,469
Enterprise Software/Service — 1.5%
ACI Worldwide, Inc.†		189,310		6,167,720
Blackbaud, Inc.		80,635		4,442,182
Ceridian HCM Holding, Inc.†		211,154		20,359,469
Manhattan Associates, Inc.†		103,319		10,563,334
SailPoint Technologies Holding, Inc.†		147,496		6,867,414
				48,400,119
Environmental Consulting & Engineering — 0.3%
Tetra Tech, Inc.		87,651		10,452,382
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.		205,154		10,922,399
Finance - Consumer Loans — 0.4%
LendingTree, Inc.†#		17,706		4,525,300
Navient Corp.		315,429		2,955,570
SLM Corp.		610,335		6,475,654
				13,956,524
Finance - Credit Card — 0.2%
Alliance Data Systems Corp.		77,610		5,676,395
Finance - Investment Banker/Broker — 0.7%
Evercore, Inc., Class A		66,023		6,003,471
Interactive Brokers Group, Inc., Class A		128,581		6,783,934
Jefferies Financial Group, Inc.		351,271		7,984,390
				20,771,795
Finance - Leasing Companies — 0.2%
Prog Holdings, Inc.		109,207		6,872,397
Finance - Other Services — 0.3%
SEI Investments Co.		197,781		10,432,948
Financial Guarantee Insurance — 0.2%
MGIC Investment Corp.		550,703		6,586,408
Firearms & Ammunition — 0.4%
Axon Enterprise, Inc.†		103,246		12,976,990
Food - Baking — 0.2%
Flowers Foods, Inc.		320,087		7,102,731
Food - Catering — 0.1%
Healthcare Services Group, Inc.		121,051		2,865,277
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		28,386		879,114
Food - Misc./Diversified — 1.0%
Hain Celestial Group, Inc.†		135,891		5,231,804
Ingredion, Inc.		108,956		8,405,955
Lancaster Colony Corp.		31,785		5,382,154
Post Holdings, Inc.†		102,414		9,674,027
TreeHouse Foods, Inc.†		91,903		3,779,970
				32,473,910
Food - Retail — 0.3%
Grocery Outlet Holding Corp.†		135,583		5,236,215
Sprouts Farmers Market, Inc.†		191,840		4,061,253
				9,297,468

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.2%
Skechers U.S.A., Inc., Class A†		221,700	$	7,420,299
Funeral Services & Related Items — 0.4%
Service Corp. International		286,627		13,941,537
Garden Products — 0.4%
Scotts Miracle-Gro Co.		66,219		11,639,314
Gas - Distribution — 1.3%
National Fuel Gas Co.		147,940		6,090,690
New Jersey Resources Corp.		156,034		5,153,803
ONE Gas, Inc.		86,078		6,815,656
Southwest Gas Holdings, Inc.		90,948		5,843,409
Spire, Inc.		83,738		5,355,882
UGI Corp.		338,841		12,022,079
				41,281,519
Gold Mining — 0.4%
Royal Gold, Inc.		106,686		11,785,602
Hazardous Waste Disposal — 0.5%
Clean Harbors, Inc.†		83,257		6,025,309
Stericycle, Inc.†		148,801		10,481,543
				16,506,852
Health Care Cost Containment — 0.3%
HealthEquity, Inc.†		124,738		8,942,467
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†		312,012		7,859,582
Hotels/Motels — 0.6%
Choice Hotels International, Inc.		46,828		4,666,410
Wyndham Destinations, Inc.		138,664		5,832,208
Wyndham Hotels & Resorts, Inc.		151,530		8,712,975
				19,211,593
Human Resources — 1.0%
ASGN, Inc.†		85,393		6,676,025
Insperity, Inc.		58,694		5,018,337
ManpowerGroup, Inc.		94,454		8,184,439
Paylocity Holding Corp.†		60,395		11,873,657
				31,752,458
Industrial Automated/Robotic — 0.7%
Cognex Corp.		281,467		21,149,430
Instruments - Controls — 0.3%
Woodward, Inc.		94,367		10,553,062
Insurance Brokers — 0.5%
Brown & Brown, Inc.		381,806		17,192,724
Insurance - Life/Health — 0.6%
Brighthouse Financial, Inc.†		151,305		5,310,805
CNO Financial Group, Inc.		230,511		4,905,274
Primerica, Inc.		64,281		8,373,886
				18,589,965
Insurance - Multi-line — 0.7%
American Financial Group, Inc.		116,651		10,429,766
Genworth Financial, Inc., Class A†		823,045		3,736,624
Kemper Corp.		99,887		7,486,531
				21,652,921
Insurance - Property/Casualty — 1.6%
Alleghany Corp.		23,279		13,390,081
First American Financial Corp.		181,390		8,786,532
Hanover Insurance Group, Inc.		61,351		6,892,785
Mercury General Corp.		43,220		1,921,993
Old Republic International Corp.		459,908		8,241,551

143

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty (continued)
RLI Corp.		64,344	$	6,159,651
Selective Insurance Group, Inc.		97,287		6,014,282
				51,406,875
Insurance - Reinsurance — 1.1%
Essent Group, Ltd.		182,860		8,020,240
Reinsurance Group of America, Inc.		110,501		12,738,555
RenaissanceRe Holdings, Ltd.		83,306		13,715,500
				34,474,295
Internet Content - Information/News — 0.1%
Yelp, Inc.†		111,814		3,571,339
Investment Management/Advisor Services — 1.2%
Affiliated Managers Group, Inc.		75,720		6,596,726
Eaton Vance Corp.		185,707		12,438,655
Federated Hermes, Inc.		154,810		4,155,100
Janus Henderson Group PLC		245,216		6,996,013
Stifel Financial Corp.		111,512		7,727,782
				37,914,276
Lasers - System/Components — 0.5%
Coherent, Inc.†		39,453		4,804,586
II-VI, Inc.†#		168,620		11,407,143
				16,211,729
Lighting Products & Systems — 0.7%
Acuity Brands, Inc.		64,471		7,653,997
Universal Display Corp.		69,715		15,967,524
				23,621,521
Machine Tools & Related Products — 0.7%
Colfax Corp.†		163,679		5,905,538
Kennametal, Inc.		134,885		4,719,626
Lincoln Electric Holdings, Inc.		96,563		11,104,745
				21,729,909
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		110,777		8,917,549
Terex Corp.		112,719		3,494,289
				12,411,838
Machinery - Electrical — 0.2%
Regal Beloit Corp.		66,003		7,856,997
Machinery - Farming — 0.8%
AGCO Corp.		99,893		9,241,101
Toro Co.		174,522		15,830,891
				25,071,992
Machinery - General Industrial — 1.1%
Crane Co.		80,224		5,577,975
Middleby Corp.†		90,465		12,302,335
Nordson Corp.		87,788		17,892,072
				35,772,382
Machinery - Pumps — 0.8%
Curtiss-Wright Corp.		67,626		7,794,573
Graco, Inc.		271,162		18,368,514
				26,163,087
Medical Instruments — 1.0%
Bio-Techne Corp.		62,703		19,018,447
Cantel Medical Corp.		61,023		3,626,597
Integra LifeSciences Holdings Corp.†		115,139		6,301,557
NuVasive, Inc.†		83,364		3,861,421
				32,808,022

Security Description	Shares		Value (Note 2)
Medical Labs & Testing Services — 1.0%
Charles River Laboratories International, Inc.†		80,805	$	18,950,389
Medpace Holdings, Inc.†		44,346		5,692,253
Syneos Health, Inc.†		113,648		7,482,584
				32,125,226
Medical Products — 2.1%
Avanos Medical, Inc.†		77,801		3,297,984
Globus Medical, Inc., Class A†		122,522		7,361,122
Haemonetics Corp.†		82,463		9,305,950
Hill-Rom Holdings, Inc.		108,337		10,276,848
LivaNova PLC†		79,158		4,183,500
Masimo Corp.†		82,225		20,925,440
Penumbra, Inc.†		54,619		12,119,956
				67,470,800
Medical - Biomedical/Gene — 1.6%
Arrowhead Pharmaceuticals, Inc.†		166,382		10,403,866
Emergent BioSolutions, Inc.†		73,171		5,994,900
Exelixis, Inc.†		502,593		9,629,682
Halozyme Therapeutics, Inc.†		209,507		8,191,724
Ligand Pharmaceuticals, Inc.†#		26,151		2,206,360
Nektar Therapeutics†#		290,987		4,769,277
United Therapeutics Corp.†		72,238		9,581,648
				50,777,457
Medical - Drugs — 0.9%
Jazz Pharmaceuticals PLC†		90,206		12,692,886
PRA Health Sciences, Inc.†		104,035		11,672,727
Prestige Consumer Healthcare, Inc.†		81,634		2,903,722
				27,269,335
Medical - HMO — 0.6%
Molina Healthcare, Inc.†		96,454		19,689,155
Medical - Hospitals — 0.4%
Acadia Healthcare Co., Inc.†		144,701		6,142,558
Tenet Healthcare Corp.†		171,419		5,387,699
				11,530,257
Medical - Outpatient/Home Medical — 1.1%
Amedisys, Inc.†		52,809		12,927,115
Chemed Corp.		25,893		12,383,328
LHC Group, Inc.†		51,382		10,087,314
				35,397,757
Metal Processors & Fabrication — 0.3%
Timken Co.		109,935		8,073,626
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		58,658		3,033,792
Motorcycle/Motor Scooter — 0.3%
Harley-Davidson, Inc.		249,252		10,042,363
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		83,582		4,305,309
Multimedia — 0.7%
FactSet Research Systems, Inc.		61,796		20,625,033
Office Furnishings - Original — 0.2%
Herman Miller, Inc.		95,756		3,412,744
HNI Corp.		69,412		2,530,761
				5,943,505
Oil Companies - Exploration & Production — 0.7%
Cimarex Energy Co.		165,985		5,967,161
CNX Resources Corp.†		365,276		3,437,247
EQT Corp.		448,278		6,670,377

144

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
WPX Energy, Inc.†		656,977	$	4,677,676
				20,752,461
Oil Companies - Integrated — 0.1%
Murphy Oil Corp.		234,844		2,362,531
Oil Refining & Marketing — 0.2%
Murphy USA, Inc.		44,137		5,658,363
Oil - Field Services — 0.1%
ChampionX Corp.†		302,247		3,590,694
Paper & Related Products — 0.1%
Domtar Corp.		89,773		2,702,167
Pastoral & Agricultural — 0.4%
Darling Ingredients, Inc.†		263,436		12,718,690
Physical Therapy/Rehabilitation Centers — 0.4%
Encompass Health Corp.		161,753		13,034,057
Pipelines — 0.3%
Antero Midstream Corp.		465,121		3,134,916
Equitrans Midstream Corp.		661,222		5,395,571
				8,530,487
Poultry — 0.2%
Pilgrim’s Pride Corp.†		79,385		1,499,583
Sanderson Farms, Inc.		32,195		4,402,022
				5,901,605
Power Converter/Supply Equipment — 0.7%
Generac Holdings, Inc.†		102,130		22,019,228
Publishing - Newspapers — 0.5%
New York Times Co., Class A		234,837		10,076,856
TEGNA, Inc.		356,138		5,131,948
				15,208,804
Quarrying — 0.1%
Compass Minerals International, Inc.		55,211		3,448,479
Racetracks — 0.8%
Churchill Downs, Inc.		57,727		10,386,242
Penn National Gaming, Inc.†		234,298		16,400,860
				26,787,102
Real Estate Investment Trusts — 8.6%
American Campus Communities, Inc.		223,863		8,909,747
Brixmor Property Group, Inc.		482,237		7,363,759
Camden Property Trust		158,418		15,656,451
CoreSite Realty Corp.		69,182		8,674,731
Corporate Office Properties Trust		182,470		4,859,176
Cousins Properties, Inc.		241,651		8,073,560
CyrusOne, Inc.		190,098		13,289,751
Douglas Emmett, Inc.		268,139		8,304,265
EastGroup Properties, Inc.		63,977		8,721,984
EPR Properties		121,359		4,371,351
First Industrial Realty Trust, Inc.		206,908		8,665,307
Healthcare Realty Trust, Inc.		221,286		6,527,937
Highwoods Properties, Inc.		168,990		6,472,317
Hudson Pacific Properties, Inc.		249,444		6,485,544
JBG SMITH Properties		182,796		5,619,149
Kilroy Realty Corp.		170,484		10,426,802
Lamar Advertising Co., Class A		140,517		11,186,558
Life Storage, Inc.		76,314		8,373,172
Macerich Co.#		182,331		1,823,310
Medical Properties Trust, Inc.		860,159		16,687,085
National Retail Properties, Inc.		282,269		10,641,541
Omega Healthcare Investors, Inc.		369,177		13,002,414

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Park Hotels & Resorts, Inc.		383,220	$	6,254,150
Pebblebrook Hotel Trust		212,857		3,937,855
Physicians Realty Trust		338,553		5,873,895
PotlatchDeltic Corp.		108,768		5,062,063
PS Business Parks, Inc.		32,631		4,300,766
Rayonier, Inc.		222,042		6,254,923
Rexford Industrial Realty, Inc.		201,347		9,648,548
Sabra Health Care REIT, Inc.		334,352		5,510,121
Service Properties Trust		267,724		3,175,207
Spirit Realty Capital, Inc.#		167,603		6,174,495
STORE Capital Corp.		371,012		12,080,151
Taubman Centers, Inc.		100,381		4,288,276
Urban Edge Properties		178,429		2,316,008
Weingarten Realty Investors		195,862		4,095,474
				273,107,843
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.†		84,224		11,141,993
Recreational Vehicles — 0.6%
Brunswick Corp.		128,760		9,610,646
Polaris, Inc.		93,784		9,003,264
				18,613,910
Rental Auto/Equipment — 0.1%
Avis Budget Group, Inc.†		83,855		2,949,180
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.		66,782		8,503,352
Six Flags Entertainment Corp.		122,703		3,770,663
				12,274,015
Retail - Apparel/Shoe — 0.3%
American Eagle Outfitters, Inc.#		242,273		4,358,491
Foot Locker, Inc.		169,540		6,340,796
				10,699,287
Retail - Automobile — 0.6%
AutoNation, Inc.†		95,045		5,825,308
Lithia Motors, Inc., Class A		41,677		12,057,156
				17,882,464
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		74,048		6,169,679
Retail - Convenience Store — 0.3%
Casey’s General Stores, Inc.		60,031		10,906,432
Retail - Discount — 0.5%
BJ’s Wholesale Club Holdings, Inc.†		224,369		9,196,885
Ollie’s Bargain Outlet Holdings, Inc.†		92,513		8,146,695
				17,343,580
Retail - Home Furnishings — 0.8%
RH†#		25,102		11,375,222
Williams-Sonoma, Inc.		126,538		13,852,115
				25,227,337
Retail - Major Department Stores — 0.1%
Nordstrom, Inc.#		176,370		4,571,510
Retail - Misc./Diversified — 0.5%
Five Below, Inc.†		90,829		14,205,656
Retail - Pawn Shops — 0.1%
FirstCash, Inc.		67,405		4,330,097
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		103,269		2,934,905

145

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Regional Department Stores — 0.3%
Kohl’s Corp.		256,626	$	8,263,357
Retail - Restaurants — 1.5%
Cracker Barrel Old Country Store, Inc.		38,539		5,379,274
Dunkin’ Brands Group, Inc.		133,821		14,230,525
Jack in the Box, Inc.		36,886		3,393,143
Papa John’s International, Inc.		53,373		4,289,054
Texas Roadhouse, Inc.		106,115		8,043,517
Wendy’s Co.		291,238		6,404,323
Wingstop, Inc.		48,144		6,129,213
				47,869,049
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.		105,964		6,019,815
Rubber - Tires — 0.1%
Goodyear Tire & Rubber Co.		379,001		3,949,190
Savings & Loans/Thrifts — 0.5%
New York Community Bancorp, Inc.		754,566		7,311,745
Sterling Bancorp		316,325		5,054,873
Washington Federal, Inc.		123,138		2,877,735
				15,244,353
Schools — 0.5%
Adtalem Global Education, Inc.†		84,378		2,415,742
Graham Holdings Co., Class B		6,747		3,016,044
Grand Canyon Education, Inc.†		76,906		6,419,344
Strategic Education, Inc.		39,700		3,727,433
				15,578,563
Security Services — 0.2%
Brink’s Co.		82,175		5,513,943
Semiconductor Components-Integrated Circuits — 0.2%
Cirrus Logic, Inc.†		94,978		7,607,738
Semiconductor Equipment — 0.6%
CMC Materials, Inc.		47,259		7,291,118
MKS Instruments, Inc.		89,663		12,371,701
				19,662,819
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		34,747		5,663,066
Steel - Producers — 1.0%
Commercial Metals Co.		193,670		3,855,970
Reliance Steel & Aluminum Co.		103,705		12,216,449
Steel Dynamics, Inc.		325,057		11,770,314
United States Steel Corp.#		358,449		5,086,391
				32,929,124
Telecom Equipment-Fiber Optics — 0.4%
Ciena Corp.†		249,907		11,195,834
Telephone-Integrated — 0.1%
Telephone & Data Systems, Inc.		161,910		3,073,052
Television — 0.2%
AMC Networks, Inc., Class A†#		48,218		1,589,747
World Wrestling Entertainment, Inc., Class A#		75,940		3,268,458
				4,858,205
Theaters — 0.1%
Cinemark Holdings, Inc.		174,175		2,691,004
Tools - Hand Held — 0.3%
MSA Safety, Inc.		58,819		8,789,911
Toys — 0.3%
Mattel, Inc.†		564,240		8,740,078

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Equipment & Leasing — 0.1%
GATX Corp.		56,928		$	4,540,577
Transport - Marine — 0.2%
Kirby Corp.†		97,654			4,941,292
Transport - Services — 0.2%
Ryder System, Inc.		87,539			5,184,060
Transport - Truck — 1.1%
Knight-Swift Transportation Holdings, Inc.		204,864			8,458,835
Landstar System, Inc.		62,425			8,203,893
Werner Enterprises, Inc.		94,406			3,775,296
XPO Logistics, Inc.†		148,545			15,846,781
					36,284,805
Veterinary Diagnostics — 0.2%
Neogen Corp.†		86,257			6,401,995
Water — 0.5%
Essential Utilities, Inc.		362,865			16,430,527
Wire & Cable Products — 0.1%
Belden, Inc.		72,409			2,786,298
Wireless Equipment — 0.2%
InterDigital, Inc.		50,107			3,001,910
ViaSat, Inc.†		104,304			3,546,336
					6,548,246
Total Long-Term Investment Securities
(cost $2,279,708,692)					3,141,282,848
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2)		14,025,501			14,025,501
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.14% due 09/09/2021(3)	$	2,000,000			1,998,324
0.15% due 03/25/2021(3)		400,000			399,881
0.16% due 04/22/2021(3)		3,500,000			3,498,740
					5,896,945
Total Short-Term Investment Securities
(cost $33,946,527)					19,922,446
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $21,093,000 and collateralized by $14,275,200 of United States Treasury Bonds, bearing interest at 4.25% due 05/15/2039 and having an approximate value of $21,514,897 (cost $21,093,000)		21,093,000			21,093,000
TOTAL INVESTMENTS
(cost $2,334,748,219)(4)		100.5	%		3,182,298,294
Liabilities in excess of other assets		(0.5	)		(15,354,488	)
NET ASSETS		100.0	%	$	3,166,943,806

† Non-income producing security

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

(1) At November 30, 2020, the Fund had loaned securities with a total value of $52,252,457. This was secured by collateral of $14,025,501, which was received in cash and subsequently invested in short-term investments currently valued at $14,025,501 as reported in the Portfolio of Investments. Additional collateral of $40,598,882 was received

146

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	2,010,518
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		5,399,068
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		185,043
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		505,674
United States Treasury Notes/Bonds	zero coupon to 8.13%	12/15/2020 to 11/15/2049		32,498,579

(2) The rate shown is the 7-day yield as of November 30, 2020.

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	129	Long	S&P Mid Cap 400 E-Mini Index	December 2020	$	27,708,396	$	27,972,360	$	263,964

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

value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	3,141,282,848	$	—	$	—	$	3,141,282,848
Short-Term Investment Securities:
Registered Investment Companies		14,025,501		—		—		14,025,501
U.S. Government Treasuries		—		5,896,945		—		5,896,945
Repurchase Agreements		—		21,093,000		—		21,093,000
Total Investments at Value	$	3,155,308,349	$	26,989,945	$	—	$	3,182,298,294
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	263,964	$	—	$	—	$	263,964

* 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

147

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Enterprise Software/Service	6.6	%
Commercial Services — Finance	5.5
Electronic Components — Semiconductors	4.8
Semiconductor Equipment	3.7
Medical Products	3.3
Data Processing/Management	2.5
Insurance — Property/Casualty	2.3
Retail — Restaurants	2.3
Computer Services	2.1
Electronic Measurement Instruments	2.0
Electronic Connectors	1.9
Electronic Components — Misc.	1.9
Medical Labs & Testing Services	1.8
Medical — Biomedical/Gene	1.8
Computer Software	1.8
Distribution/Wholesale	1.8
Medical — Drugs	1.6
Real Estate Investment Trusts	1.5
Commercial Paper	1.5
Disposable Medical Products	1.4
Dental Supplies & Equipment	1.4
Telecommunication Equipment	1.4
Medical Instruments	1.4
Energy — Alternate Sources	1.4
Retail — Apparel/Shoe	1.4
Aerospace/Defense	1.3
Insurance Brokers	1.3
Consulting Services	1.2
Instruments — Scientific	1.2
Diagnostic Kits	1.2
Investment Management/Advisor Services	1.1
Entertainment Software	1.1
Commercial Services	1.1
Web Hosting/Design	1.1
Apparel Manufacturers	1.1
Auction Houses/Art Dealers	1.1
Transport — Truck	1.0
Airlines	1.0
Retail — Pet Food & Supplies	0.9
Containers — Metal/Glass	0.9
Machinery — General Industrial	0.9
Computer Data Security	0.8
Retail — Automobile	0.8
Aerospace/Defense — Equipment	0.8
Containers — Paper/Plastic	0.7
Diagnostic Equipment	0.7
Building — Maintenance & Services	0.7
Advertising Services	0.7
Electric — Integrated	0.7
Rental Auto/Equipment	0.7
Retail — Floor Coverings	0.6
Machinery — Print Trade	0.6
Machinery — Pumps	0.6
Non-Hazardous Waste Disposal	0.6
Internet Application Software	0.6
Auto — Heavy Duty Trucks	0.6
Power Converter/Supply Equipment	0.6
Chemicals — Diversified	0.6
Audio/Video Products	0.6
Athletic Equipment	0.6
Finance — Credit Card	0.6
Electric Products — Misc.	0.6
E-Commerce/Services	0.6
Cruise Lines	0.5
Drug Delivery Systems	0.5
Printing — Commercial	0.5
Therapeutics	0.5
Transport — Rail	0.5
Banks — Commercial	0.5

Finance — Investment Banker/Broker	0.5
Veterinary Diagnostics	0.5
Patient Monitoring Equipment	0.5
E-Commerce/Products	0.4
Internet Content — Entertainment	0.4
Metal Processors & Fabrication	0.4
Food — Catering	0.4
Hotels/Motels	0.4
Auto/Truck Parts & Equipment — Original	0.4
Semiconductor Components — Integrated Circuits	0.4
Building & Construction — Misc.	0.3
Finance — Other Services	0.3
Decision Support Software	0.3
Broadcast Services/Program	0.3
	99.5%

* Calculated as a percentage of net assets

148

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Advertising Services — 0.7%
Trade Desk, Inc., Class A†		2,836	$	2,555,435
Aerospace/Defense — 1.3%
Teledyne Technologies, Inc.†		7,741		2,925,634
TransDigm Group, Inc.		3,650		2,114,043
				5,039,677
Aerospace/Defense - Equipment — 0.8%
L3Harris Technologies, Inc.		15,176		2,913,640
Airlines — 1.0%
Ryanair Holdings PLC ADR†		19,942		2,069,382
Southwest Airlines Co.		36,574		1,694,839
				3,764,221
Apparel Manufacturers — 1.1%
Gildan Activewear, Inc.		90,169		2,356,116
VF Corp.		20,955		1,747,647
				4,103,763
Athletic Equipment — 0.6%
YETI Holdings, Inc.†		34,325		2,168,310
Auction Houses/Art Dealers — 1.1%
Ritchie Bros. Auctioneers, Inc.		56,330		4,045,057
Audio/Video Products — 0.6%
Dolby Laboratories, Inc., Class A		24,774		2,191,260
Auto - Heavy Duty Trucks — 0.6%
Cummins, Inc.		9,870		2,281,648
Auto/Truck Parts & Equipment - Original — 0.4%
Visteon Corp.†		11,847		1,431,710
Banks - Commercial — 0.5%
SVB Financial Group†		5,091		1,755,682
Broadcast Services/Program — 0.3%
Liberty Media Corp. - Liberty Formula One, Series C†		27,646		1,155,050
Building & Construction - Misc. — 0.3%
Frontdoor, Inc.†		27,203		1,287,790
Building - Maintenance & Services — 0.7%
Terminix Global Holdings, Inc.†		53,439		2,620,114
Chemicals - Diversified — 0.6%
FMC Corp.		18,914		2,194,213
Commercial Services — 1.1%
CoStar Group, Inc.†		2,423		2,206,311
Edenred		34,386		1,965,962
				4,172,273
Commercial Services - Finance — 5.5%
Euronet Worldwide, Inc.†		8,310		1,117,196
Global Payments, Inc.		24,210		4,725,550
IHS Markit, Ltd.		13,752		1,367,774
MarketAxess Holdings, Inc.		3,856		2,079,078
Repay Holdings Corp.†		105,100		2,536,063
Shift4 Payments, Inc., Class A†		29,620		1,825,481
Square, Inc., Class A†		15,290		3,225,578
WEX, Inc.†		23,935		4,146,500
				21,023,220
Computer Data Security — 0.8%
Zscaler, Inc.†		20,435		3,182,751
Computer Services — 2.1%
Amdocs, Ltd.		48,569		3,196,326

Security Description	Shares		Value (Note 2)
Computer Services (continued)
EPAM Systems, Inc.†		14,685	$	4,733,416
				7,929,742
Computer Software — 1.8%
Dynatrace, Inc.†		22,011		836,858
Splunk, Inc.†		19,908		4,064,816
Twilio, Inc., Class A†		5,956		1,906,456
				6,808,130
Consulting Services — 1.2%
Booz Allen Hamilton Holding Corp.		30,805		2,673,566
Verisk Analytics, Inc.		10,519		2,086,023
				4,759,589
Containers - Metal/Glass — 0.9%
Crown Holdings, Inc.†		37,735		3,556,524
Containers - Paper/Plastic — 0.7%
Sealed Air Corp.		59,996		2,703,420
Cruise Lines — 0.5%
Royal Caribbean Cruises, Ltd.		26,728		2,106,434
Data Processing/Management — 2.5%
Broadridge Financial Solutions, Inc.		30,544		4,486,303
DocuSign, Inc.†		7,365		1,678,336
Fidelity National Information Services, Inc.		23,139		3,434,059
				9,598,698
Decision Support Software — 0.3%
MSCI, Inc.		3,082		1,261,832
Dental Supplies & Equipment — 1.4%
Align Technology, Inc.†		7,716		3,713,633
DENTSPLY SIRONA, Inc.		35,303		1,796,570
				5,510,203
Diagnostic Equipment — 0.7%
Avantor, Inc.†		96,894		2,643,268
Diagnostic Kits — 1.2%
IDEXX Laboratories, Inc.†		7,130		3,286,788
Natera, Inc.†		13,564		1,197,294
				4,484,082
Disposable Medical Products — 1.4%
ICU Medical, Inc.†		10,033		1,893,227
Teleflex, Inc.		9,523		3,644,928
				5,538,155
Distribution/Wholesale — 1.8%
Ferguson PLC		15,339		1,722,640
IAA, Inc.†		46,620		2,793,470
Pool Corp.		6,614		2,289,172
				6,805,282
Drug Delivery Systems — 0.5%
DexCom, Inc.†		6,206		1,983,934
E-Commerce/Products — 0.4%
Wayfair, Inc., Class A†#		6,764		1,720,491
Electric Products - Misc. — 0.6%
AMETEK, Inc.		17,848		2,115,523
Electric - Integrated — 0.7%
Alliant Energy Corp.		48,139		2,532,111
Electronic Components - Misc. — 1.9%
Flex, Ltd.†		165,023		2,678,323

149

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Misc. (continued)
Sensata Technologies Holding PLC†		92,553	$	4,519,363
				7,197,686
Electronic Components - Semiconductors — 4.8%
Advanced Micro Devices, Inc.†		25,930		2,402,674
Cree, Inc.†		14,780		1,335,964
IPG Photonics Corp.†		8,080		1,672,641
Microchip Technology, Inc.		41,129		5,527,326
Monolithic Power Systems, Inc.		10,027		3,208,239
ON Semiconductor Corp.†		97,797		2,811,664
Xilinx, Inc.		10,173		1,480,680
				18,439,188
Electronic Connectors — 1.9%
TE Connectivity, Ltd.		63,155		7,197,775
Electronic Measurement Instruments — 2.0%
FLIR Systems, Inc.		44,547		1,703,478
Keysight Technologies, Inc.†		14,005		1,681,160
National Instruments Corp.		61,919		2,317,628
Trimble, Inc.†		33,847		2,026,420
				7,728,686
Energy - Alternate Sources — 1.4%
Enphase Energy, Inc.†#		19,923		2,720,884
Plug Power, Inc.†#		100,955		2,664,203
				5,385,087
Enterprise Software/Service — 6.6%
Atlassian Corp. PLC, Class A†		16,617		3,739,656
Bill.com Holdings, Inc.†		3,082		378,192
Black Knight, Inc.†		25,408		2,327,881
Ceridian HCM Holding, Inc.†		59,428		5,730,048
Clarivate PLC†		80,515		2,209,332
Constellation Software, Inc.		3,416		4,230,295
Paycom Software, Inc.†		3,925		1,637,039
SS&C Technologies Holdings, Inc.		73,598		5,070,166
				25,322,609
Entertainment Software — 1.1%
Take-Two Interactive Software, Inc.†		13,665		2,466,669
Zynga, Inc., Class A†		214,173		1,766,927
				4,233,596
Finance - Credit Card — 0.6%
Discover Financial Services		27,995		2,132,379
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		35,890		1,750,714
Finance - Other Services — 0.3%
Cboe Global Markets, Inc.		13,996		1,278,115
Food - Catering — 0.4%
Aramark		47,395		1,658,825
Hotels/Motels — 0.4%
Hyatt Hotels Corp., Class A#		21,425		1,541,957
Instruments - Scientific — 1.2%
PerkinElmer, Inc.		17,340		2,306,220
Waters Corp.†		10,267		2,382,047
				4,688,267
Insurance Brokers — 1.3%
Aon PLC, Class A		20,743		4,250,033
Willis Towers Watson PLC		3,616		752,815
				5,002,848

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty — 2.3%
Intact Financial Corp.		33,355	$	3,731,538
James River Group Holdings, Ltd.		43,820		1,997,316
WR Berkley Corp.		47,465		3,091,395
				8,820,249
Internet Application Software — 0.6%
Wix.com, Ltd.†		9,153		2,337,951
Internet Content - Entertainment — 0.4%
Pinterest, Inc., Class A†		24,351		1,705,057
Investment Management/Advisor Services — 1.1%
LPL Financial Holdings, Inc.		48,206		4,375,659
Machinery - General Industrial — 0.9%
Middleby Corp.†		10,446		1,420,552
Westinghouse Air Brake Technologies Corp.		28,674		2,101,804
				3,522,356
Machinery - Print Trade — 0.6%
Kornit Digital, Ltd.†		29,315		2,473,307
Machinery - Pumps — 0.6%
Ingersoll Rand, Inc.†		54,411		2,408,775
Medical Instruments — 1.4%
Boston Scientific Corp.†		104,199		3,454,197
Edwards Lifesciences Corp.†		23,276		1,952,623
				5,406,820
Medical Labs & Testing Services — 1.8%
Catalent, Inc.†		71,967		6,918,907
Medical Products — 3.3%
Cooper Cos., Inc.		17,959		6,020,216
Haemonetics Corp.†		14,960		1,688,236
STERIS PLC		16,317		3,162,398
Varian Medical Systems, Inc.†		9,198		1,600,268
				12,471,118
Medical - Biomedical/Gene — 1.8%
Abcam PLC ADR†		28,206		537,606
Ascendis Pharma A/S ADR†		5,152		869,297
BioMarin Pharmaceutical, Inc.†		16,793		1,321,609
Illumina, Inc.†		3,986		1,283,851
Maravai LifeSciences Holdings, Inc., Class A†		61,421		1,729,001
Royalty Pharma PLC, Class A		27,169		1,157,400
				6,898,764
Medical - Drugs — 1.6%
Bristol-Myers Squibb Co.		15,656		976,934
Horizon Therapeutics PLC†		45,199		3,183,366
PRA Health Sciences, Inc.†		17,761		1,992,784
				6,153,084
Metal Processors & Fabrication — 0.4%
Rexnord Corp.		44,577		1,672,083
Non-Hazardous Waste Disposal — 0.6%
Waste Connections, Inc.		22,871		2,378,127
Patient Monitoring Equipment — 0.5%
Insulet Corp.†		6,740		1,736,965
Power Converter/Supply Equipment — 0.6%
Generac Holdings, Inc.†		10,303		2,221,327
Printing - Commercial — 0.5%
Cimpress PLC†#		21,899		1,962,807
Real Estate Investment Trusts — 1.5%
Crown Castle International Corp.		11,354		1,902,590

150

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Lamar Advertising Co., Class A		48,187	$	3,836,167
				5,738,757
Rental Auto/Equipment — 0.7%
United Rentals, Inc.†		11,016		2,500,412
Retail - Apparel/Shoe — 1.4%
Burlington Stores, Inc.†		5,730		1,252,234
Lululemon Athletica, Inc.†		10,725		3,970,610
				5,222,844
Retail - Automobile — 0.8%
CarMax, Inc.†		31,554		2,949,668
Retail - Floor Coverings — 0.6%
Floor & Decor Holdings, Inc., Class A†		31,091		2,490,078
Retail - Pet Food & Supplies — 0.9%
Freshpet, Inc.†		26,465		3,622,529
Retail - Restaurants — 2.3%
Chipotle Mexican Grill, Inc.†		3,020		3,894,079
Dunkin’ Brands Group, Inc.		29,976		3,187,648
Wingstop, Inc.		13,553		1,725,432
				8,807,159
Semiconductor Components - Integrated Circuits — 0.4%
NXP Semiconductors NV		8,699		1,378,096
Semiconductor Equipment — 3.7%
Entegris, Inc.		28,390		2,629,482
KLA Corp.		20,420		5,145,227
Lam Research Corp.		13,847		6,267,983
				14,042,692
Telecommunication Equipment — 1.4%
NICE, Ltd. ADR†#		22,524		5,489,549
Therapeutics — 0.5%
Neurocrine Biosciences, Inc.†		8,368		794,458
Sarepta Therapeutics, Inc.†		7,691		1,083,354
				1,877,812
Transport - Rail — 0.5%
Kansas City Southern		9,825		1,829,120
Transport - Truck — 1.0%
JB Hunt Transport Services, Inc.		11,921		1,612,673
XPO Logistics, Inc.†#		22,248		2,373,417
				3,986,090
Veterinary Diagnostics — 0.5%
Elanco Animal Health, Inc.†#		56,798		1,737,451
Web Hosting/Design — 1.1%
GoDaddy, Inc., Class A†		52,354		4,164,237
Total Common Stocks
(cost $227,796,276)				372,800,814
CONVERTIBLE PREFERRED SECURITIES — 0.6%
E-Commerce/Services — 0.6%
Airbnb, Inc., Series D†(1)(2) (cost $1,197,696)		29,418		2,502,785
Total Long-Term Investment Securities
(cost $228,993,972)				375,303,599

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Commercial Paper — 1.5%
Credit Agricole Corporate and Investment Bank 0.07% due 12/01/2020 (cost $5,700,000)	$	5,700,000		$	5,699,986
TOTAL INVESTMENTS
(cost $234,693,972)(3)		99.5	%		381,003,585
Other assets less liabilities		0.5			1,895,159
NET ASSETS		100.0	%	$	382,898,744

† Non-income producing security

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

At November 30, 2020, the Fund had loaned securities with a total value of $12,904,928. This was secured by collateral of $13,516,577 received in form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	683,485
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		1,835,438
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		62,906
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		472,680
United States Treasury Notes/Bonds	0.13% to 8.13%	12/15/2020 to 02/15/2050		10,462,068

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Securities
Airbnb, Inc. Series D		04/16/2014		29,418	$	1,197,696	$	2,502,785	$	85.08		0.65	%

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

ADR—American Depositary Receipt

151

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	372,800,814	$	—	$	—	$	372,800,814
Convertible Preferred Securities		—		—		2,502,785		2,502,785
Short-Term Investment Securities		—		5,699,986		—		5,699,986
Total Investments at Value	$	372,800,814	$	5,699,986	$	2,502,785	$	381,003,585

* 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

152

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Computers	12.4	%
E-Commerce/Products	10.9
Applications Software	10.6
Electronic Components — Semiconductors	8.7
Web Portals/ISP	7.6
Internet Content — Entertainment	5.7
Medical — Biomedical/Gene	4.3
Auto — Cars/Light Trucks	4.1
Cable/Satellite TV	3.1
Commercial Services — Finance	2.5
Repurchase Agreements	2.4
Beverages — Non-alcoholic	2.2
Semiconductor Components — Integrated Circuits	2.2
Electronic Forms	1.8
Semiconductor Equipment	1.7
Retail — Discount	1.6
E-Commerce/Services	1.5
Networking Products	1.4
Cellular Telecom	1.3
Computer Aided Design	1.2
Data Processing/Management	1.2
Entertainment Software	1.2
Retail — Restaurants	0.9
Communications Software	0.7
Medical Instruments	0.7
Retail — Apparel/Shoe	0.7
Food — Confectionery	0.6
U.S. Government Treasuries	0.6
Electric — Integrated	0.6
Transport — Rail	0.5
Distribution/Wholesale	0.4
Computer Software	0.4
Computer Services	0.3
Hotels/Motels	0.3
Food — Misc./Diversified	0.3
Enterprise Software/Service	0.3
Diagnostic Kits	0.3
Dental Supplies & Equipment	0.3
Commercial Services	0.3
Retail — Drug Store	0.3
Retail — Auto Parts	0.3
Consulting Services	0.3
Drug Delivery Systems	0.2
Auto — Heavy Duty Trucks	0.2
Web Hosting/Design	0.2
Medical Information Systems	0.2
E-Services/Consulting	0.1
Broadcast Services/Program	0.1
Computer Data Security	0.1
Retail — Perfume & Cosmetics	0.1
	99.9	%

* Calculated as a percentage of net assets

153

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Applications Software — 10.6%
Intuit, Inc.		15,668	$	5,515,449
Microsoft Corp.		355,034		76,002,129
				81,517,578
Auto - Cars/Light Trucks — 4.1%
Tesla, Inc.†		55,764		31,651,646
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		20,715		1,803,448
Beverages - Non-alcoholic — 2.2%
Keurig Dr Pepper, Inc.		84,213		2,564,286
Monster Beverage Corp.†		31,562		2,675,826
PepsiCo, Inc.		82,863		11,951,331
				17,191,443
Broadcast Services/Program — 0.1%
Fox Corp., Class A		20,567		593,152
Fox Corp., Class B		15,624		443,409
				1,036,561
Cable/Satellite TV — 3.1%
Charter Communications, Inc., Class A†		12,262		7,994,701
Comcast Corp., Class A		272,812		13,706,075
Liberty Global PLC, Class A†		10,908		245,648
Liberty Global PLC, Class C†		23,867		516,482
Sirius XM Holdings, Inc.#		259,744		1,685,739
				24,148,645
Cellular Telecom — 1.3%
T-Mobile US, Inc.†		74,076		9,847,663
Commercial Services — 0.3%
Cintas Corp.		6,194		2,200,728
Commercial Services - Finance — 2.5%
Automatic Data Processing, Inc.		25,731		4,474,106
PayPal Holdings, Inc.†		70,216		15,034,650
				19,508,756
Communications Software — 0.7%
Zoom Video Communications, Inc., Class A†		10,898		5,213,167
Computer Aided Design — 1.2%
ANSYS, Inc.†		5,134		1,735,600
Autodesk, Inc.†		13,117		3,675,777
Cadence Design Systems, Inc.†		16,684		1,940,349
Synopsys, Inc.†		9,082		2,066,155
				9,417,881
Computer Data Security — 0.1%
Check Point Software Technologies, Ltd.†		8,390		987,335
Computer Services — 0.3%
Cognizant Technology Solutions Corp., Class A		32,450		2,535,318
Computer Software — 0.4%
Citrix Systems, Inc.		7,393		916,141
Splunk, Inc.†		9,506		1,940,935
				2,857,076
Computers — 12.4%
Apple, Inc.		802,359		95,520,839
Consulting Services — 0.3%
Verisk Analytics, Inc.		9,718		1,927,177
Data Processing/Management — 1.2%
DocuSign, Inc.†		11,072		2,523,087
Fiserv, Inc.†		40,075		4,615,839

Security Description	Shares		Value (Note 2)
Data Processing/Management (continued)
Paychex, Inc.		21,471	$	2,000,024
				9,138,950
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†		4,715		2,269,282
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		5,090		2,346,388
Distribution/Wholesale — 0.4%
Copart, Inc.†		14,050		1,622,073
Fastenal Co.		34,329		1,697,569
				3,319,642
Drug Delivery Systems — 0.2%
DexCom, Inc.†		5,730		1,831,766
E-Commerce/Products — 10.9%
Amazon.com, Inc.†		23,499		74,445,772
eBay, Inc.		41,884		2,112,210
JD.com, Inc. ADR†		54,929		4,688,190
Pinduoduo, Inc. ADR†		17,267		2,396,832
				83,643,004
E-Commerce/Services — 1.5%
Booking Holdings, Inc.†		2,451		4,971,731
Expedia Group, Inc.		8,121		1,010,983
MercadoLibre, Inc.†		2,975		4,621,157
Trip.com Group, Ltd . ADR†		31,297		1,051,266
				11,655,137
E-Services/Consulting — 0.1%
CDW Corp.		8,538		1,114,124
Electric-Integrated — 0.6%
Exelon Corp.		58,319		2,395,161
Xcel Energy, Inc.		31,439		2,117,731
				4,512,892
Electronic Components - Semiconductors — 8.7%
Advanced Micro Devices, Inc.†		70,261		6,510,384
Broadcom, Inc.		23,925		9,607,802
Intel Corp.		254,520		12,306,042
Microchip Technology, Inc.		15,108		2,030,364
Micron Technology, Inc.†		66,487		4,261,152
NVIDIA Corp.		36,924		19,793,479
Skyworks Solutions, Inc.		9,996		1,411,135
Texas Instruments, Inc.		54,814		8,838,758
Xilinx, Inc.		14,621		2,128,087
				66,887,203
Electronic Forms — 1.8%
Adobe, Inc.†		28,705		13,734,481
Enterprise Software/Service — 0.3%
Workday, Inc., Class A†		10,593		2,381,200
Entertainment Software — 1.2%
Activision Blizzard, Inc.		46,193		3,671,420
Electronic Arts, Inc.		17,283		2,207,903
NetEase, Inc. ADR		21,465		1,939,792
Take-Two Interactive Software, Inc.†		6,843		1,235,230
				9,054,345
Food - Confectionery — 0.6%
Mondelez International, Inc., Class A		85,479		4,910,769
Food - Misc./Diversified — 0.3%
Kraft Heinz Co.		73,165		2,410,055

154

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		19,409	$	2,462,420
Internet Content - Entertainment — 5.7%
Facebook, Inc., Class A†		112,796		31,241,108
Netflix, Inc.†		26,392		12,950,555
				44,191,663
Medical Information Systems — 0.2%
Cerner Corp.		18,276		1,367,776
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†		7,003		5,084,528
Medical - Biomedical/Gene — 4.3%
Alexion Pharmaceuticals, Inc.†		13,116		1,601,595
Amgen, Inc.		35,051		7,782,724
Biogen, Inc.†		9,474		2,275,371
BioMarin Pharmaceutical, Inc.†		10,853		854,131
Gilead Sciences, Inc.		75,029		4,552,009
Illumina, Inc.†		8,737		2,814,100
Incyte Corp.†		13,088		1,106,460
Moderna, Inc.†		23,614		3,606,802
Regeneron Pharmaceuticals, Inc.†		6,256		3,228,284
Seagen, Inc.†		10,413		1,773,438
Vertex Pharmaceuticals, Inc.†		15,588		3,550,167
				33,145,081
Networking Products — 1.4%
Cisco Systems, Inc.		252,683		10,870,423
Retail - Apparel/Shoe — 0.7%
Lululemon Athletica, Inc.†		7,440		2,754,437
Ross Stores, Inc.		21,300		2,290,176
				5,044,613
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		4,432		1,960,894
Retail-Discount — 1.6%
Costco Wholesale Corp.		26,423		10,351,739
Dollar Tree, Inc.†		14,202		1,551,426
				11,903,165
Retail - Drug Store — 0.3%
Walgreens Boots Alliance, Inc.		51,858		1,971,123
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		3,371		928,373
Retail - Restaurants — 0.9%
Starbucks Corp.		69,959		6,857,381
Semiconductor Components - Integrated Circuits — 2.2%
Analog Devices, Inc.		22,093		3,072,695
Maxim Integrated Products, Inc.		15,960		1,325,318
NXP Semiconductors NV		16,710		2,647,198
QUALCOMM, Inc.		67,521		9,937,066
				16,982,277
Semiconductor Equipment — 1.7%
Applied Materials, Inc.		54,655		4,507,944
ASML Holding NV		4,568		1,999,551
KLA Corp.		9,304		2,344,329
Lam Research Corp.		8,715		3,944,932
				12,796,756
Transport-Rail — 0.5%
CSX Corp.		45,784		4,122,849

Security Description	Shares/Principal Amount			Value (Note 2)
Web Hosting/Design — 0.2%
VeriSign, Inc.†		6,873		$	1,379,549
Web Portals/ISP — 7.6%
Alphabet, Inc., Class A†		16,174			28,375,666
Alphabet, Inc., Class C†		15,652			27,559,102
Baidu, Inc. ADR†		16,828			2,338,924
					58,273,692
Total Long-Term Investment Securities
(cost $216,926,743)					745,917,062
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09% (1)(2)		38,772			38,772
U.S. Government Treasuries — 0.6%
United States Treasury Bills
0.11% due 12/31/2020(3)	$	150,000			149,990
0.15% due 04/22/2021(3)		3,500,000			3,498,740
0.16% due 05/20/2021(3)		1,200,000			1,199,497
					4,848,227
Total Short-Term Investment Securities
(cost $4,885,850)					4,886,999
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $18,141,000 and collateralized by $18,577,100 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $18,503,877 (cost $18,141,000)		18,141,000			18,141,000
TOTAL INVESTMENTS
(cost $239,953,593)(4)		99.9	%		768,945,061
Other assets less liabilities		0.1			960,623
NET ASSETS		100.0	%	$	769,905,684

† 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 November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $1,685,739. This was secured by collateral of $38,772, which was received in cash and subsequently invested in short-term investments currently valued at $38,772 as reported in the Portfolio of Investments. Additional collateral of $1,699,330 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Notes/Bonds	zero coupon to 8.13%	01/15/2021 to 11/15/2049	$	1,699,330

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

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

ADR — American Depositary Receipt

155

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	97	Long	NASDAQ 100 E-Mini Index		December 2020	$	22,496,275	$	23,817,380	$	1,321,105

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	745,917,062	$	—	$	—	$	745,917,062
Short-Term Investment Securities:
Registered Investment Companies		38,772		—		—		38,772
U.S. Government Treasuries		—		4,848,227		—		4,848,227
Repurchase Agreements		—		18,141,000		—		18,141,000
Total Investments at Value	$	745,955,834	$	22,989,227	$	—	$	768,945,061
Other Financial Instruments:†
Futures Contracts	$	1,321,105	$	—	$	—	$	1,321,105

* 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

156

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	12.8	%
Web Portals/ISP	8.1
Enterprise Software/Service	7.1
Commercial Services — Finance	6.4
Internet Content — Entertainment	6.2
E-Commerce/Services	6.1
E-Commerce/Products	6.1
Computer Software	6.1
Applications Software	5.1
Semiconductor Equipment	4.7
Semiconductor Components — Integrated Circuits	4.0
Computers	2.6
Computer Data Security	2.3
Registered Investment Companies	2.1
Internet Application Software	1.9
Retail — Apparel/Shoe	1.6
Entertainment Software	1.5
Communications Software	1.3
Computers — Memory Devices	1.3
Electronic Components — Misc.	1.2
Finance — Credit Card	1.1
Data Processing/Management	1.1
Internet Security	0.9
Wireless Equipment	0.8
Internet Content — Information/News	0.7
Computer Services	0.7
Networking Products	0.6
Auto — Cars/Light Trucks	0.6
Electronic Forms	0.5
Computers — Other	0.4
Telecom Equipment — Fiber Optics	0.4
Medical Instruments	0.3
Advertising Services	0.3
Energy — Alternate Sources	0.2
Industrial Automated/Robotic	0.2
Apparel Manufacturers	0.2
Repurchase Agreements	0.2
Computer Aided Design	0.2
Electronic Measurement Instruments	0.2
Pharmacy Services	0.2
Specified Purpose Acquisitions	0.1
Publishing — Newspapers	0.1
Web Hosting/Design	0.1
Food — Wholesale/Distribution	0.1
Exchange — Traded Funds	0.1
Electronic Connectors	0.1
Transport — Services	0.1
Machinery — Electrical	0.1
Internet Infrastructure Software	0.1
	99.2	%

* Calculated as a percentage of net assets

157

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.2%
Advertising Services — 0.3%
Trade Desk, Inc., Class A†		6,505	$	5,861,460
Apparel Manufacturers — 0.2%
boohoo Group PLC†		1,028,832		4,293,069
Applications Software — 5.1%
Epic Games, Inc.†(1)(2)		2,883		1,657,725
Intuit, Inc.		13,650		4,805,073
Microsoft Corp.		364,367		78,000,044
ServiceNow, Inc.†		26,569		14,202,459
TeamViewer AG†*		108,219		5,154,527
				103,819,828
Auto - Cars/Light Trucks — 0.5%
Tesla, Inc.†		16,785		9,527,166
Commercial Services - Finance — 6.4%
Adyen NV†*#		1,575		3,009,741
Avalara, Inc.†		8,270		1,420,372
FleetCor Technologies, Inc.†		40,533		10,749,757
Global Payments, Inc.		168,137		32,818,661
PayPal Holdings, Inc.†		216,391		46,333,641
Square, Inc., Class A†		140,082		29,551,699
WEX, Inc.†		37,679		6,527,510
				130,411,381
Communications Software — 1.3%
RingCentral, Inc., Class A†		40,660		12,078,053
Zoom Video Communications, Inc., Class A†		30,420		14,551,711
				26,629,764
Computer Aided Design — 0.2%
Autodesk, Inc.†		7,735		2,167,579
Cadence Design Systems, Inc.†		13,315		1,548,535
				3,716,114
Computer Data Security — 2.3%
Crowdstrike Holdings, Inc., Class A†		142,530		21,846,999
McAfee Corp.†		191,115		3,067,396
Varonis Systems, Inc.†		39,685		4,787,598
Zscaler, Inc.†		110,700		17,241,525
				46,943,518
Computer Services — 0.7%
Cognizant Technology Solutions Corp., Class A		73,476		5,740,680
Genpact, Ltd.		233,440		9,489,336
				15,230,016
Computer Software — 6.1%
Citrix Systems, Inc.		144,854		17,950,308
Cloudflare, Inc., Class A†		28,910		2,170,563
Datadog, Inc., Class A†		108,070		10,690,284
MongoDB, Inc.†#		93,570		26,883,597
Slack Technologies, Inc., Class A†		184,858		7,926,711
Snowflake, Inc., Class A†#		13,850		4,512,884
Splunk, Inc.†		95,482		19,495,515
Twilio, Inc., Class A†		106,590		34,118,393
				123,748,255
Computers — 2.6%
Apple, Inc.		447,110		53,228,446
Computers - Memory Devices — 1.3%
Pure Storage, Inc., Class A†		1,352,707		24,713,957
Seagate Technology PLC		16,335		960,661
				25,674,618

Security Description	Shares		Value (Note 2)
Computers - Other — 0.4%
Lumentum Holdings, Inc.†		92,698	$	8,007,253
Data Processing/Management — 1.1%
DocuSign, Inc.†		46,660		10,632,881
Fidelity National Information Services, Inc.		36,940		5,482,265
Fiserv, Inc.†		49,465		5,697,379
				21,812,525
E-Commerce/Products — 6.1%
Alibaba Group Holding, Ltd.†		174,472		5,883,974
Alibaba Group Holding, Ltd. ADR†		63,886		16,825,017
Amazon.com, Inc.†		27,457		86,984,874
Etsy, Inc.†		79,421		12,762,955
JD.com, Inc. ADR†		24,295		2,073,578
Ozon Holdings PLC ADR†		28,886		1,156,018
				125,686,416
E-Commerce/Services — 5.9%
58.com Inc Common Stock†(1)(2)		628,854		17,607,912
Booking Holdings, Inc.†		20,290		41,157,251
Delivery Hero SE†*		73,557		8,883,929
Expedia Group, Inc.		21,280		2,649,147
Match Group, Inc.†		34,899		4,858,290
Tongcheng-Elong Holdings, Ltd.†		1,997,600		3,726,630
Trainline PLC†*		905,567		5,478,532
Trip.com Group, Ltd . ADR†		977,990		32,850,684
Uber Technologies, Inc.†		55,779		2,769,985
Zillow Group, Inc., Class A†		8,995		992,598
				120,974,958
Electronic Components - Misc. — 1.2%
Flex, Ltd.†		1,053,755		17,102,444
Hon Hai Precision Industry Co., Ltd.		806,000		2,327,298
Taiyo Yuden Co., Ltd.		127,200		5,769,080
				25,198,822
Electronic Components - Semiconductors — 12.8%
Advanced Micro Devices, Inc.†		380,604		35,266,767
Cree, Inc.†		35,820		3,237,770
Infineon Technologies AG		288,195		10,148,195
IPG Photonics Corp.†		14,260		2,951,963
Lattice Semiconductor Corp.†		200,262		8,380,965
Marvell Technology Group, Ltd.		590,179		27,319,386
Micron Technology, Inc.†		970,530		62,201,268
NVIDIA Corp.		42,103		22,569,734
Qorvo, Inc.†		57,135		8,951,912
Samsung Electronics Co., Ltd.		779,435		46,982,345
SK Hynix, Inc.		162,826		14,346,875
Skyworks Solutions, Inc.		38,295		5,406,105
STMicroelectronics NV		143,165		5,604,817
STMicroelectronics NV#		225,828		8,954,080
				262,322,182
Electronic Connectors — 0.1%
Amphenol Corp., Class A		15,095		1,974,577
Electronic Forms — 0.5%
Adobe, Inc.†		21,851		10,455,048
Electronic Measurement Instruments — 0.2%
Koh Young Technology, Inc.		38,835		3,288,455
Energy - Alternate Sources — 0.2%
Array Technologies, Inc.†		105,953		4,829,338
Enterprise Software/Service — 7.1%
Alteryx, Inc., Class A†#		41,410		4,962,574
Ceridian HCM Holding, Inc.†		28,327		2,731,289

158

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Coupa Software, Inc.†		6,170	$	2,029,375
Guidewire Software, Inc.†		75,824		9,286,924
HubSpot, Inc.†		14,140		5,575,826
Paycom Software, Inc.†		66,470		27,723,308
salesforce.com, Inc.†		238,473		58,616,663
SVMK, Inc.†		113,238		2,409,705
Veeva Systems, Inc., Class A†		32,840		9,092,411
Workday, Inc., Class A†		97,100		21,827,109
				144,255,184
Entertainment Software — 1.5%
Activision Blizzard, Inc.		15,615		1,241,080
Electronic Arts, Inc.		32,426		4,142,421
Mail.Ru Group, Ltd. GDR†		580,502		16,747,483
NetEase, Inc. ADR		27,955		2,526,293
Take-Two Interactive Software, Inc.†		15,020		2,711,260
Zynga, Inc., Class A†		271,106		2,236,625
				29,605,162
Finance - Credit Card — 1.1%
Visa, Inc., Class A		109,497		23,032,694
Food - Wholesale/Distribution — 0.0%
Maplebear, Inc. (dba Instacart) Non-Voting†(1)(2)		523		33,995
Maplebear, Inc. (dba Instacart) Voting†(1)(2)		10,016		651,040
				685,035
Industrial Automated/Robotic — 0.2%
Cognex Corp.		23,100		1,735,734
Keyence Corp.		5,500		2,807,423
				4,543,157
Internet Application Software — 1.9%
Okta, Inc.†		66,285		16,242,476
Shopify, Inc., Class A†		14,455		15,761,443
Wix.com, Ltd.†		14,932		3,814,081
Zendesk, Inc.†		22,870		3,053,145
				38,871,145
Internet Content - Entertainment — 6.2%
Facebook, Inc., Class A†		321,140		88,946,146
Netflix, Inc.†		5,460		2,679,222
Pinterest, Inc., Class A†		187,748		13,146,115
Snap, Inc., Class A†		436,212		19,376,537
Spotify Technology SA†		2,645		770,674
Tencent Music Entertainment Group ADR†		170,529		2,858,066
				127,776,760
Internet Content - Information/News — 0.7%
Naspers, Ltd., Class N		46,976		9,491,359
Tencent Holdings, Ltd.		79,671		5,786,928
				15,278,287
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		8,015		1,304,922
Internet Security — 0.9%
FireEye, Inc.†		59,820		899,095
NortonLifeLock, Inc.		563,668		10,275,668
Palo Alto Networks, Inc.†		27,480		8,076,921
				19,251,684
Machinery - Electrical — 0.1%
Bloom Energy Corp., Class A†#		60,845		1,491,919
Medical Instruments — 0.3%
Intuitive Surgical, Inc.†		9,484		6,885,858

Security Description	Shares		Value (Note 2)
Networking Products — 0.6%
Arista Networks, Inc.†		3,430	$	928,501
Cisco Systems, Inc.		248,142		10,675,069
				11,603,570
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Class A†(1)(2)		49,774		1,220,986
Publishing - Newspapers — 0.1%
News Corp., Class A		162,820		2,873,773
Real Estate Investment Trusts — 0.0%
Equinix, Inc.		990		690,812
Retail - Apparel/Shoe — 1.6%
Zalando SE†*		326,986		33,075,852
Semiconductor Components - Integrated Circuits — 4.0%
Maxim Integrated Products, Inc.		152,891		12,696,069
NXP Semiconductors NV		61,935		9,811,743
QUALCOMM, Inc.		278,179		40,939,603
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		191,660		18,594,853
				82,042,268
Semiconductor Equipment — 4.7%
Applied Materials, Inc.		247,481		20,412,233
BE Semiconductor Industries NV		142,351		7,439,090
FormFactor, Inc.†		136,482		5,595,762
Globalwafers Co., Ltd.		254,000		4,972,617
KLA Corp.		56,690		14,284,179
Lam Research Corp.		46,007		20,825,529
Teradyne, Inc.		153,336		16,919,094
Tokyo Electron, Ltd.		13,900		4,722,538
				95,171,042
Specified Purpose Acquisitions — 0.1%
Reinvent Technology Partners†		250,920		2,935,764
Telecom Equipment - Fiber Optics — 0.4%
Corning, Inc.		200,417		7,499,604
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		32,562		2,589,981
Web Portals/ISP — 8.1%
Alphabet, Inc., Class A†		26,224		46,007,386
Alphabet, Inc., Class C†		59,924		105,510,584
Baidu, Inc. ADR†		73,859		10,265,662
NAVER Corp.		12,955		3,248,848
				165,032,480
Wireless Equipment — 0.8%
Samsung SDI Co., Ltd.		33,354		16,065,863
Total Common Stocks
(cost $1,334,540,427)				1,967,417,011
CONVERTIBLE PREFERRED SECURITIES — 0.6%
Auto - Cars/Light Trucks — 0.1%
GM Cruise Holdings, LLC Class F†(1)(2)		89,700		1,637,025
E-Commerce/Services — 0.2%
Airbnb, Inc., Series E†(1)(2)		26,943		2,292,221
Rappi, Inc., Series E†(1)(2)		39,184		2,341,089
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)		11,731		434,047
				5,067,357
Food - Wholesale/Distribution — 0.1%
Maplebear, Inc. (dba Instacart) Series G†(1)(2)		20,650		1,342,250

159

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
IT Services — 0.0%
Mesosphere, Inc. Series D†(1)(2)		151,129		$	337,018
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		61,401			1,506,203
Transport - Services — 0.1%
Waymo LLC Series A-2†(1)(2)		21,059			1,808,277
Total Convertible Preferred Securities
(cost $12,245,163)					11,698,130
EXCHANGE - TRADED FUNDS — 0.1%
iShares Expanded Tech Sector ETF# (cost $1,478,641)		5,940			1,992,038
Total Long-Term Investment Securities
(cost $1,348,264,231)					1,981,107,179
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Registered Investment Companies — 2.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.02%(3)		500,211			500,211
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(3)(4)		9,368,782			9,368,782
T. Rowe Price Government Reserve Fund 0.09%(3)		34,039,222			34,039,222
Total Short-Term Investment Securities
(cost $43,908,215)					43,908,215
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $3,850,000 and collateralized by $3,942,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $3,927,060 (cost $3,850,000)	$	3,850,000			3,850,000
TOTAL INVESTMENTS
(cost $1,396,022,446)(5)		99.2	%		2,028,865,394
Other assets less liabilities		0.8			17,352,743
NET ASSETS		100.0	%	$	2,046,218,137

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $55,602,581 representing 2.7% of net assets.

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

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, 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
58.com, Inc.		08/31/2020		628,854	$	16,791,820	$	17,607,912	$	28.00		0.86	%
Epic Games, Inc.		06/18/2020		2,883		1,657,725		1,657,725		575.00		0.08
Maplebear, Inc. (dba Instacart) Non-Voting		08/07/2020		523		24,233
Maplebear, Inc. (dba Instacart) Voting		08/07/2020		10,016		464,080
				10,539		488,313		685,035		65.00		0.03
JAND, Inc., (dba Warby Parker), Class A		03/09/2018		49,774		782,298		1,220,986		24.53		0.06
Convertible Preferred Securities
Airbnb, Inc.,
Series E		06/24/2015		16,260		1,513,715
		07/14/2015		10,683		994,527
				26,943		2,508,242		2,292,221		85.08		0.11
GM Cruise Holdings, LLC
Class F		05/07/2019		89,700		1,637,025		1,637,025		18.25		0.08
JAND, Inc., (dba Warby Parker),
Series E		03/09/2018		61,401		965,040		1,506,203		24.53		0.07
Maplebear, Inc., (dba Instacart)
Series G		07/02/2020		20,650		993,098		1,342,250		65.00		0.07
Mesophere, Inc.,
Series D		05/04/2018		151,129		1,670,656		337,018		2.23		0.02
Rappi, Inc.,
Series E		09/08/2020		39,184		2,341,089		2,341,089		59.75		0.11
Waymo LLC
Series A-2		05/08/2020		21,059		1,808,277		1,808,277		85.87		0.09
Xiaoju Kuaizhi, Inc.,
Series A-17		10/19/2015		11,731		321,737		434,047		37.00		0.02
							$	32,869,788				1.60	%

(3) The rate shown is the 7-day yield as of November 30, 2020.

160

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

(4) At November 30, 2020, the Fund had loaned securities with a total value of $14,026,346. This was secured by collateral of $9,368,782 which was received in cash and subsequently invested in short-term investments currently valued at $9.368,782 as reported in the Portfolio of Investments. Additional collateral of $5,039,629 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
United States Treasury Bills	0.00%	12/03/2020 to 04/08/2021	$	158,009
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 11/15/2049		4,881,620

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Applications Software	$	102,162,103	$	—	$	1,657,725	$	103,819,828
E-Commerce/Services		103,367,046		—		17,607,912		120,974,958
Food-Wholesale/Distribution		—		—		685,035		685,035
Pharmacy Services		—		—		1,220,986		1,220,986
Other Industries		1,740,716,204		—		—		1,740,716,204
Convertible Preferred Securities		—		—		11,698,130		11,698,130
Exchange -Traded Funds		1,992,038		—		—		1,992,038
Short-Term Investment Securities		43,908,215		—		—		43,908,215
Repurchase Agreements		—		3,850,000		—		3,850,000
Total Investments at Value	$	1,992,145,606	$	3,850,000	$	32,869,788	$	2,028,865,394

* 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:

	Common Stocks		Convertible Preferred Securities
Balance as of May 31, 2020	$	970,250	$	8,074,314
Accrued Discounts		—		—
Accrued Premiums		—		—
Realized Gain		—		—
Realized Loss		—		—
Change in unrealized appreciation(1)		447,458		942,619
Change in unrealized depreciation(1)		—		(652,990	)
Net purchases		2,146,038		3,334,187
Net Sales		—		—
Transfers into Level 3(2)		17,607,912		—
Transfers out of Level 3		—		—
Balance as of November 30, 2020	$	21,171,658	$	11,698,130

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2020 includes:

Common Stocks		Convertible Preferred Securities
$	447,458	$	289,629

(2) ADR shares were converted to Unlisted Common Stock following an acquisition offer. Security was previously valued with Level 1 inputs

161

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2020.

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

Description	Fair Value at 11/30/20		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	3,563,746	Market Approach	Transaction Price*	$24.5306 - $575.0000 ($288.36810)#
	$	17,607,912	Income Approach	Acquisition offer*	$28.00
Convertible Preferred Securities	$	9,068,891	Market Approach	Transaction Price*	$18.2500 - $85.8672 ($51.3042)#
	$	337,018	Market Approach	Transaction Price*	$11.0500
				Sales Multiple*	3.6x
				Gross Profit Mutilple*	4.6x
				Discount for Lack of Marketability	10.0%
	$	2,292,221	Market Approach	Transaction Price*	$55.0000
				Revenue Multiple*	5.64x - 7.30x (6.25x)^
				Gross Profit Mutilple*	8.27x
				Discount for Lack of Marketability	10.0% - 15.0% (12.5%)^

(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

162

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — November 30, 2020 — (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	18.4	%
Medical Products	5.8
Electronic Components — Semiconductors	4.6
Computer Software	4.3
Medical — Drugs	3.9
Registered Investment Companies	3.8
Commercial Services — Finance	2.9
Enterprise Software/Service	2.4
Computer Data Security	2.3
Retail — Pet Food & Supplies	2.0
Internet Application Software	1.9
Finance — Consumer Loans	1.9
Retail — Discount	1.9
Building & Construction Products — Misc.	1.9
Communications Software	1.7
Medical — Outpatient/Home Medical	1.7
Steel Pipe & Tube	1.5
Distribution/Wholesale	1.5
Banks — Mortgage	1.5
Food — Misc./Diversified	1.4
Electronic Components — Misc.	1.4
Educational Software	1.4
Cosmetics & Toiletries	1.4
Transport — Truck	1.4
Energy — Alternate Sources	1.3
Electronics — Military	1.3
Racetracks	1.3
Athletic Equipment	1.3
Repurchase Agreements	1.2
Commercial Services	1.2
Consulting Services	1.1
Semiconductor Equipment	1.0
Computer Services	1.0
Machinery — General Industrial	1.0
Medical Labs & Testing Services	1.0
Electric — Integrated	1.0
Electronic Measurement Instruments	1.0
Retail — Automobile	1.0
Web Hosting/Design	1.0
Applications Software	1.0
Telecommunication Equipment	1.0
Food — Baking	0.9
Medical Instruments	0.9
Health Care Cost Containment	0.9
Medical Information Systems	0.8
Instruments — Controls	0.8
Therapeutics	0.8
Auto/Truck Parts & Equipment — Original	0.8
Machinery — Print Trade	0.7
Building — Residential/Commercial	0.7
Transport — Services	0.7
Telecom Services	0.7
E-Commerce/Services	0.6
Filtration/Separation Products	0.6
Apparel Manufacturers	0.6
Retail — Restaurants	0.6
Building — Mobile Home/Manufactured Housing	0.5
Computers — Integrated Systems	0.5
	103.7	%

* Calculated as a percentage of net assets

163

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.7%
Apparel Manufacturers — 0.6%
Canada Goose Holdings, Inc.†#		32,050	$	1,065,342
Applications Software — 1.0%
Five9, Inc.†		11,940		1,853,088
Athletic Equipment — 1.3%
YETI Holdings, Inc.†		38,590		2,437,730
Auto/Truck Parts & Equipment - Original — 0.8%
Fox Factory Holding Corp.†		16,850		1,470,500
Banks - Mortgage — 1.5%
Walker & Dunlop, Inc.		35,050		2,804,350
Building & Construction Products - Misc. — 1.9%
Builders FirstSource, Inc.†		24,190		904,948
Simpson Manufacturing Co., Inc.		28,611		2,629,351
				3,534,299
Building - Mobile Home/Manufactured Housing — 0.5%
Skyline Champion Corp.†		32,440		996,881
Building - Residential/Commercial — 0.7%
Meritage Homes Corp.†		15,110		1,362,167
Commercial Services — 1.2%
LiveRamp Holdings, Inc.†		39,460		2,308,805
Commercial Services - Finance — 2.9%
Evo Payments, Inc., Class A†		34,970		879,146
Green Dot Corp., Class A†		20,870		1,117,797
Repay Holdings Corp.†		79,190		1,910,855
Shift4 Payments, Inc., Class A†		26,480		1,631,962
				5,539,760
Communications Software — 1.7%
Avaya Holdings Corp.†		172,510		3,210,411
Computer Data Security — 2.3%
Varonis Systems, Inc.†		36,190		4,365,962
Computer Services — 1.0%
WNS Holdings, Ltd. ADR†		28,120		1,979,929
Computer Software — 4.3%
Bandwidth, Inc., Class A†		37,450		5,684,161
Envestnet, Inc.†		31,590		2,535,413
				8,219,574
Computers - Integrated Systems — 0.5%
Telos Corp.†		49,670		996,877
Consulting Services — 1.1%
FTI Consulting, Inc.†		19,800		2,079,396
Cosmetics & Toiletries — 1.4%
e.l.f. Beauty, Inc.†		119,220		2,591,843
Distribution/Wholesale — 1.5%
SiteOne Landscape Supply, Inc.†#		20,380		2,814,478
E-Commerce/Services — 0.6%
EverQuote, Inc., Class A†		31,850		1,199,471
Educational Software — 1.4%
Arco Platform, Ltd., Class A†		59,886		2,620,012
Electric - Integrated — 1.0%
Evoqua Water Technologies Corp.†		74,920		1,954,663
Electronic Components - Misc. — 1.4%
Advanced Energy Industries, Inc.†		27,250		2,628,535
Electronic Components - Semiconductors — 4.6%
Lattice Semiconductor Corp.†		90,910		3,804,584
MACOM Technology Solutions Holdings, Inc.†#		68,530		3,061,920

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Silicon Laboratories, Inc.†		17,130	$	2,007,807
				8,874,311
Electronic Measurement Instruments — 1.0%
Itron, Inc.†		24,830		1,951,886
Electronics - Military — 1.3%
Mercury Systems, Inc.†		35,400		2,521,188
Energy - Alternate Sources — 1.3%
Plug Power, Inc.†		60,920		1,607,679
Sunrun, Inc.†		14,450		925,956
				2,533,635
Enterprise Software/Service — 2.4%
ACI Worldwide, Inc.†		45,960		1,497,377
Everbridge, Inc.†		24,290		3,083,372
				4,580,749
Filtration/Separation Products — 0.6%
ESCO Technologies, Inc.		11,560		1,143,284
Finance - Consumer Loans — 1.9%
LendingTree, Inc.†#		2,930		748,849
PRA Group, Inc.†		67,690		2,817,935
				3,566,784
Food - Baking — 0.9%
Hostess Brands, Inc.†		131,350		1,779,792
Food - Misc./Diversified — 1.4%
BellRing Brands, Inc., Class A†		105,630		2,154,852
Lancaster Colony Corp.		3,140		531,696
				2,686,548
Health Care Cost Containment — 0.9%
HealthEquity, Inc.†		23,050		1,652,454
Instruments - Controls — 0.8%
Watts Water Technologies, Inc., Class A		13,490		1,580,354
Internet Application Software — 1.9%
Wix.com, Ltd.†		14,030		3,583,683
Machinery - General Industrial — 1.0%
Chart Industries, Inc.†		19,150		1,979,344
Machinery - Print Trade — 0.7%
Kornit Digital, Ltd.†		16,750		1,413,198
Medical Information Systems — 0.8%
Health Catalyst, Inc.†#		44,800		1,597,120
Medical Instruments — 0.9%
Silk Road Medical, Inc.†#		30,160		1,728,168
Medical Labs & Testing Services — 1.0%
Invitae Corp.†#		39,390		1,955,713
Medical Products — 5.8%
Eargo, Inc.†		13,830		693,021
Hanger, Inc.†		44,010		998,587
Inspire Medical Systems, Inc.†		14,840		2,756,382
iRhythm Technologies, Inc.†		9,770		2,388,863
Masimo Corp.†		6,510		1,656,730
Nevro Corp.†		16,330		2,633,212
				11,126,795
Medical - Biomedical/Gene — 18.4%
Allogene Therapeutics, Inc.†		31,520		978,696
Amicus Therapeutics, Inc.†		113,237		2,591,995
Apellis Pharmaceuticals, Inc.†		51,760		2,439,966
Arcus Biosciences, Inc.†		41,460		1,128,956

164

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Arena Pharmaceuticals, Inc.†		18,410	$	1,212,667
Ascendis Pharma A/S ADR†		8,860		1,494,948
Avidity Biosciences, Inc.†		29,440		881,434
Bluebird Bio, Inc.†		25,978		1,145,370
Blueprint Medicines Corp.†		17,462		1,887,293
Celyad SA ADR†		25,686		252,493
Constellation Pharmaceuticals, Inc.†		46,790		1,185,658
CytomX Therapeutics, Inc.†		85,130		640,178
Epizyme, Inc.†		91,880		1,262,431
Equillium, Inc.†#		75,960		394,992
Fate Therapeutics, Inc.†		52,330		3,059,473
Five Prime Therapeutics, Inc.†		30,450		572,460
Generation Bio Co.†		29,700		1,432,134
Iovance Biotherapeutics, Inc.†		46,858		1,818,559
Kronos Bio, Inc.†		23,680		759,418
Mirati Therapeutics, Inc.†		11,150		2,652,027
Opthea, Ltd. ADR†		52,790		692,605
Replimune Group, Inc.†		34,010		1,757,637
Sage Therapeutics, Inc.†		17,300		1,281,757
SpringWorks Therapeutics, Inc.†#		21,800		1,426,592
Twist Bioscience Corp.†		19,200		2,145,408
				35,095,147
Medical - Drugs — 3.9%
Bioxcel Therapeutics, Inc.†#		24,400		1,073,600
Compass Pathways PLC ADR†#		18,140		904,098
Kura Oncology, Inc.†		50,090		1,818,267
Myovant Sciences, Ltd.†#		63,560		1,509,550
ORIC Pharmaceuticals, Inc.†#		40,120		1,360,469
PMV Pharmaceuticals Inc†		22,970		809,463
				7,475,447
Medical - Outpatient/Home Medical — 1.7%
LHC Group, Inc.†		16,300		3,200,016
Racetracks — 1.3%
Churchill Downs, Inc.		13,800		2,482,896
Retail - Automobile — 1.0%
Lithia Motors, Inc., Class A		6,680		1,932,524
Retail - Discount — 1.9%
BJ’s Wholesale Club Holdings, Inc.†		56,730		2,325,363
Ollie’s Bargain Outlet Holdings, Inc.†		14,040		1,236,362
				3,561,725
Retail - Pet Food & Supplies — 2.0%
Freshpet, Inc.†		28,400		3,887,392
Retail - Restaurants — 0.6%
Wingstop, Inc.		8,290		1,055,400
Semiconductor Equipment — 1.0%
CMC Materials, Inc.		12,840		1,980,955
Steel Pipe & Tube — 1.5%
Advanced Drainage Systems, Inc.		41,590		2,900,902
Telecom Services — 0.7%
Vonage Holdings Corp.†		97,980		1,260,023
Telecommunication Equipment — 1.0%
Viavi Solutions, Inc.†		135,360		1,833,451
Therapeutics — 0.8%
GW Pharmaceuticals PLC ADR†#		10,660		1,493,253
Transport - Services — 0.7%
CryoPort, Inc.†#		26,950		1,311,118
Transport - Truck — 1.4%
Saia, Inc.†		14,820		2,586,683

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Hosting/Design — 1.0%
Q2 Holdings, Inc.†#		16,780		$	1,902,349
Total Long-Term Investment Securities
(cost $137,257,876)					188,248,360
SHORT-TERM INVESTMENT SECURITIES — 3.8%
Registered Investment Companies — 3.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $7,212,505)		7,212,505			7,212,505
REPURCHASE AGREEMENTS — 1.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $2,391,000 and collateralized by $2,448,500 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $2,438,849 (cost $2,391,000)	$	2,391,000			2,391,000
TOTAL INVESTMENTS
(cost $146,861,381)(3)		103.7	%		197,851,865
Liabilities in excess of other assets		(3.7	)		(7,105,182	)
NET ASSETS		100.0	%	$	190,746,683

† Non-income producing security

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

(1) At November 30, 2020, the Fund had loaned securities with a total value of $12,219,147. This was secured by collateral of $7,212,505, which was received in cash and subsequently invested in short-term investments currently valued at $7,212,505 as reported in the Portfolio of Investments. Additional collateral of $5,188,852 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	243,200
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		653,093
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		22,384
United States Treasury Bills	0.00%	02/25/2021 to 07/15/2021		7,051
United States Treasury Notes/Bonds	zero coupon to 8.13%	01/15/2021 to 11/15/2049		4,263,124

(2) The rate shown is the 7-day yield as of November 30, 2020.

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

ADR—American Depositary Receipt

165

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	188,248,360	$	—	$	—	$	188,248,360
Short-Term Investment Securities		7,212,505		—		—		7,212,505
Repurchase Agreements		—		2,391,000		—		2,391,000
Total Investments at Value	$	195,460,865	$	2,391,000	$	—	$	197,851,865

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

See Notes to Financial Statements

166

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Banks — Commercial	8.8	%
Medical — Biomedical/Gene	4.4
Real Estate Investment Trusts	4.3
Enterprise Software/Service	2.4
Insurance — Property/Casualty	2.3
Machinery — General Industrial	2.3
Applications Software	2.2
Repurchase Agreements	2.1
Retail — Restaurants	2.0
Commercial Services — Finance	1.7
Distribution/Wholesale	1.7
Medical Labs & Testing Services	1.6
Registered Investment Companies	1.5
Semiconductor Equipment	1.5
Machinery — Farming	1.5
Transport — Truck	1.5
Medical Products	1.5
Containers — Paper/Plastic	1.4
Electric — Integrated	1.4
Electric Products — Misc.	1.4
Building — Mobile Home/Manufactured Housing	1.4
Medical — HMO	1.3
Metal Processors & Fabrication	1.2
Investment Management/Advisor Services	1.2
Finance — Investment Banker/Broker	1.1
Commercial Services	1.1
Electronic Components — Semiconductors	1.1
Food — Wholesale/Distribution	1.1
Retail — Discount	1.1
Physical Therapy/Rehabilitation Centers	1.1
Chemicals — Specialty	1.1
Tools — Hand Held	1.0
Chemicals — Diversified	1.0
Medical — Drugs	0.9
Real Estate Management/Services	0.9
Machine Tools & Related Products	0.9
Oil Companies — Exploration & Production	0.9
Medical — Outpatient/Home Medical	0.9
Web Hosting/Design	0.8
Building & Construction — Misc.	0.8
Computer Software	0.8
Medical — Wholesale Drug Distribution	0.8
Schools	0.8
Recreational Vehicles	0.8
Instruments — Controls	0.7
Food — Misc./Diversified	0.7
Computer Aided Design	0.7
Gas — Distribution	0.7
Semiconductor Components — Integrated Circuits	0.7
Disposable Medical Products	0.7
Savings & Loans/Thrifts	0.7
Medical Instruments	0.7
Machinery — Pumps	0.6
Electronic Measurement Instruments	0.6
Brewery	0.6
Building & Construction Products — Misc.	0.6
Health Care Cost Containment	0.6
Oil — Field Services	0.5
Aerospace/Defense	0.5
Auto/Truck Parts & Equipment — Original	0.5
Containers — Metal/Glass	0.5
Identification Systems	0.5
Retail — Apparel/Shoe	0.5
Golf	0.5
Beverages — Non — alcoholic	0.5
Apparel Manufacturers	0.5
Retail — Convenience Store	0.4
E — Commerce/Services	0.4
Investment Companies	0.4

Diagnostic Kits	0.4
Finance — Consumer Loans	0.4
Water	0.4
Cable/Satellite TV	0.4
Insurance — Reinsurance	0.4
Recreational Centers	0.3
Consulting Services	0.3
Hazardous Waste Disposal	0.3
Transport — Services	0.3
Non — Hazardous Waste Disposal	0.3
Insurance Brokers	0.3
Retail — Automobile	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Diversified Manufacturing Operations	0.3
Miscellaneous Manufacturing	0.3
Retail — Vision Service Center	0.3
Gold Mining	0.3
Filtration/Separation Products	0.3
Finance — Leasing Companies	0.3
Building — Maintenance & Services	0.3
Energy — Alternate Sources	0.3
Metal — Aluminum	0.3
Gambling (Non — Hotel)	0.2
Retail — Home Furnishings	0.2
Finance — Mortgage Loan/Banker	0.2
Power Converter/Supply Equipment	0.2
Finance — Other Services	0.2
Security Services	0.2
Retail — Misc./Diversified	0.2
Oil Field Machinery & Equipment	0.2
Computers — Integrated Systems	0.2
Machinery — Electrical	0.2
Entertainment Software	0.2
Internet Security	0.2
Therapeutics	0.2
Electronic Components — Misc.	0.2
Auto Repair Centers	0.2
Poultry	0.2
Human Resources	0.2
Auto — Cars/Light Trucks	0.2
E — Commerce/Products	0.1
Building Products — Air & Heating	0.1
Wireless Equipment	0.1
Internet Financial Services	0.1
Electronic Security Devices	0.1
Metal — Copper	0.1
Advertising Services	0.1
Footwear & Related Apparel	0.1
Building — Heavy Construction	0.1
Pharmacy Services	0.1
Forestry	0.1
Food — Confectionery	0.1
Printing — Commercial	0.1
Building — Residential/Commercial	0.1
Retail — Arts & Crafts	0.1
Protection/Safety	0.1
Specified Purpose Acquisitions	0.1
Diversified Minerals	0.1
Building Products — Doors & Windows	0.1
Aerospace/Defense — Equipment	0.1
Internet Application Software	0.1
Computers — Other	0.1
Environmental Consulting & Engineering	0.1
Radio	0.1
Data Processing/Management	0.1
Food — Retail	0.1
Paper & Related Products	0.1
Telecommunication Equipment	0.1
Theaters	0.1
Home Furnishings	0.1

167

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Advanced Materials	0.1
Retail — Sporting Goods	0.1
Health Care Providers & Services	0.1
Pollution Control	0.1
Metal Products — Distribution	0.1
Medical Information Systems	0.1
Computer Services	0.1
Computers — Memory Devices	0.1
Retail — Bookstores	0.1
Textile — Products	0.1
Telecom Services	0.1
Engineering/R&D Services	0.1
Diagnostic Equipment	0.1
Audio/Video Products	0.1
E — Marketing/Info	0.1
Airlines	0.1
Coal	0.1
Physicians Practice Management	0.1
	101.4	%

* Calculated as a percentage of net assets

168

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.7%
Advanced Materials — 0.1%
Core Molding Technologies, Inc.†		7,500	$	84,000
Haynes International, Inc.		7,795		165,176
				249,176
Advertising Services — 0.1%
Fluent, Inc.†		50,500		173,720
Marchex, Inc., Class B†		40,000		86,400
Marin Software, Inc.†		13,571		28,771
National CineMedia, Inc.		32,706		110,219
				399,110
Aerospace/Defense — 0.5%
Air Industries Group†		20,000		26,600
Kratos Defense & Security Solutions, Inc.†		21,471		454,541
Teledyne Technologies, Inc.†		3,060		1,156,496
				1,637,637
Aerospace/Defense - Equipment — 0.1%
Aerojet Rocketdyne Holdings, Inc.†		5,455		204,181
CPI Aerostructures, Inc.†		28,000		89,320
				293,501
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		9,500		122,930
Agricultural Operations — 0.0%
Alico, Inc.		2,860		88,631
Airlines — 0.1%
Mesa Air Group, Inc.†		24,600		156,948
Apparel Manufacturers — 0.5%
Carter’s, Inc.#		14,119		1,256,450
Delta Apparel, Inc.†		5,500		118,580
Tandy Leather Factory, Inc.†		15,000		48,750
Vince Holding Corp.†		10,000		51,400
				1,475,180
Appliances — 0.0%
Hamilton Beach Brands Holding Co., Class A		5,800		108,924
Applications Software — 1.9%
Asana, Inc., Class A†#		3,530		98,663
Descartes Systems Group, Inc.†		16,892		1,001,527
Duck Creek Technologies, Inc.†		9,001		357,880
Five9, Inc.†		7,344		1,139,789
Medallia, Inc.†#		36,023		1,260,445
Outset Medical, Inc.†		899		57,536
PDF Solutions, Inc.†		12,140		267,930
RealPage, Inc.†		26,291		1,813,816
ServiceTitan, Inc.†(1)(2)		191		6,455
Toast, Inc. †(1)(2)		11		825
TransAct Technologies, Inc.		7,500		63,300
Wayside Technology Group, Inc.		2,700		56,403
				6,124,569
Audio/Video Products — 0.1%
Emerson Radio Corp.†		10,000		10,300
VOXX International Corp.†		13,000		167,310
				177,610
Auto Repair Centers — 0.2%
Monro, Inc.		10,525		494,780
Auto - Heavy Duty Trucks — 0.0%
Sypris Solutions, Inc.†		24,000		35,040
Auto/Truck Parts & Equipment - Original — 0.5%
Gentherm, Inc.†		8,755		497,809

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Original (continued)
Meritor, Inc.†		25,900	$	683,760
Superior Industries International, Inc.†		20,000		99,800
Titan International, Inc.		55,400		278,108
Visteon Corp.†		453		54,745
				1,614,222
Auto/Truck Parts & Equipment - Replacement — 0.3%
Douglas Dynamics, Inc.		24,165		945,335
Banks - Commercial — 8.8%
1st Constitution Bancorp		7,400		120,916
American River Bankshares		10,000		110,700
AmeriServ Financial, Inc.		22,000		72,160
Atlantic Capital Bancshares, Inc.†		8,850		124,254
Bank of Commerce Holdings		12,140		114,237
Bank of Princeton		2,051		48,875
Bank7 Corp.		10,000		121,600
BankUnited, Inc.		83,991		2,394,583
Baycom Corp.†		7,500		108,000
BCB Bancorp, Inc.		3,000		30,510
Blue Ridge Bankshares, Inc.		5,000		74,050
Bridge Bancorp, Inc.		7,900		176,328
C&F Financial Corp.		3,000		112,500
California Bancorp, Inc.†		6,300		101,430
Capital Bancorp, Inc.†		8,500		101,065
Chemung Financial Corp.		2,600		87,230
Citizens Holding Co.		4,500		92,205
Codorus Valley Bancorp, Inc.		7,145		119,965
Colony Bankcorp, Inc.		7,500		106,950
Columbia Banking System, Inc.		6,369		201,324
Commerce Bancshares, Inc.#		27,410		1,807,964
Community West Bancshares		6,700		57,352
County Bancorp, Inc.		5,000		107,300
CrossFirst Bankshares, Inc.†#		15,328		139,485
Cullen/Frost Bankers, Inc.		16,528		1,386,865
East West Bancorp, Inc.		10,700		457,104
Equity Bancshares, Inc., Class A†		7,734		156,807
Evans Bancorp, Inc.		2,900		78,242
FB Financial Corp.		13,356		426,324
First Bancshares, Inc.		9,244		252,916
First Bank		12,500		116,125
First Financial Bancorp		62,477		1,002,756
First Hawaiian, Inc.		69,098		1,514,628
First Horizon National Corp.		178,201		2,177,616
First Internet Bancorp		6,000		153,480
First Northwest Bancorp		6,500		97,500
First United Corp.		9,500		145,160
Grasshopper Bancorp, Inc.†(1)(2)		5,208		35,414
Hawthorn Bancshares, Inc.		3,373		74,206
Heritage Commerce Corp.		24,969		210,239
Heritage Financial Corp.		9,600		223,392
Home BancShares, Inc.		30,300		560,853
Investar Holding Corp.		7,500		121,950
Live Oak Bancshares, Inc.		12,094		497,305
Meridian Corp.		6,900		128,340
Northeast Bank		6,500		141,570
Northrim BanCorp, Inc.		3,600		114,372
Ohio Valley Banc Corp.		4,000		92,200
OP Bancorp		15,000		109,500
Origin Bancorp, Inc.		11,071		284,635
Pacific Mercantile Bancorp†		16,000		80,000
PCB Bancorp		11,000		119,790
Penns Woods Bancorp, Inc.		3,000		76,680
Peoples Bancorp of North Carolina, Inc.		6,050		150,524
Pinnacle Financial Partners, Inc.		13,658		739,717
Popular, Inc.		5,600		271,768

169

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Prosperity Bancshares, Inc.		6,600	$	414,678
Riverview Financial Corp.		6,200		45,260
Sandy Spring Bancorp, Inc.		8,300		244,518
Seacoast Banking Corp. of Florida†		19,824		500,754
Select Bancorp, Inc.†		6,000		54,900
Shore Bancshares, Inc.		8,000		110,800
Signature Bank		21,217		2,380,335
South State Corp.		9,927		659,848
Sterling Bancorp, Inc.		14,498		56,687
United Bancshares, Inc.		6,000		147,000
United Security Bancshares		12,055		84,988
Unity Bancorp, Inc.		8,000		140,720
Webster Financial Corp.		10,127		383,206
Western Alliance Bancorp		55,944		2,868,249
Western New England Bancorp, Inc.		13,800		92,184
Wintrust Financial Corp.		30,889		1,683,142
				28,396,230
Banks - Fiduciary — 0.0%
Union Bankshares, Inc.		4,000		110,000
Banks - Regional — 0.0%
Dogwood State Bank (Non-Voting Shares)†(1)(2)		3,056		16,044
Dogwood State Bank (Voting Shares)†(1)(2)		1,501		7,880
				23,924
Beverages - Non-alcoholic — 0.5%
Primo Water Corp.		101,679		1,528,235
Brewery — 0.6%
Boston Beer Co., Inc., Class A†		2,127		1,979,897
Building & Construction Products - Misc. — 0.6%
Armstrong Flooring, Inc.†		40,000		142,400
Fortune Brands Home & Security, Inc.		12,768		1,066,128
Gibraltar Industries, Inc.†		11,355		743,298
				1,951,826
Building & Construction - Misc. — 0.8%
WillScot Mobile Mini Holdings Corp.†		121,555		2,614,648
Building Products - Air & Heating — 0.1%
SPX Corp.†		8,800		450,824
Building Products - Doors & Windows — 0.1%
PGT Innovations, Inc.†		16,009		298,088
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		10,000		78,200
Building - Heavy Construction — 0.1%
Goldfield Corp.†		31,500		219,555
Orion Group Holdings, Inc.†		31,100		123,467
Perma - Pipe International Holdings, Inc.†		10,000		57,400
				400,422
Building - Maintenance & Services — 0.3%
Rentokil Initial PLC†		84,740		561,806
Terminix Global Holdings, Inc.†		5,500		269,665
				831,471
Building - Mobile Home/Manufactured Housing — 1.4%
Cavco Industries, Inc.†		1,400		252,014
Horizon Global Corp.†		35,000		254,100
LCI Industries		18,441		2,319,509
Skyline Champion Corp.†		12,802		393,405
Thor Industries, Inc.		11,899		1,148,373
				4,367,401

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial — 0.1%
New Home Co., Inc.†		10,500	$	59,010
TRI Pointe Group, Inc.†		16,617		290,465
				349,475
Cable/Satellite TV — 0.4%
Cable One, Inc.		592		1,172,557
Cellular Telecom — 0.0%
NII Holdings, Inc.†(1)		3,000		6,300
Chemicals - Diversified — 1.0%
Quaker Chemical Corp.#		12,382		3,058,354
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		14,000		90,580
Chemicals - Plastics — 0.0%
China XD Plastics Co., Ltd†		20,000		23,800
Chemicals - Specialty — 1.1%
AgroFresh Solutions, Inc.†		61,800		142,140
Element Solutions, Inc.		52,440		724,196
GCP Applied Technologies, Inc.†		51,172		1,202,030
Minerals Technologies, Inc.		7,700		467,159
PQ Group Holdings, Inc.†		66,292		847,875
				3,383,400
Circuit Boards — 0.0%
IEC Electronics Corp.†		12,300		121,893
Coal — 0.1%
CONSOL Energy, Inc.†		10,000		52,900
Ramaco Resources, Inc.†		30,000		91,800
				144,700
Coffee — 0.0%
Farmer Brothers Co.†		16,000		71,200
Commercial Services — 1.1%
CoreLogic, Inc.		17,466		1,353,615
Emerald Holding, Inc.		45,000		191,700
HMS Holdings Corp.†		61,074		1,918,945
Performant Financial Corp.†		50,000		39,050
ServiceSource International, Inc.†		55,000		84,700
				3,588,010
Commercial Services - Finance — 1.7%
Avalara, Inc.†		1,200		206,100
Euronet Worldwide, Inc.†		4,100		551,204
Morningstar, Inc.		9,994		1,999,799
PRGX Global, Inc.†		26,500		176,490
StoneCo, Ltd., Class A†		5,030		368,297
WEX, Inc.†		13,386		2,318,991
				5,620,881
Communications Software — 0.0%
SeaChange International, Inc.†		22,500		21,722
Computer Aided Design — 0.7%
Aspen Technology, Inc.†		13,606		1,829,327
Bentley Systems, Inc.†		10,800		380,916
				2,210,243
Computer Services — 0.1%
ALJ Regional Holdings, Inc.†		40,000		38,316
CynergisTek, Inc.†#		10,000		15,000
Parsons Corp.†		4,943		161,636
				214,952

170

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PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Software — 0.8%
Checkr, Inc.†(1)(2)		1,956	$	47,902
Computer Modelling Group, Ltd.		14,800		60,399
Envestnet, Inc.†		18,806		1,509,370
nCino Inc.†		5,654		460,744
nCino, Inc.†(2)		4,283		331,571
				2,409,986
Computers - Integrated Systems — 0.2%
Cubic Corp.		9,929		581,442
Computers - Memory Devices — 0.1%
Everspin Technologies, Inc.†		10,000		54,600
Quantum Corp.†		26,000		148,980
				203,580
Computers - Other — 0.1%
ExOne Co.†		11,900		141,848
PlayAGS, Inc.†		30,000		147,600
				289,448
Computers - Periphery Equipment — 0.0%
Key Tronic Corp.†		9,633		74,463
Consulting Services — 0.3%
Acacia Research Corp.†		35,000		129,150
Booz Allen Hamilton Holding Corp.		7,400		642,246
GP Strategies Corp.†		11,300		129,950
Hill International, Inc.†		42,500		80,325
Information Services Group, Inc.†		27,400		82,748
				1,064,419
Consumer Products - Misc. — 0.0%
Acme United Corp.		3,570		118,238
Containers - Metal/Glass — 0.5%
Crown Holdings, Inc.†		16,923		1,594,993
Containers - Paper/Plastic — 1.4%
AptarGroup, Inc.		31,926		4,032,892
Pactiv Evergreen Inc†		32,400		546,912
				4,579,804
Data Processing/Management — 0.1%
Innodata, Inc.†		52,600		273,520
Diagnostic Equipment — 0.1%
Adaptive Biotechnologies Corp.†		3,713		179,041
Diagnostic Kits — 0.4%
Quidel Corp.†		6,629		1,292,986
Disposable Medical Products — 0.7%
ICU Medical, Inc.†		11,181		2,109,855
Xtant Medical Holdings, Inc.†#		25,000		30,000
				2,139,855
Distribution/Wholesale — 1.7%
ADDvantage Technologies Group, Inc.†#		25,000		79,750
Educational Development Corp.		8,300		130,559
Houston Wire & Cable Co.†		34,739		91,363
IAA, Inc.†		39,947		2,393,624
Pool Corp.		4,851		1,678,980
SiteOne Landscape Supply, Inc.†		8,526		1,177,441
				5,551,717
Diversified Manufacturing Operations — 0.3%
DIRTT Environmental Solutions†		78,000		130,260
Enerpac Tool Group Corp.		24,200		541,838
Federal Signal Corp.		6,400		198,592
LSB Industries, Inc.†		27,500		69,025
				939,715

Security Description	Shares		Value (Note 2)
Diversified Minerals — 0.1%
Lundin Mining Corp.		38,196	$	305,286
Diversified Operations — 0.0%
Professional Holding Corp. Class A PIPE(2)		1,403		18,926
Professional Holding Corp., Class A†		3,490		49,558
				68,484
Diversified Operations/Commercial Services — 0.0%
Avalon Holdings Corp., Class A†		3,000		6,360
Volt Information Sciences, Inc.†		14,393		31,521
				37,881
Drug Delivery Systems — 0.0%
Senseonics Holdings, Inc.†#		137,000		50,690
E-Commerce/Products — 0.1%
Leslie’s, Inc.†		17,691		366,027
E-Commerce/Services — 0.3%
A Place For Rover, Inc.†(1)(2)		513		2,955
Leaf Group, Ltd.†		23,000		129,720
Travelzoo†		11,000		103,950
Upwork, Inc.†		24,300		795,096
				1,031,721
E-Marketing/Info — 0.1%
comScore, Inc.†		50,000		127,500
Inuvo, Inc.†		100,000		36,590
				164,090
Educational Software — 0.0%
Zovio, Inc.†		25,000		93,000
Electric Products - Misc. — 1.4%
Graham Corp.		5,800		91,582
Littelfuse, Inc.		2,600		625,378
nLight, Inc.†		51,318		1,540,567
Novanta, Inc.†		18,433		2,211,591
Ultralife Corp.†		12,300		83,025
				4,552,143
Electric - Generation — 0.0%
Charah Solutions, Inc.†#		50,000		142,000
Electric - Integrated — 1.4%
IDACORP, Inc.		4,700		425,726
MGE Energy, Inc.		2,794		191,864
NorthWestern Corp.		33,208		1,926,064
PNM Resources, Inc.		7,138		350,547
Portland General Electric Co.		40,569		1,678,745
				4,572,946
Electronic Components - Misc. — 0.2%
Ballantyne Strong, Inc.†		14,000		25,760
Bel Fuse, Inc., Class B		6,000		87,960
IntriCon Corp.†		7,100		123,114
LGL Group, Inc.†		5,000		48,200
SMTC Corp.†		30,000		136,200
ZAGG, Inc.†		20,000		76,600
				497,834
Electronic Components - Semiconductors — 1.1%
CTS Corp.		17,929		546,117
eMagin Corp.†		40,000		48,000
EMCORE Corp.†		25,700		111,667
GSI Technology, Inc.†		19,800		131,472
Intellicheck, Inc.†		24,800		243,536
Lattice Semiconductor Corp.†		36,525		1,528,571

171

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PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
Monolithic Power Systems, Inc.		1,984	$	634,801
Pixelworks, Inc.†		22,000		65,560
Semtech Corp.†		4,000		269,880
				3,579,604
Electronic Measurement Instruments — 0.6%
Badger Meter, Inc.		11,857		977,491
Mesa Laboratories, Inc.#		674		183,166
National Instruments Corp.		16,997		636,198
Stoneridge, Inc.†		9,300		249,798
				2,046,653
Electronic Parts Distribution — 0.0%
MIND Technology, Inc.†		22,400		50,176
Electronic Security Devices — 0.1%
API Group Corp.†*		15,096		233,988
WidePoint Corp.†#		7,000		75,320
				309,308
Energy - Alternate Sources — 0.3%
Aemetis, Inc.†#		30,000		65,700
Array Technologies, Inc.†		7,893		359,763
NextEra Energy Partners LP		6,100		387,167
				812,630
Engineering/R&D Services — 0.1%
Atlas Technical Consultants, Inc.†		10,000		51,500
Mistras Group, Inc.†		25,000		130,500
				182,000
Enterprise Software/Service — 2.4%
Bill.com Holdings, Inc.†		7,716		946,830
Ceridian HCM Holding, Inc.†		10,394		1,002,190
Clarivate PLC†		35,387		971,019
Coupa Software, Inc.†		987		324,634
Guidewire Software, Inc.†		14,678		1,797,761
Manhattan Associates, Inc.†		1,200		122,688
Network-1 Technologies, Inc.		20,000		59,000
Paycom Software, Inc.†		1,633		681,092
SS&C Technologies Holdings, Inc.		14,815		1,020,605
Tyler Technologies, Inc.†		1,576		673,898
				7,599,717
Entertainment Software — 0.2%
Zynga, Inc., Class A†		68,000		561,000
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		2,400		286,200
Filtration/Separation Products — 0.3%
ESCO Technologies, Inc.		8,645		854,991
Finance - Auto Loans — 0.0%
Consumer Portfolio Services, Inc.†		24,500		97,755
Finance - Commercial — 0.0%
Marlin Business Services Corp.		7,500		77,925
Finance - Consumer Loans — 0.4%
Elevate Credit, Inc.†		27,000		76,410
Encore Capital Group, Inc.†		10,632		362,976
Enova International, Inc.†		5,060		105,805
PRA Group, Inc.†		11,040		459,595
Regional Management Corp.		1,100		29,403
SLM Corp.		21,600		229,176
				1,263,365

Security Description	Shares		Value (Note 2)
Finance - Credit Card — 0.0%
Atlanticus Holdings Corp.†		7,434	$	111,510
Finance - Investment Banker/Broker — 1.1%
Arlington Asset Investment Corp., Class A		30,000		96,300
JMP Group LLC		16,300		48,900
Lazard, Ltd., Class A		49,971		1,864,918
Moelis & Co., Class A		40,931		1,606,132
				3,616,250
Finance - Leasing Companies — 0.3%
Aaron’s Holdings Co., Inc.		13,215		831,620
Finance - Mortgage Loan/Banker — 0.2%
Impac Mtg. Holdings, Inc.†#		15,000		27,900
PennyMac Financial Services, Inc.		12,655		729,434
				757,334
Finance - Other Services — 0.2%
Cboe Global Markets, Inc.		8,016		732,021
Food - Confectionery — 0.1%
Rocky Mountain Chocolate Factory, Inc.		6,500		27,755
Utz Brands, Inc.#		16,712		337,248
				365,003
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.†		6,700		46,967
Food - Misc./Diversified — 0.7%
BellRing Brands, Inc., Class A†		6,255		127,602
Cal-Maine Foods, Inc.†		13,705		536,277
Nomad Foods, Ltd.†		16,823		406,275
Post Holdings, Inc.†		7,200		680,112
TreeHouse Foods, Inc.†		13,300		547,029
				2,297,295
Food - Retail — 0.0%
Blue Apron Holdings, Inc., Class A†		3,000		23,010
Food - Wholesale/Distribution — 1.1%
AMCON Distributing Co.		500		45,370
Performance Food Group Co.†		80,754		3,503,109
				3,548,479
Footwear & Related Apparel — 0.1%
Iconix Brand Group, Inc.†#		31,400		27,318
Rocky Brands, Inc.		6,711		194,619
Steven Madden, Ltd.		2,100		66,087
Weyco Group, Inc.		2,400		43,008
				331,032
Forestry — 0.1%
West Fraser Timber Co., Ltd.		6,700		370,984
Funeral Services & Related Items — 0.0%
StoneMor, Inc.†		65,000		94,900
Gambling (Non-Hotel) — 0.2%
Canterbury Park Holding Corp.		3,200		37,600
Monarch Casino & Resort, Inc.†		13,156		726,474
				764,074
Gas - Distribution — 0.7%
Chesapeake Utilities Corp.		5,600		582,456
ONE Gas, Inc.		10,300		815,554
Southwest Gas Holdings, Inc.		12,237		786,227
				2,184,237

172

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gold Mining — 0.3%
Franco-Nevada Corp.		2,500	$	332,775
Northern Star Resources, Ltd.		60,107		556,373
				889,148
Golf — 0.5%
Acushnet Holdings Corp.		38,377		1,446,813
Drive Shack, Inc.†#		60,500		102,850
				1,549,663
Hazardous Waste Disposal — 0.3%
Centrus Energy Corp, Class A†		9,600		143,904
Heritage-Crystal Clean, Inc.†		9,400		181,138
Stericycle, Inc.†		10,388		731,731
				1,056,773
Health Care Cost Containment — 0.6%
HealthEquity, Inc.†		26,404		1,892,903
Health Care Providers & Services — 0.0%
Alignment Healthcare Partners LP†(1)(2)		7,632		92,489
Healthcare Safety Devices — 0.0%
Retractable Technologies, Inc.†#		10,000		115,800
Home Furnishings — 0.1%
Flexsteel Industries, Inc.		4,800		140,448
Tempur Sealy International, Inc.†		4,400		110,836
				251,284
Hotels/Motels — 0.0%
Red Lion Hotels Corp.†		50,000		118,000
Housewares — 0.0%
Lifetime Brands, Inc.		8,000		107,760
Human Resources — 0.2%
Advantage Solutions, Inc.†#		12,012		126,246
BG Staffing, Inc.		6,000		76,500
Computer Task Group, Inc.†		19,600		135,044
Cross Country Healthcare, Inc.†		12,791		111,282
RCM Technologies, Inc.†		20,000		31,800
				480,872
Identification Systems — 0.5%
Aware, Inc.†		21,900		67,233
Brady Corp., Class A		34,470		1,522,885
				1,590,118
Instruments - Controls — 0.7%
Woodward, Inc.		21,531		2,407,812
Insurance Brokers — 0.3%
Selectquote, Inc.†		47,870		1,026,812
Insurance - Life/Health — 0.0%
Security National Financial Corp., Class A†		15,000		120,150
Insurance - Multi-line — 0.0%
Atlantic American Corp.†		2,000		4,300
Insurance - Property/Casualty — 2.3%
Assurant, Inc.		5,923		764,778
Conifer Holdings, Inc.†		11,000		26,070
FedNat Holding Co.		10,000		56,400
Hallmark Financial Services, Inc.†		15,000		48,450
Hanover Insurance Group, Inc.		4,700		528,045
Kinsale Capital Group, Inc.		10,821		2,598,771
RLI Corp.		25,491		2,440,253
Safety Insurance Group, Inc.		3,058		217,883
Selective Insurance Group, Inc.		13,100		809,842
State Auto Financial Corp.		5,461		82,024
				7,572,516

Security Description	Shares		Value (Note 2)
Insurance - Reinsurance — 0.4%
Axis Capital Holdings, Ltd.		12,050	$	603,826
Essent Group, Ltd.		12,441		545,662
				1,149,488
Internet Application Software — 0.1%
RealNetworks, Inc.†		50,000		78,000
Zendesk, Inc.†		1,600		213,600
				291,600
Internet Content - Information/News — 0.0%
DHI Group, Inc.†		32,500		62,400
Internet Financial Services — 0.1%
Open Lending Corp.† Class A		8,795		247,315
Internet Security — 0.2%
Proofpoint, Inc.†		5,100		527,799
Investment Companies — 0.4%
Altus Midstream Co., Class A†#		4,740		185,429
Entasis Therapeutics Holdings, Inc.†#		10,000		18,400
Medallion Financial Corp.†		17,100		90,801
StepStone Group, Inc., Class A†		36,871		999,941
				1,294,571
Investment Management/Advisor Services — 1.2%
AssetMark Financial Holdings, Inc.†		36,367		864,807
Eaton Vance Corp.		16,295		1,091,439
First Western Financial, Inc.†		5,000		84,500
Focus Financial Partners, Inc., Class A†		41,428		1,640,963
Manning & Napier, Inc.		8,400		38,892
Silvercrest Asset Management Group, Inc., Class A		10,000		132,900
Westwood Holdings Group, Inc.		5,500		65,560
				3,919,061
Leisure Games — 0.0%
Bowl America, Inc., Class A		3,000		26,430
Leisure Products — 0.0%
Escalade, Inc.		5,200		100,204
Machine Tools & Related Products — 0.9%
L.S. Starrett Co., Class A†		8,000		30,480
Lincoln Electric Holdings, Inc.		24,687		2,839,005
				2,869,485
Machinery - Electrical — 0.2%
Babcock & Wilcox Enterprises, Inc.†#		55,000		231,000
BWX Technologies, Inc.		5,973		339,744
				570,744
Machinery - Farming — 1.5%
Toro Co.		52,454		4,758,102
Machinery - General Industrial — 2.3%
Altra Industrial Motion Corp.		34,060		1,933,246
Applied Industrial Technologies, Inc.		21,173		1,660,598
Chart Industries, Inc.†		9,151		945,847
Gates Industrial Corp. PLC†		65,134		838,926
Gencor Industries, Inc.†		6,500		78,390
Intevac, Inc.†		16,900		101,738
Marel HF		24,322		127,150
Nordson Corp.		4,749		967,894
Twin Disc, Inc.†		12,500		76,875
Welbilt, Inc.†		68,654		648,780
				7,379,444
Machinery - Pumps — 0.6%
Cactus, Inc., Class A		6,100		141,520
Graco, Inc.		9,300		629,982

173

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Pumps (continued)
Ingersoll Rand, Inc.†		20,574	$	910,811
Mueller Water Products, Inc., Class A		32,900		390,523
				2,072,836
Marine Services — 0.0%
SEACOR Marine Holdings, Inc.†		15,000		30,750
Medical Information Systems — 0.1%
Castlight Health, Inc., Class B†		63,500		80,010
MTBC, Inc.†#		8,500		88,400
Oak Street Health, Inc.†		1,102		51,981
				220,391
Medical Instruments — 0.7%
Bruker Corp.		14,789		748,471
Cantel Medical Corp.		17,684		1,050,960
NuVasive, Inc.†		4,750		220,020
Pulmonx Corp.†		818		44,336
TransEnterix, Inc.†		75,000		35,250
				2,099,037
Medical Labs & Testing Services — 1.6%
Catalent, Inc.†		29,965		2,880,835
Neuronetics, Inc.†#		29,500		253,995
Syneos Health, Inc.†		30,722		2,022,737
				5,157,567
Medical Laser Systems — 0.0%
IRIDEX Corp.†		18,100		30,589
Medical Products — 1.5%
AtriCure, Inc.†		7,461		324,404
Avanos Medical, Inc.†		11,845		502,110
Axonics Modulation Technologies, Inc.†#		2,451		107,574
Conformis, Inc.†#		50,000		32,025
Electromed, Inc.†		8,200		82,738
Envista Holdings Corp.†		34,748		1,033,058
Hanger, Inc.†		21,871		496,253
Inari Medical, Inc.†		737		50,905
InspireMD, Inc.†		5,000		1,801
iRhythm Technologies, Inc.†		3,891		951,388
Nevro Corp.†		2,949		475,526
Penumbra, Inc.†		1,471		326,415
RA Medical Systems, Inc.†		1,020		6,008
Sientra, Inc.†		18,400		95,128
T2 Biosystems, Inc.†		25,000		27,750
United-Guardian, Inc.		3,500		51,345
Venus Concept, Inc.†#		20,000		47,600
West Pharmaceutical Services, Inc.		363		99,883
				4,711,911
Medical - Biomedical/Gene — 4.3%
Abcam PLC ADR†		6,651		126,768
ACADIA Pharmaceuticals, Inc.†		3,150		178,479
Acceleron Pharma, Inc.†		4,427		522,696
Acorda Therapeutics, Inc.†#		38,606		25,781
Actinium Pharmaceuticals, Inc.†#		10,233		112,563
Adicet Bio, Inc.†#		4,285		52,834
Advaxis, Inc.†#		70,000		20,650
AgeX Therapeutics, Inc.†		35,000		61,950
Allena Pharmaceuticals, Inc.†#		30,200		40,770
Allogene Therapeutics, Inc.†		2,083		64,677
Altimmune, Inc.†		5,000		61,150
Apellis Pharmaceuticals, Inc.†		1,700		80,138
Applied Genetic Technologies Corp.†		20,000		88,800
Arcutis Biotherapeutics, Inc.†#		1,317		35,717
Argenx SE ADR†		3,670		1,052,629
Ascendis Pharma A/S ADR†		6,935		1,170,143
Atea Pharmaceuticals, Inc.†#		1,449		48,281

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Avidity Biosciences, Inc.†		1,517	$	45,419
Blueprint Medicines Corp.†		5,553		600,168
Cara Therapeutics, Inc.†		4,946		72,558
Catabasis Pharmaceuticals, Inc.†		12,500		20,625
Cerevel Therapeutics Holdings PIPE†(2)		3,298		44,239
Clearside Biomedical, Inc.†#		50,000		100,500
Cogent Biosciences, Inc†#		7,500		73,575
Cogent Biosciences, Inc. CVR(1)		30,000		0
Contra Restorbio, Inc. CVR(1)		4,285		0
CRISPR Therapeutics AG†#		953		120,955
Curis, Inc.†#		51,300		74,385
ElectroCore, Inc.†#		25,000		37,500
Enzo Biochem, Inc.†		37,500		81,375
Equillium, Inc.†#		15,000		78,000
Evolus, Inc.†#		25,000		93,250
Exagen, Inc.†#		9,100		135,226
EyePoint Pharmaceuticals, Inc.†#		75,000		40,875
Five Prime Therapeutics, Inc.†		23,000		432,400
Flame Biosciences, Inc.†(1)(2)		3,800		24,890
Forte Biosciences, Inc.†		886		31,125
Generation Bio Co.†		2,033		98,031
Generation Bio Co.†(2)		4,245		194,459
Global Blood Therapeutics, Inc.†#		9,584		440,002
GlycoMimetics, Inc.†		30,000		112,800
Harvard Bioscience, Inc.†		45,000		176,400
Homology Medicines, Inc.†		4,710		46,346
IGM Biosciences, Inc.†#		2,027		135,363
Infinity Pharmaceuticals, Inc.†#		100,000		200,000
Insmed, Inc.†		17,592		686,264
Iovance Biotherapeutics, Inc.†		1,900		73,739
Kodiak Sciences, Inc.†#		7,232		988,398
Legend Biotech Corp. ADR†		664		19,741
Lexicon Pharmaceuticals, Inc.†#		74,500		113,985
Lineage Cell Therapeutics, Inc.†#		46,712		66,798
LogicBio Therapeutics, Inc.†#		11,500		80,155
Lyra Therapeutics, Inc.†		7,100		88,182
Marker Therapeutics, Inc.†#		36,000		61,200
MeiraGTx Holdings PLC†		2,720		38,406
Merrimack Pharmaceuticals, Inc.#		5,000		19,600
Mustang Bio, Inc.†#		27,500		101,750
Oncocyte Corp.†#		50,000		96,500
Orchard Therapeutics PLC ADR†		6,673		33,832
Otonomy, Inc.†		35,000		157,500
Palatin Technologies, Inc.†#		195,000		86,034
Protalix BioTherapeutics, Inc.†#		8,701		31,237
PTC Therapeutics, Inc.†		1,900		118,883
Radius Health, Inc.†		23,186		365,875
RAPT Therapeutics, Inc.†#		3,100		67,177
Replimune Group, Inc.†		1,472		76,073
Savara, Inc.†		26,000		34,840
Scholar Rock Holding Corp.†		9,127		454,707
Seagen, Inc.†		2,400		408,744
Sesen Bio, Inc.†#		95,000		117,800
Sierra Oncology, Inc.†		7,500		104,550
Solid Biosciences, Inc.†#		35,000		115,850
Surface Oncology, Inc.†#		10,000		90,400
Synlogic, Inc.†		53,400		124,956
Synthetic Biologics, Inc.†		35,000		13,062
Tela Bio, Inc.†		8,700		142,419
Timber Pharmaceuticals, Inc.†#		6,400		6,976
Turning Point Therapeutics, Inc.†		3,202		341,013
Ultragenyx Pharmaceutical, Inc.†		7,682		910,624
VolitionRX, Ltd.†#		29,400		96,432
Xencor, Inc.†		8,493		359,424
Zentalis Pharmaceuticals, Inc.†#		1,260		64,210
				14,011,828

174

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 0.9%
AcelRx Pharmaceuticals, Inc.†#		32,100	$	48,150
Aclaris Therapeutics, Inc.†#		35,000		116,900
Adamas Pharmaceuticals, Inc.†#		20,000		90,600
Alimera Sciences, Inc.†		7,667		35,958
Ampio Pharmaceuticals, Inc.†#		98,900		90,988
Aquestive Therapeutics, Inc.†		25,000		176,500
Assertio Holdings, Inc.†		3,400		1,428
Axcella Health, Inc.†		24,500		139,650
cbdMD, Inc.†		38,600		116,186
Chimerix, Inc.†		43,700		164,749
China Pharma Holdings, Inc.†		40,000		17,380
Cidara Therapeutics, Inc.†		45,000		105,300
Corvus Pharmaceuticals, Inc.†#		20,000		79,800
Cumberland Pharmaceuticals, Inc.†		27,800		81,732
Cyclerion Therapeutics, Inc.†#		20,000		61,600
Eloxx Pharmaceuticals, Inc.†#		26,900		76,934
Enanta Pharmaceuticals, Inc.†		500		20,600
Gritstone Oncology, Inc.†#		25,000		76,250
Harrow Health, Inc.†#		18,000		103,500
India Globalization Capital, Inc.†#		28,200		64,578
Intellia Therapeutics, Inc.†#		2,239		87,925
Leap Therapeutics, Inc.†#		39,500		63,200
Minerva Neurosciences, Inc.†		14,539		56,557
NanoViricides, Inc.†#		6,000		23,460
Neos Therapeutics, Inc.†#		40,000		22,680
Novan, Inc.†		115,000		58,937
Odonate Therapeutics, Inc.†		559		8,396
PhaseBio Pharmaceuticals, Inc.†#		24,000		91,200
Prestige Consumer Healthcare, Inc.†		2,359		83,910
Reata Pharmaceuticals, Inc., Class A†#		2,137		326,427
Rockwell Medical, Inc.†		45,000		47,250
Scynexis, Inc.†#		10,000		66,500
TherapeuticsMD, Inc.†#		100,029		134,039
Tonix Pharmaceuticals Holding Corp.†		50,000		30,555
Tricida, Inc.†#		6,047		44,204
Xeris Pharmaceuticals, Inc.†#		30,000		130,800
Zynerba Pharmaceuticals, Inc.†		21,500		99,760
				3,044,583
Medical - HMO — 1.3%
Molina Healthcare, Inc.†		20,703		4,226,103
Medical - Nursing Homes — 0.0%
Genesis Healthcare, Inc.†		100,000		50,450
Medical - Outpatient/Home Medical — 0.9%
Amedisys, Inc.†		3,722		911,109
Chemed Corp.		2,217		1,060,280
Pennant Group, Inc.†		6,228		315,697
Providence Service Corp.†		3,700		502,423
				2,789,509
Medical - Wholesale Drug Distribution — 0.8%
Covetrus, Inc.†		40,693		1,099,321
Great Elm Capital Group, Inc.†		40,000		104,800
Premier, Inc., Class A		38,588		1,366,787
				2,570,908
Metal Processors & Fabrication — 1.2%
Ampco-Pittsburgh Corp.†		19,500		82,875
AZZ, Inc.		11,675		520,588
Helios Technologies, Inc.		7,777		382,862
LB Foster Co., Class A†		6,600		96,096
Mayville Engineering Co., Inc.†		10,000		110,200
RBC Bearings, Inc.†		16,131		2,723,558
Strattec Security Corp.		1,500		66,450
				3,982,629

Security Description	Shares		Value (Note 2)
Metal Products - Distribution — 0.1%
Olympic Steel, Inc.		8,800	$	130,592
Synalloy Corp.†		14,500		93,380
				223,972
Metal Products - Fasteners — 0.0%
Eastern Co.		4,187		92,533
Metal - Aluminum — 0.3%
Alcoa Corp.†		18,900		376,110
Constellium SE†		33,100		418,384
				794,494
Metal - Copper — 0.1%
ERO Copper Corp.†		24,400		418,597
Mining Services — 0.0%
Contura Energy, Inc.†		17,000		125,800
Miscellaneous Manufacturing — 0.3%
FreightCar America, Inc.†		35,000		92,750
John Bean Technologies Corp.		7,517		831,080
				923,830
Multimedia — 0.0%
Entravision Communications Corp., Class A		41,000		118,900
Non-Ferrous Metals — 0.0%
Solitario Zinc Corp.†		40,000		19,600
Uranium Energy Corp.†#		100,500		106,530
				126,130
Non-Hazardous Waste Disposal — 0.3%
Casella Waste Systems, Inc., Class A†		17,231		1,036,962
Office Automation & Equipment — 0.0%
AstroNova, Inc.		7,000		70,210
Oil Companies - Exploration & Production — 0.9%
Amplify Energy Corp.#		25,500		25,755
Barnwell Industries, Inc.†		15,000		16,350
Contango Oil & Gas Co.†#		70,000		116,900
Devon Energy Corp.		18,700		261,613
Diamondback Energy, Inc.		12,200		487,512
Earthstone Energy, Inc., Class A†#		33,400		126,252
Enservco Corp†#		9,000		16,560
Evolution Petroleum Corp.		23,100		70,224
Goodrich Petroleum Corp.†		9,000		104,040
Gran Tierra Energy, Inc.†#		215,000		60,738
HighPoint Resources Corp.†#		3,300		33,924
Laredo Petroleum, Inc.†#		5,000		59,050
Magnolia Oil & Gas Corp., Class A†		46,420		290,125
Mammoth Energy Services, Inc.†		30,000		58,800
PEDEVCO Corp.†#		70,000		94,500
Penn Virginia Corp.†		19,800		178,596
PHX Minerals, Inc.		10,000		17,300
Ring Energy, Inc.†#		125,000		78,537
SandRidge Energy, Inc.†		55,000		146,850
Seven Generations Energy, Ltd., Class A†		26,700		111,019
SilverBow Resources, Inc.†		10,000		58,100
Southwestern Energy Co.†		4,850		15,084
VAALCO Energy, Inc.†		30,000		48,000
Venture Global LNG, Inc., Series B†(1)(2)		4		22,261
Venture Global LNG, Inc., Series C†(1)(2)		59		328,352
				2,826,442
Oil Field Machinery & Equipment — 0.2%
Dril-Quip, Inc.†		4,200		119,364
Exterran Corp.†		21,000		89,040
Flotek Industries, Inc.†		30,000		60,900
Forum Energy Technologies, Inc†		5,000		67,000

175

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Field Machinery & Equipment (continued)
Natural Gas Services Group, Inc.†		10,400	$	120,016
Smart Sand, Inc.†#		15,000		29,175
Superior Drilling Products, Inc.†		56,000		25,788
Thermon Group Holdings, Inc.†		6,000		84,840
				596,123
Oil Refining & Marketing — 0.0%
Adams Resources & Energy, Inc.		3,314		87,821
Trecora Resources†		2,100		14,217
				102,038
Oil - Field Services — 0.5%
Halliburton Co.		34,027		564,508
Independence Contract Drilling, Inc.†		7,000		22,190
KLX Energy Services Holdings, Inc.†#		4,253		28,878
Liberty Oilfield Services, Inc., Class A		39,615		368,419
NCS Multistage Holdings, Inc.†		94,500		96,390
Newpark Resources, Inc.†		60,000		90,000
NexTier Oilfield Solutions, Inc.†		58,200		162,960
Nine Energy Service, Inc.†#		30,000		66,000
Nuverra Environmental Solutions, Inc.†#		6,300		14,490
Oil States International, Inc.†		40,000		177,600
Ranger Energy Services, Inc.†		5,000		16,500
TETRA Technologies, Inc.†		125,000		101,338
				1,709,273
Paper & Related Products — 0.1%
Domtar Corp.		8,500		255,850
Patient Monitoring Equipment — 0.0%
CareDx, Inc.†		1,908		109,080
Pharmacy Services — 0.0%
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		4,462		109,456
Physical Therapy/Rehabilitation Centers — 1.1%
Encompass Health Corp.		37,977		3,060,187
U.S. Physical Therapy, Inc.		4,421		469,598
				3,529,785
Physicians Practice Management — 0.1%
Accolade, Inc.†		2,741		142,285
Pollution Control — 0.1%
Advanced Emissions Solutions, Inc.#		16,500		93,225
Fuel Tech, Inc.†#		30,000		132,000
				225,225
Poultry — 0.2%
Sanderson Farms, Inc.		3,600		492,228
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		3,492		752,875
LGL Group, Inc.		5,000		2,100
				754,975
Precious Metals — 0.0%
Paramount Gold Nevada Corp.†		26,000		28,080
Printing - Commercial — 0.1%
ARC Document Solutions, Inc.		103,000		149,350
Quad/Graphics, Inc.		30,000		93,000
RR Donnelley & Sons Co.		80,000		112,000
				354,350
Protection/Safety — 0.1%
ADT, Inc.		42,649		331,383

Security Description	Shares		Value (Note 2)
Publishing - Newspapers — 0.0%
A.H. Belo Corp., Class A		15,000	$	22,650
Lee Enterprises, Inc.†		84,700		89,782
				112,432
Radio — 0.1%
Beasley Broadcast Group, Inc., Class A		20,000		30,200
Cumulus Media, Inc., Class A†		14,500		127,165
Salem Media Group, Inc.#		45,000		48,150
Townsquare Media, Inc., Class A		11,000		73,700
				279,215
Real Estate Investment Trusts — 4.3%
American Campus Communities, Inc.		39,622		1,576,956
Community Healthcare Trust, Inc.		2,800		126,448
CubeSmart		72,774		2,367,338
Douglas Emmett, Inc.		2,700		83,619
EastGroup Properties, Inc.		26,856		3,661,278
First Industrial Realty Trust, Inc.		6,900		288,972
Flagship Communities REIT		3,250		49,075
JBG SMITH Properties		18,732		575,822
National Retail Properties, Inc.		46,192		1,741,438
Outfront Media, Inc.		65,453		1,239,680
PS Business Parks, Inc.		5,756		758,641
Regency Centers Corp.		2,735		124,661
Rexford Industrial Realty, Inc.		13,200		632,544
Ryman Hospitality Properties, Inc.		11,393		731,317
				13,957,789
Real Estate Management/Services — 0.9%
Cushman & Wakefield PLC†#		106,631		1,588,802
FirstService Corp.		9,936		1,371,665
				2,960,467
Real Estate Operations & Development — 0.0%
Trinity Place Holdings, Inc.†		10,000		13,600
Recreational Centers — 0.3%
Planet Fitness, Inc., Class A†		15,163		1,106,141
Recreational Vehicles — 0.8%
Brunswick Corp.		33,471		2,498,275
Retail - Apparel/Shoe — 0.5%
Allbirds, Inc.†(1)(2)		5,670		65,559
Burlington Stores, Inc.†		5,550		1,212,897
Chico’s FAS, Inc.		25,000		37,750
Express, Inc.†#		50,000		76,000
Francesca’s Holdings Corp.†#		14,100		43,146
J Jill, Inc.†#		7,099		28,467
Tilly’s, Inc., Class A		10,968		100,138
				1,563,957
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		33,800		334,282
Retail - Automobile — 0.3%
Rush Enterprises, Inc., Class A		11,550		442,711
Vroom, Inc., Series F†(2)		15,564		530,219
				972,930
Retail - Bookstores — 0.1%
Barnes & Noble Education, Inc.†		54,000		196,020
Retail - Building Products — 0.0%
Aspen Aerogels, Inc.†		9,200		129,904
Retail - Convenience Store — 0.4%
Casey’s General Stores, Inc.		7,396		1,343,705

176

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount — 1.1%
BJ’s Wholesale Club Holdings, Inc.†		61,093	$	2,504,202
Ollie’s Bargain Outlet Holdings, Inc.†		11,850		1,043,511
				3,547,713
Retail - Home Furnishings — 0.2%
Bassett Furniture Industries, Inc.		6,500		102,050
Kirkland’s, Inc.†#		13,200		188,628
RH†#		1,041		471,740
				762,418
Retail - Jewelry — 0.0%
Envela Corp.†#		15,000		69,300
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†#		9,000		83,700
Five Below, Inc.†		1,700		265,880
Gaia, Inc.†		9,400		93,718
Party City Holdco, Inc.†		40,000		183,200
				626,498
Retail - Restaurants — 1.9%
Ark Restaurants Corp.		8,000		115,120
BBQ Holdings, Inc.†		8,250		36,878
BJ’s Restaurants, Inc.		12,321		406,963
Chuy’s Holdings, Inc.†		16,447		389,794
Denny’s Corp.†		18,000		207,180
Dunkin’ Brands Group, Inc.		15,375		1,634,977
Fiesta Restaurant Group, Inc.†		23,144		271,942
Flanigan’s Enterprises, Inc.†		2,000		33,500
J Alexander’s Holdings, Inc.†		13,000		89,570
Kura Sushi USA, Inc., Class A†#		4,500		74,115
Luby’s, Inc.†		30,000		91,500
Papa John’s International, Inc.		11,800		948,248
Potbelly Corp.†		20,000		94,400
Red Robin Gourmet Burgers, Inc.†		19,520		392,547
Wendy’s Co.		58,125		1,278,169
				6,064,903
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.#		25,000		238,250
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		10,500		42,945
Retail - Vision Service Center — 0.3%
National Vision Holdings, Inc.†		21,173		906,416
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†#		23,500		20,445
Satellite Telecom — 0.0%
KVH Industries, Inc.†		11,000		113,300
Savings & Loans/Thrifts — 0.7%
BankFinancial Corp.		11,800		95,226
Capitol Federal Financial, Inc.		19,367		238,601
Eagle Bancorp Montana, Inc.		5,000		103,050
ESSA Bancorp, Inc.		9,000		142,380
First Financial Northwest, Inc.		10,000		110,400
Investors Bancorp, Inc.		26,400		255,552
Lake Shore Bancorp, Inc.		10,000		135,000
Malvern Bancorp, Inc.†		5,763		91,344
Meridian Bancorp, Inc.		21,160		288,728
Pacific Premier Bancorp, Inc.		16,600		478,412
Provident Financial Holdings, Inc.		6,414		92,362
Prudential Bancorp, Inc.		5,000		65,150
Timberland Bancorp, Inc.		512		12,201
				2,108,406

Security Description	Shares		Value (Note 2)
Schools — 0.8%
Bright Horizons Family Solutions, Inc.†		13,623	$	2,317,408
Lincoln Educational Services Corp.†		20,000		125,400
Strategic Education, Inc.		877		82,342
				2,525,150
Security Services — 0.2%
Brink’s Co.		10,702		718,104
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		23,127		45,791
Geospace Technologies Corp.†		8,900		55,269
				101,060
Semiconductor Components - Integrated Circuits — 0.7%
Power Integrations, Inc.		30,275		2,161,332
Semiconductor Equipment — 1.5%
Allegro MicroSystems, Inc.†		24,600		589,170
CMC Materials, Inc.		15,250		2,352,770
Entegris, Inc.		17,500		1,620,850
MKS Instruments, Inc.		1,200		165,576
Richardson Electronics, Ltd.		15,000		68,400
				4,796,766
Shipbuilding — 0.0%
Gulf Island Fabrication, Inc.†		9,100		28,028
Silver Mining — 0.0%
Golden Minerals Co.†		85,000		46,886
Specified Purpose Acquisitions — 0.1%
Altimeter Growth Corp.†		13,005		158,531
Bluescape Opportunities Acquisition Corp.†		16,662		166,953
				325,484
Steel - Producers — 0.0%
Friedman Industries, Inc.		10,000		62,100
Steel - Specialty — 0.0%
Universal Stainless & Alloy Products, Inc.†		7,500		54,225
Telecom Services — 0.1%
Consolidated Communications Holdings, Inc.†		1		6
RigNet, Inc.†		12,600		67,788
Spok Holdings, Inc.		12,000		117,960
				185,754
Telecommunication Equipment — 0.1%
Communications Systems, Inc.		30,000		129,600
PC-Tel, Inc.		6,000		37,740
Wireless Telecom Group, Inc.†		53,200		85,120
				252,460
Telephone - Integrated — 0.0%
Alaska Communications Systems Group, Inc.		37,000		113,220
Textile - Products — 0.1%
Culp, Inc.		11,500		164,680
Dixie Group, Inc.†		10,000		24,300
				188,980
Theaters — 0.1%
Cinemark Holdings, Inc.		16,300		251,835
Therapeutics — 0.2%
Agios Pharmaceuticals, Inc.†		5,533		256,289
CorMedix, Inc.†		11,800		106,200
G1 Therapeutics, Inc.†		2,875		52,497
Proteostasis Therapeutics, Inc.†#		60,500		64,130
Trevi Therapeutics, Inc.†#		15,000		46,200
				525,316

177

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tobacco — 0.0%
Greenlane Holdings, Inc., Class A†		10,000	$	41,500
Tools - Hand Held — 1.0%
MSA Safety, Inc.		21,109		3,154,529
Toys — 0.0%
JAKKS Pacific, Inc.†#		3,000		15,360
Transactional Software — 0.0%
Synchronoss Technologies, Inc.†#		30,000		88,800
Transport - Marine — 0.0%
Overseas Shipholding Group, Inc., Class A†		51,000		102,000
Transport - Services — 0.3%
Bristow Group, Inc.†		6,333		140,909
Matson, Inc.		14,600		848,698
Steel Connect, Inc.†		71,500		64,493
				1,054,100
Transport - Truck — 1.5%
Knight-Swift Transportation Holdings, Inc.		52,748		2,177,965
Landstar System, Inc.		14,307		1,880,226
P.A.M. Transportation Services, Inc.†		1,357		62,558
Patriot Transportation Holding, Inc.		5,000		50,300
Saia, Inc.†		2,600		453,804
USA Truck, Inc.†		6,500		57,590
XPO Logistics, Inc.†		1		106
YRC Worldwide, Inc.†		12,500		75,125
				4,757,674
Venture Capital — 0.0%
Safeguard Scientifics, Inc.		14,100		90,381
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. CVR†(1)		3,000		0
Vitamins & Nutrition Products — 0.0%
Calyxt, Inc.†#		20,000		74,400
Water — 0.4%
California Water Service Group		6,800		336,464
Middlesex Water Co.		4,982		341,217
PICO Holdings, Inc.†		10,000		87,200
SJW Group		7,170		470,352
				1,235,233
Web Hosting/Design — 0.8%
Q2 Holdings, Inc.†		23,925		2,712,377
Web Portals/ISP — 0.0%
Synacor, Inc.†		44,000		64,240
Wireless Equipment — 0.1%
Frequency Electronics, Inc.†		10,000		104,000
Powerfleet, Inc.†#		25,000		172,000
Sonim Technologies, Inc.†#		43,900		28,043
TESSCO Technologies, Inc.		20,000		127,600
				431,643
Total Common Stocks (cost $231,346,493)				313,102,558
CONVERTIBLE PREFERRED SECURITIES — 1.1%
Applications Software — 0.3%
Convoy, Inc., Series C†(1)(2)		12,094		140,895
Convoy, Inc., Series D†(1)(2)		7,659		89,227
Haul Hub, Inc., Series B†(1)(2)		2,168		31,610

Security Description	Shares		Value (Note 2)
Applications Software (continued)
ServiceTitan, Inc., Series A-1†(1)(2)		4	$	135
ServiceTitan, Inc., Series D†(1)(2)		1,942		65,634
Toast, Inc., Series B†(1)(2)		98		7,350
Toast, Inc. Series D†(1)(2)		7,194		539,550
Toast, Inc. Series F†(1)(2)		594		44,550
				918,951
Auto - Cars/Light Trucks — 0.2%
Rivian Automotive, Inc., Series D†(1)(2)		12,194		193,641
Rivian Automotive, Inc. Series E†(1)(2)		12,772		202,819
				396,460
Computer Software — 0.0%
Checkr, Inc., Series C†(1)(2)		2,998		73,421
Checkr, Inc., Series D†(1)(2)		4,084		100,017
				173,438
E-Commerce/Products — 0.0%
1stdibs.com, Inc., Series D†(1)(2)		11,111		92,332
E-Commerce/Services — 0.1%
Farmer’s Business Network, Inc., Series D†(1)(2)		8,287		273,940
Enterprise Software/Service — 0.0%
Plex Systems Holdings, Inc., Series B†(1)(2))		50,422		108,579
Food - Retail — 0.1%
Roofoods, Ltd. (Deliveroo), Series F†(1)(2)		618		240,186
Roofoods, Ltd. (Deliveroo), Series G†(1)(2)		16		6,686
				246,872
Footwear & Related Apparel — 0.0%
Allbirds, Inc., Series A†(1)(2)		1,850		21,390
Allbirds, Inc., Series B†(1)(2)		325		3,758
Allbirds, Inc., Series C†(1)(2)		3,110		35,959
Allbirds, Inc., Series SEED†(1)(2)		995		11,505
				72,612
Health Care Providers & Services — 0.1%
Bright Health, Inc., Series E†(1)(2)		6,719		137,187
Industrial Automated/Robotic — 0.0%
Nuro, Inc., Series C†(1)(2)		6,234		81,382
Internet Content - Information/News — 0.0%
A Place For Rover, Inc., Series G†(1)(2)		7,335		42,250
Medical - Biomedical/Gene — 0.1%
Caris Life Sciences, Inc., Series C†(1)(2)		17,921		49,462
National Resilience, Inc., Series B†(1)(2)		5,496		75,075
				124,537

178

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Metal Processors & Fabrication — 0.0%
Xometry, Inc., Series A2†(1)(2)		962	$	9,271
Xometry, Inc., Series B†(1)(2)		330		3,180
Xometry, Inc., Series C†(1)(2)		343		3,305
Xometry, Inc., Series D†(1)(2)		267		2,573
Xometry, Inc., Series E†(1)(2)		1,927		26,250
Xometry, Inc., Series SEED1†(1)(2)		1,820		14,560
Xometry, Inc., Series SEED2†(1)(2)		801		6,408
				65,547
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		5,505		135,041
JAND, Inc. (dba Warby Parker) Series F†(1)(2)		5,440		133,447
				268,488
Retail - Restaurants — 0.1%
Cava Group, Inc., Series F†(1)(2)		6,606		149,692
Retirement/Aged Care — 0.0%
Honor Tech, Inc., Series D†(1)(2)		43,123		103,844
Seismic Data Collection — 0.0%
Seismic Software, Inc., Series E†(1)(2)		2,336		102,671
Seismic Software, Inc. Series F†(1)(2)		175		7,691
				110,362
Storage/Warehousing — 0.0%
Flexe, Inc.,Series C†(1)(2)		4,643		56,492
Total Convertible Preferred Securities (cost $2,585,090)				3,422,965
RIGHTS†— 0.0%
Disposable Medical Products — 0.0%
Xtant Medical Holdings, Inc. Expires 12/04/2020 (cost $0)		4,863		633
WARRANTS† — 0.0%
Advertising Services — 0.0%
Advantage Solutions, Inc. Expires 10/28/2025 (strike price $11.50)		3,003		5,255
Banks-Commercial — 0.0%
Grasshopper Bancorp, Inc.(1)(2) Expires 10/12/2028		1,009		2,583
Banks-Regional — 0.0%
Dogwood State Bank(1)(2) Expires 05/01/2024		456		0
Electronic Security Devices — 0.0%
API Group Corp. Expires 10/10/2020 (strike price $11.50)		27,696		110,784

Security Description	Shares/ Principal Amount			Value (Note 2)
Food-Misc./Diversified — 0.0%
Utz Brands, Inc. Expires 08/28/2025 (strike price $11.50)		4,337		$	37,342
Total Warrants
(cost $17,185)					155,964
Total Long-Term Investment Securities
(cost $233,948,768)					316,682,120
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.02%(4)		403,960			403,960
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(3)(4)		4,103,161			4,103,161
T. Rowe Price Government Reserve Fund 0.09%(4)		338,306			338,306
Total Short-Term Investment Securities
(cost $4,845,427)					4,845,427
REPURCHASE AGREEMENTS — 2.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $6,812,000 and collateralized by $6,975,800 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $6,948,305 (cost $6,812,000)	$	6,812,000			6,812,000
TOTAL INVESTMENTS
(cost $245,606,195)(5)		101.4	%		328,339,547
Liabilities in excess of other assets		(1.4	)		(4,555,108	)
NET ASSETS		100.0	%	$	323,784,439

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $233,988 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.

179

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2020, 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	$	2,955	$	5.76		0.00	%
Alignment Healthcare Partners, Class A		02/28/2020		7,632		92,489		92,489		12.12		0.03
Allbirds, Inc.		10/10/2018		4,690		51,436
		12/21/2018		980		10,748
				5,670		62,184		65,559		11.56		0.02
Cerevel Therapeutics Holdings PIPE		10/29/2020		3,298		32,980		44,239		13.41		0.02
Checkr, Inc.		06/29/2018		700		8,603
		12/02/2019		1,256		36,085
				1,956		44,688		47,902		24.49		0.02
Dogwood State Bank (Non-voting Shares)		05/06/2019		3,056		30,560		16,044		5.25		0.01
Dogwood State Bank (Voting Shares)		05/06/2019		1,501		15,010		7,880		5.25		0.00
Generation Bio, Series C		01/09/2020		4,245		41,930		194,459		45.81		0.06
Flame Biosciences, Inc.		09/28/2020		3,800		24,890		24,890		6.55		0.01
Grasshopper Bancorp, Inc.		10/12/2018		1,009		10,090
		05/02/2019		4,199		41,990
				5,208		52,080		35,414		6.80		0.01
JAND, Inc. (dba Warby Parker), Class A		03/09/2018		4,462		70,129		109,456		24.53		0.04
nCino, Inc.		09/16/2019		4,283		93,155		331,571		77.42		0.10
ServiceTitan, Inc.		11/09/2018		191		5,022		6,455		33.80		0.00
Professional Holding Corp., Seies A		08/28/2020		1,403		15,082		18,926		13.49		0.01
Toast, Inc.		09/14/2018		11		190		825		75.00		0.00
Venture Global LNG, Inc., Series B		03/08/2018		4		12,080		22,261		5,565		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		328,352		5,565		0.10
Vroom, Inc., Series F		06/30/2017		11,726		100,009				–
		11/21/2019		3,838		52,183				–
				15,564		152,192		530,219		33.87		0.16
Convertible Preferred Securities
1stdibs.com, Inc., Series D		02/07/2019		11,111		55,677		92,332		8.31		0.03
A Place For Rover, Inc., Series G		05/11/2018		7,335		55,221		42,250		5.76		0.01
Allbirds, Inc., Series A		10/10/2018		1,850		20,289		21,390		11.56		0.01
Allbirds, Inc., Series B		10/10/2018		325		3,565		3,758		11.56		0.00
Allbirds, Inc., Series C		10/09/2018		3,110		34,108		35,959		11.56		0.01
Allbirds, Inc., Series SEED		10/10/2018		995		10,912		11,505		11.56		0.00
Bright Health, Inc., Seres E		09/16/2020		6,719		137,187		137,187		20.42		0.04
Caris Life Sciences, Series C		08/14/2020		17,921		49,462		49,462		2.76		0.02
Cava Group, Inc., Series F		06/23/2020		6,606		149,692		149,692		22.66		0.05
Checkr, Inc., Series C		04/10/2018		2,998		40,926		73,421		24.49		0.02
Checkr, Inc., Series D		09/06/2019		4,084		123,527		100,017		24.49		0.03
Convoy, Inc., Series C		09/14/2018		12,094		85,875		140,895		11.65		0.04
Convoy, Inc., Series D		10/30/2019		7,659		103,703		89,227		11.65		0.03
Farmer’s Business Network, Inc., Series D		11/03/2017		8,287		153,012		273,940		33.06		0.06
Flexe, Inc., Series C		11/18/2020		4,643		56,492		56,492		12.17		0.06
Haul Hub, Inc., Series B		02/14/2020		2,168		31,609		31,610		14.58		0.01
Honor Tech, Inc., Series D		10/16/2020		43,123		103,844		103,844		2.41		0.03
JAND, Inc. (dba Warby Parker), Series E		03/09/2018		5,505		86,522		135,041		24.53		0.04

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
JAND, Inc. (dba Warby Parker), Series F		04/03/2020		5,440	$	106,042	$	133,447	$	24.53		0.04	%
National Resilience, Inc., Series B		10/23/2020		5,946		75,075		75,075		13.66		0.02
Nuro, Inc., Series C		10/30/2020		6,234		81,382		81,382		13.05		0.03
Plex Systems, Inc., Series B		06/09/2014		50,422		115,683		108,579		2.15		0.03
Rivian Automative, Inc. Series D		12/23/2019		12,194		131,012		193,641		15.88		0.06
Rivian Automative, Inc. Series E		07/13/2020		12,772		197,838		202,819		15.88		0.06
Roofoods, Ltd.(Deliveroo), Series F		09/12/2017		618		218,506		240,186		388.65		0.07
Roofoods, Ltd.(Deliveroo), 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		102,671		43.95		0.03
Seismic Software Holdings, Inc., Series F		09/25/2020		175		7,691		7,691		43.95		0.00
ServiceTitan, Inc., Series A-1		11/09/2018		4		105		135		33.80		0.00
ServiceTitan, Inc., Series D		11/09/2018		1,942		51,065		65,634		33.80		0.02
Toast, Inc., Series B		09/14/2018		98		1,696		7,350		75.00		0.00
Toast, Inc., Series D		06/27/2018		7,194		124,507		539,550		75.00		0.17
Toast, Inc., Series F		02/14/2020		594		26,997		44,550		75.00		0.01
Xometry, Inc., Series A-2		07/20/2020		962		9,212		9,271		9.64		0.00
Xometry, Inc., Series B		07/20/2020		330		3,160		3,180		9.64		0.00
Xometry, Inc., Series C		07/20/2020		343		3,340		3,305		9.64		0.00
Xometry, Inc., Series D		07/20/2020		267		2,617		2,573		9.64		0.00
Xometry, Inc., Series E		07/20/2020		1,927		26,250		26,250		13.62		0.01
Xometry, Inc., Series SEED-1		09/04/2020		1,820		14,560		14,560		8.00		0.00
Xometry, Inc., Series SEED-2		09/04/2020		801		6,408		6,408		8.00		0.00
Warrants
Grasshopper Bancorp, Inc. Expires 10/12/2028		10/12/2018		1,009		0		2,583		2.56		0.00
Dogwood State Bank Expires 05/01/2024		05/06/2019		456		0		0		0.00		0.00
							$	5,305,444				1.64	%

(3) At November 30, 2020, the Fund had loaned securities with a total value of $15,989,014. This was secured by collateral of $4,103,161, which was received in cash and subsequently invested in short-term investments currently valued at $4,103,161 as reported in the Portfolio of Investments. Additional collateral of $13,128,034 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$1,229,835
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050	3,302,613
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053	113,191
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021	620,269
United States Treasury Notes/Bonds	0.00% to 8.13%	12/31/2020 to 02/15/2050	7,862,126

(4) The rate shown is the 7-day yield as of November 30, 2020.

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

PIPE—Private Investment in Public Equity

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Applications Software	$	6,117,289	$	—	$	7,280	$	6,124,569
Banks - Commercial		28,360,816		—		35,414		28,396,230
Banks - Regional		—		—		23,924		23,924
Cellular Telecom		—		—		6,300		6,300
Computer Software		2,030,513		331,571		47,902		2,409,986
Diversified Operations		49,558		18,926		—		68,484
E-Commerce\Services		1,028,766		—		2,955		1,031,721
Health Care Providers & Services		—		—		92,489		92,489
Medical-Biomedical/Gene		13,748,240		238,698		24,890		14,011,828
Oil Companies-Exploration & Production		2,475,829		—		350,613		2,826,442
Pharmacy Services		—		—		109,456		109,456
Retail - Apparel/Shoe		1,498,398		—		65,559		1,563,957
Retail-Automobile		442,711		530,219		—		972,930
Veterinary Diagnostics		—		—		0		0
Other Industries		255,464,242		—		—		255,464,242
Convertible Preferred Securities		—		—		3,422,965		3,422,965
Rights		—		633		—		633
Warrants:
Banks-Commercial		—		—		2,583		2,583
Banks-Regional		—		—		0		0
Electronic Security Devices		—		110,784		—		110,784
Other Warrants		42,597		—		—		42,597
Short-Term Investment Securities		4,845,427		—		—		4,845,427
Repurchase Agreements		—		6,812,000		—		6,812,000
Total Investments at Value	$	316,104,386	$	8,042,831	$	4,192,330	$	328,339,547

* 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:

	Common Stocks			Convertible Preferred Securities			Warrants
Balance as of May 31, 2020	$	688,894		$	2,022,001		$	2,785
Accrued Discounts		—			—			—
Accrued Premiums		—			—			—
Realized Gain		—			—			—
Realized Loss		—			—			—
Change in unrealized appreciation (1)		387,904			1,201,510			—
Change in unrealized depreciation (1)		(3,335	)		(79	)		(202	)
Net purchases		24,890			924,211			—
Net Sales		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3(2)		(331,571	)		(724,678	)		—
Balance as of November 30, 2020	$	766,782		$	3,422,965		$	2,583

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2020 includes:

Common Stocks		Convertible Preferred Securities		Warrants
$	146,153	$	730,300	$	(202	)

(2) Private Common and Preferred Stocks were converted to Restricted Common Stocks following the Companies’ IPO listings. Securities are now valued using Level 2 inputs.

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2020.

181

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

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

Description	Fair Value at November 30, 2020		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)
Common Stocks	$	323,598	Market Approach	Market Transaction Price*	$5.25-$75.00 ($15.86086)#
	$	47,902	Market Approach	Transaction Price*	$30.2405
				Gross Profit Mutilple*	15.2x
				Discount for Lack of Marketability	10.0%
	$	35,414	Market Approach and Cost Approach	Transaction Price* Tangible Book Value Multiple* Discount for Lack of Marketability	$10.0000 0.95x 10.0%
	$	350,613	Market Approach	Transaction Price*	$5,200.0000
				EBITDA Multiple*	11.0x
				Discount for Lack of Marketability	10.0%
	$	2,955	Market Approach	Gross Profit Mutilple*	10.1x
				Discount for Lack of Marketability	10.0%
	$	6,300	Income Approach	Estimated Future Cash Distribution*	$0.00-$2.10 ($2.10)#
Preferred Securities	$	2,766,180	Market Approach	Market Transaction Price*	$2.40808-$417.90110 ($32.60891)#
	$	240,186	Market Approach	Market Transaction Price*	$417.9011
				Discount for Potential Liquidation Preferences	7.0%
	$	42,250	Market Approach	Gross Profit Mutilple*	10.1x
				Discount for Lack of Marketability	10.0%
	$	92,332	Market Approach	Transaction Price*	$5.0100
				Revenus Multiple*	9.3x
				Gross Profit Mutilple*	17.9x
				Discount for Lack of Marketability	10.0%
	$	108,579	Market Approach	Revenus Multiple*	5.2x
				Gross Profit Mutilple*	7.75x
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%
	$	173,438	Market Approach	Transaction Price*	$30.2405
				Gross Profit Mutilple*	15.2x
				Discount for Lack of Marketability	10.0%
Warrants	$	2,583	Market Approach	Strike Price*	$10.0000
				Risk-Free Rate*	2.50%
				Volatility Rate *	42.62%
				Discount for Lack of Marketability	10.0%
	$	0	Income Approach	Estimated Future Cash Distribution*	$0.0000

See Notes to Financial Statements

182

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	8.7	%
Repurchase Agreements	7.4
Banks — Commercial	6.9
Real Estate Investment Trusts	6.2
Registered Investment Companies	3.8
Enterprise Software/Service	2.3
Medical Products	2.3
Medical — Drugs	2.0
Retail — Restaurants	1.4
Electronic Components — Semiconductors	1.4
Energy — Alternate Sources	1.3
Insurance — Property/Casualty	1.2
Computer Software	1.2
Electric — Integrated	1.1
Distribution/Wholesale	1.1
Auto/Truck Parts & Equipment — Original	1.0
Building — Residential/Commercial	0.9
Investment Management/Advisor Services	0.9
Savings & Loans/Thrifts	0.9
Chemicals — Specialty	0.9
Computer Services	0.8
Building & Construction Products — Misc.	0.8
U.S. Government Treasuries	0.8
Gas — Distribution	0.8
Semiconductor Equipment	0.8
Human Resources	0.8
Electronic Components — Misc.	0.8
Building & Construction — Misc.	0.7
Racetracks	0.7
Machinery — General Industrial	0.7
Oil Companies — Exploration & Production	0.7
Medical Labs & Testing Services	0.6
Metal Processors & Fabrication	0.6
Retail — Automobile	0.6
Computer Data Security	0.6
Casino Services	0.6
Commercial Services	0.6
E-Commerce/Services	0.6
Applications Software	0.6
Real Estate Management/Services	0.6
Building — Heavy Construction	0.5
Apparel Manufacturers	0.5
Medical Information Systems	0.5
Food — Misc./Diversified	0.5
Finance — Investment Banker/Broker	0.5
Commercial Services — Finance	0.5
Consumer Products — Misc.	0.5
Aerospace/Defense — Equipment	0.5
Electronic Measurement Instruments	0.5
Engineering/R&D Services	0.5
Chemicals — Diversified	0.4
Medical — Outpatient/Home Medical	0.4
Retail — Apparel/Shoe	0.4
Transport — Truck	0.4
Insurance — Life/Health	0.4
Transport — Services	0.4
Retail — Home Furnishings	0.4
Food — Wholesale/Distribution	0.4
Water	0.4
Oil — Field Services	0.4
Footwear & Related Apparel	0.4
Finance — Consumer Loans	0.4
Electric — Generation	0.4
Diagnostic Kits	0.4
Telecommunication Equipment	0.4
Retail — Building Products	0.3
Machinery — Pumps	0.3
Metal — Aluminum	0.3
Medical Instruments	0.3

Building — Mobile Home/Manufactured Housing	0.3
Retail — Discount	0.3
Diversified Manufacturing Operations	0.3
Web Hosting/Design	0.3
Pastoral & Agricultural	0.3
Consulting Services	0.3
E-Commerce/Products	0.3
Airlines	0.3
Steel — Producers	0.3
Athletic Equipment	0.3
Medical — Hospitals	0.3
Building Products — Doors & Windows	0.3
Insurance — Reinsurance	0.3
Transport — Marine	0.3
Computers — Integrated Systems	0.3
Schools	0.3
Lasers — System/Components	0.3
Medical — Wholesale Drug Distribution	0.3
Environmental Consulting & Engineering	0.3
Rubber/Plastic Products	0.3
Resorts/Theme Parks	0.3
Rental Auto/Equipment	0.3
Disposable Medical Products	0.3
Semiconductor Components — Integrated Circuits	0.3
Office Furnishings — Original	0.3
Miscellaneous Manufacturing	0.3
Electronic Security Devices	0.3
Health Care Cost Containment	0.3
Beverages — Non-alcoholic	0.3
Oil Refining & Marketing	0.3
Machinery — Electrical	0.2
Retail — Pet Food & Supplies	0.2
Telecom Services	0.2
Networking Products	0.2
Financial Guarantee Insurance	0.2
Insurance Brokers	0.2
Finance — Mortgage Loan/Banker	0.2
Data Processing/Management	0.2
Electric Products — Misc.	0.2
Therapeutics	0.2
Paper & Related Products	0.2
Wireless Equipment	0.2
Auto — Heavy Duty Trucks	0.2
Aerospace/Defense	0.2
Building Products — Wood	0.2
Building Products — Air & Heating	0.2
Satellite Telecom	0.2
Veterinary Diagnostics	0.2
Steel Pipe & Tube	0.2
Retail — Misc./Diversified	0.2
Medical — Nursing Homes	0.2
Gambling (Non-Hotel)	0.2
Diagnostic Equipment	0.2
Rubber — Tires	0.2
Metal — Iron	0.2
Machinery — Construction & Mining	0.2
Finance — Leasing Companies	0.2
Non-Hazardous Waste Disposal	0.2
Precious Metals	0.2
Finance — Commercial	0.2
Internet Content — Information/News	0.2
Transport — Equipment & Leasing	0.2
Television	0.2
Cosmetics & Toiletries	0.2
Real Estate Operations & Development	0.2
Drug Delivery Systems	0.2
Communications Software	0.2
Software Tools	0.2
Retail — Regional Department Stores	0.2

183

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Machine Tools & Related Products	0.1	%
Instruments — Controls	0.1
Batteries/Battery Systems	0.1
Home Furnishings	0.1
Retail — Vision Service Center	0.1
Security Services	0.1
Publishing — Newspapers	0.1
Independent Power Producers	0.1
Containers — Metal/Glass	0.1
Casino Hotels	0.1
Golf	0.1
Optical Supplies	0.1
Transport — Air Freight	0.1
Telephone — Integrated	0.1
Printing — Commercial	0.1
Medical — HMO	0.1
Tobacco	0.1
Wire & Cable Products	0.1
Building — Maintenance & Services	0.1
Internet Connectivity Services	0.1
Banks — Super Regional	0.1
E-Marketing/Info	0.1
Internet Security	0.1
Audio/Video Products	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Hotels/Motels	0.1
Recreational Vehicles	0.1
Linen Supply & Related Items	0.1
Poultry	0.1
Patient Monitoring Equipment	0.1
Cable/Satellite TV	0.1
Agricultural Operations	0.1
Retail — Bedding	0.1
Insurance — Multi-line	0.1
Retail — Pawn Shops	0.1
Diversified Minerals	0.1
Machinery — Farming	0.1
Identification Systems	0.1
Gold Mining	0.1
Filtration/Separation Products	0.1
Dental Supplies & Equipment	0.1
Appliances	0.1
Computer Aided Design	0.1
Containers — Paper/Plastic	0.1
Banks — Mortgage	0.1
Medical — Generic Drugs	0.1
Oil & Gas Drilling	0.1
Metal Products — Distribution	0.1
Gas — Transportation	0.1
Quarrying	0.1
Protection/Safety	0.1
Coal	0.1
Firearms & Ammunition	0.1
Retail — Sporting Goods	0.1
Advanced Materials	0.1
Oil Field Machinery & Equipment	0.1
Retail — Jewelry	0.1
Theaters	0.1
Housewares	0.1
Power Converter/Supply Equipment	0.1
Retail — Petroleum Products	0.1
Food — Catering	0.1
Steel — Specialty	0.1
Food — Baking	0.1
Auto Repair Centers	0.1
Retail — Office Supplies	0.1
E-Services/Consulting	0.1
Entertainment Software	0.1
Hazardous Waste Disposal	0.1

Industrial Audio & Video Products	0.1
Publishing — Books	0.1
Computers — Other	0.1
Physical Therapy/Rehabilitation Centers	0.1
Recycling	0.1
Food — Retail	0.1
Finance — Other Services	0.1
Circuit Boards	0.1
Retail — Gardening Products	0.1
Vitamins & Nutrition Products	0.1
Professional Sports	0.1
B2B/E-Commerce	0.1
Retail — Drug Store	0.1
Computers — Voice Recognition	0.1
	104.0	%

* Calculated as a percentage of net assets

184

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.0%
Advanced Materials — 0.1%
Haynes International, Inc.		5,968	$	126,462
Lydall, Inc.†		8,176		224,022
Materion Corp.		9,705		565,802
				916,286
Advertising Sales — 0.0%
Boston Omaha Corp., Class A†		6,283		145,640
Advertising Services — 0.0%
Fluent, Inc.†		19,992		68,772
National CineMedia, Inc.		29,761		100,295
				169,067
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		10,352		883,957
Kratos Defense & Security Solutions, Inc.†		58,038		1,228,665
National Presto Industries, Inc.		2,438		207,352
Park Aerospace Corp.		9,407		119,751
				2,439,725
Aerospace/Defense - Equipment — 0.5%
AAR Corp.		16,019		454,459
Aerojet Rocketdyne Holdings, Inc.†		35,084		1,313,194
Astronics Corp.†		11,184		127,721
Barnes Group, Inc.		22,463		1,033,523
Ducommun, Inc.†		5,147		255,909
Kaman Corp.		13,197		690,071
Moog, Inc., Class A		14,220		1,100,059
Triumph Group, Inc.		24,624		324,298
				5,299,234
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		4,600		59,524
Marrone Bio Innovations, Inc.†		32,180		38,294
				97,818
Agricultural Operations — 0.1%
Alico, Inc.		2,494		77,289
Andersons, Inc.		14,902		338,722
Cadiz, Inc.†#		9,533		95,711
Fresh Del Monte Produce, Inc.		14,869		377,524
Limoneira Co.		7,781		113,836
Tejon Ranch Co.†		10,008		143,415
Vital Farms, Inc.†		4,906		145,414
				1,291,911
Airlines — 0.3%
Allegiant Travel Co.		6,252		1,064,028
Hawaiian Holdings, Inc.		21,743		440,513
Mesa Air Group, Inc.†		14,087		89,875
SkyWest, Inc.		23,572		1,011,946
Spirit Airlines, Inc.†		42,606		964,174
				3,570,536
Apparel Manufacturers — 0.5%
Deckers Outdoor Corp.†		13,381		3,406,669
Kontoor Brands, Inc.		24,633		1,026,457
Lakeland Industries, Inc.†		3,659		72,521
Oxford Industries, Inc.		7,840		437,394
Superior Group of Cos., Inc.		5,137		111,679
Urban Outfitters, Inc.†		32,985		903,129
				5,957,849
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		3,266		61,336
iRobot Corp.†#		13,191		1,034,570
				1,095,906

Security Description	Shares		Value (Note 2)
Applications Software — 0.6%
Agilysys, Inc.†		8,685	$	324,472
Appfolio, Inc., Class A†		7,799		1,270,691
Brightcove, Inc.†		18,866		315,062
Cerence, Inc.†#		17,573		1,594,750
Digi International, Inc.†		13,712		235,298
Ebix, Inc.#		12,608		428,798
GTY Technology Holdings, Inc.†#		21,191		75,864
IBEX, Ltd.†		2,298		45,730
Immersion Corp.†		8,189		70,098
Model N, Inc.†		16,299		561,664
Park City Group, Inc.†		5,898		27,662
PDF Solutions, Inc.†		13,820		305,007
Phreesia, Inc.†		13,664		603,402
Sprout Social, Inc., Class A†		13,022		669,070
				6,527,568
Athletic Equipment — 0.3%
Clarus Corp.		11,164		160,762
Nautilus, Inc.†		14,164		298,860
Vista Outdoor, Inc.†		27,887		575,309
YETI Holdings, Inc.†		38,246		2,416,000
				3,450,931
Audio/Video Products — 0.1%
Daktronics, Inc.		17,475		78,812
Sonos, Inc.†		38,543		857,196
Universal Electronics, Inc.†		6,446		339,447
VOXX International Corp.†		9,480		122,008
				1,397,463
Auto Repair Centers — 0.1%
Monro, Inc.		15,768		741,254
Auto - Heavy Duty Trucks — 0.2%
Blue Bird Corp.†		7,357		120,728
Navistar International Corp.†		23,864		1,056,221
REV Group, Inc.		13,130		121,321
Workhorse Group, Inc.†#		45,067		1,143,350
				2,441,620
Auto - Truck Trailers — 0.0%
Wabash National Corp.		25,285		447,039
Auto/Truck Parts & Equipment - Original — 1.0%
Adient PLC†		42,049		1,315,713
American Axle & Manufacturing Holdings, Inc.†		53,737		427,746
Cooper-Standard Holdings, Inc.†		8,003		271,462
Dana, Inc.		69,176		1,164,924
Dorman Products, Inc.†		12,733		1,176,147
Fox Factory Holding Corp.†		19,777		1,725,939
Gentherm, Inc.†		15,658		890,314
Meritor, Inc.†		33,164		875,530
Methode Electronics, Inc.		17,548		614,531
Miller Industries, Inc.		5,306		177,167
Modine Manufacturing Co.†		23,680		258,586
Shyft Group, Inc.		16,486		427,482
Telenav, Inc.†		15,820		75,145
Tenneco, Inc., Class A†		24,396		259,817
Visteon Corp.†		13,252		1,601,504
				11,262,007
Auto/Truck Parts & Equipment - Replacement — 0.1%
Douglas Dynamics, Inc.		10,778		421,635
Motorcar Parts of America, Inc.†		8,978		180,637
Standard Motor Products, Inc.		10,081		466,650
XPEL, Inc.†		7,975		302,093
				1,371,015

185

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
B2B/E-Commerce — 0.1%
ePlus, Inc.†		6,353	$	535,621
Banks - Commercial — 6.9%
1st Constitution Bancorp		4,324		70,654
1st Source Corp.		7,841		292,626
ACNB Corp.		4,044		100,736
Alerus Financial Corp.		7,071		169,916
Allegiance Bancshares, Inc.		9,045		286,365
Altabancorp		7,595		208,103
Amalgamated Bank, Class A		6,469		82,286
American National Bankshares, Inc.		5,092		132,290
Ameris Bancorp		31,709		1,078,423
Ames National Corp.		4,199		90,320
Arrow Financial Corp.		6,335		188,530
Atlantic Capital Bancshares, Inc.†		9,985		140,189
Atlantic Union Bankshares Corp.		37,260		1,114,447
Auburn National Bancorporation, Inc.		1,119		46,841
BancFirst Corp.		8,971		486,497
Bancorp, Inc.†		24,645		290,811
BancorpSouth Bank		47,348		1,200,272
Bank First Corp.#		3,001		207,549
Bank of Commerce Holdings		7,604		71,554
Bank of Marin Bancorp		6,324		219,443
Bank of N.T. Butterfield & Son, Ltd.		24,299		769,306
Bank of Princeton		2,721		64,841
Bank7 Corp.		1,357		16,501
BankUnited, Inc.		43,884		1,251,133
Bankwell Financial Group, Inc.		3,169		57,993
Banner Corp.		16,615		686,698
Bar Harbor Bankshares		7,140		164,577
BayCom Corp.†		5,424		78,106
BCB Bancorp, Inc.		6,871		69,878
Bogota Financial Corp.†		2,765		24,194
Bridge Bancorp, Inc.		7,977		178,047
Bridgewater Bancshares, Inc.†		10,532		123,962
Bryn Mawr Bank Corp.		9,419		280,875
Business First Bancshares, Inc.		9,221		172,156
Byline Bancorp, Inc.		11,603		177,874
C&F Financial Corp.		1,660		62,250
Cadence BanCorp		58,952		821,791
California Bancorp, Inc.†		3,618		58,250
Cambridge Bancorp		3,044		205,774
Camden National Corp.		7,057		242,408
Capital Bancorp, Inc.†		3,799		45,170
Capital City Bank Group, Inc.		6,410		145,956
Capstar Financial Holdings, Inc.		7,637		92,026
Carter Bankshares, Inc.		10,835		101,524
Cathay General Bancorp		36,307		1,025,673
CB Financial Services, Inc.		2,361		52,863
CBTX, Inc.		8,445		185,368
Central Pacific Financial Corp.		13,121		215,053
Central Valley Community Bancorp		5,054		72,019
Century Bancorp, Inc., Class A		1,336		98,730
Chemung Financial Corp.		1,720		57,706
ChoiceOne Financial Services, Inc.		3,502		103,764
CIT Group, Inc.		47,167		1,579,623
Citizens & Northern Corp.		6,381		115,815
Citizens Holding Co.		2,238		45,857
City Holding Co.		7,536		495,040
Civista Bancshares, Inc.		7,552		127,100
CNB Financial Corp.		7,076		139,256
Coastal Financial Corp.†		4,345		85,683
Codorus Valley Bancorp, Inc.		4,474		75,118
Colony Bankcorp, Inc.		3,691		52,634
Columbia Banking System, Inc.		34,327		1,085,076

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Community Bank System, Inc.		25,288	$	1,574,178
Community Financial Corp.		2,488		68,146
Community Trust Bancorp, Inc.		7,420		251,167
ConnectOne Bancorp, Inc.		17,721		314,193
County Bancorp, Inc.		2,344		50,302
CrossFirst Bankshares, Inc.†		22,914		208,517
Customers Bancorp, Inc.†		13,713		231,613
CVB Financial Corp.		61,797		1,173,525
Eagle Bancorp, Inc.		15,299		562,697
Enterprise Bancorp, Inc.		4,295		111,155
Enterprise Financial Services Corp.		11,498		391,047
Equity Bancshares, Inc., Class A†		6,939		140,688
Esquire Financial Holdings, Inc.†		3,221		60,233
Evans Bancorp, Inc.		2,277		61,433
Farmers & Merchants Bancorp, Inc.		4,837		110,671
Farmers National Banc Corp.		12,405		155,559
FB Financial Corp.		14,872		474,714
Fidelity D&D Bancorp, Inc.#		1,884		109,894
Financial Institutions, Inc.		7,573		151,536
First BanCorp		102,911		817,113
First Bancorp, Inc.		4,836		117,176
First Bancorp/Puerto Rico		13,717		430,439
First Bancshares, Inc.		9,885		270,454
First Bank		7,653		71,096
First Busey Corp.		24,091		482,061
First Business Financial Services, Inc.		3,893		73,539
First Choice Bancorp		4,955		81,906
First Commonwealth Financial Corp.		46,640		451,009
First Community Bankshares, Inc.		8,284		174,544
First Community Corp.		3,423		59,081
First Financial Bancorp		46,357		744,030
First Financial Bankshares, Inc.		61,715		2,062,515
First Financial Corp.		6,430		243,504
First Foundation, Inc.		18,852		334,811
First Guaranty Bancshares, Inc.		1,744		29,334
First Internet Bancorp		4,519		115,596
First Interstate BancSystem, Inc., Class A		20,044		762,674
First Merchants Corp.		25,800		859,656
First Mid Bancshares, Inc.		6,974		209,569
First Midwest Bancorp, Inc.		54,506		762,539
First Northwest Bancorp		4,151		62,265
First of Long Island Corp.		10,889		183,044
First United Corp.		3,211		49,064
Flagstar Bancorp, Inc.		24,825		869,868
FNCB Bancorp, Inc.		8,174		54,848
Franklin Financial Services Corp.		1,975		56,189
Fulton Financial Corp.		75,901		935,100
FVCBankcorp, Inc.†		5,645		73,385
German American Bancorp, Inc.		11,774		376,062
Glacier Bancorp, Inc.		45,799		1,867,225
Great Southern Bancorp, Inc.		5,266		241,709
Great Western Bancorp, Inc.		26,445		434,491
Guaranty Bancshares, Inc.		3,338		96,168
Hancock Whitney Corp.		41,234		1,158,263
Hanmi Financial Corp.		14,610		142,447
HarborOne Bancorp, Inc.		25,306		248,252
Hawthorn Bancshares, Inc.		2,795		61,490
HBT Financial, Inc.		4,678		65,398
Heartland Financial USA, Inc.		16,607		647,341
Heritage Commerce Corp.		27,801		234,084
Heritage Financial Corp.		17,219		400,686
Hilltop Holdings, Inc.		34,454		829,997
Home BancShares, Inc.		73,137		1,353,766
HomeStreet, Inc.		10,635		344,042
Hope Bancorp, Inc.		56,123		532,046

186

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Horizon Bancorp, Inc.		20,443	$	292,335
Howard Bancorp, Inc.†		6,293		77,656
Independent Bank Corp.		15,719		1,063,233
Independent Bank Corp.		10,097		171,750
International Bancshares Corp.		25,515		826,941
Investar Holding Corp.		4,865		79,105
Kearny Financial Corp.		38,287		378,658
Lakeland Bancorp, Inc.		23,303		280,102
Lakeland Financial Corp.		11,819		600,287
Landmark Bancorp, Inc.		1,845		45,904
LCNB Corp.		5,815		86,062
Level One Bancorp, Inc.		2,448		46,683
Limestone Bancorp, Inc.†		2,502		30,424
Live Oak Bancshares, Inc.		13,410		551,419
Luther Burbank Corp.		8,766		86,170
Macatawa Bank Corp.		12,537		97,287
Mackinac Financial Corp.		4,273		52,002
MainStreet Bancshares, Inc.†		3,384		54,855
Mercantile Bank Corp.		7,556		187,615
Merchants Bancorp		4,172		111,142
Meridian Corp.		2,568		47,765
Meta Financial Group, Inc.		15,931		527,316
Metrocity Bankshares, Inc.		8,277		114,636
Metropolitan Bank Holding Corp.†		3,348		110,752
Mid Penn Bancorp, Inc.		3,318		77,110
Middlefield Banc Corp.		2,858		61,161
Midland States Bancorp, Inc.		10,240		173,568
MidWestOne Financial Group, Inc.		7,018		163,239
MVB Financial Corp.		4,715		94,913
National Bankshares, Inc.		3,057		92,077
NBT Bancorp, Inc.		20,330		608,883
Nicolet Bankshares, Inc.†		4,466		297,034
Northeast Bank		3,669		79,911
Northrim BanCorp, Inc.		2,989		94,961
Norwood Financial Corp.		2,781		74,976
Oak Valley Bancorp		3,267		58,545
OFG Bancorp		24,200		405,350
Ohio Valley Banc Corp.		2,053		47,322
Old National Bancorp		78,401		1,241,088
Old Second Bancorp, Inc.		13,755		132,873
OP Bancorp		5,835		42,595
Origin Bancorp, Inc.		10,509		270,186
Orrstown Financial Services, Inc.		5,200		83,824
Park National Corp.		6,854		693,008
Partners Bancorp		4,720		30,916
PCB Bancorp		5,956		64,861
PCSB Financial Corp.		7,076		108,334
Peapack-Gladstone Financial Corp.		8,744		192,455
Penns Woods Bancorp, Inc.		3,271		83,607
Peoples Bancorp of North Carolina, Inc.		2,136		53,144
Peoples Bancorp, Inc.		8,827		220,498
Peoples Financial Services Corp.		3,339		126,281
Pioneer Bancorp, Inc.†		5,546		57,789
Plumas Bancorp		2,222		52,995
Preferred Bank		6,588		242,241
Premier Financial Bancorp, Inc.		6,239		83,041
Premier Financial Corp.		17,700		366,567
Provident Bancorp, Inc.		4,129		41,703
QCR Holdings, Inc.		7,078		246,810
RBB Bancorp		7,939		117,815
Red River Bancshares, Inc.		2,360		117,386
Reliant Bancorp, Inc.		7,176		126,943
Renasant Corp.		26,036		803,731
Republic Bancorp, Inc., Class A		4,648		164,074
Republic First Bancorp, Inc.†		21,731		67,583

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Richmond Mutual BanCorp, Inc.		5,877	$	73,698
S&T Bancorp, Inc.		18,472		413,588
Salisbury Bancorp, Inc.		1,213		47,368
Sandy Spring Bancorp, Inc.		22,023		648,798
SB Financial Group, Inc.		3,395		58,122
Seacoast Banking Corp. of Florida†		24,687		623,594
Select Bancorp, Inc.†		7,502		68,643
ServisFirst Bancshares, Inc.		23,288		879,821
Shore Bancshares, Inc.		5,931		82,144
Sierra Bancorp		6,677		146,894
Silvergate Capital Corp., Class A†		7,491		266,605
Simmons First National Corp., Class A		51,750		1,009,125
SmartFinancial, Inc.		6,697		118,269
South Plains Financial, Inc.		5,064		89,380
South State Corp.		33,457		2,223,887
Southern First Bancshares, Inc.†		3,468		110,629
Southern National Bancorp of Virginia, Inc.		9,471		103,613
Southside Bancshares, Inc.		15,120		444,528
Spirit of Texas Bancshares, Inc.		6,261		97,797
Standard AVB Financial Corp.		1,845		60,461
Sterling Bancorp, Inc.		7,824		30,592
Stock Yards Bancorp, Inc.		9,771		389,277
Summit Financial Group, Inc.		5,460		114,332
Texas Capital Bancshares, Inc.†		24,185		1,351,941
Tompkins Financial Corp.		6,850		435,728
Towne Bank		32,005		696,109
TriCo Bancshares		12,639		414,054
TriState Capital Holdings, Inc.†		13,183		196,295
Triumph Bancorp, Inc.†		10,845		492,797
TrustCo Bank Corp.		45,284		274,874
Trustmark Corp.		30,121		747,603
UMB Financial Corp.		20,854		1,418,281
United Bankshares, Inc.		59,194		1,733,200
United Community Banks, Inc.		37,341		892,823
United Security Bancshares		6,436		45,374
Unity Bancorp, Inc.		3,710		65,259
Univest Financial Corp.		13,760		251,946
Valley National Bancorp		190,498		1,741,152
Veritex Holdings, Inc.		22,684		492,016
Washington Trust Bancorp, Inc.		8,156		320,694
WesBanco, Inc.		31,165		892,254
West BanCorp, Inc.		7,659		147,666
Westamerica BanCorp		12,488		688,339
Western New England Bancorp, Inc.		10,912		72,892
				80,206,623
Banks - Fiduciary — 0.0%
Parke Bancorp, Inc.		5,051		72,532
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		13,524		1,082,055
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		17,703		993,315
National Bank Holdings Corp., Class A		14,070		452,773
				1,446,088
Batteries/Battery Systems — 0.1%
EnerSys		20,328		1,663,034
Beverages - Non-alcoholic — 0.3%
Celsius Holdings, Inc.†		16,422		529,609
Coca-Cola Consolidated, Inc.		2,249		588,541
National Beverage Corp.#		5,651		553,968
NewAge, Inc.†		45,269		155,273
Primo Water Corp.		74,701		1,122,756
				2,950,147

187

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages - Wine/Spirits — 0.0%
MGP Ingredients, Inc.		6,167	$	268,943
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		7,839		84,347
MSG Networks, Inc., Class A†#		19,041		231,158
				315,505
Building & Construction Products - Misc. — 0.8%
American Woodmark Corp.†		8,090		707,956
Builders FirstSource, Inc.†		55,291		2,068,436
Caesarstone, Ltd.		10,637		127,006
Forterra, Inc.†		9,079		168,415
Gibraltar Industries, Inc.†		15,586		1,020,260
Louisiana-Pacific Corp.		53,926		1,845,887
Patrick Industries, Inc.		10,675		672,952
Simpson Manufacturing Co., Inc.		20,834		1,914,645
Summit Materials, Inc., Class A†		54,805		1,041,295
				9,566,852
Building & Construction - Misc. — 0.7%
Comfort Systems USA, Inc.		17,176		865,499
EMCOR Group, Inc.		25,991		2,239,904
IES Holdings, Inc.†		3,889		143,426
MYR Group, Inc.†		7,788		398,200
NV5 Global, Inc.†		5,210		380,851
TopBuild Corp.†		15,820		2,756,319
WillScot Mobile Mini Holdings Corp.†		76,659		1,648,935
				8,433,134
Building Products - Air & Heating — 0.2%
AAON, Inc.		19,632		1,278,632
SPX Corp.†		20,554		1,052,982
				2,331,614
Building Products - Cement — 0.0%
Concrete Pumping Holdings, Inc.†		12,805		49,939
US Concrete, Inc.†		7,633		270,819
				320,758
Building Products - Doors & Windows — 0.3%
Apogee Enterprises, Inc.		12,299		322,726
Cornerstone Building Brands, Inc.†		20,903		182,692
Griffon Corp.		20,584		429,176
JELD-WEN Holding, Inc.†		32,465		785,328
Masonite International Corp.†		11,649		1,165,483
PGT Innovations, Inc.†		27,263		507,637
				3,393,042
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.		12,253		95,819
Research Frontiers, Inc.†#		12,684		37,164
				132,983
Building Products - Wood — 0.2%
Boise Cascade Co.		18,691		808,386
UFP Industries, Inc.		28,595		1,534,121
				2,342,507
Building - Heavy Construction — 0.5%
Aegion Corp.†		14,489		248,486
Arcosa, Inc.		23,215		1,204,626
Construction Partners, Inc., Class A†		12,592		331,170
Dycom Industries, Inc.†		14,676		922,533
Granite Construction, Inc.		22,406		551,636
Great Lakes Dredge & Dock Corp.†		30,381		343,001
MasTec, Inc.†		27,105		1,537,125

Security Description	Shares		Value (Note 2)
Building - Heavy Construction (continued)
Primoris Services Corp.		22,940	$	556,295
Sterling Construction Co., Inc.†		13,219		211,372
Tutor Perini Corp.†		19,498		263,613
				6,169,857
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		32,048		1,233,848
BrightView Holdings, Inc.†		19,552		266,689
				1,500,537
Building - Mobile Home/Manufactured Housing — 0.3%
Cavco Industries, Inc.†		4,393		790,784
LCI Industries		11,782		1,481,940
Skyline Champion Corp.†		25,138		772,491
Winnebago Industries, Inc.		14,891		788,180
				3,833,395
Building - Residential/Commercial — 0.9%
Beazer Homes USA, Inc.†		13,633		201,905
Century Communities, Inc.†		13,973		621,798
Forestar Group, Inc.†		7,965		154,999
Green Brick Partners, Inc.†		11,357		247,242
Installed Building Products, Inc.†		10,928		1,079,905
KB Home		42,177		1,484,630
LGI Homes, Inc.†		10,654		1,151,165
M/I Homes, Inc.†		13,329		605,803
MDC Holdings, Inc.		24,304		1,173,154
Meritage Homes Corp.†		17,778		1,602,687
Taylor Morrison Home Corp.†		60,352		1,525,699
TRI Pointe Group, Inc.†		61,957		1,083,008
				10,931,995
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		22,069		250,483
Liberty Latin America, Ltd., Class C†		74,171		838,874
WideOpenWest, Inc.†		25,012		204,848
				1,294,205
Casino Hotels — 0.1%
Boyd Gaming Corp.		38,864		1,495,875
Century Casinos, Inc.†		12,948		76,523
				1,572,398
Casino Services — 0.6%
Accel Entertainment, Inc.†		21,244		221,787
Caesars Entertainment, Inc.†		79,296		5,401,643
Everi Holdings, Inc.†		39,256		417,684
Scientific Games Corp.†		27,313		1,018,229
				7,059,343
Chemicals - Diversified — 0.4%
AdvanSix, Inc.†		13,093		232,662
Codexis, Inc.†		25,634		474,742
Innospec, Inc.		11,699		962,711
Koppers Holdings, Inc.†		9,840		266,369
Orion Engineered Carbons SA		28,817		448,392
Quaker Chemical Corp.		6,355		1,569,685
Stepan Co.		10,300		1,196,448
				5,151,009
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		29,616		191,616
Chemicals - Other — 0.0%
American Vanguard Corp.		13,794		209,117

188

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Specialty — 0.9%
AgroFresh Solutions, Inc.†		14,684	$	33,773
Amyris, Inc.†#		50,962		148,809
Balchem Corp.		15,382		1,594,960
Ferro Corp.†		39,139		560,079
GCP Applied Technologies, Inc.†		23,363		548,797
H.B. Fuller Co.		24,608		1,287,737
Hawkins, Inc.		4,628		232,233
Ingevity Corp.†		19,854		1,321,879
Kraton Corp.†		14,917		402,759
Minerals Technologies, Inc.		16,290		988,314
Oil-Dri Corp. of America		2,433		83,768
PQ Group Holdings, Inc.†		18,347		234,658
Rogers Corp.†		8,908		1,308,674
Sensient Technologies Corp.		20,282		1,454,625
Tronox Holdings PLC, Class A		42,787		541,256
				10,742,321
Circuit Boards — 0.1%
TTM Technologies, Inc.†		47,777		623,968
Coal — 0.1%
Arch Resources, Inc., Class A		7,221		241,470
CONSOL Energy, Inc.†		12,424		65,723
NACCO Industries, Inc., Class A		1,790		47,883
Peabody Energy Corp.†		30,001		40,501
SunCoke Energy, Inc.		39,695		178,628
Warrior Met Coal, Inc.		24,584		428,253
				1,002,458
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		10,696		147,070
Coffee — 0.0%
Farmer Brothers Co.†		7,681		34,180
Commercial Services — 0.6%
Collectors Universe, Inc.		4,352		335,757
Emerald Holding, Inc.		11,684		49,774
HMS Holdings Corp.†		42,121		1,323,442
LiveRamp Holdings, Inc.†		30,657		1,793,741
Medifast, Inc.		5,400		1,102,356
National Research Corp.		6,450		330,949
PFSweb, Inc.†		7,607		51,652
Progyny, Inc.†#		12,766		453,065
ServiceSource International, Inc.†		41,535		63,964
SP Plus Corp.†		11,003		312,925
Team, Inc.†		14,343		124,927
WW International, Inc.†		22,562		665,805
				6,608,357
Commercial Services - Finance — 0.5%
Cardtronics PLC, Class A†		17,205		417,738
Cass Information Systems, Inc.		6,804		288,694
CBIZ, Inc.†		24,374		590,338
EVERTEC, Inc.		28,784		1,069,901
Evo Payments, Inc., Class A†		19,495		490,104
Franchise Group, Inc.		10,437		279,607
Green Dot Corp., Class A†		24,345		1,303,918
GreenSky, Inc., Class A†		29,704		126,539
MoneyGram International, Inc.†		29,647		201,007
Priority Technology Holdings, Inc.†		3,649		17,807
Repay Holdings Corp.†		28,443		686,330
				5,471,983
Communications Software — 0.2%
8x8, Inc.†		49,424		977,113
Avaya Holdings Corp.†		39,553		736,081

Security Description	Shares		Value (Note 2)
Communications Software (continued)
SeaChange International, Inc.†		14,409	$	13,910
Smith Micro Software, Inc.†		16,369		88,065
				1,815,169
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†#		20,276		1,092,876
Computer Data Security — 0.6%
OneSpan, Inc.†		15,958		315,649
Ping Identity Holding Corp.†#		17,512		393,845
Qualys, Inc.†		16,274		1,546,193
Rapid7, Inc.†		24,081		1,804,630
SecureWorks Corp., Class A†		4,267		48,175
Tenable Holdings, Inc.†		33,314		1,199,637
Varonis Systems, Inc.†		14,899		1,797,415
				7,105,544
Computer Services — 0.8%
Conduent, Inc.†		78,879		332,869
ExlService Holdings, Inc.†		16,057		1,336,906
Insight Enterprises, Inc.†		16,565		1,184,066
Mastech Digital, Inc.†		1,895		33,731
MAXIMUS, Inc.		29,233		2,099,222
PAE, Inc.†		28,238		271,367
Parsons Corp.†		10,779		352,473
Perspecta, Inc.		66,568		1,492,455
Rimini Street, Inc.†		10,745		46,848
StarTek, Inc.†		8,342		65,235
Sykes Enterprises, Inc.†		18,482		695,478
TTEC Holdings, Inc.		8,673		586,815
Unisys Corp.†		29,579		431,262
Virtusa Corp.†		13,939		698,065
				9,626,792
Computer Software — 1.2%
Avid Technology, Inc.†		14,933		181,436
Bandwidth, Inc., Class A†		9,170		1,391,823
Box, Inc., Class A†		66,304		1,239,222
Cloudera, Inc.†#		97,932		1,143,846
Cornerstone OnDemand, Inc.†		28,985		1,279,688
Envestnet, Inc.†		25,384		2,037,320
J2 Global, Inc.†		21,648		1,939,877
Red Violet, Inc.†#		3,242		86,788
Simulations Plus, Inc.		6,735		376,958
Upland Software, Inc.†		12,447		569,450
Veritone, Inc.†#		11,186		297,659
Verra Mobility Corp.†		63,929		779,934
Xperi Holding Corp.		51,324		979,262
Yext, Inc.†#		48,339		918,924
Zuora, Inc., Class A†		48,033		547,096
				13,769,283
Computers - Integrated Systems — 0.3%
Cubic Corp.		15,019		879,513
Diebold Nixdorf, Inc.†#		33,559		317,804
MTS Systems Corp.		9,229		323,292
NetScout Systems, Inc.†		33,233		778,317
PAR Technology Corp.†		7,685		414,836
Super Micro Computer, Inc.†		21,468		605,612
				3,319,374
Computers - Memory Devices — 0.0%
Quantum Corp.†		13,987		80,145
Computers - Other — 0.1%
3D Systems Corp.†#		56,400		516,060
ExOne Co.†		5,520		65,798

189

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Other (continued)
PlayAGS, Inc.†		12,719	$	62,578
				644,436
Computers - Periphery Equipment — 0.0%
iCAD, Inc.†#		9,611		96,302
Mitek Systems, Inc.†		19,138		225,446
				321,748
Computers - Voice Recognition — 0.1%
Vocera Communications, Inc.†		15,361		519,663
Consulting Services — 0.3%
Acacia Research Corp.†		22,745		83,929
CRA International, Inc.		3,602		165,152
Forrester Research, Inc.†		5,230		216,522
Franklin Covey Co.†		5,988		131,556
GP Strategies Corp.†		6,239		71,748
Hackett Group, Inc.		11,957		168,354
Huron Consulting Group, Inc.†		10,827		477,146
ICF International, Inc.		8,700		630,141
Information Services Group, Inc.†		17,185		51,899
Kelly Services, Inc., Class A		16,082		329,038
R1 RCM, Inc.†		51,096		1,036,227
Vectrus, Inc.†		5,474		260,946
				3,622,658
Consumer Products - Misc. — 0.5%
Central Garden & Pet Co.†		4,616		184,825
Central Garden & Pet Co., Class A†		18,891		696,889
Helen of Troy, Ltd.†		12,095		2,443,069
Quanex Building Products Corp.		15,702		323,461
WD-40 Co.		6,521		1,658,355
				5,306,599
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		12,279		596,882
Greif, Inc., Class B		2,859		140,949
O-I Glass, Inc.		74,930		848,207
				1,586,038
Containers - Paper/Plastic — 0.1%
Matthews International Corp., Class A		14,578		389,670
TriMas Corp.†		20,687		552,963
UFP Technologies, Inc.†		3,283		144,682
				1,087,315
Cosmetics & Toiletries — 0.2%
e.l.f. Beauty, Inc.†		21,620		470,019
Edgewell Personal Care Co.†		26,062		905,654
Inter Parfums, Inc.		8,494		461,309
Revlon, Inc., Class A†#		3,289		42,297
				1,879,279
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		12,316		157,768
Data Processing/Management — 0.2%
Bottomline Technologies DE, Inc.†		20,694		944,474
CommVault Systems, Inc.†		19,976		954,054
CSG Systems International, Inc.		15,631		678,073
				2,576,601
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		40,556		1,125,835
Diagnostic Equipment — 0.2%
Accelerate Diagnostics, Inc.†#		14,868		116,416

Security Description	Shares		Value (Note 2)
Diagnostic Equipment (continued)
BioTelemetry, Inc.†		16,046	$	889,109
GenMark Diagnostics, Inc.†		33,291		445,101
Nymox Pharmaceutical Corp.†#		19,984		40,168
Quanterix Corp.†		10,055		434,276
Quotient, Ltd.†#		27,545		191,162
				2,116,232
Diagnostic Kits — 0.4%
Aspira Women’s Health, Inc.†#		37,890		184,145
Chembio Diagnostics, Inc.†#		9,443		54,203
Co-Diagnostics, Inc.†#		12,691		148,739
Meridian Bioscience, Inc.†		20,240		382,536
Natera, Inc.†		33,840		2,987,057
OraSure Technologies, Inc.†		33,983		407,796
				4,164,476
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		6,868		78,364
Direct Marketing — 0.0%
Quotient Technology, Inc.†		41,072		305,986
Disposable Medical Products — 0.3%
BioLife Solutions, Inc.†		6,572		236,526
CONMED Corp.		12,993		1,323,857
Merit Medical Systems, Inc.†		25,899		1,426,258
Utah Medical Products, Inc.		1,632		140,891
				3,127,532
Distribution/Wholesale — 1.1%
A-Mark Precious Metals, Inc.		2,344		71,703
Avient Corp.		43,691		1,596,906
Core-Mark Holding Co., Inc.		21,356		666,094
EVI Industries, Inc.†#		2,319		78,475
Fossil Group, Inc.†		22,423		237,684
G-III Apparel Group, Ltd.†		21,034		428,462
H&E Equipment Services, Inc.		15,313		411,613
KAR Auction Services, Inc.		61,753		1,114,642
Resideo Technologies, Inc.†		67,420		1,246,596
ScanSource, Inc.†		12,093		303,534
SiteOne Landscape Supply, Inc.†		21,002		2,900,376
Systemax, Inc.		5,931		182,497
Titan Machinery, Inc.†		9,103		166,312
Triton International, Ltd.		28,893		1,307,697
Veritiv Corp.†		6,161		114,471
VSE Corp.		4,240		145,008
WESCO International, Inc.†		23,463		1,530,257
				12,502,327
Diversified Manufacturing Operations — 0.3%
Chase Corp.		3,527		373,685
Enerpac Tool Group Corp.		25,914		580,214
EnPro Industries, Inc.		9,896		700,736
Fabrinet†		17,554		1,199,114
Federal Signal Corp.		28,603		887,551
NL Industries, Inc.		4,004		18,739
				3,760,039
Diversified Minerals — 0.1%
Caledonia Mining Corp. PLC		5,336		76,999
Livent Corp.†#		70,136		1,063,963
United States Lime & Minerals, Inc.		959		106,161
				1,247,123
Diversified Operations — 0.0%
Professional Holding Corp., Class A†#		5,457		77,489

190

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		9,648	$	289,151
Drug Delivery Systems — 0.2%
Antares Pharma, Inc.†		78,569		245,135
BioDelivery Sciences International, Inc.†		42,899		163,016
Heron Therapeutics, Inc.†#		41,891		725,971
Revance Therapeutics, Inc.†		30,083		726,204
				1,860,326
E-Commerce/Products — 0.3%
1-800-Flowers.com, Inc., Class A†#		11,892		278,748
CarParts.com, Inc.†		10,084		151,966
Lands’ End, Inc.†		5,558		138,617
Liquidity Services, Inc.†		13,289		126,378
Overstock.com, Inc.†		20,395		1,376,459
RealReal, Inc.†		29,815		412,938
Stitch Fix, Inc., Class A†		26,878		1,088,559
				3,573,665
E-Commerce/Services — 0.6%
Cargurus, Inc.†		41,292		1,034,365
Cars.com, Inc.†		32,253		360,266
ChannelAdvisor Corp.†		13,188		194,523
Eventbrite, Inc., Class A†#		30,369		509,288
EverQuote, Inc., Class A†		6,705		252,510
Groupon, Inc.†		11,121		335,410
Shutterstock, Inc.		10,462		719,367
Stamps.com, Inc.†		8,128		1,523,675
TrueCar, Inc.†		50,654		206,668
Upwork, Inc.†		44,347		1,451,034
				6,587,106
E-Marketing/Info — 0.1%
comScore, Inc.†		28,330		72,242
Magnite, Inc.†#		50,633		962,027
QuinStreet, Inc.†		22,618		403,618
				1,437,887
E-Services/Consulting — 0.1%
Perficient, Inc.†		15,573		709,039
Electric Products - Misc. — 0.2%
Graham Corp.		4,610		72,792
nLight, Inc.†		16,658		500,073
Novanta, Inc.†		16,360		1,962,873
Ultralife Corp.†		4,345		29,329
				2,565,067
Electric - Distribution — 0.0%
Genie Energy, Ltd., Class B		6,297		52,265
Spark Energy, Inc., Class A#		5,726		53,137
Unitil Corp.		7,056		288,450
				393,852
Electric - Generation — 0.4%
Atlantic Power Corp.†		41,580		85,655
Brookfield Renewable Corp., Class A		32,704		2,588,521
Ormat Technologies, Inc.		19,131		1,507,714
				4,181,890
Electric - Integrated — 1.1%
ALLETE, Inc.		24,911		1,400,995
Ameresco, Inc., Class A†		11,671		519,943
Avista Corp.		32,188		1,207,694
Black Hills Corp.		30,074		1,829,401
Evoqua Water Technologies Corp.†		43,655		1,138,959
MGE Energy, Inc.		17,423		1,196,437

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
NorthWestern Corp.		24,274	$	1,407,892
Otter Tail Corp.		19,384		771,871
PNM Resources, Inc.		37,986		1,865,492
Portland General Electric Co.		43,025		1,780,375
				13,119,059
Electronic Components - Misc. — 0.8%
Advanced Energy Industries, Inc.†		18,159		1,751,617
Applied Optoelectronics, Inc.†#		10,341		85,934
Atkore International Group, Inc.†		22,634		882,273
Bel Fuse, Inc., Class B		4,796		70,309
Benchmark Electronics, Inc.		17,441		424,165
Comtech Telecommunications Corp.		11,622		221,515
IntriCon Corp.†		4,045		70,140
Kimball Electronics, Inc.†		11,499		177,200
Knowles Corp.†		42,342		718,967
NVE Corp.		2,280		116,713
OSI Systems, Inc.†		8,096		713,258
Plexus Corp.†		13,721		1,025,096
Sanmina Corp.†		32,116		1,021,771
SMART Global Holdings, Inc.†		6,763		207,557
Transcat, Inc.†		3,323		105,339
Vishay Intertechnology, Inc.		63,551		1,230,347
Vishay Precision Group, Inc.†		5,942		173,804
				8,996,005
Electronic Components - Semiconductors — 1.4%
Alpha & Omega Semiconductor, Ltd.†		9,820		243,929
Ambarella, Inc.†		15,817		1,235,782
Amkor Technology, Inc.†		47,721		703,408
Atomera, Inc.†#		7,665		71,898
AXT, Inc.†		18,669		182,023
CEVA, Inc.†		10,379		407,687
CTS Corp.		15,222		463,662
Diodes, Inc.†		20,260		1,376,870
DSP Group, Inc.†		10,618		178,701
GSI Technology, Inc.†		7,904		52,483
Impinj, Inc.†#		8,050		336,409
Intellicheck, Inc.†		8,591		84,364
Lattice Semiconductor Corp.†		64,279		2,690,076
MACOM Technology Solutions Holdings, Inc.†		22,472		1,004,049
Photronics, Inc.†		30,228		350,342
Pixelworks, Inc.†		18,660		55,607
Rambus, Inc.†		54,221		852,354
Semtech Corp.†		30,873		2,083,001
Silicon Laboratories, Inc.†		20,725		2,429,177
SiTime Corp.†		4,362		379,363
Synaptics, Inc.†		16,268		1,265,162
				16,446,347
Electronic Measurement Instruments — 0.5%
Badger Meter, Inc.		13,938		1,149,049
CyberOptics Corp.†		3,396		90,877
FARO Technologies, Inc.†		8,485		561,028
Fitbit, Inc., Class A†		116,308		835,091
Itron, Inc.†		19,177		1,507,504
Luna Innovations, Inc.†		13,985		140,200
Mesa Laboratories, Inc.		2,264		615,265
Stoneridge, Inc.†		12,427		333,789
				5,232,803
Electronic Security Devices — 0.3%
Alarm.com Holdings, Inc.†		22,718		1,724,524
API Group Corp.†*		66,946		1,037,663
Napco Security Technologies, Inc.†		5,564		169,702

191

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Security Devices (continued)
Wrap Technologies, Inc.†#		5,463	$	31,412
				2,963,301
Energy - Alternate Sources — 1.3%
Clean Energy Fuels Corp.†		62,126		282,673
FuelCell Energy, Inc.†#		101,772		1,038,075
FutureFuel Corp.		12,365		148,257
Green Plains, Inc.†		16,336		241,446
Maxeon Solar Technologies, Ltd.†#		4,572		111,648
Plug Power, Inc.†#		179,139		4,727,478
Renewable Energy Group, Inc.†		18,277		1,061,528
REX American Resources Corp.†		2,644		207,554
Sunnova Energy International, Inc.†		25,383		1,028,266
SunPower Corp.†#		36,577		810,546
Sunrun, Inc.†		69,798		4,472,656
TPI Composites, Inc.†		14,497		583,214
				14,713,341
Engineering/R&D Services — 0.5%
Exponent, Inc.		24,553		2,038,145
Fluor Corp.		67,360		1,163,307
Iteris, Inc.†		19,268		94,028
KBR, Inc.		68,095		1,890,998
Mistras Group, Inc.†		8,665		45,231
				5,231,709
Enterprise Software/Service — 2.3%
ACI Worldwide, Inc.†		54,758		1,784,016
Akerna Corp.†#		4,291		18,408
American Software, Inc., Class A		14,308		234,937
Appian Corp.†#		17,011		2,381,540
Asure Software, Inc.†#		6,423		49,714
Benefitfocus, Inc.†		13,866		199,532
Blackbaud, Inc.		23,630		1,301,777
Blackline, Inc.†		23,989		2,948,248
Cardlytics, Inc.†#		12,511		1,484,805
Daily Journal Corp.†#		543		146,610
Domo, Inc., Class B†		12,186		462,946
Donnelley Financial Solutions, Inc.†		14,358		233,892
eGain Corp.†		9,961		112,958
Evolent Health, Inc., Class A†		36,092		524,417
Intelligent Systems Corp.†#		3,581		140,626
LivePerson, Inc.†#		29,487		1,722,631
ManTech International Corp., Class A		12,983		999,301
MicroStrategy, Inc., Class A†		3,689		1,264,478
MobileIron, Inc.†		46,623		328,226
Progress Software Corp.		21,451		860,185
PROS Holdings, Inc.†		18,771		805,088
QAD, Inc., Class A		5,526		316,806
SailPoint Technologies Holdings, Inc.†		42,088		1,959,617
Sapiens International Corp. NV		12,249		365,633
SPS Commerce, Inc.†		16,797		1,731,267
SVMK, Inc.†		57,917		1,232,474
Verint Systems, Inc.†		30,628		1,744,571
Workiva, Inc.†		18,695		1,401,938
				26,756,641
Entertainment Software — 0.1%
Glu Mobile, Inc.†		69,842		706,103
Environmental Consulting & Engineering — 0.3%
Montrose Environmental Group Inc†		5,245		143,661
Tetra Tech, Inc.		25,769		3,072,953
				3,216,614

Security Description	Shares		Value (Note 2)
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		12,234	$	1,209,943
Finance - Commercial — 0.2%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		34,693		1,896,319
Marlin Business Services Corp.		4,000		41,560
MMA Capital Holdings, Inc.†		2,269		56,521
NewStar Financial, Inc. CVR†(1)		17,919		9,676
				2,004,076
Finance - Consumer Loans — 0.4%
Curo Group Holdings Corp.		8,747		75,574
Encore Capital Group, Inc.†		14,922		509,437
Enova International, Inc.†		16,547		345,998
EZCORP, Inc., Class A†		22,884		116,480
International Money Express, Inc.†		11,302		177,893
LendingClub Corp.†		33,734		269,197
Navient Corp.		91,520		857,542
Nelnet, Inc., Class A		8,234		559,089
Paysign, Inc.†#		14,719		71,976
PRA Group, Inc.†		21,574		898,126
Regional Management Corp.		4,088		109,272
World Acceptance Corp.†#		2,253		254,386
				4,244,970
Finance - Credit Card — 0.0%
Atlanticus Holdings Corp.†		2,413		36,195
I3 Verticals, Inc., Class A†		7,067		197,169
				233,364
Finance - Investment Banker/Broker — 0.5%
Amerant Bancorp, Inc.†		10,841		160,989
Arlington Asset Investment Corp., Class A#		16,593		53,264
Cowen, Inc., Class A#		12,773		306,041
Diamond Hill Investment Group, Inc.		1,483		202,904
Greenhill & Co., Inc.		6,776		88,223
Houlihan Lokey, Inc.		24,465		1,584,843
Moelis & Co., Class A		25,260		991,202
Oppenheimer Holdings, Inc., Class A		4,436		130,818
Piper Sandler Cos.		8,330		767,776
PJT Partners, Inc., Class A		11,255		779,746
Siebert Financial Corp.†		5,436		19,298
StoneX Group, Inc.†		7,813		481,437
				5,566,541
Finance - Leasing Companies — 0.2%
Prog Holdings, Inc.		32,237		2,028,674
Finance - Mortgage Loan/Banker — 0.2%
Federal Agricultural Mtg. Corp., Class C		4,347		294,292
Mr. Cooper Group, Inc.†		36,591		975,516
Oportun Financial Corp.†		9,294		157,162
PennyMac Financial Services, Inc.		20,291		1,169,573
				2,596,543
Finance - Other Services — 0.1%
BGC Partners, Inc., Class A		145,728		603,314
SWK Holdings Corp.†		1,696		21,980
				625,294
Financial Guarantee Insurance — 0.2%
MBIA, Inc.†		25,416		161,900
NMI Holdings, Inc., Class A†		39,315		861,392
Radian Group, Inc.		91,523		1,727,954
				2,751,246
Firearms & Ammunition — 0.1%
American Outdoor Brands, Inc.†		6,521		90,544

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Firearms & Ammunition (continued)
Smith & Wesson Brands, Inc.		26,086	$	411,115
Sturm Ruger & Co., Inc.		8,062		493,717
				995,376
Food - Baking — 0.1%
Hostess Brands, Inc.†		58,489		792,526
Food - Canned — 0.0%
Landec Corp.†		12,389		128,226
Seneca Foods Corp., Class A†		3,110		130,247
				258,473
Food - Catering — 0.1%
Healthcare Services Group, Inc.		35,701		845,043
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		7,687		238,066
Food - Meat Products — 0.0%
Nathan’s Famous, Inc.		1,355		76,964
Food - Misc./Diversified — 0.5%
B&G Foods, Inc.#		30,497		844,462
BellRing Brands, Inc., Class A†		19,029		388,192
Bridgford Foods Corp.†		806		15,032
Cal-Maine Foods, Inc.†		14,980		586,167
J&J Snack Foods Corp.		7,158		1,040,702
John B. Sanfilippo & Son, Inc.		4,207		312,201
Lancaster Colony Corp.		9,061		1,534,299
Simply Good Foods Co.†		40,727		885,405
				5,606,460
Food - Retail — 0.1%
Ingles Markets, Inc., Class A		6,827		256,627
Natural Grocers by Vitamin Cottage, Inc.		4,361		63,496
Village Super Market, Inc., Class A		4,100		94,956
Weis Markets, Inc.		4,565		217,431
				632,510
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.		7,871		563,800
Chefs’ Warehouse, Inc.†		14,436		332,678
HF Foods Group, Inc.†		16,995		132,051
Performance Food Group Co.†		62,640		2,717,323
SpartanNash Co.		16,975		320,488
United Natural Foods, Inc.†		26,070		449,707
				4,516,047
Footwear & Related Apparel — 0.4%
Crocs, Inc.†		31,920		1,879,769
Rocky Brands, Inc.		3,283		95,207
Steven Madden, Ltd.		39,393		1,239,698
Weyco Group, Inc.		2,881		51,628
Wolverine World Wide, Inc.		38,175		1,101,730
				4,368,032
Funeral Services & Related Items — 0.0%
Carriage Services, Inc.		7,875		214,279
Gambling (Non-Hotel) — 0.2%
Bally’s Corp.		8,567		380,632
Golden Entertainment, Inc.†		8,009		133,350
International Game Technology PLC#		47,525		598,339
Monarch Casino & Resort, Inc.†		6,031		333,032
Red Rock Resorts, Inc., Class A		31,471		684,337
				2,129,690

Security Description	Shares		Value (Note 2)
Gas - Distribution — 0.8%
Chesapeake Utilities Corp.		7,719	$	802,853
New Jersey Resources Corp.		45,571		1,505,210
Northwest Natural Holding Co.		14,564		697,907
ONE Gas, Inc.		25,067		1,984,805
RGC Resources, Inc.		3,643		88,379
South Jersey Industries, Inc.		48,221		1,110,048
Southwest Gas Holdings, Inc.		26,785		1,720,936
Spire, Inc.		24,005		1,535,360
				9,445,498
Gas - Transportation — 0.1%
Brookfield Infrastructure Corp., Class A		15,551		1,036,474
Gold Mining — 0.1%
Gold Resource Corp.		31,225		93,051
Novagold Resources, Inc.†		113,623		1,131,685
				1,224,736
Golf — 0.1%
Acushnet Holdings Corp.		16,376		617,375
Callaway Golf Co.		44,658		948,983
				1,566,358
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		7,243		139,572
Sharps Compliance Corp.†#		6,825		54,259
US Ecology, Inc.		15,085		511,231
				705,062
Health Care Cost Containment — 0.3%
CorVel Corp.†		4,240		379,692
HealthEquity, Inc.†		36,023		2,582,489
				2,962,181
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†#		5,847		73,906
Retractable Technologies, Inc.†		6,345		73,475
				147,381
Home Furnishings — 0.1%
Casper Sleep, Inc.†		12,098		76,096
Ethan Allen Interiors, Inc.		10,822		197,718
Hooker Furniture Corp.		5,574		168,725
Purple Innovation, Inc.†		10,596		315,973
Sleep Number Corp.†		12,946		898,323
				1,656,835
Hotels/Motels — 0.1%
Bluegreen Vacations Corp.		2,471		15,716
Bluegreen Vacations Holding Corp.		5,964		75,802
Hilton Grand Vacations, Inc.†		40,728		1,129,795
Marcus Corp.		10,723		125,888
Target Hospitality Corp.†#		14,166		22,382
				1,369,583
Housewares — 0.1%
Lifetime Brands, Inc.		5,781		77,870
Tupperware Brands Corp.†		23,451		789,126
				866,996
Human Resources — 0.8%
AMN Healthcare Services, Inc.†		22,307		1,453,524
ASGN, Inc.†		24,331		1,902,198
Barrett Business Services, Inc.		3,625		241,824
BG Staffing, Inc.		4,407		56,189
Cross Country Healthcare, Inc.†		17,114		148,892
Heidrick & Struggles International, Inc.		9,169		239,311

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
Insperity, Inc.		17,345	$	1,482,997
Kforce, Inc.		9,435		387,307
Korn Ferry		26,806		1,073,312
Resources Connection, Inc.		14,585		176,624
TriNet Group, Inc.†		19,691		1,476,825
TrueBlue, Inc.†		17,104		326,686
Willdan Group, Inc.†		4,929		191,640
				9,157,329
Identification Systems — 0.1%
Brady Corp., Class A		22,527		995,243
Digimarc Corp.†#		5,713		240,117
				1,235,360
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		16,673		452,505
Clearway Energy, Inc., Class C		38,731		1,133,657
				1,586,162
Industrial Audio & Video Products — 0.1%
Akoustis Technologies, Inc.†#		14,835		112,895
GoPro, Inc., Class A†#		61,785		431,877
Turtle Beach Corp.†		6,438		120,326
				665,098
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		10,577		337,406
Instruments - Controls — 0.1%
Allied Motion Technologies, Inc.		3,503		142,117
Watts Water Technologies, Inc., Class A		13,098		1,534,430
				1,676,547
Instruments - Scientific — 0.0%
Fluidigm Corp.†#		33,740		211,212
Insurance Brokers — 0.2%
BRP Group, Inc., Class A†		16,131		475,058
Crawford & Co., Class A		7,772		57,124
eHealth, Inc.†		12,186		926,014
Goosehead Insurance, Inc., Class A		6,169		759,466
Selectquote, Inc.†		15,215		326,362
Trean Insurance Group, Inc.†		5,754		81,994
				2,626,018
Insurance - Life/Health — 0.4%
American Equity Investment Life Holding Co.		43,383		1,140,105
CNO Financial Group, Inc.		67,604		1,438,613
FBL Financial Group, Inc., Class A		4,593		238,836
GWG Holdings, Inc.†#		1,529		11,620
Independence Holding Co.		2,209		87,101
National Western Life Group, Inc., Class A		1,227		228,320
Security National Financial Corp., Class A†		4,556		36,494
Trupanion, Inc.†		14,210		1,440,610
				4,621,699
Insurance - Multi-line — 0.1%
Citizens, Inc.†#		23,698		150,245
Genworth Financial, Inc., Class A†		241,184		1,094,975
Vericity, Inc.#		889		9,744
				1,254,964
Insurance - Property/Casualty — 1.2%
Ambac Financial Group, Inc.†		21,676		317,337
AMERISAFE, Inc.		9,158		501,217
Donegal Group, Inc., Class A		5,226		73,059
Employers Holdings, Inc.		13,759		419,787

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Enstar Group, Ltd.†		5,752	$	1,088,739
FedNat Holding Co.		5,902		33,287
HCI Group, Inc.		2,915		152,017
Heritage Insurance Holdings, Inc.		11,995		124,028
Horace Mann Educators Corp.		19,817		791,095
Investors Title Co.		621		105,570
James River Group Holdings, Ltd.		14,282		650,974
Kinsale Capital Group, Inc.		10,112		2,428,498
National General Holdings Corp.		32,602		1,111,076
NI Holdings, Inc.†		4,323		73,923
Palomar Holdings, Inc.†		9,689		640,443
ProAssurance Corp.		25,624		407,678
ProSight Global, Inc.†		4,457		56,827
Protective Insurance Corp., Class B		4,293		61,347
RLI Corp.		18,923		1,811,499
Safety Insurance Group, Inc.		6,914		492,623
Selective Insurance Group, Inc.		28,267		1,747,466
State Auto Financial Corp.		8,393		126,063
Stewart Information Services Corp.		12,594		527,311
Tiptree, Inc.		11,700		59,553
United Fire Group, Inc.		10,022		219,181
United Insurance Holdings Corp.		9,726		43,086
Universal Insurance Holdings, Inc.		13,221		184,565
Watford Holdings, Ltd.†		8,188		284,287
				14,532,536
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		15,516		608,072
Essent Group, Ltd.		52,727		2,312,606
Greenlight Capital Re, Ltd., Class A†#		13,304		102,574
Third Point Reinsurance, Ltd.†		38,512		367,405
				3,390,657
Internet Application Software — 0.0%
Tucows, Inc., Class A†#		4,476		324,510
VirnetX Holding Corp.#		30,263		164,025
				488,535
Internet Connectivity Services — 0.1%
Boingo Wireless, Inc.†		20,945		296,372
Cogent Communications Holdings, Inc.		20,319		1,181,346
				1,477,718
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†#		56,606		250,765
Internet Content - Information/News — 0.2%
DHI Group, Inc.†		23,234		44,609
HealthStream, Inc.†		12,330		230,324
LiveXLive Media, Inc.†		22,000		55,000
TechTarget, Inc.†		11,151		585,428
Yelp, Inc.†		34,043		1,087,334
				2,002,695
Internet Gambling — 0.0%
GAN, Ltd.†#		3,541		57,541
Internet Security — 0.1%
Mimecast, Ltd.†		27,314		1,228,584
Zix Corp.†		26,125		188,100
				1,416,684
Investment Companies — 0.0%
Grid Dynamics Holdings, Inc.†		10,378		111,979
PDL Community Bancorp†		3,588		39,109
Rafael Holdings, Inc., Class B†		4,390		94,034
				245,122

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services — 0.9%
Altisource Portfolio Solutions SA†#		2,190	$	28,864
Artisan Partners Asset Management, Inc., Class A		26,289		1,183,005
AssetMark Financial Holdings, Inc.†		7,821		185,984
Associated Capital Group, Inc., Class A		882		33,737
B. Riley Financial, Inc.		9,072		327,862
Blucora, Inc.†		23,030		300,311
Boston Private Financial Holdings, Inc.		39,169		280,450
BrightSphere Investment Group, Inc.		29,332		519,177
Cohen & Steers, Inc.		11,686		827,018
Columbia Financial, Inc.†		23,512		337,868
Federated Hermes, Inc.		46,173		1,239,284
First Western Financial, Inc.†		2,987		50,480
Focus Financial Partners, Inc., Class A†		15,038		595,655
GAMCO Investors, Inc., Class A		2,597		37,085
Hamilton Lane, Inc., Class A		14,403		1,006,482
Pzena Investment Management, Inc., Class A		8,094		53,906
Sculptor Capital Management, Inc.		8,841		124,481
Silvercrest Asset Management Group, Inc., Class A		4,563		60,642
Stifel Financial Corp.		31,861		2,207,967
Virtus Investment Partners, Inc.		3,523		630,194
Waddell & Reed Financial, Inc., Class A#		30,804		507,034
Westwood Holdings Group, Inc.		3,735		44,521
WisdomTree Investments, Inc.		66,544		284,808
				10,866,815
Lasers - System/Components — 0.3%
II-VI, Inc.†#		48,194		3,260,324
LENSAR, Inc.†		4,039		34,614
				3,294,938
Leisure Products — 0.0%
Escalade, Inc.		4,935		95,097
Johnson Outdoors, Inc., Class A		2,496		208,666
				303,763
Lighting Products & Systems — 0.0%
Orion Energy Systems, Inc.†		12,926		133,396
Linen Supply & Related Items — 0.1%
UniFirst Corp.		7,211		1,333,170
Machine Tools & Related Products — 0.1%
Hurco Cos., Inc.		2,975		88,685
Kennametal, Inc.		39,708		1,389,383
Luxfer Holdings PLC		13,806		207,504
				1,685,572
Machinery - Construction & Mining — 0.2%
Astec Industries, Inc.		10,732		622,456
Hyster-Yale Materials Handling, Inc.		4,735		260,614
Manitowoc Co, Inc.†		16,208		180,071
Terex Corp.		32,187		997,797
				2,060,938
Machinery - Electrical — 0.2%
Argan, Inc.		7,045		323,999
Bloom Energy Corp., Class A†		42,402		1,039,697
Franklin Electric Co., Inc.		22,013		1,487,859
				2,851,555
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,726		641,413
Lindsay Corp.		5,183		600,295
				1,241,708
Machinery - General Industrial — 0.7%
Albany International Corp., Class A		14,702		1,007,528

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
Altra Industrial Motion Corp.		30,836	$	1,750,252
Applied Industrial Technologies, Inc.		18,482		1,449,543
Chart Industries, Inc.†		17,261		1,784,097
DXP Enterprises, Inc.†		7,842		165,153
Gencor Industries, Inc.†		4,369		52,690
Intevac, Inc.†		11,065		66,611
Kadant, Inc.		5,464		698,900
Ranpak Holdings Corp.†		13,845		156,587
Tennant Co.		8,739		586,911
Welbilt, Inc.†		62,335		589,066
				8,307,338
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		11,077		418,600
Machinery - Print Trade — 0.0%
Eastman Kodak Co.†#		7,364		56,187
Machinery - Pumps — 0.3%
Cactus, Inc., Class A		22,751		527,823
CIRCOR International, Inc.†		9,539		315,455
CSW Industrials, Inc.		6,545		702,213
Gorman-Rupp Co.		8,415		276,853
Mueller Water Products, Inc., Class A		74,942		889,562
NN, Inc.†		20,065		125,707
SPX FLOW, Inc.†		20,346		1,090,139
				3,927,752
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		31,731		417,580
Medical Information Systems — 0.5%
1Life Healthcare, Inc.†		37,586		1,235,452
Allscripts Healthcare Solutions, Inc.†		77,336		1,057,957
Computer Programs & Systems, Inc.		6,144		174,674
Health Catalyst, Inc.†#		16,080		573,252
Inovalon Holdings, Inc., Class A†		35,258		658,267
NantHealth, Inc.†#		12,888		29,642
NextGen Healthcare, Inc.†		26,678		473,268
Ontrak, Inc.†#		3,811		189,216
Schrodinger, Inc.†		13,955		970,989
Tabula Rasa HealthCare, Inc.†#		9,788		337,294
				5,700,011
Medical Instruments — 0.3%
AngioDynamics, Inc.†		17,538		249,391
Apyx Medical Corp.†		15,982		122,262
Cantel Medical Corp.		18,136		1,077,823
Milestone Scientific, Inc.†		20,200		33,936
Misonix Opco, Inc.†		5,745		80,085
Natus Medical, Inc.†		16,084		336,477
NuVasive, Inc.†		24,567		1,137,944
Silk Road Medical, Inc.†		12,857		736,706
Stereotaxis, Inc.†		21,131		90,863
				3,865,487
Medical Labs & Testing Services — 0.6%
Avalon GloboCare Corp.†#		9,444		11,899
Cellular Biomedicine Group, Inc.†		5,890		108,317
Dyadic International, Inc.†		9,218		54,017
Fulgent Genetics, Inc.†#		4,621		207,575
Invitae Corp.†#		55,180		2,739,687
MEDNAX, Inc.†		35,648		720,446
Medpace Holdings, Inc.†		13,053		1,675,483
OPKO Health, Inc.†#		190,143		882,264
Personalis, Inc.†		11,332		311,970
Progenity, Inc.†#		1,658		6,649

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services (continued)
SI-BONE, Inc.†		12,130	$	280,931
Vapotherm, Inc.†#		9,378		235,951
Viemed Healthcare, Inc.†		16,688		162,708
				7,397,897
Medical Laser Systems — 0.0%
Cutera, Inc.†		8,265		206,790
Medical Products — 2.3%
Accuray, Inc.†		42,796		190,870
Acutus Medical, Inc.†		4,701		133,602
Alphatec Holdings, Inc.†		21,583		226,622
AtriCure, Inc.†		20,903		908,862
Atrion Corp.		675		405,000
Avanos Medical, Inc.†		22,764		964,966
AxoGen, Inc.†		17,397		248,603
Axonics Modulation Technologies, Inc.†#		14,463		634,781
Bellerophon Therapeutics, Inc.†		2,144		15,351
BioSig Technologies, Inc.†#		11,507		52,932
Cardiovascular Systems, Inc.†		18,485		636,993
Castle Biosciences, Inc.†		5,607		266,669
Cerus Corp.†		78,492		521,972
CryoLife, Inc.†		17,602		366,474
CytoSorbents Corp.†		19,637		164,754
Electromed, Inc.†		3,326		33,559
FONAR Corp.†		3,013		57,880
Glaukos Corp.†		20,413		1,377,469
Hanger, Inc.†		17,698		401,568
Inari Medical, Inc.†		3,675		253,832
InfuSystem Holdings, Inc.†		6,913		110,608
Inogen, Inc.†		8,807		308,862
Inspire Medical Systems, Inc.†		12,514		2,324,350
Integer Holdings Corp.†		15,639		1,127,416
Intersect ENT, Inc.†		15,547		297,414
Invacare Corp.		16,147		137,734
iRadimed Corp.†#		2,814		68,971
iRhythm Technologies, Inc.†		13,109		3,205,282
LeMaitre Vascular, Inc.		7,941		312,796
LivaNova PLC†		23,355		1,234,312
Luminex Corp.		20,556		487,794
NanoString Technologies, Inc.†		18,067		896,846
Nemaura Medical, Inc.†		3,534		14,489
Nevro Corp.†		16,052		2,588,385
Omnicell, Inc.†		20,304		2,128,874
Orthofix Medical, Inc.†		8,925		328,083
OrthoPediatrics Corp.†#		6,268		286,824
PAVmed, Inc.†#		17,458		33,869
Pulse Biosciences, Inc.†#		6,549		97,580
Repro-Med Systems, Inc.†		12,887		57,992
SeaSpine Holdings Corp.†		12,649		179,869
Shockwave Medical, Inc.†#		13,598		1,330,292
Sientra, Inc.†		22,187		114,707
Soleno Therapeutics, Inc.†		28,474		55,809
Soliton, Inc.†#		3,324		30,514
Surgalign Holdings, Inc.†		27,932		63,126
Surmodics, Inc.†		6,327		236,883
Tactile Systems Technology, Inc.†		8,779		378,463
Venus Concept, Inc.†#		9,150		21,777
Zynex, Inc.†#		8,915		124,453
				26,447,133
Medical - Biomedical/Gene — 8.7%
Abeona Therapeutics, Inc.†		28,869		46,768
ADMA Biologics, Inc.†#		28,773		58,697
Adverum Biotechnologies, Inc.†		41,532		564,420
Affimed NV†		38,880		207,619

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Agenus, Inc.†		72,525	$	268,342
Akero Therapeutics, Inc.†		6,472		186,264
Akouos, Inc.†		6,940		143,519
Albireo Pharma, Inc.†		6,358		236,581
Alder Biopharmaceuticals, Inc. CVR†(1)		37,741		33,212
Allakos, Inc.†		11,643		1,246,150
Allogene Therapeutics, Inc.†		25,774		800,283
ALX Oncology Holdings, Inc.†		4,576		352,032
Amicus Therapeutics, Inc.†		121,552		2,782,325
AnaptysBio, Inc.†		10,235		263,961
Anavex Life Sciences Corp.†#		25,092		133,740
ANI Pharmaceuticals, Inc.†		4,498		132,961
Annexon, Inc.†		7,048		170,562
Apellis Pharmaceuticals, Inc.†		28,709		1,353,342
Applied Genetic Technologies Corp.†		11,633		51,651
Applied Molecular Transport, Inc.†		5,936		184,194
Applied Therapeutics, Inc.†		6,513		150,841
Aprea Therapeutics, Inc.†#		3,437		86,750
Aptinyx, Inc.†#		12,108		48,069
Aravive, Inc.†#		5,812		33,768
Arcturus Therapeutics Holdings, Inc.†		7,650		701,964
Arcus Biosciences, Inc.†		20,150		548,684
Arcutis Biotherapeutics, Inc.†#		8,642		234,371
Ardelyx, Inc.†		34,922		220,009
Arena Pharmaceuticals, Inc.†		27,796		1,830,923
Arrowhead Pharmaceuticals, Inc.†		47,987		3,000,627
Assembly Biosciences, Inc.†		14,671		84,578
Atara Biotherapeutics, Inc.†		34,599		802,351
Athersys, Inc.†#		82,911		153,385
Atreca, Inc., Class A†#		13,460		209,168
AVEO Pharmaceuticals, Inc.†#		10,438		56,156
Avid Bioservices, Inc.†		26,947		245,757
Avidity Biosciences, Inc.†		7,995		239,370
Avrobio, Inc.†		14,935		205,655
Beam Therapeutics, Inc.†#		16,893		844,650
BioCryst Pharmaceuticals, Inc.†#		84,443		431,504
Biohaven Pharmaceutical Holding Co., Ltd.†		23,001		2,045,939
Black Diamond Therapeutics, Inc.†#		8,644		288,191
Blueprint Medicines Corp.†		26,455		2,859,256
BrainStorm Cell Therapeutics, Inc.†#		13,653		75,433
Bridgebio Pharma, Inc.†#		34,815		1,749,106
Cabaletta Bio, Inc.†#		6,172		91,839
Calithera Biosciences, Inc.†		31,440		154,370
Cara Therapeutics, Inc.†		19,678		288,676
CASI Pharmaceuticals, Inc.†		31,602		78,689
Catabasis Pharmaceuticals, Inc.†#		9,195		15,172
CEL-SCI Corp.†#		16,128		201,600
Centogene NV†#		4,067		51,000
Cerecor, Inc.†#		17,333		43,332
Champions Oncology, Inc.†		3,449		39,215
Checkmate Pharmaceuticals, Inc.†		2,413		29,270
ChemoCentryx, Inc.†		23,705		1,307,331
Chinook Therapeutics, Inc.†		6,346		88,717
ChromaDex Corp.†#		19,484		96,641
Cohbar, Inc.†		12,380		16,713
Constellation Pharmaceuticals, Inc.†#		14,673		371,814
ContraFect Corp.†		11,684		73,843
Cortexyme, Inc.†#		7,519		365,423
Crinetics Pharmaceuticals, Inc.†#		12,936		172,954
Cue Biopharma, Inc.†		13,755		192,364
Cymabay Therapeutics, Inc.†		33,113		248,347
CytomX Therapeutics, Inc.†		21,582		162,297
Deciphera Pharmaceuticals, Inc.†		17,885		1,105,293
Denali Therapeutics, Inc.†		30,062		1,832,880
DermTech, Inc.†#		3,872		47,935

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Dicerna Pharmaceuticals, Inc.†		31,056	$	784,785
Dynavax Technologies Corp.†#		50,793		258,028
Editas Medicine, Inc.†#		30,024		918,434
Eiger BioPharmaceuticals, Inc.†		13,145		120,145
Emergent BioSolutions, Inc.†		21,341		1,748,468
Enochian Biosciences, Inc.†#		6,594		19,123
Enzo Biochem, Inc.†		21,236		46,082
Epizyme, Inc.†		42,641		585,887
Esperion Therapeutics, Inc.†#		12,376		350,488
Evelo Biosciences, Inc.†#		9,557		49,027
Evolus, Inc.†#		10,408		38,822
Exagen, Inc.†#		2,283		33,925
Exicure, Inc.†		28,350		44,226
Fate Therapeutics, Inc.†		34,244		2,002,075
FibroGen, Inc.†		40,274		1,663,719
Five Prime Therapeutics, Inc.†		12,803		240,696
Forma Therapeutics Holdings, Inc.†		7,705		337,017
Frequency Therapeutics, Inc.†#		12,006		344,572
Galera Therapeutics, Inc.†		4,180		45,646
Generation Bio Co.†		5,869		283,003
Genprex, Inc.†#		13,638		44,051
Geron Corp.†#		137,341		256,141
GlycoMimetics, Inc.†		17,713		66,601
Gossamer Bio, Inc.†		27,086		239,440
Halozyme Therapeutics, Inc.†		64,928		2,538,685
Harvard Bioscience, Inc.†		18,300		71,736
Homology Medicines, Inc.†		16,249		159,890
iBio, Inc.†#		27,579		41,093
IGM Biosciences, Inc.†#		3,393		226,585
Immunic, Inc.†		2,662		49,859
ImmunoGen, Inc.†		82,134		447,630
Immunovant, Inc.†		16,689		820,932
Innoviva, Inc.†		30,328		317,079
Inovio Pharmaceuticals, Inc.†#		74,952		915,913
Inozyme Pharma Inc†#		3,885		101,088
Insmed, Inc.†		48,400		1,888,084
Intercept Pharmaceuticals, Inc.†		12,395		440,146
iTeos Therapeutics, Inc.†		5,109		136,870
IVERIC bio, Inc.†		38,403		261,908
Kaleido Biosciences, Inc.†#		5,544		43,687
Karuna Therapeutics, Inc.†		7,552		753,463
Karyopharm Therapeutics, Inc.†		33,520		569,505
Keros Therapeutics, Inc.†#		3,330		251,781
Kezar Life Sciences, Inc.†		14,964		98,463
Kindred Biosciences, Inc.†		17,809		69,277
Kiniksa Pharmaceuticals, Ltd., Class A†		12,779		238,456
Kodiak Sciences, Inc.†#		15,404		2,105,265
Krystal Biotech, Inc.†		6,464		355,132
Lexicon Pharmaceuticals, Inc.†#		19,737		30,198
Ligand Pharmaceuticals, Inc.†#		6,896		581,816
Liquidia Technologies, Inc.†#		12,951		36,133
LogicBio Therapeutics, Inc.†#		5,831		40,642
Lyra Therapeutics, Inc.†		1,964		24,393
MacroGenics, Inc.†		25,239		582,264
Magenta Therapeutics, Inc.†		9,896		70,756
Marker Therapeutics, Inc.†#		14,108		23,984
MEI Pharma, Inc.†		49,389		142,240
MeiraGTx Holdings PLC†		9,815		138,588
Mersana Therapeutics, Inc.†		25,448		648,415
Mirati Therapeutics, Inc.†		19,730		4,692,780
Molecular Templates, Inc.†#		12,658		113,289
Mustang Bio, Inc.†#		13,693		50,664
Myriad Genetics, Inc.†		34,032		596,921
NantKwest, Inc.†#		15,068		144,351
NeoGenomics, Inc.†		49,527		2,356,495

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
NextCure, Inc.†#		7,877	$	79,715
NGM Biopharmaceuticals, Inc.†#		11,399		270,156
Nkarta, Inc.†		7,771		258,619
Novavax, Inc.†#		29,468		4,110,786
Nurix Therapeutics, Inc.†		5,309		226,270
Omeros Corp.†#		28,252		327,441
Oncocyte Corp.†#		30,070		58,035
Oncternal Therapeutics, Inc. CVR†#(1)		368		754
Organogenesis Holdings, Inc.†		9,676		49,831
Orgenesis, Inc.†		8,639		41,986
Osmotica Pharmaceuticals PLC†#		6,186		37,858
Ovid therapeutics, Inc.†#		20,466		139,987
Oyster Point Pharma, Inc.†#		2,895		63,487
Pacific Biosciences of California, Inc.†		79,762		1,261,037
Pandion Therapeutics, Inc.†		3,574		62,938
PDL BioPharma, Inc.†		53,237		134,690
Phathom Pharmaceuticals, Inc.†#		5,135		219,881
Pieris Pharmaceuticals, Inc.†		23,717		69,254
Pliant Therapeutics Inc†		4,980		137,050
Poseida Therapeutics, Inc.†		6,419		74,525
Precigen, Inc.†#		31,661		250,755
Precision BioSciences, Inc.†		22,225		277,146
Prevail Therapeutics, Inc.†		6,826		70,103
Protara Therapeutics, Inc.†		964		23,184
Prothena Corp. PLC†		14,708		166,495
Provention Bio, Inc.†#		22,755		341,097
PTC Therapeutics, Inc.†		29,542		1,848,443
Puma Biotechnology, Inc.†		14,601		164,261
Radius Health, Inc.†#		21,732		342,931
RAPT Therapeutics, Inc.†#		5,245		113,659
REGENXBIO, Inc.†		16,278		567,126
Relay Therapeutics, Inc.†		15,386		820,228
Replimune Group, Inc.†		9,969		515,198
REVOLUTION Medicines, Inc.†		18,443		804,668
Rigel Pharmaceuticals, Inc.†		81,232		246,133
Rocket Pharmaceuticals, Inc.†#		16,284		504,153
Rubius Therapeutics, Inc.†#		17,134		107,430
Sangamo Therapeutics, Inc.†		55,046		549,910
Satsuma Pharmaceuticals, Inc.†		4,394		19,773
Savara, Inc.†		23,018		30,844
Scholar Rock Holding Corp.†		10,858		540,946
Selecta Biosciences, Inc.†#		32,418		108,924
Solid Biosciences, Inc.†		11,816		39,111
Sorrento Therapeutics, Inc.†#		105,820		867,724
SpringWorks Therapeutics, Inc.†		10,129		662,842
Stoke Therapeutics, Inc.†#		5,840		304,206
Strongbridge Biopharma PLC†		16,979		47,032
Sutro Biopharma, Inc.†#		12,390		211,869
Syndax Pharmaceuticals, Inc.†		12,877		298,360
TCR2 Therapeutics, Inc.†		12,145		330,891
Tela Bio, Inc.†		3,280		53,694
Theravance Biopharma, Inc.†#		21,989		364,798
Tobira Therapeutics, Inc. CVR†(1)		4,989		0
Translate Bio, Inc.†#		32,585		724,039
TransMedics Group, Inc.†		12,020		178,737
Travere Therapeutics, Inc.†		23,388		536,287
Turning Point Therapeutics, Inc.†		17,328		1,845,432
Twist Bioscience Corp.†		15,639		1,747,502
Tyme Technologies, Inc.†#		32,370		33,989
Ultragenyx Pharmaceutical, Inc.†		29,514		3,498,590
UNITY Biotechnology, Inc.†#		16,659		100,454
Vaxart, Inc.†#		25,047		199,875
VBI Vaccines, Inc.†		82,088		281,151
Veracyte, Inc.†		27,378		1,492,375
Verastem, Inc.†		81,556		163,928

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Vericel Corp.†		21,507	$	549,289
Veru, Inc.†		25,397		77,207
Viela Bio, Inc.†		10,341		396,474
Viking Therapeutics, Inc.†#		31,344		201,542
Vir Biotechnology, Inc.†#		25,613		816,542
VolitionRX, Ltd.†#		13,068		42,863
VYNE Therapeutics, Inc.†#		69,416		118,007
WaVe Life Sciences, Ltd.†		11,710		103,282
X4 Pharmaceuticals, Inc.†		7,686		50,728
XBiotech, Inc.†#		6,822		130,027
Xencor, Inc.†		26,508		1,121,819
XOMA Corp.†		2,908		96,284
Y-mAbs Therapeutics, Inc.†		14,314		728,153
Zeneca, Inc. CVR†(1)		3,950		2,429
Zentalis Pharmaceuticals, Inc.†#		5,510		280,790
ZIOPHARM Oncology, Inc.†#		101,911		285,351
				102,157,080
Medical - Drugs — 2.0%
89bio, Inc.†		3,113		84,082
AcelRx Pharmaceuticals, Inc.†#		38,257		57,386
Aduro Biotech Holding, Inc. CVR†(1)		6,346		0
Aeglea BioTherapeutics, Inc.†		20,074		171,833
Aerie Pharmaceuticals, Inc.†#		17,537		217,634
Agile Therapeutics, Inc.†#		32,464		91,548
Alector, Inc.†		22,129		290,111
Allovir, Inc.†		8,568		339,379
Amphastar Pharmaceuticals, Inc.†		17,419		309,361
Aquestive Therapeutics, Inc.†#		9,499		67,063
Athenex, Inc.†		29,630		403,857
Avenue Therapeutics, Inc.†#		3,185		10,797
Axcella Health, Inc.†		7,186		40,960
Aytu BioScience, Inc.†#		10,939		9,668
Beyond Air, Inc.†#		6,676		35,650
Beyondspring, Inc.†		7,014		78,417
BioSpecifics Technologies Corp.†		2,985		263,874
Bioxcel Therapeutics, Inc.†		5,604		246,576
Cassava Sciences, Inc.†#		11,079		85,530
Catalyst Biosciences, Inc.†		10,544		65,373
Catalyst Pharmaceuticals, Inc.†		46,399		169,820
Checkpoint Therapeutics, Inc.†		21,554		51,730
Chiasma, Inc.†		23,953		102,519
Chimerix, Inc.†		23,132		87,208
Cidara Therapeutics, Inc.†		16,840		39,406
Clovis Oncology, Inc.†		39,645		195,053
Coherus Biosciences, Inc.†		27,679		510,954
Collegium Pharmaceutical, Inc.†		16,411		303,439
Concert Pharmaceuticals, Inc.†		13,673		155,872
Corbus Pharmaceuticals Holdings, Inc.†#		35,702		43,556
Corcept Therapeutics, Inc.†		45,891		1,038,972
Cyclerion Therapeutics, Inc.†#		10,588		32,611
Cytokinetics, Inc.†		31,723		532,946
Durect Corp.†		96,806		179,091
Eagle Pharmaceuticals, Inc.†		5,213		237,192
Eloxx Pharmaceuticals, Inc.†#		12,738		36,431
Enanta Pharmaceuticals, Inc.†		9,104		375,085
Eton Pharmaceuticals, Inc.†#		7,048		55,961
Fortress Biotech, Inc.†		30,012		82,533
Fulcrum Therapeutics, Inc.†#		6,841		78,193
Galectin Therapeutics, Inc.†#		17,780		46,228
Gritstone Oncology, Inc.†#		14,390		43,890
Harpoon Therapeutics, Inc.†#		5,055		75,421
Harrow Health, Inc.†		10,699		61,519
Hookipa Pharma, Inc.†#		5,942		68,927
Ideaya Biosciences, Inc.†		7,613		106,125

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
IMARA, Inc.†#		2,364	$	60,306
Intellia Therapeutics, Inc.†#		23,955		940,713
Intra-Cellular Therapies, Inc.†		31,249		738,726
Ironwood Pharmaceuticals, Inc.†		76,285		878,803
Jounce Therapeutics, Inc.†#		8,249		58,980
Kadmon Holdings, Inc.†		82,469		359,565
Kala Pharmaceuticals, Inc.†#		18,921		141,151
KalVista Pharmaceuticals, Inc.†		6,519		121,971
Kura Oncology, Inc.†		25,359		920,532
Lannett Co., Inc.†#		15,214		93,718
Madrigal Pharmaceuticals, Inc.†		4,182		488,416
Marinus Pharmaceuticals, Inc.†#		11,957		189,997
MediciNova, Inc.†#		20,141		119,638
Minerva Neurosciences, Inc.†		16,356		63,625
Mirum Pharmaceuticals, Inc.†		2,485		58,273
Morphic Holding, Inc.†		6,547		205,379
Neoleukin Therapeutics, Inc.†#		15,400		195,426
Neubase Therapeutics, Inc.†		8,027		61,567
NeuroBo Pharmaceuticals, Inc.†		2,046		11,069
Ocular Therapeutix, Inc.†		28,916		506,030
Odonate Therapeutics, Inc.†		6,251		93,890
Optinose, Inc.†#		16,709		67,671
ORIC Pharmaceuticals, Inc.†		4,163		141,167
Pacira BioSciences, Inc.†		20,055		1,215,132
Paratek Pharmaceuticals, Inc.†#		20,849		129,055
Passage Bio, Inc.†#		6,493		133,171
PhaseBio Pharmaceuticals, Inc.†#		7,292		27,710
Phibro Animal Health Corp., Class A		9,753		184,234
Prestige Consumer Healthcare, Inc.†		24,057		855,708
Progenics Pharmaceuticals, Inc. CVR†(1)		41,888		0
Protagonist Therapeutics, Inc.†		14,482		349,885
Relmada Therapeutics, Inc.†#		6,913		245,826
Rhythm Pharmaceuticals, Inc.†		16,070		497,367
Rockwell Medical, Inc.†		33,313		34,979
scPharmaceuticals, Inc.†		3,346		30,850
Seres Therapeutics, Inc.†		25,381		700,769
SIGA Technologies, Inc.†#		24,919		172,689
Spectrum Pharmaceuticals, Inc.†		68,957		324,787
Spero Therapeutics, Inc.†#		7,067		117,100
Supernus Pharmaceuticals, Inc.†		23,321		496,737
Syros Pharmaceuticals, Inc.†		19,847		161,753
TG Therapeutics, Inc.†		53,083		1,557,455
TherapeuticsMD, Inc.†#		112,931		151,328
Tricida, Inc.†		13,517		98,809
UroGen Pharma, Ltd.†#		9,266		192,270
Vanda Pharmaceuticals, Inc.†		25,691		313,687
Vaxcyte, Inc.†		8,705		279,431
Verrica Pharmaceuticals, Inc.†#		5,947		54,415
Voyager Therapeutics, Inc.†		12,355		102,794
vTv Therapeutics, Inc., Class A†		4,981		10,360
Xeris Pharmaceuticals, Inc.†#		21,972		95,798
Zogenix, Inc.†		26,571		569,417
				23,199,910
Medical - Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†		47,414		187,285
Arvinas, Inc.†		13,981		338,340
Endo International PLC†		108,286		550,093
				1,075,718
Medical - HMO — 0.1%
Magellan Health, Inc.†		11,336		896,111
Tivity Health, Inc.†		20,717		381,814
Triple-S Management Corp., Class B†		10,839		242,902
				1,520,827

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Hospitals — 0.3%
Community Health Systems, Inc.†		40,737	$	333,229
Select Medical Holdings Corp.†		51,925		1,251,392
Surgery Partners, Inc.†		10,770		263,111
Tenet Healthcare Corp.†		49,957		1,570,149
				3,417,881
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		24,452		1,757,365
National HealthCare Corp.		5,998		373,196
				2,130,561
Medical - Outpatient/Home Medical — 0.4%
Addus HomeCare Corp.†		6,602		655,249
Joint Corp.†		6,342		159,184
LHC Group, Inc.†		14,513		2,849,192
Pennant Group, Inc.†		12,186		617,708
Providence Service Corp.†		5,780		784,866
				5,066,199
Medical - Wholesale Drug Distribution — 0.3%
AdaptHealth Corp.†		11,947		356,737
Covetrus, Inc.†		46,917		1,267,463
Eidos Therapeutics, Inc.†		5,228		481,290
Evofem Biosciences, Inc.†#		36,658		82,114
Owens & Minor, Inc.		30,123		775,969
PetIQ, Inc.†#		10,071		289,843
				3,253,416
Metal Processors & Fabrication — 0.6%
AZZ, Inc.		12,452		555,235
Helios Technologies, Inc.		14,856		731,361
Lawson Products, Inc.†		2,113		99,818
LB Foster Co., Class A†		4,824		70,237
Mayville Engineering Co., Inc.†		3,517		38,757
Mueller Industries, Inc.		26,730		875,675
Park-Ohio Holdings Corp.		4,173		117,220
RBC Bearings, Inc.†		11,781		1,989,104
Rexnord Corp.		58,311		2,187,246
Standex International Corp.		5,877		443,478
Tredegar Corp.		12,501		197,641
				7,305,772
Metal Products - Distribution — 0.1%
Olympic Steel, Inc.		4,366		64,791
Ryerson Holding Corp.†		7,653		82,193
Worthington Industries, Inc.		17,465		903,290
				1,050,274
Metal Products - Fasteners — 0.0%
Eastern Co.		2,577		56,952
Metal - Aluminum — 0.3%
Alcoa Corp.†		89,560		1,782,244
Arconic Corp.†		47,583		1,309,008
Century Aluminum Co.†		24,146		245,082
Kaiser Aluminum Corp.		7,515		586,020
				3,922,354
Metal - Diversified — 0.0%
Ferroglobe Representation & Warranty Trust†(1)		36,833		0
Metal - Iron — 0.2%
Cleveland-Cliffs, Inc.#		188,859		2,079,338
Miscellaneous Manufacturing — 0.3%
Hillenbrand, Inc.		35,425		1,327,375

Security Description	Shares		Value (Note 2)
Miscellaneous Manufacturing (continued)
John Bean Technologies Corp.		14,973	$	1,655,415
				2,982,790
Motion Pictures & Services — 0.0%
Eros STX Global Corp.†#		72,259		153,912
IMAX Corp.†		23,656		350,818
				504,730
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		20,804		387,370
Multimedia — 0.0%
E.W. Scripps Co., Class A		26,798		341,942
Entravision Communications Corp., Class A		28,122		81,554
Media General, Inc. CVR†#(1)		61,443		0
				423,496
Networking Products — 0.2%
A10 Networks, Inc.†		29,100		232,218
Calix, Inc.†		25,162		595,836
Extreme Networks, Inc.†		56,657		318,413
Infinera Corp.†		76,128		644,043
Inseego Corp.†#		32,589		323,609
NeoPhotonics Corp.†		23,455		189,047
NETGEAR, Inc.†		14,152		450,175
				2,753,341
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.#		4,056		119,693
Non-Ferrous Metals — 0.0%
Energy Fuels, Inc.†#		59,573		123,912
Uranium Energy Corp.†#		86,849		92,060
				215,972
Non-Hazardous Waste Disposal — 0.2%
Casella Waste Systems, Inc., Class A†		22,022		1,325,284
Covanta Holding Corp.		56,683		702,869
				2,028,153
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		82,842		472,199
Office Furnishings - Original — 0.3%
CompX International, Inc.		791		11,469
Herman Miller, Inc.		28,199		1,005,012
HNI Corp.		20,387		743,310
Interface, Inc.		27,880		232,659
Kimball International, Inc., Class B		17,231		188,335
Knoll, Inc.		23,947		327,116
Steelcase, Inc., Class A		41,247		501,151
				3,009,052
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		44,158		338,250
Oil & Gas Drilling — 0.1%
Nabors Industries, Ltd.		3,360		176,030
Patterson-UTI Energy, Inc.		87,562		377,392
Transocean, Ltd.†#		279,570		517,205
				1,070,627
Oil Companies - Exploration & Production — 0.7%
Antero Resources Corp.†		116,055		454,936
Berry Corp.		32,373		124,312
Bonanza Creek Energy, Inc.†		8,995		198,520
Brigham Minerals, Inc., Class A		17,647		183,882
CNX Resources Corp.†		106,371		1,000,951

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Exploration & Production (continued)
Comstock Resources, Inc.†		11,677	$	56,867
Contango Oil & Gas Co.†#		43,753		73,068
DLB Oil & Gas, Inc.†(1)		3,000		0
Earthstone Energy, Inc., Class A†		11,124		42,049
Evolution Petroleum Corp.		13,517		41,092
Falcon Minerals Corp.		18,256		41,989
Goodrich Petroleum Corp.†		4,413		51,014
Gulfport Energy Corp.†#		76,887		7,696
Kosmos Energy, Ltd.		192,732		339,208
Magnolia Oil & Gas Corp., Class A†#		59,266		370,412
Matador Resources Co.†		52,751		537,005
Ovintiv, Inc.		125,170		1,597,169
PDC Energy, Inc.†		47,705		797,628
Penn Virginia Corp.†		6,514		58,756
PrimeEnergy Resources Corp.†		249		15,266
Range Resources Corp.		102,380		747,374
SM Energy Co.		54,563		230,801
Southwestern Energy Co.†		305,617		950,469
Talos Energy, Inc.†		5,892		50,436
Tellurian, Inc.†#		78,420		116,846
W&T Offshore, Inc.†#		45,071		88,339
Whiting Petroleum Corp.†		574		12,995
				8,189,080
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		16,704		474,728
Exterran Corp.†		12,458		52,822
Thermon Group Holdings, Inc.†		15,654		221,347
US Silica Holdings, Inc.		35,249		152,276
				901,173
Oil Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		1,049		27,799
CVR Energy, Inc.		14,153		200,123
Delek US Holdings, Inc.		29,870		396,972
Murphy USA, Inc.		13,186		1,690,445
Par Pacific Holdings, Inc.†		19,130		217,891
PBF Energy, Inc., Class A		46,163		335,143
Trecora Resources†		11,550		78,194
				2,946,567
Oil - Field Services — 0.4%
Archrock, Inc.		62,036		482,020
ChampionX Corp.†		88,828		1,055,277
DMC Global, Inc.		6,953		284,030
Frank’s International NV†		74,080		165,199
Helix Energy Solutions Group, Inc.†		68,208		256,462
Liberty Oilfield Services, Inc., Class A		31,037		288,644
Matrix Service Co.†		12,385		118,648
MRC Global, Inc.†		37,563		217,114
National Energy Services Reunited Corp.†#		9,877		86,325
Newpark Resources, Inc.†		42,496		63,744
NexTier Oilfield Solutions, Inc.†		77,359		216,605
NOW, Inc.†		52,369		292,219
Oceaneering International, Inc.†		47,453		288,040
Oil States International, Inc.†		28,784		127,801
ProPetro Holding Corp.†		38,316		221,083
RPC, Inc.†		27,472		85,163
Select Energy Services, Inc., Class A†		28,171		119,163
Solaris Oilfield Infrastructure, Inc., Class A		13,771		92,541
				4,460,078
Optical Supplies — 0.1%
STAAR Surgical Co.†#		21,899		1,560,742

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		7,690	$	268,458
Domtar Corp.		26,273		790,817
Glatfelter Corp.		20,947		336,828
Neenah, Inc.		8,019		389,002
Schweitzer-Mauduit International, Inc.		14,844		516,274
Verso Corp., Class A		14,973		161,858
				2,463,237
Pastoral & Agricultural — 0.3%
Darling Ingredients, Inc.†		76,925		3,713,939
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†		22,889		1,308,564
Pharmacy Services — 0.0%
Option Care Health, Inc.†		21,012		330,939
Physical Therapy/Rehabilitation Centers — 0.1%
U.S. Physical Therapy, Inc.		6,062		643,906
Physicians Practice Management — 0.0%
Accolade, Inc.†		5,563		288,775
Apollo Medical Holdings, Inc.†		9,466		172,471
				461,246
Pipelines — 0.0%
NextDecade Corp.†		10,047		24,113
Pollution Control — 0.0%
Advanced Emissions Solutions, Inc.#		7,576		42,804
CECO Environmental Corp.†		14,806		109,565
				152,369
Poultry — 0.1%
Sanderson Farms, Inc.		9,636		1,317,530
Power Converter/Supply Equipment — 0.1%
Powell Industries, Inc.		4,287		110,733
Vicor Corp.†		9,220		755,671
				866,404
Precious Metals — 0.2%
Coeur Mining, Inc.†		115,769		820,802
Hecla Mining Co.		249,511		1,192,663
				2,013,465
Printing - Commercial — 0.1%
Cimpress PLC†#		8,502		762,034
Deluxe Corp.		19,961		513,796
Ennis, Inc.		12,250		200,533
Quad/Graphics, Inc.		15,888		49,253
				1,525,616
Professional Sports — 0.1%
Liberty Media Corp. — Liberty Braves, Series A†		4,790		120,564
Liberty Media Corp. — Liberty Braves, Series C†		17,360		434,000
				554,564
Protection/Safety — 0.1%
Genasys, Inc.†		15,907		112,621
ShotSpotter, Inc.†		3,846		127,572
Vivint Smart Home, Inc.†		34,828		767,261
				1,007,454
Publishing - Books — 0.1%
Gannett Co, Inc.†#		62,861		178,525
Houghton Mifflin Harcourt Co.†		50,460		151,885
Scholastic Corp.		13,888		329,423
				659,833

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Publishing - Newspapers — 0.1%
TEGNA, Inc.		104,879	$	1,511,306
Tribune Publishing Co.		7,463		90,153
				1,601,459
Publishing - Periodicals — 0.0%
Meredith Corp.		18,959		385,816
Value Line, Inc.		491		13,497
				399,313
Quarrying — 0.1%
Compass Minerals International, Inc.		16,330		1,019,972
Racetracks — 0.7%
Churchill Downs, Inc.		18,172		3,269,506
Penn National Gaming, Inc.†		72,719		5,090,330
				8,359,836
Radio — 0.0%
Entercom Communications Corp., Class A		56,065		136,238
iHeartMedia, Inc., Class A†#		28,617		342,116
Saga Communications, Inc., Class A		1,813		41,246
				519,600
Real Estate Investment Trusts — 6.2%
Acadia Realty Trust		40,555		575,881
Agree Realty Corp.		25,446		1,676,891
Alexander & Baldwin, Inc.		34,463		539,346
Alexander’s, Inc.		1,024		279,921
Alpine Income Property Trust, Inc.		3,199		51,216
American Assets Trust, Inc.		24,061		690,310
American Finance Trust, Inc.		52,204		385,265
Anworth Mtg. Asset Corp.#		46,864		100,758
Apollo Commercial Real Estate Finance, Inc.		70,936		764,690
Arbor Realty Trust, Inc.#		50,361		670,808
Ares Commercial Real Estate Corp.		14,705		163,814
Armada Hoffler Properties, Inc.		27,503		291,807
ARMOUR Residential REIT, Inc.		30,601		323,759
Blackstone Mtg. Trust, Inc., Class A		65,848		1,710,731
Bluerock Residential Growth REIT, Inc.		11,769		120,044
Broadmark Realty Capital, Inc.		61,512		624,347
BRT Apartments Corp.		5,035		65,757
Capstead Mtg. Corp.		45,575		256,587
CareTrust REIT, Inc.		45,680		887,562
CatchMark Timber Trust, Inc., Class A		23,301		223,457
Chatham Lodging Trust		22,159		243,971
Cherry Hill Mtg. Investment Corp.#		7,266		65,830
Chimera Investment Corp.		91,770		941,560
CIM Commercial Trust Corp.		5,381		65,487
City Office REIT, Inc.		20,468		179,504
Clipper Realty, Inc.		7,104		45,110
Colony Capital, Inc.		229,623		991,971
Colony Credit Real Estate, Inc.		40,193		291,801
Columbia Property Trust, Inc.		54,754		765,461
Community Healthcare Trust, Inc.		10,331		466,548
CoreCivic, Inc.		57,187		405,456
CorEnergy Infrastructure Trust, Inc.#		6,561		39,038
CorePoint Lodging, Inc.		18,769		122,186
CTO Realty Growth, Inc.		2,229		91,032
DiamondRock Hospitality Co.		95,495		718,122
Diversified Healthcare Trust		113,391		500,054
Dynex Capital, Inc.#		10,582		186,349
Easterly Government Properties, Inc.		38,262		828,755
EastGroup Properties, Inc.		18,478		2,519,106
Ellington Financial, Inc.		19,730		284,112
Ellington Residential Mortgage REIT		4,309		52,570
Essential Properties Realty Trust, Inc.		44,181		907,478

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Farmland Partners, Inc.#		12,484	$	99,622
Four Corners Property Trust, Inc.		33,645		942,396
Franklin Street Properties Corp.		49,665		230,446
Front Yard Residential Corp.		23,946		390,799
GEO Group, Inc.#		56,323		532,252
Getty Realty Corp.		16,340		463,893
Gladstone Commercial Corp.		16,084		290,960
Gladstone Land Corp.		9,356		136,130
Global Medical REIT, Inc.		20,167		276,086
Global Net Lease, Inc.		43,106		719,439
Granite Point Mtg. Trust, Inc.		26,107		241,751
Great Ajax Corp.		9,892		98,129
Healthcare Realty Trust, Inc.		64,607		1,905,906
Hersha Hospitality Trust		16,275		131,827
Independence Realty Trust, Inc.		45,312		583,619
Industrial Logistics Properties Trust		31,041		674,521
Innovative Industrial Properties, Inc.		10,165		1,561,954
Invesco Mtg. Capital, Inc.#		87,320		289,902
Investors Real Estate Trust		6,147		426,602
iStar, Inc.#		34,860		491,526
Kite Realty Group Trust		39,708		571,795
KKR Real Estate Finance Trust, Inc.		13,659		249,004
Ladder Capital Corp.		50,538		460,907
Lexington Realty Trust		130,775		1,335,213
LTC Properties, Inc.		18,591		688,611
Macerich Co.#		71,650		716,500
Mack-Cali Realty Corp.		41,509		567,013
MFA Financial, Inc.		216,979		802,822
Monmouth Real Estate Investment Corp.		45,391		673,148
National Health Investors, Inc.		20,573		1,330,250
National Storage Affiliates Trust		29,946		1,017,565
NETSTREIT Corp.		5,737		108,831
New Senior Investment Group, Inc.		39,181		216,671
New York Mtg. Trust, Inc.		181,124		636,651
NexPoint Residential Trust, Inc.		10,444		462,774
Office Properties Income Trust		22,869		522,557
One Liberty Properties, Inc.		7,697		136,853
Orchid Island Capital, Inc.#		31,809		170,178
Pebblebrook Hotel Trust		62,231		1,151,273
PennyMac Mtg. Investment Trust		47,401		810,557
Physicians Realty Trust		99,794		1,731,426
Piedmont Office Realty Trust, Inc., Class A		60,342		943,145
Plymouth Industrial REIT, Inc.		7,580		99,601
PotlatchDeltic Corp.		31,333		1,458,238
Preferred Apartment Communities, Inc., Class A		22,742		177,615
PS Business Parks, Inc.		9,611		1,266,730
QTS Realty Trust, Inc., Class A#		29,275		1,739,228
Ready Capital Corp.#		20,004		258,852
Redwood Trust, Inc.		54,954		475,352
Retail Opportunity Investments Corp.		55,316		718,002
Retail Properties of America, Inc., Class A		102,540		830,574
Retail Value, Inc.		7,845		120,813
RLJ Lodging Trust		78,484		967,708
RPT Realty		38,576		282,762
Ryman Hospitality Properties, Inc.		24,126		1,548,648
Sabra Health Care REIT, Inc.		98,224		1,618,731
Safehold, Inc.#		8,267		562,735
Saul Centers, Inc.		5,704		177,965
Seritage Growth Properties, Class A†#		16,275		267,886
Service Properties Trust		78,394		929,753
SITE Centers Corp.		73,224		738,830
STAG Industrial, Inc.		71,667		2,134,243
Summit Hotel Properties, Inc.		49,435		429,590
Sunstone Hotel Investors, Inc.		102,779		1,079,179
Tanger Factory Outlet Centers, Inc.#		43,299		409,176

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Terreno Realty Corp.		31,883	$	1,847,301
TPG RE Finance Trust, Inc.		28,688		297,495
Two Harbors Investment Corp.		130,960		817,190
UMH Properties, Inc.		17,524		251,119
Uniti Group, Inc.		92,401		949,882
Universal Health Realty Income Trust		6,137		370,859
Urban Edge Properties		55,490		720,260
Urstadt Biddle Properties, Inc., Class A		14,218		199,621
Washington Real Estate Investment Trust		39,448		915,588
Western Asset Mtg. Capital Corp.#		28,456		87,360
Whitestone REIT		19,046		143,226
Xenia Hotels & Resorts, Inc.		54,171		763,269
				72,561,337
Real Estate Management/Services — 0.6%
Cushman & Wakefield PLC†#		52,839		787,301
eXp World Holdings, Inc.†		11,646		621,081
Fathom Holdings, Inc.†		2,285		50,727
Marcus & Millichap, Inc.†		11,135		399,190
McGrath RentCorp		11,534		734,024
Newmark Group, Inc., Class A		68,287		479,375
RE/MAX Holdings, Inc., Class A		8,513		266,457
Realogy Holdings Corp.†#		54,812		674,735
Redfin Corp.†		46,338		2,219,127
RMR Group, Inc., Class A		7,270		269,281
				6,501,298
Real Estate Operations & Development — 0.2%
American Realty Investors, Inc.†#		521		4,793
FRP Holdings, Inc.†		3,149		144,193
Griffin Industrial Realty, Inc.		1,239		88,291
Kennedy-Wilson Holdings, Inc.		58,453		934,079
Legacy Housing Corp.†		3,964		59,064
Maui Land & Pineapple Co., Inc.†		3,221		39,232
St. Joe Co.		15,711		518,620
Stratus Properties, Inc.†		2,812		68,472
Transcontinental Realty Investors, Inc.†		648		16,906
				1,873,650
Recreational Centers — 0.0%
OneSpaWorld Holdings, Ltd.		21,601		190,953
Recreational Vehicles — 0.1%
Camping World Holdings, Inc., Class A#		15,685		480,745
Malibu Boats, Inc., Class A†		9,817		559,471
Marine Products Corp.		3,430		52,890
MasterCraft Boat Holdings, Inc.†		8,859		191,886
OneWater Marine, Inc., Class A†		2,478		69,285
				1,354,277
Recycling — 0.1%
Harsco Corp.†		37,382		633,625
Rental Auto/Equipment — 0.3%
Alta Equipment Group, Inc.†#		8,143		73,775
Avis Budget Group, Inc.†		25,172		885,299
CAI International, Inc.		7,849		248,421
Herc Holdings, Inc.†		11,631		666,224
Nesco Holdings, Inc.†		6,339		29,096
Rent-A-Center, Inc.		23,174		783,745
Textainer Group Holdings, Ltd.†		24,695		454,882
				3,141,442
Resorts/Theme Parks — 0.3%
Marriott Vacations Worldwide Corp.		19,360		2,465,109
SeaWorld Entertainment, Inc.†		24,297		677,886
				3,142,995

Security Description	Shares		Value (Note 2)
Retail - Apparel/Shoe — 0.4%
Abercrombie & Fitch Co., Class A		29,794	$	617,928
American Eagle Outfitters, Inc.		72,104		1,297,151
Boot Barn Holdings, Inc.†		13,650		563,199
Buckle, Inc.		13,856		371,618
Caleres, Inc.		17,677		208,058
Cato Corp., Class A		10,170		81,970
Chico’s FAS, Inc.		56,819		85,797
Children’s Place, Inc.#		6,761		290,588
Designer Brands, Inc., Class A#		29,475		232,852
Duluth Holdings, Inc., Class B†#		5,291		77,778
Express, Inc.†#		30,397		46,203
Genesco, Inc.†		6,775		212,532
Guess?, Inc.		20,198		339,124
Shoe Carnival, Inc.		4,445		162,554
Tilly’s, Inc., Class A		10,607		96,842
Vera Bradley, Inc.†		9,801		83,112
Winmark Corp.		1,436		258,480
				5,025,786
Retail - Appliances — 0.0%
Conn’s, Inc.†		8,347		92,526
Retail - Arts & Crafts — 0.0%
Michaels Cos., Inc.†#		35,619		352,272
Retail - Automobile — 0.6%
America’s Car-Mart, Inc.†		3,017		315,276
Asbury Automotive Group, Inc.†		9,210		1,038,612
Group 1 Automotive, Inc.		8,327		989,331
Lithia Motors, Inc., Class A		12,181		3,523,963
Rush Enterprises, Inc., Class A		19,569		750,080
Rush Enterprises, Inc., Class B		3,175		107,918
Sonic Automotive, Inc., Class A#		11,410		460,736
				7,185,916
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		60,638		1,270,972
Retail - Building Products — 0.3%
Aspen Aerogels, Inc.†		9,774		138,009
At Home Group, Inc.†		25,656		485,925
Beacon Roofing Supply, Inc.†		26,109		950,106
BMC Stock Holdings, Inc.†		32,148		1,573,323
Foundation Building Materials, Inc.†		9,749		187,571
GMS, Inc.†		19,908		621,727
				3,956,661
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		5,275		240,804
Retail - Discount — 0.3%
Big Lots, Inc.		18,766		969,639
BJ’s Wholesale Club Holdings, Inc.†		65,474		2,683,780
Citi Trends, Inc.		4,754		161,113
				3,814,532
Retail - Drug Store — 0.1%
OptimizeRx Corp.†		6,965		184,015
Rite Aid Corp.†#		26,174		345,497
				529,512
Retail - Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		13,654		394,328
Retail - Gardening Products — 0.1%
GrowGeneration Corp.†#		17,122		602,181
Retail - Hair Salons — 0.0%
Regis Corp.†#		11,255		95,555

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Home Furnishings — 0.4%
Haverty Furniture Cos., Inc.		8,054	$	219,230
La-Z-Boy, Inc.		21,303		789,063
Lovesac Co.†		4,687		149,421
RH†#		7,435		3,369,245
				4,526,959
Retail - Jewelry — 0.1%
Envela Corp.†#		3,693		17,062
Movado Group, Inc.		7,512		127,178
Signet Jewelers, Ltd.		24,939		755,402
				899,642
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		9,862		323,868
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†#		9,343		86,890
Gaia, Inc.†		5,786		57,686
GameStop Corp., Class A†#		27,344		452,817
Hudson, Ltd., Class A†#		18,942		145,664
PriceSmart, Inc.		10,873		883,757
Sally Beauty Holdings, Inc.†		53,933		620,230
				2,247,044
Retail - Office Supplies — 0.1%
ODP Corp.		24,973		715,976
Retail - Pawn Shops — 0.1%
FirstCash, Inc.		19,449		1,249,404
Retail - Pet Food & Supplies — 0.2%
Freshpet, Inc.†		18,516		2,534,470
PetMed Express, Inc.#		9,345		286,892
				2,821,362
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		29,875		849,047
Retail - Regional Department Stores — 0.2%
Dillard’s, Inc., Class A#		3,608		168,710
Macy’s, Inc.#		149,306		1,524,414
				1,693,124
Retail - Restaurants — 1.4%
Biglari Holdings, Inc., Class A†		35		20,125
Biglari Holdings, Inc., Class B†		441		49,392
BJ’s Restaurants, Inc.		10,547		348,367
Bloomin’ Brands, Inc.		41,854		732,445
Brinker International, Inc.		21,436		1,074,158
Cannae Holdings, Inc.†		41,230		1,625,287
Carrols Restaurant Group, Inc.†		16,879		114,777
Cheesecake Factory, Inc.		20,265		759,532
Chuy’s Holdings, Inc.†		9,374		222,164
Cracker Barrel Old Country Store, Inc.		11,335		1,582,139
Dave & Buster’s Entertainment, Inc.		21,124		534,860
Del Taco Restaurants, Inc.†		14,257		126,174
Denny’s Corp.†		29,694		341,778
Dine Brands Global, Inc.		7,441		468,560
El Pollo Loco Holdings, Inc.†		8,768		137,395
Fiesta Restaurant Group, Inc.†		8,605		101,109
Jack in the Box, Inc.		10,831		996,344
Kura Sushi USA, Inc., Class A†#		1,611		26,533
Noodles & Co.†		14,936		118,741
Papa John’s International, Inc.		15,645		1,257,232
Red Robin Gourmet Burgers, Inc.†		7,394		148,693
Ruth’s Hospitality Group, Inc.		15,493		241,226
Shake Shack, Inc., Class A†#		16,775		1,369,847

Security Description	Shares		Value (Note 2)
Retail - Restaurants (continued)
Texas Roadhouse, Inc.		31,408	$	2,380,726
Waitr Holdings, Inc.†#		40,013		132,843
Wingstop, Inc.		14,167		1,803,601
				16,714,048
Retail - Sporting Goods — 0.1%
Hibbett Sports, Inc.†		7,887		324,629
Sportsman’s Warehouse Holdings, Inc.†		20,451		284,883
Zumiez, Inc.†		10,003		371,011
				980,523
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		38,463		1,646,601
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		87,798		372,263
Five Star Senior Living, Inc.†		9,030		53,277
				425,540
Rubber - Tires — 0.2%
Cooper Tire & Rubber Co.		24,098		957,413
Goodyear Tire & Rubber Co.		110,530		1,151,723
				2,109,136
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		17,135		291,124
Proto Labs, Inc.†		12,783		1,766,099
Raven Industries, Inc.		17,043		429,824
Trinseo SA		18,295		695,027
				3,182,074
Satellite Telecom — 0.2%
Gogo, Inc.†		26,378		278,024
Iridium Communications, Inc.†		56,226		1,804,292
KVH Industries, Inc.†		8,018		82,586
Loral Space & Communications, Inc.		6,141		141,120
				2,306,022
Savings & Loans/Thrifts — 0.9%
Axos Financial, Inc.†		27,635		925,772
Banc of California, Inc.		21,345		283,888
BankFinancial Corp.		6,326		51,051
Berkshire Hills Bancorp, Inc.		21,374		350,534
Brookline Bancorp, Inc.		37,069		421,475
Capitol Federal Financial, Inc.		63,435		781,519
Community Bankers Trust Corp.		10,409		67,658
Dime Community Bancshares, Inc.		13,704		198,023
Eagle Bancorp Montana, Inc.		3,010		62,036
ESSA Bancorp, Inc.		4,347		68,770
First Capital, Inc.#		1,557		103,167
First Savings Financial Group, Inc.		892		56,196
Flushing Financial Corp.		12,891		183,052
FS Bancorp, Inc.		1,794		95,979
Greene County Bancorp, Inc.		1,456		36,706
Hingham Institution for Savings		675		147,906
Home Bancorp, Inc.		3,655		102,523
HomeTrust Bancshares, Inc.		7,474		127,282
Investors Bancorp, Inc.		110,274		1,067,452
Meridian Bancorp, Inc.		22,368		305,211
Northfield Bancorp, Inc.		22,801		253,775
Northwest Bancshares, Inc.		56,043		662,989
OceanFirst Financial Corp.		28,359		447,221
Oconee Federal Financial Corp.		500		12,340
Pacific Premier Bancorp, Inc.		38,229		1,101,760
Provident Financial Holdings, Inc.		2,863		41,227
Provident Financial Services, Inc.		34,338		538,076

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Prudential Bancorp, Inc.		3,811	$	49,657
Riverview Bancorp, Inc.		10,099		53,323
Southern Missouri Bancorp, Inc.		3,676		111,052
Territorial Bancorp, Inc.		3,749		83,640
Timberland Bancorp, Inc.		3,559		84,811
Washington Federal, Inc.		36,096		843,564
Waterstone Financial, Inc.		10,704		188,016
WSFS Financial Corp.		23,997		915,006
				10,822,657
Schools — 0.3%
Adtalem Global Education, Inc.†		24,882		712,372
American Public Education, Inc.†		6,896		214,052
Aspen Group, Inc.†		9,074		110,249
Laureate Education, Inc., Class A†		51,419		730,150
Perdoceo Education Corp.†		33,095		375,297
Strategic Education, Inc.		11,538		1,083,303
Stride, Inc.†		19,086		445,276
Universal Technical Institute, Inc.†		13,794		90,488
				3,761,187
Security Services — 0.1%
Brink’s Co.		24,027		1,612,212
Semiconductor Components - Integrated Circuits — 0.3%
MaxLinear, Inc.†		32,308		1,009,625
Power Integrations, Inc.		28,184		2,012,056
				3,021,681
Semiconductor Equipment — 0.8%
Axcelis Technologies, Inc.†		15,909		429,225
Brooks Automation, Inc.		34,727		2,534,724
CMC Materials, Inc.		13,880		2,141,406
Cohu, Inc.		19,653		557,949
FormFactor, Inc.†		36,913		1,513,433
Onto Innovation, Inc.†		22,679		1,002,639
Ultra Clean Holdings, Inc.†		19,177		606,760
Veeco Instruments, Inc.†		23,259		386,564
				9,172,700
Silver Mining — 0.0%
Pan American Silver Corp. CVR†#		171,891		118,605
Software Tools — 0.2%
Digital Turbine, Inc.†		39,375		1,771,087
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc.		26,576		1,853,676
Northwest Pipe Co.†		4,599		132,359
Omega Flex, Inc.		1,389		196,849
TimkenSteel Corp.†		21,496		101,246
				2,284,130
Steel - Producers — 0.3%
Carpenter Technology Corp.		22,701		554,813
Commercial Metals Co.		56,862		1,132,122
Schnitzer Steel Industries, Inc., Class A		12,337		316,074
United States Steel Corp.#		104,764		1,486,601
				3,489,610
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.†		60,666		818,384
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		10,739		213,491
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		14,800		218,596

Security Description	Shares		Value (Note 2)
Telecom Equipment - Fiber Optics — 0.0%
Clearfield, Inc.†		5,342	$	127,033
Telecom Services — 0.2%
ATN International, Inc.		5,351		261,878
Consolidated Communications Holdings, Inc.†		34,781		194,773
GTT Communications, Inc.†#		15,229		69,140
HC2 Holdings, Inc.†#		28,006		93,820
Ooma, Inc.†		9,924		154,914
ORBCOMM, Inc.†		35,389		202,425
Rackspace Technology, Inc.†		16,168		290,377
Spok Holdings, Inc.		8,460		83,162
Vonage Holdings Corp.†		110,727		1,423,949
				2,774,438
Telecommunication Equipment — 0.4%
Acacia Communications, Inc.†		18,583		1,294,864
ADTRAN, Inc.		22,865		288,899
Cambium Networks Corp.†		2,668		72,196
DZS, Inc.†		5,753		74,041
Harmonic, Inc.†		45,375		296,299
PCTEL, Inc.		8,421		52,968
Plantronics, Inc.		16,352		446,737
Preformed Line Products Co.		1,439		87,275
Viavi Solutions, Inc.†		109,253		1,479,832
				4,093,111
Telephone - Integrated — 0.1%
Alaska Communications Systems Group, Inc.		24,801		75,891
Cincinnati Bell, Inc.†		23,967		364,538
IDT Corp., Class B†		7,259		86,527
Shenandoah Telecommunications Co.		23,038		1,023,809
				1,550,765
Television — 0.2%
AMC Networks, Inc., Class A†#		18,522		610,670
Gray Television, Inc.†		41,510		733,067
Sinclair Broadcast Group, Inc., Class A		21,117		575,649
				1,919,386
Textile - Apparel — 0.0%
Unifi, Inc.†		6,563		99,364
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A#		24,871		106,199
Cinemark Holdings, Inc.		51,107		789,603
				895,802
Therapeutics — 0.2%
Akebia Therapeutics, Inc.†		68,465		226,619
Anika Therapeutics, Inc.†		6,676		252,353
Axsome Therapeutics, Inc.†		13,245		960,130
CorMedix, Inc.†		14,751		132,759
Fennec Pharmaceuticals, Inc.†		10,221		79,928
Flexion Therapeutics, Inc.†#		20,928		224,139
G1 Therapeutics, Inc.†#		16,307		297,766
La Jolla Pharmaceutical Co.†#		8,616		42,821
MannKind Corp.†#		105,310		313,824
Recro Pharma, Inc.†		9,264		22,141
				2,552,480
Tobacco — 0.1%
Greenlane Holdings, Inc., Class A†		4,913		20,389
Turning Point Brands, Inc.		5,673		221,360
Universal Corp.		11,615		528,599
Vector Group, Ltd.		66,767		750,461
				1,520,809

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Toys — 0.0%
Funko, Inc., Class A†#		11,658	$	102,357
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		37,433		196,898
Transactional Software — 0.0%
Synchronoss Technologies, Inc.†#		19,573		57,936
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		28,108		864,040
Atlas Air Worldwide Holdings, Inc.†		12,306		686,798
				1,550,838
Transport - Equipment & Leasing — 0.2%
GATX Corp.		16,649		1,327,924
General Finance Corp.†#		5,016		40,830
Greenbrier Cos., Inc.		15,410		514,232
Willis Lease Finance Corp.†		1,402		45,159
				1,928,145
Transport - Marine — 0.3%
Ardmore Shipping Corp.		16,036		53,079
Costamare, Inc.		23,726		170,353
DHT Holdings, Inc.		53,298		272,353
Diamond S Shipping, Inc.†		13,081		89,997
Dorian LPG, Ltd.†		18,031		197,079
Eagle Bulk Shipping, Inc.†		3,018		56,225
Frontline, Ltd.#		56,392		352,450
Genco Shipping & Trading, Ltd.		8,179		61,670
Golar LNG, Ltd.†#		43,519		396,023
International Seaways, Inc.		11,480		193,897
Nordic American Tankers, Ltd.#		68,945		219,935
Overseas Shipholding Group, Inc., Class A†		31,559		63,118
Pangaea Logistics Solutions, Ltd.		5,055		13,345
Safe Bulkers, Inc.†		24,805		29,766
Scorpio Bulkers, Inc.#		4,282		73,393
Scorpio Tankers, Inc.#		24,463		282,303
SEACOR Holdings, Inc.†		9,175		304,793
SFL Corp., Ltd.		46,149		312,429
Tidewater, Inc.†		19,318		183,714
				3,325,922
Transport - Services — 0.4%
Bristow Group, Inc.†		3,156		70,221
CryoPort, Inc.†#		16,320		793,968
Daseke, Inc.†		21,778		147,001
Echo Global Logistics, Inc.†		12,525		355,585
Forward Air Corp.		13,299		971,758
Hub Group, Inc., Class A†		15,659		855,295
Matson, Inc.		20,453		1,188,933
Radiant Logistics, Inc.†		18,701		110,710
Universal Logistics Holdings, Inc.		3,669		78,920
				4,572,391
Transport - Truck — 0.4%
ArcBest Corp.		12,045		504,806
Covenant Logistics Group, Inc.†		5,569		102,971
Heartland Express, Inc.		23,279		430,196
Marten Transport, Ltd.		28,297		498,876
P.A.M. Transportation Services, Inc.†		864		39,830
Saia, Inc.†		12,565		2,193,095
US Xpress Enterprises, Inc., Class A†		10,591		79,432
Werner Enterprises, Inc.		29,133		1,165,029
				5,014,235
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		34,749		95,560

Security Description	Shares		Value (Note 2)
Venture Capital — 0.0%
Safeguard Scientifics, Inc.		9,344	$	59,895
Veterinary Diagnostics — 0.2%
Heska Corp.†		3,328		416,000
Neogen Corp.†		25,221		1,871,903
				2,287,903
Vitamins & Nutrition Products — 0.1%
Calyxt, Inc.†#		4,942		18,385
LifeVantage Corp.†		6,551		69,637
Nature’s Sunshine Products, Inc.†		4,240		52,703
USANA Health Sciences, Inc.†		5,528		415,595
				556,320
Water — 0.4%
American States Water Co.		17,632		1,301,594
Artesian Resources Corp., Class A		3,847		142,224
California Water Service Group		23,629		1,169,163
Consolidated Water Co., Ltd.		6,928		75,931
Global Water Resources, Inc.		6,115		78,761
Middlesex Water Co.		8,154		558,467
PICO Holdings, Inc.†		8,073		70,397
SJW Group		12,615		827,544
York Water Co.		6,209		279,653
				4,503,734
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†		19,191		204,768
Pure Cycle Corp.†		9,283		88,560
				293,328
Web Hosting/Design — 0.3%
Endurance International Group Holdings, Inc.†		31,612		299,682
NIC, Inc.		31,457		737,195
Q2 Holdings, Inc.†		23,715		2,688,569
				3,725,446
Wire & Cable Products — 0.1%
Belden, Inc.		21,102		812,005
Encore Wire Corp.		9,743		503,421
Insteel Industries, Inc.		8,869		205,140
				1,520,566
Wireless Equipment — 0.2%
Anterix, Inc.†		5,198		155,576
CalAmp Corp.†		16,021		146,112
Casa Systems, Inc.†		15,153		80,462
InterDigital, Inc.		14,719		881,815
Maxar Technologies, Inc.		29,219		812,580
Powerfleet, Inc.†#		13,604		93,596
Resonant, Inc.†#		23,932		53,129
Ribbon Communications, Inc.†		32,585		223,533
				2,446,803
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		18,245		304,327
ViewRay, Inc.†#		53,278		204,587
				508,914
Total Common Stocks
(cost $790,100,904)				1,077,669,277

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS — 0.0%
Oil Companies - Exploration & Production — 0.0%
Whiting Petroleum Corp., Series A Expires 09/01/2024		2,303		$	7,738
Whiting Petroleum Corp., Series B Expires 09/02/2025		1,151			3,833
Total Warrants
(cost $0)					11,571
Total Long-Term Investment Securities
(cost $790,100,904)					1,077,680,848
SHORT-TERM INVESTMENT SECURITIES — 4.6%
Registered Investment Companies — 3.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3)		44,796,987			44,796,987
U.S. Government Treasuries — 0.8%
United States Treasury Bills
0.12% due 08/12/2021(4)	$	2,000,000			1,998,760
0.12% due 10/07/2021(4)		300,000			299,732
0.15% due 04/22/2021(4)		3,500,000			3,498,740
0.15% due 06/17/2021(4)		600,000			599,728
0.16% due 05/20/2021(4)		3,000,000			2,998,743
0.16% due 04/22/2021(4)		100,000			99,964
					9,495,667
Total Short-Term Investment Securities
(cost $54,290,239)					54,292,654
REPURCHASE AGREEMENTS — 7.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $86,624,000 and collateralized by $88,706,200 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of 88,356,560 (cost $86,624,000)		86,624,000			86,624,000
TOTAL INVESTMENTS
(cost $931,015,143)(5)		104.0	%		1,218,597,502
Liabilities in excess of other assets		(4.0	)		(47,079,240	)
NET ASSETS		100.0	%	$	1,171,518,262

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $1,037,663 representing 0.1% of net assets.

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

(2) At November 30, 2020, the Fund had loaned securities with a total value of $77,109,273. This was secured by collateral of $44,796,987, which was received in cash and subsequently invested in short-term investments currently valued at $44,796,987 as reported in the Portfolio of Investments. Additional collateral of $37,068,080 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to11/01/2050	$	757,008
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		2,032,877
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		69,673
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		2,664,297
United States Treasury Notes/Bonds	zero coupon to 8.13%	12/15/2020 to 02/15/2050		31,544,225

(3) The rate shown is the 7-day yield as of November 30, 2020.

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

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

CVR—Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	1,048	Long	E-mini Russell 2000 Index		December 2020	$	81,205,017	$	95,373,240	$	14,168,223

* 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.

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Finance - Commercial	$	1,994,400	$	—	$	9,676	$	2,004,076
Medical - Biomedical/Gene		102,120,685		—		36,395		102,157,080
Medical - Drugs		23,199,910		—		0		23,199,910
Metal - Diversified		—		—		0		0
Multimedia		423,496		—		0		423,496
Oil Companies - Exploration & Production		8,189,080		—		0		8,189,080
Other Industries		941,695,635		—		—		941,695,635
Warrants		11,571		—		—		11,571
Short-Term Investment Securities:
Registered Investment Companies		44,796,987		—		—		44,796,987
U.S Government Treasuries		—		9,495,667		—		9,495,667
Repurchase Agreements		—		86,624,000		—		86,624,000
Total Investments at Value	$	1,122,431,764	$	96,119,667	$	46,071	$	1,218,597,502
Other Financial Instruments:†
Futures Contracts	$	14,168,223	$	—	$	—	$	14,168,223

* 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

207

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Banks — Commercial	11.0	%
Consumer Products — Misc.	5.9
Food — Misc./Diversified	5.2
Insurance — Property/Casualty	4.2
Electric — Integrated	3.6
Retail — Restaurants	3.5
Real Estate Investment Trusts	3.2
Chemicals — Diversified	3.2
Building Products — Cement	2.8
Paper & Related Products	2.8
Metal Processors & Fabrication	2.7
Chemicals — Specialty	2.5
Machinery — Electrical	2.4
Distribution/Wholesale	2.3
Machinery — Pumps	2.3
Registered Investment Companies	2.2
Electronic Components — Misc.	2.2
Computer Services	2.1
Specified Purpose Acquisitions	1.7
Containers — Metal/Glass	1.6
Oil Companies — Exploration & Production	1.4
Commercial Services — Finance	1.4
Machinery — General Industrial	1.3
Auto/Truck Parts & Equipment — Replacement	1.2
Investment Companies	1.2
Enterprise Software/Service	1.2
Human Resources	1.2
Retail — Discount	1.2
Food — Baking	1.1
Containers — Paper/Plastic	1.0
Food — Catering	1.0
Printing — Commercial	1.0
Food — Confectionery	0.9
Beverages — Non-alcoholic	0.9
Diversified Operations/Commercial Services	0.8
Quarrying	0.8
Housewares	0.8
Semiconductor Equipment	0.8
Insurance — Life/Health	0.8
Medical — Drugs	0.7
Machinery — Farming	0.7
Dental Supplies & Equipment	0.7
Medical — Wholesale Drug Distribution	0.7
Rubber/Plastic Products	0.7
Footwear & Related Apparel	0.7
Recycling	0.7
Building Products — Doors & Windows	0.6
Transport — Truck	0.6
Building & Construction Products — Misc.	0.6
Wire & Cable Products	0.6
Electronic Security Devices	0.5
Office Supplies & Forms	0.5
X-Ray Equipment	0.5
Finance — Leasing Companies	0.5
Networking Products	0.4
Cosmetics & Toiletries	0.4
Oil & Gas Drilling	0.4
Medical Instruments	0.4
Apparel Manufacturers	0.3
Retail — Apparel/Shoe	0.3
Electronic Components — Semiconductors	0.3
E-Commerce/Products	0.2
Retail — Office Supplies	0.2
Casino Services	0.2
Computer Data Security	0.2
Investment Management/Advisor Services	0.2
E-Commerce/Services	0.2
Transport — Marine	0.2
Energy — Alternate Sources	0.1

Publishing — Newspapers	0.1
Oil Field Machinery & Equipment	0.1
Publishing — Books	0.1
	101.0	%

* Calculated as a percentage of net assets

208

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.7%
Apparel Manufacturers — 0.3%
Delta Apparel, Inc.†		34,388	$	741,405
Auto/Truck Parts & Equipment-Replacement — 1.2%
Douglas Dynamics, Inc.		67,725		2,649,402
Banks-Commercial — 11.0%
Associated Banc-Corp		157,122		2,407,109
CVB Financial Corp.		87,027		1,652,643
First Citizens BancShares, Inc., Class A		11,886		6,282,821
First Hawaiian, Inc.		57,774		1,266,406
Hancock Whitney Corp.		71,067		1,996,272
Renasant Corp.		69,618		2,149,108
South State Corp.		34,651		2,303,252
UMB Financial Corp.		82,436		5,606,472
				23,664,083
Beverages-Non-alcoholic — 0.9%
Primo Water Corp.		133,148		2,001,214
Building & Construction Products-Misc. — 0.6%
Simpson Manufacturing Co., Inc.		13,761		1,264,636
Building Products-Cement — 2.8%
Eagle Materials, Inc.		67,118		6,107,067
Building Products-Doors & Windows — 0.6%
Griffon Corp.		66,821		1,393,218
Casino Services — 0.2%
Scientific Games Corp.†		9,837		366,723
Chemicals-Diversified — 3.2%
Huntsman Corp.		35,267		873,564
Innospec, Inc.		73,662		6,061,646
				6,935,210
Chemicals-Specialty — 2.5%
Element Solutions, Inc.		82,869		1,144,421
Ferro Corp.†		48,109		688,440
Ingevity Corp.†		9,258		616,397
Minerals Technologies, Inc.		2,722		165,144
NewMarket Corp.		4,935		1,824,765
PQ Group Holdings, Inc.†		70,953		907,489
				5,346,656
Commercial Services-Finance — 1.4%
CBIZ, Inc.†		63,564		1,539,520
Franchise Group, Inc.		36,245		971,004
Sabre Corp.		37,589		422,876
				2,933,400
Computer Data Security — 0.2%
CyberArk Software, Ltd.†		3,180		365,287
Computer Services — 2.1%
MAXIMUS, Inc.		21,889		1,571,849
Parsons Corp.†		62,475		2,042,933
Sykes Enterprises, Inc.†		25,572		962,274
				4,577,056
Computers-Memory Devices — 0.0%
GlassBridge Enterprises, Inc.†		292		14,603
Consumer Products-Misc. — 5.9%
Central Garden & Pet Co.†		45,014		1,802,361
Central Garden & Pet Co., Class A†		43,272		1,596,304
Helen of Troy, Ltd.†		19,160		3,870,128
Quanex Building Products Corp.		111,608		2,299,125
Spectrum Brands Holdings, Inc.		48,197		3,221,005
				12,788,923

Security Description	Shares		Value (Note 2)
Containers-Metal/Glass — 1.6%
Silgan Holdings, Inc.		101,468	$	3,429,618
Containers-Paper/Plastic — 1.0%
TriMas Corp.†		83,630		2,235,430
Cosmetics & Toiletries — 0.4%
Edgewell Personal Care Co.†		25,030		869,792
Dental Supplies & Equipment — 0.7%
Patterson Cos., Inc.		55,346		1,536,405
Distribution/Wholesale — 2.3%
Avient Corp.		138,518		5,062,833
Diversified Operations/Commercial Services — 0.8%
Viad Corp.		59,299		1,777,191
E-Commerce/Products — 0.2%
Leslie’s, Inc.†		19,821		410,096
E-Commerce/Services — 0.2%
Groupon, Inc.†#		10,938		329,890
Electric-Integrated — 3.6%
ALLETE, Inc.		32,116		1,806,204
Hawaiian Electric Industries, Inc.		90,299		3,235,413
IDACORP, Inc.		30,542		2,766,494
				7,808,111
Electronic Components-Misc. — 2.2%
Atkore International Group, Inc.†		107,011		4,171,289
nVent Electric PLC		23,299		535,877
				4,707,166
Electronic Components-Semiconductors — 0.3%
DSP Group, Inc.†		42,128		709,014
Electronic Security Devices — 0.5%
API Group Corp.†*		70,961		1,099,895
Energy-Alternate Sources — 0.1%
Pacific Ethanol, Inc.†#		48,830		299,328
Enterprise Software/Service — 1.2%
BlackBerry, Ltd.†#		276,871		1,625,233
Verint Systems, Inc.†		17,304		985,636
				2,610,869
Finance-Leasing Companies — 0.5%
Air Lease Corp.		26,837		981,429
Food-Baking — 1.1%
Hostess Brands, Inc.†		176,867		2,396,548
Food-Catering — 1.0%
Healthcare Services Group, Inc.		91,873		2,174,634
Food-Confectionery — 0.9%
Tootsie Roll Industries, Inc.#		21,806		675,332
Utz Brands, Inc.#		66,932		1,350,688
				2,026,020
Food-Misc./Diversified — 5.2%
J&J Snack Foods Corp.		41,186		5,988,033
Nomad Foods, Ltd.†		194,650		4,700,797
TreeHouse Foods, Inc.†		10,797		444,081
				11,132,911
Footwear & Related Apparel — 0.7%
Steven Madden, Ltd.		47,129		1,483,150
Housewares — 0.8%
Tupperware Brands Corp.†		51,219		1,723,519

209

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources — 1.2%
Korn Ferry		64,991	$	2,602,240
Insurance-Life/Health — 0.8%
CNO Financial Group, Inc.		49,948		1,062,893
National Western Life Group, Inc., Class A		3,132		582,803
				1,645,696
Insurance-Property/Casualty — 4.2%
Enstar Group, Ltd.†		12,547		2,374,896
Hanover Insurance Group, Inc.		27,489		3,088,389
ProAssurance Corp.		67,587		1,075,309
Stewart Information Services Corp.		62,482		2,616,122
				9,154,716
Investment Companies — 1.2%
Apollo Investment Corp.#		90,839		985,603
New Mountain Finance Corp.#		135,861		1,628,974
				2,614,577
Investment Management/Advisor Services — 0.2%
Westwood Holdings Group, Inc.		28,461		339,255
Machinery-Electrical — 2.4%
Franklin Electric Co., Inc.		76,952		5,201,186
Machinery-Farming — 0.7%
Alamo Group, Inc.		11,705		1,588,603
Machinery-General Industrial — 1.3%
Crane Co.		11,222		780,266
Kadant, Inc.		15,929		2,037,478
				2,817,744
Machinery-Pumps — 2.3%
CSW Industrials, Inc.		41,619		4,465,303
NN, Inc.†		71,745		449,482
				4,914,785
Medical Instruments — 0.4%
Natus Medical, Inc.†		40,529		847,867
Medical-Drugs — 0.7%
Prestige Consumer Healthcare, Inc.†		44,767		1,592,362
Medical-Wholesale Drug Distribution — 0.7%
Owens & Minor, Inc.		28,944		745,597
Premier, Inc., Class A		21,743		770,137
				1,515,734
Metal Processors & Fabrication — 2.7%
Mayville Engineering Co., Inc.†		38,254		421,559
Mueller Industries, Inc.		168,185		5,509,741
				5,931,300
Networking Products — 0.4%
NETGEAR, Inc.†		29,725		945,552
Office Supplies & Forms — 0.5%
ACCO Brands Corp.		135,304		1,036,429
Oil & Gas Drilling — 0.4%
Patterson-UTI Energy, Inc.		197,331		850,497
Oil Companies-Exploration & Production — 1.4%
Berry Corp.		99,301		381,316
Denbury, Inc.†		20,568		461,957
Magnolia Oil & Gas Corp., Class A†#		126,247		789,044
Southwestern Energy Co.†		243,195		756,336
Whiting Petroleum Corp.†		28,451		644,131
				3,032,784

Security Description	Principal Amount		Value (Note 2)
Oil Field Machinery & Equipment — 0.1%
Forum Energy Technologies, Inc†		11,287	$	151,246
Paper & Related Products — 2.8%
Neenah, Inc.		77,708		3,769,615
Schweitzer-Mauduit International, Inc.		65,916		2,292,559
				6,062,174
Printing-Commercial — 1.0%
Deluxe Corp.		40,577		1,044,452
Ennis, Inc.		67,597		1,106,563
				2,151,015
Publishing-Books — 0.1%
Gannett Co, Inc.†#		44,835		127,331
Publishing-Newspapers — 0.1%
A.H. Belo Corp., Class A		128,280		193,703
Quarrying — 0.8%
Compass Minerals International, Inc.#		27,848		1,739,386
Real Estate Investment Trusts — 3.2%
Acadia Realty Trust		57,870		821,754
Apollo Commercial Real Estate Finance, Inc.		109,025		1,175,290
New York Mtg. Trust, Inc.		317,432		1,115,773
Two Harbors Investment Corp.		329,538		2,056,317
Washington Real Estate Investment Trust		77,561		1,800,191
				6,969,325
Recycling — 0.7%
Harsco Corp.†		84,090		1,425,325
Retail-Apparel/Shoe — 0.3%
American Eagle Outfitters, Inc.		39,627		712,890
Retail-Discount — 1.2%
BJ’s Wholesale Club Holdings, Inc.†		60,813		2,492,725
Retail-Office Supplies — 0.2%
ODP Corp.		13,938		399,602
Retail-Restaurants — 3.5%
Denny’s Corp.†		236,419		2,721,183
Dine Brands Global, Inc.#		41,398		2,606,832
Jack in the Box, Inc.		25,080		2,307,109
				7,635,124
Rubber/Plastic Products — 0.7%
Myers Industries, Inc.		88,076		1,496,411
Semiconductor Equipment — 0.8%
Brooks Automation, Inc.		22,858		1,668,405
Specified Purpose Acquisitions — 1.6%
Ajax I†		51,638		550,977
Pershing Square Tontine Holdings Ltd†		94,752		2,464,500
Pine Island Acquisition Corp.†		52,662		531,886
				3,547,363
Transport-Marine — 0.2%
Nordic American Tankers, Ltd.#		99,973		318,914
Transport-Truck — 0.6%
Werner Enterprises, Inc.		34,551		1,381,694
Wire & Cable Products — 0.6%
Belden, Inc.		30,907		1,189,301
X-Ray Equipment — 0.5%
Varex Imaging Corp.†		59,838		998,098
Total Common Stocks
(cost $201,033,083)				213,244,091

210

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
WARRANTS — 0.1%
Specified Purpose Acquisitions — 0.1%
Pershing Square Tontine Holdings, Ltd. Expires 07/24/2025† (cost $59,342)		10,450		$	100,843
Total Long-Term Investment Securities
(cost $201,092,425)					213,344,934
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $4,740,454)		4,740,454			4,740,454
TOTAL INVESTMENTS
(cost $205,832,879)(3)		101.0	%		218,085,388
Liabilities in excess of other assets		(1.0	)		(2,074,307	)
NET ASSETS		100.0	%	$	216,011,081

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2020, the aggregate value of these securities was $1,099,895 representing 0.5% of net assets.

(1) At November 30, 2020, the Fund had loaned securities with a total value of $5,570,242. This was secured by collateral of $4,740,454, which was received in cash and subsequently invested in short-term investments currently valued at $4,740,454 as reported in the Portfolio of Investments. Additional collateral of $1,211,636 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	14,080
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		37,809
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		1,296
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		11,898
United States Treasury Notes/Bonds	zero coupon to 8.13%	12/31/2020 to 02/15/2050		1,146,553

(2) The rate shown is the 7-day yield as of November 30, 2020.

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	213,244,091	$	—	$	—	$	213,244,091
Warrrants		100,843		—		—		100,843
Short-Term Investment Securities		4,740,454		—		—		4,740,454
Total Investments at Value	$	218,085,388	$	—	$	—	$	218,085,388

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

See Notes to Financial Statements

211

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	10.1	%
Enterprise Software/Service	6.1
Semiconductor Equipment	5.7
Computer Software	5.5
Registered Investment Companies	3.7
Therapeutics	3.4
Medical Products	3.3
Applications Software	2.3
Electronic Components — Semiconductors	2.3
Internet Application Software	2.2
Distribution/Wholesale	2.1
Computer Data Security	2.1
Commercial Services — Finance	1.9
Diagnostic Equipment	1.9
Instruments — Scientific	1.9
Power Converter/Supply Equipment	1.8
Coatings/Paint	1.7
Aerospace/Defense — Equipment	1.7
Machine Tools & Related Products	1.6
Medical Instruments	1.5
Medical — HMO	1.4
Veterinary Diagnostics	1.4
Retail — Restaurants	1.4
E-Commerce/Products	1.4
Aerospace/Defense	1.4
Retail — Misc./Diversified	1.3
Electric Products — Misc.	1.3
Consulting Services	1.3
Machinery — General Industrial	1.3
Metal Processors & Fabrication	1.3
Apparel Manufacturers	1.2
Retail — Floor Coverings	1.2
Disposable Medical Products	1.1
Electronic Security Devices	1.1
Retail — Home Furnishings	1.1
Retail — Pet Food & Supplies	1.1
Electronic Measurement Instruments	1.0
Engineering/R&D Services	0.9
Healthcare Safety Devices	0.9
Energy — Alternate Sources	0.9
Recreational Vehicles	0.9
Insurance — Property/Casualty	0.9
Hotels/Motels	0.9
Building & Construction Products — Misc.	0.9
Machinery — Pumps	0.9
Multimedia	0.9
Chemicals — Specialty	0.8
Brewery	0.8
Garden Products	0.8
Transport — Truck	0.7
Office Supplies & Forms	0.7
Athletic Equipment	0.7
Building Products — Air & Heating	0.6
Computers — Other	0.6
Insurance Brokers	0.6
Racetracks	0.5
Retail — Discount	0.5
Building — Maintenance & Services	0.5
Food — Misc./Diversified	0.4
Medical — Outpatient/Home Medical	0.4
Finance — Investment Banker/Broker	0.4
Auto/Truck Parts & Equipment — Original	0.4
Retail — Automobile	0.3
	101.9	%

* Calculated as a percentage of net assets

212

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Aerospace/Defense — 1.4%
Teledyne Technologies, Inc.†		5,944	$	2,246,475
Aerospace/Defense - Equipment — 1.7%
Aerojet Rocketdyne Holdings, Inc.†		40,544		1,517,562
HEICO Corp., Class A		10,871		1,203,963
				2,721,525
Apparel Manufacturers — 1.2%
Deckers Outdoor Corp.†		7,901		2,011,516
Applications Software — 2.3%
Elastic NV†		19,501		2,414,224
JFrog, Ltd.†#		19,906		1,400,586
				3,814,810
Athletic Equipment — 0.7%
YETI Holdings, Inc.†		17,549		1,108,570
Auto/Truck Parts & Equipment - Original — 0.4%
Fox Factory Holding Corp.†		7,575		661,070
Brewery — 0.8%
Boston Beer Co., Inc., Class A†		1,380		1,284,559
Building & Construction Products - Misc. — 0.9%
AZEK Co., Inc.†		40,415		1,443,624
Building Products - Air & Heating — 0.6%
Lennox International, Inc.		3,625		1,043,384
Building - Maintenance & Services — 0.5%
Rollins, Inc.		13,060		746,771
Chemicals - Specialty — 0.8%
Ashland Global Holdings, Inc.		17,616		1,324,195
Coatings/Paint — 1.7%
RPM International, Inc.		32,548		2,864,550
Commercial Services - Finance — 1.9%
Avalara, Inc.†		18,649		3,202,966
Computer Data Security — 2.1%
Rapid7, Inc.†		24,584		1,842,325
Zscaler, Inc.†		10,098		1,572,763
				3,415,088
Computer Software — 5.5%
Bandwidth, Inc., Class A†		7,868		1,194,205
Cloudflare, Inc., Class A†		23,700		1,779,396
Dynatrace, Inc.†		59,976		2,280,288
MongoDB, Inc.†		7,253		2,083,859
nCino, Inc.†		9,708		791,105
Sumo Logic, Inc.†		34,702		909,192
				9,038,045
Computers - Other — 0.6%
Lumentum Holdings, Inc.†		11,793		1,018,679
Consulting Services — 1.3%
Booz Allen Hamilton Holding Corp.		23,991		2,082,179
Diagnostic Equipment — 1.9%
10X Genomics, Inc., Class A†		10,429		1,596,784
Repligen Corp.†		8,463		1,605,177
				3,201,961
Disposable Medical Products — 1.1%
Teleflex, Inc.		4,946		1,893,082
Distribution/Wholesale — 2.1%
Pool Corp.		5,400		1,868,994
SiteOne Landscape Supply, Inc.†#		11,372		1,570,473
				3,439,467

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 1.4%
Etsy, Inc.†		14,114	$	2,268,120
Electric Products - Misc. — 1.3%
Novanta, Inc.†		17,467		2,095,691
Electronic Components - Semiconductors — 2.3%
Inphi Corp.†		7,598		1,178,678
Monolithic Power Systems, Inc.		8,102		2,592,316
				3,770,994
Electronic Measurement Instruments — 1.0%
Badger Meter, Inc.		19,448		1,603,293
Electronic Security Devices — 1.1%
Allegion PLC		16,597		1,892,722
Energy - Alternate Sources — 0.9%
Enphase Energy, Inc.†#		11,068		1,511,557
Engineering/R&D Services — 0.9%
Jacobs Engineering Group, Inc.		14,299		1,542,004
Enterprise Software/Service — 6.1%
Bill.com Holdings, Inc.†		10,606		1,301,462
Black Knight, Inc.†		20,641		1,891,129
Blackline, Inc.†		17,377		2,135,633
HubSpot, Inc.†		9,069		3,576,179
Vertex, Inc., Class A†		47,022		1,186,835
				10,091,238
Finance - Investment Banker/Broker — 0.4%
Tradeweb Markets, Inc.		11,083		661,101
Food - Misc./Diversified — 0.4%
Beyond Meat, Inc.†#		5,237		732,656
Garden Products — 0.8%
Scotts Miracle-Gro Co.		7,253		1,274,860
Healthcare Safety Devices — 0.9%
Tandem Diabetes Care, Inc.†		16,340		1,533,999
Hotels/Motels — 0.9%
Choice Hotels International, Inc.		14,726		1,467,446
Instruments - Scientific — 1.9%
PerkinElmer, Inc.		23,775		3,162,075
Insurance Brokers — 0.6%
Brown & Brown, Inc.		22,070		993,812
Insurance - Property/Casualty — 0.9%
Kinsale Capital Group, Inc.		6,226		1,495,236
Internet Application Software — 2.2%
Zendesk, Inc.†		27,305		3,645,218
Machine Tools & Related Products — 1.6%
Colfax Corp.†		74,765		2,697,521
Machinery - General Industrial — 1.3%
IDEX Corp.		10,736		2,073,658
Machinery - Pumps — 0.9%
Xylem, Inc.		14,697		1,410,471
Medical Instruments — 1.5%
Bio-Techne Corp.		8,069		2,447,408
Medical Products — 3.3%
Castle Biosciences, Inc.†		14,724		700,273
iRhythm Technologies, Inc.†		4,401		1,076,089
Nevro Corp.†		9,537		1,537,841
West Pharmaceutical Services, Inc.		7,903		2,174,590
				5,488,793

213

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene — 10.1%
Allogene Therapeutics, Inc.†		20,012	$	621,373
Alnylam Pharmaceuticals, Inc.†		10,059		1,306,765
Arena Pharmaceuticals, Inc.†		12,512		824,165
Argenx SE ADR†		4,029		1,155,598
Atea Pharmaceuticals, Inc.†#		13,766		458,683
Beam Therapeutics, Inc.†#		36,521		1,826,050
Berkeley Lights, Inc.†		8,237		682,518
Exelixis, Inc.†		67,103		1,285,693
Guardant Health, Inc.†		27,513		3,332,375
Halozyme Therapeutics, Inc.†		52,270		2,043,757
Iovance Biotherapeutics, Inc.†		1,635		63,454
Relay Therapeutics, Inc.†		10,330		550,692
Ultragenyx Pharmaceutical, Inc.†		12,077		1,431,608
Y-mAbs Therapeutics, Inc.†		20,498		1,042,733
				16,625,464
Medical - HMO — 1.4%
Molina Healthcare, Inc.†		11,503		2,348,107
Medical - Outpatient/Home Medical — 0.4%
American Well Corp., Class A†		27,259		723,454
Metal Processors & Fabrication — 1.3%
RBC Bearings, Inc.†		12,191		2,058,328
Multimedia — 0.9%
FactSet Research Systems, Inc.		4,208		1,404,462
Office Supplies & Forms — 0.7%
Avery Dennison Corp.		7,769		1,160,222
Power Converter/Supply Equipment — 1.8%
Generac Holdings, Inc.†		14,081		3,035,864
Racetracks — 0.5%
Churchill Downs, Inc.		4,629		832,850
Recreational Vehicles — 0.9%
Brunswick Corp.		20,159		1,504,668
Retail - Automobile — 0.3%
Vroom, Inc.†		13,383		479,914
Retail - Discount — 0.5%
Ollie’s Bargain Outlet Holdings, Inc.†		9,235		813,234
Retail - Floor Coverings — 1.2%
Floor & Decor Holdings, Inc., Class A†		24,167		1,935,535
Retail - Home Furnishings — 1.1%
RH†#		4,174		1,891,490
Retail - Misc./Diversified — 1.3%
Five Below, Inc.†		13,407		2,096,855
Retail - Pet Food & Supplies — 1.1%
Freshpet, Inc.†		13,246		1,813,113
Retail - Restaurants — 1.4%
Texas Roadhouse, Inc.		20,421		1,547,912
Wingstop, Inc.		5,724		728,722
				2,276,634
Semiconductor Equipment — 5.7%
Allegro MicroSystems, Inc.†		35,313		845,746
Brooks Automation, Inc.		11,286		823,765
Entegris, Inc.		31,848		2,949,762
MKS Instruments, Inc.		15,870		2,189,743
Teradyne, Inc.		22,790		2,514,648
				9,323,664
Therapeutics — 3.4%
Agios Pharmaceuticals, Inc.†		30,569		1,415,956

Security Description	Shares			Value (Note 2)
Therapeutics (continued)
Neurocrine Biosciences, Inc.†		22,422		$	2,128,745
Sarepta Therapeutics, Inc.†		14,216			2,002,466
					5,547,167
Transport - Truck — 0.7%
XPO Logistics, Inc.†		10,900			1,162,812
Veterinary Diagnostics — 1.4%
Elanco Animal Health, Inc.†#		49,167			1,504,019
Neogen Corp.†		11,337			841,432
					2,345,451
Total Long-Term Investment Securities
(cost $117,473,226)					161,801,677
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Registered Investment Companies — 3.7%
State Street Institutional U.S. Government Money Market Fund, Administration Class  0.01%(1)		3,896,032			3,896,032
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2)		2,143,280			2,143,280
Total Short-Term Investment Securities
(cost $6,039,312)					6,039,312
TOTAL INVESTMENTS
(cost $123,512,538)(3)		101.9	%		167,840,989
Liabilities in excess of other assets		(1.9	)		(3,131,895	)
NET ASSETS		100.0	%	$	164,709,094

† 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 November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $8,408,474. This was secured by collateral of $2,143,280, which was received in cash and subsequently invested in short-term investments currently valued at $2,143,280 as reported in the Portfolio of Investments. Additional collateral of $6,536,541 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	375,508
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		1,008,393
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		34,561
United States Treasury Bills	0.00%	02/11/2021 to 07/15/2021		66,974
United States Treasury Notes/Bonds	0.13% to 8.13%	12/31/2020 to 02/15/2050		5,051,105

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

ADR—American Depositary Receipt

214

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	161,801,677	$	—	$	—	$	161,801,677
Short-Term Investment Securities		6,039,312		—		—		6,039,312
Total Investments at Value	$	167,840,989	$	—	$	—	$	167,840,989

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

See Notes to Financial Statements

215

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Computers	6.4	%
Applications Software	6.0
E-Commerce/Products	4.6
Medical — Drugs	4.3
Electronic Components — Semiconductors	3.8
Web Portals/ISP	3.4
Internet Content — Entertainment	3.0
Diversified Banking Institutions	2.8
Finance — Credit Card	2.6
Electric — Integrated	2.5
Real Estate Investment Trusts	2.4
Commercial Services — Finance	2.0
Retail — Discount	1.8
Insurance — Property/Casualty	1.8
Medical — HMO	1.6
Cosmetics & Toiletries	1.6
Telephone — Integrated	1.5
Medical — Biomedical/Gene	1.5
Aerospace/Defense	1.4
Medical Products	1.4
Beverages — Non-alcoholic	1.4
Retail — Building Products	1.4
Diversified Manufacturing Operations	1.3
Retail — Restaurants	1.2
Enterprise Software/Service	1.2
Medical Instruments	1.1
Cable/Satellite TV	1.1
Computer Services	1.1
Oil Companies — Integrated	1.1
Diagnostic Equipment	1.1
Repurchase Agreements	1.0
Transport — Rail	0.9
Banks — Super Regional	0.9
Multimedia	0.9
Semiconductor Components — Integrated Circuits	0.8
Electronic Forms	0.8
Transport — Services	0.7
Data Processing/Management	0.7
Insurance — Multi-line	0.7
Semiconductor Equipment	0.7
Networking Products	0.6
Industrial Gases	0.6
Tobacco	0.6
Chemicals — Diversified	0.6
Investment Management/Advisor Services	0.6
Instruments — Controls	0.6
Athletic Footwear	0.6
Pharmacy Services	0.5
Computer Aided Design	0.5
Insurance Brokers	0.5
Banks — Commercial	0.5
Oil Companies — Exploration & Production	0.5
Finance — Other Services	0.5
Food — Misc./Diversified	0.4
Electronic Measurement Instruments	0.4
Entertainment Software	0.4
Food — Confectionery	0.4
E-Commerce/Services	0.3
Drug Delivery Systems	0.3
Distribution/Wholesale	0.3
Machinery — Construction & Mining	0.3
Insurance — Life/Health	0.3
Auto — Cars/Light Trucks	0.3
Medical Labs & Testing Services	0.3
Retail — Auto Parts	0.3
Machinery — Farming	0.3
Chemicals — Specialty	0.3
Airlines	0.3
Cellular Telecom	0.3

Oil Refining & Marketing	0.3
Electronic Connectors	0.3
Retail — Major Department Stores	0.3
Banks — Fiduciary	0.3
Consumer Products — Misc.	0.2
Electric Products — Misc.	0.2
Finance — Investment Banker/Broker	0.2
Building — Residential/Commercial	0.2
Medical — Wholesale Drug Distribution	0.2
Pipelines	0.2
Non-Hazardous Waste Disposal	0.2
Building Products — Air & Heating	0.2
Auto — Heavy Duty Trucks	0.2
Hotels/Motels	0.2
Electric — Distribution	0.2
Coatings/Paint	0.2
Oil — Field Services	0.2
U.S. Government Treasuries	0.2
Machinery — Pumps	0.2
Apparel Manufacturers	0.2
Machinery — General Industrial	0.2
Retail — Apparel/Shoe	0.2
Aerospace/Defense — Equipment	0.2
Medical — Hospitals	0.2
Containers — Paper/Plastic	0.2
Gold Mining	0.2
Commercial Services	0.2
Consulting Services	0.2
Dental Supplies & Equipment	0.2
Brewery	0.1
Auto/Truck Parts & Equipment — Original	0.1
Casino Hotels	0.1
Diagnostic Kits	0.1
Tools — Hand Held	0.1
Computers — Memory Devices	0.1
Food — Wholesale/Distribution	0.1
Building Products — Cement	0.1
Decision Support Software	0.1
Metal — Copper	0.1
Food — Meat Products	0.1
Computer Software	0.1
Cruise Lines	0.1
Containers — Metal/Glass	0.1
Transport — Truck	0.1
Respiratory Products	0.1
Industrial Automated/Robotic	0.1
Instruments — Scientific	0.1
Wireless Equipment	0.1
Agricultural Biotech	0.1
Telecom Equipment — Fiber Optics	0.1
Water	0.1
Agricultural Operations	0.1
Retail — Drug Store	0.1
Medical — Generic Drugs	0.1
Broadcast Services/Program	0.1
Food — Retail	0.1
Retail — Consumer Electronics	0.1
Office Automation & Equipment	0.1
Medical Information Systems	0.1
Advertising Agencies	0.1
Registered Investment Companies	0.1
Soap & Cleaning Preparation	0.1
Gas — Distribution	0.1
Real Estate Management/Services	0.1
Web Hosting/Design	0.1
Television	0.1
Paper & Related Products	0.1
E-Services/Consulting	0.1
Disposable Medical Products	0.1

216

VALIC Company I Stock Index Fund

PPORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Electronic Components — Misc.	0.1	%
Computer Data Security	0.1
Finance — Consumer Loans	0.1
Retail — Gardening Products	0.1
Rental Auto/Equipment	0.1
Steel — Producers	0.1
Agricultural Chemicals	0.1
Retail — Perfume & Cosmetics	0.1
Retail — Automobile	0.1
	100.0	%

* Calculated as a percentage of net assets

217

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.7%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		69,586	$	1,550,376
Omnicom Group, Inc.		38,346		2,415,798
				3,966,174
Aerospace/Defense — 1.4%
Boeing Co.		94,688		19,951,709
General Dynamics Corp.		41,477		6,194,590
Lockheed Martin Corp.		43,901		16,023,865
Northrop Grumman Corp.		27,669		8,363,232
Raytheon Technologies Corp.		272,627		19,552,808
Teledyne Technologies, Inc.†		6,579		2,486,467
TransDigm Group, Inc.		9,674		5,603,084
				78,175,755
Aerospace/Defense - Equipment — 0.2%
Howmet Aerospace, Inc.		70,051		1,643,397
L3Harris Technologies, Inc.		38,582		7,407,358
				9,050,755
Agricultural Biotech — 0.1%
Corteva, Inc.		133,591		5,119,207
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		38,169		1,423,704
Mosaic Co.		61,564		1,351,945
				2,775,649
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		99,162		4,935,293
Airlines — 0.3%
Alaska Air Group, Inc.		22,065		1,124,653
American Airlines Group, Inc.#		97,629		1,379,498
Delta Air Lines, Inc.		113,833		4,581,778
Southwest Airlines Co.		105,269		4,878,166
United Airlines Holdings, Inc.†		51,929		2,339,401
				14,303,496
Apparel Manufacturers — 0.2%
Hanesbrands, Inc.		62,133		882,289
PVH Corp.		12,660		1,006,343
Ralph Lauren Corp.		8,595		737,021
Tapestry, Inc.		49,298		1,396,119
Under Armour, Inc., Class A†		33,646		557,514
Under Armour, Inc., Class C†		34,704		504,943
VF Corp.		57,021		4,755,552
				9,839,781
Appliances — 0.0%
Whirlpool Corp.		11,117		2,163,479
Applications Software — 6.0%
Intuit, Inc.		46,722		16,447,079
Microsoft Corp.		1,350,533		289,108,599
ServiceNow, Inc.†		34,229		18,297,112
				323,852,790
Athletic Footwear — 0.6%
NIKE, Inc., Class B		222,161		29,925,087
Auto - Cars/Light Trucks — 0.3%
Ford Motor Co.		697,344		6,331,884
General Motors Co.		224,748		9,852,952
				16,184,836
Auto - Heavy Duty Trucks — 0.2%
Cummins, Inc.		26,354		6,092,254

Security Description	Shares		Value (Note 2)
Auto - Heavy Duty Trucks (continued)
PACCAR, Inc.		61,774	$	5,378,045
				11,470,299
Auto/Truck Parts & Equipment - Original — 0.1%
Aptiv PLC		48,189		5,720,034
BorgWarner, Inc.		43,624		1,694,793
				7,414,827
Banks - Commercial — 0.5%
Citizens Financial Group, Inc.		76,172		2,487,777
First Republic Bank		30,716		3,979,565
M&T Bank Corp.		22,893		2,666,806
Regions Financial Corp.		171,353		2,616,560
SVB Financial Group†		9,237		3,185,472
Truist Financial Corp.		240,496		11,163,824
Zions Bancorp NA		29,264		1,129,298
				27,229,302
Banks - Fiduciary — 0.3%
Bank of New York Mellon Corp.		145,445		5,689,808
Northern Trust Corp.		37,137		3,458,198
State Street Corp.		62,887		4,432,276
				13,580,282
Banks - Super Regional — 0.9%
Comerica, Inc.		24,813		1,220,800
Fifth Third Bancorp		127,107		3,220,891
Huntington Bancshares, Inc.		181,550		2,193,124
KeyCorp		174,178		2,692,792
PNC Financial Services Group, Inc.		75,757		10,459,769
US Bancorp		244,633		10,570,592
Wells Fargo & Co.		735,269		20,109,607
				50,467,575
Beverages - Non-alcoholic — 1.4%
Coca-Cola Co.		689,913		35,599,511
Monster Beverage Corp.†		65,884		5,585,645
PepsiCo, Inc.		247,103		35,639,666
				76,824,822
Beverages - Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		32,573		2,627,338
Brewery — 0.1%
Constellation Brands, Inc., Class A		29,985		6,172,112
Molson Coors Beverage Co., Class B		33,561		1,543,806
				7,715,918
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†#		28,591		769,384
Discovery, Inc., Class C†		55,244		1,326,961
Fox Corp., Class A		61,333		1,768,843
Fox Corp., Class B		27,955		793,363
				4,658,551
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		24,654		2,058,609
Building Products - Air & Heating — 0.2%
Carrier Global Corp.		145,302		5,531,647
Johnson Controls International PLC		132,784		6,113,376
				11,645,023
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		11,113		2,951,946
Vulcan Materials Co.		23,637		3,300,907
				6,252,853

218

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products - Wood — 0.0%
Masco Corp.		46,673	$	2,504,940
Building - Maintenance & Services — 0.0%
Rollins, Inc.		26,322		1,505,092
Building - Residential/Commercial — 0.2%
D.R. Horton, Inc.		59,065		4,400,342
Lennar Corp., Class A		49,009		3,717,823
NVR, Inc.†		621		2,482,249
PulteGroup, Inc.		47,859		2,088,088
				12,688,502
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†		26,694		17,404,221
Comcast Corp., Class A		813,544		40,872,451
DISH Network Corp., Class A†		44,028		1,579,284
				59,855,956
Casino Hotels — 0.1%
Las Vegas Sands Corp.		58,613		3,265,330
MGM Resorts International		73,066		2,064,115
Wynn Resorts, Ltd.		17,322		1,740,861
				7,070,306
Cellular Telecom — 0.3%
T-Mobile US, Inc.†		103,823		13,802,230
Chemicals - Diversified — 0.6%
Celanese Corp.		21,110		2,730,156
Dow, Inc.		132,261		7,011,156
DuPont de Nemours, Inc.		130,960		8,308,102
Eastman Chemical Co.		24,155		2,352,697
FMC Corp.		23,123		2,682,499
LyondellBasell Industries NV, Class A		45,875		3,903,963
PPG Industries, Inc.		42,113		6,180,925
				33,169,498
Chemicals - Specialty — 0.3%
Albemarle Corp.		18,981		2,580,847
Ecolab, Inc.		44,309		9,843,244
International Flavors & Fragrances, Inc.#		19,083		2,139,204
				14,563,295
Coatings/Paint — 0.2%
Sherwin-Williams Co.		14,624		10,933,341
Commercial Services — 0.2%
Cintas Corp.		15,515		5,512,479
Nielsen Holdings PLC		63,667		1,029,495
Quanta Services, Inc.		24,631		1,683,283
				8,225,257
Commercial Services - Finance — 2.0%
Automatic Data Processing, Inc.		76,732		13,342,160
Equifax, Inc.		21,675		3,617,557
FleetCor Technologies, Inc.†		15,000		3,978,150
Global Payments, Inc.		53,403		10,423,732
IHS Markit, Ltd.		66,566		6,620,654
MarketAxess Holdings, Inc.		6,777		3,654,023
Moody’s Corp.		28,808		8,133,651
PayPal Holdings, Inc.†		209,389		44,834,373
S&P Global, Inc.		43,009		15,129,706
				109,734,006
Computer Aided Design — 0.5%
ANSYS, Inc.†		15,310		5,175,699
Autodesk, Inc.†		39,133		10,966,240
Cadence Design Systems, Inc.†		49,754		5,786,390

Security Description	Shares		Value (Note 2)
Computer Aided Design (continued)
Synopsys, Inc.†		27,084	$	6,161,610
				28,089,939
Computer Data Security — 0.1%
Fortinet, Inc.†		23,971		2,953,946
Computer Services — 1.1%
Accenture PLC, Class A		113,537		28,280,931
Cognizant Technology Solutions Corp., Class A		96,769		7,560,562
DXC Technology Co.		45,364		993,925
International Business Machines Corp.		158,934		19,631,528
Leidos Holdings, Inc.		23,854		2,402,098
				58,869,044
Computer Software — 0.1%
Akamai Technologies, Inc.†		29,037		3,005,620
Citrix Systems, Inc.		22,046		2,731,940
				5,737,560
Computers — 6.4%
Apple, Inc.		2,869,013		341,555,997
Hewlett Packard Enterprise Co.		229,570		2,534,453
HP, Inc.		245,116		5,375,394
				349,465,844
Computers - Memory Devices — 0.1%
NetApp, Inc.		39,619		2,112,089
Seagate Technology PLC		39,830		2,342,402
Western Digital Corp.		53,989		2,423,027
				6,877,518
Consulting Services — 0.2%
Gartner, Inc.†		15,925		2,420,600
Verisk Analytics, Inc.		28,980		5,747,024
				8,167,624
Consumer Products - Misc. — 0.2%
Clorox Co.		22,524		4,571,471
Kimberly-Clark Corp.		60,864		8,478,964
				13,050,435
Containers - Metal/Glass — 0.1%
Ball Corp.		58,280		5,595,463
Containers - Paper/Plastic — 0.2%
Amcor PLC		279,913		3,171,414
Packaging Corp. of America		16,924		2,200,120
Sealed Air Corp.		27,782		1,251,857
WestRock Co.		46,335		1,955,801
				8,579,192
Cosmetics & Toiletries — 1.6%
Colgate-Palmolive Co.		153,013		13,104,033
Estee Lauder Cos., Inc., Class A		40,255		9,875,357
Procter & Gamble Co.		444,301		61,700,080
				84,679,470
Cruise Lines — 0.1%
Carnival Corp.		92,423		1,846,611
Norwegian Cruise Line Holdings, Ltd.†		56,325		1,288,153
Royal Caribbean Cruises, Ltd.		31,797		2,505,922
				5,640,686
Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		20,552		3,018,678
Fidelity National Information Services, Inc.		110,575		16,410,436
Fiserv, Inc.†		99,191		11,424,819

219

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management (continued)
Jack Henry & Associates, Inc.		13,678	$	2,200,243
Paychex, Inc.		57,175		5,325,851
				38,380,027
Decision Support Software — 0.1%
MSCI, Inc.		14,926		6,111,003
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		12,795		6,158,105
DENTSPLY SIRONA, Inc.		38,993		1,984,354
				8,142,459
Diagnostic Equipment — 1.1%
Danaher Corp.		112,676		25,310,410
Thermo Fisher Scientific, Inc.		70,597		32,826,193
				58,136,603
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		15,179		6,997,215
Dialysis Centers — 0.0%
DaVita, Inc.†		13,428		1,475,066
Disposable Medical Products — 0.1%
Teleflex, Inc.		8,301		3,177,208
Distribution/Wholesale — 0.3%
Copart, Inc.†		36,871		4,256,757
Fastenal Co.		102,370		5,062,197
LKQ Corp.†		49,960		1,759,591
Pool Corp.		7,152		2,475,379
WW Grainger, Inc.		8,031		3,359,367
				16,913,291
Diversified Banking Institutions — 2.8%
Bank of America Corp.		1,360,662		38,316,242
Citigroup, Inc.		371,532		20,460,267
Goldman Sachs Group, Inc.		61,404		14,158,534
JPMorgan Chase & Co.		543,880		64,112,575
Morgan Stanley		255,018		15,767,763
				152,815,381
Diversified Manufacturing Operations — 1.3%
3M Co.		102,797		17,756,126
A.O. Smith Corp.		24,159		1,360,393
Eaton Corp. PLC		71,402		8,647,496
General Electric Co.		1,562,124		15,902,422
Illinois Tool Works, Inc.		51,345		10,838,416
Parker-Hannifin Corp.		22,943		6,131,746
Textron, Inc.		40,695		1,835,345
Trane Technologies PLC		42,715		6,246,642
				68,718,586
Drug Delivery Systems — 0.3%
Becton Dickinson and Co.		51,730		12,148,273
DexCom, Inc.†		17,086		5,462,053
				17,610,326
E-Commerce/Products — 4.6%
Amazon.com, Inc.†		75,981		240,710,847
eBay, Inc.		118,657		5,983,873
Etsy, Inc.†		21,295		3,422,106
				250,116,826
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		7,308		14,823,913
Cars.com, Inc.†		1		11
Expedia Group, Inc.		24,218		3,014,899
				17,838,823

Security Description	Shares		Value (Note 2)
E-Services/Consulting — 0.1%
CDW Corp.		25,461	$	3,322,406
Electric Products - Misc. — 0.2%
AMETEK, Inc.		40,980		4,857,359
Emerson Electric Co.		106,647		8,192,623
				13,049,982
Electric - Distribution — 0.2%
Consolidated Edison, Inc.		59,695		4,551,744
Sempra Energy		51,622		6,580,772
				11,132,516
Electric - Integrated — 2.5%
AES Corp.		118,700		2,426,228
Alliant Energy Corp.		44,552		2,343,435
Ameren Corp.		44,094		3,429,631
American Electric Power Co., Inc.		88,544		7,516,500
CenterPoint Energy, Inc.		97,229		2,254,741
CMS Energy Corp.		51,090		3,144,079
Dominion Energy, Inc.		149,932		11,768,163
DTE Energy Co.		34,381		4,325,474
Duke Energy Corp.		131,246		12,161,254
Edison International		67,498		4,141,677
Entergy Corp.		35,730		3,889,210
Evergy, Inc.		40,480		2,242,997
Eversource Energy		61,153		5,351,499
Exelon Corp.		173,911		7,142,525
FirstEnergy Corp.		96,746		2,569,574
NextEra Energy, Inc.		349,532		25,722,060
Pinnacle West Capital Corp.		20,087		1,644,121
PPL Corp.		137,198		3,899,167
Public Service Enterprise Group, Inc.		90,258		5,260,236
Southern Co.		188,479		11,280,468
WEC Energy Group, Inc.		56,293		5,345,020
Xcel Energy, Inc.		93,753		6,315,202
				134,173,261
Electronic Components - Misc. — 0.1%
Garmin, Ltd.		26,620		3,108,151
Electronic Components - Semiconductors — 3.8%
Advanced Micro Devices, Inc.†		209,524		19,414,494
Broadcom, Inc.		71,774		28,823,003
Intel Corp.		758,996		36,697,457
IPG Photonics Corp.†		6,368		1,318,240
Microchip Technology, Inc.		45,053		6,054,673
Micron Technology, Inc.†		198,270		12,707,124
NVIDIA Corp.		110,111		59,026,103
Qorvo, Inc.†		20,387		3,194,235
Skyworks Solutions, Inc.		29,809		4,208,136
Texas Instruments, Inc.		163,461		26,358,086
Xilinx, Inc.		43,601		6,346,125
				204,147,676
Electronic Connectors — 0.3%
Amphenol Corp., Class A		53,249		6,965,502
TE Connectivity, Ltd.		58,899		6,712,719
				13,678,221
Electronic Forms — 0.8%
Adobe, Inc.†		85,602		40,957,989
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		55,021		6,431,955
FLIR Systems, Inc.		23,400		894,816
Fortive Corp.		60,154		4,218,600
Keysight Technologies, Inc.†		33,397		4,008,976

220

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Roper Technologies, Inc.		18,687	$	7,979,349
Vontier Corp.†		24,061		798,103
				24,331,799
Electronic Security Devices — 0.0%
Allegion PLC		16,460		1,877,098
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		23,237		2,505,878
Enterprise Software/Service — 1.2%
Oracle Corp.		345,014		19,914,208
Paycom Software, Inc.†		8,738		3,644,445
salesforce.com, Inc.†		162,400		39,917,920
Tyler Technologies, Inc.†		7,181		3,070,596
				66,547,169
Entertainment Software — 0.4%
Activision Blizzard, Inc.		137,749		10,948,290
Electronic Arts, Inc.		51,539		6,584,107
Take-Two Interactive Software, Inc.†		20,405		3,683,307
				21,215,704
Finance - Consumer Loans — 0.1%
Synchrony Financial		96,885		2,952,086
Finance - Credit Card — 2.6%
American Express Co.		116,389		13,802,572
Capital One Financial Corp.		81,492		6,978,975
Discover Financial Services		54,684		4,165,280
Mastercard, Inc., Class A		157,645		53,049,119
Visa, Inc., Class A		300,887		63,291,580
Western Union Co.		73,348		1,654,731
				142,942,257
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		264,325		12,893,774
Finance - Other Services — 0.5%
Cboe Global Markets, Inc.		19,409		1,772,430
CME Group, Inc.		64,001		11,202,095
Intercontinental Exchange, Inc.		100,161		10,567,987
Nasdaq, Inc.		20,520		2,626,355
				26,168,867
Food - Confectionery — 0.4%
Hershey Co.		26,307		3,890,542
J.M. Smucker Co.		20,358		2,385,958
Mondelez International, Inc., Class A		254,903		14,644,177
				20,920,677
Food - Meat Products — 0.1%
Hormel Foods Corp.#		50,076		2,362,586
Tyson Foods, Inc., Class A		52,512		3,423,782
				5,786,368
Food - Misc./Diversified — 0.4%
Campbell Soup Co.		36,129		1,807,173
Conagra Brands, Inc.		87,175		3,187,118
General Mills, Inc.		109,025		6,630,900
Kellogg Co.		45,286		2,894,228
Kraft Heinz Co.		115,637		3,809,083
Lamb Weston Holdings, Inc.		25,933		1,877,030
McCormick & Co., Inc.		22,119		4,135,811
				24,341,343
Food - Retail — 0.1%
Kroger Co.		138,830		4,581,390

Security Description	Shares		Value (Note 2)
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		90,754	$	6,469,853
Gas - Distribution — 0.1%
Atmos Energy Corp.		22,014		2,110,922
NiSource, Inc.		68,355		1,654,191
				3,765,113
Gold Mining — 0.2%
Newmont Corp.		143,317		8,429,906
Home Decoration Products — 0.0%
Newell Brands, Inc.		67,392		1,432,754
Home Furnishings — 0.0%
Leggett & Platt, Inc.		23,627		1,018,324
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.		49,489		5,128,545
Marriott International, Inc., Class A		47,460		6,021,250
				11,149,795
Human Resources — 0.0%
Robert Half International, Inc.		20,458		1,312,994
Independent Power Producers — 0.0%
NRG Energy, Inc.		43,569		1,426,885
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		20,696		5,289,070
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		39,421		11,043,399
Linde PLC		93,756		24,040,913
				35,084,312
Instruments - Controls — 0.6%
Honeywell International, Inc.		125,241		25,539,145
Mettler-Toledo International, Inc.†		4,278		4,919,871
				30,459,016
Instruments - Scientific — 0.1%
PerkinElmer, Inc.		19,955		2,654,015
Waters Corp.†		11,051		2,563,943
				5,217,958
Insurance Brokers — 0.5%
Aon PLC, Class A		41,341		8,470,358
Arthur J. Gallagher & Co.		34,175		3,944,137
Marsh & McLennan Cos., Inc.		90,396		10,362,997
Willis Towers Watson PLC		22,996		4,787,537
				27,565,029
Insurance - Life/Health — 0.3%
Aflac, Inc.		118,321		5,197,842
Globe Life, Inc.		17,488		1,628,133
Lincoln National Corp.		32,418		1,530,778
Principal Financial Group, Inc.		45,562		2,268,532
Prudential Financial, Inc.		70,492		5,330,605
Unum Group		36,327		807,549
				16,763,439
Insurance - Multi-line — 0.7%
Allstate Corp.		55,736		5,704,580
American International Group, Inc.(1)		153,733		5,909,497
Chubb, Ltd.		80,551		11,907,854
Cincinnati Financial Corp.		26,697		2,038,316
Hartford Financial Services Group, Inc.		63,924		2,825,441
Loews Corp.		42,541		1,782,893
MetLife, Inc.		137,685		6,356,916
				36,525,497

221

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 1.8%
Assurant, Inc.		10,645	$	1,374,482
Berkshire Hathaway, Inc., Class B†		353,749		80,976,684
Progressive Corp.		104,471		9,100,469
Travelers Cos., Inc.		45,185		5,858,235
WR Berkley Corp.		25,096		1,634,503
				98,944,373
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		7,133		1,621,545
Internet Content - Entertainment — 3.0%
Facebook, Inc., Class A†		429,071		118,839,795
Netflix, Inc.†		78,704		38,620,053
Twitter, Inc.†		141,154		6,565,072
				164,024,920
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		10,917		1,777,397
Internet Security — 0.0%
NortonLifeLock, Inc.		105,471		1,922,736
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		21,463		3,975,806
BlackRock, Inc.		25,308		17,673,842
Franklin Resources, Inc.		47,737		1,049,737
Invesco, Ltd.		67,194		1,090,558
Raymond James Financial, Inc.		21,785		1,981,346
T. Rowe Price Group, Inc.		40,508		5,809,252
				31,580,541
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		96,638		16,775,390
Machinery - Farming — 0.3%
Deere & Co.		55,925		14,631,099
Machinery - General Industrial — 0.2%
IDEX Corp.		13,476		2,602,890
Otis Worldwide Corp.		72,651		4,863,258
Westinghouse Air Brake Technologies Corp.		31,924		2,340,029
				9,806,177
Machinery - Pumps — 0.2%
Dover Corp.		25,693		3,135,317
Flowserve Corp.		23,229		791,644
Ingersoll Rand, Inc.†		66,242		2,932,533
Xylem, Inc.		32,116		3,082,173
				9,941,667
Medical Information Systems — 0.1%
Cerner Corp.		54,499		4,078,705
Medical Instruments — 1.1%
Boston Scientific Corp.†		255,320		8,463,858
Edwards Lifesciences Corp.†		110,957		9,308,183
Intuitive Surgical, Inc.†		20,885		15,163,554
Medtronic PLC		239,890		27,275,493
				60,211,088
Medical Labs & Testing Services — 0.3%
Catalent, Inc.†		29,292		2,816,133
IQVIA Holdings, Inc.†		34,134		5,768,305
Laboratory Corp. of America Holdings†		17,382		3,473,619
Quest Diagnostics, Inc.		23,968		2,971,552
				15,029,609
Medical Products — 1.4%
Abbott Laboratories		315,971		34,194,382

Security Description	Shares		Value (Note 2)
Medical Products (continued)
ABIOMED, Inc.†		8,039	$	2,203,490
Baxter International, Inc.		90,343		6,872,392
Cooper Cos., Inc.		8,768		2,939,209
Hologic, Inc.†		46,219		3,195,119
STERIS PLC		15,179		2,941,842
Stryker Corp.		58,317		13,611,188
Varian Medical Systems, Inc.†		16,263		2,829,437
West Pharmaceutical Services, Inc.		13,178		3,626,058
Zimmer Biomet Holdings, Inc.		36,950		5,509,984
				77,923,101
Medical - Biomedical/Gene — 1.5%
Alexion Pharmaceuticals, Inc.†		39,114		4,776,211
Amgen, Inc.		104,524		23,208,509
Bio-Rad Laboratories, Inc., Class A†		3,817		2,055,455
Biogen, Inc.†		28,253		6,785,523
Gilead Sciences, Inc.		223,741		13,574,366
Illumina, Inc.†		26,055		8,392,055
Incyte Corp.†		33,175		2,804,614
Regeneron Pharmaceuticals, Inc.†		18,657		9,627,572
Vertex Pharmaceuticals, Inc.†		46,483		10,586,503
				81,810,808
Medical - Drugs — 4.3%
AbbVie, Inc.		314,954		32,937,889
Bristol-Myers Squibb Co.		402,240		25,099,776
Eli Lilly & Co.		141,675		20,634,964
Johnson & Johnson		469,857		67,978,911
Merck & Co., Inc.		451,372		36,285,795
Pfizer, Inc.		991,688		37,991,567
Zoetis, Inc.		84,795		13,599,422
				234,528,324
Medical - Generic Drugs — 0.1%
Perrigo Co. PLC		24,356		1,174,446
Viatris, Inc.†		215,302		3,621,380
				4,795,826
Medical - HMO — 1.6%
Anthem, Inc.		44,884		13,982,264
Centene Corp.†		103,413		6,375,411
Humana, Inc.		23,609		9,455,877
UnitedHealth Group, Inc.		169,598		57,042,591
				86,856,143
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		47,054		7,063,276
Universal Health Services, Inc., Class B		13,866		1,810,622
				8,873,898
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		26,231		2,704,678
Cardinal Health, Inc.		52,190		2,849,052
Henry Schein, Inc.†		25,479		1,638,555
McKesson Corp.		28,945		5,207,495
				12,399,780
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		259,165		6,061,869
Multimedia — 0.9%
Walt Disney Co.		322,491		47,731,893
Networking Products — 0.6%
Arista Networks, Inc.†		9,769		2,644,468
Cisco Systems, Inc.		755,503		32,501,739
				35,146,207

222

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		37,514	$	3,628,354
Waste Management, Inc.		69,362		8,263,095
				11,891,449
Office Automation & Equipment — 0.1%
Xerox Holdings Corp.		31,932		698,991
Zebra Technologies Corp., Class A†		9,519		3,602,180
				4,301,171
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		14,895		2,224,419
Oil Companies - Exploration & Production — 0.5%
Apache Corp.		67,362		868,296
Cabot Oil & Gas Corp.		71,131		1,246,215
Concho Resources, Inc.		35,105		2,017,836
ConocoPhillips		191,412		7,572,259
Devon Energy Corp.		68,315		955,727
Diamondback Energy, Inc.		28,165		1,125,473
EOG Resources, Inc.		103,908		4,871,207
Hess Corp.		48,784		2,301,629
Marathon Oil Corp.		140,884		834,033
Occidental Petroleum Corp.		149,395		2,354,465
Pioneer Natural Resources Co.		29,317		2,948,704
				27,095,844
Oil Companies - Integrated — 1.1%
Chevron Corp.		343,546		29,950,340
Exxon Mobil Corp.		754,576		28,771,983
				58,722,323
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		69,294		849,544
Oil Refining & Marketing — 0.3%
HollyFrontier Corp.		26,600		622,174
Marathon Petroleum Corp.		116,124		4,514,901
Phillips 66		77,934		4,721,242
Valero Energy Corp.		72,769		3,912,789
				13,771,106
Oil - Field Services — 0.2%
Baker Hughes Co.		117,129		2,192,655
Halliburton Co.		156,773		2,600,864
Schlumberger, Ltd.		247,723		5,150,161
TechnipFMC PLC		75,377		626,383
				10,570,063
Paper & Related Products — 0.1%
International Paper Co.		70,152		3,471,121
Pharmacy Services — 0.5%
Cigna Corp.		65,531		13,705,153
CVS Health Corp.		233,553		15,832,558
				29,537,711
Pipelines — 0.2%
Kinder Morgan, Inc.		347,400		4,995,612
ONEOK, Inc.		79,273		2,843,522
Williams Cos., Inc.		216,573		4,543,702
				12,382,836
Publishing - Newspapers — 0.0%
News Corp., Class A		69,420		1,225,263
News Corp., Class B		21,732		387,047
				1,612,310

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 2.4%
Alexandria Real Estate Equities, Inc.		20,931	$	3,427,033
American Tower Corp.		79,160		18,301,792
Apartment Investment & Management Co., Class A		33,598		1,019,699
AvalonBay Communities, Inc.		25,117		4,184,241
Boston Properties, Inc.		25,275		2,480,994
Crown Castle International Corp.		74,895		12,550,155
Digital Realty Trust, Inc.		48,005		6,468,674
Duke Realty Corp.		66,131		2,516,946
Equinix, Inc.		15,804		11,027,873
Equity Residential		61,111		3,539,549
Essex Property Trust, Inc.		11,637		2,861,306
Extra Space Storage, Inc.		23,034		2,596,623
Federal Realty Investment Trust		12,284		1,071,410
Healthpeak Properties, Inc.		96,069		2,772,551
Host Hotels & Resorts, Inc.		125,862		1,765,844
Iron Mountain, Inc.#		51,423		1,414,132
Kimco Realty Corp.		77,185		1,114,551
Mid-America Apartment Communities, Inc.		20,410		2,574,926
Prologis, Inc.		131,842		13,190,792
Public Storage		27,140		6,091,844
Realty Income Corp.		61,576		3,692,713
Regency Centers Corp.		28,153		1,283,214
SBA Communications Corp.		19,977		5,736,995
Simon Property Group, Inc.		58,042		4,792,528
SL Green Realty Corp.		13,072		756,869
UDR, Inc.		52,658		2,025,753
Ventas, Inc.		66,582		3,189,944
Vornado Realty Trust		27,973		1,088,429
Welltower, Inc.		74,472		4,690,247
Weyerhaeuser Co.		133,180		3,867,547
				132,095,174
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		59,834		3,658,251
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		12,863		2,919,644
Respiratory Products — 0.1%
ResMed, Inc.		25,859		5,420,046
Retail - Apparel/Shoe — 0.2%
Gap, Inc.		36,670		768,603
L Brands, Inc.		41,658		1,616,747
Ross Stores, Inc.		63,518		6,829,456
				9,214,806
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		12,339		1,822,470
AutoZone, Inc.†		4,169		4,742,863
Genuine Parts Co.		25,746		2,532,634
O’Reilly Automotive, Inc.†		13,218		5,848,172
				14,946,139
Retail - Automobile — 0.1%
CarMax, Inc.†		29,103		2,720,548
Retail - Building Products — 1.4%
Home Depot, Inc.		192,106		53,292,126
Lowe’s Cos., Inc.		134,870		21,015,443
				74,307,569
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		41,110		4,472,768
Retail - Discount — 1.8%
Costco Wholesale Corp.		78,795		30,869,517
Dollar General Corp.		44,443		9,714,351

223

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Discount (continued)
Dollar Tree, Inc.†		42,350	$	4,626,314
Target Corp.		89,341		16,039,390
Walmart, Inc.		247,801		37,861,515
				99,111,087
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		128,354		4,878,736
Retail - Gardening Products — 0.1%
Tractor Supply Co.		20,741		2,920,540
Retail - Jewelry — 0.0%
Tiffany & Co.		19,277		2,534,540
Retail - Major Department Stores — 0.3%
TJX Cos., Inc.		213,986		13,590,251
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		10,051		2,768,045
Retail - Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		4,991		6,435,545
Darden Restaurants, Inc.		23,214		2,506,648
Domino’s Pizza, Inc.		7,022		2,756,627
McDonald’s Corp.		132,794		28,874,727
Starbucks Corp.		208,621		20,449,031
Yum! Brands, Inc.		53,788		5,690,770
				66,713,348
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		75,806		939,994
Semiconductor Components - Integrated Circuits — 0.8%
Analog Devices, Inc.		65,952		9,172,604
Maxim Integrated Products, Inc.		47,645		3,956,441
QUALCOMM, Inc.		201,352		29,632,974
				42,762,019
Semiconductor Equipment — 0.7%
Applied Materials, Inc.		162,986		13,443,085
KLA Corp.		27,744		6,990,656
Lam Research Corp.		25,988		11,763,728
Teradyne, Inc.		29,630		3,269,374
				35,466,843
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		7,226		1,157,533
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		44,136		3,873,817
Steel - Producers — 0.1%
Nucor Corp.		53,877		2,893,195
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		135,800		5,081,636
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		59,205		1,288,893
Telephone - Integrated — 1.5%
AT&T, Inc.		1,271,537		36,556,689
CenturyLink, Inc.		176,281		1,842,136
Verizon Communications, Inc.		738,483		44,611,758
				83,010,583
Television — 0.1%
ViacomCBS, Inc., Class B#		100,611		3,549,556
Textile - Home Furnishings — 0.0%
Mohawk Industries, Inc.†		10,673		1,342,985

Security Description	Shares/ Principal Amount		Value (Note 2)
Theaters — 0.0%
Live Nation Entertainment, Inc.†		25,364	$	1,665,147
Tobacco — 0.6%
Altria Group, Inc.		331,652		13,209,699
Philip Morris International, Inc.		277,916		21,052,137
				34,261,836
Tools - Hand Held — 0.1%
Snap-on, Inc.		9,720		1,709,262
Stanley Black & Decker, Inc.		28,497		5,252,282
				6,961,544
Toys — 0.0%
Hasbro, Inc.		22,742		2,115,688
Transport - Rail — 0.9%
CSX Corp.		136,532		12,294,707
Kansas City Southern		16,838		3,134,730
Norfolk Southern Corp.		45,527		10,790,809
Union Pacific Corp.		121,147		24,723,680
				50,943,926
Transport - Services — 0.7%
C.H. Robinson Worldwide, Inc.		24,061		2,261,012
Expeditors International of Washington, Inc.		29,921		2,674,040
FedEx Corp.		43,016		12,327,525
United Parcel Service, Inc., Class B		126,187		21,586,810
				38,849,387
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		14,875		2,012,290
Old Dominion Freight Line, Inc.		17,170		3,491,691
				5,503,981
Water — 0.1%
American Water Works Co., Inc.		32,338		4,960,002
Water Treatment Systems — 0.0%
Pentair PLC		29,608		1,534,287
Web Hosting/Design — 0.1%
VeriSign, Inc.†		18,037		3,620,387
Web Portals/ISP — 3.4%
Alphabet, Inc., Class A†		53,622		94,074,437
Alphabet, Inc., Class C†		52,395		92,253,972
				186,328,409
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		30,300		5,197,359
Total Long-Term Investment Securities
(cost $2,109,159,446)				5,361,457,708
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(2)(3)		3,895,738		3,895,738
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.12% due 10/07/2021(4)	$	1,700,000		1,698,481
0.15% due 06/17/2021(4)		5,000,000		4,997,731
0.16% due 04/22/2021(4)		3,700,000		3,698,669
				10,394,881
Total Short-Term Investment Securities
(cost $14,287,620)				14,290,619

224

VALIC Company I Stock Index Fund

PPORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $56,735,000 and collateralized by $58,098,700 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $57,869,701 (cost $56,735,000)	$	56,735,000		$	56,735,000
TOTAL INVESTMENTS
(cost $2,180,182,066)(5)		100.0	%		5,432,483,327
Other assets less liabilities		0.0			1,573,939
NET ASSETS		100.0	%	$	5,434,057,266

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

† Non-income producing security

(1) Security represents an investment in an affiliated company (see Note 3).

(2) The rate shown is the 7-day yield as of November 30, 2020.

(3) At November 30, 2020, the Fund had loaned securities with a total value of $11,235,575. This was secured by collateral of $3,895,738 which was received in cash and subsequently invested in short-term investments currently valued at $3,895,738 as reported in the Portfolio of Investments. Additional collateral of $7,651,151 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	913,642
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		2,453,504
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		84,089
United States Treasury Bills	0.00%	07/15/2021		93,987
United States Treasury Notes/Bonds	zero coupon to 8.13%	12/31/2020 to 11/15/2049		4,105,929

(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)
	419	Long	S&P 500 E-Mini Index		December 2020	$	72,136,869	$	75,906,040	$	3,769,171

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	5,361,457,708	$	—	$	—	$	5,361,457,708
Short-Term Investment Securities:
Registered Investment Companies		3,895,738		—		—		3,895,738
U.S. Government Treasuries		—		10,394,881		—		10,394,881
Repurchase Agreements		—		56,735,000		—		56,735,000
Total Investments at Value	$	5,365,353,446	$	67,129,881	$	—	$	5,432,483,327
Other Financial Instruments:†
Futures Contracts	$	3,769,171	$	—	$	—	$	3,769,171

* 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

225

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Applications Software	5.2	%
Computers	5.1
E-Commerce/Products	3.7
Medical — Drugs	3.6
Electronic Components — Semiconductors	3.4
Exchange — Traded Funds	3.2
Web Portals/ISP	2.6
Internet Content — Entertainment	2.3
Enterprise Software/Service	2.0
Real Estate Investment Trusts	2.0
Finance — Credit Card	2.0
Medical — Biomedical/Gene	1.9
Commercial Services — Finance	1.8
Computer Services	1.8
Retail — Discount	1.7
Electric — Integrated	1.5
Medical Products	1.4
Diversified Banking Institutions	1.4
Medical — HMO	1.4
Insurance — Property/Casualty	1.4
Cosmetics & Toiletries	1.3
Telephone — Integrated	1.2
Distribution/Wholesale	1.1
Retail — Building Products	1.1
Apparel Manufacturers	1.0
Beverages — Non-alcoholic	1.0
Cable/Satellite TV	0.9
Diversified Manufacturing Operations	0.8
Semiconductor Components — Integrated Circuits	0.8
Semiconductor Equipment	0.8
Retail — Apparel/Shoe	0.8
Medical Instruments	0.8
Data Processing/Management	0.8
Food — Misc./Diversified	0.8
Computer Software	0.7
Computer Aided Design	0.7
Retail — Restaurants	0.7
Diagnostic Equipment	0.7
Investment Management/Advisor Services	0.6
E-Commerce/Services	0.6
Auto — Cars/Light Trucks	0.6
Electronic Forms	0.6
Pharmacy Services	0.6
Medical — Wholesale Drug Distribution	0.6
Medical Labs & Testing Services	0.6
Insurance Brokers	0.5
Commercial Services	0.4
Electronic Parts Distribution	0.4
Aerospace/Defense	0.4
Networking Products	0.4
Athletic Footwear	0.4
Registered Investment Companies	0.4
Consumer Products — Misc.	0.4
Retail — Automobile	0.4
Tobacco	0.4
Finance — Investment Banker/Broker	0.4
Electronic Measurement Instruments	0.4
Entertainment Software	0.4
Retail — Auto Parts	0.4
Multimedia	0.4
Broadcast Services/Program	0.4
Independent Power Producers	0.4
Food — Wholesale/Distribution	0.4
Transport — Services	0.4
Building — Residential/Commercial	0.4
Food — Retail	0.4
Retail — Catalog Shopping	0.4
Insurance — Life/Health	0.3
Food — Confectionery	0.3

Transport — Truck	0.3
Diagnostic Kits	0.3
Retail — Major Department Stores	0.3
Machinery — Farming	0.3
Chemicals — Diversified	0.3
Finance — Other Services	0.3
Airlines	0.3
Medical — Generic Drugs	0.3
Retail — Regional Department Stores	0.3
Building Products — Air & Heating	0.3
Oil Companies — Integrated	0.3
Instruments — Controls	0.3
Banks — Commercial	0.3
Human Resources	0.3
Brewery	0.3
Motion Pictures & Services	0.3
Transport — Rail	0.3
Finance — Consumer Loans	0.3
Industrial Gases	0.3
Dental Supplies & Equipment	0.3
Coatings/Paint	0.3
Steel — Producers	0.3
Consulting Services	0.3
Schools	0.3
Machinery — General Industrial	0.3
Banks — Super Regional	0.3
Chemicals — Specialty	0.2
Medical — Hospitals	0.2
Wireless Equipment	0.2
Internet Application Software	0.2
Publishing — Newspapers	0.2
Containers — Paper/Plastic	0.2
Building & Construction Products — Misc.	0.2
Gas — Distribution	0.2
Radio	0.2
Machinery — Pumps	0.2
Internet Security	0.2
Real Estate Management/Services	0.2
Communications Software	0.2
Electronic Components — Misc.	0.2
Insurance — Multi-line	0.2
Engineering/R&D Services	0.2
Drug Delivery Systems	0.2
Finance — Auto Loans	0.2
Computer Data Security	0.2
Advertising Agencies	0.2
Instruments — Scientific	0.2
Retail — Consumer Electronics	0.2
Multilevel Direct Selling	0.2
Retail — Drug Store	0.2
Building — Maintenance & Services	0.2
Beverages — Wine/Spirits	0.2
Insurance — Reinsurance	0.2
Machinery — Electrical	0.2
Medical — Outpatient/Home Medical	0.2
Electric Products — Misc.	0.2
Web Hosting/Design	0.2
Computers — Memory Devices	0.2
Television	0.1
Dialysis Centers	0.1
Medical Information Systems	0.1
Food — Meat Products	0.1
Non — Hazardous Waste Disposal	0.1
Vitamins & Nutrition Products	0.1
Auto/Truck Parts & Equipment — Original	0.1
Containers — Metal/Glass	0.1
Cellular Telecom	0.1
Electric — Distribution	0.1
Respiratory Products	0.1

226

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Energy — Alternate Sources	0.1	%
Machinery — Construction & Mining	0.1
Retail — Gardening Products	0.1
Retail — Home Furnishings	0.1
Aerospace/Defense — Equipment	0.1
Home Furnishings	0.1
Industrial Automated/Robotic	0.1
Lighting Products & Systems	0.1
Auto — Heavy Duty Trucks	0.1
Metal Processors & Fabrication	0.1
Gold Mining	0.1
Retail — Convenience Store	0.1
Internet Infrastructure Software	0.1
Oil Refining & Marketing	0.1
E-Services/Consulting	0.1
Patient Monitoring Equipment	0.1
Office Automation & Equipment	0.1
Electronic Security Devices	0.1
Water	0.1
Food — Catering	0.1
Telecommunication Equipment	0.1
Building & Construction — Misc.	0.1
Food — Baking	0.1
Building Products — Wood	0.1
Savings & Loans/Thrifts	0.1
Hotels/Motels	0.1
Poultry	0.1
Building Products — Cement	0.1
Retail — Perfume & Cosmetics	0.1
Machine Tools & Related Products	0.1
Computers — Integrated Systems	0.1
Paper & Related Products	0.1
Audio/Video Products	0.1
Telecom Equipment — Fiber Optics	0.1
Agricultural Operations	0.1
Oil — Field Services	0.1
Disposable Medical Products	0.1
Rental Auto/Equipment	0.1
Filtration/Separation Products	0.1
Machinery — Thermal Process	0.1
Advertising Services	0.1
Decision Support Software	0.1
Electronic Connectors	0.1
Therapeutics	0.1
Oil & Gas Drilling	0.1
Oil Field Machinery & Equipment	0.1
Power Converter/Supply Equipment	0.1
Footwear & Related Apparel	0.1
Retail — Floor Coverings	0.1
Toys	0.1
Metal — Copper	0.1
Soap & Cleaning Preparation	0.1
Textile — Home Furnishings	0.1
Agricultural Chemicals	0.1
Tools — Hand Held	0.1
Funeral Services & Related Items	0.1
	100.0	%

* Calculated as a percentage of net assets

227

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		7,331	$	163,335
Omnicom Group, Inc.		1,539		96,957
				260,292
Advertising Services — 0.1%
Trade Desk, Inc., Class A†		111		100,019
Aerospace/Defense — 0.4%
General Dynamics Corp.		374		55,857
Lockheed Martin Corp.		523		190,895
Northrop Grumman Corp.		376		113,650
Raytheon Technologies Corp.		2,505		179,659
Teledyne Technologies, Inc.†		178		67,273
TransDigm Group, Inc.		70		40,543
				647,877
Aerospace/Defense - Equipment — 0.1%
Hexcel Corp.		1,070		52,987
L3Harris Technologies, Inc.		584		112,122
				165,109
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		1,228		45,804
Mosaic Co.		1,425		31,293
				77,097
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		1,370		68,185
Bunge, Ltd.		745		43,873
				112,058
Airlines — 0.3%
Alaska Air Group, Inc.		3,574		182,167
Copa Holdings SA, Class A		1,987		158,364
Southwest Airlines Co.		2,622		121,503
				462,034
Apparel Manufacturers — 1.0%
Capri Holdings, Ltd.†		8,770		310,283
Carter’s, Inc.#		1,381		122,895
Columbia Sportswear Co.		1,419		116,259
Hanesbrands, Inc.		4,231		60,080
PVH Corp.		2,866		227,818
Ralph Lauren Corp.		1,167		100,070
Tapestry, Inc.		4,828		136,729
Under Armour, Inc., Class A†		7,859		130,224
Under Armour, Inc., Class C†		8,803		128,084
VF Corp.		2,408		200,827
				1,533,269
Applications Software — 5.2%
CDK Global, Inc.		2,984		142,934
Elastic NV†		366		45,311
Five9, Inc.†		502		77,910
Intuit, Inc.		1,197		421,368
Medallia, Inc.†#		1,809		63,297
Microsoft Corp.		28,009		5,995,887
Nuance Communications, Inc.†		5,549		239,328
PTC, Inc.†		443		47,777
RealPage, Inc.†		633		43,671
ServiceNow, Inc.†		849		453,833
Smartsheet, Inc., Class A†		676		39,228
				7,570,544
Athletic Equipment — 0.0%
Peloton Interactive, Inc., Class A†		362		42,119

Security Description	Shares		Value (Note 2)
Athletic Footwear — 0.4%
NIKE, Inc., Class B		4,657	$	627,298
Audio/Video Products — 0.1%
Dolby Laboratories, Inc., Class A		1,388		122,769
Auto - Cars/Light Trucks — 0.6%
Ford Motor Co.		22,744		206,515
General Motors Co.		1,021		44,761
Tesla, Inc.†		1,125		638,550
				889,826
Auto - Heavy Duty Trucks — 0.1%
Cummins, Inc.		449		103,795
PACCAR, Inc.		640		55,719
				159,514
Auto/Truck Parts & Equipment - Original — 0.1%
Allison Transmission Holdings, Inc.		848		34,810
Aptiv PLC		362		42,970
BorgWarner, Inc.		824		32,012
Gentex Corp.		2,689		87,662
				197,454
Banks - Commercial — 0.3%
Citizens Financial Group, Inc.		2,182		71,264
First Citizens BancShares, Inc., Class A		87		45,987
First Republic Bank		304		39,386
Popular, Inc.		1,430		69,398
Regions Financial Corp.		2,331		35,594
Synovus Financial Corp.		2,583		81,545
Truist Financial Corp.		789		36,626
Wintrust Financial Corp.		822		44,791
				424,591
Banks - Fiduciary — 0.0%
Bank of New York Mellon Corp.		1,596		62,435
Banks - Super Regional — 0.3%
Comerica, Inc.		946		46,543
Fifth Third Bancorp		1,303		33,018
Huntington Bancshares, Inc.		2,773		33,498
PNC Financial Services Group, Inc.		268		37,003
US Bancorp		1,110		47,963
Wells Fargo & Co.		6,243		170,746
				368,771
Beverages - Non-alcoholic — 1.0%
Coca-Cola Co.		9,351		482,512
Keurig Dr Pepper, Inc.		2,428		73,933
Monster Beverage Corp.†		2,899		245,777
PepsiCo, Inc.		5,033		725,909
				1,528,131
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class A		1,225		90,319
Brown-Forman Corp., Class B		1,813		146,237
				236,556
Brewery — 0.3%
Boston Beer Co., Inc., Class A†		80		74,467
Constellation Brands, Inc., Class A		540		111,154
Molson Coors Beverage Co., Class B		5,091		234,186
				419,807
Broadcast Services/Program — 0.4%
Discovery, Inc., Class A†#		4,438		119,426
Discovery, Inc., Class C†		6,080		146,042
Fox Corp., Class A		3,771		108,756

228

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Broadcast Services/Program (continued)
Fox Corp., Class B		3,543	$	100,550
Liberty Media Corp. — Liberty Formula One, Series C†		799		33,382
Madison Square Garden Entertainment Corp.†		458		34,813
				542,969
Building & Construction Products - Misc. — 0.2%
Armstrong World Industries, Inc.		471		36,295
Fortune Brands Home & Security, Inc.		502		41,917
Owens Corning		2,796		203,745
Trex Co., Inc.†		578		43,246
				325,203
Building & Construction - Misc. — 0.1%
Frontdoor, Inc.†		2,982		141,168
Building Products - Air & Heating — 0.3%
Carrier Global Corp.		5,173		196,936
Johnson Controls International PLC		1,402		64,548
Lennox International, Inc.		603		173,562
				435,046
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		152		40,376
MDU Resources Group, Inc.		2,339		58,334
Vulcan Materials Co.		217		30,304
				129,014
Building Products - Wood — 0.1%
Masco Corp.		2,524		135,463
Building - Maintenance & Services — 0.2%
Rollins, Inc.		3,533		202,017
Terminix Global Holdings, Inc.†		778		38,145
				240,162
Building - Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		373		35,998
Building - Residential/Commercial — 0.4%
D.R. Horton, Inc.		930		69,285
Lennar Corp., Class A		1,628		123,500
Lennar Corp., Class B		1,438		87,287
NVR, Inc.†		18		71,949
PulteGroup, Inc.		1,429		62,347
Toll Brothers, Inc.		2,191		103,744
				518,112
Cable/Satellite TV — 0.9%
Cable One, Inc.		45		89,130
Charter Communications, Inc., Class A†		397		258,840
Comcast Corp., Class A		12,525		629,256
Liberty Broadband Corp., Class A†		644		100,960
Liberty Broadband Corp., Class C†		764		120,216
Sirius XM Holdings, Inc.#		19,866		128,930
				1,327,332
Casino Hotels — 0.0%
Las Vegas Sands Corp.		956		53,259
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		1,406		186,914
Chemicals - Diversified — 0.3%
Dow, Inc.		1,156		61,280
DuPont de Nemours, Inc.		533		33,814
Eastman Chemical Co.		535		52,109
FMC Corp.		352		40,835
Huntsman Corp.		4,105		101,681
PPG Industries, Inc.		753		110,518

Security Description	Shares		Value (Note 2)
Chemicals - Diversified (continued)
Westlake Chemical Corp.		916	$	68,837
				469,074
Chemicals - Specialty — 0.2%
Ashland Global Holdings, Inc.		395		29,692
Cabot Corp.		1,324		54,827
Ecolab, Inc.		681		151,284
International Flavors & Fragrances, Inc.#		283		31,724
NewMarket Corp.		136		50,287
Valvoline, Inc.		1,973		44,965
				362,779
Coatings/Paint — 0.3%
RPM International, Inc.		1,393		122,598
Sherwin-Williams Co.		360		269,147
				391,745
Commercial Services — 0.4%
Cintas Corp.		668		237,340
CoreLogic, Inc.		616		47,740
CoStar Group, Inc.†		138		125,659
John Wiley & Sons, Inc., Class A		2,296		79,304
Nielsen Holdings PLC		3,422		55,334
Quanta Services, Inc.		1,698		116,041
				661,418
Commercial Services - Finance — 1.8%
Automatic Data Processing, Inc.		747		129,888
Avalara, Inc.†		320		54,960
Equifax, Inc.		495		82,615
Euronet Worldwide, Inc.†		1,257		168,991
FleetCor Technologies, Inc.†		265		70,281
Global Payments, Inc.		708		138,195
IHS Markit, Ltd.		1,175		116,865
MarketAxess Holdings, Inc.		276		148,814
Moody’s Corp.		1,025		289,398
Morningstar, Inc.		302		60,430
PayPal Holdings, Inc.†		2,625		562,065
S&P Global, Inc.		723		254,337
Square, Inc., Class A†		1,483		312,854
StoneCo, Ltd., Class A†		1,272		93,136
TransUnion		854		77,791
WEX, Inc.†		811		140,498
				2,701,118
Communications Software — 0.2%
RingCentral, Inc., Class A†		520		154,466
Zoom Video Communications, Inc., Class A†		294		140,638
				295,104
Computer Aided Design — 0.7%
ANSYS, Inc.†		348		117,645
Aspen Technology, Inc.†		1,122		150,853
Autodesk, Inc.†		1,046		293,120
Cadence Design Systems, Inc.†		2,287		265,978
Synopsys, Inc.†		936		212,940
				1,040,536
Computer Data Security — 0.2%
Fortinet, Inc.†		1,246		153,545
Zscaler, Inc.†		743		115,722
				269,267
Computer Services — 1.8%
Accenture PLC, Class A		2,757		686,741
Amdocs, Ltd.		2,170		142,808

229

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Services (continued)
CACI International, Inc., Class A†		805	$	191,018
Cognizant Technology Solutions Corp., Class A		3,490		272,674
DXC Technology Co.		16,277		356,629
EPAM Systems, Inc.†		309		99,600
Genpact, Ltd.		2,884		117,235
Globant SA†		148		27,925
International Business Machines Corp.		3,227		398,599
Leidos Holdings, Inc.		1,636		164,745
Science Applications International Corp.		2,012		186,190
				2,644,164
Computer Software — 0.7%
Akamai Technologies, Inc.†		938		97,092
Citrix Systems, Inc.		1,416		175,471
Cloudflare, Inc., Class A†		1,358		101,959
Datadog, Inc., Class A†		571		56,483
Dropbox, Inc., Class A†		4,797		95,796
Dynatrace, Inc.†		1,551		58,969
Fastly, Inc., Class A†#		436		36,960
MongoDB, Inc.†		139		39,936
Nutanix, Inc., Class A†		4,707		128,925
Splunk, Inc.†		604		123,325
Teradata Corp.†		4,994		109,518
Twilio, Inc., Class A†		231		73,941
				1,098,375
Computers — 5.1%
Apple, Inc.		60,239		7,171,453
Dell Technologies, Inc., Class C†		1,129		77,935
Hewlett Packard Enterprise Co.		3,196		35,284
HP, Inc.		7,748		169,913
				7,454,585
Computers-Integrated Systems — 0.1%
NCR Corp.†		4,556		126,064
Computers - Memory Devices — 0.2%
NetApp, Inc.		2,332		124,319
Pure Storage, Inc., Class A†		5,355		97,836
				222,155
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		1,469		127,495
FTI Consulting, Inc.†		322		33,816
Gartner, Inc.†		609		92,568
Verisk Analytics, Inc.		611		121,167
				375,046
Consumer Products - Misc. — 0.4%
Clorox Co.		1,026		208,237
Kimberly-Clark Corp.		1,720		239,613
Reynolds Consumer Products, Inc.		1,091		33,101
Spectrum Brands Holdings, Inc.		2,052		137,135
				618,086
Containers - Metal/Glass — 0.1%
Ball Corp.		1,036		99,466
Crown Holdings, Inc.†		578		54,477
Silgan Holdings, Inc.		991		33,496
				187,439
Containers - Paper/Plastic — 0.2%
Amcor PLC		2,495		28,268
AptarGroup, Inc.		331		41,812
Berry Global Group, Inc.†		1,337		70,861
Graphic Packaging Holding Co.		3,125		47,875

Security Description	Shares		Value (Note 2)
Containers - Paper/Plastic (continued)
Packaging Corp. of America		306	$	39,780
WestRock Co.		2,367		99,911
				328,507
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		3,918		335,537
Estee Lauder Cos., Inc., Class A		1,433		351,544
Procter & Gamble Co.		8,280		1,149,844
				1,836,925
Data Processing/Management — 0.8%
Broadridge Financial Solutions, Inc.		458		67,271
DocuSign, Inc.†		1,077		245,427
Fair Isaac Corp.†		391		184,857
Fidelity National Information Services, Inc.		1,660		246,361
Fiserv, Inc.†		2,014		231,972
Jack Henry & Associates, Inc.		682		109,706
Paychex, Inc.		734		68,372
				1,153,966
Decision Support Software — 0.1%
MSCI, Inc.		242		99,080
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†		635		305,619
DENTSPLY SIRONA, Inc.		1,920		97,709
				403,328
Diagnostic Equipment — 0.7%
10X Genomics, Inc., Class A†		559		85,589
Danaher Corp.		1,387		311,562
Repligen Corp.†		412		78,144
Thermo Fisher Scientific, Inc.		1,134		527,287
				1,002,582
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		807		372,011
QIAGEN NV†		1,608		77,602
Quidel Corp.†		164		31,988
				481,601
Dialysis Centers — 0.1%
DaVita, Inc.†		1,962		215,526
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		166		31,324
Teleflex, Inc.		205		78,464
				109,788
Distribution/Wholesale — 1.1%
Copart, Inc.†		1,194		137,847
Fastenal Co.		4,055		200,520
HD Supply Holdings, Inc.†		3,909		218,044
IAA, Inc.†		857		51,351
LKQ Corp.†		6,075		213,962
Pool Corp.		731		253,006
Univar Solutions, Inc.†		9,013		161,333
Watsco, Inc.		689		156,651
WW Grainger, Inc.		536		224,209
				1,616,923
Diversified Banking Institutions — 1.4%
Bank of America Corp.		17,553		494,293
Citigroup, Inc.		4,744		261,252
JPMorgan Chase & Co.		9,938		1,171,491
Morgan Stanley		2,095		129,534
				2,056,570

230

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations — 0.8%
3M Co.		1,208	$	208,658
A.O. Smith Corp.		1,890		106,426
Eaton Corp. PLC		860		104,155
General Electric Co.		18,413		187,444
Illinois Tool Works, Inc.		1,227		259,007
ITT, Inc.		448		32,538
Parker-Hannifin Corp.		166		44,365
Textron, Inc.		3,291		148,424
Trane Technologies PLC		812		118,747
				1,209,764
Drug Delivery Systems — 0.2%
Becton Dickinson and Co.		610		143,252
DexCom, Inc.†		431		137,782
				281,034
E-Commerce/Products — 3.7%
Amazon.com, Inc.†		1,547		4,900,958
eBay, Inc.		3,778		190,524
Etsy, Inc.†		698		112,169
Wayfair, Inc., Class A†#		1,105		281,068
				5,484,719
E-Commerce/Services — 0.6%
Booking Holdings, Inc.†		156		316,438
Expedia Group, Inc.		1,073		133,578
GrubHub, Inc.†		522		36,717
Match Group, Inc.†		1,231		171,368
TripAdvisor, Inc.†		6,129		159,967
Zillow Group, Inc., Class A†		619		68,307
Zillow Group, Inc., Class C†#		605		65,225
				951,600
E-Services/Consulting — 0.1%
CDW Corp.		1,187		154,892
Electric Products - Misc. — 0.2%
AMETEK, Inc.		697		82,615
Emerson Electric Co.		1,373		105,474
Littelfuse, Inc.		166		39,928
				228,017
Electric - Distribution — 0.1%
Consolidated Edison, Inc.		1,177		89,746
Sempra Energy		759		96,758
				186,504
Electric - Integrated — 1.5%
AES Corp.		2,397		48,995
Alliant Energy Corp.		1,297		68,222
Ameren Corp.		937		72,880
American Electric Power Co., Inc.		1,306		110,866
Avangrid, Inc.		615		28,622
CenterPoint Energy, Inc.		1,496		34,692
CMS Energy Corp.		989		60,863
Dominion Energy, Inc.		1,773		139,163
DTE Energy Co.		474		59,634
Duke Energy Corp.		1,703		157,800
Edison International		819		50,254
Entergy Corp.		760		82,726
Evergy, Inc.		1,445		80,067
Eversource Energy		1,002		87,685
Exelon Corp.		2,650		108,835
FirstEnergy Corp.		1,741		46,241
Hawaiian Electric Industries, Inc.		1,280		45,862
IDACORP, Inc.		420		38,044

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
NextEra Energy, Inc.		5,012	$	368,833
OGE Energy Corp.		1,111		35,985
PG&E Corp.†		4,515		57,341
Pinnacle West Capital Corp.		415		33,968
PPL Corp.		1,338		38,026
Public Service Enterprise Group, Inc.		1,091		63,583
Southern Co.		2,365		141,545
WEC Energy Group, Inc.		1,047		99,413
Xcel Energy, Inc.		1,671		112,559
				2,272,704
Electronic Components - Misc. — 0.2%
Garmin, Ltd.		826		96,444
Hubbell, Inc.		260		42,013
Jabil, Inc.		1,220		46,628
nVent Electric PLC		1,945		44,735
Sensata Technologies Holding PLC†		1,324		64,651
				294,471
Electronic Components - Semiconductors — 3.4%
Advanced Micro Devices, Inc.†		4,866		450,884
Broadcom, Inc.		1,222		490,731
Inphi Corp.†		423		65,620
Intel Corp.		18,329		886,207
Marvell Technology Group, Ltd.		1,826		84,525
Microchip Technology, Inc.		1,565		210,320
Micron Technology, Inc.†		3,297		211,305
Monolithic Power Systems, Inc.		277		88,629
NVIDIA Corp.		2,047		1,097,315
ON Semiconductor Corp.†		5,680		163,300
Qorvo, Inc.†		1,614		252,881
Skyworks Solutions, Inc.		1,170		165,169
Texas Instruments, Inc.		3,823		616,459
Xilinx, Inc.		1,257		182,956
				4,966,301
Electronic Connectors — 0.1%
Amphenol Corp., Class A		757		99,023
Electronic Forms — 0.6%
Adobe, Inc.†		1,783		853,112
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		1,251		146,242
Fortive Corp.		463		32,470
Keysight Technologies, Inc.†		1,159		139,126
National Instruments Corp.		2,918		109,221
Roper Technologies, Inc.		218		93,086
Trimble, Inc.†		799		47,836
Vontier Corp.†		185		6,137
				574,118
Electronic Parts Distribution — 0.4%
Arrow Electronics, Inc.†		2,933		268,810
Avnet, Inc.		3,306		100,337
SYNNEX Corp.		1,811		290,321
				659,468
Electronic Security Devices — 0.1%
Allegion PLC		1,293		147,454
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc.†#		533		72,792
First Solar, Inc.†		579		54,096
SolarEdge Technologies, Inc.†		186		51,704
				178,592

231

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Engineering/R&D Services — 0.2%
AECOM†		4,082	$	211,815
Jacobs Engineering Group, Inc.		664		71,606
				283,421
Enterprise Software/Service — 2.0%
Alteryx, Inc., Class A†#		282		33,795
Atlassian Corp. PLC, Class A†		697		156,860
Bill.com Holdings, Inc.†		808		99,150
Black Knight, Inc.†		1,243		113,884
Ceridian HCM Holding, Inc.†		537		51,778
Coupa Software, Inc.†		228		74,992
Everbridge, Inc.†		270		34,274
Guidewire Software, Inc.†		423		51,809
HubSpot, Inc.†		314		123,820
Manhattan Associates, Inc.†		2,039		208,467
New Relic, Inc.†		996		59,491
Oracle Corp.		7,188		414,891
Paycom Software, Inc.†		140		58,391
Pegasystems, Inc.		1,847		241,735
salesforce.com, Inc.†		2,499		614,254
SolarWinds Corp.†		1,617		36,997
SS&C Technologies Holdings, Inc.		2,271		156,449
Tyler Technologies, Inc.†		294		125,714
Veeva Systems, Inc., Class A†		575		159,200
Workday, Inc., Class A†		695		156,229
				2,972,180
Entertainment Software — 0.4%
Activision Blizzard, Inc.		2,219		176,366
Electronic Arts, Inc.		1,373		175,401
Take-Two Interactive Software, Inc.†		729		131,592
Zynga, Inc., Class A†		10,320		85,140
				568,499
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		1,912		101,795
Finance - Auto Loans — 0.2%
Ally Financial, Inc.		5,024		148,962
Credit Acceptance Corp.†#		166		49,548
Santander Consumer USA Holdings, Inc.		3,485		77,018
				275,528
Finance - Consumer Loans — 0.3%
OneMain Holdings, Inc.		4,886		190,505
Synchrony Financial		7,322		223,101
				413,606
Finance - Credit Card — 2.0%
Alliance Data Systems Corp.		4,996		365,407
American Express Co.		1,567		185,831
Discover Financial Services		1,410		107,400
Mastercard, Inc., Class A		2,957		995,060
Visa, Inc., Class A		5,238		1,101,813
Western Union Co.		6,278		141,632
				2,897,143
Finance - Investment Banker/Broker — 0.4%
Charles Schwab Corp.		2,022		98,633
Evercore, Inc., Class A		1,259		114,481
Jefferies Financial Group, Inc.		7,436		169,020
Lazard, Ltd., Class A		3,329		124,238
Tradeweb Markets, Inc.		489		29,169
Virtu Financial, Inc., Class A		1,789		40,772
				576,313

Security Description	Shares		Value (Note 2)
Finance - Other Services — 0.3%
Cboe Global Markets, Inc.		512	$	46,756
CME Group, Inc.		694		121,471
Intercontinental Exchange, Inc.		1,440		151,934
Nasdaq, Inc.		510		65,275
SEI Investments Co.		1,549		81,710
				467,146
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.		5,013		59,955
Food - Baking — 0.1%
Flowers Foods, Inc.		6,131		136,047
Food - Catering — 0.1%
Aramark		4,179		146,265
Food - Confectionery — 0.3%
Hershey Co.		1,190		175,989
J.M. Smucker Co.		1,072		125,639
Mondelez International, Inc., Class A		3,445		197,915
				499,543
Food - Flour & Grain — 0.0%
Seaboard Corp.		14		44,838
Food - Meat Products — 0.1%
Hormel Foods Corp.#		1,760		83,037
Tyson Foods, Inc., Class A		1,930		125,836
				208,873
Food - Misc./Diversified — 0.8%
Beyond Meat, Inc.†#		220		30,778
Campbell Soup Co.		1,380		69,028
Conagra Brands, Inc.		2,388		87,305
General Mills, Inc.		2,408		146,455
Hain Celestial Group, Inc.†		1,686		64,911
Ingredion, Inc.		1,741		134,318
Kellogg Co.		1,226		78,354
Kraft Heinz Co.		3,231		106,429
Lamb Weston Holdings, Inc.		868		62,826
McCormick & Co., Inc.		375		70,117
Post Holdings, Inc.†		1,268		119,775
TreeHouse Foods, Inc.†		3,708		152,510
				1,122,806
Food - Retail — 0.4%
Grocery Outlet Holding Corp.†		1,353		52,253
Kroger Co.		8,980		296,340
Sprouts Farmers Market, Inc.†		7,995		169,254
				517,847
Food - Wholesale/Distribution — 0.4%
Sysco Corp.		2,376		169,385
US Foods Holding Corp.†		11,507		362,240
				531,625
Footwear & Related Apparel — 0.1%
Skechers U.S.A., Inc., Class A†		2,414		80,797
Funeral Services & Related Items — 0.1%
Service Corp. International		1,545		75,149
Garden Products — 0.0%
Scotts Miracle-Gro Co.		292		51,325
Gas - Distribution — 0.2%
Atmos Energy Corp.		487		46,698
National Fuel Gas Co.		825		33,965
NiSource, Inc.		1,838		44,480

232

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gas - Distribution (continued)
UGI Corp.		5,574	$	197,766
				322,909
Gold Mining — 0.1%
Newmont Corp.		2,112		124,228
Royal Gold, Inc.		295		32,588
				156,816
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†		279		26,192
Home Decoration Products — 0.0%
Newell Brands, Inc.		1,744		37,077
Home Furnishings — 0.1%
Tempur Sealy International, Inc.†		6,536		164,642
Hotels/Motels — 0.1%
Choice Hotels International, Inc.		470		46,836
Hilton Worldwide Holdings, Inc.		810		83,940
				130,776
Human Resources — 0.3%
ManpowerGroup, Inc.		1,878		162,728
Paylocity Holding Corp.†		295		57,997
Robert Half International, Inc.		3,104		199,215
				419,940
Independent Power Producers — 0.4%
NRG Energy, Inc.		6,654		217,919
Vistra Corp.		16,852		314,795
				532,714
Industrial Automated/Robotic — 0.1%
Cognex Corp.		460		34,564
Rockwell Automation, Inc.		501		128,036
				162,600
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		529		148,194
Linde PLC		1,004		257,446
				405,640
Instruments - Controls — 0.3%
Honeywell International, Inc.		667		136,015
Mettler-Toledo International, Inc.†		252		289,810
				425,825
Instruments - Scientific — 0.2%
PerkinElmer, Inc.		557		74,081
Waters Corp.†		750		174,007
				248,088
Insurance Brokers — 0.5%
Aon PLC, Class A		1,283		262,874
Arthur J. Gallagher & Co.		1,007		116,218
Brown & Brown, Inc.		2,050		92,311
Marsh & McLennan Cos., Inc.		2,127		243,839
				715,242
Insurance - Life/Health — 0.3%
American National Group, Inc.		1,274		108,010
Athene Holding, Ltd., Class A†		1,919		85,108
Primerica, Inc.		293		38,169
Principal Financial Group, Inc.		1,834		91,315
Unum Group		4,802		106,748
Voya Financial, Inc.		1,401		80,739
				510,089

Security Description	Shares		Value (Note 2)
Insurance - Multi-line — 0.2%
Allstate Corp.		1,439	$	147,282
Chubb, Ltd.		709		104,811
Hartford Financial Services Group, Inc.		953		42,123
				294,216
Insurance - Property/Casualty — 1.4%
Arch Capital Group, Ltd.†		1,799		57,919
Assurant, Inc.		573		73,986
Berkshire Hathaway, Inc., Class B†		5,215		1,193,766
Erie Indemnity Co., Class A		312		70,390
Fidelity National Financial, Inc.		850		30,591
First American Financial Corp.		1,039		50,329
Hanover Insurance Group, Inc.		483		54,265
Markel Corp.†		37		36,032
Mercury General Corp.		646		28,728
Progressive Corp.		2,650		230,841
Travelers Cos., Inc.		637		82,587
White Mountains Insurance Group, Ltd.		46		44,160
WR Berkley Corp.		767		49,955
				2,003,549
Insurance - Reinsurance — 0.2%
Axis Capital Holdings, Ltd.		907		45,450
Everest Re Group, Ltd.		258		58,651
Reinsurance Group of America, Inc.		492		56,718
RenaissanceRe Holdings, Ltd.		433		71,289
				232,108
Internet Application Software — 0.2%
Anaplan, Inc.†		1,790		125,282
Okta, Inc.†		406		99,486
Zendesk, Inc.†		859		114,677
				339,445
Internet Content - Entertainment — 2.3%
Facebook, Inc., Class A†		8,910		2,467,803
Netflix, Inc.†		980		480,886
Roku, Inc.†		343		100,694
Spotify Technology SA†		650		189,390
Twitter, Inc.†		1,525		70,928
				3,309,701
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		960		156,298
Internet Security — 0.2%
NortonLifeLock, Inc.		9,107		166,021
Palo Alto Networks, Inc.†		353		103,754
Proofpoint, Inc.†		362		37,463
				307,238
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		684		126,704
BlackRock, Inc.		241		168,302
Eaton Vance Corp.		1,926		129,004
Franklin Resources, Inc.		1,531		33,667
Invesco, Ltd.		9,692		157,301
LPL Financial Holdings, Inc.		1,679		152,403
T. Rowe Price Group, Inc.		1,305		187,150
				954,531
Lighting Products & Systems — 0.1%
Acuity Brands, Inc.		1,365		162,053
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		1,114		128,110

233

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		759	$	131,755
Oshkosh Corp.		552		44,436
				176,191
Machinery - Electrical — 0.2%
BWX Technologies, Inc.		996		56,652
Regal Beloit Corp.		1,162		138,325
Vertiv Holdings Co.		1,966		36,784
				231,761
Machinery - Farming — 0.3%
AGCO Corp.		1,729		159,950
Deere & Co.		581		152,001
Toro Co.		1,798		163,097
				475,048
Machinery - General Industrial — 0.3%
Gates Industrial Corp. PLC†		13,221		170,286
IDEX Corp.		236		45,583
Nordson Corp.		252		51,360
Otis Worldwide Corp.		507		33,939
Westinghouse Air Brake Technologies Corp.		956		70,075
				371,243
Machinery - Pumps — 0.2%
Curtiss-Wright Corp.		471		54,288
Dover Corp.		524		63,944
Graco, Inc.		2,034		137,783
Xylem, Inc.		558		53,551
				309,566
Machinery - Thermal Process — 0.1%
GrafTech International, Ltd.		12,787		101,017
Medical Information Systems — 0.1%
Cerner Corp.		2,816		210,749
Medical Instruments — 0.8%
Bio-Techne Corp.		305		92,510
Boston Scientific Corp.†		2,980		98,787
Bruker Corp.		1,745		88,314
Edwards Lifesciences Corp.†		3,384		283,884
Integra LifeSciences Holdings Corp.†		832		45,535
Intuitive Surgical, Inc.†		336		243,953
Medtronic PLC		2,757		313,471
				1,166,454
Medical Labs & Testing Services — 0.6%
Catalent, Inc.†		1,060		101,908
Charles River Laboratories International, Inc.†		815		191,134
IQVIA Holdings, Inc.†		831		140,431
Laboratory Corp. of America Holdings†		679		135,691
PPD, Inc.†		1,729		60,515
Quest Diagnostics, Inc.		732		90,753
Syneos Health, Inc.†		1,257		82,761
Teladoc Health, Inc.†#		187		37,170
				840,363
Medical Products — 1.4%
Abbott Laboratories		4,750		514,045
ABIOMED, Inc.†		563		154,318
Baxter International, Inc.		1,452		110,454
Cooper Cos., Inc.		302		101,236
Envista Holdings Corp.†		2,579		76,674
Globus Medical, Inc., Class A†		1,068		64,165
Hill-Rom Holdings, Inc.		493		46,766
Hologic, Inc.†		1,053		72,794

Security Description	Shares		Value (Note 2)
Medical Products (continued)
Masimo Corp.†		738	$	187,814
Penumbra, Inc.†		723		160,434
STERIS PLC		520		100,781
Stryker Corp.		956		223,130
Varian Medical Systems, Inc.†		328		57,065
West Pharmaceutical Services, Inc.		480		132,077
Zimmer Biomet Holdings, Inc.		425		63,376
				2,065,129
Medical - Biomedical/Gene — 1.9%
Acceleron Pharma, Inc.†		247		29,163
Alexion Pharmaceuticals, Inc.†		1,509		184,264
Alnylam Pharmaceuticals, Inc.†		484		62,876
Amgen, Inc.		2,316		514,245
Bio-Rad Laboratories, Inc., Class A†		183		98,546
Biogen, Inc.†		1,249		299,972
BioMarin Pharmaceutical, Inc.†		778		61,229
Exelixis, Inc.†		5,250		100,590
Gilead Sciences, Inc.		5,848		354,798
Illumina, Inc.†		529		170,386
Incyte Corp.†		1,764		149,129
Ionis Pharmaceuticals, Inc.†		568		28,701
Moderna, Inc.†		660		100,808
Regeneron Pharmaceuticals, Inc.†		248		127,975
Seagen, Inc.†		828		141,017
United Therapeutics Corp.†		1,260		167,126
Vertex Pharmaceuticals, Inc.†		1,123		255,763
				2,846,588
Medical - Drugs — 3.6%
AbbVie, Inc.		6,091		636,997
Alkermes PLC†		5,688		103,863
Bristol-Myers Squibb Co.		7,835		488,904
Eli Lilly & Co.		3,114		453,554
Horizon Therapeutics PLC†		2,765		194,739
Jazz Pharmaceuticals PLC†		1,668		234,704
Johnson & Johnson		9,975		1,443,183
Merck & Co., Inc.		9,860		792,645
Pfizer, Inc.		16,304		624,606
PRA Health Sciences, Inc.†		545		61,149
Zoetis, Inc.		2,039		327,015
				5,361,359
Medical - Generic Drugs — 0.3%
Perrigo Co. PLC		2,713		130,821
Viatris, Inc.†		19,237		323,566
				454,387
Medical - HMO — 1.4%
Anthem, Inc.		997		310,585
Centene Corp.†		2,016		124,286
Humana, Inc.		760		304,395
Molina Healthcare, Inc.†		352		71,854
UnitedHealth Group, Inc.		3,652		1,228,314
				2,039,434
Medical - Hospitals — 0.2%
Acadia Healthcare Co., Inc.†		1,995		84,688
HCA Healthcare, Inc.		668		100,273
Universal Health Services, Inc., Class B		1,272		166,098
				351,059
Medical - Outpatient/Home Medical — 0.2%
Amedisys, Inc.†		314		76,864
Chemed mCorp.		323		154,475
				231,339

234

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Wholesale Drug Distribution — 0.6%
AmerisourceBergen Corp.		1,622	$	167,244
Cardinal Health, Inc.		2,386		130,252
Henry Schein, Inc.†		3,403		218,847
McKesson Corp.		1,530		275,262
Premier, Inc., Class A		1,455		51,536
				843,141
Metal Processors & Fabrication — 0.1%
Timken Co.		2,145		157,529
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		1,545		36,138
Southern Copper Corp.		711		42,212
				78,350
Motion Pictures & Services — 0.3%
Lions Gate Entertainment Corp., Class A†#		21,731		211,660
Lions Gate Entertainment Corp., Class B†		22,961		206,190
				417,850
Multilevel Direct Selling — 0.2%
Nu Skin Enterprises, Inc., Class A		4,711		242,664
Multimedia — 0.4%
FactSet Research Systems, Inc.		511		170,552
Walt Disney Co.		2,624		388,378
				558,930
Networking Products — 0.4%
Arista Networks, Inc.†		192		51,974
Cisco Systems, Inc.		13,557		583,222
				635,196
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		1,051		101,652
Waste Management, Inc.		883		105,192
				206,844
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		395		149,476
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		446		66,606
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		3,957		90,101
Oil Companies - Exploration & Production — 0.0%
EOG Resources, Inc.		757		35,488
Oil Companies - Integrated — 0.3%
Chevron Corp.		2,834		247,068
Exxon Mobil Corp.		4,785		182,452
				429,520
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		7,325		89,804
Oil Refining & Marketing — 0.1%
HollyFrontier Corp.		3,708		86,730
Valero Energy Corp.		1,290		69,363
				156,093
Oil - Field Services — 0.1%
Baker Hughes Co.		2,163		40,492
Halliburton Co.		4,302		71,370
				111,862
Paper & Related Products — 0.1%
International Paper Co.		2,498		123,601

Security Description	Shares		Value (Note 2)
Patient Monitoring Equipment — 0.1%
Insulet Corp.†		598	$	154,111
Pharmacy Services — 0.6%
Cigna Corp.		1,855		387,955
CVS Health Corp.		6,721		455,616
				843,571
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		758		61,080
Pipelines — 0.0%
Kinder Morgan, Inc.		3,119		44,851
Poultry — 0.1%
Pilgrim’s Pride Corp.†		6,855		129,491
Power Converter/Supply Equipment — 0.1%
Generac Holdings, Inc.†		410		88,396
Professional Sports — 0.0%
Madison Square Garden Sports Corp.†		219		37,099
Protection/Safety — 0.0%
ADT, Inc.		9,437		73,325
Publishing - Newspapers — 0.2%
New York Times Co., Class A		4,502		193,181
News Corp., Class A		4,225		74,571
News Corp., Class B		3,963		70,581
				338,333
Radio — 0.2%
Liberty Media Corp. — Liberty SiriusXM, Series A†		3,451		141,284
Liberty Media Corp. — Liberty SiriusXM, Series C†		4,123		169,084
				310,368
Real Estate Investment Trusts — 2.0%
AGNC Investment Corp.		2,078		31,752
Alexandria Real Estate Equities, Inc.		452		74,006
American Homes 4 Rent, Class A		1,910		54,855
American Tower Corp.		846		195,595
Americold Realty Trust#		1,227		41,878
Apple Hospitality REIT, Inc.		4,210		55,825
Brandywine Realty Trust		3,607		40,146
Brixmor Property Group, Inc.		5,485		83,756
Brookfield Property REIT, Inc., Class A#		16,034		251,253
Camden Property Trust		460		45,462
CoreSite Realty Corp.		306		38,369
Corporate Office Properties Trust		1,691		45,031
Crown Castle International Corp.		933		156,343
CubeSmart		1,243		40,435
CyrusOne, Inc.		421		29,432
Digital Realty Trust, Inc.		646		87,049
Duke Realty Corp.		1,599		60,858
Empire State Realty Trust, Inc., Class A		14,939		135,198
Equinix, Inc.		211		147,234
Equity Commonwealth		1,890		50,104
Equity LifeStyle Properties, Inc.		959		56,188
Equity Residential		551		31,914
Essex Property Trust, Inc.		189		46,471
Extra Space Storage, Inc.		643		72,485
First Industrial Realty Trust, Inc.		963		40,330
Gaming and Leisure Properties, Inc.		1,171		48,643
Healthcare Trust of America, Inc., Class A		1,926		50,134
Invitation Homes, Inc.		1,963		56,103
Life Storage, Inc.		475		52,117
Medical Properties Trust, Inc.		2,120		41,128
Mid-America Apartment Communities, Inc.		603		76,074
Paramount Group, Inc.		12,401		114,709

235

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Prologis, Inc.		1,538	$	153,877
Public Storage		350		78,561
Realty Income Corp.		734		44,018
SBA Communications Corp.		326		93,621
Simon Property Group, Inc.		413		34,101
Spirit Realty Capital, Inc.#		962		35,440
STORE Capital Corp.		1,403		45,682
Sun Communities, Inc.		498		69,222
VEREIT, Inc.		4,816		34,145
				2,939,544
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		2,063		126,132
Jones Lang LaSalle, Inc.		1,298		171,712
				297,844
Recreational Vehicles — 0.0%
Polaris, Inc.		656		62,976
Rental Auto/Equipment — 0.1%
AMERCO		85		35,209
United Rentals, Inc.†		308		69,910
				105,119
Resort/Theme Parks — 0.0%
Vail Resorts, Inc.		157		43,307
Respiratory Products — 0.1%
ResMed, Inc.		875		183,400
Retail - Apparel/Shoe — 0.8%
Burlington Stores, Inc.†		655		143,144
Foot Locker, Inc.		2,216		82,878
Gap, Inc.		8,674		181,807
L Brands, Inc.		6,664		258,630
Lululemon Athletica, Inc.†		964		356,892
Ross Stores, Inc.		1,435		154,291
				1,177,642
Retail - Auto Parts — 0.4%
Advance Auto Parts, Inc.		711		105,015
AutoZone, Inc.†		168		191,125
Genuine Parts Co.		1,012		99,550
O’Reilly Automotive, Inc.†		386		170,782
				566,472
Retail - Automobile — 0.4%
AutoNation, Inc.†		4,845		296,950
CarMax, Inc.†		666		62,258
Carvana Co.†#		250		62,552
Penske Automotive Group, Inc.		2,925		161,080
				582,840
Retail - Building Products — 1.1%
Home Depot, Inc.		4,043		1,121,569
Lowe’s Cos., Inc.		3,036		473,069
				1,594,638
Retail - Catalog Shopping — 0.3%
MSC Industrial Direct Co., Inc., Class A		2,111		175,888
Qurate Retail, Inc.		21,180		221,755
				397,643
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.		2,267		246,650
Retail - Convenience Store — 0.1%
Casey’s General Stores, Inc.		863		156,790

Security Description	Shares		Value (Note 2)
Retail - Discount — 1.7%
Costco Wholesale Corp.		1,827	$	715,764
Dollar General Corp.		1,135		248,088
Dollar Tree, Inc.†		1,234		134,802
Ollie’s Bargain Outlet Holdings, Inc.†		366		32,230
Target Corp.		2,726		489,399
Walmart, Inc.		6,096		931,408
				2,551,691
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		6,332		240,679
Retail - Floor Coverings — 0.1%
Floor & Decor Holdings, Inc., Class A†		1,007		80,651
Retail - Gardening Products — 0.1%
Tractor Supply Co.		1,226		172,633
Retail - Home Furnishings — 0.1%
Williams-Sonoma, Inc.		1,545		169,131
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.#		5,194		134,629
TJX Cos., Inc.		5,379		341,620
				476,249
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		467		128,612
Retail - Regional Department Stores — 0.3%
Kohl’s Corp.		13,984		450,285
Retail - Restaurants — 0.7%
Chipotle Mexican Grill, Inc.†		66		85,102
Domino’s Pizza, Inc.		497		195,107
McDonald’s Corp.		1,736		377,476
Starbucks Corp.		1,115		109,292
Yum China Holdings, Inc.		1,553		87,558
Yum! Brands, Inc.		1,643		173,830
				1,028,365
Retail - Sporting Goods — 0.0%
Dick’s Sporting Goods, Inc.		1,206		68,513
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		2,393		56,882
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc.		3,854		37,345
Sterling Bancorp		2,567		41,021
TFS Financial Corp.		3,286		56,519
				134,885
Schools — 0.3%
2U, Inc.†#		2,278		73,602
Bright Horizons Family Solutions, Inc.†		231		39,295
Chegg, Inc.†		574		44,732
Graham Holdings Co., Class B		478		213,676
				371,305
Semiconductor Components - Integrated Circuits — 0.8%
Analog Devices, Inc.		1,055		146,729
Cirrus Logic, Inc.†		1,936		155,074
Maxim Integrated Products, Inc.		2,074		172,225
QUALCOMM, Inc.		4,947		728,050
				1,202,078
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		4,778		394,089
Entegris, Inc.		1,085		100,493
KLA Corp.		565		142,363

236

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment (continued)
Lam Research Corp.		533	$	241,268
MKS Instruments, Inc.		403		55,606
Teradyne, Inc.		2,250		248,265
				1,182,084
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		892		78,291
Software Tools — 0.0%
VMware, Inc., Class A†#		494		69,106
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		334		54,435
Steel - Producers — 0.3%
Nucor Corp.		1,724		92,579
Reliance Steel & Aluminum Co.		1,694		199,553
Steel Dynamics, Inc.		2,498		90,453
				382,585
Telecom Equipment - Fiber Optics — 0.1%
Ciena Corp.†		1,415		63,392
Corning, Inc.		1,471		55,045
				118,437
Telecom Services — 0.0%
Switch, Inc., Class A		3,825		60,397
Telecommunication Equipment — 0.1%
CommScope Holding Co., Inc.†		8,178		96,909
Juniper Networks, Inc.		2,135		46,479
				143,388
Telephone - Integrated — 1.2%
AT&T, Inc.		21,421		615,854
CenturyLink, Inc.		18,113		189,281
GCI Liberty, Inc., Class A†		1,081		98,500
Verizon Communications, Inc.		13,293		803,030
				1,706,665
Television — 0.1%
Nexstar Media Group, Inc., Class A		526		55,361
ViacomCBS, Inc., Class A		1,916		69,896
ViacomCBS, Inc., Class B		2,692		94,974
				220,231
Textile - Home Furnishings — 0.1%
Mohawk Industries, Inc.†		622		78,266
Therapeutics — 0.1%
Neurocrine Biosciences, Inc.†		680		64,559
Sarepta Therapeutics, Inc.†		182		25,637
				90,196
Tobacco — 0.4%
Altria Group, Inc.		3,481		138,648
Philip Morris International, Inc.		5,784		438,138
				576,786
Tools - Hand Held — 0.1%
Snap-on, Inc.		437		76,846
Toys — 0.1%
Mattel, Inc.†		5,097		78,952
Transport - Marine — 0.0%
Kirby Corp.†		915		46,299
Transport - Rail — 0.3%
CSX Corp.		633		57,002

Security Description	Shares/ Principal Amount		Value (Note 2)
Transport - Rail (continued)
Kansas City Southern		397	$	73,909
Norfolk Southern Corp.		276		65,417
Union Pacific Corp.		1,084		221,223
				417,551
Transport - Services — 0.4%
C.H. Robinson Worldwide, Inc.		1,817		170,743
Expeditors International of Washington, Inc.		556		49,690
FedEx Corp.		384		110,047
United Parcel Service, Inc., Class B		1,144		195,704
				526,184
Transport - Truck — 0.3%
JB Hunt Transport Services, Inc.		406		54,924
Knight-Swift Transportation Holdings, Inc.		1,244		51,365
Landstar System, Inc.		1,184		155,601
Old Dominion Freight Line, Inc.		492		100,053
Schneider National, Inc., Class B		2,629		54,946
XPO Logistics, Inc.†		674		71,902
				488,791
Travel Services — 0.0%
Virgin Galactic Holdings, Inc.†#		1,552		41,299
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc.†#		1,170		35,790
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		4,215		201,941
Water — 0.1%
American Water Works Co., Inc.		633		97,089
Essential Utilities, Inc.		1,100		49,808
				146,897
Water Treatment Systems — 0.0%
Pentair PLC		718		37,207
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		663		52,735
VeriSign, Inc.†		873		175,229
				227,964
Web Portals/ISP — 2.6%
Alphabet, Inc., Class A†		1,080		1,894,752
Alphabet, Inc., Class C†		1,081		1,903,360
				3,798,112
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		949		162,782
Ubiquiti, Inc.		729		180,872
				343,654
Total Common Stocks
(cost $97,957,186)				141,438,779
PREFERRED SECURITIES — 0.1%
Retail-Catalog Shopping — 0.1%
Qurate Retail, Inc.8.00% (cost $50,925)		635		62,376
EXCHANGE - TRADED FUNDS — 3.2%
Vanguard Russell 1000 ETF (cost $4,414,228)		27,993		4,738,375
Total Long-Term Investment Securities
(cost $102,422,339)				146,239,530

237

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $620,388)		620,388		$	620,388
TOTAL INVESTMENTS
(cost $103,042,727) (3)		100.0	%		146,859,918
Other assets less liabilities		0.0			34,872
NET ASSETS		100.0	%	$	146,894,790

† 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 November 30, 2020.

(2) At November 30, 2020, the Fund had loaned securities with a total value of $1,910,998. This was secured by collateral of $620,388, which was received in cash and subsequently invested in short-term investments currently valued at $620,388 as reported in the Portfolio of Investments. Additional collateral of $1,385,679 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	123,238
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		330,943
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		11,342
United States Treasury Bills	0.00%	12/03/2020 to 07/15/2021		58,202
United States Treasury Notes/Bonds	0.13% to 8.13%	12/15/2020 to 11/15/2049		861,954

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

ETF — Exchange Traded Fund

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	146,239,530	$	—	$	—	$	146,239,530
Registered Investment Companies		620,388		—		—		620,388
Total Investments at Value	$	146,859,918	$	—	$	—	$	146,859,918

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

See Notes to Financial Statements

238

VALIC Company I Systematic Value Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Insurance — Property/Casualty	5.4	%
Electronic Components — Semiconductors	4.6
Medical — Drugs	4.6
Oil Companies — Integrated	3.9
Investment Management/Advisor Services	3.9
Beverages — Non-alcoholic	3.6
Medical — HMO	3.5
Computer Services	3.1
Medical — Biomedical/Gene	3.0
Data Processing/Management	3.0
Insurance Brokers	2.9
Insurance — Life/Health	2.5
Finance — Other Services	2.4
Aerospace/Defense — Equipment	2.4
Cosmetics & Toiletries	2.3
Pharmacy Services	2.1
Auto — Cars/Light Trucks	2.1
Transport — Services	2.0
Building — Residential/Commercial	2.0
Enterprise Software/Service	2.0
Tobacco	1.9
Electronic Measurement Instruments	1.9
Aerospace/Defense	1.7
Medical — Wholesale Drug Distribution	1.5
Medical Products	1.3
Oil Companies — Exploration & Production	1.3
Advertising Agencies	1.3
Food — Misc./Diversified	1.2
Retail — Discount	1.2
Broadcast Services/Program	1.2
Beverages — Wine/Spirits	1.1
Television	1.1
Repurchase Agreements	1.1
Private Equity	1.0
Retail — Restaurants	1.0
Diversified Manufacturing Operations	1.0
Consumer Products — Misc.	1.0
Medical Labs & Testing Services	0.9
Insurance — Multi-line	0.9
Food — Confectionery	0.9
Computers	0.9
Machinery — General Industrial	0.9
Instruments — Scientific	0.9
Auto — Heavy Duty Trucks	0.8
Commercial Services — Finance	0.8
Auto/Truck Parts & Equipment — Original	0.8
Electronic Parts Distribution	0.7
Food — Meat Products	0.7
Electric Products — Misc.	0.7
Finance — Credit Card	0.7
Electronic Components — Misc.	0.6
Steel — Producers	0.6
Computer Software	0.6
Retail — Automobile	0.6
Apparel Manufacturers	0.6
Banks — Fiduciary	0.5
Registered Investment Companies	0.5
Tools — Hand Held	0.5
Real Estate Investment Trusts	0.4
Industrial Automated/Robotic	0.4
Building — Maintenance & Services	0.4
Electric — Integrated	0.3
Transport — Truck	0.3
Retail — Jewelry	0.3
Retail — Auto Parts	0.3
	100.6	%

* Calculated as a percentage of net assets

239

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Advertising Agencies — 1.3%
Omnicom Group, Inc.		9,145	$	576,135
Aerospace/Defense — 1.7%
General Dynamics Corp.		1,895		283,018
Raytheon Technologies Corp.		6,561		470,555
				753,573
Aerospace/Defense - Equipment — 2.4%
L3Harris Technologies, Inc.		5,725		1,099,143
Apparel Manufacturers — 0.6%
VF Corp.		3,136		261,542
Auto - Cars/Light Trucks — 2.1%
Ford Motor Co.		46,074		418,352
General Motors Co.		12,123		531,472
				949,824
Auto - Heavy Duty Trucks — 0.8%
PACCAR, Inc.		4,334		377,318
Auto/Truck Parts & Equipment - Original — 0.8%
Autoliv, Inc.		1,468		130,725
BorgWarner, Inc.		5,544		215,385
				346,110
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		6,277		245,556
Beverages - Non-alcoholic — 3.6%
Coca-Cola Co.		12,725		656,610
Keurig Dr Pepper, Inc.		11,144		339,335
PepsiCo, Inc.		4,413		636,487
				1,632,432
Beverages - Wine/Spirits — 1.1%
Brown-Forman Corp., Class B		6,277		506,303
Broadcast Services/Program — 1.2%
Discovery, Inc., Class A†#		8,413		226,394
Discovery, Inc., Class C†		12,625		303,252
				529,646
Building - Maintenance & Services — 0.4%
Rollins, Inc.		3,014		172,340
Building - Residential/Commercial — 2.0%
D.R. Horton, Inc.		4,748		353,726
Lennar Corp., Class A		4,173		316,564
PulteGroup, Inc.		5,459		238,176
				908,466
Commercial Services - Finance — 0.8%
Equifax, Inc.		2,183		364,343
Computer Services — 3.1%
Accenture PLC, Class A		3,663		912,417
International Business Machines Corp.		3,896		481,234
				1,393,651
Computer Software — 0.6%
Datadog, Inc., Class A†		2,786		275,591
Computers — 0.9%
Dell Technologies, Inc., Class C†		5,843		403,342
Consumer Products - Misc. — 1.0%
Clorox Co.		626		127,053
Kimberly-Clark Corp.		2,258		314,562
				441,615

Security Description	Shares		Value (Note 2)
Cosmetics & Toiletries — 2.3%
Colgate-Palmolive Co.		2,689	$	230,286
Procter & Gamble Co.		5,961		827,804
				1,058,090
Data Processing/Management — 3.0%
Fidelity National Information Services, Inc.		6,277		931,570
Paychex, Inc.		4,397		409,580
				1,341,150
Diversified Manufacturing Operations — 1.0%
3M Co.		2,571		444,089
Electric Products - Misc. — 0.7%
Emerson Electric Co.		3,994		306,819
Electric - Integrated — 0.3%
CenterPoint Energy, Inc.		6,809		157,901
Electronic Components - Misc. — 0.6%
Garmin, Ltd.		2,416		282,092
Electronic Components - Semiconductors — 4.6%
Intel Corp.		21,185		1,024,295
Micron Technology, Inc.†		9,235		591,871
Qorvo, Inc.†		1,363		213,555
Skyworks Solutions, Inc.		1,925		271,752
				2,101,473
Electronic Measurement Instruments — 1.9%
FLIR Systems, Inc.		2,571		98,315
Roper Technologies, Inc.		1,120		478,240
Trimble, Inc.†		4,934		295,399
				871,954
Electronic Parts Distribution — 0.7%
Arrow Electronics, Inc.†		3,469		317,934
Enterprise Software/Service — 2.0%
Black Knight, Inc.†		4,208		385,537
Oracle Corp.		8,847		510,649
				896,186
Finance - Credit Card — 0.7%
Western Union Co.		13,364		301,492
Finance - Other Services — 2.4%
Cboe Global Markets, Inc.		3,459		315,876
CME Group, Inc.		4,523		791,661
				1,107,537
Food - Confectionery — 0.9%
Mondelez International, Inc., Class A		7,046		404,793
Food - Meat Products — 0.7%
Tyson Foods, Inc., Class A		4,712		307,222
Food - Misc./Diversified — 1.2%
Campbell Soup Co.		2,640		132,053
General Mills, Inc.		4,325		263,046
Kellogg Co.		2,688		171,790
				566,889
Industrial Automated/Robotic — 0.4%
Rockwell Automation, Inc.		683		174,547
Instruments - Scientific — 0.9%
PerkinElmer, Inc.		2,922		388,626
Insurance Brokers — 2.9%
Arthur J. Gallagher & Co.		4,135		477,220
Brown & Brown, Inc.		5,737		258,337

240

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc.		5,248	$	601,631
				1,337,188
Insurance - Life/Health — 2.5%
Aflac, Inc.		5,837		256,419
Athene Holding, Ltd., Class A†		3,746		166,135
Globe Life, Inc.		1,494		139,091
Lincoln National Corp.		4,637		218,959
Prudential Financial, Inc.		5,004		378,403
				1,159,007
Insurance - Multi-line — 0.9%
MetLife, Inc.		8,979		414,560
Insurance - Property/Casualty — 5.4%
Berkshire Hathaway, Inc., Class B†		5,347		1,223,982
Fidelity National Financial, Inc.		15,363		552,914
Progressive Corp.		7,667		667,872
				2,444,768
Investment Management/Advisor Services — 3.9%
BlackRock, Inc.		698		487,448
Franklin Resources, Inc.		12,902		283,715
T. Rowe Price Group, Inc.		6,913		991,394
				1,762,557
Machinery - General Industrial — 0.9%
Westinghouse Air Brake Technologies Corp.		5,318		389,809
Medical Labs & Testing Services — 0.9%
Catalent, Inc.†		2,456		236,120
Quest Diagnostics, Inc.		1,454		180,267
				416,387
Medical Products — 1.3%
Hologic, Inc.†		7,217		498,911
Varian Medical Systems, Inc.†		593		103,170
				602,081
Medical - Biomedical/Gene — 3.0%
Alexion Pharmaceuticals, Inc.†		5,120		625,203
Biogen, Inc.†		1,785		428,704
Seagen, Inc.†		1,726		293,955
				1,347,862
Medical - Drugs — 4.6%
Bristol-Myers Squibb Co.		25,801		1,609,982
Jazz Pharmaceuticals PLC†		3,281		461,670
				2,071,652
Medical - HMO — 3.5%
Anthem, Inc.		3,992		1,243,588
Centene Corp.†		5,808		358,063
				1,601,651
Medical - Wholesale Drug Distribution — 1.5%
AmerisourceBergen Corp.		6,496		669,803
Oil Companies - Exploration & Production — 1.3%
EOG Resources, Inc.		7,811		366,180
Pioneer Natural Resources Co.		2,304		231,736
				597,916
Oil Companies - Integrated — 3.9%
Chevron Corp.		10,256		894,118
Exxon Mobil Corp.		22,818		870,050
				1,764,168

Security Description	Shares/ Principal Amount			Value (Note 2)
Pharmacy Services — 2.1%
Cigna Corp.		4,594		$	960,789
Private Equity — 1.0%
Blackstone Group, Inc., Class A		7,813			465,264
Real Estate Investment Trusts — 0.4%
VEREIT, Inc.		26,621			188,743
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		936			138,247
Retail - Automobile — 0.6%
CarMax, Inc.†		2,871			268,381
Retail - Discount — 1.2%
Walmart, Inc.		3,683			562,726
Retail - Jewelry — 0.3%
Tiffany & Co.		1,136			149,361
Retail - Restaurants — 1.0%
McDonald’s Corp.		2,113			459,451
Steel - Producers — 0.6%
Nucor Corp.		5,181			278,220
Television — 1.1%
ViacomCBS, Inc., Class B		13,735			484,571
Tobacco — 1.9%
Altria Group, Inc.		9,718			387,068
Philip Morris International, Inc.		6,573			497,905
					884,973
Tools - Hand Held — 0.5%
Snap-on, Inc.		1,199			210,844
Transport - Services — 2.0%
C.H. Robinson Worldwide, Inc.		1,640			154,111
Expeditors International of Washington, Inc.		2,957			264,267
United Parcel Service, Inc., Class B		2,956			505,683
					924,061
Transport - Truck — 0.3%
Knight-Swift Transportation Holdings, Inc.		3,809			157,274
Total Long-Term Investment Securities
(cost $41,163,626)					44,978,038
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Registered Investment Companies — 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.09%(1)(2) (cost $237,667)		237,667			237,667
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $482,000 and collateralized by $493,600 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $491,654 (cost $482,000)	$	482,000		$	482,000
TOTAL INVESTMENTS
(cost $41,883,293)(3)		100.6	%		45,697,705
Liabilities in excess of other assets		(0.6	)		(263,138	)
NET ASSETS		100.0	%	$	45,434,567

† 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 November 30, 2020.

241

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

(2) At November 30, 2020, the Fund had loaned securities with a total value of $226,394. This was secured by collateral of $237,667, which was received in cash and subsequently invested in short-term investments currently valued at $237,667 as reported in the Portfolio of Investments.

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	44,978,038	$	—	$	—	$	44,978,038
Short-Term Investment Securities		237,667		—		—		237,667
Repurchase Agreements		—		482,000		—		482,000
Total Investments at Value	$	45,215,705	$	482,000	$	—	$	45,697,705

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

See Notes to Financial Statements

242

VALIC Company I Value Fund

PORTFOLIO PROFILE — November 30, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	7.7	%
Diversified Banking Institutions	6.1
Medical — HMO	4.8
Real Estate Investment Trusts	4.6
Electric — Integrated	4.3
Aerospace/Defense	3.8
Insurance — Multi-line	3.8
Cable/Satellite TV	2.9
Chemicals — Diversified	2.8
Banks — Commercial	2.7
Insurance — Property/Casualty	2.7
Investment Management/Advisor Services	2.6
Networking Products	2.6
Medical Instruments	2.3
Web Portals/ISP	2.3
Retail — Restaurants	1.9
Retail — Building Products	1.8
Telecom Equipment — Fiber Optics	1.7
Banks — Super Regional	1.6
Electronic Components — Semiconductors	1.5
Food — Confectionery	1.5
Beverages — Non-alcoholic	1.5
Drug Delivery Systems	1.5
Building — Residential/Commercial	1.5
Machinery — Farming	1.4
Computer Services	1.4
Containers — Paper/Plastic	1.4
Electric — Distribution	1.4
Retail — Major Department Stores	1.4
Auto/Truck Parts & Equipment — Original	1.4
Transport — Rail	1.3
Electronic Components — Misc.	1.3
Semiconductor Components — Integrated Circuits	1.3
Transport — Truck	1.3
Aerospace/Defense — Equipment	1.3
Diversified Manufacturing Operations	1.2
Private Equity	1.2
Medical Products	1.1
Semiconductor Equipment	1.1
Apparel Manufacturers	1.1
Commercial Services — Finance	1.1
Software Tools	1.1
E-Commerce/Services	1.1
Food — Wholesale/Distribution	1.0
Oil Refining & Marketing	1.0
Building & Construction Products — Misc.	1.0
Repurchase Agreements	1.0
Oil Companies — Exploration & Production	0.9
Medical — Biomedical/Gene	0.5
	99.8	%

* Calculated as a percentage of net assets

243

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Aerospace/Defense — 3.8%
General Dynamics Corp.		10,211	$	1,525,013
Lockheed Martin Corp.		3,450		1,259,250
Raytheon Technologies Corp.		30,492		2,186,886
				4,971,149
Aerospace/Defense-Equipment — 1.3%
L3Harris Technologies, Inc.		8,710		1,672,233
Apparel Manufacturers — 1.1%
VF Corp.		17,004		1,418,134
Auto/Truck Parts & Equipment-Original — 1.4%
Gentex Corp.		53,500		1,744,100
Banks-Commercial — 2.7%
M&T Bank Corp.		12,073		1,406,384
Truist Financial Corp.		45,938		2,132,442
				3,538,826
Banks-Super Regional — 1.6%
PNC Financial Services Group, Inc.		14,509		2,003,258
Beverages-Non-alcoholic — 1.5%
Keurig Dr Pepper, Inc.		63,237		1,925,567
Building & Construction Products-Misc. — 1.0%
Fortune Brands Home & Security, Inc.		15,415		1,287,152
Building-Residential/Commercial — 1.5%
Lennar Corp., Class A		24,876		1,887,093
Cable/Satellite TV — 2.9%
Comcast Corp., Class A		74,819		3,758,906
Chemicals-Diversified — 2.8%
Celanese Corp.		14,015		1,812,560
FMC Corp.		15,836		1,837,134
				3,649,694
Commercial Services-Finance — 1.1%
Global Payments, Inc.		7,250		1,415,127
Computer Services — 1.4%
Amdocs, Ltd.		27,636		1,818,725
Containers-Paper/Plastic — 1.4%
Sealed Air Corp.		40,083		1,806,140
Diversified Banking Institutions — 6.1%
Bank of America Corp.		120,386		3,390,070
JPMorgan Chase & Co.		38,779		4,571,268
				7,961,338
Diversified Manufacturing Operations — 1.2%
Trane Technologies PLC		10,658		1,558,626
Drug Delivery Systems — 1.5%
Becton Dickinson and Co.		8,156		1,915,355
E-Commerce/Services — 1.1%
Booking Holdings, Inc.†		677		1,373,261
Electric-Distribution — 1.4%
Sempra Energy		13,992		1,783,700
Electric-Integrated — 4.3%
Dominion Energy, Inc.		24,951		1,958,404
Entergy Corp.		16,145		1,757,383
Exelon Corp.		45,989		1,888,768
				5,604,555
Electronic Components-Misc. — 1.3%
nVent Electric PLC		75,135		1,728,105

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 1.5%
Micron Technology, Inc.†		30,661	$	1,965,063
Food-Confectionery — 1.5%
Mondelez International, Inc., Class A		33,733		1,937,961
Food-Wholesale/Distribution — 1.0%
Sysco Corp.		18,781		1,338,897
Insurance-Multi-line — 3.8%
Chubb, Ltd.		17,542		2,593,234
MetLife, Inc.		49,005		2,262,561
				4,855,795
Insurance-Property/Casualty — 2.7%
Assurant, Inc.		14,007		1,808,584
Progressive Corp.		18,664		1,625,821
				3,434,405
Investment Management/Advisor Services — 2.6%
BlackRock, Inc.		3,038		2,121,587
LPL Financial Holdings, Inc.		14,052		1,275,500
				3,397,087
Machinery-Farming — 1.4%
Deere & Co.		7,132		1,865,874
Medical Instruments — 2.3%
Medtronic PLC		26,562		3,020,099
Medical Products — 1.1%
Zimmer Biomet Holdings, Inc.		9,715		1,448,701
Medical-Biomedical/Gene — 0.5%
Biogen, Inc.†		2,869		689,048
Medical-Drugs — 7.7%
AstraZeneca PLC ADR		28,814		1,525,413
Eli Lilly & Co.		10,588		1,542,142
Merck & Co., Inc.		17,811		1,431,826
Pfizer, Inc.		95,955		3,676,036
Roche Holding AG		5,311		1,747,736
				9,923,153
Medical-Generic Drugs — 0.0%
Viatris, Inc.†		1		17
Medical-HMO — 4.8%
Anthem, Inc.		8,521		2,654,462
Centene Corp.†		23,693		1,460,674
UnitedHealth Group, Inc.		6,392		2,149,885
				6,265,021
Networking Products — 2.6%
Cisco Systems, Inc.		78,295		3,368,251
Oil Companies-Exploration & Production — 0.9%
Pioneer Natural Resources Co.		12,031		1,210,078
Oil Refining & Marketing — 1.0%
Phillips 66		22,051		1,335,850
Private Equity — 1.2%
Blackstone Group, Inc., Class A		26,056		1,551,635
Real Estate Investment Trusts — 4.6%
Crown Castle International Corp.		6,912		1,158,244
Gaming and Leisure Properties, Inc.		50,565		2,100,470
Highwoods Properties, Inc.		36,318		1,390,979
Host Hotels & Resorts, Inc.#		92,796		1,301,928
				5,951,621

244

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2020 (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Retail-Building Products — 1.8%
Home Depot, Inc.		8,524		$	2,364,643
Retail-Major Department Stores — 1.4%
TJX Cos., Inc.		27,849			1,768,690
Retail-Restaurants — 1.9%
McDonald’s Corp.		11,129			2,419,890
Semiconductor Components-Integrated Circuits — 1.3%
Analog Devices, Inc.		12,362			1,719,307
Semiconductor Equipment — 1.1%
KLA Corp.		5,680			1,431,190
Software Tools — 1.1%
VMware, Inc., Class A†		9,991			1,397,641
Telecom Equipment-Fiber Optics — 1.7%
Corning, Inc.		59,809			2,238,053
Transport-Rail — 1.3%
Union Pacific Corp.		8,499			1,734,476
Transport-Truck — 1.3%
Knight-Swift Transportation Holdings, Inc.		41,207			1,701,437
Web Portals/ISP — 2.3%
Alphabet, Inc., Class C†		1,710			3,010,865
Total Long-Term Investment Securities
(cost $103,624,681)					128,165,792
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 11/30/2020, to be repurchased 12/01/2020 in the amount of $1,274,000 and collateralized by $1,304,700 of United States Treasury Notes, bearing interest at 0.25% due 08/31/2025 and having an approximate value of $1,299,557 (cost $1,274,000)	$	1,274,000			1,274,000
TOTAL INVESTMENTS
(cost $104,898,681)(1)		99.8	%		129,439,792
Other assets less liabilities		0.2			215,387
NET ASSETS		100.0	%	$	129,655,179

† Non-income producing security

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

At November 30, 2020, the Fund had loaned securities with a total value of $217,914. This was secured by collateral of $232,450 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of November 30, 2020
Federal Home Loan Mtg. Corp.	1.25% to 3.50%	02/01/2048 to 11/01/2050	$	54,810
Federal National Mtg. Assoc.	1.49% to 4.00%	05/25/2030 to 09/01/2050		147,188
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		5,045
United States Treasury Bills	0.00%	7/15/2021		734
United States Treasury Notes/Bonds	1.38% to 8.13%	01/31/2021 to 02/15/2030		24,673

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	128,165,792	$	—	$	—	$	128,165,792
Repurchase Agreements		—		1,274,000		—		1,274,000
Total Investments at Value	$	128,165,792	$	1,274,000	$	—	$	129,439,792

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

See Notes to Financial Statements

245

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited)

	ASSET ALLOCATION FUND		BLUE CHIP GROWTH FUND		CAPITAL CONSERVATION FUND		CORE EQUITY FUND		DIVIDEND VALUE FUND		DYNAMIC ALLOCATION FUND		EMERGING ECONOMIES FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	123,311,240	$	971,827,820	$	315,871,370	$	259,793,914	$	904,593,738	$	30,368,118	$	910,752,855
Investment securities, at value (affiliated)*†		–		–		–		–		–		166,261,059		–
Repurchase agreements (cost approximates value)		–		–		–		2,748,000		4,592,000		–		–
Cash		–		–		–		848		–		–		6,823,425
Foreign cash*		24,432,781		–		–		–		248,284		–		108,139
Due from broker		944,158		–		–		–		–		–		–
Receivable for:
Fund shares sold		847		211,803		92,759		414		105,562		9,674		52,996
Dividends and interest		267,158		283,740		1,198,548		421,989		2,260,140		52,905		324,232
Investments sold		11,712		222,171		571,951		3,652,321		–		66,245		3,855,024
Investments sold on an extended settlement basis		–		–		–		–		–		1,636,960		–
Securities lending income		2,612		497		371		675		2,754		–		21,003
Prepaid expenses and other assets		29,700		26,957		18,959		28,147		28,735		9,470		28,061
Due from investment adviser for expense reimbursements/fee waivers		–		–		–		37,592		80,117		4,587		–
Variation margin on futures contracts		32,169		–		–		–		–		19,950		–
Unrealized appreciation on forward foreign currency contracts		364,109		–		–		–		–		–		–
Swap premiums paid		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		149,396,486		972,572,988		317,753,958		266,683,900		911,911,330		198,428,968		921,965,735
LIABILITIES:
Payable for:
Fund shares reacquired		102,089		112,707		39,448		108,207		251,826		92,229		1,122,805
Investments purchased		12,487		1,447,833		–		1,978,559		–		–		491,433
Investments purchased on an extended settlement basis		–		–		15,604,258		–		–		1,711,027		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		853,587
Investment advisory and management fees		57,412		564,584		122,046		166,821		514,696		39,804		543,897
Administrative service fee		7,662		52,352		16,574		13,936		48,601		1,665		48,221
Transfer agent fees and expenses		1,157		2,700		2,700		1,157		2,700		771		3,858
Directors’ fees and expenses		9,550		21,288		9,359		21,559		24,518		4,204		20,924
Other accrued expenses		139,966		97,812		79,369		57,785		110,771		53,592		246,472
Variation margin on futures contracts		176,362		–		–		–		–		–		–
Collateral upon return of securities loaned		6,047,096		162,718		661,408		3,841,068		–		–		1,941,078
Due to custodian		–		14		–		–		1,865		104		–
Due to broker		–		–		–		–		–		957,958		21
Unrealized depreciation on forward foreign currency contracts		518,401		–		–		–		–		–		–
TOTAL LIABILITIES		7,072,182		2,462,008		16,535,162		6,189,092		954,977		2,861,354		5,272,296
NET ASSETS	$	142,324,304	$	970,110,980	$	301,218,796	$	260,494,808	$	910,956,353	$	195,567,614	$	916,693,439
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	127,038	$	379,124	$	279,544	$	105,997	$	801,129	$	149,811	$	976,172
Additional paid-in capital		127,151,774		321,075,934		270,835,446		154,461,506		847,654,508		153,677,539		734,860,275
Total accumulated earnings (loss)		15,045,492		648,655,922		30,103,806		105,927,305		62,500,716		41,740,264		180,856,992
NET ASSETS	$	142,324,304	$	970,110,980	$	301,218,796	$	260,494,808	$	910,956,353	$	195,567,614	$	916,693,439
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		12,703,789		37,912,359		27,954,433		10,599,683		80,112,899		14,981,102		97,617,237
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.20	$	25.59	$	10.78	$	24.58	$	11.37	$	13.05	$	9.39
*  Cost
Investment securities (unaffiliated)	$	103,490,716	$	455,459,508	$	300,694,930	$	188,760,359	$	832,087,386	$	29,699,245	$	722,566,651
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	139,398,731	$	–
Foreign cash	$	24,146,582	$	–	$	–	$	–	$	247,552	$	–	$	108,466
† Including securities on loan	$	6,362,622	$	1,108,830	$	2,521,814	$	3,738,182	$	–	$	–	$	14,779,674

See Notes to Financial Statements

246

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (continued)

	GLOBAL REAL ESTATE FUND		GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND		HEALTH SCIENCES FUND		INFLATION PROTECTED FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	342,473,998	$	290,178,292		$	410,001,881		$	143,609,441	$	1,620,306,394	$	954,749,308	$	908,066,138
Investment securities, at value (affiliated)*†		–		–			–			–		–		–		–
Repurchase agreements (cost approximates value)		–		1,380,000			378,000			7,105,000		13,660,000		–		53,521,000
Cash		2,528,376		208			744			555		17,653		–		5,427
Foreign cash*		79,894		1,298,973			–			–		1,654		49,393		259,786
Due from broker		–		1,707,727			–			–		7		–		–
Receivable for:
Fund shares sold		61,145		31,521			2,170			12,948		75,317		93,835		457,315
Dividends and interest		796,162		1,517,841			53,552			462,207		904,486		718,943		2,866,849
Investments sold		4,569,964		15,526			–			–		19,813,538		558,460		11,143,119
Investments sold on an extended settlement basis		–		–			–			1,035,469		–		–		11,597,458
Securities lending income		4,176		1,004			–			867		1,556		98,388		–
Prepaid expenses and other assets		17,452		23,245			40,259			24,460		55,269		26,060		56,492
Due from investment adviser for expense reimbursements/fee waivers		–		4,785			186,418			–		208,459		28,160		23,015
Variation margin on futures contracts		–		–			–			–		–		–		75,905
Unrealized appreciation on forward foreign currency contracts		–		284,869			–			–		–		–		–
Swap premiums paid		–		–			–			–		–		–		91,100
Unrealized appreciation on swap contracts		–		–			–			–		–		–		301,553
TOTAL ASSETS		350,531,167		296,443,991			410,663,024			152,250,947		1,655,044,333		956,322,547		988,465,157
LIABILITIES:
Payable for:
Fund shares reacquired		7,126		2,854			585,492			285,483		320,781		116,083		21,812
Investments purchased		3,498,356		–			–			–		20,950,196		2,351,158		1,133
Investments purchased on an extended settlement basis		–		–			–			2,060,371		–		–		39,677,231
Accrued foreign tax on capital gains		–		111,769			–			–		–		–		–
Investment advisory and management fees		206,420		119,626			137,164			60,898		881,016		743,727		337,681
Administrative service fee		18,699		15,965			22,882			8,127		86,940		50,797		51,192
Transfer agent fees and expenses		2,700		1,157			7,081			3,472		1,929		1,543		2,700
Directors’ fees and expenses		12,381		17,596			26,927			8,689		44,983		20,495		15,088
Other accrued expenses		104,448		167,560			87,609			55,313		229,876		103,753		129,862
Variation margin on futures contracts		–		–			–			–		2,660		–		6,016
Collateral upon return of securities loaned		4,062,244		197,938			–			–		256,150		3,408,207		–
Due to custodian		–		–			–			–		–		9		–
Due to broker		–		–			–			–		–		–		405,952
Unrealized depreciation on forward foreign currency contracts		–		2,050,647			–			–		–		–		9,928,185
TOTAL LIABILITIES		7,912,374		2,685,112			867,155			2,482,353		22,774,531		6,795,772		50,576,852
NET ASSETS	$	342,618,793	$	293,758,879		$	409,795,869		$	149,768,594	$	1,632,269,802	$	949,526,775	$	937,888,305
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	448,282	$	302,908		$	4,098,066		$	132,777	$	698,008	$	358,810	$	777,095
Additional paid-in capital		333,323,758		302,873,422			405,707,378			137,369,596		802,626,044		476,746,470		838,427,610
Total accumulated earnings (loss)		8,846,753		(9,417,451	)		(9,575	)		12,266,221		828,945,750		472,421,495		98,683,600
NET ASSETS	$	342,618,793	$	293,758,879		$	409,795,869		$	149,768,594	$	1,632,269,802	$	949,526,775	$	937,888,305
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		44,828,216		30,290,782			409,806,583			13,277,744		69,800,821		35,880,974		77,709,497
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.64	$	9.70		$	1.00		$	11.28	$	23.38	$	26.46	$	12.07
*  Cost
Investment securities (unaffiliated)	$	321,488,150	$	283,129,211		$	410,001,881		$	132,595,004	$	1,061,097,906	$	608,795,366	$	850,943,435
Investment securities (affiliated)	$	–	$	–		$	–		$	–	$	–	$	–	$	–
Foreign cash	$	79,758	$	1,297,186		$	–		$	–	$	2,150	$	49,453	$	259,406
† Including securities on loan	$	13,166,568	$	2,367,970		$	–		$	7,104,255	$	2,640,084	$	17,335,443	$	–

See Notes to Financial Statements

247

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (continued)

	INTERNATIONAL EQUITIES INDEX FUND		INTERNATIONAL GOVERNMENT BOND FUND		INTERNATIONAL GROWTH FUND		INTERNATIONAL SOCIALLY RESPONSIBLE FUND		INTERNATIONAL VALUE FUND			LARGE CAP CORE FUND		LARGE CAPITAL GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	1,436,488,638	$	202,838,713	$	539,282,947	$	354,201,428	$	696,446,944		$	197,101,275	$	600,858,646
Investment securities, at value (affiliated)*†		–		–		–		–		–			–		–
Repurchase agreements (cost approximates value)		159,502,000		–		–		4,910,000		–			2,144,000		–
Cash		484		–		40,987,630		471		–			148		2,886
Foreign cash*		12,394,746		2,284,822		179,683		5,001,998		823,233			–		–
Due from broker		–		–		–		–		–			–		–
Receivable for:
Fund shares sold		288,911		9,067		13,553		12,193		34,077			44,401		13,369
Dividends and interest		5,956,098		1,469,431		623,681		1,256,660		2,467,377			242,714		485,084
Investments sold		–		1,232,770		–		–		621			–		–
Investments sold on an extended settlement basis		–		–		–		–		–			–		–
Securities lending income		15,771		742		9,393		–		327			–		–
Prepaid expenses and other assets		50,166		16,721		34,978		29,329		40,466			17,859		22,757
Due from investment adviser for expense reimbursements/fee waivers		–		–		92,044		–		39,261			11,074		–
Variation margin on futures contracts		–		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		42,165			–		–
Swap premiums paid		–		–		–		–		–			–		–
Unrealized appreciation on swap contracts		–		–		–		–		–			–		–
TOTAL ASSETS		1,614,696,814		207,852,266		581,223,909		365,412,079		699,894,471			199,561,471		601,382,742
LIABILITIES:
Payable for:
Fund shares reacquired		837,021		114,431		258,371		370,634		821,569			205,600		200,793
Investments purchased		3,409		3,636		–		–		1,065,625			384,481		–
Investments purchased on an extended settlement basis		532,874		1,734,634		–		–		–			–		–
Accrued foreign tax on capital gains		–		–		1,621,298		–		–			–		–
Investment advisory and management fees		341,349		82,396		422,008		145,547		384,173			110,745		309,972
Administrative service fee		81,197		10,996		30,710		19,424		37,428			10,557		32,319
Transfer agent fees and expenses		5,784		2,701		2,700		2,627		3,086			2,701		3,087
Directors’ fees and expenses		44,941		9,648		28,732		21,897		34,148			5,742		17,199
Other accrued expenses		325,111		74,316		140,915		81,058		146,848			58,574		83,577
Variation margin on futures contracts		4,720,170		–		–		344,760		–			–		–
Collateral upon return of securities loaned		15,131,098		3,140,015		15,669,262		–		235,011			–		–
Due to custodian		–		–		–		–		255			–		–
Due to broker		–		–		–		6		26,531			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		129,141			–		–
TOTAL LIABILITIES		22,022,954		5,172,773		18,173,996		985,953		2,883,815			778,400		646,947
NET ASSETS	$	1,592,673,860	$	202,679,493	$	563,049,913	$	364,426,126	$	697,010,656		$	198,783,071	$	600,735,795
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	2,155,241	$	154,083	$	347,362	$	127,306	$	719,624		$	141,560	$	294,775
Additional paid-in capital		1,420,166,546		183,915,245		352,017,110		237,107,959		697,927,523			117,508,577		279,397,926
Total accumulated earnings (loss)		170,352,073		18,610,165		210,685,441		127,190,861		(1,636,491	)		81,132,934		321,043,094
NET ASSETS	$	1,592,673,860	$	202,679,493	$	563,049,913	$	364,426,126	$	697,010,656		$	198,783,071	$	600,735,795
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		215,524,118		15,408,344		34,736,201		12,730,605		71,962,359			14,156,002		29,477,518
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.39	$	13.15	$	16.21	$	28.63	$	9.69		$	14.04	$	20.38
*  Cost
Investment securities (unaffiliated)	$	1,249,962,694	$	191,751,519	$	350,502,607	$	296,160,361	$	625,832,373		$	133,301,323	$	380,219,702
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–		$	–	$	–
Foreign cash	$	12,315,176	$	2,243,720	$	178,410	$	4,954,730	$	822,391		$	–	$	–
† Including securities on loan	$	27,243,746	$	7,924,846	$	25,829,968	$	–	$	1,802,313		$	–	$	–

See Notes to Financial Statements

248

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (continued)

	MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND		NASDAQ-100® INDEX FUND		SCIENCE & TECHNOLOGY FUND		SMALL CAP AGGRESSIVE GROWTH FUND		SMALL CAP FUND		SMALL CAP INDEX FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	3,161,205,294	$	381,003,585	$	750,804,061	$	2,025,015,394	$	195,460,865	$	321,527,547	$	1,131,973,502
Investment securities, at value (affiliated)*†		–		–		–		–		–		–		–
Repurchase agreements (cost approximates value)		21,093,000		–		18,141,000		3,850,000		2,391,000		6,812,000		86,624,000
Cash		508		640,221		501		24,658,302		233		219,060		75,203
Foreign cash*		–		2		–		1,037,099		–		–		–
Due from broker		–		–		–		–		–		–		1
Receivable for:
Fund shares sold		130,865		4,096		775,495		397,294		505,588		9,569		24,307
Dividends and interest		3,437,114		226,159		501,618		624,159		49,501		212,690		903,323
Investments sold		–		3,209,897		–		3,432,960		541,154		307,408		–
Investments sold on an extended settlement basis		–		–		–		–		–		–		–
Securities lending income		21,553		1,145		126		4,382		2,629		24,472		102,695
Prepaid expenses and other assets		159,593		17,136		17,405		83,121		10,649		30,558		55,063
Due from investment adviser for expense reimbursements/fee waivers		–		–		104,168		–		7,537		19,470		–
Variation margin on futures contracts		–		–		37,830		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Swap premiums paid		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		3,186,047,927		385,102,241		770,382,204		2,059,102,711		198,969,156		329,162,774		1,219,758,094
LIABILITIES:
Payable for:
Fund shares reacquired		3,362,475		459,112		9,831		333,861		135,378		671,692		909,363
Investments purchased		–		1,433,086		–		1,334,141		670,856		252,796		–
Investments purchased on an extended settlement basis		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		–
Investment advisory and management fees		673,892		207,771		234,628		1,389,257		127,675		229,168		273,028
Administrative service fee		170,249		20,275		41,205		107,452		10,023		17,185		61,906
Transfer agent fees and expenses		7,316		2,700		5,400		5,785		1,464		1,157		6,861
Directors’ fees and expenses		138,742		11,403		10,942		62,413		3,928		24,694		48,368
Other accrued expenses		249,922		69,150		135,692		282,883		60,644		78,482		419,359
Variation margin on futures contracts		476,010		–		–		–		–		–		1,723,960
Collateral upon return of securities loaned		14,025,501		–		38,772		9,368,782		7,212,505		4,103,161		44,796,987
Due to custodian		–		–		–		–		–		–		–
Due to broker		14		–		50		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		19,104,121		2,203,497		476,520		12,884,574		8,222,473		5,378,335		48,239,832
NET ASSETS	$	3,166,943,806	$	382,898,744	$	769,905,684	$	2,046,218,137	$	190,746,683	$	323,784,439	$	1,171,518,262
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,233,691	$	181,860	$	327,718	$	515,867	$	108,481	$	263,164	$	592,526
Additional paid-in capital		2,087,728,731		186,556,695		159,831,410		958,985,006		112,078,490		213,681,705		747,986,744
Total accumulated earnings (loss)		1,077,981,384		196,160,189		609,746,556		1,086,717,264		78,559,712		109,839,570		422,938,992
NET ASSETS	$	3,166,943,806	$	382,898,744	$	769,905,684	$	2,046,218,137	$	190,746,683	$	323,784,439	$	1,171,518,262
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		123,369,111		18,186,020		32,771,813		51,586,680		10,848,140		26,316,361		59,252,597
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	25.67	$	21.05	$	23.49	$	39.67	$	17.58	$	12.30	$	19.77
*  Cost
Investment securities (unaffiliated)	$	2,313,655,219	$	234,693,972	$	221,812,593	$	1,392,172,446	$	144,470,381	$	238,794,195	$	844,391,143
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	2	$	–	$	946,642	$	–	$	–	$	–
† Including securities on loan	$	52,252,457	$	12,904,928	$	1,685,739	$	14,026,346	$	12,219,147	$	15,989,014	$	77,109,273

See Notes to Financial Statements

249

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2020 (unaudited) — (continued)

	SMALL CAP SPECIAL VALUES FUND		SMALL-MID GROWTH FUND		STOCK INDEX FUND		SYSTEMATIC CORE FUND		SYSTEMATIC VALUE FUND		VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	218,085,388	$	167,840,989	$	5,369,838,830	$	146,859,918	$	45,215,705	$	128,165,792
Investment securities, at value (affiliated)*†		–		–		5,909,497		–		–		–
Repurchase agreements (cost approximates value)		–		–		56,735,000		–		482,000		1,274,000
Cash		2,505,499		–		338		501,419		480		340
Foreign cash*		–		–		–		–		–		–
Due from broker		–		–		27		–		–		–
Receivable for:
Fund shares sold		28,020		107,789		250,755		117,054		1,271		23,481
Dividends and interest		283,522		77,301		8,335,127		207,399		91,568		335,209
Investments sold		305,730		276,063		–		–		–		–
Investments sold on an extended settlement basis		–		–		–		–		–		–
Securities lending income		1,387		1,260		6,732		11,016		21		28
Prepaid expenses and other assets		12,447		10,218		329,028		13,396		6,918		11,359
Due from investment adviser for expense reimbursements/fee waivers		–		9,052		144,408		25,600		10,960		15,062
Variation margin on futures contracts		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–
Swap premiums paid		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–
TOTAL ASSETS		221,221,993		168,322,672		5,441,549,742		147,735,802		45,808,923		129,825,271
LIABILITIES:
Payable for:
Fund shares reacquired		148,249		8,151		1,363,526		62,111		57,125		19,110
Investments purchased		108,620		1,283,557		–		–		–		–
Investments purchased on an extended settlement basis		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–
Investment advisory and management fees		129,061		109,916		1,026,098		87,274		25,573		80,814
Administrative service fee		11,483		8,629		292,013		7,765		2,438		6,913
Transfer agent fees and expenses		2,621		1,157		8,101		2,698		1,543		2,700
Directors’ fees and expenses		9,572		4,573		242,298		7,731		1,573		5,942
Other accrued expenses		60,852		54,315		386,067		53,045		48,437		54,613
Variation margin on futures contracts		–		–		278,635		–		–		–
Collateral upon return of securities loaned		4,740,454		2,143,280		3,895,738		620,388		237,667		–
Due to custodian		–		–		–		–		–		–
Due to broker		–		–		–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–
TOTAL LIABILITIES		5,210,912		3,613,578		7,492,476		841,012		374,356		170,092
NET ASSETS	$	216,011,081	$	164,709,094	$	5,434,057,266	$	146,894,790	$	45,434,567	$	129,655,179
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	199,225	$	89,034	$	1,126,198	$	58,586	$	35,042	$	72,409
Additional paid-in capital		200,749,887		83,301,871		1,585,578,562		86,949,355		35,942,326		96,639,588
Total accumulated earnings (loss)		15,061,969		81,318,189		3,847,352,506		59,886,849		9,457,199		32,943,182
NET ASSETS	$	216,011,081	$	164,709,094	$	5,434,057,266	$	146,894,790	$	45,434,567	$	129,655,179
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		19,922,528		8,903,382		112,619,817		5,858,623		3,504,217		7,240,872
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.84	$	18.50	$	48.25	$	25.07	$	12.97	$	17.91
*  Cost
Investment securities (unaffiliated)	$	205,832,879	$	123,512,538	$	2,117,951,845	$	103,042,727	$	41,401,293	$	103,624,681
Investment securities (affiliated)	$	–	$	–	$	5,495,221	$	–	$	–	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	5,570,242	$	8,408,474	$	11,235,575	$	1,910,998	$	226,394	$	217,914

See Notes to Financial Statements

250

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			CAPITAL CONSERVATION FUND		CORE EQUITY FUND			DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND			EMERGING ECONOMIES FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	697,695		$	1,657,945		$	4,127	$	1,711,613		$	14,243,196		$	–		$	12,354,979
Dividends (affiliated)		–			–			–		–			–			684,490			–
Securities lending income		15,007			2,103			2,178		1,611			10,428			–			170,567
Interest (unaffiliated)		416,990			1,608			3,058,467		–			–			258,550			–
Total investment income*		1,129,692			1,661,656			3,064,772		1,713,224			14,253,624			943,040			12,525,546
EXPENSES:
Investment advisory and management fees		341,660			3,302,842			733,035		963,150			3,127,479			241,648			3,125,260
Administrative service fee		45,598			305,894			99,407		80,361			295,383			11,312			276,060
Transfer agent fees and expenses		939			2,191			2,191		939			2,186			626			3,129
Custodian fees		88,109			17,107			28,287		5,318			30,733			11,793			128,461
Reports to shareholders		9,947			57,005			19,967		16,250			50,088			10,642			46,223
Audit and tax fees		26,115			16,331			23,244		16,332			16,383			16,661			23,867
Legal fees		48,853			15,704			8,968		8,208			17,009			7,746			22,749
Directors’ fees and expenses		3,344			21,782			7,520		5,711			25,033			4,884			18,546
Interest expense		–			–			–		–			13,473			–			6,328
License fee		673			670			673		806			8,000			673			670
Other expenses		32,073			29,185			21,365		24,974			32,052			16,546			33,903
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		597,311			3,768,711			944,657		1,122,049			3,617,819			322,531			3,685,196
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–		(216,769	)		(486,920	)		(14,910	)		–
Fees paid indirectly (Note 7)		(464	)		–			–		–			–			–			(1,224	)
Net expenses		596,847			3,768,711			944,657		905,280			3,130,899			307,621			3,683,972
Net investment income (loss)		532,845			(2,107,055	)		2,120,115		807,944			11,122,725			635,419			8,841,574
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		6,311,055			50,345,831			4,596,815		11,872,522			(18,411,057	)		(2,370,748	)		23,174,980
Investments (affiliated)		–			–			–		–			–			1,485,854			–
Futures contracts		620,064			–			–		–			–			(2,876,374	)		(49,871	)
Forward contracts		549,193			–			–		–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–		–			–			906,586			–
Net realized foreign exchange gain (loss) on other assets and liabilities		330,330			179			–		–			42,226			–			(959,099	)
Net increase from payment by affiliates (Note 3)		–			–			–		–			–			–			–
Net realized gain (loss) on investments and foreign currencies		7,810,642			50,346,010			4,596,815		11,872,522			(18,368,831	)		(2,854,682	)		22,166,010
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		14,553,477			137,458,089			802,459		39,423,851			124,184,998			(1,486,915	)		180,636,869
Investments (affiliated)		–			–			–		–			–			20,660,747			–
Futures contracts		(34,977	)		–			–		–			–			437,607			–
Forward contracts		205,466			–			–		–			–			–			–
Swap contracts		–			–			–		–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		130,436			(4	)		–		–			16,917			–			65,377
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–		–			–			–			(821,294	)
Net unrealized gain (loss) on investments and foreign currencies		14,854,402			137,458,085			802,459		39,423,851			124,201,915			19,611,439			179,880,952
Net realized and unrealized gain (loss) on investments and foreign currencies		22,665,044			187,804,095			5,399,274		51,296,373			105,833,084			16,756,757			202,046,962
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	23,197,889		$	185,697,040		$	7,519,389	$	52,104,317		$	116,955,809		$	17,392,176		$	210,888,536
*  Net of foreign withholding taxes on interest and dividends of		39,482			1,539			341		27,655			109,962			–			1,707,924
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–	$	–		$	–		$	–		$	(115,842	)

See Notes to Financial Statements

251

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (continued)

	GLOBAL REAL ESTATE FUND		GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	5,538,100	$	2,498,761		$	–		$	–		$	3,785,085		$	2,501,220		$	5,122
Dividends (affiliated)		–		–			–			–			–			–			–
Securities lending income		26,450		5,574			–			5,948			123,084			192,049			9,028
Interest (unaffiliated)		–		1,377,405			246,118			1,846,815			–			8,711			8,260,637
Total investment income*		5,564,550		3,881,740			246,118			1,852,763			3,908,169			2,701,980			8,274,787
EXPENSES:
Investment advisory and management fees		1,284,550		724,760			858,162			368,476			5,100,887			4,315,497			1,989,392
Administrative service fee		116,480		96,727			143,163			49,177			500,945			294,325			300,515
Transfer agent fees and expenses		2,190		939			5,790			2,818			1,565			1,252			2,190
Custodian fees		26,857		122,614			11,094			8,859			32,846			24,555			23,208
Reports to shareholders		20,275		43,561			62,427			10,884			142,017			53,028			50,740
Audit and tax fees		17,375		25,102			22,022			19,555			16,703			17,446			20,642
Legal fees		6,123		31,520			8,199			10,509			33,482			16,219			75,045
Directors’ fees and expenses		9,269		7,218			11,331			3,996			36,206			21,492			21,538
Interest expense		16		19			–			–			1,686			–			2,109
License fee		670		670			672			673			15,083			670			670
Other expenses		32,870		31,393			12,018			20,665			45,366			28,900			23,714
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,516,675		1,084,523			1,134,878			495,612			5,926,786			4,773,384			2,509,763
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–		(28,990	)		(910,188	)		–			(1,201,126	)		(169,449	)		(49,084	)
Fees paid indirectly (Note 7)		–		–			–			–			–			–			–
Net expenses		1,516,675		1,055,533			224,690			495,612			4,725,660			4,603,935			2,460,679
Net investment income (loss)		4,047,875		2,826,207			21,428			1,357,151			(817,491	)		(1,901,955	)		5,814,108
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		934,587		(6,507,458	)		18			218,245			73,314,169			51,732,947			30,528,699
Investments (affiliated)		–		–			–			–			–			–			–
Futures contracts		–		–			–			–			164,444			–			605,520
Forward contracts		–		(3,945,599	)		–			–			–			–			(141	)
Net realized gain on capital gain distributions from underlying funds (affiliated)		–		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		29,030		423,011			–			–			5,583			2,049			39,366
Net increase from payment by affiliates (Note 3)		–		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		963,617		(10,030,046	)		18			218,245			73,484,196			51,734,996			31,173,444
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		33,468,150		35,558,974			–			(793,419	)		247,052,478			89,732,593			25,932,252
Investments (affiliated)		–		–			–			–			–			–			–
Futures contracts		–		–			–			–			(40,810	)		–			94,452
Forward contracts		–		(2,052,332	)		–			–			–			–			(9,928,185	)
Swap contracts		–		–			–			–			–			–			301,553
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		14,361		77,907			–			–			5,207			19,339			32,781
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–		(75,155	)		–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		33,482,511		33,509,394			–			(793,419	)		247,016,875			89,751,932			16,432,853
Net realized and unrealized gain (loss) on investments and foreign currencies		34,446,128		23,479,348			18			(575,174	)		320,501,071			141,486,928			47,606,297
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	38,494,003	$	26,305,555		$	21,446		$	781,977		$	319,683,580		$	139,584,973		$	53,420,405
*  Net of foreign withholding taxes on interest and dividends of		186,753		183,705			–			–			15,235			14,164			(10,848	)
** Net of foreign withholding taxes on capital gains of	$	–	$	9,227		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

252

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (continued)

	INTERNATIONAL EQUITIES INDEX FUND		INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			INTERNATIONAL SOCIALLY RESPONSIBLE FUND			INTERNATIONAL VALUE FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	14,738,724	$	–		$	1,279,177		$	3,917,663		$	7,914,223		$	1,386,296		$	2,722,619
Dividends (affiliated)		–		–			–			–			–			–			–
Securities lending income		116,792		5,732			64,884			–			120,674			158			1,648
Interest (unaffiliated)		–		2,694,866			–			–			2,245			–			320
Total investment income*		14,855,516		2,700,598			1,344,061			3,917,663			8,037,142			1,386,454			2,724,587
EXPENSES:
Investment advisory and management fees		1,940,865		486,218			2,418,600			856,011			2,278,498			647,583			1,808,795
Administrative service fee		456,000		64,891			175,203			114,243			221,425			61,733			188,595
Transfer agent fees and expenses		4,665		2,191			2,190			2,278			2,503			2,191			2,505
Custodian fees		177,404		17,163			38,799			38,681			57,078			8,399			11,247
Reports to shareholders		82,353		12,910			30,807			41,358			44,362			14,232			36,637
Audit and tax fees		23,473		24,655			21,574			18,275			21,580			16,317			16,339
Legal fees		20,383		8,049			14,853			9,466			14,591			7,748			11,953
Directors’ fees and expenses		32,921		4,688			12,378			8,413			15,460			4,465			13,663
Interest expense		–		–			–			–			–			–			–
License fee		265,348		673			670			673			670			5,252			4,388
Other expenses		68,527		20,752			36,625			35,883			34,410			20,057			26,018
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,071,939		642,190			2,751,699			1,125,281			2,690,577			787,977			2,120,140
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–		–			(525,110	)		–			(232,276	)		(32,839	)		–
Fees paid indirectly (Note 7)		–		–			–			–			–			(6,652	)		–
Net expenses		3,071,939		642,190			2,226,589			1,125,281			2,458,301			748,486			2,120,140
Net investment income (loss)		11,783,577		2,058,408			(882,528	)		2,792,382			5,578,841			637,968			604,447
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		1,156,362		5,062,060			27,163,557			(1,523,810	)		(10,383,532	)		10,870,057			42,934,360
Investments (affiliated)		–		–			–			–			–			–			–
Futures contracts		11,191,612		–			–			6,748,569			–			–			–
Forward contracts		–		–			–			–			(1,615,982	)		–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		219,555		(23,589	)		(2,756	)		140,768			84,994			(183	)		3,392
Net increase from payment by affiliates (Note 3)		–		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		12,567,529		5,038,471			27,160,801			5,365,527			(11,914,520	)		10,869,874			42,937,752
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		217,561,535		7,444,901			109,592,456			56,413,478			150,804,340			22,932,685			64,354,172
Investments (affiliated)		–		–			–			–			–			–			–
Futures contracts		1,702,608		–			–			(3,950,553	)		–			–			–
Forward contracts		–		–			–			–			(420,522	)		–			–
Swap contracts		–		–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		259,185		19,930			23,148			37,151			85,515			–			4,574
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–		–			(1,564,560	)		–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		219,523,328		7,464,831			108,051,044			52,500,076			150,469,333			22,932,685			64,358,746
Net realized and unrealized gain (loss) on investments and foreign currencies		232,090,857		12,503,302			135,211,845			57,865,603			138,554,813			33,802,559			107,296,498
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	243,874,434	$	14,561,710		$	134,329,317		$	60,657,985		$	144,133,654		$	34,440,527		$	107,900,945
*  Net of foreign withholding taxes on interest and dividends of		1,008,160		(1,716	)		117,322			264,535			780,657			13,386			23,118
** Net of foreign withholding taxes on capital gains of	$	–	$	–		$	3,079		$	–		$	–		$	–		$	–

See Notes to Financial Statements

253

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (continued)

	MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND			SMALL CAP INDEX FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	22,349,621		$	1,051,620		$	2,668,729		$	2,925,024		$	119,661		$	1,494,897		$	6,169,046
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		140,936			6,610			3,475			67,071			29,194			213,697			673,602
Interest (unaffiliated)		–			2,578			–			21,080			–			520			–
Total investment income*		22,490,557			1,060,808			2,672,204			3,013,175			148,855			1,709,114			6,842,648
EXPENSES:
Investment advisory and management fees		3,842,590			1,182,367			1,375,381			7,967,222			722,413			1,286,817			1,512,588
Administrative service fee		960,103			114,950			241,002			615,634			56,714			96,103			336,827
Transfer agent fees and expenses		5,964			2,190			4,380			4,680			1,362			939			5,714
Custodian fees		49,843			9,670			9,421			90,587			10,276			25,457			62,196
Reports to shareholders		125,863			22,515			43,030			146,043			11,782			16,889			57,044
Audit and tax fees		17,280			16,410			17,251			16,750			16,343			16,750			18,129
Legal fees		50,080			9,462			13,389			34,544			7,424			8,567			18,668
Directors’ fees and expenses		68,236			7,988			16,847			43,028			3,966			6,580			21,954
Interest expense		2,869			138			–			464			110			19			–
License fee		14,388			2,147			144,464			670			5,556			348			128,704
Other expenses		48,795			34,133			29,770			43,195			23,664			32,296			40,827
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		5,186,011			1, 401,970			1,894,935			8,962,817			859,610			1,490,765			2,202,651
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			–			(17,619	)		(151,055	)		–
Fees paid indirectly (Note 7)		–			(2,212	)		–			(35,313	)		(3,201	)		(2,597	)		–
Net expenses		5,186,011			1,399,758			1,894,935			8,927,504			838,790			1,337,113			2,202,651
Net investment income (loss)		17,304,546			(338,950	)		777,269			(5,914,329	)		(689,935	)		372,001			4,639,997
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		94,263,760			32,664,272			2,445,346			261,788,718			16,942,003			17,248,277			39,068,944
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		9,512,674			–			14,030,186			–			–			–			14,750,252
Forward contracts		–			–			–			–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(77	)		–			(79,035	)		–			279			–
Net increase from payment by affiliates (Note 3)		–			–			104,168			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		103,776,434			32,664,195			16,579,700			261,709,683			16,942,003			17,248,556			53,819,196
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		505,040,883			52,418,496			161,907,827			261,961,985			28,542,006			56,960,833			214,460,489
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		(2,671,780	)		–			(2,523,182	)		–			–			–			7,198,384
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(524	)		–			79,755			–			(12	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		502,369,103			52,417,972			159,384,645			262,041,740			28,542,006			56,960,821			221,658,873
Net realized and unrealized gain (loss) on investments and foreign currencies		606,145,537			85,082,167			175,964,345			523,751,423			45,484,009			74,209,377			275,478,069
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	623,450,083		$	84,743,217		$	176,741,614		$	517,837,094		$	44,794,074		$	74,581,378		$	280,118,066
*  Net of foreign withholding taxes on interest and dividends of		–			12,482			2,835			153,101			–			4,443			11,931
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

254

VALIC Company I

STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2020 (unaudited) — (continued)

	SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			SYSTEMATIC CORE FUND			SYSTEMATIC VALUE FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,827,192		$	300,371		$	43,059,913		$	1,010,504		$	513,788		$	1,431,940
Dividends (affiliated)		–			–			101,787			–			–			–
Securities lending income		9,578			8,897			51,759			18,401			320			873
Interest (unaffiliated)		–			40			–			–			–			–
Total investment income*		1,836,770			309,308			43,213,459			1,028,905			514,108			1,432,813
EXPENSES:
Investment advisory and management fees		721,204			614,263			6,075,004			499,957			154,583			467,625
Administrative service fee		64,168			48,223			1,702,100			44,483			14,736			40,006
Transfer agent fees and expenses		2,300			939			6,571			2,177			1,251			2,190
Custodian fees		12,697			9,663			61,372			20,006			11,235			8,965
Reports to shareholders		13,545			11,230			247,608			8,534			5,856			8,652
Audit and tax fees		16,347			16,337			17,273			17,238			16,339			16,328
Legal fees		8,720			7,182			84,514			38,562			7,731			6,937
Directors’ fees and expenses		4,437			3,341			123,123			3,163			1,069			2,842
Interest expense		4			26			726			59			–			–
License fee		5,530			4,127			25,507			670			1,975			24
Other expenses		22,313			25,535			62,010			23,822			25,032			24,509
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		871,265			740,866			8,405,808			658,671			239,807			578,078
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			(50,586	)		(1,000,215	)		(146,654	)		(66,250	)		(68,486	)
Fees paid indirectly (Note 7)		(2,477	)		–			–			(261	)		–			(83	)
Net expenses		868,788			690,280			7,405,593			511,756			173,557			509,509
Net investment income (loss)		967,982			(380,972	)		35,807,866			517,149			340,551			923,304
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		3,975,929			22,418,482			211,363,239			1,729,740			9,067			2,776,771
Investments (affiliated)		–			–			(27,699	)		–			–			–
Futures contracts		–			–			13,653,046			–			–			–
Forward contracts		–			–			–			–			–			–
Net realized gain on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			740
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		3,975,929			22,418,482			224,988,586			1,729,740			9,067			2,777,511
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		36,309,371			18,711,906			660,443,389			24,180,001			3,824,681			12,750,776
Investments (affiliated)		–			–			1,323,169			–			–			–
Futures contracts		–			–			(1,818,800	)		–			–			–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			1,815
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		36,309,371			18,711,906			659,947,758			24,180,001			3,824,681			12,752,591
Net realized and unrealized gain (loss) on investments and foreign currencies		40,285,300			41,130,388			884,936,344			25,909,741			3,833,748			15,530,102
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,253,282		$	40,749,416		$	920,744,210		$	26,426,890		$	4,174,299		$	16,453,406
*  Net of foreign withholding taxes on interest and dividends of		3,737			–			–			154			–			1,032
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

255

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						CAPITAL CONSERVATION FUND					CORE EQUITY FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)		For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	532,845		$	1,995,418		$	(2,107,055	)	$	(1,950,124	)	$	2,120,115	$	5,439,201		$	807,944		$	2,836,134
Net realized gain (loss) on investments and foreign currencies		7,810,642			(11,951,627	)		50,346,010			91,746,811			4,596,815		6,796,645			11,872,522			22,378,048
Net unrealized gain (loss) on investments and foreign currencies		14,854,402			8,261,742			137,458,085			68,509,442			802,459		10,407,892			39,423,851			(2,854,380	)
Net increase (decrease) in net assets resulting from operations		23,197,889			(1,694,467	)		185,697,040			158,306,129			7,519,389		22,643,738			52,104,317			22,359,802
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(4,210,644	)		–			(86,238,340	)		–		(7,486,947	)		–			(23,169,204	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(9,503,081	)		(13,008,489	)		(46,592,162	)		(22,297,824	)		16,422,379		15,224,136			(14,675,050	)		(4,534,427	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		13,694,808			(18,913,600	)		139,104,878			49,769,965			23,941,768		30,380,927			37,429,267			(5,343,829	)
NET ASSETS:
Beginning of period		128,629,496			147,543,096			831,006,102			781,236,137			277,277,028		246,896,101			223,065,541			228,409,370
End of period	$	142,324,304		$	128,629,496		$	970,110,980		$	831,006,102		$	301,218,796	$	277,277,028		$	260,494,808		$	223,065,541

See Notes to Financial Statements

256

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND						EMERGING ECONOMIES FUND					GLOBAL REAL ESTATE FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)		For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	11,122,725		$	26,653,508		$	635,419		$	2,923,580		$	8,841,574	$	18,452,780		$	4,047,875		$	8,556,157
Net realized gain (loss) on investments and foreign currencies		(18,368,831	)		(21,192,407	)		(2,854,682	)		17,948,031			22,166,010		9,080,370			963,617			(12,786,006	)
Net unrealized gain (loss) on investments and foreign currencies		124,201,915			(32,651,046	)		19,611,439			(550,870	)		179,880,952		(41,786,861	)		33,482,511			(45,533,504	)
Net increase (decrease) in net assets resulting from operations		116,955,809			(27,189,945	)		17,392,176			20,320,741			210,888,536		(14,253,711	)		38,494,003			(49,763,353	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(74,967,965	)		–			(11,267,357	)		–		(17,777,259	)		–			(20,813,547	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(218,016,322	)		154,460,809			(12,565,359	)		(22,155,638	)		4,333,717		(89,568,587	)		(55,317,575	)		(28,601,167	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(101,060,513	)		52,302,899			4,826,817			215,222,253			215,222,253		(121,599,557	)		(16,823,572	)		(99,178,067	)
NET ASSETS:
Beginning of period		1,012,016,866			959,713,967			190,740,797			203,843,051			701,471,186		823,070,743			359,442,365			458,620,432
End of period	$	910,956,353		$	1,012,016,866		$	195,567,614		$	190,740,797		$	916,693,439	$	701,471,186		$	342,618,793		$	359,442,365

See Notes to Financial Statements

257

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GLOBAL STRATEGY FUND						GOVERNMENT MONEY MARKET I FUND						GOVERNMENT SECURITIES FUND						GROWTH FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,826,207		$	9,152,587		$	21,428		$	3,947,837		$	1,357,151		$	3,027,861		$	(817,491	)	$	2,029,655
Net realized gain (loss) on investments and foreign currencies		(10,030,046	)		(14,116,065	)		18			1,466			218,245			234,572			73,484,196			208,062,507
Net unrealized gain (loss) on investments and foreign currencies		33,509,394			2,757,644			–			–			(793,419	)		8,643,191			247,016,875			98,551,716
Net increase (decrease) in net assets resulting from operations		26,305,555			(2,205,834	)		21,446			3,949,303			781,977			11,905,624			319,683,580			308,643,878
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(36,956,013	)		(21,429	)		(3,947,837	)		–			(3,464,038	)		–			(121,995,009	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(15,254,613	)		(1,832,479	)		(5,405,128	)		20,016,091			648,402			(3,475,349	)		(46,107,265	)		122,864,010
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,050,942			(40,994,326	)		(5,405,111	)		20,017,557			1,430,379			4,966,237			273,576,315			309,512,879
NET ASSETS:
Beginning of period		282,707,937			323,702,263			415,200,980			395,183,423			148,338,215			143,371,978			1,358,693,487			1,049,180,608
End of period	$	293,758,879		$	282,707,937		$	409,795,869		$	415,200,980		$	149,768,594		$	148,338,215		$	1,632,269,802		$	1,358,693,487

See Notes to Financial Statements

258

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	HEALTH SCIENCES FUND						INFLATION PROTECTED FUND					INTERNATIONAL EQUITIES INDEX FUND					INTERNATIONAL GOVERNMENT BOND FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)		For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)		For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)		For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,901,955	)	$	(1,368,129	)	$	5,814,108	$	13,398,808		$	11,783,577	$	22,343,146		$	2,058,408	$	4,221,126
Net realized gain (loss) on investments and foreign currencies		51,734,996			84,792,905			31,173,444		2,889,476			12,567,529		(56,514,353	)		5,038,471		2,202,989
Net unrealized gain (loss) on investments and foreign currencies		89,751,932			99,973,766			16,432,853		18,002,918			219,523,328		(12,960	)		7,464,831		1,731,653
Net increase (decrease) in net assets resulting from operations		139,584,973			183,398,542			53,420,405		34,291,202			243,874,434		(34,184,167	)		14,561,710		8,155,768
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(55,413,297	)		–		(16,140,417	)		–		(54,035,196	)		–		(2,974,089	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(40,815,314	)		(19,300,405	)		119,861,061		45,882,284			101,995,028		293,296,266			16,673,700		(36,921,147	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		98,769,659			108,684,840			173,281,466		64,033,069			345,869,462		205,076,903			31,235,410		(31,739,468	)
NET ASSETS:
Beginning of period		850,757,116			742,072,276			764,606,839		700,573,770			1,246,804,398		1,041,727,495			171,444,083		203,183,551
End of period	$	949,526,775		$	850,757,116		$	937,888,305	$	764,606,839		$	1,592,673,860	$	1,246,804,398		$	202,679,493	$	171,444,083

See Notes to Financial Statements

259

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL GROWTH FUND						INTERNATIONAL SOCIALLY RESPONSIBLE FUND						INTERNATIONAL VALUE FUND						LARGE CAP CORE FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(882,528	)	$	(128,229	)	$	2,792,382		$	5,698,515		$	5,578,841		$	13,487,740		$	637,968		$	1,600,704
Net realized gain (loss) on investments and foreign currencies		27,160,801			237,766			5,365,527			56,878,712			(11,914,520	)		(69,069,557	)		10,869,874			6,621,354
Net unrealized gain (loss) on investments and foreign currencies		108,051,044			43,668,282			52,500,076			(69,666,052	)		150,469,333			(3,037,198	)		22,932,685			16,867,944
Net increase (decrease) in net assets resulting from operations		134,329,317			43,777,819			60,657,985			(7,088,825	)		144,133,654			(58,619,015	)		34,440,527			25,090,002
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(530,816	)		–			(18,692,073	)		–			(17,228,045	)		–			(13,642,078	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(33,053,512	)		(47,834,963	)		(22,902,444	)		(11,366,171	)		(51,245,648	)		(8,515,305	)		(10,357,629	)		(3,175,366	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		101,275,805			(4,587,960	)		37,755,541			(37,147,069	)		92,888,006			(84,362,365	)		24,082,898			8,272,558
NET ASSETS:
Beginning of period		461,774,108			466,362,068			326,670,585			363,817,654			604,122,650			688,485,015			174,700,173			166,427,615
End of period	$	563,049,913		$	461,774,108		$	364,426,126		$	326,670,585		$	697,010,656		$	604,122,650		$	198,783,071		$	174,700,173

See Notes to Financial Statements

260

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND						MID CAP STRATEGIC GROWTH FUND						NASDAQ-100® INDEX FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	604,447		$	2,316,146		$	17,304,546		$	38,940,738		$	(338,950	)	$	(88,202	)	$	777,269		$	2,698,873
Net realized gain (loss) on investments and foreign currencies		42,937,752			55,418,774			103,776,434			90,453,329			32,664,195			20,667,275			16,579,700			58,963,135
Net unrealized gain (loss) on investments and foreign currencies		64,358,746			23,050,451			502,369,103			(183,709,038	)		52,417,972			16,186,881			159,384,645			101,360,693
Net increase (decrease) in net assets resulting from operations		107,900,945			80,785,371			623,450,083			(54,314,971	)		84,743,217			36,765,954			176,741,614			163,022,701
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(41,748,045	)		–			(296,387,150	)		–			(16,210,213	)		–			(18,718,005	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(31,795,261	)		8,291,452			(190,620,310	)		187,502,822			(16,689,158	)		(8,998,996	)		(29,354,770	)		(21,055,069	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		76,105,684			47,328,778			432,829,773			(163,199,299	)		68,054,059			11,556,745			147,386,844			123,249,627
NET ASSETS:
Beginning of period		524,630,111			477,301,333			2,734,114,033			2,897,313,332			314,844,685			303,287,940			622,518,840			499,269,213
End of period	$	600,735,795		$	524,630,111		$	3,166,943,806		$	2,734,114,033		$	382,898,744		$	314,844,685		$	769,905,684		$	622,518,840

See Notes to Financial Statements

261

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND						SMALL CAP FUND						SMALL CAP INDEX FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(5,914,329	)	$	2,824,205		$	(689,935	)	$	(1,146,764	)	$	372,001		$	964,891		$	4,639,997		$	9,632,473
Net realized gain (loss) on investments and foreign currencies		261,709,683			218,482,412			16,942,003			15,564,804			17,248,556			9,712,336			53,819,196			55,928,555
Net unrealized gain (loss) on investments and foreign currencies		262,041,740			175,582,908			28,542,006			3,085,781			56,960,821			(2,682,249	)		221,658,873			(88,784,386	)
Net increase (decrease) in net assets resulting from operations		517,837,094			396,889,525			44,794,074			17,503,821			74,581,378			7,994,978			280,118,066			(23,223,358	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(167,892,734	)		–			(21,153,681	)		–			(23,425,775	)		–			(140,525,121	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(94,702,007	)		1,252,545			(14,574,095	)		2,264,524			(15,291,470	)		(4,093,062	)		(7,156,715	)		50,265,660
TOTAL INCREASE (DECREASE) IN NET ASSETS		423,135,087			230,249,336			30,219,979			(1,385,336	)		59,289,908			(19,523,859	)		272,961,351			(113,482,819	)
NET ASSETS:
Beginning of period		1,623,083,050			1,392,833,714			160,526,704			161,912,040			264,494,531			284,018,390			898,556,911			1,012,039,730
End of period	$	2,046,218,137		$	1,623,083,050		$	190,746,683		$	160,526,704		$	323,784,439		$	264,494,531		$	1,171,518,262		$	898,556,911

See Notes to Financial Statements

262

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND						STOCK INDEX FUND						SYSTEMATIC CORE FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	967,982		$	2,367,558		$	(380,972	)	$	(354,237	)	$	35,807,866		$	93,349,452		$	517,149		$	1,051,419
Net realized gain (loss) on investments and foreign currencies		3,975,929			(1,093,541	)		22,418,482			15,682,571			224,988,586			283,015,679			1,729,740			13,868,273
Net unrealized gain (loss) on investments and foreign currencies		36,309,371			(23,302,140	)		18,711,906			11,427,528			659,947,758			187,950,002			24,180,001			2,379,254
Net increase (decrease) in net assets resulting from operations		41,253,282			(22,028,123	)		40,749,416			26,755,862			920,744,210			564,315,133			26,426,890			17,298,946
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(21,290,802	)		–			(13,852,479	)		–			(402,859,884	)		–			(14,147,413	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,351,980	)		(3,147,232	)		(7,269,070	)		2,127,905			(311,876,807	)		26,189,039			(2,171,331	)		1,986,684
TOTAL INCREASE (DECREASE) IN NET ASSETS		38,901,302			(46,466,157	)		33,480,346			15,031,288			608,867,403			187,644,288			24,255,559			5,138,217
NET ASSETS:
Beginning of period		177,109,779			223,575,936			131,228,748			116,197,460			4,825,189,863			4,637,545,575			122,639,231			117,501,014
End of period	$	216,011,081		$	177,109,779		$	164,709,094		$	131,228,748		$	5,434,057,266		$	4,825,189,863		$	146,894,790		$	122,639,231

See Notes to Financial Statements

263

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SYSTEMATIC VALUE FUND						VALUE FUND
	For the Six Months Ended November 30, 2020 (Unaudited)			For the Year Ended May 31, 2020			For the Six Months Ended November 30, 2020 (Unaudited)		For the Year Ended May 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	340,551		$	815,174		$	923,304	$	2,014,352
Net realized gain (loss) on investments and foreign currencies		9,067			4,656,886			2,777,511		3,911,912
Net unrealized gain (loss) on investments and foreign currencies		3,824,681			(6,083,372	)		12,752,591		(3,755,126	)
Net increase (decrease) in net assets resulting from operations		4,174,299			(611,312	)		16,453,406		2,171,138
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		–			(6,042,555	)		–		(12,520,789	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,972,662	)		(325,456	)		232,011		5,192,073
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,201,637			(6,979,323	)		16,685,417		(5,157,578	)
NET ASSETS:
Beginning of period		44,232,930			51,212,253			112,969,762		118,127,340
End of period	$	45,434,567		$	44,232,930		$	129,655,179	$	112,969,762

See Notes to Financial Statements

264

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 45 separate mutual funds (each, a “Fund” and collectively, the “Funds”), 34 of which are included in this report, and each of which issues its own separate class of capital shares:

Asset Allocation Fund	International Socially Responsible Fund
Blue Chip Growth Fund	International Value Fund
Capital Conservation Fund	Large Cap Core Fund
Core Equity Fund	Large Capital Growth Fund
Dividend Value Fund	Mid Cap Index Fund
Dynamic Allocation Fund*	Mid Cap Strategic Growth Fund
Emerging Economies Fund	Nasdaq-100® Index Fund
Global Real Estate 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
Health Sciences Fund	Small-Mid Growth Fund
Inflation Protected Fund	Stock Index Fund
International Equities Index Fund	Systematic Core Fund
International Government Bond Fund	Systematic Value Fund
International Growth Fund	Value Fund

* The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of the underlying funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Funds”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”).

Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100^® Index Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)

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

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

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of November 30, 2020, is reported on a schedule at the end of each Fund’s Portfolio of Investments.

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

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The International Value Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The Inflation Protected Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates, to manage and/or gain exposure to certain foreign currencies and to enhance return.

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 used futures contracts to equitize cash, providing exposure to equity markets. The Growth Fund, International Equities Index Fund, International Socially Responsible 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. The Inflation Protected Fund used futures contracts to manage duration and yield curve positioning and to increase exposure to equity or bond 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

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

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

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Interest Rate Swap Agreements: During the period, the Inflation Protected Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of November 30, 2020, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the six months ended November 30, 2020. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of November 30, 2020, please refer to the Portfolio of Investments.

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Interest Rate Contracts
Fund	Asset Derivatives								Liability Derivatives
Asset Allocation	$	22,481	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Inflation Protected		75,905		301,553		—		—		6,016		—		—		—
	Equity Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	9,688	$	—	$	—	$	—	$	176,362	$	—	$	—	$	—
Dynamic Allocation		19,950		—		1,540,925		—		—		—		—		—
Growth		—		—		—		—		2,660		—		—		—
International Equities Index		—		—		—		—		4,720,170		—		—		—
International Socially Responsible		—		—		—		—		344,760		—		—		—
Mid Cap Index		—		—		—		—		476,010		—		—		—
Nasdaq-100® Index		37,830		—		—		—		—		—		—		—
Small Cap Index		—		—		—		—		1,723,960		—		—		—
Stock Index		—		—		—		—		278,635		—		—		—
	Foreign Exchange Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	—	$	—	$	—	$	364,109	$	—	$	—	$	—	$	518,401
Global Strategy		—		—		—		284,869		—		—		—		2,050,647
Inflation Protected		—		—		—		—		—		—		—		9,928,185
International Growth		—		—		—		—		—		—		—		—
International Value		—		—		—		42,165		—		—		—		129,141

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	$	(233,074	)
Dynamic Allocation		(6,798	)
Growth		50,184
Inflation Protected		94,452
International Equities Index		6,151,971
International Socially Responsible		669,463
Mid Cap Index		263,964
Nasdaq-100® Index		1,321,105
Small Cap Index		14,168,223
Stock Index		3,769,171

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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	$	(6,629	)	$	—	$	—	$	—		$	—
Inflation Protected		605,520			—		—		—			—
	Equity Contracts
Asset Allocation	$	626,693		$	—	$	—	$	—		$	—
Dynamic Allocation		(2,876,374	)		—		—		(3,663,093	)		—
Emerging Economies		(49,871	)		—		—		—			—
Growth		164,444			—		—		—			—
International Equities Index		11,191,612			—		—		—			—
International Socially Responsible		6,748,569			—		—		—			—
Mid Cap Index		9,512,674			—		—		—			—
Nasdaq-100® Index		14,030,186			—		—		—			—
Small Cap Index		14,750,252			—		—		—			—
Stock Index		13,653,046			—		—		—			—
	Foreign Exchange Contracts
Asset Allocation	$	—		$	—	$	—	$	—		$	549,193
Global Strategy		—			—		—		—			(3,945,599	)
Inflation Protected		—			—		—		—			(141	)
International Growth		—			—		—		(952,686	)		—
International Value		—			—		—		—			(1,615,982	)
	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	$	135,489		$	—	$	—	$	—		$	—
Inflation Protected		94,452			301,553		—		—			—
	Equity Contracts
Asset Allocation	$	(170,466	)	$	—	$	—	$	—		$	—
Dynamic Allocation		437,607			—		—		246,268			—
Emerging Economies		—			—		—		—			—
Growth		(40,810	)		—		—		—			—
International Equities Index		1,702,608			—		—		—			—
International Socially Responsible		(3,950,553	)		—		—		—			—
Mid Cap Index		(2,671,780	)		—		—		—			—
Nasdaq-100® Index		(2,523,182	)		—		—		—			—
Small Cap Index		7,198,384			—		—		—			—
Stock Index		(1,818,800	)		—		—		—			—
	Foreign Exchange Contracts
Asset Allocation	$	—		$	—	$	—	$	—		$	205,466
Global Strategy		—			—		—		—			(2,052,332	)
Inflation Protected		—			—		—		—			(9,928,185	)
International Growth		—			—		—		784,774			—
International Value		—			—		—		—			(420,522	)

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2020.

	Average Amount Outstanding During the Period
	Futures Contracts(2)		Foreign Forward Exchange Contracts(2)		Purchased Put Options Contracts(1)		Written Call Options Contracts(1)		Interest Rate Swap Contracts(2)
Portfolio
Asset Allocation	$	27,483,479	$	38,728,413	$	—	$	—	$	—
Dynamic Allocation		14,108,117		—		1,772,321		—		—
Emerging Economies		1,422,785		—		—		—		—
Global Strategy		—		118,106,939		—		—		—
Growth		669,750		—		—		—		—
Inflation Protected		25,609,513		266,589,083		—		—		36,500,000
International Equities Index		86,248,544		—		—		—		—
International Socially Responsible		14,955,829		—		—		—		—
International Growth		—		—		1,669		—		—
International Value		—		35,930,927		—		—		—
Mid Cap Index		44,796,243		—		—		—		—
Nasdaq-100 Index		44,792,966		—		—		—		—
Small Cap Index		82,717,860		—		—		—		—
Stock Index		71,748,413		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of November 30, 2020. The repurchase agreements held by the Funds and the securities on loan as of November 30, 2020, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	Asset Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount(3)
Morgan Stanley Capital Services, Inc.	$	364,109	$	—	$	—	$	364,109	$	518,401	$	—	$	—	$	518,401	$	(154,292)	$	154,292	$	—

(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.

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Dynamic Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
Citibank, NA	$	—	$	—	$	318,047	$	318,047	$	—	$	—	$	—	$	—	$	318,047	$	(318,047	)	$	—
Goldman Sachs International		—		—		521,310		521,310		—		—		—		—		521,310		(521,310	)		—
UBS AG		—		—		701,568		701,568		—		—		—		—		701,568		—			701,568
Total	$	—		—	$	1,540,925	$	1,540,925	$	—	$	—	$	—	$	—	$	1,540,925	$	(839,357	)	$	701,568

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	Global Strategy Fund																			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.	$	–	$	–	$	–	$	–	$	8,667	$	–	$	–	$	8,667	$	(8,667	)	$	–	$	(8,667	)
BNP Paribas SA		–		–		–		–		1,043		–		–		1,043		(1,043	)		–		(1,043	)
Citibank N.A.		28,136		–		–		28,136		907,155		–		–		907,155		(879,019	)		879,019		–
Deutsch Bank AG		104,641		–		–		104,641		155,262		–		–		155,262		(50,621	)		20,000		(30,621	)
Goldman Sachs International		–		–		–		–		18,272		–		–		18,272		(18,272	)		–		(18,272	)
HSBC Bank PLC		40,534		–		–		40,534		795,328		–		–		795,328		(754,794	)		754,794		–
JPMorgan Chase Bank N.A.		106,087		–		–		106,087		112,824		–		–		112,824		(6,737	)		–		(6,737	)
Morgan Stanley and Co., Inc.		–		–		–		–		828		–		–		828		(828	)		–		(828	)
Standard Chartered Bank		5,471		–		–		5,471		23,082		–		–		23,082		(17,611	)		–		(17,611	)
UBS AG		–		–		–		–		28,186		–		–		28,186		(28,186	)		–		(28,186	)
Total	$	284,869	$	–	$	–	$	284,869	$	2,050,647	$	–	$	–	$	2,050,647	$	(1,765,778	)	$	1,653,813	$	(111,965	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	Inflation Protected Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount(3)
Canadian Imperial Bank Of Commerce	$	—	$	—	$	—	$	—	$	73,865	$	—	$	—	$	73,865	$	(73,865	)	$	—		$	(73,865	)
Citibank N.A.		—		—		—		—		17,898		—		—		17,898		(17,898	)		—			(17,898	)
Credit Agricole Cib		—		—		—		—		1,378,682		—		—		1,378,682		(1,378,682	)		—			(1,378,682	)
Goldman Sachs International		—		—		—		—		4,920,139		—		—		4,920,139		(4,920,139	)		—			(4,920,139	)
HSBC Bank PLC		—		—		—		—		3,532,919		—		—		3,532,919		(3,532,919	)		—			(3,532,919	)
JPMorgan Chase Bank N.A.		—		—		—		—		752		—		—		752		(752	)		—			(752	)
Westpac Banking Corporation		—		—		—		—		3,930		—		—		3,930		(3,930	)		—			(3,930	)
Barclays Bank PLC		—		269,919		—		269,919		—		—		—		—		269,919			(269,919	)		—
Total	$	—	$	269,919	$	—	$	269,919	$	9,928,185	$	—	$	—	$	9,928,185	$	(9,658,266	)	$	(269,919	)	$	(9,928,185	)

(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	$42,165	$	–	$    –	$	42,165	$	129,141	$	–	$	–	$	129,141	$	(86,976	)	$	–	$	(86,976	)

(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.

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (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

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Dynamic Allocation Fund, distributions from income from the Underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by a Fund.

Distributions received from Real Estate Investment Trust (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based 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. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

LIBOR Risk

A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

New Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Adoption of the ASU had no material impact on the Funds.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund(1)	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
Systematic Core Fund(2)	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(3)	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund(4)	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth Fund(5)	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

International Socially Responsible Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund(6)	0.50% on the first $500 million
	0.46% on assets over $500 million
Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Government Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund(7)	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
Large Cap Core Fund(8)	0.70% on the first $250 million
Systematic Value Fund(9)	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
International Value Fund(10)	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
Emerging Economies Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund(11)	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(12)	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(13)	0.25% on the first $1 billion
	0.22% on the next $1 billion
	0.20% on assets over $2 billion

(1) 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.

(2) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Systematic Core Fund’s advisory fees in order that such fees equal: 0.530% on the first $500 million and 0.505% on assets over $500 million.

276

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

(3) 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.

(4) Pursuant to an Advisory Fee Waiver Agreement effective September 28, 2020, VALIC has agreed to waive the Inflation Protected Fund’s advisory fees in order that such fees equal: 0.47% on the first $250 million of the Fund’s average monthly net assets, 0.42% on the next $250 million of the Fund’s average monthly net assets and 0.37% on average monthly net assets over $500 million.

(5) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter.

(6) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Global Strategy Fund’s advisory fees in order that such fees equal: 0.48% on the first $500 million and 0.44% on assets over $500 million.

(7) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Dividend Value Fund’s advisory fees in order that such fees equal: 0.64% of the Fund’s average daily net assets on Fund’s first $250 million; 0.61% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.56% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.51% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(8) Pursuant to an Advisory Fee Waiver effective September 1, 2020, VALIC has contractually agreed to waive the Large Cap Core Fund’s advisory fees in order that such fees equal: 0.63% on the first $250 million of the Fund’s average monthly net assets, 0.58% on the next $250 million of the Fund’s average monthly net assets, 0.53% on the next $500 million of the Fund’s average monthly net assets and 0.48% on average monthly net assets over $1 billion.

(9) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Systematic Value Fund’s advisory fees in order that such fees equal: 0.40% of the Fund’s average daily net assets on Fund’s first $250 million; 0.35% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.30% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.25% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(10) Pursuant to an Advisory Fee Wavier Agreement, VALIC has agreed to waive International Value Fund’s advisory fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion.

(11) 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.

(12) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.57% of the average daily net assets on the first $500 million, 0.51% on the next $500 million, 0.48% on the next $500 million and 0.45% thereafter.

(13) 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.

For the six months ended November 30, 2020, the amount of investment advisory fees waived were as follows:

Fund	Amount
Core Equity	$	216,769
Dividend Value		486,920
Dynamic Allocation		1,688
Global Strategy		28,990
Growth		1,201,126
Health Sciences		169,449
Inflation Protected		49,084
International Growth		525,110
International Value		232,276
Large Cap Core		32,839
Small-Mid Growth		50,586
Systematic Core		146,654
Systematic Value		66,250

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.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund, a portion of the Growth 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 the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for the Small-Mid Growth Fund, Systematic Core Fund and a portion of the Global Real Estate Fund.

Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the Global Real Estate Fund.

J.P. Morgan Investment Management Inc. (“JPMIM”)—subadviser for the Emerging Economies 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.

277

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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, and International Government Bond Fund.

SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Government Money Market I Fund, International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, a portion of the Growth Fund and a portion of the Dynamic Allocation Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Victory Capital Management, Inc. (“Victory”)—subadviser for the Small Cap Aggressive Growth Fund.

Wellington Management Company LLP (“Wellington Management”)*—subadviser for the Inflation Protected Fund, Systematic Value Fund, 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 28, 2020, Wellington Management replaced PineBridge as subadviser for the Inflation Protected 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, 2021. For the purposes of the waived fee and reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. The contractual fee waivers and fee reimbursements will continue until September 30, 2021, subject to termination by the Board, including a majority of the Directors who are not “interested persons” of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Dynamic Allocation		0.32	%
Government Money Market I		0.55	%
Nasdaq-100® Index		0.53	%
Small Cap Aggressive Growth		0.99	%
Small Cap		0.93	%
Stock Index		0.29	%
Systematic Core		0.85	%
Value		0.85	%

For the six months ended November 30, 2020, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Dynamic Allocation	$	13,222
Small Cap Aggressive Growth		17,619
Small Cap		151,055
Stock Index		1,000,215
Value		68,486

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 2020, VALIC voluntarily reimbursed $910,188 of expenses for the Government Money Market I Fund.

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the six months ended November 30, 2020, no amount was recouped by VALIC for the Dynamic Allocation Fund.

At November 30, 2020, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:

	Expenses Reimbursed
Fund	May 31, 2021		May 31, 2022		November 30, 2022
Dynamic Allocation	$	1,133	$	26,890	$	13,222

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator receives from each Fund, other than the “Fund-of-Funds Component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee@: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the six months ended November 30, 2020, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended November 30, 2020, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the plan as selected by the Directors. For the six months ended November 30, 2020, certain Directors of VC I have deferred $20,981 of director compensation.

At November 30, 2020, 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			—			99.16			0.83			0.00			—			0.00
Capital Conservation		—			—			77.98			4.22			2.31			5.76			9.73
Core Equity		—			—			100.00			—			—			—			—
Dividend Value		—			—			83.75			0.84			5.26			1.78			8.37
Dynamic Allocation		3.54			—			96.46			—			—			—			—
Emerging Economies		0.05			0.01			92.37			0.15			3.32			0.93			3.17
Global Real Estate		—			—			84.77			0.38			5.84			2.45			6.56
Global Strategy		—			—			100.00			—			—			—			—
Government Money Market I		5.10			0.00			92.39			—			0.70			0.52			1.29
Government Securities		0.53			—			78.38			5.93			2.42			5.46			7.28
Growth		—			—			99.47			0.53			—			—			—
Health Sciences		0.02			—			99.98			—			—			—			—
Inflation Protected		—			—			86.89			0.28			3.64			2.50			6.69
International Equities Index		2.95			0.02			90.66			0.36			2.43			0.83			2.75
International Government Bond		—			—			65.57			0.36			8.28			8.36			17.43
International Growth		—			—			94.99			1.05			2.22			0.35			1.39
International Socially Responsible		0.34			—			99.44			0.22			—			—			—
International Value		0.02			—			91.77			0.78			3.48			0.79			3.16
Large Cap Core		—			—			81.38			4.32			6.17			1.67			6.46
Large Capital Growth		—			—			92.98			1.14			2.15			0.36			3.37
Mid Cap Index		0.69			0.04			97.51			0.11			0.65			0.16			0.84
Mid Cap Strategic Growth		—			—			92.11			—			3.09			0.67			4.13
Nasdaq-100® Index		2.15			0.06			95.30			—			0.33			0.26			1.90
Science & Technology		0.53			0.00			97.62			—			0.93			0.27			0.65
Small Cap Aggressive Growth		—			—			99.50			0.50			—			—			—
Small Cap		—			—			100.00			—			—			—			—
Small Cap Index		2.07			0.12			95.08			0.13			1.02			0.17			1.41
Small Cap Special Values		—			—			87.72			0.66			4.20			1.59			5.83
Small-Mid Growth		—			—			100.00			—			—			—			—
Stock Index		2.52			0.04			91.57			0.43			1.05			0.32			1.86
Systematic Core		2.05			—			95.43			2.52			—			—			—
Systematic Value		—			—			85.16			14.84			—			—			—
Value		—			—			63.08			5.94			11.88			2.79			16.31

@ 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.

279

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2020, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Value at 05/31/2020		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value 11/30/2020
VALIC Co. I Blue Chip Growth Fund	$	7,206,817	$	—	$	—	$	241,661	$	948,250	$	306,637		$	1,257,298		$	8,064,163
VALIC Co. I Capital Conservation Fund		12,647,556		—		—		1,244,979		1,493,298		98,038			217,310			12,714,585
VALIC Co. I Dividend Value Fund		7,151,356		—		—		243,940		717,508		(73,825	)		1,020,800			7,624,763
VALIC Co. I Emerging Economies Fund		1,115,590		—		—		41,997		124,330		31,100			292,196			1,356,553
VALIC Co. I Global Real Estate Fund		1,262,539		—		—		52,498		151,419		(31,698	)		171,348			1,303,268
VALIC Co. I Government Securities Fund		8,706,982		—		—		993,986		870,309		29,180			17,634			8,877,473
VALIC Co. I Growth Fund		7,784,470		—		—		254,785		1,162,103		238,940			1,504,584			8,620,676
VALIC Co. I Inflation Protected Fund		2,674,604		—		—		94,495		279,742		20,037			147,945			2,657,339
VALIC Co. I International Equities Index Fund		4,628,283		—		—		628,491		528,402		(27,974	)		968,171			5,668,569
VALIC Co. I International Government Bond Fund		715,369		—		—		26,248		77,706		3,557			54,874			722,342
VALIC Co. I International Growth Fund		5,402,085		—		—		183,914		1,198,303		158,039			1,369,176			5,914,911
VALIC Co. I International Socially Responsible Fund		705,171		—		—		26,249		77,706		(9,622	)		141,453			785,545
VALIC Co. I International Value Fund		4,068,187		—		—		765,367		489,549		(53,208	)		1,148,947			5,439,744
VALIC Co. I Large Cap Core Fund		7,601,545		—		—		262,486		777,061		(47,925	)		1,539,904			8,578,949
VALIC Co. I Large Capital Growth Fund		6,026,657		—		—		209,990		621,649		187,090			1,043,723			6,845,811
VALIC Co. I Mid Cap Index Fund		3,079,082		—		—		104,995		310,825		(21,876	)		719,985			3,571,361
VALIC Co. I Small Cap Aggressive Growth Fund		781,838		—		—		26,248		77,706		(7,408	)		232,348			955,320
VALIC Co. I Small Cap Index Fund		1,345,538		—		—		39,372		266,559		(94,575	)		452,888			1,476,664
VALIC Co. I Small Cap Special Values Fund		1,233,324		—		—		39,373		116,559		(43,800	)		318,635			1,430,973
VALIC Co. I Stock Index Fund		22,276,531		—		—		734,965		3,675,772		809,168			3,270,602			23,415,494
VALIC Co. I Systematic Core Fund		3,443,623		—		—		115,494		566,907		148,172			561,756			3,702,138
VALIC Co. I Systematic Value Fund		6,469,814		—		—		580,816		925,461		(249,678	)		871,286			6,746,777
VALIC Co. I Value Fund		7,199,448		—		—		607,065		1,103,167		166,512			830,307			7,700,165
VALIC Co. II Capital Appreciation Fund		5,729,263		21,016		179,310		394,567		579,818		35,360			963,015			6,542,387
VALIC Co. II Core Bond Fund		9,741,217		316,838		67		1,350,263		986,868		76,486			(1,523	)		10,179,575
VALIC Co. II High Yield Bond Fund		1,419,698		109,088		—		236,586		155,412		162			46,933			1,547,967
VALIC Co. II International Opportunities Fund		101,424		689		1,667		4,982		7,771		752			17,987			117,374
VALIC Co. II Large Cap Value Fund		3,404,596		67,748		183,734		422,226		357,448		(103,404	)		528,181			3,894,151
VALIC Co. II Mid Cap Growth Fund		2,175,166		—		83,267		148,889		394,265		52,958			323,821			2,306,569
VALIC Co. II Mid Cap Value Fund		1,915,516		18,005		120,980		204,606		194,265		(66,739	)		343,823			2,202,941
VALIC Co. II Small Cap Growth Fund		458,849		—		58,325		71,450		38,853		5,769			117,841			615,056
VALIC Co. II Small Cap Value Fund		324,180		4,953		10,301		28,377		38,853		(7,367	)		82,968			389,305
VALIC Co. II Strategic Bond Fund		2,537,863		125,066		—		316,936		271,972		(7,172	)		74,965			2,650,620
VALIC Co. II U.S. Socially Responsible Fund		1,480,689		21,087		268,935		342,520		155,412		(35,832	)		9,566			1,641,531
	$	152,814,870	$	684,490	$	906,586	$	11,040,816	$	19,741,228	$	1,485,854		$	20,660,747		$	166,261,059

Stock Index Fund

Security	Value at 05/31/2020		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Value at 11/30/2020
American International Group, Inc.
Common Stock	$	4,931,704	$	101,787	$	—	$	—	$	317,677	$	(27,699	)	$	1,323,169	$	5,909,497

280

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

During the six months ended November 30, 2020, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Global Real Estate Fund		Small-Mid Growth Fund
Goldman Sachs & Co.	$	507	$	1,219
Morgan Stanley & Co.		9,587		3,273
Wells Fargo Securities		—		926

On November 23, 2020, NASDAQ-100^® Index Fund over bought 42 NASDAQ 100 E-Mini Index short futures contracts. On November 24, 2020, the Fund entered into offsetting closing contracts for such amounts resulting in a loss to the Fund of $104,168. The loss will be reimbursed evenly by VALIC and SunAmerica and is included in the Statement of Operations under the caption Net realized gain (loss) on futures contracts and as a receivable on the Statement of Assets and Liabilities under the caption Due from investment adviser for expense reimbursements/fee waivers.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 2020 were as follows:

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	52,659,136	$	69,181,567	$	403,196	$	636,526
Blue Chip Growth		95,561,552		146,700,386		—		—
Capital Conservation		51,971,335		51,573,601		73,160,845		54,857,494
Core Equity		40,929,650		55,134,057		—		—
Dividend Value		278,725,801		476,256,017		—		—
Dynamic Allocation		9,449,741		19,741,229		6,690,209		13,755,712
Emerging Economies		347,522,873		325,874,645		—		—
Global Real Estate		133,970,849		185,405,560		—		—
Global Strategy		40,397,469		62,040,972		—		4,852,797
Government Securities		1,149,251		314,029		11,784,240		12,329,677
Growth		241,246,467		300,530,328		—		—
Health Sciences		156,798,107		197,162,899		—		—
Inflation Protected		198,706,973		192,173,883		382,582,240		296,563,517
International Equities Index		19,122,764		15,038,846		—		—
International Government Bond		81,292,953		74,170,824		22,901,574		11,636,103
International Growth		25,072,699		73,078,709		—		—
International Socially Responsible		6,689,742		12,544,426		—		—
International Value		217,020,226		270,946,557		—		—
Large Cap Core		45,922,147		55,973,823		—		—
Large Capital Growth		61,227,019		91,416,062		—		—
Mid Cap Index		293,307,512		388,170,627		—		—
Mid Cap Strategic Growth		69,348,439		83,303,585		—		—
Nasdaq-100® Index		11,047,618		7,758,429		—		—
Science & Technology		697,054,968		791,903,595		—		—
Small Cap Aggressive Growth		65,224,064		81,041,976		—		—
Small Cap		34,773,408		48,875,730		—		—
Small Cap Index		116,827,443		117,309,236		—		—
Small Cap Special Values		42,231,874		39,744,464		—		—
Small-Mid Growth		80,132,555		88,171,308		—		—
Stock Index		63,333,843		347,785,652		—		—
Systematic Core		12,467,117		14,730,818		—		—
Systematic Value		30,440,115		32,939,490		—		—
Value		21,193,315		19,088,460		—		—

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, late year ordinary losses, inflation securities, investments in partnerships, corporate actions and derivative transactions.

281

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2020.

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Asset Allocation	$	107,269,081	$	21,332,719	$	(6,065,292	)	$	15,267,427
Blue Chip Growth		457,602,176		516,789,834		(2,564,190	)		514,225,644
Capital Conservation		300,786,393		15,399,933		(314,956	)		15,084,977
Core Equity		191,698,800		76,237,244		(5,394,130	)		70,843,114
Dividend Value		845,557,092		100,510,598		(36,881,952	)		63,628,646
Dynamic Allocation		171,226,730		29,838,471		(3,998,417	)		25,840,054
Emerging Economies		725,357,669		204,657,444		(19,262,258	)		185,395,186
Global Real Estate		335,798,147		31,668,241		(24,992,390	)		6,675,851
Global Strategy		285,035,049		27,398,349		(22,927,797	)		4,470,552
Government Money Market I		410,379,881		—		—			—
Government Securities		139,700,004		11,750,482		(736,046	)		11,014,436
Growth		1,077,183,397		566,235,644		(9,493,456	)		556,742,188
Health Sciences		614,374,462		360,234,055		(19,859,209	)		340,374,846
Inflation Protected		904,741,124		61,732,900		(4,490,881	)		57,242,019
International Equities Index		1,431,300,951		339,930,383		(173,537,710	)		166,392,673
International Government Bond*		191,830,206		12,531,255		(1,522,748	)		11,008,507
International Growth		352,163,351		189,443,710		(2,324,114	)		187,119,596
International Socially Responsible		302,711,123		76,912,684		(24,462,933	)		52,449,751
International Value		633,575,485		106,243,077		(43,533,858	)		62,709,219
Large Cap Core		135,785,765		65,401,574		(1,942,064	)		63,459,510
Large Capital Growth		380,622,651		222,650,739		(2,414,744	)		220,235,995
Mid Cap Index		2,347,389,227		1,048,124,020		(215,886,732	)		832,237,288
Mid Cap Strategic Growth		234,990,755		147,043,437		(1,030,607	)		146,012,830
Nasdaq-100® Index		240,449,727		538,912,797		(7,775,253	)		531,137,544
Science & Technology		1,435,083,195		1,269,852,319		(45,097,496	)		1,224,754,823
Small Cap Aggressive Growth		148,130,277		55,488,766		(5,767,178	)		49,721,588
Small Cap		246,211,924		98,295,254		(16,167,631	)		82,127,623
Small Cap Index		934,263,216		414,287,302		(122,754,633	)		291,532,669
Small Cap Special Values		208,936,182		34,555,834		(25,406,628	)		9,149,206
Small-Mid Growth		123,614,620		45,227,673		(1,001,304	)		44,226,369
Stock Index		2,215,405,245		3,395,865,313		(180,606,030	)		3,215,259,283
Systematic Core		103,662,430		45,245,823		(2,048,335	)		43,197,488
Systematic Value		42,725,917		4,336,305		(1,364,517	)		2,971,788
Value		105,159,505		26,192,892		(1,912,605	)		24,280,287

@ Includes amounts for derivatives

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2020.

The tax basis distributable earnings at May 31, 2020 and the tax character of distributions paid during the year ended May 31, 2020 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2020
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	1,545,279	$	(2,490,072	)	$	1,617,801		$	1,696,450	$	2,514,194
Blue Chip Growth		—		92,536,381			376,767,559			—		86,238,340
Capital Conservation		8,316,842		—			14,282,518			7,486,947		—
Core Equity		2,570,418		20,270,537			31,419,263			3,646,472		19,522,732
Dividend Value		35,698,384		20,336,832			(60,552,774	)		28,172,594		46,795,371
Dynamic Allocation		13,195,770		7,932,919			6,228,615			7,211,167		4,056,190
Emerging Economies		16,738,053		(38,605,372	)		4,654,979			17,777,259		—
Global Real Estate		17,447,622		9,565,701			(26,793,568	)		14,651,606		6,161,941
Global Strategy		12,172,403		(5,289,001	)		(29,096,074	)		20,806,640		16,149,373

282

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2020
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Government Money Market I	$	15,008	$	(13,174	)	$	—		$	3,947,837	$	—
Government Securities		3,069,893		(3,379,535	)		11,807,856			3,464,038		—
Growth		9,361,725		190,304,971			309,730,319			4,808,271		117,186,738
Health Sciences		503,015		81,693,561			250,650,210			1,723,525		53,689,772
Inflation Protected		12,601,849		3,187,049			30,914,174			16,140,417		—
International Equities Index		24,795,440		4,452,767			(52,859,909	)		32,087,309		21,947,887
International Government Bond*		7,263,492		—			7,436,293			2,974,089		—
International Growth		—		2,222,153			77,478,703			530,816		—
International Socially Responsible		6,206,106		66,812,525			36,613			6,806,200		11,885,873
International Value		11,420,756		(16,353,822	)		(87,925,897	)		16,269,086		958,959
Large Cap Core		1,437,566		7,181,470			40,526,825			1,983,560		11,658,518
Large Capital Growth		2,213,394		57,660,453			155,883,573			4,060,549		37,687,496
Mid Cap Index		34,850,010		104,096,933			329,868,185			45,054,408		251,332,742
Mid Cap Strategic Growth		313,152		19,939,745			93,594,858			—		16,210,213
Nasdaq-100® Index		3,949,956		62,476,291			366,587,507			4,516,004		14,202,001
Science & Technology		50,152,981		187,159,064			331,833,567			3,797,952		164,094,782
Small Cap Aggressive Growth		—		17,158,034			21,179,582			—		21,153,681
Small Cap		1,410,335		8,950,128			25,166,802			2,372,902		21,052,873
Small Cap Index		15,196,967		57,772,539			69,873,796			23,339,515		117,185,605
Small Cap Special Values		2,649,427		5,182,910			(27,160,165	)		2,791,430		18,499,372
Small-Mid Growth		1,384,280		13,850,508			25,514,463			1,176,792		12,675,687
Stock Index		90,314,971		282,367,522			2,555,311,525			97,498,391		305,361,493
Systematic Core		942,974		15,177,268			19,017,487			1,584,227		12,563,186
Systematic Value		1,282,908		8,017,126			(852,893	)		1,266,752		4,775,803
Value		1,840,636		3,370,672			11,530,606			2,389,914		10,130,875

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2020.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of May 31, 2020, 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	$	322,418	$	2,167,654
Blue Chip Growth		—		—
Capital Conservation		—		—
Core Equity		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		38,605,372		—
Global Real Estate		—		—
Global Strategy		1,407,609		3,881,392
Government Money Market I		13,174		—
Government Securities		1,210,045		2,169,490
Growth		—		—
Health Sciences		—		—
Inflation Protected		—		—
International Equities Index		—		—
International Government Bond*		—		—
International Growth		—		—
International Socially Responsible		—		—
International Value		13,226,937		3,126,885
Large Cap Core		—		—

283

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Capital Loss  Carryforward Unlimited
Fund	ST		LT
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		—		—
Systematic Core		—		—
Systematic Value		—		—
Value		—		—

* The Capital Loss Carryforward is for the tax period ended September 30, 2020.

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		—
Capital Conservation		3,196,233
Core Equity		—
Dividend Value		—
Dynamic Allocation		—
Emerging Economies		11,006,730
Global Real Estate		—
Global Strategy		—
Government Money Market I		1,466
Government Securities		—
Growth		—
Health Sciences		—
Inflation Protected		215,205
International Equities Index		—
International Government Bond*		323,641
International Growth		251,337
International Socially Responsible		—
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		—
Systematic Core		—
Systematic Value		—
Value		—

284

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2020, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss			Deferred Post-October Long-Term Capital  Loss
Asset Allocation	$	504,810	$	8,141,767		$	168,855
Blue Chip Growth		323,707		6,010,920			—
Capital Conservation		—		—			—
Core Equity		—		401,513			—
Dividend Value		—		23,855,196			26,059,129
Dynamic Allocation		—		—			—
Emerging Economies		1,265,844		11,464,678			—
Global Real Estate		3,745,057		16,237,165			9,878,556
Global Strategy		7,541,746		4,948,994			499,339
Government Money Market I		—		—			—
Government Securities		—		—			—
Growth		109,418		—			—
Health Sciences		—		—			—
Inflation Protected		541,912		889,844			—
International Equities Index		975,697		16,461,936			32,190,594
International Government Bond*		1,352,200		—			—
International Growth		514,358		848,160			1,934,951
International Socially Responsible		1,018,015		1,894,164			3,520,845
International Value		1,307,676		6,854,872			44,587,084
Large Cap Core		—		2,450,664			—
Large Capital Growth		6,741		2,600,488			—
Mid Cap Index		—		14,220,461			—
Mid Cap Strategic Growth		142,365		2,283,077			—
Nasdaq-100® Index		—		—			—
Science & Technology		238,596		—			—
Small Cap Aggressive Growth		488,510		4,081,563			—
Small Cap		—		(112,828	)		338,276
Small Cap Index		—		—			—
Small Cap Special Values		—		1,442,160			5,416,733
Small-Mid Growth		178,313		—			—
Stock Index		—		—			—
Systematic Core		—		1,670,520			—
Systematic Value		—		4,027,825			(864,370	)
Value		—		249,503			—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2020.

Note 6 — Capital Share Transactions

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

	Asset Allocation												Blue Chip Growth
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		202,857		$	2,045,220			732,880		$	7,343,423			471,767		$	11,199,220			1,129,814		$	22,660,527
Reinvested dividends		—			—			454,223			4,210,644			—			—			4,679,237			86,238,340
Shares redeemed		(1,113,329	)		(11,548,301	)		(2,464,630	)		(24,562,556	)		(2,508,945	)		(57,791,382	)		(6,586,064	)		(131,196,691	)
Net increase (decrease)		(910,472	)	$	(9,503,081	)		(1,277,527	)	$	(13,008,489	)		(2,037,178	)	$	(46,592,162	)		(777,013	)	$	(22,297,824	)

285

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Capital Conservation												Core Equity
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,420,618		$	68,344,408			6,768,212		$	69,954,743			36,348		$	789,357			254,073		$	5,160,131
Reinvested dividends		—			—			720,592			7,486,947			—			—			1,243,650			23,169,204
Shares redeemed		(4,861,265	)		(51,922,029	)		(6,084,849	)		(62,217,554	)		(704,118	)		(15,464,407	)		(1,558,803	)		(32,863,762	)
Net increase (decrease)		1,559,353		$	16,422,379			1,403,955		$	15,224,136			(667,770	)	$	(14,675,050	)		(61,080	)	$	(4,534,427	)
	Dividend Value												Dynamic Allocation
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,482,705		$	67,636,246			24,350,179		$	293,482,588			638,548		$	7,846,167			704,958		$	8,248,882
Reinvested dividends		—			—			7,704,827			74,967,965			—			—			971,324			11,267,357
Shares redeemed		(27,781,315	)		(285,652,568	)		(19,493,241	)		(213,989,744	)		(1,651,996	)		(20,411,526	)		(3,426,958	)		(41,671,877	)
Net increase (decrease)		(21,298,610	)	$	(218,016,322	)		12,561,765		$	154,460,809			(1,013,448	)	$	(12,565,359	)		(1,750,676	)	$	(22,155,638	)
	Emerging Economies												Global Real Estate
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		13,749,437		$	117,358,912			17,993,592		$	135,451,261			1,282,326		$	9,408,725			10,156,537		$	82,619,260
Reinvested dividends		—			—			2,348,383			17,777,259			—			—			2,703,058			20,813,547
Shares redeemed		(13,157,613	)		(113,025,195	)		(30,014,162	)		(242,797,107	)		(8,890,794	)		(64,726,300	)		(17,781,244	)		(132,033,974	)
Net increase (decrease)		591,824		$	4,333,717			(9,672,187	)	$	(89,568,587	)		(7,608,468	)	$	(55,317,575	)		(4,921,649	)	$	(28,601,167	)
	Global Strategy												Government Money Market I
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,075,638		$	9,965,269			1,036,103		$	10,533,979			145,136,211		$	145,136,211			307,254,160		$	307,254,160
Reinvested dividends		—			—			4,175,821			36,956,013			21,429			21,429			3,947,837			3,947,837
Shares redeemed		(2,719,492	)		(25,219,882	)		(4,892,385	)		(49,322,471	)		(150,562,768	)		(150,562,768	)		(291,185,906	)		(291,185,906	)
Net increase (decrease)		(1,643,854	)	$	(15,254,613	)		319,539		$	(1,832,479	)		(5,405,128	)	$	(5,405,128	)		20,016,091		$	20,016,091
	Government Securities												Growth
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,826,632		$	31,885,550			3,638,635		$	39,971,278			2,743,188		$	61,992,996			15,219,498		$	268,746,925
Reinvested dividends		—			—			310,676			3,464,038			—			—			7,335,839			121,995,009
Shares redeemed		(2,773,892	)		(31,237,148	)		(4,283,537	)		(46,910,665	)		(5,118,489	)		(108,100,261	)		(14,564,181	)		(267,877,924	)
Net increase (decrease)		52,740		$	648,402			(334,226	)	$	(3,475,349	)		(2,375,301	)	$	(46,107,265	)		7,991,156		$	122,864,010
	Health Sciences												Inflation Protected
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		386,124		$	9,303,517			958,363		$	20,024,554			12,892,981		$	150,835,595			17,835,117		$	200,510,341
Reinvested dividends		—			—			2,780,396			55,413,297			—			—			1,435,980			16,140,417
Shares redeemed		(2,088,630	)		(50,118,831	)		(4,513,694	)		(94,738,256	)		(2,599,674	)		(30,974,534	)		(15,163,606	)		(170,768,474	)
Net increase (decrease)		(1,702,506	)	$	(40,815,314	)		(774,935	)	$	(19,300,405	)		10,293,307		$	119,861,061			4,107,491		$	45,882,284

286

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	International Equities Index												International Government Bond
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		32,416,014		$	225,143,688			76,704,620		$	504,353,589			3,299,184		$	42,507,760			1,970,627		$	23,897,567
Reinvested dividends		—			—			8,829,280			54,035,196			—			—			241,012			2,974,089
Shares redeemed		(18,321,302	)		(123,148,660	)		(38,766,612	)		(265,092,519	)		(2,016,083	)		(25,834,060	)		(5,272,898	)		(63,792,803	)
Net increase (decrease)		14,094,712		$	101,995,028			46,767,288		$	293,296,266			1,283,101		$	16,673,700			(3,061,259	)	$	(36,921,147	)
	International Growth												International Socially Responsible
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,270,005		$	19,061,145			2,250,308		$	26,438,652			821,734		$	21,680,711			867,471		$	21,879,209
Reinvested dividends		—			—			45,447			530,816			—			—			788,362			18,692,073
Shares redeemed		(3,562,898	)		(52,114,657	)		(6,359,485	)		(74,804,431	)		(1,720,356	)		(44,583,155	)		(2,070,852	)		(51,937,453	)
Net increase (decrease)		(2,292,893	)	$	(33,053,512	)		(4,063,730	)	$	(47,834,963	)		(898,622	)	$	(22,902,444	)		(415,019	)	$	(11,366,171	)
	International Value												Large Cap Core
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,289,611		$	19,461,795			9,717,933		$	78,218,887			175,459		$	2,272,515			504,920		$	5,657,916
Reinvested dividends		—			—			2,197,455			17,228,045			—			—			1,260,821			13,642,078
Shares redeemed		(7,993,875	)		(70,707,443	)		(11,332,021	)		(103,962,237	)		(1,005,973	)		(12,630,144	)		(1,908,941	)		(22,475,360	)
Net increase (decrease)		(5,704,264	)	$	(51,245,648	)		583,367		$	(8,515,305	)		(830,514	)	$	(10,357,629	)		(143,200	)	$	(3,175,366	)
	Large Capital Growth												Mid Cap Index
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		228,018		$	4,110,605			1,739,071		$	29,242,688			3,492,071		$	79,488,047			14,509,443		$	357,166,957
Reinvested dividends		—			—			2,652,354			41,748,045			—			—			14,908,810			296,387,150
Shares redeemed		(1,935,796	)		(35,905,866	)		(3,654,400	)		(62,699,281	)		(11,862,628	)		(270,108,357	)		(20,878,267	)		(466,051,285	)
Net increase (decrease)		(1,707,778	)	$	(31,795,261	)		737,025		$	8,291,452			(8,370,557	)	$	(190,620,310	)		8,539,986		$	187,502,822
	Mid Cap Strategic Growth												Nasdaq-100® Index
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		230,545		$	4,131,565			675,120		$	11,057,914			1,571,325		$	33,068,115			3,869,480		$	65,857,433
Reinvested dividends		—			—			1,083,570			16,210,213			—			—			1,169,875			18,718,005
Shares redeemed		(1,123,766	)		(20,820,723	)		(2,260,777	)		(36,267,123	)		(2,844,418	)		(62,422,885	)		(6,441,639	)		(105,630,507	)
Net increase (decrease)		(893,221	)	$	(16,689,158	)		(502,087	)	$	(8,998,996	)		(1,273,093	)	$	(29,354,770	)		(1,402,284	)	$	(21,055,069	)
	Science & Technology												Small Cap Aggressive Growth
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		509,154		$	17,771,609			779,369		$	21,834,470			376,082		$	5,858,457			989,238		$	14,463,262
Reinvested dividends		—			—			6,576,292			167,892,734			—			—			1,773,150			21,153,681
Shares redeemed		(3,236,058	)		(112,473,616	)		(6,708,135	)		(188,474,659	)		(1,377,878	)		(20,432,552	)		(2,429,514	)		(33,352,419	)
Net increase (decrease)		(2,726,904	)	$	(94,702,007	)		647,526		$	1,252,545			(1,001,796	)	$	(14,574,095	)		332,874		$	2,264,524

287

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Small Cap												Small Cap Index
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		366,171		$	3,759,412			858,175		$	8,005,865			5,686,122		$	94,853,924			7,636,178		$	136,247,038
Reinvested dividends		—			—			2,608,661			23,425,775			—			—			9,644,826			140,525,121
Shares redeemed		(1,779,846	)		(19,050,882	)		(3,306,026	)		(35,524,702	)		(6,009,883	)		(102,010,639	)		(11,649,067	)		(226,506,499	)
Net increase (decrease)		(1,413,675	)	$	(15,291,470	)		160,810		$	(4,093,062	)		(323,761	)	$	(7,156,715	)		5,631,937		$	50,265,660
	Small Cap Special Values												Small-Mid Growth
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,638,934		$	15,060,982			1,174,145		$	12,960,090			333,436		$	5,179,329			542,366		$	7,305,112
Reinvested dividends		—			—			2,363,019			21,290,802			—			—			1,152,452			13,852,479
Shares redeemed		(1,850,695	)		(17,412,962	)		(3,479,119	)		(37,398,124	)		(800,469	)		(12,448,399	)		(1,406,970	)		(19,029,686	)
Net increase (decrease)		(211,761	)	$	(2,351,980	)		58,045		$	(3,147,232	)		(467,033	)	$	(7,269,070	)		287,848		$	2,127,905
	Stock Index												Systematic Core
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,906,957		$	220,084,642			9,659,336		$	406,955,320			494,223		$	11,354,595			944,605		$	20,089,047
Reinvested dividends		—			—			10,607,159			402,859,884			—			—			741,867			14,147,413
Shares redeemed		(12,094,287	)		(531,961,449	)		(18,632,641	)		(783,626,165	)		(598,769	)		(13,525,926	)		(1,497,315	)		(32,249,776	)
Net increase (decrease)		(7,187,330	)	$	(311,876,807	)		1,633,854		$	26,189,039			(104,546	)	$	(2,171,331	)		189,157		$	1,986,684
	Systematic Value												Value
	For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020						For the six months ended November 30, 2020 (unaudited)						For the year ended May 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		90,251		$	1,074,571			270,326		$	3,347,990			453,778		$	7,244,588			565,211		$	9,330,893
Reinvested dividends		—			—			503,966			6,042,555			—			—			819,423			12,520,789
Shares redeemed		(336,750	)		(4,047,233	)		(699,103	)		(9,716,001	)		(432,240	)		(7,012,577	)		(913,870	)		(16,659,609	)
Net increase (decrease)		(246,499	)	$	(2,972,662	)		75,189		$	(325,456	)		21,538		$	232,011			470,764		$	5,192,073

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended November 30, 2020, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.

Note 8 — Investment Concentration

Certain Funds invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, International Growth Fund and the International Value Fund.

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the 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.

288

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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. Prior to October 2, 2020, interest is payable on 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 line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Effective October 2, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended November 30, 2020, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Dividend Value		20	$	13,473	$	16,972,500		1.43	%
Emerging Economies		10		6,328		16,205,000		1.41
Global Real Estate		1		16		400,000		1.41
Global Strategy		1		19		475,000		1.43
Growth		62		1,686		684,274		1.43
Inflation Protected		1		2,109		52,350,000		1.45
Mid Cap Index		9		2,869		8,050,000		1.42
Mid Cap Strategic Growth		8		138		440,625		1.42
Science & Technology		10		464		1,155,000		1.45
Small Cap Aggressive		5		110		565,000		1.40
Small Cap		4		19		118,750		1.44
Small Cap Special Values		1		4		100,000		1.45
Small-Mid Growth		1		26		650,000		1.43
Stock Index		5		726		3,665,000		1.43
Systematic Core		10		59		150,000		1.42

As of November 30, 2020, there were no outstanding borrowings.

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the six months ended November 30, 2020, none of the Funds participated in this program.

Note 11 — Security Transactions with Affiliated Portfolios

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

289

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2020, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain(Loss)
Large Capital Growth	$	895,543	$	—	$	—
Small Cap		2,597		7,623		(4,235	)

Note 12 — Other Matters

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

Note 13 — Subsequent Events

Effective January 11, 2021 (the “Effective Date”), JPMIM replaced PineBridge as subadviser to the Asset Allocation Fund. As of the Effective Date, VALIC has contractually agreed to waive its advisory fee through September 30, 2022, so that the advisory fee payable by the Fund to VALIC equals 0.45% of average monthly assets on the first $300 million, 0.425% on the next $200 million, and 0.40% thereafter.

The Board of Directors of VC I, and the Board of Trustees of VC II, on behalf of each of the funds below, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the tables below. Each Target Fund expects to convene a special meeting of its shareholders on or about April 5, 2021 for the Reorganization Phase I Mergers and May 11, 2021 for the Reorganization Phase II Mergers, to vote on the approval of its Reorganization. Upon the closing of each Reorganization, shareholders of each Target Fund will receive a corresponding class of shares of each Acquiring Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.

Reorganization Phase I Mergers

Target Fund	Acquiring Fund
Large Cap Value Fund, a series of VC II	Systematic Value Fund, a series of VC I
Value Fund, a series of VC I	Systematic Value Fund, a series of VC I
Core Equity Fund, a series of VC I	Systematic Core Fund, a series of VC I
Large Cap Core Fund, a series of VC I	Systematic Core Fund, a series of VC I
Mid Cap Growth Fund, a series of VC II	Mid Cap Strategic Growth Fund, a series of VC I
Small-Mid Growth Fund, a series of VC I	Mid Cap Strategic Growth Fund, a series of VC I
Health Sciences Fund, a series of VC I	Science & Technology Fund, a series of VC I

Reorganization Phase II Mergers

Target Fund	Acquiring Fund
Aggressive Growth Lifestyle Fund, a series of VC II	Aggressive Growth Lifestyle Fund, a series of VC I
Capital Appreciation Fund, a series of VC II	Capital Appreciation Fund, a series of VC I
Capital Conservation Fund, a series of VC I	Core Bond Fund, a series of VC I
Conservative Growth Lifestyle Fund, a series of VC II	Conservative Growth Lifestyle Fund, a series of VC I
Core Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
High Yield Bond Fund, a series of VC II	High Yield Bond Fund, a series of VC I
International Opportunities Fund, a series of VC II	International Opportunities Fund, a series of VC I
Mid Cap Value Fund, a series of VC II	Mid Cap Value Fund, a series of VC I
Moderate Growth Lifestyle Fund, a series of VC II	Moderate Growth Lifestyle Fund, a series of VC I
Small Cap Aggressive Growth Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Growth Fund, a series of VC II	Small Cap Growth Fund, a series of VC I
Small Cap Value Fund, a series of VC II	Small Cap Value Fund, a series of VC I
Strategic Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
U.S. Socially Responsible Fund, a series of VC II	U.S. Socially Responsible Fund, a series of VC I
Government Money Market II Fund, a series of VC II	Government Money Market I Fund, a series of VC I

290

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	9.45		$	9.91		$	11.33		$	11.00		$	10.39		$	12.38		$	20.80		$	19.18		$	20.84		$	17.27		$	15.48		$	17.96
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.14			0.18			0.16			0.16			0.23			(0.05	)		(0.05	)		(0.01	)		(0.01	)		0.01			(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.71			(0.30	)		(0.55	)		0.83			0.71			(0.66	)		4.84			3.93			0.86			4.82			3.46			(0.24	)
Total income (loss) from investment operations		1.75			(0.16	)		(0.37	)		0.99			0.87			(0.43	)		4.79			3.88			0.85			4.81			3.47			(0.26	)
Distributions from:
Net investment income		–			(0.12	)		(0.17	)		(0.18	)		(0.26	)		(0.24	)		–			–			–			(0.01	)		–			–
Net realized gain on securities		–			(0.18	)		(0.88	)		(0.48	)		–			(1.32	)		–			(2.26	)		(2.51	)		(1.23	)		(1.68	)		(2.22	)
Total distributions		–			(0.30	)		(1.05	)		(0.66	)		(0.26	)		(1.56	)		–			(2.26	)		(2.51	)		(1.24	)		(1.68	)		(2.22	)
Net asset value at end of period	$	11.20		$	9.45		$	9.91		$	11.33		$	11.00		$	10.39		$	25.59		$	20.80		$	19.18		$	20.84		$	17.27		$	15.48
TOTAL RETURN(a)		18.52	%		(1.46	)%		(3.42	)%		8.91	%		8.35	%		(2.16	)%		23.03	%		21.77	%		4.22	%		27.87	%		23.49	%		0.17	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.87	%@		0.77	%		0.76	%		0.72	%		0.70	%		0.70	%		0.82	%@		0.83	%		0.82	%		0.83	%		0.84	%		0.84	%
Ratio of expenses to average net assets(c)		0.87	%@		0.77	%		0.76	%		0.72	%		0.70	%		0.70	%		0.82	%@		0.83	%		0.82	%		0.83	%		0.84	%		0.84	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.78	%@		1.39	%		1.69	%		1.40	%		1.51	%		2.00	%		(0.46	)%@		(0.24	)%		(0.03	)%		(0.07	)%		0.06	%		(0.09	)%
Ratio of net investment income (loss) to average net assets(c)		0.78	%@		1.39	%		1.69	%		1.40	%		1.51	%		2.00	%		(0.46	)%@		(0.24	)%		(0.03	)%		(0.07	)%		0.06	%		(0.09	)%
Portfolio turnover rate		49	%		177	%		113	%		84	%		161	%		102	%		11	%		27	%		30	%		24	%		27	%		30	%
Number of shares outstanding at end of period (000’s)		12,704			13,614			14,892			14,624			14,705			15,824			37,912			39,950			40,727			37,397			39,343			39,796
Net assets at end of period (000’s)	$	142,324		$	128,629		$	147,543		$	165,665		$	161,767		$	164,358		$	970,111		$	831,006		$	781,236		$	779,336		$	679,516		$	615,927

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

291

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Capital Conservation Fund																		Core Equity Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.50		$	9.88		$	9.54		$	9.85		$	9.95		$	9.92		$	19.80		$	20.16		$	23.18		$	21.92		$	19.51		$	20.38
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.23			0.25			0.20			0.18			0.18			0.07			0.26			0.28			0.26			0.25			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		0.20			0.71			0.32			(0.29	)		(0.04	)		0.06			4.71			1.62			(0.16	)		3.13			3.14			(0.87	)
Total income (loss) from investment operations		0.28			0.94			0.57			(0.09	)		0.14			0.24			4.78			1.88			0.12			3.39			3.39			(0.66	)
Distributions from:
Net investment income		–			(0.32	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)		–			(0.31	)		(0.28	)		(0.28	)		(0.24	)		(0.21	)
Net realized gain on securities		–			–			–			(0.03	)		(0.01	)		(0.02	)		–			(1.93	)		(2.86	)		(1.85	)		(0.74	)		–
Total distributions		–			(0.32	)		(0.23	)		(0.22	)		(0.24	)		(0.21	)		–			(2.24	)		(3.14	)		(2.13	)		(0.98	)		(0.21	)
Net asset value at end of period	$	10.78		$	10.50		$	9.88		$	9.54		$	9.85		$	9.95		$	24.58		$	19.80		$	20.16		$	23.18		$	21.92		$	19.51
TOTAL RETURN(a)		2.67	%		9.55	%		6.10	%		(0.94	)%		1.45	%		2.47	%		24.14	%		10.04	%		0.35	%		15.42	%		17.48	%		(3.07	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.63	%@		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.75	%@		0.75	%		0.74	%		0.77	%		0.80	%		0.80	%
Ratio of expenses to average net assets(c)		0.63	%@		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.93	%@		0.93	%		0.92	%		0.93	%		0.92	%		0.92	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.42	%@		2.23	%		2.65	%		2.10	%		1.84	%		1.77	%		0.67	%@		1.21	%		1.20	%		1.10	%		1.19	%		1.11	%
Ratio of net investment income (loss) to average net assets(c)		1.42	%@		2.23	%		2.65	%		2.10	%		1.84	%		1.77	%		0.49	%@		1.03	%		1.02	%		0.94	%		1.06	%		0.99	%
Portfolio turnover rate		37	%		74	%		72	%		53	%		56	%		71	%		17	%		41	%		29	%		50	%		36	%		41	%
Number of shares outstanding at end of period (000’s)		27,954			26,395			24,991			26,729			23,866			23,716			10,600			11,267			11,329			10,911			11,023			11,771
Net assets at end of period (000’s)	$	301,219		$	277,277		$	246,896		$	255,084		$	235,063		$	236,062		$	260,495		$	223,066		$	228,409		$	252,961		$	241,647		$	229,637

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

292

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dividend Value Fund																		Dynamic Allocation Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	9.98		$	10.80		$	12.39		$	12.09		$	11.54		$	13.23		$	11.93		$	11.49		$	12.20		$	11.74		$	10.76		$	12.04
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.29			0.29			0.26			0.25			0.31			0.04			0.18			0.17			0.12			0.15			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		1.25			(0.34	)		(0.27	)		0.74			1.62			(0.24	)		1.08			1.00			0.00			1.00			1.13			(0.79	)
Total income (loss) from investment operations		1.39			(0.05	)		0.02			1.00			1.87			0.07			1.12			1.18			0.17			1.12			1.28			(0.62	)
Distributions from:
Net investment income		–			(0.24	)		(0.24	)		(0.24	)		(0.25	)		(0.32	)		–			(0.26	)		(0.15	)		(0.16	)		(0.22	)		(0.22	)
Net realized gain on securities		–			(0.53	)		(1.37	)		(0.46	)		(1.07	)		(1.44	)		–			(0.48	)		(0.73	)		(0.50	)		(0.08	)		(0.44	)
Total distributions		–			(0.77	)		(1.61	)		(0.70	)		(1.32	)		(1.76	)		–			(0.74	)		(0.88	)		(0.66	)		(0.30	)		(0.66	)
Net asset value at end of period	$	11.37		$	9.98		$	10.80		$	12.39		$	12.09		$	11.54		$	13.05		$	11.93		$	11.49		$	12.20		$	11.74		$	10.76
TOTAL RETURN(a)		13.93	%		(0.33	)%		(0.17	)%		8.14	%		16.51	%		2.20	%		9.39	%		10.43	%		1.47	%		9.45	%		11.98	%		(4.70	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.71	%@		0.74	%		0.81	%		0.81	%		0.82	%		0.82	%		0.32	%@		0.32	%		0.32	%		0.31	%		0.31	%		0.32	%
Ratio of expenses to average net assets(c)		0.82	%@		0.81	%		0.81	%		0.81	%		0.83	%		0.83	%		0.33	%@		0.33	%		0.32	%		0.31	%		0.32	%		0.32	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.51	%@		2.61	%		2.40	%		2.06	%		2.13	%		2.55	%		0.66	%@		1.47	%		1.36	%		0.97	%		1.30	%		1.50	%
Ratio of net investment income (loss) to average net assets(c)		2.40	%@		2.54	%		2.40	%		2.06	%		2.12	%		2.54	%		0.64	%@		1.45	%		1.35	%		0.96	%		1.30	%		1.51	%
Portfolio turnover rate		34	%		63	%		46	%		54	%		41	%		45	%		9	%		20	%		11	%		15	%		14	%		20	%
Number of shares outstanding at end of period (000’s)		80,113			101,412			88,850			71,348			66,882			50,727			14,981			15,995			17,745			19,983			21,173			23,095
Net assets at end of period (000’s)	$	910,956		$	1,012,017		$	959,714		$	884,180		$	808,699		$	585,505		$	195,568		$	190,741		$	203,843		$	243,832		$	248,630		$	248,446

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

293

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Emerging Economies Fund																		Global Real Estate Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	7.23		$	7.71		$	8.89		$	7.94		$	6.18		$	7.84		$	6.85		$	8.00		$	7.68		$	7.63		$	8.02		$	8.60
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.19			0.18			0.16			0.13			0.13			0.09			0.15			0.17			0.18			0.16			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		2.07			(0.47	)		(1.22	)		0.92			1.74			(1.61	)		0.70			(0.94	)		0.44			0.28			0.21			(0.14	)
Total income (loss) from investment operations		2.16			(0.28	)		(1.04	)		1.08			1.87			(1.48	)		0.79			(0.79	)		0.61			0.46			0.37			0.04
Distributions from:
Net investment income		–			(0.20	)		(0.14	)		(0.13	)		(0.11	)		(0.18	)		–			(0.24	)		(0.29	)		(0.31	)		(0.34	)		(0.26	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.12	)		–			(0.10	)		(0.42	)		(0.36	)
Total distributions		–			(0.20	)		(0.14	)		(0.13	)		(0.11	)		(0.18	)		–			(0.36	)		(0.29	)		(0.41	)		(0.76	)		(0.62	)
Net asset value at end of period	$	9.39		$	7.23		$	7.71		$	8.89		$	7.94		$	6.18		$	7.64		$	6.85		$	8.00		$	7.68		$	7.63		$	8.02
TOTAL RETURN(a)		29.88	%		(3.74	)%		(11.75	)%		13.50	%		30.41	%		(18.60	)%		11.53	%		(10.37	)%		8.10	%		6.19	%		4.98	%		1.53	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.89	%@		0.91	%		0.93	%		0.93	%		0.94	%		0.97	%		0.87	%@		0.85	%		0.85	%		0.86	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.89	%@		0.91	%		0.93	%		0.93	%		0.94	%		0.97	%		0.87	%@		0.85	%		0.85	%		0.86	%		0.85	%		0.85	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.14	%@		2.35	%		2.29	%		1.80	%		1.85	%		2.02	%		2.32	%@		1.84	%		2.18	%		2.34	%		2.04	%		2.18	%
Ratio of net investment income (loss) to average net assets(c)		2.14	%@		2.35	%		2.29	%		1.80	%		1.85	%		2.02	%		2.32	%@		1.84	%		2.18	%		2.34	%		2.04	%		2.18	%
Portfolio turnover rate		41	%		62	%		72	%		53	%		69	%		64	%		40	%		78	%		44	%		50	%		47	%		71	%
Number of shares outstanding at end of period (000’s)		97,617			97,025			106,698			91,875			89,332			83,618			44,828			52,437			57,358			47,313			50,730			61,190
Net assets at end of period (000’s)	$	916,693		$	701,471		$	823,071		$	817,232		$	708,873		$	517,011		$	342,619		$	359,442		$	458,620		$	363,223		$	387,137		$	490,714

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

294

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund																		Government Money Market I Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	8.85		$	10.24		$	12.02		$	11.63		$	10.48		$	13.58		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.30			0.44			0.35			0.33			0.27			0.00			0.01			0.02			0.01			0.00			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		0.76			(0.41	)		(1.02	)		0.20			1.14			(1.80	)		0.00			0.00			0.00			0.00			0.00			0.00
Total income (loss) from investment operations		0.85			(0.11	)		(0.58	)		0.55			1.47			(1.53	)		0.00			0.01			0.02			0.01			0.00			0.00
Distributions from:
Net investment income		–			(0.64	)		(0.26	)		–			(0.10	)		(0.72	)		(0.00	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)
Net realized gain on securities		–			(0.64	)		(0.94	)		(0.16	)		(0.22	)		(0.85	)		–			–			–			–			–			–
Total distributions		–			(1.28	)		(1.20	)		(0.16	)		(0.32	)		(1.57	)		0.00			(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)
Net asset value at end of period	$	9.70		$	8.85		$	10.24		$	12.02		$	11.63		$	10.48		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		9.60	%		(1.01	)%		(5.19	)%		4.72	%		14.16	%		(10.23	)%		0.01	%		1.09	%		1.69	%		0.72	%(e)		0.08	%		0.01	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.73	%@		0.72	%		0.66	%		0.65	%		0.66	%		0.64	%		0.10	%@		0.45	%		0.51	%		0.51	%		0.45	%		0.26	%
Ratio of expenses to average net assets(c)		0.75	%@		0.73	%		0.66	%		0.65	%		0.66	%		0.64	%		0.53	%@		0.51	%		0.51	%		0.51	%		0.53	%		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)		1.95	%@		2.95	%		3.78	%		2.86	%		2.94	%		2.26	%		0.01	%@		1.05	%		1.70	%		0.71	%		0.08	%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		1.93	%@		2.94	%		3.78	%		2.86	%		2.94	%		2.26	%		(0.41	)%@		0.99	%		1.70	%		0.71	%		(0.00	)%		(0.24	)%
Portfolio turnover rate		17	%		108	%		30	%		30	%		35	%		26	%		N/A			N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		30,291			31,935			31,615			32,421			36,070			41,208			409,807			415,212			395,196			311,723			330,780			343,490
Net assets at end of period (000’s)	$	293,759		$	282,708		$	323,702		$	389,638		$	419,325		$	431,935		$	409,796		$	415,201		$	395,183		$	311,708		$	330,783		$	343,490

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

See Notes to Financial Statements

295

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	11.22		$	10.57		$	10.21		$	10.63		$	10.85		$	10.82		$	18.82		$	16.35		$	17.36		$	15.00		$	13.47		$	16.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.23			0.23			0.23			0.21			0.22			(0.01	)		0.03			0.06			0.07			0.10			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.04	)		0.67			0.37			(0.37	)		(0.18	)		0.08			4.57			4.22			0.38			3.02			2.56			(0.52	)
Total income (loss) from investment operations		0.06			0.90			0.60			(0.14	)		0.03			0.30			4.56			4.25			0.44			3.09			2.66			(0.40	)
Distributions from:
Net investment income		–			(0.25	)		(0.24	)		(0.28	)		(0.25	)		(0.27	)		–			(0.07	)		(0.07	)		(0.10	)		(0.12	)		(0.10	)
Net realized gain on securities		–			–			–			–			–			–			–			(1.71	)		(1.38	)		(0.63	)		(1.01	)		(2.43	)
Total distributions		–			(0.25	)		(0.24	)		(0.28	)		(0.25	)		(0.27	)		–			(1.78	)		(1.45	)		(0.73	)		(1.13	)		(2.53	)
Net asset value at end of period	$	11.28		$	11.22		$	10.57		$	10.21		$	10.63		$	10.85		$	23.38		$	18.82		$	16.35		$	17.36		$	15.00		$	13.47
TOTAL RETURN(a)		0.53	%		8.57	%		5.98	%		(1.32	)%		0.35	%		2.74	%		24.23	%		27.42	%		2.65	%		20.60	%		20.48	%		(0.63	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.67	%@		0.66	%		0.67	%		0.66	%		0.64	%		0.64	%		0.63	%@		0.68	%		0.74	%		0.74	%		0.76	%		0.79	%
Ratio of expenses to average net assets(c)		0.67	%@		0.66	%		0.67	%		0.66	%		0.64	%		0.64	%		0.79	%@		0.81	%		0.79	%		0.79	%		0.81	%		0.81	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.84	%@		2.08	%		2.24	%		2.12	%		1.95	%		2.02	%		(0.11	)%@		0.16	%		0.34	%		0.42	%		0.71	%		0.78	%
Ratio of net investment income (loss) to average net assets(c)		1.84	%@		2.08	%		2.24	%		2.12	%		1.95	%		2.02	%		(0.27	)%@		0.03	%		0.29	%		0.37	%		0.66	%		0.77	%
Portfolio turnover rate		9	%		17	%		17	%		3	%		15	%		17	%		16	%		219	%		60	%		58	%		71	%		102	%
Number of shares outstanding at end of period (000’s)		13,278			13,225			13,559			11,890			13,689			14,278			69,801			72,176			64,185			69,279			66,758			70,537
Net assets at end of period (000’s)	$	149,769		$	148,338		$	143,372		$	121,425		$	145,460		$	154,987		$	1,632,270		$	1,358,693		$	1,049,181		$	1,202,649		$	1,001,261		$	949,998

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

296

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Health Sciences Fund																					Inflation Protected Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	22.64		$	19.35		$	20.47		$	19.26		$	19.88		$	27.01		$	11.34		$	11.07		$	10.88		$	11.07		$	10.76		$	10.92
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.05	)		(0.04	)		(0.03	)		(0.05	)		(0.04	)		(0.09	)		0.08			0.22			0.24			0.26			0.25			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		3.87			4.92			0.72			3.86			1.80			(3.83	)		0.65			0.32			0.14			(0.14	)		0.10			(0.16	)
Total income (loss) from investment operations		3.82			4.88			0.69			3.81			1.76			(3.92	)		0.73			0.54			0.38			0.12			0.35			(0.01	)
Distributions from:
Net investment income		–			–			–			–			–			–			–			(0.27	)		(0.18	)		(0.21	)		(0.03	)		(0.13	)
Net realized gain on securities		–			(1.59	)		(1.81	)		(2.60	)		(2.38	)		(3.21	)		–			–			(0.01	)		(0.10	)		(0.01	)		(0.02	)
Total distributions		–			(1.59	)		(1.81	)		(2.60	)		(2.38	)		(3.21	)		–			(0.27	)		(0.19	)		(0.31	)		(0.04	)		(0.15	)
Net asset value at end of period	$	26.46		$	22.64		$	19.35		$	20.47		$	19.26		$	19.88		$	12.07		$	11.34		$	11.07		$	10.88		$	11.07		$	10.76
TOTAL RETURN(a)		16.87	%		26.32	%		3.09	%		19.80	%		9.37	%		(13.12	)%		6.44	%		4.88	%		3.51	%		1.11	%		3.29	%		(0.09	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.04	%@		1.05	%		1.05	%		1.06	%		1.07	%		1.06	%		0.55	%@		0.57	%		0.56	%		0.57	%		0.58	%		0.59	%
Ratio of expenses to average net assets(c)		1.08	%@		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%		0.56	%@		0.57	%		0.56	%		0.57	%		0.58	%		0.59	%
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)		(0.43	)%@		(0.18	)%		(0.14	)%		(0.23	)%		(0.21	)%		(0.40	)%		1.29	%@		1.94	%		2.27	%		2.29	%		2.33	%		1.38	%
Ratio of net investment income (loss) to average net assets(c)		(0.47	)%@		(0.21	)%		(0.18	)%		(0.27	)%		(0.23	)%		(0.43	)%		1.28	%@		1.94	%		2.27	%		2.29	%		2.33	%		1.38	%
Portfolio turnover rate		18	%		37	%		33	%		44	%		30	%		31	%		56	%		38	%		42	%		34	%		42	%		33	%
Number of shares outstanding at end of period (000’s)		35,881			37,583			38,358			37,583			36,215			40,409			77,709			67,416			63,309			54,697			57,066			42,345
Net assets at end of period (000’s)	$	949,527		$	850,757		$	742,072		$	769,233		$	697,639		$	803,402		$	937,888		$	764,607		$	700,574		$	595,043		$	631,552		$	455,830

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

297

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Index Fund																		International Government Bond Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	6.19		$	6.74		$	7.41		$	7.02		$	6.22		$	7.13		$	12.14		$	11.82		$	11.64		$	11.71		$	11.43		$	11.26
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.13			0.19			0.19			0.17			0.16			0.13			0.29			0.28			0.24			0.24			0.27
Net realized and unrealized gain (loss) on investments and foreign currencies		1.14			(0.36	)		(0.62	)		0.35			0.81			(0.89	)		0.88			0.24			0.09			(0.20	)		0.04			0.23
Total income (loss) from investment operations		1.20			(0.23	)		(0.43	)		0.54			0.98			(0.73	)		1.01			0.53			0.37			0.04			0.28			0.50
Distributions from:
Net investment income		–			(0.19	)		(0.24	)		(0.15	)		(0.18	)		(0.18	)		–			(0.21	)		(0.18	)		(0.11	)		–			(0.29	)
Net realized gain on securities		–			(0.13	)		–			–			–			–			–			–			(0.01	)		–			–			(0.04	)
Total distributions		–			(0.32	)		(0.24	)		(0.15	)		(0.18	)		(0.18	)		–			(0.21	)		(0.19	)		(0.11	)		–			(0.33	)
Net asset value at end of period	$	7.39		$	6.19		$	6.74		$	7.41		$	7.02		$	6.22		$	13.15		$	12.14		$	11.82		$	11.64		$	11.71		$	11.43
TOTAL RETURN(a)		19.39	%		(3.42	)%		(5.81	)%		7.63	%		15.98	%		(9.99	)%		8.32	%		4.44	%		3.26	%		0.32	%		2.45	%		4.61	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.45	%@		0.43	%		0.43	%		0.42	%		0.44	%		0.43	%		0.66	%@		0.65	%		0.65	%		0.65	%		0.64	%		0.64	%
Ratio of expenses to average net assets(c)		0.45	%@		0.43	%		0.43	%		0.42	%		0.44	%		0.43	%		0.66	%@		0.65	%		0.65	%		0.65	%		0.64	%		0.64	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.72	%@		1.89	%		2.72	%		2.57	%		2.62	%		2.52	%		2.12	%@		2.34	%		2.44	%		2.04	%		2.03	%		2.45	%
Ratio of net investment income (loss) to average net assets(c)		1.72	%@		1.89	%		2.72	%		2.57	%		2.62	%		2.52	%		2.12	%@		2.34	%		2.44	%		2.04	%		2.03	%		2.45	%
Portfolio turnover rate		1	%		10	%		15	%		17	%		11	%		4	%		46	%		105	%		94	%		95	%		70	%		95	%
Number of shares outstanding at end of period (000’s)		215,524			201,429			154,662			173,854			155,797			159,381			15,408			14,125			17,187			18,875			15,879			17,601
Net assets at end of period (000’s)	$	1,592,674		$	1,246,804		$	1,041,727		$	1,287,987		$	1,093,865		$	991,380		$	202,679		$	171,444		$	203,184		$	219,748		$	185,943		$	201,253

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

298

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth Fund																		International Socially Responsible Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	12.47		$	11.35		$	15.01		$	13.04		$	11.63		$	14.18		$	23.97		$	25.91		$	26.24		$	23.78		$	21.01		$	22.11
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.02	)		–			0.04			0.08			0.14			0.15			0.22			0.42			0.44			0.37			0.32			0.34
Net realized and unrealized gain (loss) on investments and foreign currencies		3.76			1.13			(0.19	)		2.29			1.45			(1.58	)		4.44			(0.96	)		(0.29	)		2.52			2.84			(1.02	)
Total income (loss) from investment operations		3.74			1.13			(0.15	)		2.37			1.59			(1.43	)		4.66			(0.54	)		0.15			2.89			3.16			(0.68	)
Distributions from:
Net investment income		–			(0.01	)		(0.10	)		(0.19	)		(0.18	)		(0.17	)		–			(0.51	)		(0.48	)		(0.43	)		(0.39	)		(0.42	)
Net realized gain on securities		–			–			(3.41	)		(0.21	)		–			(0.95	)		–			(0.89	)		–			–			–			–
Total distributions		–			(0.01	)		(3.51	)		(0.40	)		(0.18	)		(1.12	)		–			(1.40	)		(0.48	)		(0.43	)		(0.39	)		(0.42	)
Net asset value at end of period	$	16.21		$	12.47		$	11.35		$	15.01		$	13.04		$	11.63		$	28.63		$	23.97		$	25.91		$	26.24		$	23.78		$	21.01
TOTAL RETURN(a)		29.99	%		10.00	%		(0.17	)%(e)		18.38	%		13.81	%		(9.20	)%		19.44	%		(2.05	)%		0.57	%		12.16	%		15.15	%		(2.83	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.86	%		0.89	%		0.98	%		1.01	%		1.01	%		0.66	%@		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%
Ratio of expenses to average net assets(c)		1.05	%@		1.06	%		1.09	%		1.08	%		1.10	%		1.06	%		0.66	%@		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%
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)		(0.34	)%@		(0.03	)%		0.30	%		0.58	%		1.15	%		1.21	%		1.63	%@		1.57	%		1.67	%		1.44	%		1.47	%		1.65	%
Ratio of net investment income (loss) to average net assets(c)		(0.54	)%@		(0.23	)%		0.10	%		0.47	%		1.06	%		1.16	%		1.63	%@		1.57	%		1.67	%		1.44	%		1.47	%		1.65	%
Portfolio turnover rate		5	%		22	%		35	%		130	%		39	%		36	%		2	%		68	%		2	%		5	%		23	%		0	%
Number of shares outstanding at end of period (000’s)		34,736			37,029			41,093			32,707			33,688			44,791			12,731			13,629			14,044			16,331			17,515			17,949
Net assets at end of period (000’s)	$	563,050		$	461,774		$	466,362		$	490,921		$	439,222		$	521,012		$	364,426		$	326,671		$	363,818		$	428,452		$	416,564		$	377,114

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

299

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Value Fund																		Large Cap Core Fund
	Six Months Ended November 30, 2020#			Year Ended May 31															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	7.78		$	8.93		$	10.67		$	10.54		$	8.78		$	10.44		$	11.66		$	11.00		$	11.70		$	11.35		$	10.77		$	13.74
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.18			0.20			0.21			0.20			0.18			0.04			0.11			0.12			0.11			0.12			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		1.84			(1.09	)		(1.66	)		0.13			1.75			(1.64	)		2.34			1.52			0.23			0.98			1.44			(0.25	)
Total income (loss) from investment operations		1.91			(0.91	)		(1.46	)		0.34			1.95			(1.46	)		2.38			1.63			0.35			1.09			1.56			(0.13	)
Distributions from:
Net investment income		–			(0.23	)		(0.28	)		(0.21	)		(0.19	)		(0.20	)		–			(0.14	)		(0.11	)		(0.12	)		(0.11	)		(0.45	)
Net realized gain on securities		–			(0.01	)		–			–			–			–			–			(0.83	)		(0.94	)		(0.62	)		(0.87	)		(2.39	)
Total distributions		–			(0.24	)		(0.28	)		(0.21	)		(0.19	)		(0.20	)		–			(0.97	)		(1.05	)		(0.74	)		(0.98	)		(2.84	)
Net asset value at end of period	$	9.69		$	7.78		$	8.93		$	10.67		$	10.54		$	8.78		$	14.04		$	11.66		$	11.00		$	11.70		$	11.35		$	10.77
TOTAL RETURN(a)		24.55	%		(10.17	)%		(13.83	)%		3.19	%		22.36	%		(13.72	)%		20.41	%		15.53	%		3.11	%		9.46	%		14.97	%		1.84	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%@		0.73	%		0.77	%		0.79	%		0.80	%		0.79	%		0.82	%@		0.85	%		0.84	%		0.84	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.81	%@		0.80	%		0.82	%		0.79	%		0.80	%		0.79	%		0.85	%@		0.85	%		0.84	%		0.84	%		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	%		0.00	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.68	%@		2.01	%		1.97	%		1.93	%		2.04	%		1.97	%		0.68	%@		0.91	%		1.03	%		0.88	%		1.03	%		0.93	%
Ratio of net investment income (loss) to average net assets(c)		1.61	%@		1.94	%		1.92	%		1.93	%		2.04	%		1.97	%		0.65	%@		0.91	%		1.03	%		0.88	%		1.03	%		0.93	%
Portfolio turnover rate		34	%		64	%		136	%		30	%		40	%		21	%		25	%		49	%		56	%		59	%		54	%		53	%
Number of shares outstanding at end of period (000’s)		71,962			77,667			77,083			81,504			83,103			93,244			14,156			14,987			15,130			15,408			15,120			15,240
Net assets at end of period (000’s)	$	697,011		$	604,123		$	688,485		$	869,416		$	876,165		$	818,993		$	198,783		$	174,700		$	166,428		$	180,349		$	171,627		$	164,060

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

300

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund																		Mid Cap Index Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	16.82		$	15.68		$	15.01		$	13.66		$	12.21		$	12.75		$	20.75		$	23.52		$	28.04		$	26.43		$	24.87		$	28.52
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.08			0.13			0.10			0.10			0.09			0.14			0.30			0.32			0.35			0.30			0.32
Net realized and unrealized gain (loss) on investments and foreign currencies		3.54			2.50			1.71			2.09			1.87			0.04			4.78			(0.70	)		(1.86	)		3.45			3.91			(1.06	)
Total income (loss) from investment operations		3.56			2.58			1.84			2.19			1.97			0.13			4.92			(0.40	)		(1.54	)		3.80			4.21			(0.74	)
Distributions from:
Net investment income		–			(0.13	)		(0.10	)		(0.09	)		(0.09	)		(0.11	)		–			(0.36	)		(0.37	)		(0.32	)		(0.34	)		(0.34	)
Net realized gain on securities		–			(1.31	)		(1.07	)		(0.75	)		(0.43	)		(0.56	)		–			(2.01	)		(2.61	)		(1.87	)		(2.31	)		(2.57	)
Total distributions		–			(1.44	)		(1.17	)		(0.84	)		(0.52	)		(0.67	)		–			(2.37	)		(2.98	)		(2.19	)		(2.65	)		(2.91	)
Net asset value at end of period	$	20.38		$	16.82		$	15.68		$	15.01		$	13.66		$	12.21		$	25.67		$	20.75		$	23.52		$	28.04		$	26.43		$	24.87
TOTAL RETURN(a)		21.17	%		17.08	%		12.50	%		16.00	%		16.50	%		1.73	%		23.71	%		(1.25	)%		(5.76	)%		14.51	%		16.94	%		(0.69	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.75	%@		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.36	%@		0.36	%		0.36	%		0.35	%		0.36	%		0.36	%
Ratio of expenses to average net assets(c)		0.75	%@		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.36	%@		0.36	%		0.36	%		0.35	%		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)		0.21	%@		0.45	%		0.81	%		0.70	%		0.76	%		0.73	%		1.20	%@		1.28	%		1.20	%		1.25	%		1.14	%		1.23	%
Ratio of net investment income (loss) to average net assets(c)		0.21	%@		0.45	%		0.81	%		0.70	%		0.76	%		0.73	%		1.20	%@		1.28	%		1.20	%		1.25	%		1.14	%		1.23	%
Portfolio turnover rate		11	%		37	%		26	%		21	%		23	%		24	%		10	%		14	%		14	%		15	%		14	%		15	%
Number of shares outstanding at end of period (000’s)		29,478			31,185			30,448			29,613			30,427			32,186			123,369			131,740			123,200			122,466			128,379			119,786
Net assets at end of period (000’s)	$	600,736		$	524,630		$	477,301		$	444,633		$	415,566		$	393,063		$	3,166,944		$	2,734,114		$	2,897,313		$	3,434,089		$	3,392,738		$	2,979,477

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

301

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund																		Nasdaq-100® Index Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November  30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	16.50		$	15.49		$	15.85		$	13.92		$	12.58		$	15.35		$	18.29		$	14.08		$	13.97		$	12.11		$	9.92		$	10.36
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.02	)		(0.00	)		0.00			0.01			0.02			0.00			0.02			0.08			0.12			0.06			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currencies		4.57			1.89			1.13			2.66			2.24			(0.82	)		5.18			4.72			0.26			2.48			2.73			(0.02	)
Total income (loss) from investment operations		4.55			1.89			1.13			2.67			2.26			(0.82	)		5.20			4.80			0.38			2.54			2.80			0.06
Distributions from:
Net investment income		–			–			(0.00	)		(0.01	)		–			–			–			(0.14	)		(0.06	)		(0.07	)		(0.08	)		(0.07	)
Net realized gain on securities		–			(0.88	)		(1.49	)		(0.73	)		(0.92	)		(1.95	)		–			(0.45	)		(0.21	)		(0.61	)		(0.53	)		(0.43	)
Total distributions		–			(0.88	)		(1.49	)		(0.74	)		(0.92	)		(1.95	)		–			(0.59	)		(0.27	)		(0.68	)		(0.61	)		(0.50	)
Net asset value at end of period	$	21.05		$	16.50		$	15.49		$	15.85		$	13.92		$	12.58		$	23.49		$	18.29		$	14.08		$	13.97		$	12.11		$	9.92
TOTAL RETURN(a)		27.58	%		12.76	%		7.45	%		19.17	%		18.43	%		(2.91	)%		28.43	%(e)		34.71	%		2.76	%		20.94	%		28.88	%		1.18	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%@		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%		0.52	%@		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.81	%@		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%		0.52	%@		0.53	%		0.54	%		0.54	%		0.55	%		0.56	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.20	)%@		(0.03	)%		(0.02	)%		0.03	%		0.12	%		0.00	%		0.22	%@		0.49	%		0.85	%		0.49	%		0.67	%		0.80	%
Ratio of net investment income (loss) to average net assets(c)		(0.20	)%@		(0.03	)%		(0.02	)%		0.03	%		0.12	%		0.00	%		0.22	%@		0.49	%		0.84	%		0.48	%		0.66	%		0.78	%
Portfolio turnover rate		21	%		25	%		31	%		40	%		38	%		95	%		1	%		8	%		6	%		3	%		4	%		8	%
Number of shares outstanding at end of period (000’s)		18,186			19,079			19,581			18,404			18,691			19,764			32,772			34,045			35,447			33,891			32,558			32,164
Net assets at end of period (000’s)	$	382,899		$	314,845		$	303,288		$	291,655		$	260,170		$	248,619		$	769,906		$	622,519		$	499,269		$	473,513		$	394,400		$	319,222

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by affiliates.

See Notes to Financial Statements

302

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund																		Small Cap Aggressive Growth Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	29.88		$	25.95		$	31.14		$	26.00		$	21.30		$	26.68		$	13.55		$	14.06		$	16.44		$	12.25		$	10.17		$	14.56
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.11	)		0.05			(0.10	)		(0.09	)		(0.01	)		(0.02	)		(0.06	)		(0.10	)		(0.09	)		(0.09	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currencies		9.90			7.31			0.94			7.89			6.56			(0.71	)		4.09			1.57			(0.13	)		4.68			2.67			(2.61	)
Total income (loss) from investment operations		9.79			7.36			0.84			7.80			6.55			(0.73	)		4.03			1.47			(0.22	)		4.59			2.63			(2.64	)
Distributions from:
Net investment income		–			–			–			–			–			–			–			–			–			–			–			–
Net realized gain on securities		–			(3.43	)		(6.03	)		(2.66	)		(1.85	)		(4.65	)		–			(1.98	)		(2.16	)		(0.40	)		(0.55	)		(1.75	)
Total distributions		–			(3.43	)		(6.03	)		(2.66	)		(1.85	)		(4.65	)		–			(1.98	)		(2.16	)		(0.40	)		(0.55	)		(1.75	)
Net asset value at end of period	$	39.67		$	29.88		$	25.95		$	31.14		$	26.00		$	21.30		$	17.58		$	13.55		$	14.06		$	16.44		$	12.25		$	10.17
TOTAL RETURN(a)		32.76	%		30.60	%(e)		3.04	%		30.08	%		31.82	%		0.39	%		29.74	%		12.33	%		(0.89	)%		37.58	%		26.17	%		(16.21	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.97	%@		0.97	%		0.98	%		0.97	%		0.99	%		0.99	%		0.99	%@		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		0.97	%@		0.97	%		0.98	%		0.97	%		0.99	%		0.99	%		1.01	%@		1.01	%		1.00	%		1.00	%		1.02	%		1.01	%
Ratio of expense reductions to average net assets		0.00	%@		0.01	%		0.00	%		0.00	%		0.01	%		0.01	%		0.00	%@		0.00	%		0.01	%		0.00	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(b)		(0.64	)%@		0.19	%		(0.35	)%		(0.33	)%		(0.06	)%		(0.07	)%		(0.82	)%@		(0.71	)%		(0.61	)%		(0.61	)%		(0.33	)%		(0.24	)%
Ratio of net investment income (loss) to average net assets(c)		(0.64	)%@		0.19	%		(0.35	)%		(0.33	)%		(0.06	)%		(0.07	)%		(0.84	)%@		(0.73	)%		(0.63	)%		(0.62	)%		(0.36	)%		(0.26	)%
Portfolio turnover rate		39	%		98	%		89	%		84	%		92	%		107	%		39	%		87	%		94	%		74	%		82	%		101	%
Number of shares outstanding at end of period (000’s)		51,587			54,314			53,666			45,064			43,461			43,694			10,848			11,850			11,517			9,560			9,176			10,084
Net assets at end of period (000’s)	$	2,046,218		$	1,623,083		$	1,392,834		$	1,403,433		$	1,130,159		$	930,756		$	190,747		$	160,527		$	161,912		$	157,170		$	112,391		$	102,540

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by 0.04% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

303

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund																		Small Cap Index Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	9.54		$	10.30		$	11.54		$	11.59		$	10.96		$	14.18		$	15.08		$	18.76		$	22.81		$	20.23		$	17.91		$	21.23
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.04			0.05			0.05			0.03			0.04			0.08			0.17			0.22			0.22			0.21			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		2.75			0.14			(0.27	)		1.97			1.58			(1.17	)		4.61			(0.99	)		(2.25	)		3.85			3.43			(1.86	)
Total income (loss) from investment operations		2.76			0.18			(0.22	)		2.02			1.61			(1.13	)		4.69			(0.82	)		(2.03	)		4.07			3.64			(1.62	)
Distributions from:
Net investment income		–			(0.04	)		(0.05	)		(0.04	)		(0.04	)		(0.03	)		–			(0.32	)		(0.24	)		(0.22	)		(0.23	)		(0.25	)
Net realized gain on securities		–			(0.90	)		(0.97	)		(2.03	)		(0.94	)		(2.06	)		–			(2.54	)		(1.78	)		(1.27	)		(1.09	)		(1.45	)
Total distributions		–			(0.94	)		(1.02	)		(2.07	)		(0.98	)		(2.09	)		–			(2.86	)		(2.02	)		(1.49	)		(1.32	)		(1.70	)
Net asset value at end of period	$	12.30		$	9.54		$	10.30		$	11.54		$	11.59		$	10.96		$	19.77		$	15.08		$	18.76		$	22.81		$	20.23		$	17.91
TOTAL RETURN(a)		28.93	%		2.27	%		(1.94	)%		17.95	%		14.64	%		(5.20	)%		31.10	%		(3.87	)%		(9.23	)%		20.42	%		20.25	%		(6.05	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%@		0.93	%		0.93	%		0.93	%		0.93	%		0.93	%		0.44	%@		0.44	%		0.40	%		0.40	%		0.41	%		0.42	%
Ratio of expenses to average net assets(c)		1.04	%@		1.03	%		1.03	%		1.03	%		1.02	%		1.01	%		0.44	%@		0.44	%		0.40	%		0.40	%		0.41	%		0.42	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.26	%@		0.34	%		0.33	%		0.40	%		0.27	%		0.29	%		0.92	%@		0.94	%		1.01	%		0.99	%		1.07	%		1.26	%
Ratio of net investment income (loss) to average net assets(c)		0.15	%@		0.24	%		0.23	%		0.31	%		0.18	%		0.21	%		0.92	%@		0.94	%		1.01	%		0.99	%		1.07	%		1.26	%
Portfolio turnover rate		13	%		25	%		25	%		25	%		82	%		29	%		13	%		13	%		16	%		17	%		12	%		13	%
Number of shares outstanding at end of period (000’s)		26,316			27,730			27,569			27,836			26,815			27,431			59,253			59,576			53,944			56,750			59,190			55,029
Net assets at end of period (000’s)	$	323,784		$	264,495		$	284,018		$	321,236		$	310,704		$	300,734		$	1,171,518		$	898,557		$	1,012,040		$	1,294,430		$	1,197,209		$	985,833

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

304

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund																		Small-Mid Growth Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	8.80		$	11.14		$	13.84		$	13.17		$	12.05		$	13.74		$	14.00		$	12.79		$	13.84		$	11.94		$	11.23		$	13.57
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.12			0.12			0.15			0.19			0.16			(0.04	)		(0.04	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.99			(1.31	)		(1.02	)		1.84			1.97			(0.24	)		4.54			2.90			0.84			2.43			1.34			(1.07	)
Total income (loss) from investment operations		2.04			(1.19	)		(0.90	)		1.99			2.16			(0.08	)		4.50			2.86			0.81			2.40			1.31			(1.11	)
Distributions from:
Net investment income		–			(0.15	)		(0.17	)		(0.18	)		(0.14	)		(0.21	)		–			–			–			–			–			–
Net realized gain on securities		–			(1.00	)		(1.63	)		(1.14	)		(0.90	)		(1.40	)		–			(1.65	)		(1.86	)		(0.50	)		(0.60	)		(1.23	)
Total distributions		–			(1.15	)		(1.80	)		(1.32	)		(1.04	)		(1.61	)		–			(1.65	)		(1.86	)		(0.50	)		(0.60	)		(1.23	)
Net asset value at end of period	$	10.84		$	8.80		$	11.14		$	13.84		$	13.17		$	12.05		$	18.50		$	14.00		$	12.79		$	13.84		$	11.94		$	11.23
TOTAL RETURN(a)		23.18	%		(10.88	)%		(6.88	)%		15.39	%		17.65	%		1.49	%		32.14	%		24.52	%		6.17	%		20.07	%		11.94	%		(6.27	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.91	%@		0.88	%		0.87	%		0.87	%		0.87	%		0.88	%		0.96	%@		0.95	%		0.93	%		0.95	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.91	%@		0.88	%		0.87	%		0.87	%		0.87	%		0.88	%		1.03	%@		1.02	%		1.00	%		1.01	%		1.01	%		1.00	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.01	%		0.00	%		0.01	%		0.00	%		–			0.00	%		–			–			–			0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.00	%@		1.10	%		0.91	%		1.04	%		1.47	%		1.29	%		(0.53	)%@		(0.29	)%		(0.23	)%		(0.21	)%		(0.26	)%		(0.33	)%
Ratio of net investment income (loss) to average net assets(c)		1.00	%@		1.10	%		0.91	%		1.04	%		1.47	%		1.29	%		(0.60	)%@		(0.36	)%		(0.30	)%		(0.27	)%		(0.27	)%		(0.33	)%
Portfolio turnover rate		21	%		37	%		33	%		37	%		46	%		74	%		57	%		67	%		77	%		62	%		61	%		64	%
Number of shares outstanding at end of period (000’s)		19,923			20,134			20,076			21,730			21,453			19,831			8,903			9,370			9,083			8,562			8,994			9,812
Net assets at end of period (000’s)	$	216,011		$	177,110		$	223,576		$	300,745		$	282,609		$	238,888		$	164,709		$	131,229		$	116,197		$	118,522		$	107,389		$	110,230

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

305

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund																		Systematic Core Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	40.27		$	39.24		$	39.46		$	36.47		$	33.14		$	36.60		$	20.57		$	20.35		$	22.23		$	20.70		$	18.44		$	19.70
Income (loss) from investment operations:
Net investment income (loss)(d)		0.31			0.81			0.72			0.63			0.61			0.63			0.09			0.18			0.21			0.19			0.20			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		7.67			3.86			0.62			4.49			4.96			(0.59	)		4.41			2.68			0.43			2.34			2.94			(0.34	)
Total income (loss) from investment operations		7.98			4.67			1.34			5.12			5.57			0.04			4.50			2.86			0.64			2.53			3.14			(0.14	)
Distributions from:
Net investment income		–			(0.87	)		(0.64	)		(0.67	)		(0.57	)		(0.89	)		–			(0.24	)		(0.21	)		(0.21	)		(0.24	)		(0.24	)
Net realized gain on securities		–			(2.77	)		(0.92	)		(1.46	)		(1.67	)		(2.61	)		–			(2.40	)		(2.31	)		(0.79	)		(0.64	)		(0.88	)
Total distributions		–			(3.64	)		(1.56	)		(2.13	)		(2.24	)		(3.50	)		–			(2.64	)		(2.52	)		(1.00	)		(0.88	)		(1.12	)
Net asset value at end of period	$	48.25		$	40.27		$	39.24		$	39.46		$	36.47		$	33.14		$	25.07		$	20.57		$	20.35		$	22.23		$	20.70		$	18.44
TOTAL RETURN(a)		19.82	%		12.45	%		3.43	%		13.99	%		17.08	%		1.38	%		21.88	%		15.08	%		2.87	%		12.17	%		17.22	%		0.08	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.29	%@		0.30	%		0.33	%		0.34	%		0.34	%		0.35	%		0.77	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.33	%@		0.33	%		0.33	%		0.34	%		0.34	%		0.35	%		0.99	%@		0.99	%		0.92	%		0.90	%		0.91	%		0.91	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.40	%@		1.91	%		1.78	%		1.62	%		1.75	%		1.83	%		0.78	%@		0.85	%		0.95	%		0.88	%		1.03	%		1.08	%
Ratio of net investment income (loss) to average net assets(c)		1.36	%@		1.88	%		1.78	%		1.62	%		1.75	%		1.83	%		0.56	%@		0.71	%		0.88	%		0.83	%		0.97	%		1.02	%
Portfolio turnover rate		1	%		3	%		4	%		3	%		3	%		3	%		9	%		98	%		44	%		43	%		34	%		33	%
Number of shares outstanding at end of period (000’s)		112,620			119,807			118,173			125,644			124,560			124,483			5,859			5,963			5,774			5,767			5,822			6,176
Net assets at end of period (000’s)	$	5,434,057		$	4,825,190		$	4,637,546		$	4,958,503		$	4,542,334		$	4,125,329		$	146,895		$	122,639		$	117,501		$	128,172		$	120,515		$	113,885

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

306

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Systematic Value Fund																		Value Fund
	Six Months Ended November 30, 2020#			Year Ended May 31,															Six Months Ended November 30, 2020#			Year Ended May 31,
				2020			2019			2018			2017			2016						2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	11.79		$	13.93		$	15.91		$	15.64		$	13.97		$	16.03		$	15.65		$	17.50		$	17.87		$	16.62		$	14.93		$	15.46
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.23			0.34			0.20			0.24			0.22			0.13			0.31			0.29			0.26			0.25			0.26
Net realized and unrealized gain (loss) on investments and foreign currencies		1.09			(0.52	)		(0.61	)		1.45			2.16			(1.11	)		2.13			(0.16	)		(0.41	)		1.27			1.72			(0.57	)
Total income (loss) from investment operations		1.18			(0.29	)		(0.27	)		1.65			2.40			(0.89	)		2.26			0.15			(0.12	)		1.53			1.97			(0.31	)
Distributions from:
Net investment income		–			(0.39	)		(0.22	)		(0.28	)		(0.24	)		(0.21	)		–			(0.34	)		(0.25	)		(0.28	)		(0.28	)		(0.22	)
Net realized gain on securities		–			(1.46	)		(1.49	)		(1.10	)		(0.49	)		(0.96	)		–			(1.66	)		–			–			–			–
Total distributions		–			(1.85	)		(1.71	)		(1.38	)		(0.73	)		(1.17	)		–			(2.00	)		(0.25	)		(0.28	)		(0.28	)		(0.22	)
Net asset value at end of period	$	12.97		$	11.79		$	13.93		$	15.91		$	15.64		$	13.97		$	17.91		$	15.65		$	17.50		$	17.87		$	16.62		$	14.93
TOTAL RETURN(a)		10.01	%		(2.34	)%		(1.84	)%		10.34	%		17.25	%		(4.47	)%		14.44	%		1.18	%		(0.71	)%		9.15	%		13.22	%		(1.80	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%@		0.80	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		1.09	%@		1.16	%		0.93	%		0.92	%		0.92	%		0.92	%		0.96	%@		0.95	%		0.94	%		0.94	%		0.94	%		0.93	%
Ratio of expense reductions to average net assets		–			0.00	%		0.00	%		0.00	%		0.01	%		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)		1.54	%@		1.64	%		2.14	%		1.20	%		1.57	%		1.49	%		1.54	%@		1.70	%		1.63	%		1.47	%		1.54	%		1.78	%
Ratio of net investment income (loss) to average net assets(c)		1.24	%@		1.27	%		2.06	%		1.13	%		1.49	%		1.42	%		1.43	%@		1.60	%		1.53	%		1.38	%		1.46	%		1.69	%
Portfolio turnover rate		70	%		265	%		28	%		24	%		20	%		26	%		16	%		44	%		46	%		19	%		15	%		15	%
Number of shares outstanding at end of period (000’s)		3,504			3,751			3,676			3,742			3,603			4,104			7,241			7,219			6,749			6,461			6,640			7,241
Net assets at end of period (000’s)	$	45,435		$	44,233		$	51,212		$	59,532		$	56,339		$	57,330		$	129,655		$	112,970		$	118,127		$	115,474		$	110,333		$	108,136

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

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

See Notes to Financial Statements

307

VALIC Company I

Statement Regarding Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, has been designated by the Board to administer the Funds’ liquidity risk management program (the “Program”). VALIC has appointed a Liquidity Risk Management Committee (the “Committee”) comprised of certain officers as well as certain personnel of SunAmerica Asset Management, LLC, in its capacity as the Funds’ administrator. The Committee is subject to the oversight of VALIC. VALIC and the Committee are referred to collectively herein as the “Program Administrator.” The Program is designed to assess, manage and periodically review each Fund’s liquidity risk, based on factors specific to the circumstances of each Fund. “Liquidity risk” means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

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

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

308

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

VALIC COMPANY I APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

At an in-person meeting held on August 3-4, 2020, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): Allianz Global Investors US, LLC (“Allianz”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco”), Invesco Asset Management Limited (“IAML”),¹ Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Morgan Stanley Investment Management Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe”), Victory Capital Management Inc. (“Victory”), Wellington Management Company LLP (“Wellington”) and Wells Capital Management Incorporated (“WellsCap”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 3-4, 2020 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 13, 2020.

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

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

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

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

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

¹  Effective September 28, 2015, IAML became a sub-sub-adviser pursuant to an Investment Sub-Sub-Advisory Agreement between Invesco and IAML. The Board’s consideration and approval of VALIC’s Investment Sub-Advisory Agreement with Invesco included a consideration and approval of this Investment Sub-Sub-Advisory Agreement.

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

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

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

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

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2019.

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

• Asset Allocation Fund (PineBridge). The Fund’s actual management fees were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

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

• Blue Chip Growth Fund (T. Rowe). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

• Capital Conservation Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Core Equity Fund (BlackRock). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Dividend Value Fund (BlackRock/SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers.

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

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• Dynamic Allocation Fund (AllianceBernstein L.P.²/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

• Emerging Economies Fund (JPMIM). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

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

• Global Real Estate Fund (GSAM/Invesco/IAML). The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Universe.

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

• Global Strategy Fund (Franklin). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that Franklin took over sub-advisory duties on the equity sleeve of the Fund effective January 29, 2020, replacing Templeton Investment Counsel, LLC.

• Government Money Market I Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

• Government Securities Fund (JPMIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Growth Fund (BlackRock/SunAmerica³). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that BlackRock and SunAmerica assumed co-sub-advisory duties of the Fund effective September 30, 2019, replacing American Century Investment Management, LLC.

• Health Sciences Fund (T. Rowe). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

²  At an in-person meeting of the Board held on April 29-30, 2019, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Dynamic Allocation Fund, and AllianceBernstein L.P. for an initial term ending on November 12, 2021. Therefore, the Board did not consider such Sub-advisory Agreement at its August 3-4, 2020 meeting.

³  At an in-person meeting of the Board held on April 29-30, 2019, the Board approved new Investment Sub-Advisory Agreements between VALIC, on behalf of the Growth Fund, and each of BlackRock and SunAmerica for an initial term ending on September 30, 2021. Therefore, the Board did not consider such Sub-advisory Agreements at its August 3-4, 2020 meeting.

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• Inflation Protected Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s actual sub-advisory fees were above the median of its Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that Wellington will assume sub-advisory duties of the Fund effective September 28, 2020, replacing PineBridge. The Board also noted that the Fund’s sub-advisory fees will be reduced and VALIC will waive 3 basis points of its management fee at each breakpoint.

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

• International Equities Index Fund (SunAmerica). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• International Government Bond Fund (PineBridge). The Fund’s actual management fees, total net expenses and sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

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

• International Growth Fund (MSIM). The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of its Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• International Socially Responsible Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Universe.

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

• International Value Fund (WellsCap). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe.

The Fund underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board noted that management replaced the Fund’s sub-adviser in September 2018.

• Large Cap Core Fund (Columbia). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers.

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

• Large Capital Growth Fund (MFS). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

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• Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Mid Cap Strategic Growth Fund (Allianz/Janus). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

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

• Nasdaq-100^® Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

• Science & Technology Fund (T. Rowe/Allianz/Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small Cap Aggressive Growth Fund (Victory). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

• Small Cap Fund (Bridgeway/JPMIM/T. Rowe). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

• Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small Cap Special Values Fund (WellsCap). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses.

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

• Small-Mid Growth Fund (GSAM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses.

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

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• Stock Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that management instituted a contractual limitation on total expenses that would extend through September 30, 2021.

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

• Systematic Core Fund (formerly, Growth & Income Fund) (GSAM⁴). The Fund’s actual management fees and actual total expenses were above the medians of the Expense Group and equal to the medians of the Expense Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that GSAM assumed sub-advisory duties of the Fund effective April 27, 2020, replacing JPMIM. The Board also noted that VALIC is waiving 22 basis points of its management fee at each breakpoint.

• Systematic Value Fund (formerly, Broad Cap Value Income Fund) (Wellington⁵). The Fund’s actual management fees were equal to the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance. The Board also noted that Wellington assumed sub-advisory duties of the Fund effective September 27, 2019, replacing Barrow, Hanley, Mewhinney & Strauss, Inc. The Board also noted that VALIC is waiving 30 basis points of its management fee at each breakpoint.

• Value Fund (Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2021.

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

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

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

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

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

⁴  At an in-person meeting of the Board held on January 28, 2020, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Systematic Core Fund, and GSAM for an initial term ending on April 26, 2022. Therefore, the Board did not consider such Sub-advisory Agreement at its August 3-4, 2020 meeting.

⁵  At an in-person meeting of the Board held on July 9, 2019, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Systematic Value Fund, and Wellington for an initial term ending on September 30, 2021. Therefore, the Board did not consider such Sub-advisory Agreement at its August 3-4, 2020 meeting.

314

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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

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

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

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

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

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

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

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

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

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

315

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

VALIC COMPANY I ASSET ALLOCATION FUND APPROVAL OF SUBADVISORY AGREEMENT

At an in-person meeting held on August 3-4, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement (the “New Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and J.P. Morgan Investment Management Inc. (“JPMIM”) with respect to the Asset Allocation Fund (the “Fund”). In connection with the approval of the New Sub-Advisory Agreement with JPMIM, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, PineBridge Investments, LLC (“PineBridge”) with respect to the Fund.

In connection with the approval of the New Sub-advisory Agreement, 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 Sub-advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by JPMIM; (2) the sub-advisory fees proposed to be charged in connection with JPMIM’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”); (4) the costs of services and the benefits potentially to be derived by JPMIM; (5) whether the Fund will benefit from possible economies of scale from engaging JPMIM; (6) the anticipated profitability of VALIC; (7) information regarding JPMIM’s brokerage and trading practices and compliance and regulatory history; and (8) the terms of the proposed New Sub-advisory Agreement.

In considering whether to approve the New Sub-advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from JPMIM 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 New Sub-advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by JPMIM. The Board reviewed information provided by JPMIM relating to its operations and personnel. The Board also noted that JPMIM’s management of the Fund will be subject to the oversight of VALIC and the Board and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by JPMIM. In this regard, the Board took into account its knowledge of JPMIM, which is a sub-adviser to certain other VC I and VALIC Company II funds. The Board noted that JPMIM will (i) manage the investment and reinvestment of the assets of the Fund including, for example, the evaluation of pertinent economic, statistical, financial, and other data, the determination, in its discretion without prior consultation with VALIC or the Board, of the industries, securities and other investments to be represented in the Fund’s portfolio, and the formulation and implementation of investment programs; (ii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (including futures contracts or other derivatives) for the Fund’s account with brokers or dealers (including futures commission merchants) selected by JPMIM, or arrange for any other entity to provide a trading desk and to place orders with brokers and dealers (including futures commission merchants) selected by JPMIM, subject to JPMIM’s control, direction, and supervision, which brokers or dealers may include brokers or dealers (including futures commission merchants) affiliated with JPMIM, subject to applicable law; and (iii) in performing its obligations under this Agreement, JPMIM may, at its own discretion, delegate any or all of its discretionary investment, advisory and other rights, powers and functions thereunder to any advisory affiliate, without further written consent of VALIC provided that JPMIM shall always remain liable for its obligations thereunder. The Board considered JPMIM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of JPMIM’s investment personnel who would provide services to the Fund. The Board also reviewed JPMIM’s brokerage practices. The Board also noted that it received information on JPMIM’s financial condition and its compliance function. The Board also considered JPMIM’s risk management processes and regulatory history, including information regarding whether it was 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 JPMIM were expected to be satisfactory and that there was a reasonable basis to conclude that JPMIM would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-advisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with JPMIM at arm’s length.

The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and VC I under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of JPMIM will result in a reduction to the management fee paid by the Fund to VALIC.

The Board considered that the current sub-advisory fee payable to PineBridge and the proposed sub-advisory fee payable to JPMIM is below the average and median of the Fund’s Sub-advisory Expense Group/Universe. The Board also considered that the proposed sub-advisory fee rate payable to JPMIM would be lower than the current sub-advisory fee payable to PineBridge. 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 May 31, 2020. The Board noted management’s representation that the proposed strategy would have performed better than the current Fund and the Fund’s Morningstar category average, but with a lower risk profile.

316

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the New Sub-advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-adviser; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of PineBridge with JPMIM. The Board also noted that VALIC would waive a portion of its management fee if the New Sub-advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if JPMIM is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with JPMIM at arm’s length. In considering the anticipated profitability to JPMIM in connection with its relationship to the Fund, the Directors noted that the fees under the New Sub-advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of JPMIM from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the New Sub-advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to JPMIM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in JPMIM’s management of the Fund is not a material factor to the approval of the New Sub-advisory Agreement.

Terms of the New Sub-advisory Agreement. The Board reviewed the terms of the New Sub-advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the New Sub-advisory Agreement between VALIC and JPMIM and the current sub-advisory agreement between VALIC and PineBridge are similar, except that the New Sub-advisory Agreement differs, among other things, in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) the elimination of express terms relating to compliance with state laws and regulations; (iv) the addition of language permitting the sub-adviser to delegate any or all of its discretionary investment, advisory and other rights, powers and functions hereunder to any advisory affiliate; (v) the elimination of language relating to the sub-adviser’s obligation to maintain a level of errors and omissions or professional liability insurance coverage and of express terms related to how the sub-adviser shall manage the portion of the assets of the Fund allocated to it as if it was a separate operating fund; (vi) the addition of language permitting the sub-adviser to disclose information relating to the Fund to any market counterparty to the extent necessary to effect transactions on behalf of the Fund and to execute trades in markets that are not regulated markets; (vii) the addition of language that states VALIC will vote proxies relating to securities held by the Fund; (viii) the addition of certain express terms relating to confidentiality; (ix) the addition of express terms concerning no liability to any indemnified party for indirect, special or consequential damages; (x) the addition of express terms permitting the sub-adviser to provide information about the Fund to an affiliate or third-party for the purpose of providing services to the Fund; and (xi) the addition of a provision regarding a customer identification program. The Board concluded that the terms of the New Sub-advisory Agreement were reasonable.

Conclusions. In reaching its decision to approve the New Sub-advisory Agreement, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that JPMIM possesses the capability and resources to perform the duties required of it under the New Sub-advisory Agreement.

317

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rules 497(e) and 497(k)

Registration Nos. 002-83631

333-53589

VALIC COMPANY I

CAPITAL CONSERVATION FUND

SMALL CAP AGGRESSIVE GROWTH FUND

SMALL CAP FUND

VALIC COMPANY II

AGGRESSIVE GROWTH LIFESTYLE FUND

CAPITAL APPRECIATION FUND

CONSERVATIVE GROWTH LIFESTYLE FUND

CORE BOND FUND

GOVERNMENT MONEY MARKET II FUND

HIGH YIELD BOND FUND

INTERNATIONAL OPPORTUNITIES FUND

MID CAP VALUE FUND

MODERATE GROWTH LIFESTYLE FUND

SMALL CAP GROWTH FUND

SMALL CAP VALUE FUND

STRATEGIC BOND FUND

U.S. SOCIALLY RESPONSIBLE FUND

(each, a “Fund”)

Supplement to the Summary Prospectus and Prospectus of each Fund,

as supplemented and amended to date

The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Capital Conservation Fund, the Small Cap Aggressive Growth Fund and the Small Cap Fund, and the Board of Trustees of VALIC Company II (“VC II”), on behalf of each of the Aggressive Growth Lifestyle Fund, the Capital Appreciation Fund, the Conservative Growth Lifestyle Fund, the Core Bond Fund, the High Yield Bond Fund, the International Opportunities Fund, the Mid Cap Value Fund, the Moderate Growth Lifestyle Fund, the Small Cap Growth Fund, the Small Cap Value Fund, the Strategic Bond Fund and the U.S. Socially Responsible Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into a shell series of VC I (each, a “Shell Acquiring Fund”), as shown in the table below. Each Shell Acquiring Fund in the table below will have the same investment objectives, strategies and policies as the Target Fund of the same name.

Target Fund	Shell Acquiring Fund
Aggressive Growth Lifestyle Fund, a series of VC II	Aggressive Growth Lifestyle Fund, a series of VC I
Capital Appreciation Fund, a series of VC II	Capital Appreciation Fund, a series of VC I
Capital Conservation Fund, a series of VC I	Core Bond Fund, a series of VC I
Conservative Growth Lifestyle Fund, a series of VC II	Conservative Growth Lifestyle Fund, a series of VC I
Core Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
High Yield Bond Fund, a series of VC II	High Yield Bond Fund, a series of VC I
International Opportunities Fund, a series of VC II	International Opportunities Fund, a series of VC I
Mid Cap Value Fund, a series of VC II	Mid Cap Value Fund, a series of VC I
Moderate Growth Lifestyle Fund, a series of VC II	Moderate Growth Lifestyle Fund, a series of VC I
Small Cap Aggressive Growth Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Fund, a series of VC I	Small Cap Growth Fund, a series of VC I
Small Cap Growth Fund, a series of VC II	Small Cap Growth Fund, a series of VC I
Small Cap Value Fund, a series of VC II	Small Cap Value Fund, a series of VC I
Strategic Bond Fund, a series of VC II	Core Bond Fund, a series of VC I
U.S. Socially Responsible Fund, a series of VC II	U.S. Socially Responsible Fund, a series of VC I

In addition, the Board of Trustees of VC II has determined that it is in the best interests of the Government Money Market II Fund to reorganize into the Government Money Market I Fund, an existing series of VC I (the “Existing Acquiring Fund”). Each proposed transaction is referred to as a “Reorganization” and each Shell Acquiring Fund and the Existing Acquiring Fund is referred to as an “Acquiring Fund.”

318

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.

Each Target Fund expects to convene a special meeting of its shareholders on or about May 11, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of February 26, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.

Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.

Date: January 27, 2021

Please retain this supplement for future reference.

319

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

Yvonne M. Curl

Timothy J. Ebner

Gustavo E. Gonzales, Jr. (retired effective Jan 1, 2021)

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

1633 Broadway

New York, NY 10019

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

225 Franklin St.

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

111 Huntington Avenue

Boston, MA 02199

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue, 5^th Floor

New York, NY 10036

PineBridge Investments, LLC

Park Avenue Tower

65 E. 55th Street

New York, NY 10022

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

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

Sharon French,

Executive Vice President

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

Kevin J. Adamson

Vice President

Gregory N. Bressler,

Vice President

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

320

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

The Series is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Series’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

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aig.com/RetirementServices — 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 AIG Retirement Services accounts

• Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password and more

PersonalDeliver-e^®

• It’s easy to sign up

• Simply visit aig.com/RetirementServices today to get started

Initiate account transactions including:

• Change allocation

• Transfer money among investment options

• Rebalance account to your desired allocation mix

• Change contributions

Start exploring your account online today!

• Visit aig.com/RetirementServices

• Register for online access

• Follow steps to create a security profile

Please note:

Email delivery is not accessible to certain annuity contract owners.

Sign up today at aig.com/RetirementServices

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.

Your Future is Calling. Sign up for PersonalDeliver-e^® today.

CLICK aig.com/RetirementServices    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 adviser.

Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA.

AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).

© American International Group, Inc. All rights reserved.

VC 23800 (09/2019) J359703 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793

VC 4873   (11/2020)     J103179

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Not applicable.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b)  under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: February 4, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: February 4, 2021

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 4, 2021