VALIC Co II N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08789

VALIC Company II

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

President

The Variable Annuity Life Insurance Company

2929 Allen Parkway

Houston, TX 77019

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2015

Item 1. Reports to Stockholders

VALIC Company II

Annual Report, August 31, 2015

SAVING :INVESTING :PLANNING

VALIC Company II

ANNUAL REPORT AUGUST 31, 2014

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolios of Investments:
Aggressive Growth Lifestyle Fund	4
Capital Appreciation Fund	6
Conservative Growth Lifestyle Fund	9
Core Bond Fund	11
High Yield Bond Fund	32
International Opportunities Fund	43
Large Cap Value Fund	50
Mid Cap Growth Fund	54
Mid Cap Value Fund	57
Moderate Growth Lifestyle Fund	62
Money Market II Fund	64
Small Cap Growth Fund	67
Small Cap Value Fund	71
Socially Responsible Fund	79
Strategic Bond Fund	86
Statements of Assets and Liabilities	114
Statements of Operations	117
Statements of Changes in Net Assets	120
Notes to Financial Statements	124
Financial Highlights	146
Report of Independent Registered Public Accounting Firm	154
Approval of Advisory Agreements	155
Trustees and Officers Information	160
Shareholders Tax Information	162
Comparisons: Funds vs. Indexes	163

VALIC Company II

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company II. The report contains the investment portfolio information and the financial statements of VALIC Company II for the twelve-month period ending August 31, 2015. We encourage you to carefully read this report and hope you find it informative and helpful.

Domestically, the total return for the S&P 500^® Index^*, widely regarded as the best single gauge of the U.S. equity market, ended up 0.48%. The MSCI EAFE Index (net)^**, designed to measure the equity market performance of developed foreign markets (Europe, Australasia, Far East), excluding the U.S. and Canada, declined -7.47%. The domestic bond market experienced respectable returns, with the Barclays U.S. Aggregate Bond Index^***, a broad measure of the bond market, rising 1.56%.

Due to signs of a steeper than expected economic slowdown in China, U.S. stocks fell in August, igniting global market volatility. The S&P 500^® Index suffered its sharpest monthly decline in over three years. Additionally, most of the major indices entered correction territory—defined as a drop of 10% from the most recent peak. With falling oil prices and weakening economies elsewhere, the U.S. dollar continued to strengthen. Job growth and job creation have begun to pick up pace. Additionally, U.S. companies reported an upward trend in corporate margins and profits along with renewed merger and acquisition activity, both signs of a strengthening domestic economy.

Towards the end of the period, reports began to show a slowdown in Chinese exports, as well as a drop in manufacturing. In August, the Chinese government announced it would permit the yuan to fall against the U.S. dollar, in an effort to make Chinese goods cheaper in overseas markets. Global markets reacted negatively to the Chinese devaluation of its currency.

The bond market picked up steam over the period, as equities faltered.

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

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

Sincerely,

John T. Genoy, President

VALIC Company II

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

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

^***  The Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market that includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBC (agency and non-agency).

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

1

VALIC Company II

EXPENSE EXAMPLE — August 31, 2015 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company II (“VC II”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at March 1, 2015 and held until August 31, 2015. Shares of VC II are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Plan Accounts (“IRA”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC II and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA documents for more details on the fees associated with the Variable Contract, Plans or IRA’s.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended August 31, 2015” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended August 31, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans and IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended August 31, 2015” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended August 31, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended August 31, 2015” 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 IRA’s. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

2

VALIC Company II

EXPENSE EXAMPLE — August 31, 2015 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at March  1, 2015		Ending Account Value Using Actual Return at August 31, 2015		Expenses Paid During the Six Months Ended August 31, 2015*		Beginning Account Value at March 1, 2015		Ending Account Value Using a Hypothetical 5% Annual Return at March 1, 2015		Expenses Paid During the Six Months Ended August 31, 2015*		Annualized Expense Ratio
Aggressive Growth Lifestyle#	$	1,000.00	$	951.71	$	0.49	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Capital Appreciation#	$	1,000.00	$	968.79	$	4.22	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Conservative Growth Lifestyle#	$	1,000.00	$	966.16	$	0.50	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Core Bond#	$	1,000.00	$	988.42	$	3.86	$	1,000.00	$	1,021.32	$	3.92		0.77	%
High Yield Bond#	$	1,000.00	$	976.13	$	4.78	$	1,000.00	$	1,020.37	$	4.89		0.96	%
International Opportunities#	$	1,000.00	$	999.16	$	5.04	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Large Cap Value#	$	1,000.00	$	940.02	$	3.96	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Mid Cap Growth#	$	1,000.00	$	961.51	$	4.20	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Mid Cap Value#	$	1,000.00	$	944.35	$	5.15	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Moderate Growth Lifestyle#	$	1,000.00	$	959.11	$	0.49	$	1,000.00	$	1,024.70	$	0.51		0.10	%
Money Market II#	$	1,000.00	$	1,000.05	$	0.76	$	1,000.00	$	1,024.45	$	0.77		0.15	%
Small Cap Growth#	$	1,000.00	$	969.17	$	5.76	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Small Cap Value#	$	1,000.00	$	937.46	$	4.64	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Socially Responsible#	$	1,000.00	$	949.68	$	2.75	$	1,000.00	$	1,022.38	$	2.85		0.56	%
Strategic Bond	$	1,000.00	$	978.49	$	4.39	$	1,000.00	$	1,020.77	$	4.48		0.88	%

* Expenses are equal to each Fund‘s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days then divided by 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 the expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administration fees charged by your Plan sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. 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 August 31, 2015” and the “Annualized Expense Ratio” would have been higher.

3

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	44.3	%
Domestic Fixed Income Investment Companies	24.2
International Equity Investment Companies	24.2
Real Estate Investment Companies	7.3
	100.0	%

* Calculated as a percentage of net assets

4

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 44.3%
VALIC Co. I Blue Chip Growth Fund		1,467,575	$	25,770,615
VALIC Co. I Dividend Value Fund		547,394		6,809,583
VALIC Co. I Mid Cap Index Fund		783,452		20,824,165
VALIC Co. I Mid Cap Strategic Growth Fund		436,489		6,281,073
VALIC Co. I Nasdaq-100 Index Fund		1,598,407		15,744,312
VALIC Co. I Science & Technology Fund		521,914		12,927,808
VALIC Co. I Small Cap Index Fund		1,274,770		25,240,442
VALIC Co. I Small Cap Special Values Fund		597,399		7,706,450
VALIC Co. I Stock Index Fund		548,972		18,884,635
VALIC Co. I Value Fund		122,755		1,751,711
VALIC Co. II Capital Appreciation Fund		950,120		15,534,457
VALIC Co. II Large Cap Value Fund		367,057		6,269,332
VALIC Co. II Mid Cap Growth Fund		883,288		7,781,765
VALIC Co. II Mid Cap Value Fund		1,280,872		27,948,619
VALIC Co. II Small Cap Growth Fund		696,251		10,659,610
VALIC Co. II Small Cap Value Fund		1,083,136		15,174,736
Total Domestic Equity Investment Companies
(cost $196,973,340)				225,309,313
Domestic Fixed Income Investment Companies — 24.2%
VALIC Co. I Capital Conservation Fund		1,225,637		12,084,780
VALIC Co. I Government Securities Fund		1,084,219		11,720,409
VALIC Co. I Inflation Protected Fund		573,971		6,147,229
VALIC Co. II Core Bond Fund		4,034,797		44,100,331
VALIC Co. II High Yield Bond Fund		2,842,361		21,033,471
VALIC Co. II Strategic Bond Fund		2,564,029		28,204,318
Total Domestic Fixed Income Investment Companies
(cost $126,882,763)				123,290,538

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 24.2%
VALIC Co. I Emerging Economies Fund		1,317,764		$	8,512,756
VALIC Co. I Foreign Value Fund		2,714,606			25,055,812
VALIC Co. I International Equities Index Fund		8,220,648			53,598,627
VALIC Co. I International Growth Fund		2,017,894			26,111,544
VALIC Co. II International Opportunities Fund		659,452			9,944,537
Total International Equity Investment Companies
(cost $132,421,215)					123,223,276
Real Estate Investment Companies — 7.3%
VALIC Co. I Global Real Estate Fund (cost $37,960,261)		4,595,835			37,088,386
TOTAL INVESTMENTS
(cost $494,237,579)(2)		100.0	%		508,911,513
Liabilities in excess of other assets		(0.0	)		(21,461	)
NET ASSETS		100.0	%	$	508,890,052

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

(1) See Note 3

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

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	508,911,513	$	—	$	—	$	508,911,513

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

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

See Notes to Financial Statements

5

VALIC Company II Capital Appreciation Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	6.9	%
Computers	6.6
Web Portals/ISP	4.5
Beverages — Non-alcoholic	4.4
Medical — Drugs	3.3
Internet Content — Entertainment	3.2
Applications Software	3.2
Food — Misc./Diversified	3.1
Finance — Credit Card	3.0
E-Commerce/Products	2.8
Telephone — Integrated	2.2
Apparel Manufacturers	2.1
Instruments — Controls	2.0
Medical — Generic Drugs	1.9
Retail — Drug Store	1.9
Investment Management/Advisor Services	1.9
E-Commerce/Services	1.9
Television	1.9
Enterprise Software/Service	1.8
Cable/Satellite TV	1.8
Athletic Footwear	1.8
Retail — Building Products	1.8
Medical — HMO	1.5
Retail — Restaurants	1.5
Cosmetics & Toiletries	1.5
Aerospace/Defense	1.5
Building Products — Cement	1.4
Finance — Other Services	1.4
Retail — Discount	1.3
Networking Products	1.3
Diagnostic Equipment	1.3
Medical — Wholesale Drug Distribution	1.3
Insurance Brokers	1.2
Time Deposits	1.2
Retail — Perfume & Cosmetics	1.2
Computer Services	1.2
Computer Software	1.2
Electronic Forms	1.2
Transport — Services	1.1
Advertising Agencies	1.1
Oil — Field Services	1.1
Aerospace/Defense — Equipment	1.1
Electronic Components — Semiconductors	1.1
Medical Instruments	1.0
Medical Information Systems	1.0
Registered Investment Companies	1.0
Agricultural Operations	1.0
Auto — Cars/Light Trucks	1.0
Chemicals — Diversified	1.0
Metal Processors & Fabrication	0.9
Auto/Truck Parts & Equipment — Original	0.9
Retail — Apparel/Shoe	0.8
Internet Content — Information/News	0.8
Internet Application Software	0.7
Computer Data Security	0.6
	101.4	%

* Calculated as a percentage of net assets

6

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Advertising Agencies — 1.1%
Interpublic Group of Cos., Inc.		48,721	$	919,852
Aerospace/Defense — 1.5%
Raytheon Co.		11,739		1,203,952
Aerospace/Defense-Equipment — 1.1%
United Technologies Corp.		9,692		887,884
Agricultural Operations — 1.0%
Archer-Daniels-Midland Co.		17,826		801,992
Apparel Manufacturers — 2.1%
Hanesbrands, Inc.		34,307		1,032,984
Under Armour, Inc., Class A†		6,815		651,037
				1,684,021
Applications Software — 3.2%
Citrix Systems, Inc.†		8,605		586,086
Intuit, Inc.		10,048		861,616
Salesforce.com, Inc.†		16,858		1,169,271
				2,616,973
Athletic Footwear — 1.8%
NIKE, Inc., Class B		13,134		1,467,724
Auto - Cars/Light Trucks — 1.0%
Tesla Motors, Inc.†#		3,198		796,494
Auto/Truck Parts & Equipment - Original — 0.9%
Delphi Automotive PLC		9,438		712,758
Beverages - Non-alcoholic — 4.4%
Coca-Cola Enterprises, Inc.		26,107		1,344,249
PepsiCo, Inc.		24,693		2,294,721
				3,638,970
Building Products - Cement — 1.4%
Martin Marietta Materials, Inc.		7,060		1,184,668
Cable/Satellite TV — 1.8%
Comcast Corp., Class A		26,121		1,471,396
Chemicals - Diversified — 1.0%
Dow Chemical Co.		18,100		792,056
Computer Data Security — 0.6%
Fortinet, Inc.†		12,187		513,560
Computer Services — 1.2%
Cognizant Technology Solutions Corp., Class A†		15,920		1,002,005
Computer Software — 1.2%
Akamai Technologies, Inc.†		13,797		983,864
Computers — 6.6%
Apple, Inc.		47,851		5,395,679
Cosmetics & Toiletries — 1.5%
Estee Lauder Cos., Inc., Class A		15,274		1,218,407
Diagnostic Equipment — 1.3%
Danaher Corp.		11,970		1,041,629
E-Commerce/Products — 2.8%
Amazon.com, Inc.†		4,511		2,313,647
E-Commerce/Services — 1.9%
Priceline Group, Inc.†		1,232		1,538,324
Electronic Components - Semiconductors — 1.1%
Avago Technologies, Ltd.		6,943		874,610
Electronic Forms — 1.2%
Adobe Systems, Inc.†		12,274		964,368

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 1.8%
Oracle Corp.		40,308	$	1,495,024
Finance - Credit Card — 3.0%
Visa, Inc., Class A		34,052		2,427,908
Finance - Other Services — 1.4%
Intercontinental Exchange, Inc.		4,893		1,117,610
Food - Misc./Diversified — 3.1%
ConAgra Foods, Inc.		27,748		1,156,537
Mondelez International, Inc., Class A		32,973		1,396,736
				2,553,273
Instruments - Controls — 2.0%
Honeywell International, Inc.		16,580		1,645,897
Insurance Brokers — 1.2%
Marsh & McLennan Cos., Inc.		19,042		1,023,127
Internet Application Software — 0.7%
Splunk, Inc.†		8,759		542,795
Internet Content - Entertainment — 3.2%
Facebook, Inc., Class A†		29,326		2,622,624
Internet Content - Information/News — 0.8%
LinkedIn Corp., Class A†		3,687		665,872
Investment Management/Advisor Services — 1.9%
Ameriprise Financial, Inc.		6,377		718,496
BlackRock, Inc.		2,787		842,984
				1,561,480
Medical Information Systems — 1.0%
Cerner Corp.†		13,426		829,190
Medical Instruments — 1.0%
Boston Scientific Corp.†		49,897		835,276
Medical - Biomedical/Gene — 6.9%
Alexion Pharmaceuticals, Inc.†		5,780		995,258
Biogen, Inc.†		5,073		1,508,203
Illumina, Inc.†		4,802		948,923
Regeneron Pharmaceuticals, Inc.†		2,280		1,170,780
Vertex Pharmaceuticals, Inc.†		8,350		1,064,792
				5,687,956
Medical - Drugs — 3.3%
AbbVie, Inc.		22,980		1,434,182
Bristol-Myers Squibb Co.		20,379		1,211,939
Mallinckrodt PLC†		940		81,065
				2,727,186
Medical - Generic Drugs — 1.9%
Allergan PLC†		5,244		1,592,813
Medical - HMO — 1.5%
UnitedHealth Group, Inc.		10,670		1,234,519
Medical - Wholesale Drug Distribution — 1.3%
Cardinal Health, Inc.		12,551		1,032,571
Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.		3,189		734,267
Networking Products — 1.3%
Cisco Systems, Inc.		40,517		1,048,580
Oil - Field Services — 1.1%
Schlumberger, Ltd.		11,631		899,890
Retail - Apparel/Shoe — 0.8%
lululemon athletica, Inc.†		10,547		675,113

7

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Building Products — 1.8%
Home Depot, Inc.		12,484	$	1,453,887
Retail - Discount — 1.3%
Dollar Tree, Inc.†		14,383		1,096,848
Retail - Drug Store — 1.9%
CVS Health Corp.		15,499		1,587,098
Retail - Perfume & Cosmetics — 1.2%
Ulta Salon Cosmetics & Fragrance, Inc.†		6,413		1,013,831
Retail - Restaurants — 1.5%
McDonald’s Corp.		12,975		1,232,884
Telephone - Integrated — 2.2%
Verizon Communications, Inc.		38,535		1,772,995
Television — 1.9%
AMC Networks, Inc., Class A†		9,725		703,896
CBS Corp., Class B		18,139		820,608
				1,524,504
Transport - Services — 1.1%
FedEx Corp.		6,283		946,283
Web Portals/ISP — 4.5%
Google, Inc., Class A†		2,842		1,841,105
Google, Inc., Class C†		2,965		1,833,111
				3,674,216
Total Long-Term Investment Securities
(cost $65,622,820)				81,280,350

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(3)		810,693		$	810,693
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 09/01/2015		1,021,000			1,021,000
Total Short-Term Investment Securities
(cost $1,831,693)					1,831,693
TOTAL INVESTMENTS
(cost $67,454,513)(2)		101.4	%		83,112,043
Liabilities in excess of other assets		(1.4	)		(1,151,312	)
NET ASSETS		100.0	%	$	81,960,731

† Non-income producing security

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $796,494. This was secured by collateral of $810,693 which was received in cash and subsequently invested in short-term investments currently valued at $810,693 as reported in the Portfolio of Investments.

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

(3) The rate shown is the 7-day yield as of August 31, 2015.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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:	$	81,280,350	$	—	$	—	$	81,280,350
Short-Term Investment Securities:
Registered Investment Companies		810,693		—		—		810,693
Time Deposits		—		1,021,000		—		1,021,000
Total Investments at Value	$	82,091,043	$	1,021,000	$	—	$	83,112,043

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

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

See Notes to Financial Statements

8

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	62.9	%
International Equity Investment Companies	18.5
Domestic Equity Investment Companies	14.8
Real Estate Investment Companies	3.4
International Fixed Income Investment Companies	0.4
	100.0	%

* Calculated as a percentage of net assets

9

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 14.8%
VALIC Co. I Blue Chip Growth Fund		469,343	$	8,241,659
VALIC Co. I Mid Cap Index Fund		119,384		3,173,232
VALIC Co. I Mid Cap Strategic Growth Fund		132,301		1,903,817
VALIC Co. I Nasdaq-100 Index Fund		344,596		3,394,272
VALIC Co. I Science & Technology Fund		127,350		3,154,469
VALIC Co. I Small Cap Index Fund		319,677		6,329,604
VALIC Co. I Small Cap Special Values Fund		151,013		1,948,066
VALIC Co. I Stock Index Fund		76,516		2,632,147
VALIC Co. I Value Fund		10,965		156,467
VALIC Co. II Capital Appreciation Fund		201,032		3,286,866
VALIC Co. II Large Cap Value Fund		92,861		1,586,068
VALIC Co. II Mid Cap Growth Fund		223,055		1,965,116
VALIC Co. II Mid Cap Value Fund		294,508		6,426,175
VALIC Co. II Small Cap Growth Fund		110,059		1,685,011
VALIC Co. II Small Cap Value Fund		171,238		2,399,050
Total Domestic Equity Investment Companies
(cost $44,179,141)				48,282,019
Domestic Fixed Income Investment Companies — 62.9%
VALIC Co. I Capital Conservation Fund		1,548,569		15,268,887
VALIC Co. I Government Securities Fund		679,110		7,341,182
VALIC Co. I Inflation Protected Fund		937,987		10,045,842
VALIC Co. II Core Bond Fund		6,423,582		70,209,752
VALIC Co. II High Yield Bond Fund		4,614,474		34,147,106
VALIC Co. II Strategic Bond Fund		6,169,939		67,869,332
Total Domestic Fixed Income Investment Companies
(cost $210,306,981)				204,882,101

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 18.5%
VALIC Co. I Emerging Economies Fund		428,290		$	2,766,752
VALIC Co. I Foreign Value Fund		1,285,478			11,864,958
VALIC Co. I International Equities Index Fund		4,413,840			28,778,237
VALIC Co. I International Growth Fund		1,023,720			13,246,930
VALIC Co. II International Opportunities Fund		241,798			3,646,319
Total International Equity Investment Companies
(cost $65,813,336)					60,303,196
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund (cost $1,449,136)		121,873			1,355,226
Real Estate Investment Companies — 3.4%
VALIC Co. I Global Real Estate Fund (cost $11,805,741)		1,357,864			10,957,965
TOTAL INVESTMENTS
(cost $333,554,335)(2)		100.0	%		325,780,507
Other assets less liabilities		0.0			16,497
NET ASSETS —		100.0	%	$	325,797,004

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

(1) See Note 3

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

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	325,780,507	$	—	$	—	$	325,780,507

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

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

See Notes to Financial Statements

10

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

United States Treasury Notes	18.9	%
Federal National Mtg. Assoc.	18.0
Federal Home Loan Mtg. Corp.	8.4
Time Deposits	7.9
Diversified Financial Services	5.6
Diversified Banking Institutions	5.2
United States Treasury Bonds	5.0
Banks — Commercial	3.1
Government National Mtg. Assoc.	2.8
Registered Investment Companies	1.7
Oil Companies — Exploration & Production	1.6
Telephone — Integrated	1.6
Electric — Integrated	1.3
Pipelines	1.1
Insurance — Multi-line	1.0
Auto — Cars/Light Trucks	0.8
Oil Companies — Integrated	0.8
Paper & Related Products	0.8
Savings & Loans/Thrifts	0.7
Banks — Super Regional	0.7
Medical — Drugs	0.7
Insurance — Life/Health	0.6
Diversified Manufacturing Operations	0.6
Real Estate Investment Trusts	0.5
Medical Labs & Testing Services	0.5
Sovereign	0.5
Cable/Satellite TV	0.5
Finance — Other Services	0.5
Computers	0.4
Multimedia	0.4
Medical — Generic Drugs	0.4
Insurance — Mutual	0.4
Machinery — Farming	0.3
Cellular Telecom	0.3
Telecom Services	0.3
Medical — Hospitals	0.3
Aerospace/Defense	0.3
Municipal Bonds & Notes	0.3
Aerospace/Defense — Equipment	0.3
Banks — Fiduciary	0.3
Airlines	0.3
Finance — Credit Card	0.2
Coatings/Paint	0.2
Casino Hotels	0.2
Finance — Consumer Loans	0.2
Retail — Discount	0.2
Brewery	0.2
Diversified Minerals	0.2
Finance — Leasing Companies	0.2
Printing — Commercial	0.2
Auto — Heavy Duty Trucks	0.2
Publishing — Periodicals	0.2
Finance — Auto Loans	0.2
Beverages — Non-alcoholic	0.2
Real Estate Management/Services	0.2
Chemicals — Specialty	0.2
Electronic Components — Semiconductors	0.2
Building Products — Cement	0.2
Gambling (Non-Hotel)	0.2
Food — Dairy Products	0.2
Building — Residential/Commercial	0.2
Tools — Hand Held	0.1
Electronic Components — Misc.	0.1
Medical — HMO	0.1
Steel — Producers	0.1
Retail — Drug Store	0.1
Internet Connectivity Services	0.1
Consumer Products — Misc.	0.1
Independent Power Producers	0.1
Banks — Money Center	0.1

Beverages — Wine/Spirits	0.1
Building Products — Wood	0.1
Enterprise Software/Service	0.1
Commercial Services — Finance	0.1
Satellite Telecom	0.1
Distribution/Wholesale	0.1
Steel Pipe & Tube	0.1
Retail — Restaurants	0.1
Networking Products	0.1
Containers — Metal/Glass	0.1
Publishing — Newspapers	0.1
Investment Management/Advisor Services	0.1
SupraNational Banks	0.1
Retail — Regional Department Stores	0.1
Transport — Rail	0.1
Gold Mining	0.1
Machinery — General Industrial	0.1
Electric — Distribution	0.1
Oil — Field Services	0.1
Disposable Medical Products	0.1
Electric — Generation	0.1
Medical Products	0.1
Medical — Biomedical/Gene	0.1
Agricultural Chemicals	0.1
Chemicals — Plastics	0.1
Oil Refining & Marketing	0.1
Wire & Cable Products	0.1
Schools	0.1
Finance — Mortgage Loan/Banker	0.1
Trucking/Leasing	0.1
Specified Purpose Acquisitions	0.1
Telecommunication Equipment	0.1
Finance — Investment Banker/Broker	0.1
Food — Retail	0.1
Travel Services	0.1
Cruise Lines	0.1
Retail — Appliances	0.1
Metal — Copper	0.1
Theaters	0.1
Steel — Specialty	0.1
Music	0.1
Cosmetics & Toiletries	0.1
Rental Auto/Equipment	0.1
Auto/Truck Parts & Equipment — Original	0.1
Real Estate Operations & Development	0.1
Building & Construction — Misc.	0.1
Batteries/Battery Systems	0.1
Advertising Agencies	0.1
Tennessee Valley Authority	0.1
Diversified Operations	0.1
Gas — Distribution	0.1
	105.7	%

Credit Quality†#

Aaa	58.6	%
Aa	3.3
A	9.6
Baa	13.5
Ba	6.4
B	5.0
Caa	1.5
Not Rated@	2.1
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues

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

11

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.2%
Diversified Financial Services — 5.2%
American Express Credit Account Master Trust Series 2014-3, Class A 1.49% due 04/15/2020	$	422,000	$	424,886
AmeriCredit Automobile Receivables Trust Series 2015-2,Class C 2.40% due 01/08/2021		1,145,000		1,136,904
AmeriCredit Automobile Receivables Trust Series 2013-3, Class D 3.00% due 07/08/2019		1,050,000		1,067,866
Applebee’s Funding LLC/IHOP Funding LLC Series 2014-1, Class A2 4.28% due 09/05/2044*		771,000		785,412
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.77% due 10/25/2034		1,098,559		1,026,399
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A 2.46% due 07/20/2020*		950,000		955,091
B2R Mtg. Trust Series 2015-1,Class A1 2.52% due 05/15/2048*		1,000,709		990,246
BA Credit Card Trust Series 2015-A2,Class A 1.36% due 09/15/2020		1,217,000		1,214,870
Capital Auto Receivables Asset Trust Series 2015-2, Class A2 1.39% due 09/20/2018		1,166,000		1,160,877
CarMax Auto Owner Trust Series 2014-2, Class C 2.08% due 01/15/2020		652,000		653,494
Chase Issuance Trust FRS Series 2014-A5, Class A5 0.57% due 04/15/2021		1,446,000		1,446,421
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2 1.02% due 02/22/2019		1,400,000		1,399,359
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A2 2.79% due 03/10/2047(1)		1,478,000		1,512,167
Citigroup Commercial Mtg. Trust Series 2014-GC23, Class A2 2.85% due 07/10/2047(1)		1,460,000		1,494,951
Commercial Mtg. Trust Series 2014-UBS2, Class A2 2.82% due 03/10/2047(1)		1,282,000		1,312,796
Commercial Mtg. Trust Series 2015-CR22, Class A2 2.86% due 03/10/2048(1)		2,729,000		2,786,478
Commercial Mtg. Trust Series 2015-DC1, Class A2 2.87% due 02/10/2048(1)		1,778,000		1,824,205
Core Industrial Trust Series 2015-1, Class A 3.04% due 02/10/2034*(1)		2,784,000		2,790,531
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-6, Class 1A11 5.25% due 02/25/2026(2)		76,341		77,110
DB Master Finance LLC Series 2015-1A, Class A2II 3.98% due 02/20/2045*		661,675		662,091
Dell Equipment Finance Trust Series 2015-1,Class A3 1.30% due 03/23/2020*		1,179,000		1,174,525

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
First Franklin Mtg. Loan Trust FRS Series 2006-FF15, Class A5 0.36% due 11/25/2036	$	1,586,945	$	1,385,971
Ford Credit Auto Owner Trust Series 2014-C,Class B 1.97% due 04/15/2020		1,001,000		1,009,757
Ford Credit Auto Owner Trust Series 2015-1, Class A 2.12% due 07/15/2026*		900,000		897,910
Ford Credit Floorplan Master Owner Trust Series 2014-4, Class A1 1.40% due 08/15/2019		1,521,000		1,519,832
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)		61,000		62,461
GS Mtg. Securities Trust Series 2013-GC14, Class A2 3.00% due 08/10/2046(1)		3,200,000		3,305,056
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40% due 11/15/2018*		170,000		170,013
Invitation Homes Trust FRS Series 2014-SFR1, Class A 1.20% due 06/17/2031*		1,495,000		1,474,101
JPMBB Commercial Mtg. Securities Trust Series 2013-C15, Class A2 2.98% due 11/15/2045(1)		2,152,000		2,214,223
LB-UBS Commercial Mtg. Trust Series 2007-C1, Class A4 5.42% due 02/15/2040(1)		953,127		991,886
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class A2 1.97% due 05/15/2046(1)		2,000,000		2,008,028
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)		1,000,000		1,027,046
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class A2 3.10% due 12/15/2047(1)		1,112,000		1,149,164
Nissan Auto Lease Trust Series 2014-A, Class A4 1.04% due 10/15/2019		350,000		350,139
NRP Mtg. Trust VRS Series 2013-1, Class A1 3.25% due 07/25/2043*(2)		1,982,895		1,956,207
Santander Drive Auto Receivables Trust Series 2014-5, Class C 2.46% due 06/15/2020		1,000,000		1,005,569
Sierra Timeshare Receivables Funding LLC Series 2014-2A, Class A 2.05% due 06/20/2031*		497,179		500,367
Sierra Timeshare Receivables Funding LLC Series 2015-2A, Class A 2.43% due 06/20/2032*		827,686		829,082
Wachovia Bank Commercial Mtg. Trust VRS Series 2006-C23, Class AM 5.47% due 01/15/2045(1)		2,161,000		2,177,951
Wells Fargo Commercial Mtg. Trust Series BH3-C26, Class A2 2.66% due 02/15/2048(1)		2,400,000		2,434,560
Wells Fargo Mtg. Backed Securities Trust FRS Series 2004-X, Class 1A3 2.63% due 11/25/2034(2)		401,375		403,033

12

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wendys Funding LLC Series 2015-1A, Class A2I 3.37% due 06/15/2045*	$	949,000	$	946,206
Wendys Funding LLC Series 2015-1A, Class A23 4.50% due 06/15/2045*		949,000		943,593
WF-RBS Commercial Mtg. Trust Series 2014-C21, Class A2 2.92% due 08/15/2047(1)		1,161,000		1,192,487
Total Asset Backed Securities
(cost $56,205,434)				55,851,321
U.S. CORPORATE BONDS & NOTES — 26.1%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		581,000		578,345
Advertising Services — 0.0%
Visant Corp. Company Guar. Notes 10.00% due 10/01/2017		296,000		241,240
Aerospace/Defense — 0.3%
BAE Systems Holdings, Inc. Company Guar. Notes 3.80% due 10/07/2024*		1,457,000		1,463,559
BAE Systems Holdings, Inc. Company Guar. Notes 4.75% due 10/07/2044*		202,000		199,284
Boeing Co. Senior Notes 0.95% due 05/15/2018		1,467,000		1,444,182
				3,107,025
Aerospace/Defense - Equipment — 0.3%
Harris Corp. Senior Notes 3.83% due 04/27/2025		274,000		265,016
Harris Corp. Senior Notes 4.85% due 04/27/2035		1,004,000		961,838
Harris Corp. Senior Notes 5.05% due 04/27/2045		950,000		900,711
Moog, Inc. Company Guar. Notes 5.25% due 12/01/2022*		254,000		256,540
Orbital ATK, Inc. Company Guar. Notes 5.25% due 10/01/2021		419,000		427,380
				2,811,485
Airlines — 0.2%
Allegiant Travel Co. Company Guar. Notes 5.50% due 07/15/2019		693,000		705,128
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class A-1 7.20% due 07/02/2020		16,027		16,267
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class B 7.63% due 07/02/2016(3)		45,115		45,566

Security Description	Principal Amount		Value (Note 2)
Airlines (continued)
United Airlines Pass Through Trust Pass Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024	$	920,000	$	920,000
				1,686,961
Alternative Waste Technology — 0.0%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020		469,000		485,415
Apparel Manufacturers — 0.0%
Quiksilver, Inc./QS Wholesale, Inc. Company Guar. Notes 10.00% due 08/01/2020(14)		460,000		110,400
Auto - Cars/Light Trucks — 0.6%
American Honda Finance Corp. Senior Notes 1.20% due 07/14/2017		1,381,000		1,376,052
Daimler Finance North America LLC Company Guar. Notes 1.38% due 08/01/2017*		1,461,000		1,449,994
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		1,689,000		1,677,224
Daimler Finance North America LLC Company Guar. Notes 2.63% due 09/15/2016*		587,000		595,401
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017		698,000		694,654
Toyota Motor Credit Corp. Senior Notes 1.55% due 07/13/2018		698,000		695,049
				6,488,374
Auto - Heavy Duty Trucks — 0.2%
JB Poindexter & Co., Inc. Senior Notes 9.00% due 04/01/2022*		318,000		345,030
PACCAR Financial Corp. Senior Notes 2.20% due 09/15/2019		1,540,000		1,551,724
				1,896,754
Auto/Truck Parts & Equipment - Original — 0.1%
Affinia Group, Inc. Company Guar. Notes 7.75% due 05/01/2021		353,000		374,180
Omega US Sub LLC Senior Notes 8.75% due 07/15/2023*		298,000		272,670
				646,850
Banks - Commercial — 0.7%
Discover Bank Senior Notes 3.10% due 06/04/2020		452,000		451,268
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		1,423,000		1,414,523
First Tennessee Bank NA Senior Notes 2.95% due 12/01/2019		979,000		982,485
KeyBank NA Senior Notes 2.25% due 03/16/2020		1,256,000		1,243,592

13

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
PNC Bank NA Senior Notes 1.13% due 01/27/2017	$	1,460,000	$	1,454,512
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		1,841,000		2,300,867
				7,847,247
Banks - Fiduciary — 0.2%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		1,570,000		1,584,835
Banks - Money Center — 0.0%
Comerica Bank Sub. Notes 4.00% due 07/27/2025		283,000		284,372
Banks - Super Regional — 0.4%
Bank of America NA Senior Notes 1.65% due 03/26/2018		850,000		845,857
Wells Fargo & Co. Senior Notes 1.40% due 09/08/2017		1,402,000		1,400,019
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026		983,000		987,796
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		900,000		914,969
				4,148,641
Batteries/Battery Systems — 0.1%
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		605,000		583,825
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 1.38% due 07/15/2017		2,222,000		2,228,035
Broadcast Services/Program — 0.0%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 6.50% due 11/15/2022		417,000		421,379
Building & Construction - Misc. — 0.1%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		650,000		604,500
Building Products - Cement — 0.2%
Cemex Finance LLC Senior Sec. Notes 6.00% due 04/01/2024*#		750,000		712,500
Vulcan Materials Co. Senior Notes 4.50% due 04/01/2025		953,000		936,322
				1,648,822
Building Products - Wood — 0.1%
Masco Corp. Senior Notes 4.45% due 04/01/2025		1,336,000		1,335,853

Security Description	Principal Amount		Value (Note 2)
Building - Residential/Commercial — 0.1%
Meritage Homes Corp. Company Guar. Notes 7.00% due 04/01/2022	$	500,000	$	533,750
Cable/Satellite TV — 0.4%
Cable One, Inc. Company Guar. Notes 5.75% due 06/15/2022*		425,000		429,250
CCO Safari II LLC Senior Sec. Notes 4.91% due 07/23/2025*		2,215,000		2,193,944
CCO Safari II LLC Senior Sec. Notes 6.38% due 10/23/2035*		569,000		579,633
CCO Safari II LLC Senior Sec. Notes 6.48% due 10/23/2045*		556,000		565,589
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		500,000		441,565
				4,209,981
Casino Hotels — 0.2%
Boyd Gaming Corp. Company Guar. Notes 6.88% due 05/15/2023		339,000		348,322
Caesars Entertainment Resort Properties LLC Senior Sec. Notes 8.00% due 10/01/2020		508,000		501,650
Caesars Entertainment Resort Properties LLC Sec. Notes 11.00% due 10/01/2021#		773,000		717,924
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 07/01/2019*		300,000		308,250
Golden Nugget Escrow, Inc. Senior Notes 8.50% due 12/01/2021*		463,000		475,732
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC Company Guar. Notes 5.88% due 05/15/2021*		175,000		173,688
				2,525,566
Cellular Telecom — 0.3%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		719,000		664,852
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021		783,000		761,468
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		1,088,000		1,015,240
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		200,000		204,400
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024		840,000		863,100
				3,509,060

14

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals - Diversified — 0.0%
Eco Services Operations LLC/Eco Finance Corp. Senior Notes 8.50% due 11/01/2022*	$	455,000	$	434,525
Chemicals - Specialty — 0.2%
Chemtura Corp. Company Guar. Notes 5.75% due 07/15/2021		596,000		597,490
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		550,000		688,106
Tronox Finance LLC Company Guar. Notes 7.50% due 03/15/2022*		497,000		400,085
				1,685,681
Coal — 0.0%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.38% due 02/01/2020*		509,000		461,918
Coatings/Paint — 0.2%
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		1,691,000		1,635,751
Sherwin-Williams Co. Senior Notes 4.55% due 08/01/2045		453,000		462,887
Valspar Corp. Senior Notes 3.95% due 01/15/2026		444,000		447,420
				2,546,058
Commercial Services - Finance — 0.1%
Global Cash Access, Inc. Senior Notes 10.00% due 01/15/2022*		559,000		528,255
Harland Clarke Holdings Corp. Senior Sec. Notes 6.88% due 03/01/2020*		270,000		249,075
Harland Clarke Holdings Corp. Senior Notes 9.25% due 03/01/2021*		642,000		534,465
				1,311,795
Computer Services — 0.0%
Leidos, Inc. Company Guar. Notes 7.13% due 07/01/2032#		64,000		67,023
Computers — 0.4%
Apple, Inc. Senior Notes 2.85% due 05/06/2021		1,509,000		1,535,851
Apple, Inc. Senior Notes 3.45% due 02/09/2045		257,000		217,526
Dell, Inc. Senior Notes 4.63% due 04/01/2021#		278,000		271,745
Dell, Inc. Senior Notes 7.10% due 04/15/2028		218,000		218,000

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/2041	$	2,321,000	$	2,325,881
				4,569,003
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 1.85% due 03/01/2020		358,000		353,810
Containers - Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 5.00% due 03/15/2022		323,000		327,845
Crown Cork & Seal Co., Inc. Senior Notes 7.38% due 12/15/2026		743,000		822,872
				1,150,717
Containers - Paper/Plastic — 0.0%
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. Company Guar. Notes 10.13% due 07/15/2020*		454,000		394,980
Cosmetics & Toiletries — 0.1%
First Quality Finance Co., Inc. Senior Notes 4.63% due 05/15/2021*		711,000		668,340
Data Processing/Management — 0.0%
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023#		125,000		126,563
Decision Support Software — 0.0%
MSCI, Inc. Company Guar. Notes 5.75% due 08/15/2025*		133,000		135,660
Dialysis Centers — 0.0%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		500,000		497,813
Disposable Medical Products — 0.1%
Sterigenics-Nordion Holdings LLC Senior Notes 6.50% due 05/15/2023*		582,000		593,628
Distribution/Wholesale — 0.1%
H&E Equipment Services, Inc. Company Guar. Notes 7.00% due 09/01/2022#		700,000		696,500
LKQ Corp. Company Guar. Notes 4.75% due 05/15/2023		622,000		596,342
				1,292,842
Diversified Banking Institutions — 2.6%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		1,226,000		1,234,280
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		1,028,000		995,140
Bank of America Corp. Sub. Notes 4.25% due 10/22/2026		1,231,000		1,211,869

15

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025	$	75,000	$	91,525
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		743,000		717,939
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		2,809,000		2,824,916
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		592,000		673,138
Goldman Sachs Group, Inc. Senior Notes 2.55% due 10/23/2019		1,381,000		1,384,185
Goldman Sachs Group, Inc. Senior Notes 3.63% due 01/22/2023		1,226,000		1,232,444
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		713,000		704,846
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		1,176,000		1,399,131
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		2,140,000		2,553,108
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		1,766,000		1,751,708
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022		572,000		568,164
JPMorgan Chase & Co. Sub. Notes 4.13% due 12/15/2026		1,180,000		1,172,383
JPMorgan Chase & Co. Sub. Notes 4.95% due 06/01/2045		565,000		565,737
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/2037		1,581,000		1,795,360
Morgan Stanley Senior Notes 1.88% due 01/05/2018		1,088,000		1,088,117
Morgan Stanley Senior Notes 2.80% due 06/16/2020		633,000		635,275
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		2,714,000		2,724,289
Morgan Stanley Senior Notes 4.75% due 03/22/2017		1,208,000		1,267,374
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		1,462,000		1,539,169
				28,130,097
Diversified Financial Services — 0.4%
General Electric Capital Corp. Company Guar. Notes 1.25% due 05/15/2017		1,830,000		1,831,846

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
General Electric Capital Corp. Company Guar. Notes 5.88% due 01/14/2038	$	1,061,000	$	1,288,151
USAA Capital Corp. Senior Notes 2.13% due 06/03/2019*		1,623,000		1,623,154
				4,743,151
Diversified Manufacturing Operations — 0.4%
General Electric Co. Senior Notes 2.70% due 10/09/2022		882,000		862,343
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 5.75% due 06/15/2043		1,206,000		1,319,670
Textron, Inc. Senior Notes 4.63% due 09/21/2016		1,070,000		1,104,370
Trinity Industries, Inc. Company Guar. Notes 4.55% due 10/01/2024		777,000		729,731
				4,016,114
Diversified Operations — 0.1%
MUFG Americas Holdings Corp. Senior Notes 1.63% due 02/09/2018		535,000		533,363
E-Commerce/Services — 0.0%
Netflix, Inc. Senior Notes 5.38% due 02/01/2021		481,000		496,633
Electric - Generation — 0.0%
Terraform Global Operating LLC Company Guar. Notes 9.75% due 08/15/2022*		424,000		397,500
Electric - Integrated — 1.2%
AES Corp. Senior Notes 4.88% due 05/15/2023		530,000		492,900
AES Corp. Senior Notes 5.50% due 03/15/2024		424,000		404,920
Arizona Public Service Co. Senior Notes 2.20% due 01/15/2020		549,000		548,521
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		1,389,000		1,487,077
Entergy Arkansas, Inc. 1st Mtg. Bonds 4.95% due 12/15/2044		814,000		816,765
Entergy Louisiana LLC 1st Mtg. Bonds 4.95% due 01/15/2045		726,000		732,465
Exelon Corp. Senior Notes 4.95% due 06/15/2035		479,000		482,450
Exelon Corp. Senior Notes 5.10% due 06/15/2045		490,000		488,332

16

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020	$	745,000	$	746,494
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		826,000		988,664
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		265,000		268,442
Mirant Mid Atlantic LLC Pass Through Trust Pass Through Certs. 10.06% due 12/30/2028		705,389		728,314
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		606,000		620,042
Southern California Edison Co. 1st Mtg. Bonds 1.13% due 05/01/2017		1,426,000		1,419,883
Southern Co. Senior Notes 1.30% due 08/15/2017		1,185,000		1,175,763
Talen Energy Supply LLC Senior Notes 6.50% due 06/01/2025#		500,000		463,750
Trans-Allegheny Interstate Line Co. Senior Notes 3.85% due 06/01/2025*		580,000		577,584
				12,442,366
Electronic Components - Misc. — 0.1%
Corning, Inc. Senior Notes 1.50% due 05/08/2018		667,000		664,235
Corning, Inc. Senior Notes 2.90% due 05/15/2022		667,000		664,206
				1,328,441
Electronic Components - Semiconductors — 0.2%
Intel Corp. Senior Notes 1.35% due 12/15/2017		1,120,000		1,118,368
Micron Technology, Inc. Senior Notes 5.63% due 01/15/2026*		600,000		544,500
				1,662,868
Electronics - Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 3.95% due 05/28/2024		290,000		277,068
Energy - Alternate Sources — 0.0%
TerraForm Power Operating LLC Company Guar. Notes 5.88% due 02/01/2023*		301,000		285,950
Enterprise Software/Service — 0.1%
Infor US, Inc. Senior Sec. Notes 5.75% due 08/15/2020*		375,000		375,938
Oracle Corp. Senior Notes 3.90% due 05/15/2035		1,004,000		944,785
				1,320,723

Security Description	Principal Amount		Value (Note 2)
Finance - Auto Loans — 0.2%
Ally Financial, Inc. Senior Notes 5.13% due 09/30/2024	$	1,175,000	$	1,186,750
Credit Acceptance Corp. Company Guar. Notes 7.38% due 03/15/2023*		600,000		615,000
				1,801,750
Finance - Commercial — 0.0%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 6.88% due 04/15/2022*		223,000		209,397
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		220,000		215,094
				424,491
Finance - Consumer Loans — 0.2%
Enova International, Inc. Company Guar. Notes 9.75% due 06/01/2021		991,000		822,530
OneMain Financial Holdings, Inc. Company Guar. Notes 6.75% due 12/15/2019*		514,000		537,130
Synchrony Financial Senior Notes 4.25% due 08/15/2024		1,135,000		1,117,565
				2,477,225
Finance - Credit Card — 0.2%
American Express Credit Corp. Senior Notes 1.55% due 09/22/2017		409,000		408,364
American Express Credit Corp. Senior Notes 2.38% due 05/26/2020		1,100,000		1,091,976
Discover Financial Services Senior Notes 3.75% due 03/04/2025		1,177,000		1,117,079
				2,617,419
Finance - Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(4)		179,000		18
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(4)		230,000		23
TD Ameritrade Holding Corp. Senior Notes 2.95% due 04/01/2022		754,000		749,201
				749,242
Finance - Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 4.75% due 03/01/2020#		793,000		839,613
Finance - Mortgage Loan/Banker — 0.1%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		850,000		828,750

17

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Other Services — 0.4%
National Rural Utilities Cooperative Finance Corp. Senior Notes 0.95% due 04/24/2017	$	558,000	$	556,245
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.10% due 01/27/2017		2,209,000		2,211,306
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.00% due 01/27/2020		1,116,000		1,093,978
				3,861,529
Firearms & Ammunition — 0.0%
FGI Operating Co. LLC/FGI Finance, Inc. Sec. Notes 7.88% due 05/01/2020		451,000		346,143
Food - Dairy Products — 0.1%
Dean Foods Co. Company Guar. Notes 6.50% due 03/15/2023*		600,000		606,000
Food - Flour & Grain — 0.0%
Post Holdings, Inc. Company Guar. Notes 7.75% due 03/15/2024*#		370,000		382,025
Food - Meat Products — 0.0%
JBS USA LLC/JBS USA Finance, Inc. Senior Notes 5.88% due 07/15/2024*		475,000		473,219
Food - Misc./Diversified — 0.0%
Darling Ingredients, Inc. Company Guar. Notes 5.38% due 01/15/2022		391,000		386,113
Food - Retail — 0.1%
SUPERVALU, Inc. Senior Notes 7.75% due 11/15/2022		710,000		734,850
Food - Wholesale/Distribution — 0.0%
C&S Group Enterprises LLC Senior Sec. Notes 5.38% due 07/15/2022*		281,000		259,925
Gambling (Non-Hotel) — 0.1%
Scientific Games International, Inc. Senior Sec. Notes 7.00% due 01/01/2022*		258,000		263,805
Scientific Games International, Inc. Company Guar. Notes 10.00% due 12/01/2022		500,000		458,750
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(3)(4)		5,195		51
				722,606
Gas - Distribution — 0.1%
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043		516,000		512,891
Hotels/Motels — 0.0%
Interval Acquisition Corp. Company Guar. Notes 5.63% due 04/15/2023*		350,000		345,625

Security Description	Principal Amount		Value (Note 2)
Independent Power Producers — 0.1%
Dynegy, Inc. Company Guar. Notes 7.38% due 11/01/2022	$	425,000	$	439,875
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/2018		406,000		390,267
NRG Energy, Inc. Company Guar. Notes 6.25% due 07/15/2022		585,000		570,375
				1,400,517
Industrial Gases — 0.0%
Airgas, Inc. Senior Notes 3.05% due 08/01/2020		352,000		352,869
Insurance - Life/Health — 0.5%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		229,000		236,156
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		552,000		621,359
Pricoa Global Funding I Senior Sec. Notes 1.35% due 08/18/2017*		1,429,000		1,426,496
Pricoa Global Funding I Senior Sec. Notes 1.60% due 05/29/2018*		2,493,000		2,473,188
Principal Financial Group, Inc. Company Guar. Notes 1.85% due 11/15/2017		360,000		361,468
				5,118,667
Insurance - Multi-line — 0.6%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		2,184,000		2,550,139
Metropolitan Life Global Funding I Sec. Notes 1.30% due 04/10/2017*		3,355,000		3,358,157
				5,908,296
Insurance - Mutual — 0.4%
Massachusetts Mutual Life Insurance Co. Sub. Notes 4.50% due 04/15/2065*		700,000		637,448
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		1,511,000		1,529,162
MassMutual Global Funding II Senior Sec. Notes 2.50% due 10/17/2022*		483,000		465,795
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*		1,394,000		1,401,840
				4,034,245
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		633,000		612,428

18

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Internet Connectivity Services (continued)
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.00% due 04/01/2023*	$	842,000	$	840,905
				1,453,333
Investment Management/Advisor Services — 0.1%
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Senior Notes 5.00% due 08/01/2021*		343,000		335,282
National Financial Partners Corp. Senior Notes 9.00% due 07/15/2021*		823,000		806,540
				1,141,822
Machinery - Farming — 0.3%
John Deere Capital Corp. Senior Notes 1.13% due 06/12/2017		1,638,000		1,635,636
John Deere Capital Corp. Senior Notes 1.55% due 12/15/2017		1,975,000		1,984,662
				3,620,298
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 7.38% due 02/01/2019		126,000		126,630
Medical Labs & Testing Services — 0.5%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022		292,000		285,643
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025		945,000		905,070
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		484,000		441,796
Roche Holdings, Inc. Company Guar. Notes 1.35% due 09/29/2017*		2,037,000		2,040,398
Roche Holdings, Inc. Company Guar. Notes 2.25% due 09/30/2019*		1,595,000		1,605,345
				5,278,252
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 3.13% due 11/08/2021		431,000		425,883
Universal Hospital Services, Inc. Sec. Notes 7.63% due 08/15/2020		519,000		500,510
				926,393
Medical - Biomedical/Gene — 0.1%
Celgene Corp. Senior Notes 5.00% due 08/15/2045		889,000		897,085
Medical - Drugs — 0.3%
Baxalta, Inc. Senior Notes 3.60% due 06/23/2022*		900,000		899,401

Security Description	Principal Amount		Value (Note 2)
Medical - Drugs (continued)
Baxalta, Inc. Senior Notes 4.00% due 06/23/2025*	$	483,000	$	480,192
Endo Finance LLC Company Guar. Notes 5.75% due 01/15/2022*		392,000		400,820
Forest Laboratories, Inc. Company Guar. Notes 4.88% due 02/15/2021*		1,079,000		1,152,972
Quintiles Transnational Corp. Company Guar. Notes 4.88% due 05/15/2023*		500,000		510,000
				3,443,385
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 5.40% due 11/29/2043		518,000		510,977
Medical - HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 1.40% due 12/15/2017		894,000		889,913
UnitedHealth Group, Inc. Senior Notes 3.35% due 07/15/2022		633,000		647,877
				1,537,790
Medical - Hospitals — 0.3%
Capella Healthcare, Inc. Company Guar. Notes 9.25% due 07/01/2017		117,000		120,218
HCA, Inc. Senior Sec. Notes 3.75% due 03/15/2019		195,000		195,975
HCA, Inc. Senior Sec. Notes 4.75% due 05/01/2023		260,000		263,572
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		95,000		96,425
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		700,000		686,000
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.38% due 05/15/2019		760,000		787,656
Tenet Healthcare Corp. Senior Sec. Notes 4.75% due 06/01/2020		600,000		611,625
Tenet Healthcare Corp. Senior Notes 6.75% due 06/15/2023		337,000		347,110
				3,108,581
Metal - Copper — 0.1%
Freeport-McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		572,000		531,960
Multimedia — 0.4%
21st Century Fox America, Inc. Company Guar. Notes 4.75% due 09/15/2044		634,000		608,100

19

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Multimedia (continued)
Time Warner, Inc. Company Guar. Notes 3.60% due 07/15/2025	$	2,486,000	$	2,406,010
Viacom, Inc. Senior Notes 4.85% due 12/15/2034		491,000		413,006
Viacom, Inc. Senior Notes 5.25% due 04/01/2044		993,000		855,485
				4,282,601
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 6.00% due 01/15/2021*		234,000		238,680
WMG Acquisition Corp. Company Guar. Notes 6.75% due 04/15/2022*		455,000		434,525
				673,205
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		1,162,000		1,170,519
Oil & Gas Drilling — 0.0%
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		186,000		164,610
Oil Companies - Exploration & Production — 1.3%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		2,582,000		2,906,284
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. Company Guar. Notes 7.75% due 01/15/2021		515,000		274,739
Carrizo Oil & Gas, Inc. Company Guar. Notes 6.25% due 04/15/2023		500,000		450,000
Denbury Resources, Inc. Company Guar. Notes 5.50% due 05/01/2022		525,000		374,062
EP Energy LLC/Everest Acquisition Finance, Inc. Company Guar. Notes 7.75% due 09/01/2022		469,000		431,480
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/2019		890,000		640,800
Halcon Resources Corp. Sec. Notes 8.63% due 02/01/2020*#		298,000		261,495
Halcon Resources Corp. Company Guar. Notes 9.75% due 07/15/2020#		200,000		73,000
Hess Corp. Senior Notes 5.60% due 02/15/2041		461,000		445,380
Hess Corp. Senior Notes 7.88% due 10/01/2029		461,000		553,117

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*	$	436,000	$	377,184
Legacy Reserves LP/Legacy Reserves Finance Corp. Company Guar. Notes 6.63% due 12/01/2021		364,000		254,800
Memorial Production Partners LP/Memorial Production Finance Corp. Company Guar. Notes 7.63% due 05/01/2021		585,000		391,950
Newfield Exploration Co. Senior Notes 5.38% due 01/01/2026		989,000		919,770
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		648,000		612,179
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		553,000		492,758
Northern Oil and Gas, Inc. Senior Notes 8.00% due 06/01/2020#		614,000		466,640
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 03/15/2022		350,000		290,500
Occidental Petroleum Corp. Senior Notes 3.50% due 06/15/2025		454,000		453,392
Penn Virginia Corp. Company Guar. Notes 7.25% due 04/15/2019#		377,000		97,077
Rex Energy Corp. Company Guar. Notes 6.25% due 08/01/2022		520,000		275,600
Rice Energy, Inc. Company Guar. Notes 7.25% due 05/01/2023*#		500,000		465,000
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023#		419,000		314,250
SM Energy Co. Senior Notes 5.63% due 06/01/2025		281,000		249,387
Southwestern Energy Co. Senior Notes 3.30% due 01/23/2018		292,000		291,113
Southwestern Energy Co. Senior Notes 4.95% due 01/23/2025#		1,371,000		1,259,518
				13,621,475
Oil Companies - Integrated — 0.4%
Chevron Corp. Senior Notes 1.37% due 03/02/2018		1,193,000		1,188,595
Chevron Corp. Senior Notes 1.96% due 03/03/2020		656,000		649,018
ConocoPhillips Co. Company Guar. Notes 1.50% due 05/15/2018		469,000		466,555
Exxon Mobil Corp. Senior Notes 1.31% due 03/06/2018		1,240,000		1,239,273

20

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated (continued)
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037	$	822,000	$	862,383
				4,405,824
Oil Refining & Marketing — 0.1%
Calumet Specialty Products Partner LP/ Calumet Finance Corp. Company Guar. Notes 6.50% due 04/15/2021		246,000		232,470
Murphy Oil USA, Inc. Company Guar. Notes 6.00% due 08/15/2023		620,000		638,600
				871,070
Oil - Field Services — 0.1%
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.63% due 05/01/2021		414,000		380,880
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.88% due 02/15/2023		680,000		610,300
				991,180
Paper & Related Products — 0.8%
Clearwater Paper Corp. Company Guar. Notes 4.50% due 02/01/2023		670,000		636,500
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		1,205,000		1,288,580
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*		2,152,000		2,121,975
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		2,790,000		2,816,433
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		697,000		779,628
PH Glatfelter Co. Company Guar. Notes 5.38% due 10/15/2020		430,000		435,375
				8,078,491
Pipelines — 1.1%
Access Midstream Partners LP/ACMP Finance Corp. Senior Notes 4.88% due 05/15/2023		796,000		749,816
Columbia Pipeline Group, Inc. Company Guar. Notes 2.45% due 06/01/2018*		245,000		245,034
Columbia Pipeline Group, Inc. Company Guar. Notes 4.50% due 06/01/2025*		1,181,000		1,126,973
Energy Transfer Partners LP Senior Notes 4.90% due 03/15/2035		1,133,000		962,396
Energy Transfer Partners LP Senior Notes 5.15% due 03/15/2045		426,000		359,008
Energy Transfer Partners LP Senior Notes 6.63% due 10/15/2036		1,894,000		1,901,055

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045	$	556,000	$	465,130
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		314,000		281,030
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.75% due 02/15/2021		250,000		235,000
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		500,000		457,500
Kinder Morgan Energy Partners LP Company Guar. Notes 4.70% due 11/01/2042		479,000		357,055
Kinder Morgan Energy Partners LP Company Guar. Notes 6.50% due 04/01/2020		1,848,000		2,052,217
Kinder Morgan, Inc. Company Guar. Notes 5.00% due 02/15/2021*		1,322,000		1,364,312
Rose Rock Midstream LP/Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		387,000		352,170
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 04/15/2023		225,000		218,531
Sabine Pass Liquefaction LLC Senior Sec. Notes 6.25% due 03/15/2022		117,000		117,585
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 5.88% due 10/01/2020		384,000		384,960
Williams Partners LP Senior Notes 4.00% due 09/15/2025		438,000		391,158
				12,020,930
Printing - Commercial — 0.1%
Multi-Color Corp. Company Guar. Notes 6.13% due 12/01/2022*		799,000		813,981
Quad/Graphics, Inc. Company Guar. Notes 7.00% due 05/01/2022		525,000		488,250
				1,302,231
Publishing - Newspapers — 0.1%
Lee Enterprises, Inc. Senior Sec. Notes 9.50% due 03/15/2022*		493,000		474,512
McClatchy Co. Senior Sec. Notes 9.00% due 12/15/2022#		740,000		668,775
				1,143,287
Publishing - Periodicals — 0.2%
Expo Event Transco, Inc. Senior Notes 9.00% due 06/15/2021*		953,000		957,765
Time, Inc. Company Guar. Notes 5.75% due 04/15/2022*		930,000		888,150
				1,845,915

21

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Radio — 0.0%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 04/15/2025*	$	500,000	$	493,750
Real Estate Investment Trusts — 0.5%
Communications Sales & Leasing, Inc. Company Guar. Notes 8.25% due 10/15/2023*		380,000		345,800
Communications Sales & Leasing, Inc./CSL Capital LLC Senior Sec. Notes 6.00% due 04/15/2023*		320,000		300,800
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.88% due 06/01/2021		497,000		503,213
DuPont Fabros Technology LP Company Guar. Notes 5.63% due 06/15/2023		500,000		492,500
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		497,000		482,090
HCP, Inc. Senior Notes 3.75% due 02/01/2016		330,000		333,654
iStar Financial, Inc. Senior Notes 5.00% due 07/01/2019		500,000		485,000
Omega Healthcare Investors, Inc. Company Guar. Notes 4.50% due 04/01/2027*		1,327,000		1,276,421
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024		1,084,000		1,116,619
RHP Hotel Properties LP/RHP Finance Corp. Company Guar. Notes 5.00% due 04/15/2023*		261,000		258,390
				5,594,487
Real Estate Management/Services — 0.2%
American Campus Communities Operating Partnership LP Company Guar. Notes 4.13% due 07/01/2024		756,000		751,887
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		1,000,000		973,000
				1,724,887
Real Estate Operations & Development — 0.1%
Greystar Real Estate Partners LLC Senior Sec. Notes 8.25% due 12/01/2022*		604,000		629,670
Rental Auto/Equipment — 0.1%
United Rentals North America, Inc. Senior Sec. Notes 4.63% due 07/15/2023		300,000		295,125
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		375,000		361,875
				657,000
Retail - Appliances — 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022#		725,000		688,830

Security Description	Principal Amount		Value (Note 2)
Retail - Computer Equipment — 0.0%
GameStop Corp. Company Guar. Notes 5.50% due 10/01/2019*#	$	419,000	$	432,618
Retail - Discount — 0.2%
Costco Wholesale Corp. Senior Notes 2.25% due 02/15/2022		1,248,000		1,210,865
Dollar General Corp. Company Guar. Notes 4.13% due 07/15/2017		985,000		1,018,806
				2,229,671
Retail - Drug Store — 0.1%
CVS Pass-Through Trust Pass Through Certs. 4.70% due 01/10/2036*		569,620		591,405
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		290,911		329,398
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		505,023		566,254
				1,487,057
Retail - Regional Department Stores — 0.1%
Bon-Ton Department Stores, Inc. Sec. Notes 8.00% due 06/15/2021		616,000		400,400
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045#		645,000		609,814
				1,010,214
Retail - Restaurants — 0.1%
Landry’s, Inc. Company Guar. Notes 9.38% due 05/01/2020*		511,000		546,131
PF Chang’s China Bistro, Inc. Company Guar. Notes 10.25% due 06/30/2020*#		673,000		673,000
				1,219,131
Satellite Telecom — 0.0%
Hughes Satellite Systems Corp. Company Guar. Notes 7.63% due 06/15/2021		333,000		364,219
Savings & Loans/Thrifts — 0.7%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		1,520,000		1,588,152
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		2,927,000		3,227,533
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		2,210,000		2,478,391
				7,294,076
Schools — 0.1%
President and Fellows of Harvard College Notes 3.62% due 10/01/2037		360,000		349,201

22

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Schools (continued)
University of Pennsylvania Senior Notes 4.67% due 09/01/2112	$	516,000	$	496,313
				845,514
Semiconductor Equipment — 0.0%
Entegris, Inc. Company Guar. Notes 6.00% due 04/01/2022*		72,000		72,900
Specified Purpose Acquisitions — 0.1%
Opal Acquisition, Inc. Senior Notes 8.88% due 12/15/2021*		815,000		798,700
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		1,394,000		1,229,321
Steel - Producers — 0.1%
AK Steel Corp. Company Guar. Notes 8.38% due 04/01/2022		507,000		316,875
AK Steel Corp. Senior Sec. Notes 8.75% due 12/01/2018#		400,000		400,000
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		377,000		369,648
				1,086,523
Steel - Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		743,000		676,130
Telecom Services — 0.0%
Altice US Finance I Corp Senior Sec. Notes 5.38% due 07/15/2023*		500,000		495,000
Telecommunication Equipment — 0.1%
CommScope Technologies Finance LLC Senior Sec. Notes 6.00% due 06/15/2025*		500,000		486,250
Plantronics, Inc. Company Guar. Notes 5.50% due 05/31/2023*		300,000		301,500
				787,750
Telephone - Integrated — 1.4%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		2,175,000		2,088,600
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		615,000		586,087
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		1,170,000		1,000,606
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		1,507,000		1,384,567
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		539,000		491,307

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated (continued)
AT&T, Inc. Senior Notes 5.80% due 02/15/2019	$	542,000	$	599,795
Century Telephone Enterprise, Inc. Senior Notes 6.88% due 01/15/2028		241,000		215,695
CenturyLink, Inc. Senior Notes 5.63% due 04/01/2025*		490,000		437,570
CenturyLink, Inc. Senior Notes 5.80% due 03/15/2022		443,000		420,296
Consolidated Communications, Inc. Company Guar. Notes 6.50% due 10/01/2022*		334,000		308,950
Frontier Communications Corp. Senior Notes 8.50% due 04/15/2020		403,000		414,083
Frontier Communications Corp. Senior Notes 9.25% due 07/01/2021		292,000		300,030
Verizon Communications, Inc. Senior Notes 3.00% due 11/01/2021		1,121,000		1,104,935
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		469,000		432,486
Verizon Communications, Inc. Senior Notes 4.50% due 09/15/2020		130,000		139,652
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		2,797,000		2,423,648
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046		2,221,000		2,093,048
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033		65,000		74,535
				14,515,890
Theaters — 0.1%
Carmike Cinemas, Inc. Sec. Notes 6.00% due 06/15/2023*		300,000		306,750
National CineMedia LLC Senior Sec. Notes 6.00% due 04/15/2022		365,000		373,213
				679,963
Transport - Rail — 0.1%
Union Pacific Corp. Senior Notes 3.88% due 02/01/2055		685,000		595,636
Travel Services — 0.1%
Sabre GLBL, Inc. Senior Sec. Notes 5.38% due 04/15/2023*		714,000		699,720
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.05% due 01/09/2020*		803,000		804,906

23

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Wire & Cable Products — 0.1%
General Cable Corp. Company Guar. Notes 5.75% due 10/01/2022	$	962,000	$	860,990
Total U.S. Corporate Bonds & Notes
(cost $286,363,267)				277,749,752
FOREIGN CORPORATE BONDS & NOTES — 7.7%
Agricultural Chemicals — 0.1%
Consolidated Energy Finance SA Company Guar. Notes 6.75% due 10/15/2019*		890,000		878,697
Airlines — 0.1%
Air Canada Senior Sec. Notes 6.75% due 10/01/2019*		600,000		633,000
Auto - Cars/Light Trucks — 0.2%
Hyundai Capital Services, Inc. Senior Notes 4.38% due 07/27/2016*		1,513,000		1,554,064
Volkswagen International Finance NV Company Guar. Notes 2.38% due 03/22/2017*		655,000		665,022
				2,219,086
Banks - Commercial — 2.2%
Abbey National Treasury Services PLC Company Guar. Notes 1.38% due 03/13/2017		47,000		46,962
ANZ New Zealand Int’l, Ltd. Company Guar. Notes 1.13% due 03/24/2016*		2,290,000		2,295,691
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 1.45% due 09/08/2017*		1,421,000		1,411,479
BPCE SA Sub. Notes 4.50% due 03/15/2025*		1,450,000		1,407,067
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Senior Notes 1.70% due 03/19/2018		377,000		374,743
Credit Suisse Senior Notes 1.70% due 04/27/2018		1,116,000		1,108,535
Credit Suisse Sub. Notes 5.40% due 01/14/2020		2,576,000		2,844,074
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 4.88% due 05/15/2045*		1,048,000		1,023,586
Credit Suisse New York Senior Notes 3.00% due 10/29/2021		513,000		510,537
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		1,529,000		1,532,665
ING Bank NV Senior Notes 4.00% due 03/15/2016*		998,000		1,014,197
Intesa Sanpaolo SpA Sub. Notes 5.02% due 06/26/2024*		1,542,000		1,507,219

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
Kookmin Bank Senior Notes 1.63% due 07/14/2017*#	$	1,906,000	$	1,897,282
National Australia Bank, Ltd. Senior Notes 2.75% due 03/09/2017		1,396,000		1,429,283
National Bank of Canada Company Guar. Notes 1.45% due 11/07/2017		2,515,000		2,503,620
Rabobank Nederland Bank Guar. Notes 5.25% due 08/04/2045		802,000		822,823
Standard Chartered PLC Senior Notes 2.25% due 04/17/2020*		1,770,000		1,745,719
Standard Chartered PLC Senior Notes 3.20% due 04/17/2025*		434,000		408,134
				23,883,616
Banks - Money Center — 0.1%
ABN AMRO Bank NV Sub. Notes 4.75% due 07/28/2025*		519,000		519,800
Mizuho Bank, Ltd. Company Guar. Notes 2.45% due 04/16/2019*		591,000		593,447
				1,113,247
Beverages - Non-alcoholic — 0.2%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		1,764,000		1,779,170
Beverages - Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/2017		1,243,000		1,350,602
Building - Residential/Commercial — 0.1%
Mattamy Group Corp. Senior Notes 6.50% due 11/15/2020*#		629,000		606,985
Cable/Satellite TV — 0.1%
Numericable Group SA Senior Sec. Notes 6.00% due 05/15/2022*		323,000		323,000
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH Senior Sec. Notes 5.00% due 01/15/2025*		275,000		268,813
				591,813
Chemicals - Diversified — 0.0%
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*		425,000		425,000
Chemicals - Plastics — 0.1%
Mexichem SAB de CV Company Guar. Notes 5.88% due 09/17/2044*		982,000		871,525

24

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Consumer Products - Misc. — 0.1%
Kimberly-Clark de Mexico SAB de CV Senior Notes 3.25% due 03/12/2025*	$	1,100,000	$	1,063,898
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd. Senior Notes 5.25% due 11/15/2022		263,000		273,520
Royal Caribbean Cruises, Ltd. Senior Notes 7.50% due 10/15/2027		20,000		23,200
Viking Cruises, Ltd. Senior Notes 6.25% due 05/15/2025*		400,000		394,000
				690,720
Disposable Medical Products — 0.0%
ConvaTec Finance International SA Senior Notes 8.25% due 01/15/2019*(13)		400,000		394,000
Diversified Banking Institutions — 1.0%
Credit Agricole SA Sub. Notes 4.38% due 03/17/2025*		1,207,000		1,171,944
Deutsche Bank AG Senior Notes 1.88% due 02/13/2018		3,745,000		3,726,649
Deutsche Bank AG Sub. Notes 4.50% due 04/01/2025		1,564,000		1,514,041
HSBC Holdings PLC Sub. Notes 4.25% due 08/18/2025		783,000		775,756
UBS AG Senior Notes 1.80% due 03/26/2018		2,222,000		2,214,438
UBS AG Sub. Notes 5.13% due 05/15/2024		1,007,000		1,007,000
UBS AG Sub. Notes 7.63% due 08/17/2022		335,000		389,805
				10,799,633
Diversified Manufacturing Operations — 0.2%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.65% due 11/01/2044		432,000		403,430
Siemens Financieringsmaatschappij NV Company Guar. Notes 4.40% due 05/27/2045*		1,645,000		1,646,497
				2,049,927
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 4.13% due 04/15/2021*#		596,000		555,731
Anglo American Capital PLC Company Guar. Notes 4.88% due 05/14/2025*		493,000		445,107
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 6.88% due 04/01/2022*#		358,000		221,960

Security Description	Principal Amount		Value (Note 2)
Diversified Minerals (continued)
FMG Resources August 2006 Pty, Ltd. Senior Sec. Notes 9.75% due 03/01/2022*#	$	277,000	$	253,109
Teck Resources, Ltd. Company Guar. Notes 2.50% due 02/01/2018		850,000		726,750
				2,202,657
Electric - Generation — 0.1%
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		522,000		552,353
Electronic Components - Misc. — 0.0%
Flextronics International, Ltd. Company Guar. Notes 4.75% due 06/15/2025*		330,000		319,245
Finance - Leasing Companies — 0.1%
Aircastle, Ltd. Senior Notes 4.63% due 12/15/2018		68,000		69,870
Aircastle, Ltd. Senior Notes 5.50% due 02/15/2022		256,000		264,960
Aircastle, Ltd. Senior Notes 6.25% due 12/01/2019		323,000		350,455
Fly Leasing, Ltd. Senior Notes 6.75% due 12/15/2020		650,000		669,500
				1,354,785
Gambling (Non-Hotel) — 0.1%
International Game Technology PLC Senior Sec. Notes 6.50% due 02/15/2025*		929,000		880,228
Gold Mining — 0.1%
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		743,000		655,831
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024		400,000		339,502
				995,333
Insurance - Multi-line — 0.2%
XLIT, Ltd. Company Guar. Notes 4.45% due 03/31/2025		563,000		555,994
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		1,264,000		1,175,760
				1,731,754
Machinery - General Industrial — 0.1%
ATS Automation Tooling Systems, Inc. Senior Notes 6.50% due 06/15/2023*		987,000		994,402
Medical - Drugs — 0.4%
Endo Finance LLC Company Guar. Notes 6.00% due 07/15/2023*		435,000		452,400

25

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical - Drugs (continued)
Grifols Worldwide Operations, Ltd. Company Guar. Notes 5.25% due 04/01/2022	$	999,000	$	1,015,234
Takeda Pharmaceutical Co., Ltd. Senior Notes 1.63% due 03/17/2017*		1,458,000		1,463,428
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.63% due 12/01/2021*		170,000		172,975
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		636,000		648,720
				3,752,757
Medical - Generic Drugs — 0.3%
Actavis Funding SCS Company Guar. Notes 3.00% due 03/12/2020		1,112,000		1,107,348
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		711,000		688,092
Actavis Funding SCS Company Guar. Notes 3.85% due 06/15/2024		984,000		959,148
Perrigo Finance PLC Company Guar. Notes 3.50% due 12/15/2021		992,000		968,252
				3,722,840
Metal - Copper — 0.0%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 05/15/2022*#		219,000		152,753
Oil Companies - Exploration & Production — 0.3%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		681,000		835,004
Baytex Energy Corp. Company Guar. Notes 5.13% due 06/01/2021*		101,000		86,052
Baytex Energy Corp. Company Guar. Notes 5.63% due 06/01/2024*		480,000		400,570
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*		222,000		178,710
MEG Energy Corp. Company Guar. Notes 6.50% due 03/15/2021*		475,000		396,862
Talisman Energy, Inc. Senior Notes 5.50% due 05/15/2042		1,527,000		1,285,308
				3,182,506
Oil Companies - Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 1.38% due 11/06/2017		1,793,000		1,784,878
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		711,000		696,759

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Integrated (continued)
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021	$	588,000	$	643,875
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		263,000		227,561
Shell International Finance BV Company Guar. Notes 2.13% due 05/11/2020		902,000		896,034
				4,249,107
Paper & Related Products — 0.0%
Cascades, Inc. Senior Notes 5.75% due 07/15/2023*		500,000		483,750
Printing - Commercial — 0.1%
Cimpress NV Company Guar. Notes 7.00% due 04/01/2022*		740,000		735,375
Satellite Telecom — 0.1%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		1,075,000		946,000
Security Services — 0.0%
Garda World Security Corp. Company Guar. Notes 7.25% due 11/15/2021*		358,000		334,730
Steel - Producers — 0.0%
ArcelorMittal Senior Notes 7.00% due 02/25/2022		236,000		235,410
ArcelorMittal Senior Notes 7.50% due 03/01/2041(6)		211,000		193,593
				429,003
SupraNational Banks — 0.1%
North American Development Bank Senior Notes 2.30% due 10/10/2018		1,002,000		1,019,786
Telecom Services — 0.2%
Altice Financing SA Senior Sec. Notes 6.50% due 01/15/2022*		573,000		574,432
Altice SA Company Guar. Notes 7.75% due 05/15/2022*		593,000		578,175
Virgin Media Secured Finance PLC Senior Sec. Notes 5.25% due 01/15/2026*		500,000		485,000
				1,637,607
Telephone - Integrated — 0.2%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		1,934,000		2,204,760
Transport - Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 4.80% due 08/01/2045		404,000		406,073
Total Foreign Corporate Bonds & Notes
(cost $83,191,450)				81,638,723

26

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 0.6%
Electric - Distribution — 0.1%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017	$	986,000	$	992,902
Sovereign — 0.5%
Government of Canada Senior Notes 0.88% due 02/14/2017		956,000		958,363
United Mexican States Senior Notes 3.50% due 01/21/2021		2,407,000		2,440,097
United Mexican States Senior Notes 3.60% due 01/30/2025		983,000		963,340
United Mexican States Senior Bonds 4.75% due 03/08/2044		938,000		874,685
				5,236,485
Total Foreign Government Obligations
(cost $6,135,566)				6,229,387
U.S. GOVERNMENT AGENCIES — 29.3%
Federal Home Loan Mtg. Corp. — 8.4%
1.89% due 02/01/2037 FRS		473,723		498,503
2.50% due 01/01/2028		1,116,579		1,144,554
2.50% due 04/01/2028		2,373,970		2,433,496
2.53% due 11/01/2037 FRS		3,119,003		3,345,610
3.00% due 08/01/2027		484,473		503,066
3.00% due 10/01/2042		2,175,602		2,197,750
3.00% due 11/01/2042		1,813,281		1,823,296
3.00% due 02/01/2043		4,285,395		4,316,642
3.00% due 04/01/2043		4,130,923		4,159,789
3.00% due 05/01/2043		845,133		853,751
3.00% due 08/01/2043		8,511,933		8,555,166
3.00% due 07/01/2045		2,644,513		2,653,713
3.50% due 02/01/2042		564,683		585,208
3.50% due 03/01/2042		742,349		771,815
3.50% due 04/01/2042		2,557,593		2,658,880
3.50% due 08/01/2042		8,457,570		8,794,457
3.50% due 09/01/2043		2,543,679		2,647,303
3.50% due 03/01/2045		9,053,676		9,383,547
3.50% due 07/01/2045		3,797,552		3,936,776
3.50% due 08/01/2045		3,430,087		3,563,016
4.00% due 03/01/2023		1,085,344		1,135,598
4.00% due 09/01/2040		410,316		436,687
4.00% due 10/01/2043		7,770,635		8,251,832
4.50% due 11/01/2018		34,866		36,275
4.50% due 02/01/2019		40,824		42,419
4.50% due 01/01/2039		56,600		61,308
4.50% due 12/01/2039		1,358,332		1,500,742
5.00% due 10/01/2033		4,493		4,926
5.00% due 07/01/2040		1,171,923		1,294,347
5.00% due 11/01/2043		4,965,357		5,472,022
5.50% due 11/01/2018		19,872		20,673
5.50% due 11/01/2032		21,769		24,225
5.50% due 07/01/2034		39,687		44,149
5.50% due 02/01/2035		79,199		88,124
5.50% due 07/01/2035		2,107		2,354
5.50% due 01/01/2036		437,916		491,283
5.50% due 05/01/2037		72,723		80,929
6.00% due 07/01/2035		95,806		108,104
6.00% due 03/01/2040		361,784		408,968
6.50% due 12/01/2032		152,652		174,448
6.50% due 02/01/2036		23,954		27,530

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
6.50% due 09/01/2036	$	441	$	504
6.50% due 05/01/2037		100,986		117,557
7.00% due 11/01/2016		656		667
Federal Home Loan Mtg. Corp. REMIC
Series 3964, Class MD 2.00% due 01/15/2041(2)		644,484		649,425
Series 3572, Class JS
6.60% due 09/15/2039 FRS(2)(7)(8)		2,326,928		381,642
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk
Series 2014-HQ1, Class M1
1.85% due 08/25/2024 FRS(2)		2,662,271		2,670,742
Series 2014-DN1, Class M2
2.40% due 02/25/2024 FRS(2)		1,580,000		1,590,398
				89,944,216
Federal National Mtg. Assoc. — 18.0%
1.91% due 09/01/2035 FRS		2,877,827		3,029,846
2.19% due 05/01/2037 FRS		795,010		841,359
2.32% due 05/01/2040 FRS		2,995,861		3,195,521
2.33% due 07/01/2039 FRS		1,986,735		2,097,438
2.40% due 06/01/2034 FRS		2,445,303		2,609,541
2.49% due 11/01/2036 FRS		1,280,969		1,371,923
2.50% due 02/01/2028		2,313,301		2,370,728
2.50% due 04/01/2028		585,869		600,431
2.50% due September 15 TBA		6,310,000		6,407,528
2.55% due 08/01/2035 FRS		1,661,705		1,781,568
2.97% due 10/01/2040 FRS		871,795		928,541
3.00% due 10/01/2027		334,456		347,994
3.00% due 11/01/2027		2,378,162		2,474,423
3.00% due 01/01/2028		3,285,680		3,413,942
3.00% due 03/01/2042		3,938,819		3,980,086
3.00% due 12/01/2042		3,952,770		3,993,579
3.00% due 05/01/2043		4,691,224		4,736,109
3.00% due 02/01/2045		3,361,077		3,383,695
3.00% due September 30 TBA		3,388,000		3,407,057
3.00% due September 15 TBA		3,962,000		4,112,788
3.21% due 10/01/2040 FRS		1,725,601		1,841,715
3.50% due 08/01/2026		2,268,334		2,396,918
3.50% due 09/01/2026		2,096,440		2,216,675
3.50% due 08/01/2027		363,154		383,263
3.50% due 10/01/2028		4,370,893		4,616,234
3.50% due 12/01/2041		631,800		656,026
3.50% due 03/01/2042		906,567		942,756
3.50% due 08/01/2042		5,535,609		5,763,300
3.50% due 09/01/2042		821,836		854,614
3.50% due 02/01/2043		3,890,707		4,080,767
3.50% due 03/01/2043		1,729,734		1,796,060
3.50% due 08/01/2043		8,335,154		8,662,346
3.50% due September 30 TBA		4,689,000		4,863,775
4.00% due 11/01/2025		169,560		180,633
4.00% due 04/01/2039		2,330,991		2,479,932
4.00% due 06/01/2039		719,311		778,041
4.00% due 09/01/2040		205,046		219,074
4.00% due 10/01/2040		467,277		499,327
4.00% due 12/01/2040		3,382,998		3,616,302
4.00% due 10/01/2041		1,954,997		2,088,771
4.00% due 11/01/2041		2,325,230		2,479,184
4.00% due 10/01/2043		5,718,408		6,093,145
4.00% due 12/01/2043		635,140		685,470
4.00% due 10/01/2044		9,416,248		10,037,000
4.00% due 11/01/2044		2,863,488		3,052,321
4.00% due September 30 TBA		10,833,000		11,515,565
4.50% due 06/01/2018		4,879		5,070
4.50% due 10/01/2024		845,195		908,089

27

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.50% due 03/01/2025	$	1,267,348	$	1,365,282
4.50% due 06/01/2039		308,191		336,321
4.50% due 09/01/2039		1,728,608		1,877,303
4.50% due 01/01/2040		799,716		883,555
4.50% due 02/01/2040		1,520,338		1,688,196
4.50% due 05/01/2040		571,133		633,611
4.50% due 08/01/2040		662,205		727,944
4.50% due 11/01/2040		607,116		659,926
4.50% due 12/01/2040		626,076		680,613
4.50% due 05/01/2041		1,564,921		1,699,541
4.50% due 07/01/2041		870,972		946,980
4.50% due 03/01/2042		6,033,131		6,560,553
4.50% due September 30 TBA		8,462,000		9,170,692
5.00% due 03/15/2016		248,000		254,165
5.00% due 09/01/2018		3,272		3,419
5.00% due 10/01/2018		2,928		3,060
5.00% due 03/01/2020		6,263		6,675
5.00% due 06/01/2022		162,892		175,979
5.00% due 10/01/2024		372,407		393,640
5.00% due 09/01/2033		1,177,568		1,304,849
5.00% due 04/01/2040		722,202		802,225
5.00% due 05/01/2040		1,251,707		1,384,226
5.00% due 06/01/2040		5,957,790		6,585,376
5.00% due 07/01/2040		2,413,500		2,666,954
5.00% due September 30 TBA		1,500,000		1,654,541
5.50% due 12/01/2029		305,506		341,554
5.50% due 12/01/2033		64,960		73,110
5.50% due 07/01/2037		77,645		86,777
5.50% due 08/01/2037		2,870,680		3,209,687
5.50% due 06/01/2038		377,207		426,070
5.50% due 09/01/2039		1,071,205		1,209,903
6.00% due 09/01/2016		2,165		2,169
6.00% due 12/01/2016		1,252		1,278
6.00% due 08/01/2034		52,077		59,303
6.00% due 11/01/2035		99,172		112,324
6.00% due 06/01/2036		131,034		148,493
6.00% due 12/01/2036		229,293		259,300
6.00% due 10/01/2037		14,491		16,346
6.00% due 07/01/2038		1,087,167		1,229,684
6.00% due 09/01/2038		590,158		667,341
6.00% due 11/01/2038		362,483		408,832
6.50% due 02/01/2017		2,055		2,099
Fannie Mae Connecticut Avenue Securities FRS
Series 2014-C01, Class M1
1.80% due 01/25/2024(2)		1,690,348		1,695,253
Federal National Mtg. Assoc. REMIC
Series 2011-117, Class MA
2.00% due 08/25/2040(2)		926,172		928,531
				192,140,150
Government National Mtg. Assoc. — 2.8%
3.00% due 02/20/2045		3,591,454		3,649,652
3.00% due 05/20/2045		2,575,896		2,617,637
3.00% due September 30 TBA		2,686,000		2,725,502
3.50% due 03/20/2045		2,854,169		2,980,394
3.50% due 04/20/2045		8,322,107		8,690,150
3.50% due September 30 TBA		2,711,000		2,826,323
4.00% due 03/20/2044		1,727,419		1,834,575
4.50% due 05/15/2039		920,761		1,017,584
5.00% due 05/15/2034		369,770		410,640
5.00% due 01/15/2040		641,305		719,982
5.50% due 12/15/2039		1,008,111		1,133,329

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
6.00% due 10/15/2039	$	941,142	$	1,057,382
7.00% due 09/15/2028		4,243		4,358
				29,667,508
Tennessee Valley Authority — 0.1%
Tennessee Valley Authority
1.75% due 10/15/2018		565,000		573,884
Total U.S. Government Agencies
(cost $309,383,951)				312,325,758
U.S. GOVERNMENT TREASURIES — 23.9%
United States Treasury Bonds — 5.0%
2.50% due 02/15/2045		8,000,000		7,277,504
2.75% due 11/15/2042		176,000		169,324
2.88% due 05/15/2043		1,300,000		1,280,872
3.00% due 05/15/2045		1,210,000		1,223,990
3.13% due 11/15/2041		3,426,000		3,567,100
3.13% due 02/15/2042		8,027,000		8,344,002
3.13% due 02/15/2043		3,700,000		3,826,610
3.13% due 08/15/2044		2,010,000		2,079,355
3.63% due 08/15/2043		2,000,000		2,272,708
3.63% due 02/15/2044		2,677,000		3,039,929
3.75% due 08/15/2041		152,000		176,324
3.75% due 11/15/2043		5,000,000		5,811,330
3.88% due 08/15/2040		588,000		692,424
4.25% due 11/15/2040		3,000,000		3,741,132
4.38% due 05/15/2041		1,901,000		2,423,355
4.50% due 02/15/2036		3,610,000		4,662,683
4.63% due 02/15/2040		284,000		372,591
5.25% due 11/15/2028		1,575,000		2,079,328
8.13% due 08/15/2019		158,000		199,343
				53,239,904
United States Treasury Notes — 18.9%
0.13% due 04/15/2018 TIPS(9)		2,267,809		2,265,832
0.38% due 11/15/2015		76,000		76,035
0.50% due 01/31/2017		3,450,000		3,446,001
0.50% due 03/31/2017		15,000,000		14,970,510
0.50% due 04/30/2017		20,000,000		19,948,960
0.50% due 07/31/2017		7,436,000		7,402,211
0.63% due 08/31/2017		11,203,000		11,177,031
0.75% due 12/31/2017		351,000		349,848
0.88% due 12/31/2016		5,005,000		5,026,016
0.88% due 02/28/2017		7,000,000		7,027,069
1.00% due 08/31/2016		3,656,000		3,676,042
1.00% due 05/31/2018		4,000,000		3,998,072
1.25% due 10/31/2015		2,407,000		2,411,701
1.25% due 11/30/2018		19,634,000		19,680,022
1.25% due 01/31/2020		1,000,000		990,898
1.38% due 06/30/2018		4,000,000		4,037,864
1.38% due 07/31/2018		4,800,000		4,842,062
1.38% due 12/31/2018		2,002,000		2,012,975
1.38% due 03/31/2020		3,064,000		3,048,521
1.38% due 04/30/2020		1,554,000		1,545,117
1.50% due 06/30/2016		158,000		159,485
1.50% due 08/31/2018		7,000,000		7,082,943
1.50% due 01/31/2019		14,000,000		14,122,318
1.50% due 01/31/2022		6,280,000		6,136,408
1.63% due 12/31/2019		584,000		588,213
1.63% due 08/15/2022		2,038,000		1,995,410
1.75% due 03/31/2022		558,000		552,805
1.75% due 05/15/2023		10,200,000		9,980,200
2.00% due 11/15/2021		1,001,000		1,009,512
2.00% due 07/31/2022		492,000		494,402

28

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes. (continued)
2.00% due 02/15/2025	$	664,000	$	652,371
2.00% due 08/15/2025		1,619,000		1,590,119
2.13% due 12/31/2021		473,000		480,218
2.13% due 05/15/2025		2,209,000		2,191,655
2.25% due 11/15/2024		20,000,000		20,101,040
2.38% due 05/31/2018		5,631,000		5,837,472
2.75% due 12/31/2017		2,267,000		2,364,499
3.00% due 02/28/2017		830,000		859,547
3.13% due 05/15/2019		262,000		279,160
3.13% due 05/15/2021		2,199,000		2,362,208
3.38% due 11/15/2019		1,099,000		1,185,718
3.50% due 05/15/2020		3,472,000		3,779,373
3.63% due 08/15/2019		78,000		84,763
				201,822,626
Total U.S. Government Treasuries
(cost $251,651,575)				255,062,530
MUNICIPAL BONDS & NOTES — 0.3%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111		1,057,000		1,018,631
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		861,000		931,525
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		1,010,000		993,466
Total Municipal Bonds & Notes
(cost $2,917,374)				2,943,622
COMMON STOCKS — 0.0%
Power Converter/Supply Equipment — 0.0%
TPT Acquisition, Inc.†(3)(4)		2,970		0
Television — 0.0%
ION Media Networks, Inc.†(3)(4)		79		49,322
Total Common Stocks
(cost $44,551)				49,322
PREFERRED SECURITIES — 0.1%
Electric - Integrated — 0.0%
Entergy Louisiana LLC 4.70%		22,875		536,190
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. FRS† Series Z 8.38%		6,900		33,879
Telecom Services — 0.1%
Qwest Corp. 6.13%		44,275		1,102,890
Total Preferred Securities
(cost $1,785,164)				1,672,959
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.9%
Banks - Commercial — 0.2%
Nordea Bank AB VRS 6.13% due 09/23/2024*(10)		698,000		691,020
Standard Chartered PLC VRS 6.50% due 04/02/2020*#(10)		1,213,000		1,189,597
				1,880,617

Security Description	Principal Amount		Value (Note 2)
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp. FRS Series E 4.95% due 06/20/2020(10)	$	1,073,000	$	1,063,611
Banks - Super Regional — 0.3%
Capital One Financial Corp. FRS Series E 5.55% due 06/01/2020(10)		574,000		570,235
Fifth Third Bancorp FRS Series J 4.90% due 09/30/2019(10)		1,253,000		1,174,687
Wells Fargo & Co. FRS Series U 5.88% due 06/15/2025(10)		945,000		967,444
Wells Fargo Capital X 5.95% due 12/01/2086		393,000		394,965
				3,107,331
Diversified Banking Institutions — 1.6%
BAC Capital Trust XIII FRS Series F 4.00% due 09/21/2015(10)		822,000		644,037
Bank of America Corp. FRS Series AA 6.10% due 03/17/2025(10)		1,712,000		1,671,340
BNP Paribas SA VRS 7.38% due 08/19/2025*(10)		927,000		949,248
Citigroup, Inc. FRS Series N 5.80% due 11/15/2019(10)		1,751,000		1,735,118
Credit Agricole SA VRS 6.63% due 09/23/2019*#(10)		1,181,000		1,158,032
Credit Suisse Group AG VRS 6.25% due 12/18/2024*(10)		1,298,000		1,246,080
Credit Suisse Group AG VRS 7.50% due 12/11/2023*(10)		1,037,000		1,095,850
Deutsche Bank AG VRS 7.50% due 04/30/2025#(10)		2,400,000		2,361,000
Goldman Sachs Group, Inc. FRS Series M 5.38% due 05/10/2020(10)		604,000		591,542
HSBC Holdings PLC VRS 6.38% due 03/30/2025(10)		660,000		655,875
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(10)		1,669,000		1,669,000
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(10)		773,000		811,650
Royal Bank of Scotland Group PLC VRS(10) 8.00% due 08/10/2025		425,000		434,031
Societe Generale SA VRS 6.00% due 01/27/2020*#(10)		1,997,000		1,884,765
				16,907,568
Electric - Integrated — 0.1%
Dominion Resources, Inc. FRS 5.75% due 10/01/2054		714,000		736,848
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 5.86% due 11/30/2056†(4)		148,000		15

29

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043	$	777,000		$	769,075
Financial Guarantee Insurance — 0.0%
Assured Guaranty Municipal Holdings, Inc. FRS 6.40% due 12/15/2066*		484,000			356,950
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		860,000			903,000
Insurance - Life/Health — 0.1%
Prudential Financial, Inc. FRS 5.38% due 05/15/2045		387,000			382,766
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		871,000			894,082
					1,276,848
Insurance - Multi-line — 0.2%
MetLife Capital Trust IV 7.88% due 12/15/2067*		577,000			719,807
MetLife, Inc. 6.40% due 12/15/2066		1,052,000			1,155,885
					1,875,692
Pipelines — 0.0%
TransCanada Trust FRS 5.63% due 05/20/2075		490,000			468,930
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		1,727,000			1,850,049
Total Preferred Securities/Capital Securities
(cost $31,013,701)					31,196,534
Total Long-Term Investment Securities
(cost $1,028,692,033)					1,024,719,908
SHORT-TERM INVESTMENT SECURITIES — 9.6%
Registered Investment Companies — 1.7%
State Street Navigator Securities Lending Prime Portfolio 0.21%(5)(11)		18,479,285			18,479,285
Time Deposits — 7.9%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 09/01/2015		83,694,000			83,694,000
Total Short-Term Investment Securities
(cost $102,173,285)					102,173,285
TOTAL INVESTMENTS
(cost $1,130,865,318)(12)		105.7	%		1,126,893,193
Liabilities in excess of other assets		(5.7	)		(61,090,302	)
NET ASSETS		100.0	%	$	1,065,802,891

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2015, the aggregate value of these securities was $136,888,709 representing 12.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(4) Illiquid security. At August 31, 2015, the aggregate value of these securities was $49,429 representing 0.0% of net assets.

(5) The rate shown is the 7-day yield as of August 31, 2015.

(6) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of August 31, 2015.

(7) Interest Only

(8) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at August 31, 2015.

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

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

(11) At August 31, 2015, the Fund had loaned securities with a total value of $18,089,256. This was secured by collateral of $18,479,285, which was received in cash and subsequently invested in short-term investments currently valued at $18,479,285 as reported in the Portfolio of Investments.

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

(13) “Payment-in-kind” (PIK) security. Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(14) Subsequent to August 31, 2015, security in default of interest and company has filed for Chapter 11 bankruptcy protection.

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 Security

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at August 31, 2015 and unless noted otherwise are the original maturity dates.

30

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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
Diversified Financial Services	$	—	$	55,851,321	$	0	$	55,851,321
U.S. Corporate Bonds & Notes:
Airlines		—		1,641,395		45,566		1,686,961
Gambling (Non-Hotel)		—		722,555		51		722,606
Other Industries		—		275,340,185		—		275,340,185
Foreign Corporate Bonds & Notes		—		81,638,723		—		81,638,723
Foreign Government Obligations		—		6,229,387		—		6,229,387
U.S. Government Agencies		—		312,325,758		—		312,325,758
U.S. Government Treasuries		—		255,062,530		—		255,062,530
Municipal Bonds & Notes		—		2,943,622		—		2,943,622
Common Stocks		—		—		49,322		49,322
Preferred Securities		1,672,959		—		—		1,672,959
Preferred Securities/Capital Securities		—		31,196,534		—		31,196,534
Short-Term Investment Securities:
Registered Investment Companies		18,479,285		—		—		18,479,285
Time Deposits		—		83,694,000		—		83,694,000
Total Investments at Value	$	20,152,244	$	1,106,646,010	$	94,939	$	1,126,893,193

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

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

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

See Notes to Financial Statements

31

VALIC Company II High Yield Bond Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	7.5	%
Registered Investment Companies	7.1
Medical — Hospitals	6.7
Cellular Telecom	5.8
Repurchase Agreements	5.7
Cable/Satellite TV	5.4
Medical — Drugs	4.1
Data Processing/Management	3.6
Building & Construction Products — Misc.	3.3
Diversified Banking Institutions	3.3
Television	3.2
Telephone — Integrated	2.6
Building — Residential/Commercial	2.3
Steel — Producers	2.1
Telecom Services	2.0
Banks — Commercial	1.9
Containers — Metal/Glass	1.6
Auto — Cars/Light Trucks	1.6
Electric — Integrated	1.6
Telecommunication Equipment	1.5
Entertainment Software	1.5
Enterprise Software/Service	1.4
Electronic Components — Semiconductors	1.4
Finance — Leasing Companies	1.3
Semiconductor Equipment	1.2
Diagnostic Kits	1.2
Pipelines	1.2
Building Products — Cement	1.2
Independent Power Producers	1.1
Internet Connectivity Services	1.0
Office Automation & Equipment	1.0
Finance — Other Services	0.9
Satellite Telecom	0.9
Soap & Cleaning Preparation	0.8
Medical — HMO	0.8
Disposable Medical Products	0.8
Insurance — Multi-line	0.7
Multimedia	0.7
Food — Catering	0.6
Retail — Leisure Products	0.6
Computer Services	0.6
Retail — Discount	0.6
Applications Software	0.6
Printing — Commercial	0.6
Chemicals — Diversified	0.6
Medical — Outpatient/Home Medical	0.5
Forestry	0.5
Broadcast Services/Program	0.5
Retail — Arts & Crafts	0.5
Radio	0.4
Specified Purpose Acquisitions	0.4
Auto/Truck Parts & Equipment — Original	0.4
Machinery — General Industrial	0.4
Machinery — Farming	0.4
Finance — Auto Loans	0.4
Retail — Major Department Stores	0.3
Decision Support Software	0.3
Oil & Gas Drilling	0.3
Theaters	0.3
Retail — Apparel/Shoe	0.3
Metal Processors & Fabrication	0.3
Insurance — Life/Health	0.3
Funeral Services & Related Items	0.3
Retail — Restaurants	0.3
Shipbuilding	0.3
Insurance — Property/Casualty	0.2
E-Commerce/Products	0.2
Physicians Practice Management	0.2
Rental Auto/Equipment	0.2

Food — Retail	0.2
X-Ray Equipment	0.1
Computer Software	0.1
Medical Labs & Testing Services	0.1
Real Estate Investment Trusts	0.1
Beverages — Wine/Spirits	0.1
Distribution/Wholesale	0.1
Casino Services	0.1
	105.3	%

Credit Quality†#

Baa	1.0	%
Ba	28.6
B	51.0
Caa	16.9
Not Rated@	2.5
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

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

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

32

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Principal Amount(17)		Value (Note 2)
CONVERTIBLE BONDS & NOTES — 0.3%
Building - Residential/Commercial — 0.1%
M/I Homes, Inc. Company Guar. Notes 3.00% due 03/01/2018	$	330,000	$	328,762
Medical - Drugs — 0.0%
Savient Pharmaceuticals, Inc. Escrow Notes 4.75% due 02/01/2018†(1)(2)		1,620,000		0
Oil Companies - Exploration & Production — 0.2%
Cobalt International Energy, Inc. Senior Notes 2.63% due 12/01/2019		1,465,000		1,052,969
Total Convertible Bonds & Notes
(cost $2,744,632)				1,381,731
U.S. CORPORATE BONDS & NOTES — 72.2%
Applications Software — 0.6%
Emdeon, Inc. Company Guar. Notes 6.00% due 02/15/2021*		1,390,000		1,369,150
Emdeon, Inc. Company Guar. Notes 11.00% due 12/31/2019		1,285,000		1,379,769
				2,748,919
Auto - Cars/Light Trucks — 1.6%
Chrysler Group LLC/CG Co-Issuer, Inc. Sec. Notes 8.25% due 06/15/2021		3,805,000		4,081,623
General Motors Co. Senior Notes 4.88% due 10/02/2023		2,370,000		2,413,407
General Motors Co. Senior Notes 6.25% due 10/02/2043		845,000		904,996
				7,400,026
Auto/Truck Parts & Equipment - Original — 0.4%
ZF North America Capital, Inc. Company Guar. Notes 4.50% due 04/29/2022*		550,000		532,813
ZF North America Capital, Inc. Company Guar. Notes 4.75% due 04/29/2025*		1,565,000		1,482,837
				2,015,650
Banks - Commercial — 0.6%
CIT Group, Inc. Senior Notes 5.50% due 02/15/2019*		975,000		1,024,969
CIT Group, Inc. Senior Notes 6.63% due 04/01/2018*		1,491,000		1,595,370
				2,620,339
Beverages - Wine/Spirits — 0.1%
Constellation Brands, Inc. Company Guar. Notes 4.25% due 05/01/2023		430,000		432,580
Broadcast Services/Program — 0.5%
Liberty Media LLC Senior Notes 8.25% due 02/01/2030		2,245,000		2,278,675

Security Description	Principal Amount(17)		Value (Note 2)
Building & Construction Products - Misc. — 3.3%
Associated Materials LLC/AMH New Finance, Inc. Senior Sec. Notes 9.13% due 11/01/2017	$	610,000	$	516,975
Builders FirstSource, Inc. Company Guar. Notes 10.75% due 08/15/2023*		3,235,000		3,283,525
Building Materials Corp. Senior Notes 5.38% due 11/15/2024*		4,810,000		4,810,000
Nortek, Inc. Company Guar. Notes 8.50% due 04/15/2021		3,185,000		3,411,931
Ply Gem Industries Inc. Company Guar. Notes 6.50% due 02/01/2022		3,615,000		3,565,294
				15,587,725
Building Products - Cement — 0.6%
Cemex Finance LLC Senior Sec. Notes 6.00% due 04/01/2024*#		2,755,000		2,617,250
Building Products - Wood — 0.0%
Masco Corp. Senior Notes 7.75% due 08/01/2029		145,000		162,400
Building - Residential/Commercial — 2.2%
K Hovnanian Enterprises, Inc. Company Guar. Notes 8.00% due 11/01/2019*		705,000		542,850
KB Home Company Guar. Notes 4.75% due 05/15/2019		445,000		437,213
KB Home Company Guar. Notes 7.00% due 12/15/2021		2,230,000		2,252,300
KB Home Company Guar. Notes 7.50% due 09/15/2022		2,255,000		2,322,650
KB Home Company Guar. Notes 8.00% due 03/15/2020		1,461,000		1,574,227
Lennar Corp. Company Guar. Notes 4.75% due 11/15/2022		2,721,000		2,707,395
Pulte Group, Inc. Company Guar. Notes 6.38% due 05/15/2033		285,000		296,400
Ryland Group, Inc. Company Guar. Notes 5.38% due 10/01/2022		390,000		392,925
				10,525,960
Cable/Satellite TV — 4.8%
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 5.13% due 02/15/2023		150,000		149,625
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 5.13% due 05/01/2023*		3,350,000		3,350,000
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 5.25% due 09/30/2022		665,000		670,320

33

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 5.75% due 09/01/2023	$	715,000	$	729,157
CCO Holdings LLC/CCO Holdings Capital Corp. Company Guar. Notes 6.63% due 01/31/2022		2,240,000		2,357,600
CCO Safari II LLC Senior Sec. Notes 4.91% due 07/23/2025*		845,000		836,968
Cequel Communications Holdings I LLC/Cequel Capital Corp. Senior Notes 5.13% due 12/15/2021*		3,405,000		3,119,831
Cequel Communications Holdings I LLC/Cequel Capital Corp. Senior Notes 5.13% due 12/15/2021*		1,650,000		1,511,813
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		2,070,000		1,828,079
DISH DBS Corp. Company Guar. Notes 6.75% due 06/01/2021		3,576,000		3,589,946
DISH DBS Corp. Company Guar. Notes 7.88% due 09/01/2019		2,710,000		2,937,369
Harron Communications LP/Harron Finance Corp. Senior Notes 9.13% due 04/01/2020*		1,286,000		1,382,450
				22,463,158
Cellular Telecom — 5.8%
Sprint Communications Company Guar. Notes 7.00% due 03/01/2020*		2,955,000		3,138,801
Sprint Communications Company Guar. Notes 9.00% due 11/15/2018*		1,955,000		2,177,381
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021		5,585,000		5,431,413
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		4,165,000		4,003,606
Syniverse Holdings, Inc. Company Guar. Notes 9.13% due 01/15/2019		3,270,000		2,836,725
T-Mobile USA, Inc. Company Guar. Notes 6.13% due 01/15/2022		1,315,000		1,356,094
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024		370,000		380,175
T-Mobile USA, Inc. Company Guar. Notes 6.63% due 11/15/2020		2,565,000		2,654,775
T-Mobile USA, Inc. Company Guar. Notes 6.63% due 04/28/2021		2,275,000		2,377,375
T-Mobile USA, Inc. Company Guar. Notes 6.73% due 04/28/2022		2,450,000		2,572,500

Security Description	Principal Amount(17)		Value (Note 2)
Cellular Telecom (continued)
T-Mobile USA, Inc. Company Guar. Notes 6.84% due 04/28/2023#	$	220,000	$	230,450
				27,159,295
Computer Services — 0.6%
SunGard Data Systems, Inc. Company Guar. Notes 6.63% due 11/01/2019		1,680,000		1,743,000
SunGard Data Systems, Inc. Company Guar. Notes 7.38% due 11/15/2018		570,000		586,387
SunGard Data Systems, Inc. Company Guar. Notes 7.63% due 11/15/2020		525,000		549,938
				2,879,325
Computer Software — 0.1%
SS&C Technologies Holdings, Inc. Company Guar. Notes 5.88% due 07/15/2023*		515,000		531,068
Containers - Metal/Glass — 0.8%
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.88% due 08/15/2023*#		2,665,000		2,711,637
Owens-Brockway Glass Container, Inc. Company Guar. Notes 6.38% due 08/15/2025*#		1,200,000		1,227,000
				3,938,637
Data Processing/Management — 3.6%
Audatex North America, Inc. Company Guar. Notes 6.00% due 06/15/2021*		4,021,000		3,926,346
Audatex North America, Inc. Company Guar. Notes 6.13% due 11/01/2023*		925,000		916,805
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023#		3,580,000		3,624,750
First Data Corp. Senior Sec. Notes 7.38% due 06/15/2019*		1,250,000		1,296,375
First Data Corp. Sec. Notes 8.25% due 01/15/2021*		5,302,000		5,580,355
First Data Corp. Sec. Notes 8.75% due 01/15/2022*		1,383,000		1,455,607
				16,800,238
Decision Support Software — 0.3%
MSCI, Inc. Company Guar. Notes 5.25% due 11/15/2024*		1,550,000		1,577,125
Diagnostic Kits — 1.2%
Alere, Inc. Company Guar. Notes 6.38% due 07/01/2023#		2,860,000		2,931,500
Alere, Inc. Company Guar. Notes 6.50% due 06/15/2020		2,555,000		2,649,765
				5,581,265

34

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Disposable Medical Products — 0.8%
Sterigenics-Nordion Holdings LLC Senior Notes 6.50% due 05/15/2023*	$	3,625,000	$	3,697,427
Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc. Senior Notes 5.63% due 04/15/2021*		335,000		334,163
E-Commerce/Services — 0.0%
IAC/InterActiveCorp. Company Guar. Notes 4.75% due 12/15/2022		150,000		139,500
Electric - Integrated — 1.2%
DPL, Inc. Senior Notes 7.25% due 10/15/2021		1,095,000		1,129,219
GenOn Americas Generation LLC Senior Notes 9.13% due 05/01/2031#		1,565,000		1,314,600
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/2021		2,735,000		2,379,450
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Senior Sec. Notes 11.50% due 10/01/2020†*(3)(6)		1,680,000		772,800
				5,596,069
Electronic Components - Semiconductors — 1.1%
Freescale Semiconductor, Inc. Senior Sec. Notes 6.00% due 01/15/2022*		4,795,000		5,010,775
Enterprise Software/Service — 1.4%
Infor Software Parent LLC/Infor Software Parent, Inc. Company Guar. Notes 7.13% due 05/01/2021#(5)		3,000,000		2,718,750
Infor US, Inc. Senior Sec. Notes 5.75% due 08/15/2020*		165,000		165,412
Infor US, Inc. Company Guar. Notes 6.50% due 05/15/2022*		4,000,000		3,750,000
				6,634,162
Entertainment Software — 1.5%
Activision Blizzard, Inc. Company Guar. Notes 5.63% due 09/15/2021*		5,920,000		6,223,400
Activision Blizzard, Inc. Company Guar. Notes 6.13% due 09/15/2023*		875,000		940,625
				7,164,025
Finance - Auto Loans — 0.4%
GMAC LLC Sub. Notes 8.00% due 12/31/2018		1,475,000		1,637,250
Finance - Leasing Companies — 0.7%
International Lease Finance Corp. Senior Notes 5.88% due 08/15/2022		2,950,000		3,182,312

Security Description	Principal Amount(17)		Value (Note 2)
Finance - Other Services — 0.9%
Nationstar Mortgage LLC/Nationstar Capital Corp Company Guar. Notes 6.50% due 06/01/2022	$	1,425,000	$	1,204,125
Nationstar Mtg. LLC/Nationstar Capital Corp. Company Guar. Notes 6.50% due 08/01/2018		2,400,000		2,304,000
Nationstar Mtg. LLC/Nationstar Capital Corp. Company Guar. Notes 6.50% due 07/01/2021		955,000		841,594
				4,349,719
Food - Catering — 0.6%
Aramark Services, Inc. Company Guar. Notes 5.75% due 03/15/2020		2,905,000		3,012,122
Food - Retail — 0.2%
Albertson’s Holdings LLC/Saturn Acquisition Merger Sub, Inc. Sec. Notes 7.75% due 10/15/2022*		663,000		710,239
Funeral Services & Related Items — 0.3%
Service Corp. International Senior Notes 4.50% due 11/15/2020		1,255,000		1,286,375
Independent Power Producers — 1.1%
Dynegy, Inc. Company Guar. Notes 5.88% due 06/01/2023		2,110,000		2,015,050
Dynegy, Inc. Company Guar. Notes 7.38% due 11/01/2022		1,675,000		1,733,625
Dynegy, Inc. Company Guar. Notes 7.63% due 11/01/2024		1,140,000		1,186,512
				4,935,187
Insurance - Life/Health — 0.3%
CNO Financial Group, Inc. Senior Notes 4.50% due 05/30/2020		350,000		360,500
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		920,000		948,750
				1,309,250
Internet Connectivity Services — 1.0%
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.00% due 04/01/2023*		3,765,000		3,760,105
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.38% due 05/15/2025*		985,000		975,150
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 10.13% due 07/01/2020		130,000		143,000
				4,878,255
Machinery - Farming — 0.4%
Case New Holland Industrial, Inc. Company Guar. Notes 7.88% due 12/01/2017		1,595,000		1,728,820

35

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Labs & Testing Services — 0.1%
inVentiv Health, Inc. Senior Sec. Notes 9.00% due 01/15/2018*	$	470,000	$	488,800
Medical - Drugs — 1.8%
Endo Finance LLC Company Guar. Notes 6.00% due 02/01/2025*		4,170,000		4,284,675
PRA Holdings, Inc. Senior Notes 9.50% due 10/01/2023*		1,599,000		1,782,885
Quintiles Transnational Corp. Company Guar. Notes 4.88% due 05/15/2023*		890,000		907,800
Valeant Pharmaceuticals International Company Guar. Notes 6.13% due 04/15/2025*		1,240,000		1,277,200
				8,252,560
Medical - HMO — 0.8%
MPH Acquisition Holdings LLC Company Guar. Notes 6.63% due 04/01/2022*		1,420,000		1,459,050
WellCare Health Plans, Inc. Senior Notes 5.75% due 11/15/2020		2,165,000		2,270,544
				3,729,594
Medical - Hospitals — 6.7%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.13% due 08/15/2018		996,000		1,019,655
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 02/01/2022#		6,735,000		7,158,025
CHS/Community Health Systems, Inc. Company Guar. Notes 7.13% due 07/15/2020		2,010,000		2,125,575
HCA Holdings, Inc. Senior Notes 6.25% due 02/15/2021		5,000,000		5,425,000
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		690,000		700,350
HCA, Inc. Senior Sec. Notes 5.88% due 03/15/2022		2,150,000		2,338,125
HCA, Inc. Senior Sec. Notes 6.50% due 02/15/2020		1,275,000		1,408,875
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		1,820,000		1,783,600
Tenet Healthcare Corp. Senior Sec. Notes 4.75% due 06/01/2020		2,365,000		2,410,822
Tenet Healthcare Corp. Senior Notes 5.00% due 03/01/2019		4,245,000		4,237,529
Tenet Healthcare Corp. Senior Notes 6.75% due 06/15/2023		505,000		520,150

Security Description	Principal Amount(17)		Value (Note 2)
Medical - Hospitals (continued)
Tenet Healthcare Corp. Senior Notes 8.13% due 04/01/2022	$	1,965,000	$	2,176,238
				31,303,944
Medical - Outpatient/Home Medical — 0.5%
Amsurg Corp. Company Guar. Notes 5.63% due 07/15/2022		2,470,000		2,520,956
Office Automation & Equipment — 1.0%
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.00% due 09/01/2023		675,000		666,563
CDW LLC/CDW Finance Corp. Company Guar. Notes 6.00% due 08/15/2022		3,870,000		4,058,662
				4,725,225
Oil Companies - Exploration & Production — 6.3%
Antero Resources Corp. Company Guar. Notes 5.38% due 11/01/2021		1,315,000		1,209,800
Antero Resources Corp. Company Guar. Notes 5.63% due 06/01/2023*		995,000		905,450
Antero Resources Corp. Company Guar. Notes 6.00% due 12/01/2020		1,390,000		1,327,450
Blue Racer Midstream LLC/Blue Racer Finance Corp. Company Guar. Notes 6.13% due 11/15/2022*		2,705,000		2,650,900
Bonanza Creek Energy, Inc. Company Guar. Notes 6.75% due 04/15/2021		2,920,000		2,160,800
Concho Resources, Inc. Company Guar. Notes 5.50% due 10/01/2022		2,780,000		2,731,350
Diamondback Energy, Inc. Company Guar. Notes 7.63% due 10/01/2021		3,275,000		3,438,750
EP Energy LLC/Everest Acquisition Finance, Inc. Company Guar. Notes 9.38% due 05/01/2020		2,168,000		2,099,708
Laredo Petroleum, Inc. Company Guar. Notes 5.63% due 01/15/2022		1,165,000		1,048,500
Laredo Petroleum, Inc. Company Guar. Notes 6.25% due 03/15/2023		1,380,000		1,262,700
Laredo Petroleum, Inc. Company Guar. Notes 7.38% due 05/01/2022		575,000		560,625
Matador Resources Co. Company Guar. Notes 6.88% due 04/15/2023*		400,000		386,000
Noble Energy, Inc. Company Guar. Notes 5.63% due 05/01/2021		1,635,000		1,650,565
Noble Energy, Inc. Company Guar. Notes 5.88% due 06/01/2022		1,635,000		1,656,468
QEP Resources, Inc. Senior Notes 5.25% due 05/01/2023		1,551,000		1,341,925

36

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
QEP Resources, Inc. Senior Notes 5.38% due 10/01/2022	$	206,000	$	177,675
QEP Resources, Inc. Senior Notes 6.80% due 03/01/2020		245,000		237,650
Range Resources Corp. Company Guar. Notes 5.00% due 08/15/2022#		1,135,000		1,047,037
Rice Energy, Inc. Company Guar. Notes 7.25% due 05/01/2023*#		555,000		516,150
RSP Permian, Inc. Company Guar. Notes 6.63% due 10/01/2022*		1,340,000		1,313,200
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024#		1,260,000		1,034,586
WPX Energy, Inc. Senior Notes 6.00% due 01/15/2022		1,090,000		921,050
				29,678,339
Physicians Practice Management — 0.2%
Envision Healthcare Corp. Company Guar. Notes 5.13% due 07/01/2022*		860,000		871,825
Pipelines — 1.2%
Energy Transfer Equity LP Senior Sec. Notes 5.50% due 06/01/2027		3,545,000		3,296,850
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/2020		1,350,000		1,446,214
Kinder Morgan, Inc. Company Guar. Notes 6.50% due 09/15/2020		740,000		816,503
				5,559,567
Printing - Commercial — 0.6%
Quad/Graphics, Inc. Company Guar. Notes 7.00% due 05/01/2022		2,950,000		2,743,500
Radio — 0.4%
Sirius XM Radio, Inc. Company Guar. Notes 4.25% due 05/15/2020*		555,000		553,957
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 05/15/2023*		1,560,000		1,485,900
Sirius XM Radio, Inc. Senior Sec. Notes 5.25% due 08/15/2022*		60,000		63,000
				2,102,857
Real Estate Investment Trusts — 0.1%
Equinix, Inc. Senior Notes 4.88% due 04/01/2020		75,000		76,688
Equinix, Inc. Senior Notes 5.38% due 04/01/2023		410,000		411,025
				487,713

Security Description	Principal Amount(17)		Value (Note 2)
Rental Auto/Equipment — 0.2%
Hertz Corp. Company Guar. Notes 5.88% due 10/15/2020#	$	500,000	$	505,180
Hertz Corp. Company Guar. Notes 6.25% due 10/15/2022#		325,000		330,688
				835,868
Retail - Apparel/Shoe — 0.3%
Chinos Intermediate Holdings, Inc. Senior Notes 7.75% due 05/01/2019*(5)		1,550,000		658,750
L Brands, Inc. Senior Notes 6.95% due 03/01/2033		651,000		680,295
				1,339,045
Retail - Arts & Crafts — 0.5%
Michaels Stores, Inc. Company Guar. Notes 5.88% due 12/15/2020*		2,050,000		2,147,375
Retail - Discount — 0.6%
99 Cents Only Stores Company Guar. Notes 11.00% due 12/15/2019		1,760,000		1,438,800
Family Tree Escrow LLC Company Guar. Notes 5.25% due 03/01/2020*		235,000		246,162
Family Tree Escrow LLC Company Guar. Notes 5.75% due 03/01/2023*		1,130,000		1,183,675
				2,868,637
Retail - Leisure Products — 0.6%
Party City Holdings, Inc. Company Guar. Notes 6.13% due 08/15/2023*		1,760,000		1,772,100
Party City Holdings, Inc. Company Guar. Notes 8.88% due 08/01/2020		1,055,000		1,124,894
				2,896,994
Retail - Restaurants — 0.3%
CEC Entertainment, Inc. Company Guar. Notes 8.00% due 02/15/2022#		1,270,000		1,270,000
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(1)(2)(4)(7)		50,000		0
Satellite Telecom — 0.3%
DigitalGlobe, Inc. Company Guar. Notes 5.25% due 02/01/2021*		1,570,000		1,507,200
Semiconductor Equipment — 0.8%
Entegris, Inc. Company Guar. Notes 6.00% due 04/01/2022*		3,810,000		3,857,625
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc. Company Guar. Notes 7.13% due 03/15/2021		1,180,000		1,249,325

37

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Soap & Cleaning Preparation — 0.8%
Sun Products Corp. Senior Notes 7.75% due 03/15/2021#	$	4,195,000	$	3,775,500
Specified Purpose Acquisitions — 0.4%
Argos Merger Sub, Inc. Senior Notes 7.13% due 03/15/2023*		2,005,000		2,100,237
Steel - Producers — 1.7%
AK Steel Corp. Company Guar. Notes 7.63% due 05/15/2020#		2,060,000		1,349,300
AK Steel Corp. Company Guar. Notes 7.63% due 10/01/2021		2,620,000		1,644,050
AK Steel Corp. Company Guar. Notes 8.38% due 04/01/2022#		1,360,000		850,000
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		915,000		897,158
Steel Dynamics, Inc. Company Guar. Notes 5.50% due 10/01/2024		1,005,000		976,106
United States Steel Corp. Senior Notes 7.38% due 04/01/2020#		2,291,000		2,084,581
				7,801,195
Telecommunication Equipment — 1.5%
Alcatel-Lucent USA, Inc. Senior Notes 6.45% due 03/15/2029		4,680,000		4,893,502
Alcatel-Lucent USA, Inc. Senior Notes 6.50% due 01/15/2028		490,000		509,600
Alcatel-Lucent USA, Inc. Company Guar. Notes 6.75% due 11/15/2020*		1,710,000		1,825,425
				7,228,527
Telephone - Integrated — 2.2%
Level 3 Financing, Inc. Company Guar. Notes 5.13% due 05/01/2023*		455,000		443,625
Level 3 Financing, Inc. Company Guar. Notes 5.38% due 08/15/2022		2,175,000		2,182,699
Level 3 Financing, Inc. Company Guar. Notes 6.13% due 01/15/2021		340,000		356,150
Level 3 Financing, Inc. Company Guar. Notes 7.00% due 06/01/2020		2,009,000		2,114,473
Level 3 Financing, Inc. Company Guar. Notes 8.63% due 07/15/2020		2,947,000		3,122,346
Windstream Services LLC Company Guar. Notes 7.75% due 10/15/2020#		2,465,000		2,193,850
				10,413,143

Security Description	Principal Amount(17)		Value (Note 2)
Television — 2.5%
Gannett Co., Inc. Company Guar. Notes 4.88% due 09/15/2021*	$	1,540,000	$	1,520,750
Gannett Co., Inc. Company Guar. Notes 5.13% due 10/15/2019		3,685,000		3,804,762
Gannett Co., Inc. Company Guar. Notes 5.50% due 09/15/2024*		705,000		697,950
Gannett Co., Inc. Company Guar. Notes 6.38% due 10/15/2023		1,360,000		1,424,600
Gray Television, Inc. Company Guar. Notes 7.50% due 10/01/2020		815,000		842,751
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022*		3,510,000		3,536,325
				11,827,138
Theaters — 0.3%
Carmike Cinemas, Inc. Sec. Notes 6.00% due 06/15/2023*		1,485,000		1,518,412
X-Ray Equipment — 0.1%
Hologic, Inc. Company Guar. Notes 5.25% due 07/15/2022*		660,000		672,375
Total U.S. Corporate Bonds & Notes
(cost $344,153,795)				338,698,761
FOREIGN CORPORATE BONDS & NOTES — 12.1%
Building Products - Cement — 0.6%
Cemex SAB de CV Senior Sec. Notes 5.70% due 01/11/2025*		1,830,000		1,715,625
Cemex SAB de CV Senior Sec. Notes 6.13% due 05/05/2025*		1,135,000		1,083,925
				2,799,550
Cable/Satellite TV — 0.6%
Unitymedia Hessen GmbH & Co. KG Senior Sec. Notes 5.50% due 01/15/2023*		2,735,000		2,810,213
Chemicals - Diversified — 0.6%
INEOS Group Holdings SA Sec. Notes 5.88% due 02/15/2019#		230,000		227,988
INEOS Group Holdings SA Sec. Notes 6.13% due 08/15/2018#		2,305,000		2,307,881
				2,535,869
Containers - Metal/Glass — 0.8%
Ardagh Finance Holdings SA Senior Notes 8.63% due 06/15/2019*(8)		1,072,526		1,131,515
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 06/30/2021*#		2,495,000		2,475,788

38

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Containers - Metal/Glass (continued)
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. Senior Notes 7.00% due 11/15/2020*	$	140,294	$	141,697
				3,749,000
Finance - Leasing Companies — 0.6%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust Company Guar. Notes 4.50% due 05/15/2021		2,950,000		2,997,937
Forestry — 0.5%
Tembec Industries, Inc. Senior Sec. Notes 9.00% due 12/15/2019*		3,820,000		2,444,800
Medical - Drugs — 2.3%
Endo Finance LLC Company Guar. Notes 6.00% due 07/15/2023*		585,000		608,400
Grifols Worldwide Operations, Ltd. Company Guar. Notes 5.25% due 04/01/2022		905,000		919,706
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.50% due 03/01/2023*		2,725,000		2,762,469
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		6,505,000		6,635,100
				10,925,675
Multimedia — 0.4%
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,995,000		2,014,950
Oil & Gas Drilling — 0.3%
Paragon Offshore PLC Company Guar. Notes 6.75% due 07/15/2022*#		3,290,000		658,000
Seadrill, Ltd. Senior Notes 6.13% due 09/15/2017*		1,110,000		899,100
				1,557,100
Oil Companies - Exploration & Production — 1.0%
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*		480,000		386,400
MEG Energy Corp. Company Guar. Notes 7.00% due 03/31/2024*		1,735,000		1,418,363
Tullow Oil PLC Company Guar. Notes 6.00% due 11/01/2020*		1,220,000		902,800
Tullow Oil PLC Company Guar. Notes 6.25% due 04/15/2022*		2,465,000		1,793,287
				4,500,850
Satellite Telecom — 0.6%
Intelsat Jackson Holdings SA Company Guar. Notes 6.63% due 12/15/2022#		590,000		516,250
Intelsat Jackson Holdings SA Company Guar. Notes 7.25% due 10/15/2020		1,000,000		961,250

Security Description	Principal Amount(17)		Value (Note 2)
Satellite Telecom (continued)
Intelsat Jackson Holdings SA Company Guar. Notes 7.50% due 04/01/2021	$	1,325,000	$	1,283,594
				2,761,094
Semiconductor Equipment — 0.4%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		1,230,000		1,193,100
Sensata Technologies BV Company Guar. Notes 5.63% due 11/01/2024*		710,000		727,750
				1,920,850
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA FRS Sub. Notes 8.46% due 01/15/2015†*(1)(2)(4)(9)		925,000		0
Steel - Producers — 0.4%
ArcelorMittal Senior Notes 7.50% due 03/01/2041		720,000		660,600
ArcelorMittal Senior Notes 7.75% due 10/15/2039		1,210,000		1,122,275
				1,782,875
Telecom Services — 2.0%
Altice Financing SA Senior Sec. Notes 6.50% due 01/15/2022*		985,000		987,462
Altice Financing SA Senior Sec. Notes 6.63% due 02/15/2023*		335,000		333,325
Altice Financing SA Senior Sec. Notes 7.88% due 12/15/2019*		750,000		783,750
Altice Finco SA Senior Sec. Notes 8.13% due 01/15/2024*		300,000		303,000
Altice Finco SA Senior Sec. Notes 9.88% due 12/15/2020*		535,000		587,163
UPCB Finance V, Ltd. Senior Sec. Notes 7.25% due 11/15/2021*		490,500		526,674
UPCB Finance VI, Ltd. Senior Sec. Notes 6.88% due 01/15/2022*		1,057,500		1,124,916
Wind Acquisition Finance SA Senior Sec. Notes 4.00% due 07/15/2020*	EUR	2,245,000		2,541,901
Wind Acquisition Finance SA Senior Sec. Notes 4.75% due 07/15/2020*		1,940,000		1,954,550
Wind Acquisition Finance SA Senior Sec. Notes 6.50% due 04/30/2020*		220,000		231,550
				9,374,291
Telephone - Integrated — 0.4%
SoftBank Group Corp. Company Guar. Notes 4.50% due 04/15/2020*		1,710,000		1,710,684

39

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount(17)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Television — 0.6%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022	$	2,720,000	$	2,716,600
Total Foreign Corporate Bonds & Notes
(cost $63,733,901)				56,602,338
LOANS(2)(10)(11) — 2.1%
Building - Residential/Commercial — 0.0%
TOUSA, Inc. Escrow Loans 12.25% due 08/15/2013†(1)		2,037,810		0
E-Commerce/Products — 0.2%
Lands’ End, Inc. FRS BTL-B 4.25% due 04/04/2021		1,026,302		971,779
Electric - Integrated — 0.4%
Texas Competitive Electric Holdings Co. LLC FRS BTL 4.66% due 10/10/2017†(3)(6)		3,873,748		1,748,029
Electronic Components - Semiconductors — 0.3%
Freescale Semiconductor Inc FRS Tranche 5 5.00% due 01/15/2021		1,296,900		1,298,154
Insurance - Property/Casualty — 0.2%
Asurion LLC FRS 2nd Lien 8.50% due 03/03/2021		1,090,000		1,069,563
Machinery - General Industrial — 0.4%
Gardner Denver, Inc. FRS BTL 4.25% due 07/30/2020		1,847,100		1,759,747
Metal Processors & Fabrication — 0.3%
Crosby US Acquisition Corp. FRS 1st Lien 3.75% due 11/23/2020		1,497,200		1,317,536
Retail - Major Department Stores — 0.3%
Neiman Marcus Group, LTD. LLC FRS BTL 4.25% due 10/25/2020		1,621,876		1,603,124
Total Loans
(cost $12,184,335)				9,767,932
COMMON STOCKS†(1)(2) — 0.0%
Food - Misc./Diversified — 0.0%
Wornick Co		3,444		16,586
Multimedia — 0.0%
Haights Cross Communication, Inc.		10,439		0
Total Common Stocks
(cost $99,564)				16,586
MEMBERSHIP INTEREST CERTIFICATES†(2)(12) — 0.1%
Casino Services — 0.1%
Herbst Gaming, Inc.
(cost $232,701)		23,439		281,269
PREFERRED SECURITIES — 0.7%
Diversified Banking Institutions — 0.7%
Citigroup Capital XIII FRS 7.88%		75		1,916

Security Description	Shares/ Principal Amount(17)		Value (Note 2)
Diversified Banking Institutions (continued)
GMAC Capital Trust I FRS Series 2 8.13%		134,000	$	3,421,020
Total Preferred Securities
(cost $3,455,209)				3,422,936
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.9%
Banks - Commercial — 1.3%
Banco Bilbao Vizcaya Argentaria SA VRS 7.00% due 02/19/2019(13)		EUR 3,200,000		3,635,050
Banco Bilbao Vizcaya Argentaria SA VRS 9.00% due 05/19/2018(13)		1,000,000		1,073,000
ING Groep NV VRS 6.00% due 04/16/2020#(13)		755,000		731,406
ING Groep NV VRS 6.50% due 04/16/2025#(13)		600,000		575,625
				6,015,081
Diversified Banking Institutions — 2.6%
Barclays PLC FRS 6.63% due 09/15/2019(13)		1,034,000		1,009,390
Barclays PLC FRS 8.25% due 12/15/2018(13)		2,595,000		2,752,631
Credit Agricole SA FRS 7.88% due 01/23/2024*(13)		775,000		788,974
Credit Suisse Group AG VRS 7.50% due 12/11/2023*(13)		1,395,000		1,474,166
Royal Bank of Scotland Group PLC FRS 6.99% due 10/05/2017*(13)		1,690,000		1,977,300
Royal Bank of Scotland Group PLC FRS 7.50% due 08/10/2020(13)		2,515,000		2,521,287
Royal Bank of Scotland Group PLC FRS 7.64% due 09/30/2017(13)		500,000		529,375
Societe Generale SA VRS 8.25% due 11/29/2018(13)		875,000		929,250
				11,982,373
Insurance - Multi-line — 0.7%
Hartford Financial Services Group, Inc. FRS 8.13% due 06/15/2068		3,170,000		3,542,475
Multimedia — 0.3%
NBCUniversal Enterprise, Inc. 5.25% due 03/19/2021*(13)		1,260,000		1,329,666
Total Preferred Securities/Capital Securities
(cost $22,582,524)				22,869,595
WARRANTS†(1)(2)(12) — 0.1%
Television — 0.1%
ION Media Networks, Inc. Expires 12/18/2016 (strike price $0.01)		310		193,537
ION Media Networks, Inc. Expires 12/18/2016 (strike price $0.01)		306		191,040
Total Warrants
(cost $0)				384,577
Total Long-Term Investment Securities
(cost $449,186,661)				433,425,725
SHORT-TERM INVESTMENT SECURITIES — 7.1%
Registered Investment Companies — 7.1%
State Street Navigator Securities Lending Prime Portfolio 0.21%(14)(15)
(cost $33,550,848)		33,550,848		33,550,848

40

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(17)			Value (Note 2)
REPURCHASE AGREEMENTS — 5.7%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 08/31/2015, to be repurchased 09/01/2015 in the amount of $26,536,000 collateralized by $26,680,000 of United States Treasury Notes, bearing interest at 1.38% due 09/30/2018 and having an approximate value of $27,066,807
(cost $26,536,000)		26,536,000		$	26,536,000
TOTAL INVESTMENTS
(cost $509,273,509)(16)		105.3	%		493,512,573
Liabilities in excess of other assets		(5.3	)		(24,658,070	)
NET ASSETS		100.0	%	$	468,854,503

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2015, the aggregate value of these securities was $183,002,982 representing 39.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(1) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(2) Illiquid security. At August 31, 2015, the aggregate value of these securities was $10,450,364 representing 2.2% of net assets.

(3) Company has filed for Chapter 11 bankruptcy protection.

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

(5) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(6) Security in default of interest.

(7) Company has filed for Chapter 11 bankruptcy.

(8) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in the form of additional securities at the coupon rate listed.

(9) Company has filed for bankruptcy protection in the country of issuance.

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

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

(12) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of August 31, 2015, the Fund held the following restricted securities:

Description	Acquisition Date		Shares/ Principal Amount		Acquisition Cost		Value		Value Per Share		% of Net Assets
Membership Interest Certificate
Herbst Gaming, Inc.		03/26/2008		23,439	$	232,701	$	281,269	$	12.00		0.06	%
Warrants
ION Media Networks, Inc. Expires 12/18/2016 (Strike price $0.01)		11/11/2010		310		–		193,537		624.31		0.04
ION Media Networks, Inc. Expires 12/18/2016 (Strike price $0.01)		03/01/2011		306		–		191,040		624.31		0.04
							$	665,846				0.14	%

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

(14) At August 31, 2015, the Fund had loaned securities with a total value of $34,137,917. This was secured by collateral of $33,550,848, which was received in cash and subsequently invested in short-term investments currently valued at $33,550,848 as reported in the Portfolio of Investments. Additional collateral of $1,212,188 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2015
United States Treasury Notes/Bonds	3.50% to 5.25%	11/15/2028 to 02/15/2039	$1,212,188

(15) The rate shown is the 7-day yield as of August 31, 2015.

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

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

BTL—Bank Term Loan

EUR—Euro Dollar

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at August 31, 2015 and unless noted otherwise, the dates shown are the original maturity dates.

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

HSBC Bank USA

EUR

1,458,000

USD

1,670,868

09/30/2015

$

34,106

$

–

Morgan Stanley and Co. International PLC

EUR

1,457,000

USD

1,670,153

09/30/2015

34,514

–

Royal Bank of Scotland PLC

EUR

1,458,000

USD

1,672,390

09/30/2015

35,629

–

State Street Bank and Trust Company

EUR

1,458,000

USD

1,671,600

09/30/2015

34,838

–

Net Unrealized Appreciation/(Depreciation)

$

139,087

$

–

EUR—Euro Dollars

USD—United States Dollar

41

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Centrally Cleared Credit Default Swaps on Credit Indicies — Sell Protection(1)
Reference Obligation	Fixed Deal Receive Rate			Termination Date		Counterparty		Implied Credit Spread at August 31, 2015(2)			Notional Amount(3)		Value at August, 2015(4)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Markit CDX North America High Yield Index		5.00	%		12/20/2019		Goldman Sachs Corp.		0.3910	%	$	6,989,400	$	214,944	$	176,616	$	38,328
Markit CDX North America High Yield Index		5.00	%		06/20/2020		Goldman Sachs Corp.		0.3402	%		3,506,550		315,779		432,029		(116,250	)
													$	530,723	$	608,645	$	(77,922	)

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Convertible Bonds & Notes:
Medical-Drugs	$	—	$	—	$	0	$	0
Other Industries		—		1,381,731		—		1,381,731
U.S. Corporate Bonds & Notes:
Rubber/Plastic Products		—		—		0		0
Other Industries		—		338,698,761		—		338,698,761
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		56,602,338		—		56,602,338
Loans:
Building-Residential/Commercial		—		—		0		0
Other Industries		—		9,767,932		—		9,767,932
Common Stocks		—		—		16,586		16,586
Membership Interest Certificates		—		281,269		—		281,269
Preferred Securities		3,422,936		—		—		3,422,936
Preferred Securities/Capital Securities		—		22,869,595		—		22,869,595
Warrants		—		—		384,577		384,577
Short-Term Investment Securities		33,550,848		—		—		33,550,848
Repurchase Agreements		—		26,536,000		—		26,536,000
Total Investments at Value	$	36,973,784	$	456,137,626	$	401,163	$	493,512,573
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	139,087	$	—	$	139,087
Centrally Cleared Credit Default Swaps on Credit Indicies - Sell Protection		—		38,328		—		38,328
Total Other Financial Instruments	$	—	$	177,415	$	—	$	177,415
LIABILITIES:
Other Financial Instruments:+
Centrally Cleared Credit Default Swaps on Credit Indicies - Sell Protection	$	—	$	116,250	$	—	$	116,250

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

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

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

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

See Notes to Financial Statements

42

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	5.9	%
Building — Residential/Commercial	3.8
Banks — Commercial	3.8
Auto/Truck Parts & Equipment — Original	2.8
Medical Labs & Testing Services	2.6
Real Estate Investment Trusts	2.3
Food — Misc./Diversified	2.0
Retail — Apparel/Shoe	1.9
Diversified Operations/Commercial Services	1.8
Building & Construction Products — Misc.	1.7
Computer Services	1.6
Computers — Integrated Systems	1.6
Human Resources	1.6
E-Commerce/Services	1.6
Finance — Other Services	1.5
Containers — Paper/Plastic	1.5
Building & Construction — Misc.	1.5
Repurchase Agreements	1.5
Real Estate Operations & Development	1.4
Chemicals — Diversified	1.3
Electronic Components — Misc.	1.3
Medical Products	1.3
Funeral Services & Related Items	1.3
Retail — Restaurants	1.3
Metal Processors & Fabrication	1.3
Energy — Alternate Sources	1.2
Investment Management/Advisor Services	1.2
Wireless Equipment	1.2
Casino Hotels	1.2
Retail — Discount	1.2
Commercial Services	1.1
Electronic Measurement Instruments	1.1
Cosmetics & Toiletries	1.0
Insurance — Property/Casualty	1.0
Machinery — General Industrial	1.0
Soap & Cleaning Preparation	1.0
Chemicals — Specialty	1.0
Gambling (Non-Hotel)	1.0
Electronic Components — Semiconductors	1.0
Fisheries	0.9
Machine Tools & Related Products	0.9
Retail — Drug Store	0.9
Leisure Products	0.9
Transport — Services	0.9
Applications Software	0.9
E-Commerce/Products	0.8
Entertainment Software	0.8
Home Furnishings	0.8
Advertising Sales	0.8
Beverages — Non-alcoholic	0.8
Medical — Biomedical/Gene	0.8
Medical — Drugs	0.7
Food — Catering	0.7
Transactional Software	0.7
Private Equity	0.7
Dental Supplies & Equipment	0.7
Enterprise Software/Service	0.7
Wire & Cable Products	0.6
Television	0.6
Casino Services	0.6
Consulting Services	0.6
Apparel Manufacturers	0.6
Retail — Convenience Store	0.6
Diversified Financial Services	0.6
Satellite Telecom	0.6
Electric — Integrated	0.5
Investment Companies	0.5
Retail — Pet Food & Supplies	0.5
Hotels/Motels	0.5

Exchange — Traded Funds	0.5
Food — Dairy Products	0.5
Computer Software	0.5
Batteries/Battery Systems	0.5
Insurance Brokers	0.4
Retail — Misc./Diversified	0.4
Real Estate Management/Services	0.4
Food — Wholesale/Distribution	0.4
Telecommunication Equipment	0.4
Electric — Generation	0.4
Cellular Telecom	0.4
Drug Delivery Systems	0.4
Coatings/Paint	0.4
Aerospace/Defense	0.4
Veterinary Products	0.4
Gas — Distribution	0.4
Photo Equipment & Supplies	0.3
Oil Refining & Marketing	0.3
Oil Companies — Exploration & Production	0.3
Electric Products — Misc.	0.3
Finance — Investment Banker/Broker	0.3
Transport — Truck	0.3
Respiratory Products	0.3
Oil — Field Services	0.3
Telephone — Integrated	0.3
Cable/Satellite TV	0.3
Food — Meat Products	0.3
Rubber/Plastic Products	0.3
Auto — Cars/Light Trucks	0.3
Insurance — Multi-line	0.3
Diversified Manufacturing Operations	0.3
Insurance — Life/Health	0.3
Distribution/Wholesale	0.2
Semiconductor Components — Integrated Circuits	0.2
Retail — Automobile	0.2
Airlines	0.2
Explosives	0.2
Food — Flour & Grain	0.2
Food — Retail	0.2
Footwear & Related Apparel	0.2
Food — Confectionery	0.2
Advertising Services	0.2
Semiconductor Equipment	0.2
Tobacco	0.2
Lighting Products & Systems	0.2
Engineering/R&D Services	0.2
Finance — Credit Card	0.2
Electronic Connectors	0.2
Finance — Auto Loans	0.2
Diversified Minerals	0.2
Instruments — Controls	0.2
Broadcast Services/Program	0.1
Building — Maintenance & Services	0.1
Retail — Home Furnishings	0.1
Rental Auto/Equipment	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Schools	0.1
Metal — Iron	0.1
Hazardous Waste Disposal	0.1
Internet Content — Information/News	0.1
Gold Mining	0.1
Retail — Building Products	0.1
Chemicals — Plastics	0.1
Aerospace/Defense — Equipment	0.1
Brewery	0.1
Forestry	0.1
Medical Instruments	0.1
Building — Heavy Construction	0.1
Diversified Operations	0.1

43

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited) — (continued)

Industry Allocation* (continued)

MRI/Medical Diagnostic Imaging	0.1	%
Beverages — Wine/Spirits	0.1
Consumer Products — Misc.	0.1
Transport — Marine	0.1
Electronic Parts Distribution	0.1
Office Supplies & Forms	0.1
Machinery — Pumps	0.1
Computer Aided Design	0.1
Finance — Consumer Loans	0.1
Bicycle Manufacturing	0.1
Instruments — Scientific	0.1
Industrial Gases	0.1
Computers	0.1
Office Automation & Equipment	0.1
Telecom Services	0.1
	105.3	%

* Calculated as a percentage of net assets

Country Allocation*

United Kingdom	23.6	%
Japan	20.0
United States	8.6
Germany	7.7
Ireland	5.8
France	4.2
Canada	3.3
Switzerland	3.2
Australia	3.0
Italy	2.1
Bermuda	2.0
Denmark	1.7
Sweden	1.6
Luxembourg	1.6
Spain	1.5
South Korea	1.4
Netherlands	1.4
Taiwan	1.1
Austria	0.9
Curacao	0.9
Faroe Islands	0.8
Belgium	0.8
Cayman Islands	0.8
Brazil	0.7
Finland	0.7
Thailand	0.7
Mexico	0.7
Singapore	0.6
Isle of Man	0.5
Portugal	0.4
Israel	0.4
Philippines	0.4
Norway	0.4
South Africa	0.3
Malaysia	0.3
Hong Kong	0.3
New Zealand	0.3
China	0.2
Panama	0.1
Indonesia	0.1
Turkey	0.1
Colombia	0.1
	105.3	%

* Calculated as a percentage of net assets

44

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.4%
Australia — 3.0%
Ansell, Ltd.(1)		96,571	$	1,519,159
Aristocrat Leisure, Ltd.(1)		595,839		3,557,545
Austbrokers Holdings, Ltd.(1)		211,327		1,361,220
Computershare, Ltd.(1)		121,116		848,965
DuluxGroup, Ltd.(1)		172,029		686,648
Echo Entertainment Group, Ltd.(1)		1,972,262		6,898,590
Iluka Resources, Ltd.#(1)		168,550		885,449
Orica, Ltd.#(1)		110,515		1,240,045
Qube Holdings, Ltd.#(1)		50,046		78,297
Sonic Healthcare, Ltd.(1)		41,461		609,202
				17,685,120
Austria — 0.9%
BUWOG AG#(1)		76,292		1,610,426
Mayr-Melnhof Karton AG(1)		7,701		904,640
Wienerberger AG(1)		178,642		3,168,785
				5,683,851
Belgium — 0.8%
D’Ieteren SA(1)		17,684		651,613
Ontex Group NV(1)		136,140		4,243,533
				4,895,146
Bermuda — 2.0%
Cafe de Coral Holdings, Ltd.(1)		262,000		833,230
China Resources Gas Group, Ltd.(1)		822,000		2,162,406
Credicorp, Ltd.		10,586		1,164,248
Dairy Farm International Holdings, Ltd.(1)		156,600		1,018,114
Esprit Holdings, Ltd.#(1)		407,350		339,534
First Pacific Co., Ltd.(1)		1,292,250		836,624
Global Brands Group Holding, Ltd.†(1)		252,000		47,560
Hiscox, Ltd.(1)		205,182		2,827,398
Midland Holdings, Ltd.†(1)		2,146,000		865,006
Pacific Basin Shipping, Ltd.#(1)		1,160,049		362,102
Peace Mark Holdings, Ltd.†(4)(5)		686,000		0
Shangri-La Asia, Ltd.(1)		584,000		571,526
VTech Holdings, Ltd.#(1)		65,449		757,410
				11,785,158
Brazil — 0.7%
Alupar Investimento SA		71,200		286,830
Brasil Insurance Participacoes e Administracao SA		92,016		24,865
Estacio Participacoes SA		92,322		317,443
Fibria Celulose SA		46,655		658,919
GAEC Educacao SA		64,322		202,190
Iguatemi Empresa de Shopping Centers SA		47,484		269,717
Kroton Educacional SA		123,988		296,752
Linx SA		30,500		366,590
Localiza Rent a Car SA		43,378		268,044
LPS Brasil Consultoria de Imoveis SA		83,700		73,623
M. Dias Branco SA		21,200		370,027
Mills Estruturas e Servicos de Engenharia SA†		91,300		123,356
Odontoprev SA		135,914		366,520
Qualicorp SA		110,637		520,749
TOTVS SA		38,695		338,227
				4,483,852
Canada — 3.3%
Agnico Eagle Mines, Ltd.#		29,946		733,399
Alimentation Couche-Tard, Inc., Class B		37,629		1,594,570
Concordia Healthcare Corp.		57,155		4,421,736
Descartes Systems Group, Inc.†		213,147		3,687,463
Dollarama, Inc.		52,683		3,008,169
Linamar Corp.		25,123		1,319,740

Security Description	Shares		Value (Note 2)
Canada (continued)
Maple Leaf Foods, Inc.		87,259	$	1,480,405
MEG Energy Corp.†#		26,491		238,008
Stantec, Inc.		17,596		412,482
TORC Oil & Gas, Ltd.#		74,767		354,058
Tourmaline Oil Corp.†		9,843		249,143
Tricon Capital Group, Inc.		263,875		2,286,542
				19,785,715
Cayman Islands — 0.8%
51job, Inc. ADR†		37,375		1,002,024
Ajisen China Holdings, Ltd.(1)		815,000		316,199
Shenguan Holdings Group, Ltd.(1)		768,000		107,956
Stella International Holdings, Ltd.(1)		467,500		1,144,999
Sunny Optical Technology Group Co., Ltd.#(1)		871,000		1,461,979
Want Want China Holdings, Ltd.#(1)		956,000		768,689
				4,801,846
China — 0.2%
Guangzhou Automobile Group Co., Ltd.(1)		1,576,000		1,116,658
Wumart Stores, Inc.†(1)		331,000		178,536
				1,295,194
Colombia — 0.1%
Bancolombia SA ADR#		9,722		335,409
Denmark — 1.7%
Carlsberg A/S, Class B(1)		8,884		668,442
Christian Hansen Holding A/S(1)		19,131		959,986
DSV A/S(1)		68,357		2,437,048
Jyske Bank A/S†(1)		43,170		2,408,485
Sydbank A/S(1)		54,823		2,082,256
TDC A/S(1)		160,910		1,016,181
William Demant Holding A/S†(1)		3,644		295,515
				9,867,913
Faroe Islands — 0.8%
Bakkafrost P/F(1)		166,203		5,050,691
Finland — 0.7%
Huhtamaki Oyj(1)		129,820		4,211,641
Tikkurila Oyj(1)		8,810		153,123
				4,364,764
France — 4.2%
Cap Gemini SA(1)		9,514		850,947
Christian Dior SE(1)		12,477		2,304,652
Dassault Systemes(1)		6,442		446,527
Edenred(1)		18,347		388,301
Elior Participations SCA*(1)		43,351		878,382
Eutelsat Communications SA(1)		32,265		969,880
Faiveley Transport SA(1)		1,844		192,313
Havas SA(1)		132,728		1,119,726
Ingenico Group(1)		39,378		4,850,007
Legrand SA(1)		14,115		810,746
Neopost SA#(1)		9,956		342,528
Saft Groupe SA(1)		77,288		2,823,623
SEB SA(1)		2,370		220,343
Societe BIC SA(1)		2,988		472,847
Sodexo SA(1)		22,450		1,966,329
Technip SA(1)		13,996		761,579
Teleperformance(1)		53,607		3,769,333
Virbac SA#(1)		9,489		2,178,824
				25,346,887
Germany — 7.6%
Amadeus Fire AG(1)		11,089		1,045,647

45

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Aurelius AG(1)		85,306	$	4,134,052
Beiersdorf AG(1)		16,114		1,334,225
Brenntag AG(1)		30,541		1,699,205
CTS Eventim AG & Co. KGaA(1)		151,858		5,309,958
Deutsche Wohnen AG (BR)(1)		49,038		1,286,751
Drillisch AG(1)		52,791		2,388,121
ElringKlinger AG(1)		16,328		391,444
Fuchs Petrolub SE(1) (Preference Shares)		36,481		1,574,045
GEA Group AG(1)		45,370		1,773,163
Gerry Weber International AG#(1)		17,551		388,344
Henkel AG & Co. KGaA(1) (Preference Shares)		15,967		1,671,705
Infineon Technologies AG(1)		86,398		945,607
Krones AG(1)		25,589		2,740,184
KUKA AG#(1)		49,265		3,926,020
LEG Immobilien AG(1)		10,845		813,991
MTU Aero Engines AG(1)		9,408		843,516
Nordex SE†(1)		254,846		7,357,138
Pfeiffer Vacuum Technology AG(1)		4,219		446,561
ProSiebenSat.1 Media SE(1)		9,695		472,299
Stroeer SE(1)		20,265		1,193,541
Symrise AG(1)		52,497		3,168,839
TAG Immobilien AG(1)		14,335		163,972
				45,068,328
Hong Kong — 0.3%
Techtronic Industries Co., Ltd.(1)		528,500		1,917,384
Indonesia — 0.1%
PT Semen Indonesia Persero Tbk(1)		258,500		170,243
PT XL Axiata Tbk†(1)		1,203,000		256,478
				426,721
Ireland — 5.8%
DCC PLC(1)		28,402		2,110,113
Fleetmatics Group PLC†#		80,400		3,598,704
Glanbia PLC(1)		116,793		2,339,719
Greencore Group PLC(1)		1,079,046		4,910,991
Hibernia REIT PLC(1)		1,081,779		1,608,300
ICON PLC†		128,600		9,902,200
Kerry Group PLC, Class A(1)		17,678		1,312,078
Kingspan Group PLC(1)		152,297		3,730,980
Paddy Power PLC (ISE)(1)		8,760		962,326
Paddy Power PLC (LSE)(1)		27,345		3,011,989
XL Group PLC		29,010		1,081,783
				34,569,183
Isle of Man — 0.5%
Playtech PLC(1)		217,622		2,858,647
Israel — 0.4%
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		366,547		658,297
Mellanox Technologies, Ltd.†		38,000		1,536,720
				2,195,017
Italy — 2.1%
A2A SpA(1)		2,490,088		3,062,100
Banca Generali SpA(1)		65,024		1,949,415
Brembo SpA(1)		99,676		4,123,591
Cerved Information Solutions SpA(1)		106,345		874,548
Davide Campari — Milano SpA(1)		74,965		558,164
Ei Towers SpA(1)		27,104		1,660,502
Infrastrutture Wireless Italiane SpA†*(1)		123,500		570,080
				12,798,400
Japan — 20.0%
ABC-Mart, Inc.(1)		104,300		6,317,521

Security Description	Shares		Value (Note 2)
Japan (continued)
AEON Financial Service Co., Ltd.#(1)		44,500	$	1,007,181
Ain Pharmaciez, Inc.(1)		85,500		3,937,433
Air Water, Inc.(1)		23,000		366,659
Alps Electric Co., Ltd.(1)		144,500		4,503,796
Asante, Inc.(1)		5,300		72,521
Bank of Yokohama, Ltd.(1)		62,000		378,009
Brother Industries, Ltd.(1)		79,100		1,077,669
Calsonic Kansei Corp.(1)		680,000		4,735,740
Chiba Bank, Ltd.(1)		155,000		1,126,272
Coca-Cola East Japan Co., Ltd.(1)		12,400		224,001
Coca-Cola West Co., Ltd.(1)		22,700		465,765
Cosmos Pharmaceutical Corp.(1)		6,600		843,599
Daikin Industries, Ltd.(1)		3,900		231,858
Daiseki Co., Ltd.(1)		45,200		786,150
Daiwa Securities Group, Inc.#(1)		146,000		1,011,145
FamilyMart Co., Ltd.#(1)		7,900		365,375
Fuji Seal International, Inc.(1)		35,000		1,192,913
Fujikura, Ltd.(1)		772,000		3,812,110
Glory, Ltd.(1)		5,800		151,175
Gurunavi, Inc.#(1)		219,300		3,523,702
Haseko Corp.(1)		494,200		5,839,932
Hirose Electric Co., Ltd.#(1)		5,100		580,383
Hisamitsu Pharmaceutical Co., Inc.#(1)		4,400		151,588
Hogy Medical Co., Ltd.#(1)		3,100		149,978
Iriso Electronics Co., Ltd.#(1)		9,150		412,674
Japan Exchange Group, Inc.#(1)		6,800		210,802
Japan Pure Chemical Co., Ltd.(1)		2,500		48,039
Jeol, Ltd.(1)		61,000		368,819
JGC Corp.#(1)		28,060		409,375
Kakaku.com, Inc.#(1)		17,600		278,921
Kansai Paint Co., Ltd.#(1)		63,000		980,312
Keyence Corp.(1)		900		416,615
Kintetsu World Express, Inc.(1)		8,300		310,058
Kobayashi Pharmaceutical Co., Ltd.(1)		24,500		1,898,847
Koito Manufacturing Co., Ltd.#(1)		44,000		1,504,065
Konica Minolta, Inc.(1)		67,000		735,247
KYORIN Holdings, Inc.(1)		23,000		406,343
Lawson, Inc.#(1)		18,500		1,317,262
Matsumotokiyoshi Holdings Co., Ltd.(1)		70,100		3,361,287
Milbon Co., Ltd.(1)		14,700		526,891
Miraca Holdings, Inc.(1)		25,900		1,107,916
MonotaRO Co., Ltd.(1)		5,900		297,692
Nakanishi, Inc.(1)		28,400		1,114,371
NEC Corp.(1)		185,000		582,792
NGK Spark Plug Co., Ltd.#(1)		32,300		792,220
Nihon Kohden Corp.#(1)		31,800		632,397
Nippon Television Holdings, Inc.(1)		37,200		643,627
Nitori Holdings Co., Ltd.(1)		10,700		849,021
Nomura Research Institute, Ltd.(1)		45,200		1,830,073
NTN Corp.#(1)		1,335,000		6,934,239
OBIC Business Consultants Co., Ltd.(1)		20,200		978,887
OBIC Co., Ltd.(1)		105,800		4,700,072
Omron Corp.(1)		6,300		236,197
Park24 Co., Ltd.(1)		19,600		385,323
Proto Corp.(1)		34,700		507,188
Rakuten, Inc.#(1)		7,300		104,097
Saint Marc Holdings Co., Ltd.†(1)		73,000		2,246,932
Santen Pharmaceutical Co., Ltd.(1)		115,000		1,791,504
Seria Co., Ltd.#(1)		22,400		1,077,041
Shimamura Co., Ltd.#(1)		3,200		295,193
Shimano, Inc.(1)		2,800		375,226
Shimizu Corp.(1)		910,000		8,887,839
Shiseido Co., Ltd.#(1)		9,400		196,326
Shizuoka Bank, Ltd.#(1)		63,000		662,177

46

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
SK Kaken Co., Ltd.(1)		4,000		$	394,967
Sony Financial Holdings, Inc.#(1)		53,500			999,288
Stanley Electric Co., Ltd.#(1)		51,500			1,000,428
Start Today Co., Ltd.(1)		157,500			4,785,054
Sundrug Co., Ltd.(1)		17,100			957,621
Suruga Bank, Ltd.(1)		251,400			4,803,993
Temp Holdings Co., Ltd.(1)		166,600			7,427,206
Terumo Corp.#(1)		22,400			612,012
Toshiba Plant Systems & Services Corp.(1)		18,000			196,231
Tsumura & Co.(1)		4,000			88,835
Unicharm Corp.#(1)		70,100			1,414,401
USS Co., Ltd.(1)		70,900			1,255,250
Welcia Holdings Co., Ltd.#(1)		4,000			191,149
Yamato Holdings Co., Ltd.#(1)		90,300			1,761,094
					119,153,911
Jersey — 0.0%
Wolseley PLC(1)		4,557			291,561
Luxembourg — 1.6%
B&M European Value Retail SA(1)		276,301			1,362,876
Grand City Properties SA#(1)		224,602			3,969,823
SAF-Holland SA(1)		181,189			2,570,324
Samsonite International SA(1)		178,500			555,017
SES SA FDR(1)		31,089			919,658
					9,377,698
Malaysia — 0.3%
Astro Malaysia Holdings Bhd(1)		1,406,400			973,738
Public Bank Bhd(1)		229,100			980,164
			��
					1,953,902
Mexico — 0.7%
Bolsa Mexicana de Valores SAB de CV#		357,134			546,995
Concentradora Fibra Danhos SA de CV		246,008			486,045
Concentradora Fibra Hotelera Mexicana SA de CV		530,713			516,808
Controladora Vuela Cia de Aviacion SAB de CV ADR†		39,619			528,518
Genomma Lab Internacional SAB de CV, Class B†#		516,239			422,378
Grupo Lala SAB de CV#		238,576			544,472
Prologis Property Mexico SA de CV		329,124			516,899
Promotora y Operadora de Infraestructura SAB de CV†		59,033			630,406
					4,192,521
Netherlands — 1.4%
Aalberts Industries NV(1)		14,614			453,355
ASM International NV(1)		27,561			1,036,302
Brunel International NV#(1)		17,853			311,727
Euronext NV*(1)		112,152			5,128,098
IMCD Group NV(1)		12,920			479,964
Koninklijke Vopak NV#(1)		6,893			282,731
Sensata Technologies Holding NV†		9,819			465,421
					8,157,598
New Zealand — 0.3%
Fisher & Paykel Healthcare Corp., Ltd.(1)		373,611			1,715,544
Norway — 0.4%
Aker Solutions ASA(1)		86,780			361,151
Europris ASA†*(1)		102,690			502,476
Marine Harvest ASA(1)		75,567			909,010
Storebrand ASA†(1)		103,976			356,141
					2,128,778
Panama — 0.1%
Copa Holdings SA, Class A#		14,097			722,753

Security Description	Shares		Value (Note 2)
Philippines — 0.4%
BDO Unibank, Inc.(1)		571,940	$	1,200,388
Jollibee Foods Corp.(1)		41,060		168,103
Security Bank Corp.(1)		278,230		779,874
				2,148,365
Portugal — 0.4%
CTT-Correios de Portugal SA(1)		223,187		2,307,326
Singapore — 0.6%
Ascendas India Trust(1)		2,103,300		1,320,349
Super Group, Ltd.#(1)		2,211,200		1,227,633
Venture Corp., Ltd.(1)		135,563		769,610
				3,317,592
South Africa — 0.3%
Clicks Group, Ltd.(1)		150,739		1,040,584
Woolworths Holdings, Ltd.(1)		140,373		1,050,939
				2,091,523
South Korea — 1.4%
CJ O Shopping Co., Ltd.(1)		4,117		690,877
E-Mart Co., Ltd.(1)		2,542		490,269
LG Household & Health Care, Ltd.(1)		2,670		1,809,206
Osstem Implant Co., Ltd.†(1)		54,177		2,965,956
Samsung Fire & Marine Insurance Co., Ltd.(1)		6,571		1,489,480
Seoul Semiconductor Co., Ltd.†#(1)		50,523		603,761
TK Corp.†(1)		54,556		481,626
				8,531,175
Spain — 1.5%
Amadeus IT Holding SA, Class A(1)		104,398		4,350,928
Atresmedia Corp. de Medios de Comunicacion SA(1)		169,230		2,506,238
Cellnex Telecom SAU†*(1)		68,583		1,216,400
Viscofan SA(1)		15,820		922,034
				8,995,600
Sweden — 1.6%
AAK AB(1)		51,343		3,402,572
NetEnt AB#(1)		112,035		5,088,213
Saab AB, Series B#(1)		12,037		307,258
Swedish Match AB(1)		35,106		1,035,310
				9,833,353
Switzerland — 3.2%
Burckhardt Compression Holding AG(1)		2,028		699,598
Coca-Cola HBC AG CDI(1)		19,327		392,026
DKSH Holding AG(1)		3,075		186,945
Geberit AG(1)		4,814		1,527,391
Julius Baer Group, Ltd.(1)		9,675		470,066
Leonteq AG(1)		14,085		3,235,414
Lonza Group AG†(1)		3,481		475,281
Sika AG (BR)†(1)		495		1,633,834
Sonova Holding AG(1)		13,667		1,777,622
Temenos Group AG(1)		15,342		542,583
U-Blox AG(1)		21,254		4,132,141
Ypsomed Holding AG(1)		35,437		3,842,737
				18,915,638
Taiwan — 1.1%
Advantech Co., Ltd.(1)		55,235		351,626
Chroma ATE, Inc.(1)		638,000		1,054,491
Cub Elecparts, Inc.(1)		81,000		841,427
E.Sun Financial Holding Co., Ltd.(1)		2,958,747		1,759,890
Siliconware Precision Industries Co., Ltd.(1)		1,262,000		1,546,076

47

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan (continued)
Yuanta Financial Holding Co., Ltd.(1)		2,491,807	$	999,420
				6,552,930
Thailand — 0.7%
AEON Thana Sinsap Thailand PCL		161,200		382,257
Glow Energy PCL		605,000		1,666,725
Minor International PCL		661,670		489,169
Minor International PCL NVDR(1)		302,700		223,042
Precious Shipping PCL		873,250		175,405
PTT Global Chemical PCL		872,100		1,386,796
				4,323,394
Turkey — 0.1%
Ford Otomotiv Sanayi AS(1)		17,530		177,537
Tofas Turk Otomobil Fabrikasi AS(1)		35,962		222,860
				400,397
United Kingdom — 23.6%
Abcam PLC(1)		33,217		294,159
Aberdeen Asset Management PLC(1)		239,205		1,158,933
Admiral Group PLC(1)		21,421		505,913
Amlin PLC(1)		154,029		1,210,516
Ashtead Group PLC(1)		31,484		454,049
AVEVA Group PLC#(1)		12,239		405,630
Babcock International Group PLC(1)		57,437		847,146
Bellway PLC(1)		386,983		14,641,972
Betfair Group PLC(1)		21,400		1,074,603
Booker Group PLC(1)		996,087		2,574,669
Britvic PLC(1)		50,285		513,415
Bunzl PLC(1)		371,982		9,845,811
Burberry Group PLC(1)		30,584		658,079
Cairn Energy PLC†(1)		103,805		240,860
Capita PLC(1)		31,270		588,351
Clinigen Group PLC(1)		205,213		2,228,841
Cobham PLC(1)		157,533		675,989
Compass Group PLC(1)		162,867		2,569,167
Croda International PLC(1)		83,320		3,669,777
Derwent London PLC(1)		74,191		4,075,725
Dialog Semiconductor PLC†(1)		49,500		2,371,579
Dignity PLC(1)		203,799		7,556,291
Domino’s Pizza Group PLC(1)		247,044		3,255,342
Electrocomponents PLC(1)		87,398		245,031
Elementis PLC(1)		219,748		793,821
Essentra PLC(1)		53,769		697,684
Exova Group PLC(1)		200,615		534,921
Fevertree Drinks PLC(1)		476,344		3,143,292
Foxtons Group PLC(1)		146,530		537,124
GKN PLC(1)		144,692		640,203
Great Portland Estates PLC(1)		404,658		5,106,605
Halma PLC(1)		408,583		4,702,358
Hargreaves Lansdown PLC(1)		67,274		1,151,198
Howden Joinery Group PLC(1)		684,419		5,014,275
ICAP PLC(1)		119,641		826,764
IG Group Holdings PLC(1)		113,884		1,256,791
IMI PLC(1)		35,939		568,675
Inchcape PLC(1)		65,208		724,484
Intertek Group PLC(1)		48,008		1,863,798
Jardine Lloyd Thompson Group PLC(1)		89,227		1,440,863
John Wood Group PLC(1)		57,685		561,175
Ladbrokes PLC(1)		92,247		140,398
Laird PLC(1)		408,074		2,377,864
Liberty Global PLC, Class A†		10,172		489,477
Liberty Global PLC, Class C†		25,095		1,126,013
LSL Property Services PLC(1)		116,184		590,018

Security Description	Shares/ Principal Amount		Value (Note 2)
United Kingdom (continued)
Meggitt PLC(1)		142,494	$	1,035,468
Micro Focus International PLC(1)		117,191		2,342,470
Mitie Group PLC(1)		137,894		626,282
Next PLC(1)		35,712		4,342,929
Pets at Home Group PLC(1)		698,691		3,215,418
Poundland Group PLC(1)		78,531		413,100
Premier Farnell PLC(1)		135,234		270,646
PZ Cussons PLC(1)		24,436		118,344
Rathbone Brothers PLC(1)		52,818		1,760,829
Redrow PLC(1)		252,298		1,861,029
Rightmove PLC(1)		59,339		3,377,561
Rotork PLC(1)		128,680		409,767
RPC Group PLC(1)		299,434		2,993,721
Savills PLC(1)		216,051		2,975,999
Schroders PLC(1)		69,826		3,013,000
Segro PLC(1)		93,430		595,953
Smith & Nephew PLC(1)		51,062		903,777
Smiths Group PLC(1)		20,249		348,288
Spectris PLC(1)		58,309		1,619,132
Spirax-Sarco Engineering PLC(1)		16,815		811,963
Stagecoach Group PLC(1)		421,775		2,343,820
Tate & Lyle PLC(1)		29,493		242,806
Travis Perkins PLC(1)		23,347		727,938
Victrex PLC(1)		28,865		788,543
Virgin Money Holdings UK PLC(1)		488,880		3,178,838
Whitbread PLC(1)		34,766		2,536,944
William Hill PLC(1)		107,614		590,590
Zoopla Property Group PLC*(1)		336,852		1,357,003
				140,751,807
United States — 0.7%
Cognizant Technology Solutions Corp., Class A†		25,220		1,587,347
EPAM Systems, Inc.†		20,927		1,477,655
Gran Tierra Energy, Inc.†		369,066		917,335
				3,982,337
Total Common Stocks
(cost $498,266,281)				575,060,929
EXCHANGE-TRADED FUNDS — 0.5%
United States — 0.5%
iShares MSCI EAFE Small-Cap ETF (cost $2,746,708)		59,300		2,909,258
EQUITY CERTIFICATES — 1.0%
Merrill Lynch — Bajaj Electricals, Ltd.†		269,441		1,030,949
Merrill Lynch — CESC, Ltd.†		95,248		750,736
Merrill Lynch — Shriram Transport Finance Co., Ltd.†		80,918		990,979
Merrill Lynch — Dabur India, Ltd.†		328,288		1,348,462
Merrill Lynch — Federal Bank Ltd.†		1,357,704		1,254,052
Deutsche Bank AG London-MOIL, Ltd.†		255,038		799,164
Total Equity Certificates
(cost $5,956,786)				6,174,342
WARRANTS — 0.0%
Minor International PCL Expires 11/03/2017 (strike price THB 36.36)†	$	54,140		4,048
Precious Shipping PCL Expires 06/15/2015 (strike price THB 17.50)†		27,795		2,171
Total Warrants
(cost $0)				6,219
Total Long-Term Investment Securities
(cost $506,969,775)				584,150,748

48

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 5.9%
Registered Investment Companies — 5.9%
State Street Navigator Securities Lending Prime Portfolio 0.21%(2)(6) (cost $34,825,193)		34,825,193		$	34,825,193
REPURCHASE AGREEMENTS — 1.5%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 08/31/2015, to be repurchased 09/01/2015 in the amount $8,687,000 collateralized by $8,685,000 of United States Treasury Notes, bearing interest at 1.90% due 06/30/2020 and having an approximate value of $8,865,778 (cost $8,687,000)	$	8,687,000			8,687,000
TOTAL INVESTMENTS
(cost $550,481,968)(3)		105.3	%		627,662,941
Liabilities in excess of other assets		(5.3	)		(31,361,649	)
NET ASSETS —		100.0	%	$	596,301,292

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2015, the aggregate value of these securities was $9,652,439 representing 1.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at August 31, 2015. The aggregate value of these securities was $517,091,400 representing 86.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(2) At August 31, 2015, the Fund had loaned securities with a total value of $33,176,743. This was secured by collateral of $34,825,193, which was received in cash and subsequently invested in short-term investments currently valued at $34,825,193 as reported in the Portfolio of Investments. Additional collateral of $44,699 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2015
Federal Home Loan Mtg. Corp.	3.50% to 3.50%	11/01/2034 to 12/15/2040	$	241
Federal National Mtg. Assoc.	3.00% to 4.00%	01/25/2032 to 02/25/2044		918
Government National Mtg. Assoc.	0.40% to 4.00%	04/20/2039 to 12/16/2052		898
United States Treasury Notes/Bonds	1.38% to 4.75%	02/28/2019 to 02/15/2044		42,642

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

(4) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

(5) Illiquid security. At August 31, 2015, the aggregate value of these securities was $0 representing 0.0% of net assets.

(6) The rate shown is the 7-day yield as of August 31, 2015.

ADR—American Depositary Receipt

BR—Bearer Shares

CDI—Chess Depositary Interest

FDR—Federal Depositary Receipt

ISE—Irish Stock Exchange

LSE—London Stock Exchange

NVDR—Non-Voting Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (see Note 2):

	Level 1 - Unadjusted  Quoted Prices		Level 2 - Other  Observable Inputs		Level 3- Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda		1,164,248	$	10,620,910	$	0	$	11,785,158
Brazil		4,483,852		—		—		4,483,852
Canada		19,785,715		—		—		19,785,715
Cayman Islands		1,002,024		3,799,822		—		4,801,846
Colombia		335,409		—		—		335,409
Ireland		14,582,687		19,986,496		—		34,569,183
Israel		1,536,720		658,297		—		2,195,017
Mexico		4,192,521		—		—		4,192,521
Netherland		465,421		7,692,177		—		8,157,598
Panama		722,753		—		—		722,753
Thailand		4,100,352		223,042		—		4,323,394
United Kingdom		1,615,490		139,136,317		—		140,751,807
United States		3,982,337		—		—		3,982,337
Other Countries		—		334,974,339		—		334,974,339
Exchange Traded-Funds		2,909,258		—		—		2,909,258
Equity Certificates		—		6,174,342		—		6,174,342
Warrants		6,219		—		—		6,219
Short-Term Investment Securities:
Registered Investment Companies		34,825,193		—		—		34,825,193
Repurchase Agreements		—		8,687,000		—		8,687,000
Total Investments at Value	$	95,710,199	$	531,952,742	$	0	$	627,662,941

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $335,294,685 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

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

See Notes to Financial Statements

49

VALIC Company II Large Cap Value Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Medical — Drugs	9.6	%
Diversified Banking Institutions	8.9
Oil Companies — Exploration & Production	7.4
Banks — Super Regional	4.2
Insurance — Multi-line	3.9
Beverages — Non-alcoholic	3.2
Food — Misc./Diversified	3.0
Telephone — Integrated	2.8
Insurance — Reinsurance	2.6
Networking Products	2.5
Insurance — Life/Health	2.4
Finance — Investment Banker/Broker	2.3
Retail — Drug Store	2.2
Aerospace/Defense	2.2
Building Products — Cement	2.0
Enterprise Software/Service	2.0
Oil-Field Services	1.6
Web Portals/ISP	1.6
Oil Refining & Marketing	1.5
Aerospace/Defense — Equipment	1.5
Commercial Paper	1.4
Electronic Components — Semiconductors	1.4
Instruments — Controls	1.3
Advertising Agencies	1.3
Cruise Lines	1.2
Medical — Wholesale Drug Distribution	1.2
Agricultural Chemicals	1.1
Medical — HMO	1.1
Brewery	1.0
Real Estate Investment Trusts	1.0
Cosmetics & Toiletries	0.9
Television	0.8
Computers	0.8
Semiconductor Equipment	0.8
Applications Software	0.7
Containers — Paper/Plastic	0.7
Airlines	0.7
Retail — Discount	0.7
Computers — Memory Devices	0.6
Retail — Apparel/Shoe	0.6
Registered Investment Companies	0.6
Multimedia	0.6
Building & Construction Products — Misc.	0.6
Gold Mining	0.6
Pharmacy Services	0.5
Medical Instruments	0.5
Cellular Telecom	0.5
Transport — Rail	0.5
Finance — Mortgage Loan/Banker	0.5
Insurance Brokers	0.5
Electronic Security Devices	0.5
Finance — Credit Card	0.4
Electric — Distribution	0.4
Semiconductor Components — Integrated Circuits	0.4
Insurance — Property/Casualty	0.4
Banks — Commercial	0.4
Instruments — Scientific	0.4
Oil Companies — Integrated	0.4
Retail — Office Supplies	0.4
Medical Labs & Testing Services	0.4
Diversified Operations	0.3
Retail — Catalog Shopping	0.3
Electronic Measurement Instruments	0.3
Non-Hazardous Waste Disposal	0.3
Medical Products	0.3
Food — Wholesale/Distribution	0.3
Pipelines	0.3
Diversified Manufacturing Operations	0.3
Banks — Fiduciary	0.3

Metal Processors & Fabrication	0.2
Electric Products — Misc.	0.2
Time Deposits	0.2
Medical — Generic Drugs	0.2
Computer Services	0.2
Cable/Satellite TV	0.2
Medical — Biomedical/Gene	0.2
Food — Confectionery	0.2
	100.5	%

* Calculated as a percentage of net assets.

50

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Advertising Agencies — 1.3%
Interpublic Group of Cos., Inc.		87,107	$	1,644,580
Omnicom Group, Inc.		12,381		829,280
				2,473,860
Aerospace/Defense — 2.2%
Northrop Grumman Corp.		12,815		2,098,328
Raytheon Co.		17,668		1,812,030
Rockwell Collins, Inc.		4,000		327,400
				4,237,758
Aerospace/Defense - Equipment — 1.5%
United Technologies Corp.		31,466		2,882,600
Agricultural Chemicals — 1.1%
CF Industries Holdings, Inc.		17,932		1,028,938
Mosaic Co.		26,942		1,100,042
				2,128,980
Airlines — 0.7%
Delta Air Lines, Inc.		31,137		1,363,178
Applications Software — 0.7%
Citrix Systems, Inc.†		9,824		669,112
Microsoft Corp.		18,063		786,102
				1,455,214
Banks - Commercial — 0.4%
CIT Group, Inc.		17,377		754,857
Banks - Fiduciary — 0.3%
State Street Corp.		7,129		512,718
Banks - Super Regional — 4.2%
Capital One Financial Corp.		30,869		2,400,065
Fifth Third Bancorp		54,376		1,083,170
PNC Financial Services Group, Inc.		27,980		2,549,537
US Bancorp		18,877		799,441
Wells Fargo & Co.		23,952		1,277,360
				8,109,573
Beverages - Non-alcoholic — 3.2%
Coca-Cola Enterprises, Inc.		34,950		1,799,575
PepsiCo, Inc.		46,577		4,328,401
				6,127,976
Brewery — 1.0%
Molson Coors Brewing Co., Class B		28,729		1,956,158
Building & Construction Products - Misc. — 0.6%
Owens Corning		24,522		1,086,079
Building Products - Cement — 2.0%
Martin Marietta Materials, Inc.		8,516		1,428,985
Vulcan Materials Co.		26,096		2,443,107
				3,872,092
Cable/Satellite TV — 0.2%
Comcast Corp., Class A		5,633		317,307
Cellular Telecom — 0.5%
Vodafone Group PLC ADR		29,803		1,027,607
Computer Services — 0.2%
Accenture PLC, Class A		3,412		321,649
Computers — 0.8%
Apple, Inc.		6,352		716,252
Hewlett-Packard Co.		31,338		879,344
				1,595,596

Security Description	Shares		Value (Note 2)
Computers - Memory Devices — 0.6%
EMC Corp.		49,762	$	1,237,581
Containers - Paper/Plastic — 0.7%
Packaging Corp. of America		20,890		1,401,928
Cosmetics & Toiletries — 0.9%
Procter & Gamble Co.		24,664		1,743,005
Cruise Lines — 1.2%
Carnival Corp.		47,983		2,362,203
Diversified Banking Institutions — 8.9%
Citigroup, Inc.		111,296		5,952,110
Goldman Sachs Group, Inc.		7,604		1,434,115
JPMorgan Chase & Co.		108,621		6,962,606
Morgan Stanley		81,303		2,800,888
				17,149,719
Diversified Manufacturing Operations — 0.3%
General Electric Co.		21,632		536,906
Diversified Operations — 0.3%
Leucadia National Corp.		31,629		678,758
Electric Products - Misc. — 0.2%
Emerson Electric Co.		9,329		445,180
Electric - Distribution — 0.4%
PPL Corp.		25,197		780,855
Electronic Components - Semiconductors — 1.4%
Microchip Technology, Inc.#		26,599		1,130,458
Texas Instruments, Inc.		32,799		1,569,104
				2,699,562
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		18,065		655,940
Electronic Security Devices — 0.5%
Tyco International PLC		24,974		906,306
Enterprise Software/Service — 2.0%
Oracle Corp.		103,837		3,851,314
Finance - Credit Card — 0.4%
American Express Co.		5,456		418,584
Discover Financial Services		8,041		432,043
				850,627
Finance - Investment Banker/Broker — 2.3%
Charles Schwab Corp.		50,265		1,527,051
E*TRADE Financial Corp.†		60,171		1,581,895
TD Ameritrade Holding Corp.		40,206		1,345,293
				4,454,239
Finance - Mortgage Loan/Banker — 0.5%
FNF Group		28,001		1,019,516
Food - Confectionery — 0.2%
Hershey Co.		3,370		301,682
Food - Misc./Diversified — 3.0%
ConAgra Foods, Inc.		36,244		1,510,650
General Mills, Inc.		7,178		407,423
Kellogg Co.		27,163		1,800,364
Mondelez International, Inc., Class A		33,955		1,438,334
Unilever PLC ADR		14,000		564,340
				5,721,111
Food - Wholesale/Distribution — 0.3%
Sysco Corp.		15,263		608,536

51

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gold Mining — 0.6%
Newmont Mining Corp.		63,066	$	1,076,537
Instruments - Controls — 1.3%
Honeywell International, Inc.		25,790		2,560,173
Instruments - Scientific — 0.4%
Thermo Fisher Scientific, Inc.		6,000		752,220
Insurance Brokers — 0.5%
Marsh & McLennan Cos., Inc.		16,893		907,661
Insurance - Life/Health — 2.4%
Prudential Financial, Inc.		57,619		4,649,853
Insurance - Multi-line — 3.9%
ACE, Ltd.		13,640		1,393,462
Allstate Corp.		9,145		532,971
Hartford Financial Services Group, Inc.		41,118		1,889,372
MetLife, Inc.		17,400		871,740
Voya Financial, Inc.		68,640		2,957,011
				7,644,556
Insurance - Property/Casualty — 0.4%
Chubb Corp.		6,397		772,822
Insurance - Reinsurance — 2.6%
Berkshire Hathaway, Inc., Class B†		37,270		4,995,671
Medical Instruments — 0.5%
Boston Scientific Corp.†		61,948		1,037,010
Medical Labs & Testing Services — 0.4%
Laboratory Corp. of America Holdings†		5,883		693,076
Medical Products — 0.3%
Stryker Corp.		6,436		634,911
Medical - Biomedical/Gene — 0.2%
Amgen, Inc.		1,995		302,801
Medical - Drugs — 9.6%
AbbVie, Inc.		22,490		1,403,601
Baxalta, Inc.		9,955		349,918
Bristol-Myers Squibb Co.		16,577		985,834
Eli Lilly & Co.		25,256		2,079,832
Johnson & Johnson		15,191		1,427,650
Merck & Co., Inc.		91,090		4,905,196
Novartis AG ADR		12,351		1,200,764
Pfizer, Inc.		172,868		5,569,807
Zoetis, Inc.		13,580		609,335
				18,531,937
Medical - Generic Drugs — 0.2%
Teva Pharmaceutical Industries, Ltd. ADR		5,193		334,481
Medical - HMO — 1.1%
Anthem, Inc.		7,394		1,042,923
UnitedHealth Group, Inc.		8,854		1,024,408
				2,067,331
Medical - Wholesale Drug Distribution — 1.2%
Cardinal Health, Inc.		20,785		1,709,982
McKesson Corp.		2,766		546,506
				2,256,488
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		1,944		447,606
Multimedia — 0.6%
Time Warner, Inc.		11,612		825,613
Walt Disney Co.		3,179		323,877
				1,149,490

Security Description	Shares		Value (Note 2)
Networking Products — 2.5%
Cisco Systems, Inc.		189,927	$	4,915,311
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		15,543		636,952
Oil Companies - Exploration & Production — 7.4%
Anadarko Petroleum Corp.		26,012		1,861,939
Cimarex Energy Co.		5,415		598,412
EOG Resources, Inc.		51,021		3,995,454
Occidental Petroleum Corp.		108,594		7,928,448
				14,384,253
Oil Companies - Integrated — 0.4%
Chevron Corp.		3,221		260,869
Royal Dutch Shell PLC ADR		9,017		477,179
				738,048
Oil Refining & Marketing — 1.5%
Phillips 66		37,722		2,982,679
Oil-Field Services — 1.6%
Schlumberger, Ltd.		40,700		3,148,959
Pharmacy Services — 0.5%
Express Scripts Holding Co.†		12,468		1,042,325
Pipelines — 0.3%
Enterprise Products Partners LP		19,952		560,851
Real Estate Investment Trusts — 1.0%
AvalonBay Communities, Inc.		2,495		411,825
Communications Sales & Leasing, Inc†.		49,186		988,639
Weyerhaeuser Co.		19,230		537,286
				1,937,750
Retail - Apparel/Shoe — 0.6%
PVH Corp.		10,023		1,192,537
Retail - Catalog Shopping — 0.3%
Liberty Interactive Corp., Class A†		24,773		669,862
Retail - Discount — 0.7%
Target Corp.		6,509		505,815
Wal-Mart Stores, Inc.		12,006		777,148
				1,282,963
Retail - Drug Store — 2.2%
CVS Health Corp.		33,408		3,420,979
Rite Aid Corp.†		109,646		904,580
				4,325,559
Retail - Office Supplies — 0.4%
Staples, Inc.		51,551		732,540
Semiconductor Components - Integrated Circuits — 0.4%
Analog Devices, Inc.		7,715		430,960
QUALCOMM, Inc.		6,171		349,155
				780,115
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		90,726		1,459,328
Telephone - Integrated — 2.8%
AT&T, Inc.		107,108		3,555,986
Verizon Communications, Inc.		39,836		1,832,854
				5,388,840
Television — 0.8%
CBS Corp., Class B		35,375		1,600,365

52

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Transport - Rail — 0.5%
CSX Corp.		20,147		$	551,625
Union Pacific Corp.		5,535			474,571
					1,026,196
Web Portals/ISP — 1.6%
Google, Inc., Class A†		4,697			3,042,811
Total Long-Term Investment Securities
(cost $178,011,389)					190,291,038
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Commercial Paper — 1.4%
BNP Paribas SA NY 1.78% due 09/01/2015	$	2,700,000			2,700,000
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(2)		1,177,006			1,177,006
Time Deposits — 0.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 09/01/2015		405,000			405,000
Total Short-Term Investment Securities
(cost $4,282,006)					4,282,006
TOTAL INVESTMENTS
(cost $182,293,395)(3)		100.5	%		194,573,044
Liabilities in excess of other assets		(0.5	)		(971,082	)
NET ASSETS		100.0	%	$	193,601,962

† Non-income producing security

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $1,130,458. This was secured by collateral of $1,177,006, which was received in cash and subsequently invested in short-term investments currently valued at $1,177,006 as reported in the Portfolio of Investments.

(2) The rate shown is the 7-day yield as of August 31, 2015.

(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 August 31, 2015 (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	$	190,291,038	$	—	$	—	$	190,291,038
Short-Term Investment Securities:
Registered Investment Companies		1,177,006		—		—		1,177,006
Other Short-Term Investment Securities		—		3,105,000		—		3,105,000
Total Investments at Value	$	191,468,044	$	3,105,000	$	—	$	194,573,044

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

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

See Notes to Financial Statements

53

VALIC Company II Mid Cap Growth Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Commercial Services — Finance	5.8	%
Commercial Services	5.3
Medical — Biomedical/Gene	5.2
Applications Software	3.4
Medical — Drugs	3.3
Apparel Manufacturers	2.9
Building — Heavy Construction	2.8
Auto/Truck Parts & Equipment — Original	2.7
Electronic Security Devices	2.7
Retail — Apparel/Shoe	2.7
Registered Investment Companies	2.6
Retail — Restaurants	2.5
Beverages — Wine/Spirits	2.3
Diversified Manufacturing Operations	2.3
Machinery — General Industrial	2.0
Computer Software	2.0
Athletic Equipment	2.0
Finance — Other Services	1.9
Finance — Credit Card	1.9
Hotels/Motels	1.8
Electronic Components — Semiconductors	1.8
Theaters	1.7
Diagnostic Kits	1.7
Networking Products	1.7
Entertainment Software	1.7
Real Estate Management/Services	1.7
Consulting Services	1.7
Coatings/Paint	1.6
Medical Instruments	1.5
Telecom Services	1.5
Distribution/Wholesale	1.4
Physicians Practice Management	1.4
Enterprise Software/Service	1.3
Transport — Truck	1.3
Internet Content — Information/News	1.3
Airlines	1.3
Food — Retail	1.3
Cruise Lines	1.3
Lighting Products & Systems	1.3
Cable/Satellite TV	1.2
Veterinary Diagnostics	1.2
Finance — Investment Banker/Broker	1.2
Retail — Arts & Crafts	1.2
Retail — Automobile	1.2
Dental Supplies & Equipment	1.2
Building Products — Cement	1.2
Resorts/Theme Parks	1.1
Medical — Hospitals	1.0
Audio/Video Products	1.0
Shipbuilding	1.0
Repurchase Agreements	0.9
Industrial Automated/Robotic	0.8
Computer Services	0.8
Oil Companies — Exploration & Production	0.7
Auto — Cars/Light Trucks	0.5
Building & Construction Products — Misc.	0.4
	103.2	%

* Calculated as a percentage of net assets

54

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.7%
Airlines — 1.3%
Delta Air Lines, Inc.		44,520	$	1,949,086
Apparel Manufacturers — 2.9%
Columbia Sportswear Co.		32,009		1,964,392
Under Armour, Inc., Class A†		25,360		2,422,641
				4,387,033
Applications Software — 3.4%
ServiceNow, Inc.†		35,990		2,553,851
Tableau Software, Inc., Class A†		28,030		2,639,585
				5,193,436
Athletic Equipment — 2.0%
Jarden Corp.†		59,170		3,037,788
Audio/Video Products — 1.0%
Harman International Industries, Inc.		15,950		1,558,953
Auto - Cars/Light Trucks — 0.5%
Tesla Motors, Inc.†#		3,200		796,992
Auto/Truck Parts & Equipment - Original — 2.7%
Delphi Automotive PLC		35,620		2,690,023
WABCO Holdings, Inc.†		13,270		1,530,296
				4,220,319
Beverages - Wine/Spirits — 2.3%
Constellation Brands, Inc., Class A		27,740		3,550,720
Building & Construction Products - Misc. — 0.4%
Builders FirstSource, Inc.†		40,287		596,650
Building Products - Cement — 1.2%
Vulcan Materials Co.		19,110		1,789,078
Building - Heavy Construction — 2.8%
SBA Communications Corp., Class A†		36,930		4,365,126
Cable/Satellite TV — 1.2%
Liberty Global PLC, Class C†		42,480		1,906,078
Coatings/Paint — 1.6%
Axalta Coating Systems, Ltd.†		86,012		2,510,690
Commercial Services — 5.3%
Aramark		60,370		1,891,996
CoStar Group, Inc.†		16,161		2,861,143
ServiceMaster Global Holdings, Inc.†		99,003		3,482,926
				8,236,065
Commercial Services - Finance — 5.8%
McGraw Hill Financial, Inc.		40,220		3,900,938
SEI Investments Co.		54,590		2,761,162
Vantiv, Inc., Class A†		52,710		2,321,348
				8,983,448
Computer Services — 0.8%
EPAM Systems, Inc.†		16,753		1,182,929
Computer Software — 2.0%
Akamai Technologies, Inc.†		42,610		3,038,519
Consulting Services — 1.7%
Verisk Analytics, Inc.†		35,501		2,594,413
Cruise Lines — 1.3%
Norwegian Cruise Line Holdings, Ltd.†		33,450		1,926,720
Dental Supplies & Equipment — 1.2%
Align Technology, Inc.†		32,500		1,839,500
Diagnostic Kits — 1.7%
Alere, Inc.†		51,610		2,682,172

Security Description	Shares		Value (Note 2)
Distribution/Wholesale — 1.4%
HD Supply Holdings, Inc.†		67,065	$	2,213,145
Diversified Manufacturing Operations — 2.3%
Carlisle Cos., Inc.		34,850		3,509,395
Electronic Components-Semiconductors — 1.8%
Ambarella, Inc.†#		14,930		1,427,756
Avago Technologies, Ltd.		10,690		1,346,619
				2,774,375
Electronic Security Devices — 2.7%
Allegion PLC		39,010		2,325,386
TASER International, Inc.†#		77,510		1,813,734
				4,139,120
Enterprise Software/Service — 1.3%
Workday, Inc., Class A†		29,390		2,064,941
Entertainment Software — 1.7%
Electronic Arts, Inc.†		39,370		2,604,326
Finance - Credit Card — 1.9%
Alliance Data Systems Corp.†		11,160		2,870,240
Finance - Investment Banker/Broker — 1.2%
Raymond James Financial, Inc.		35,160		1,863,128
Finance - Other Services — 1.9%
Intercontinental Exchange, Inc.		12,730		2,907,659
Food - Retail — 1.3%
Kroger Co.		56,100		1,935,450
Hotels/Motels — 1.8%
Hilton Worldwide Holdings, Inc.		112,879		2,802,786
Industrial Automated/Robotic — 0.8%
Cognex Corp.		36,450		1,296,162
Internet Content - Information/News — 1.3%
LinkedIn Corp., Class A†		11,370		2,053,422
Lighting Products & Systems — 1.3%
Acuity Brands, Inc.		9,880		1,925,316
Machinery - General Industrial — 2.0%
Wabtec Corp.		32,690		3,130,394
Medical Instruments — 1.5%
Edwards Lifesciences Corp.†		16,860		2,375,237
Medical - Biomedical/Gene — 5.2%
Alnylam Pharmaceuticals, Inc.†		9,550		982,790
BioMarin Pharmaceutical, Inc.†		19,620		2,535,689
Incyte Corp.†		18,770		2,180,886
Medivation, Inc.†		12,560		1,106,034
Vertex Pharmaceuticals, Inc.†		9,460		1,206,339
				8,011,738
Medical - Drugs — 3.3%
Endo International PLC†		27,360		2,106,720
Zoetis, Inc.		67,280		3,018,854
				5,125,574
Medical - Hospitals — 1.0%
Community Health Systems, Inc.†		29,240		1,570,188
Networking Products — 1.7%
Palo Alto Networks, Inc.†		16,100		2,643,942
Oil Companies-Exploration & Production — 0.7%
Diamondback Energy, Inc.†		16,090		1,098,786
Physicians Practice Management — 1.4%
Envision Healthcare Holdings, Inc.†		53,094		2,175,261

55

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services — 1.7%
CBRE Group, Inc., Class A†		81,160	$	2,598,743
Resort/Theme Parks — 1.1%
Vail Resorts, Inc.		16,040		1,730,876
Retail - Apparel/Shoe — 2.7%
lululemon athletica, Inc.†		32,440		2,076,484
Men’s Wearhouse, Inc.		35,793		2,020,515
				4,096,999
Retail - Arts & Crafts — 1.2%
Michaels Cos., Inc.†		70,296		1,842,458
Retail - Automobile — 1.2%
Lithia Motors, Inc., Class A		17,280		1,842,048
Retail - Restaurants — 2.5%
Chipotle Mexican Grill, Inc.†		2,840		2,016,428
Dave & Buster’s Entertainment, Inc.†		51,170		1,762,295
				3,778,723
Shipbuilding — 1.0%
Huntington Ingalls Industries, Inc.		13,370		1,505,195
Telecom Services — 1.5%
Level 3 Communications, Inc.†		50,920		2,277,652
Theaters — 1.7%
Cinemark Holdings, Inc.		75,580		2,686,869
Transport - Truck — 1.3%
Old Dominion Freight Line, Inc.†		31,050		2,064,515
Veterinary Diagnostics — 1.2%
VCA, Inc.†		34,120		1,889,566
Total Long-Term Investment Securities
(cost $144,600,554)				153,749,944

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Registered Investment Companies — 2.6%
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(3) (cost $4,036,052)		4,036,052		$	4,036,052
REPURCHASE AGREEMENTS — 0.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 08/31/2015, to be repurchased 09/01/2015 in the amount $1,405,000 collateralized by $1,405,000 of United States Treasury Notes, bearing interest at 1.88% due 06/30/2020 and having an approximate value of $1,434,245 (cost $1,405,000)	$	1,405,000			1,405,000
TOTAL INVESTMENTS
(cost $150,041,606)(2)		103.2	%		159,190,996
Liabilities in excess of other assets		(3.2	)		(4,900,004	)
NET ASSETS		100.0	%	$	154,290,992

† Non-income producing security

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $3,921,108. This was secured by collateral of $4,036,052, which was received in cash and subsequently invested in short-term investments currently valued at $4,036,052 as reported in the Portfolio of Investments.

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

(3) The rate shown is the 7-day yield as of August 31, 2015.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	153,749,944	$	—	$	—	$	153,749,944
Short-Term Investment Securities		4,036,052		—		—		4,036,052
Repurchase Agreements		—		1,405,000		—		1,405,000
Total Investments at Value	$	157,785,996	$	1,405,000	$	—	$	159,190,996

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

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

See Notes to Financial Statements

56

VALIC Company II Mid Cap Value Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	8.1	%
Banks — Commercial	4.9
Electric — Integrated	4.9
Oil Companies — Exploration & Production	4.4
Commercial Services — Finance	2.9
Banks — Super Regional	2.8
Registered Investment Companies	2.7
Insurance — Life/Health	2.6
Aerospace/Defense — Equipment	2.4
Electronic Components — Semiconductors	2.4
Diversified Manufacturing Operations	2.3
Finance — Investment Banker/Broker	2.0
Building — Residential/Commercial	2.0
Insurance — Reinsurance	2.0
Medical — Drugs	1.9
Containers — Paper/Plastic	1.8
Home Decoration Products	1.8
Electronic Parts Distribution	1.8
Insurance — Multi-line	1.7
Human Resources	1.5
Power Converter/Supply Equipment	1.5
Chemicals — Specialty	1.4
Computers — Memory Devices	1.4
Insurance — Property/Casualty	1.4
Entertainment Software	1.3
Insurance Brokers	1.3
Auto/Truck Parts & Equipment — Original	1.2
Consulting Services	1.2
Distribution/Wholesale	1.1
Applications Software	1.1
Oil Refining & Marketing	1.0
Finance — Credit Card	1.0
Retail — Apparel/Shoe	0.9
Advertising Agencies	0.9
Gas — Distribution	0.9
Medical Labs & Testing Services	0.9
Cruise Lines	0.9
Computer Services	0.9
Medical Instruments	0.9
Medical Products	0.9
Repurchase Agreements	0.9
E-Commerce/Services	0.9
Electronic Components — Misc.	0.8
Aerospace/Defense	0.8
Food — Misc./Diversified	0.8
Building & Construction Products — Misc.	0.8
Chemicals — Diversified	0.7
Beverages — Wine/Spirits	0.7
Shipbuilding	0.7
Containers — Metal/Glass	0.7
Telecommunication Equipment	0.7
Medical — Wholesale Drug Distribution	0.6
Real Estate Operations & Development	0.6
Multimedia	0.6
Athletic Equipment	0.6
Data Processing/Management	0.6
Building Products — Wood	0.6
Retirement/Aged Care	0.6
Instruments — Controls	0.5
Tools — Hand Held	0.5
Decision Support Software	0.5
Coatings/Paint	0.5
Apparel Manufacturers	0.5
Finance — Consumer Loans	0.4
Recreational Vehicles	0.4
Computers — Periphery Equipment	0.4
Wireless Equipment	0.4
Banks — Fiduciary	0.4
Finance — Auto Loans	0.4

Research & Development	0.4
Building Products — Doors & Windows	0.3
Office Supplies & Forms	0.3
Semiconductor Components — Integrated Circuits	0.3
Beverages — Non-alcoholic	0.3
Transport — Rail	0.3
Airlines	0.3
Savings & Loans/Thrifts	0.3
Paper & Related Products	0.3
Food — Meat Products	0.2
Electric — Distribution	0.2
Motorcycle/Motor Scooter	0.2
Rubber — Tires	0.2
Engineering/R&D Services	0.2
Dialysis Centers	0.2
Consumer Products — Misc.	0.2
Chemicals — Plastics	0.2
Retail — Regional Department Stores	0.2
Metal Processors & Fabrication	0.2
Television	0.2
Steel — Producers	0.1
Theaters	0.1
	101.8%

* Calculated as a percentage of net assets.

57

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Advertising Agencies — 0.9%
Interpublic Group of Cos., Inc.		251,100	$	4,740,768
Omnicom Group, Inc.		59,076		3,956,910
				8,697,678
Aerospace/Defense — 0.8%
Esterline Technologies Corp.†		65,636		5,363,118
Raytheon Co.		22,595		2,317,343
				7,680,461
Aerospace/Defense - Equipment — 2.4%
Curtiss-Wright Corp.		105,235		6,914,992
Harris Corp.		58,557		4,498,348
Moog, Inc., Class A†		104,868		6,617,171
Orbital ATK, Inc.		61,169		4,631,105
				22,661,616
Airlines — 0.3%
Delta Air Lines, Inc.		55,247		2,418,714
Apparel Manufacturers — 0.5%
Global Brands Group Holding, Ltd.†(4)		24,042,000		4,537,447
Applications Software — 1.1%
Check Point Software Technologies, Ltd.†		24,500		1,911,245
Verint Systems, Inc.†		151,757		8,093,201
				10,004,446
Athletic Equipment — 0.6%
Performance Sports Group Ltd†		425,200		5,519,096
Auto/Truck Parts & Equipment - Original — 1.2%
Lear Corp.		67,162		6,903,582
Tenneco, Inc.†		48,616		2,287,383
WABCO Holdings, Inc.†		20,556		2,370,518
				11,561,483
Banks - Commercial — 4.9%
BankUnited, Inc.		218,774		7,797,105
BB&T Corp.		165,656		6,116,020
CIT Group, Inc.		120,900		5,251,896
East West Bancorp, Inc.		124,546		5,032,904
IBERIABANK Corp.		109,878		6,691,570
South State Corp.		67,900		5,102,685
Zions Bancorporation		337,293		9,781,497
				45,773,677
Banks - Fiduciary — 0.4%
State Street Corp.		47,484		3,415,049
Banks - Super Regional — 2.8%
Comerica, Inc.		193,621		8,519,324
Fifth Third Bancorp		336,756		6,708,180
Huntington Bancshares, Inc.		499,395		5,448,399
SunTrust Banks, Inc.		124,497		5,025,944
				25,701,847
Beverages - Non-alcoholic — 0.3%
Coca-Cola Enterprises, Inc.		50,328		2,591,389
Beverages - Wine/Spirits — 0.7%
Constellation Brands, Inc., Class A		48,535		6,212,480
Treasury Wine Estates, Ltd.#(4)		146,023		615,307
				6,827,787
Building & Construction Products - Misc. — 0.8%
Louisiana-Pacific Corp.†		426,190		7,006,564
Building Products - Doors & Windows — 0.3%
Sanwa Holdings Corp(4)		376,300		2,863,176

Security Description	Shares		Value (Note 2)
Building Products - Wood — 0.6%
Masco Corp.		205,311	$	5,385,308
Building - Residential/Commercial — 2.0%
D.R. Horton, Inc.		164,400		4,992,828
Lennar Corp., Class A		154,453		7,861,658
PulteGroup, Inc.		108,300		2,240,727
Toll Brothers, Inc.†		91,769		3,392,700
				18,487,913
Chemicals - Diversified — 0.7%
Celanese Corp., Series A		63,754		3,866,043
Huntsman Corp.		182,500		3,016,725
				6,882,768
Chemicals - Plastics — 0.2%
PolyOne Corp.		50,473		1,638,858
Chemicals - Specialty — 1.4%
Cabot Corp.		128,500		4,352,295
Methanex Corp.		211,849		8,634,965
				12,987,260
Coatings/Paint — 0.5%
Valspar Corp.		62,435		4,576,486
Commercial Services - Finance — 2.9%
Equifax, Inc.		65,901		6,451,708
Global Payments, Inc.		23,368		2,602,962
H&R Block, Inc.		128,564		4,373,747
McGraw Hill Financial, Inc.		32,707		3,172,252
Moody’s Corp.		24,486		2,505,163
SEI Investments Co.		81,818		4,138,354
Total System Services, Inc.		76,264		3,495,179
				26,739,365
Computer Services — 0.9%
Amdocs, Ltd.		148,432		8,491,795
Computers - Memory Devices — 1.4%
Brocade Communications Systems, Inc.		104,988		1,118,122
Seagate Technology PLC#		53,263		2,737,718
Western Digital Corp.		109,915		9,008,634
				12,864,474
Computers - Periphery Equipment — 0.4%
Synaptics, Inc.†		51,900		3,637,671
Consulting Services — 1.2%
Booz Allen Hamilton Holding Corp.		191,900		5,123,730
Towers Watson & Co., Class A		50,984		6,053,330
				11,177,060
Consumer Products - Misc. — 0.2%
Samsonite International SA(4)		530,700		1,650,125
Containers - Metal/Glass — 0.7%
Crown Holdings, Inc.†		125,836		6,237,691
Containers - Paper/Plastic — 1.8%
Bemis Co., Inc.		97,500		4,135,950
Graphic Packaging Holding Co.		599,469		8,452,513
Packaging Corp. of America		67,031		4,498,450
				17,086,913
Cruise Lines — 0.9%
Norwegian Cruise Line Holdings, Ltd.†		147,814		8,514,086
Data Processing/Management — 0.6%
Fidelity National Information Services, Inc.		79,103		5,462,853
Decision Support Software — 0.5%
MSCI, Inc.		76,300		4,617,676

58

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Dialysis Centers — 0.2%
DaVita HealthCare Partners, Inc.†		24,154	$	1,827,009
Distribution/Wholesale — 1.1%
Rexel SA(4)		227,389		3,484,429
WESCO International, Inc.†#		119,966		6,714,497
				10,198,926
Diversified Manufacturing Operations — 2.3%
Barnes Group, Inc.		229,614		8,869,989
Carlisle Cos., Inc.		30,847		3,106,293
Ingersoll-Rand PLC		64,483		3,565,265
Parker-Hannifin Corp.#		38,239		4,116,810
Textron, Inc.		49,976		1,939,069
				21,597,426
E-Commerce/Services — 0.9%
Expedia, Inc.		57,666		6,631,014
IAC/InterActiveCorp		19,954		1,392,789
				8,023,803
Electric - Distribution — 0.2%
PG&E Corp.		44,050		2,183,999
Electric - Integrated — 4.9%
AES Corp.		285,067		3,420,804
Alliant Energy Corp.		136,992		7,763,337
Ameren Corp.		60,655		2,443,790
American Electric Power Co., Inc.		108,377		5,883,787
Edison International		96,140		5,622,267
FirstEnergy Corp.		46,268		1,478,725
Great Plains Energy, Inc.		271,224		6,758,902
Portland General Electric Co.		180,000		6,217,200
Westar Energy, Inc.		154,490		5,646,610
				45,235,422
Electronic Components - Misc. — 0.8%
Flextronics International, Ltd.†		174,027		1,829,024
Jabil Circuit, Inc.		181,138		3,505,020
TE Connectivity, Ltd.		41,739		2,474,705
				7,808,749
Electronic Components - Semiconductors — 2.4%
Avago Technologies, Ltd.		38,548		4,855,891
Microsemi Corp.†		367,074		11,658,270
ON Semiconductor Corp.†		141,205		1,349,214
Qorvo, Inc.†		84,723		4,702,974
				22,566,349
Electronic Parts Distribution — 1.8%
Arrow Electronics, Inc.†		234,078		13,089,642
Avnet, Inc.		86,200		3,654,880
				16,744,522
Engineering/R&D Services — 0.2%
Fluor Corp.		40,223		1,834,973
Entertainment Software — 1.3%
Activision Blizzard, Inc.		317,840		9,099,759
NetEase, Inc. ADR		23,820		2,648,308
				11,748,067
Finance - Auto Loans — 0.4%
Ally Financial, Inc.†		154,923		3,386,617
Finance - Consumer Loans — 0.4%
Navient Corp.		171,112		2,188,522
SLM Corp.†		201,810		1,711,349
				3,899,871

Security Description	Shares		Value (Note 2)
Finance - Credit Card — 1.0%
Alliance Data Systems Corp.†		14,098	$	3,625,864
Discover Financial Services		102,301		5,496,633
				9,122,497
Finance - Investment Banker/Broker — 2.0%
Charles Schwab Corp.		79,942		2,428,638
Raymond James Financial, Inc.		136,841		7,251,205
TD Ameritrade Holding Corp.		263,879		8,829,391
				18,509,234
Finance - Other Services — 0.0%
Solar Cayman, Ltd.†*(5)(6)		120,200		8,414
Food - Meat Products — 0.2%
Tyson Foods, Inc., Class A		53,351		2,255,680
Food - Misc./Diversified — 0.8%
Ingredion, Inc.		81,300		7,019,442
Gas - Distribution — 0.9%
UGI Corp.		251,356		8,566,212
Home Decoration Products — 1.8%
Newell Rubbermaid, Inc.		400,500		16,873,065
Human Resources — 1.5%
ManpowerGroup, Inc.		60,950		5,296,555
Robert Half International, Inc.		171,319		8,742,409
				14,038,964
Instruments - Controls — 0.5%
Sensata Technologies Holding NV†		102,900		4,877,460
Insurance Brokers — 1.3%
Aon PLC		69,909		6,532,297
Marsh & McLennan Cos., Inc.		96,333		5,175,972
				11,708,269
Insurance - Life/Health — 2.6%
CNO Financial Group, Inc.		219,700		3,930,433
Symetra Financial Corp.		97,204		3,059,010
Torchmark Corp.		64,983		3,798,906
Unum Group		405,228		13,591,347
				24,379,696
Insurance - Multi-line — 1.7%
Allstate Corp.		33,052		1,926,270
Loews Corp.		69,275		2,525,074
XL Group PLC		299,566		11,170,816
				15,622,160
Insurance - Property/Casualty — 1.4%
Alleghany Corp.†		9,647		4,532,064
Hanover Insurance Group, Inc.		66,400		5,238,960
WR Berkley Corp.		50,917		2,763,775
				12,534,799
Insurance - Reinsurance — 2.0%
Argo Group International Holdings, Ltd.		95,730		5,358,965
Reinsurance Group of America, Inc.		141,976		12,902,779
				18,261,744
Medical Instruments — 0.9%
Boston Scientific Corp.†		204,995		3,431,616
Bruker Corp.†		86,391		1,587,867
St. Jude Medical, Inc.		48,298		3,419,981
				8,439,464

59

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.9%
ICON PLC†		66,337	$	5,107,949
Laboratory Corp. of America Holdings†		29,001		3,416,608
				8,524,557
Medical Products — 0.9%
Becton Dickinson and Co.		20,946		2,953,805
Zimmer Biomet Holdings, Inc.		49,964		5,174,272
				8,128,077
Medical - Drugs — 1.9%
Almirall SA(4)		365,065		7,149,914
Ono Pharmaceutical Co., Ltd.#(4)		67,700		8,618,273
UCB SA(4)		23,927		1,804,348
				17,572,535
Medical - Wholesale Drug Distribution — 0.6%
Cardinal Health, Inc.		70,409		5,792,548
Metal Processors & Fabrication — 0.2%
Timken Co.		48,589		1,542,701
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		35,780		2,005,469
Multimedia — 0.6%
Markit Ltd†		69,000		1,972,020
Quebecor, Inc., Class B#		177,000		3,794,010
				5,766,030
Office Supplies & Forms — 0.3%
Avery Dennison Corp.		45,824		2,661,458
Oil Companies - Exploration & Production — 4.4%
Cobalt International Energy, Inc.†		409,865		3,283,019
Diamondback Energy, Inc.†		187,807		12,825,340
Energen Corp.		140,682		7,315,464
EQT Corp.		39,326		3,060,349
Kosmos Energy, Ltd.†		142,967		1,000,769
Newfield Exploration Co.†		161,227		5,370,471
Parsley Energy, Inc., Class A†		108,191		1,860,885
QEP Resources, Inc.		262,240		3,681,850
Rice Energy, Inc.†		72,155		1,403,415
RSP Permian, Inc.†		59,573		1,426,178
				41,227,740
Oil Refining & Marketing — 1.0%
HollyFrontier Corp.		69,400		3,252,084
Marathon Petroleum Corp.		85,219		4,031,711
Western Refining, Inc.		49,358		2,123,381
				9,407,176
Oil-Field Services — 0.0%
Trican Well Service, Ltd.†		266,800		373,147
Paper & Related Products — 0.3%
International Paper Co.		54,963		2,371,104
Power Converter/Supply Equipment — 1.5%
Generac Holdings, Inc.†#		144,500		4,467,940
Hubbell, Inc., Class B		93,261		9,202,063
				13,670,003
Real Estate Investment Trusts — 8.1%
American Assets Trust, Inc.		189,235		7,289,332
American Homes 4 Rent, Class A		144,028		2,301,567
Blackstone Mortgage Trust, Inc., Class A		216,600		5,997,654
Boston Properties, Inc.		62,975		7,140,105
Douglas Emmett, Inc.		80,839		2,233,582
Equity LifeStyle Properties, Inc.		138,000		7,694,880

Security Description	Shares/ Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Equity Residential		90,017	$	6,413,711
Essex Property Trust, Inc.		19,974		4,286,820
Extra Space Storage, Inc.		109,400		8,038,712
Kilroy Realty Corp.		38,760		2,513,974
Kimco Realty Corp.		168,395		3,881,505
LaSalle Hotel Properties		54,833		1,725,046
PS Business Parks, Inc.		21,300		1,554,048
Regency Centers Corp.		80,112		4,751,443
SL Green Realty Corp.		93,455		9,673,527
				75,495,906
Real Estate Operations & Development — 0.6%
Forest City Enterprises, Inc., Class A†		267,955		5,769,071
Recreational Vehicles — 0.4%
Brunswick Corp.		76,779		3,816,684
Research & Development — 0.4%
WuXi PharmaTech Cayman, Inc. ADR†		79,600		3,363,896
Retail - Apparel/Shoe — 0.9%
DSW, Inc., Class A		217,700		6,463,513
Foot Locker, Inc.		32,000		2,265,280
				8,728,793
Retail - Regional Department Stores — 0.2%
Macy’s, Inc.		27,225		1,595,657
Retirement/Aged Care — 0.6%
Brookdale Senior Living, Inc.†		195,829		5,369,631
Rubber - Tires — 0.2%
Goodyear Tire & Rubber Co.		63,800		1,899,326
Savings & Loans/Thrifts — 0.3%
EverBank Financial Corp.		120,500		2,383,490
Semiconductor Components - Integrated Circuits — 0.3%
NXP Semiconductors NV†		31,080		2,630,922
Shipbuilding — 0.7%
Huntington Ingalls Industries, Inc.		56,441		6,354,128
Steel - Producers — 0.1%
Reliance Steel & Aluminum Co.		21,800		1,267,016
Telecommunication Equipment — 0.7%
ARRIS Group, Inc.†		233,100		6,158,502
Television — 0.2%
CBS Corp., Class B		31,134		1,408,502
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A		33,300		965,034
Tools - Hand Held — 0.5%
Stanley Black & Decker, Inc.		45,504		4,619,566
Transport - Rail — 0.3%
Genesee & Wyoming, Inc., Class A†		36,400		2,489,033
Wireless Equipment — 0.4%
Motorola Solutions, Inc.		55,313		3,585,389
Total Long-Term Investment Securities
(cost $819,986,062)				909,914,656
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Registered Investment Companies — 2.7%
SSgA Money Market Fund 0.00%(7)		8,846,992		8,846,992
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(7)		16,186,605		16,186,605
Total Short-Term Investment Securities
(cost $25,033,597)				25,033,597

60

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.9%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 08/31/2015, to be repurchased 09/01/2015 in the amount $8,127,000 collateralized by $8,205,000 of United States Treasury Notes, bearing interest at 2.00% due 06/30/2020 and having an approximate value of $8,375,787 (cost $8,127,000)		8,127,000		$	8,127,000
TOTAL INVESTMENTS
(cost $853,146,659)(3)		101.8	%		943,075,253
Liabilities in excess of other assets		(1.8	)		(16,494,945	)
NET ASSETS		100.0	%	$	926,580,308

† 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 Portfolio has no right to demand registration of these securities. At August 31, 2015, the aggregate value of these securities was $8,414 representing 0.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $15,860,302. This was secured by collateral of $16,186,605, which was received in cash and subsequently invested in short-term investments currently valued at $16,186,605 as reported in the Portfolio of Investments.

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

(4) Security was valued using fair value procedures at August 31, 2015. The aggregate value of these securities was $30,723,019 representing 3.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(5) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; See Note 2.

(6) Illiquid security, At August 31, 2015, the aggregate value of these securities was $8,414 representing 0.0% of net assets.

(7) The rate shown is the 7-day yield as of August 31, 2015.

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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:
Apparel Manufacturers	$	—	$	4,537,447	$	—	$	4,537,447
Beverages - Wine/Spirits		6,212,480		615,307		—		6,827,787
Building Products - Door & Windows		—		2,863,176		—		2,863,176
Consumer Products - Misc.		—		1,650,125		—		1,650,125
Distribution/Wholesale		6,714,497		3,484,429		—		10,198,926
Finance - Other Services		—		—		8,414		8,414
Medical - Drugs		—		17,572,535		—		17,572,535
Other Industries		866,256,246		—		—		866,256,246
Short-Term Investment Securities		25,033,597		—		—		25,033,597
Repurchase Agreements		—		8,127,000		—		8,127,000
Total Investments at Value	$	904,216,820	$	38,850,019	$	8,414	$	943,075,253

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

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $23,322,397 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

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

See Notes to Financial Statements

61

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	41.8	%
Domestic Equity Investment Companies	32.6
International Equity Investment Companies	19.3
Real Estate Investment Trusts	6.1
International Fixed Income Investment Companies	0.2
	100.0	%

* Calculated as a percentage of net assets

62

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 32.6%
VALIC Co. I Blue Chip Growth Fund		1,803,588	$	31,670,997
VALIC Co. I Dividend Value Fund		612,732		7,622,383
VALIC Co. I Mid Cap Index Fund		949,497		25,237,619
VALIC Co. I Mid Cap Strategic Growth Fund		543,460		7,820,393
VALIC Co. I Nasdaq-100 Index Fund		1,841,572		18,139,486
VALIC Co. I Science & Technology Fund		477,393		11,825,025
VALIC Co. I Small Cap Index Fund		1,858,138		36,791,126
VALIC Co. I Small Cap Special Values Fund		684,576		8,831,029
VALIC Co. I Stock Index Fund		457,489		15,737,605
VALIC Co. I Value Fund		109,067		1,556,381
VALIC Co. II Capital Appreciation Fund		1,109,547		18,141,101
VALIC Co. II Large Cap Value Fund		430,182		7,347,510
VALIC Co. II Mid Cap Growth Fund		1,065,480		9,386,882
VALIC Co. II Mid Cap Value Fund		1,722,218		37,578,792
VALIC Co. II Small Cap Growth Fund		552,968		8,465,933
VALIC Co. II Small Cap Value Fund		992,913		13,910,709
Total Domestic Equity Investment Companies
(cost $228,315,309)				260,062,971
Domestic Fixed Income Investment Companies — 41.8%
VALIC Co. I Capital Conservation Fund		3,423,924		33,759,892
VALIC Co. I Government Securities Fund		1,676,030		18,117,881
VALIC Co. I Inflation Protected Fund		1,312,812		14,060,219
VALIC Co. II Core Bond Fund		12,848,757		140,436,913
VALIC Co. II High Yield Bond Fund		5,149,185		38,103,971
VALIC Co. II Strategic Bond Fund		8,132,904		89,461,946
Total Domestic Fixed Income Investment Companies
(cost $341,168,035)				333,940,822

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 19.3%
VALIC Co. I Emerging Economies Fund		1,330,908		$	8,597,667
VALIC Co. I Foreign Value Fund		3,201,974			29,554,223
VALIC Co. I International Equities Index Fund		10,912,759			71,151,189
VALIC Co. I International Growth Fund		2,706,901			35,027,294
VALIC Co. II International Opportunities Fund		639,448			9,642,877
Total International Equity Investment Companies
(cost $165,714,731)					153,973,250
International Fixed Income Investment Companies — 0.2%
VALIC Co. I International Government Bond Fund
(cost $1,789,549)		150,495			1,673,500
Real Estate Investment Trusts — 6.1%
VALIC Co. I Global Real Estate Fund
(cost $51,001,943)		6,052,209			48,841,329
TOTAL INVESTMENTS
(cost $787,989,567)(2)		100.0	%		798,491,872
Liabilities in excess of other assets		0.0			(47,793	)
NET ASSETS		100.0	%	$	798,444,079

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

(1) See Note 3

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

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	798,491,872	$	—	$	—	$	798,491,872

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

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

See Notes to Financial Statements

63

VALIC Company II Money Market II Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation†

U.S. Government Agencies	59.6	%
Foreign Bank	15.9
Money Center Banks	8.4
Commercial Banks-Canadian	4.8
U.S. Government Treasuries	5.8
Commercial Banks	2.0
Domestic Bank	2.3
Repurchase Agreement	1.5
Super-Regional Banks — US	1.7
Finance	0.6
	102.6	%

Credit Quality@#

A-1 100.0 % 

† Calculated as a percentage of net assets.

@ Source: Standard & Poor’s

# Calculated as a percentage of total debt issues.

Weighted Average days to Maturity — 38.2 days

64

VALIC Company II Money Market II Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES —101.1%
Certificates of Deposit — 16.9%
Nordea Bank Finland PLC NY FRS 0.27% due 11/23/2015	$	3,000,000	$	3,000,000
Nordea Bank Finland PLC NY FRS 0.46% due 01/29/2016		3,300,000		3,301,966
Rabobank Nederland NV NY FRS 0.30% due 10/20/2015		3,600,000		3,600,000
Royal Bank of Canada NY FRS 0.28% due 12/03/2015		3,500,000		3,500,000
Royal Bank of Canada NY FRS 0.40% due 06/03/2016		3,800,000		3,800,000
Svenska Handelsbanken NY FRS 0.29% due 12/09/2015		3,250,000		3,250,000
Svenska Handelsbanken NY 0.31% due 11/24/2015		2,850,000		2,850,033
Wells Fargo Bank NA FRS 0.27% due 09/01/2015		3,750,000		3,750,000
Total Certificates of Deposit
(amortized cost $27,051,999)				27,051,999
Commercial Paper — 14.5%
BNP Paribas SA NY 0.16% due 09/02/2015		6,500,000		6,499,978
Credit Agricole Corporate and Investment Bank NY 0.16% due 09/01/2015		6,400,000		6,400,000
Lloyds Bank PLC 0.12% due 09/02/2015		7,000,000		6,999,977
State Street Corp. 0.40% due 12/21/2015		3,250,000		3,245,992
Total Commercial Paper
(amortized cost $23,145,947)				23,145,947
Corporate Notes — 4.3%
Bank of America NA 0.27% due 09/02/2015		2,800,000		2,800,009
General Electric Capital Corp. FRS 0.48% due 01/08/2016		500,000		500,361
General Electric Capital Corp. FRS 0.88% due 01/08/2016		500,000		500,982
JPMorgan Chase Bank NA FRS 0.44% due 06/07/2016		2,700,000		2,700,000
Royal Bank of Canada 0.80% due 10/30/2015		400,000		400,236
Total Corporate Notes
(amortized cost $6,901,588)				6,901,588
U.S. Government Agencies — 59.6%
Federal Farm Credit Bank
0.14% due 11/20/2015 FRS		3,250,000		3,249,963
0.16% due 10/05/2015		1,500,000		1,499,773
Federal Home Loan Bank
0.01% due 09/02/2015		10,000,000		9,999,997
0.04% due 09/02/2015		3,000,000		2,999,997
0.05% due 09/02/2015		2,500,000		2,499,997
0.06% due 09/01/2015		2,500,000		2,500,000
0.06% due 09/03/2015		2,500,000		2,499,992
0.06% due 09/16/2015		3,000,000		2,999,925
0.06% due 09/21/2015		3,000,000		2,999,900
0.07% due 10/06/2015		2,000,000		1,999,864
0.08% due 10/23/2015		3,000,000		2,999,653

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies (continued)
0.10% due 09/01/2015	$	4,300,000		$	4,300,000
0.10% due 10/23/2015		3,300,000			3,299,547
0.13% due 10/09/2015		1,000,000			999,863
0.14% due 09/08/2015		1,750,000			1,749,952
0.14% due 12/03/2015		3,000,000			2,998,954
0.15% due 07/22/2016 FRS		3,000,000			3,000,064
0.16% due 08/19/2016 FRS		3,000,000			3,000,142
0.17% due 11/12/2015		3,000,000			2,998,980
0.17% due 11/23/2015		1,000,000			999,608
0.17% due 09/02/2016 FRS(3)		3,000,000			3,000,030
0.18% due 12/09/2015		1,350,000			1,349,332
0.18% due 01/26/2016		3,000,000			2,997,795
0.19% due 12/08/2015		1,500,000			1,499,245
0.20% due 01/20/2016		3,700,000			3,697,102
0.20% due 01/22/2016		750,000			749,404
0.20% due 01/26/2016		1,750,000			1,748,571
0.22% due 10/07/2015 FRS		4,250,000			4,250,316
0.29% due 02/02/2016		2,750,000			2,746,587
0.35% due 06/09/2016		1,350,000			1,346,299
Federal Home Loan Mtg. Corp.
0.11% due 10/22/2015		2,000,000			1,999,702
0.12% due 10/30/2015		2,000,000			1,999,607
0.18% due 10/16/2015 FRS		3,100,000			3,100,198
Federal National Mtg. Assoc.
0.25% due 02/02/2016		2,250,000			2,247,642
0.26% due 02/08/2016		2,000,000			1,997,689
2.13% due 10/21/2015		1,000,000			1,002,647
Total U.S. Government Agencies
(amortized cost $95,328,337)					95,328,337
U.S. Government Treasuries — 5.8%
United States Treasury Bills
0.03% due 09/03/2015		3,750,000			3,749,994
0.05% due 09/03/2015		2,500,000			2,499,993
0.08% due 09/17/2015		3,000,000			2,999,890
Total U.S. Government Treasuries
(amortized cost $9,249,877)					9,249,877
Total Short-Term Investment Securities — 101.1%
(amortized cost $161,677,748)					161,677,748
REPURCHASE AGREEMENTS — 1.5%
State Street Bank and Trust Co. Joint Repurchase Agreement(1) (cost $2,464,000)		2,464,000			2,464,000
TOTAL INVESTMENTS
(amortized cost $164,141,748)(2)		102.6	%		164,141,748
Liabilities in excess of other assets		(2.6	)		(4,236,378	)
NET ASSETS		100.0	%	$	159,905,370

(1) See Note 2 for details of Joint Repurchase Agreements.

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

(3) The security’s effective maturity date is less than one year.

FRS—Floating Rate Security.

The rates shown on FRS are the current interest rates at August 31, 2015 and unless stated otherwise, the dates are the original maturity dates.

65

VALIC Company II Money Market II Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	—	$	161,677,748	$	—	$	161,677,748
Repurchase Agreements		—		2,464,000		—		2,464,000
Total Investments at Value	$	—	$	164,141,748	$	—	$	164,141,748

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

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

See Notes to Financial Statements

66

VALIC Company II Small Cap Growth Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Registered Investment Companies	19.1	%
Medical — Biomedical/Gene	6.2
Medical — Drugs	5.3
Enterprise Software/Service	5.2
Applications Software	3.5
Electronic Components — Semiconductors	3.3
Retail — Automobile	3.2
Distribution/Wholesale	3.1
Banks — Commercial	2.5
Time Deposits	2.3
E-Commerce/Services	2.2
Building & Construction Products — Misc.	2.1
Computer Software	2.0
Lighting Products & Systems	2.0
Therapeutics	2.0
Retail — Apparel/Shoe	1.9
Computer Services	1.9
Educational Software	1.6
Medical — Hospitals	1.6
Medical Products	1.5
Medical — HMO	1.5
Building Products — Air & Heating	1.4
Machinery — General Industrial	1.4
Commercial Services	1.3
Diversified Manufacturing Operations	1.2
Investment Management/Advisor Services	1.2
Footwear & Related Apparel	1.2
Oil Field Machinery & Equipment	1.2
Building Products — Cement	1.2
Savings & Loans/Thrifts	1.1
Computers — Memory Devices	1.1
Telecom Equipment — Fiber Optics	1.1
MRI/Medical Diagnostic Imaging	1.0
Medical Imaging Systems	1.0
Drug Delivery Systems	1.0
Semiconductor Components — Integrated Circuits	1.0
Patient Monitoring Equipment	1.0
Food — Misc./Diversified	1.0
Real Estate Investment Trusts	0.9
Advanced Materials	0.9
Internet Telephone	0.9
Real Estate Management/Services	0.9
Diagnostic Equipment	0.9
Energy — Alternate Sources	0.9
Insurance — Property/Casualty	0.8
Web Hosting/Design	0.8
Casino Hotels	0.8
Semiconductor Equipment	0.8
Retail — Pet Food & Supplies	0.8
Aerospace/Defense — Equipment	0.8
Machinery — Pumps	0.8
Oil Refining & Marketing	0.8
E-Marketing/Info	0.8
Building Products — Doors & Windows	0.7
Transport — Truck	0.7
Retail — Misc./Diversified	0.7
Steel Pipe & Tube	0.7
Retail — Vitamins & Nutrition Supplements	0.7
Internet Application Software	0.6
E-Services/Consulting	0.6
Resorts/Theme Parks	0.6
Finance — Investment Banker/Broker	0.6
Networking Products	0.6
Investment Companies	0.6
Airlines	0.6
Transport — Services	0.5
Computer Data Security	0.5
Building — Residential/Commercial	0.5
Internet Security	0.5

Oil Companies — Exploration & Production	0.5
Internet Connectivity Services	0.5
Instruments — Scientific	0.5
Internet Incubators	0.4
Healthcare Safety Devices	0.4
Retail — Discount	0.4
Medical Labs & Testing Services	0.4
Electronic Measurement Instruments	0.4
Research & Development	0.3
	119.5	%

* Calculated as a percentage of net assets

67

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advanced Materials — 0.9%
Hexcel Corp.		21,354	$	1,030,544
Aerospace/Defense - Equipment — 0.8%
HEICO Corp.		16,636		846,772
Airlines — 0.6%
Spirit Airlines, Inc.†		12,115		620,894
Applications Software — 3.5%
Demandware, Inc.†		20,666		1,152,956
HubSpot, Inc.†		14,392		680,598
Imperva, Inc.†		22,001		1,310,819
Tableau Software, Inc., Class A†		7,034		662,392
				3,806,765
Banks - Commercial — 2.5%
PrivateBancorp, Inc.		25,708		973,048
Signature Bank†		7,022		937,367
Texas Capital Bancshares, Inc.†		16,255		875,494
				2,785,909
Building & Construction Products - Misc. — 2.1%
Caesarstone Sdot-Yam, Ltd.#		16,884		671,814
Fortune Brands Home & Security, Inc.		12,790		612,002
Trex Co., Inc.†#		25,748		999,280
				2,283,096
Building Products - Air & Heating — 1.4%
Lennox International, Inc.		13,150		1,552,226
Building Products - Cement — 1.2%
Eagle Materials, Inc.		15,651		1,280,721
Building Products - Doors & Windows — 0.7%
Masonite International Corp.†		12,490		824,964
Building - Residential/Commercial — 0.5%
TRI Pointe Group, Inc.†		40,282		559,114
Casino Hotels — 0.8%
Boyd Gaming Corp.†		53,791		866,035
Commercial Services — 1.3%
CoStar Group, Inc.†		8,073		1,429,244
Computer Data Security — 0.5%
Fortinet, Inc.†		14,003		590,086
Computer Services — 1.9%
Barracuda Networks, Inc.†		32,313		849,509
Fleetmatics Group PLC†#		26,732		1,196,524
				2,046,033
Computer Software — 2.0%
Cornerstone OnDemand, Inc.†		27,912		997,575
Envestnet, Inc.†		38,546		1,203,791
				2,201,366
Computers - Memory Devices — 1.1%
Nimble Storage, Inc.†#		45,659		1,217,269
Diagnostic Equipment — 0.9%
GenMark Diagnostics, Inc.†#		94,605		978,216
Distribution/Wholesale — 3.1%
Pool Corp.		24,182		1,685,002
Watsco, Inc.		14,522		1,778,364
				3,463,366
Diversified Manufacturing Operations — 1.2%
Carlisle Cos., Inc.		13,397		1,349,078

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 1.0%
Nektar Therapeutics†#		40,548	$	448,055
Revance Therapeutics, Inc.†#		21,857		661,393
				1,109,448
E-Commerce/Services — 2.2%
GrubHub, Inc.†		32,139		850,077
Wayfair, Inc., Class A†#		41,798		1,559,065
				2,409,142
E-Marketing/Info — 0.8%
Marketo, Inc.†		29,587		828,732
E-Services/Consulting — 0.6%
Shopify, Inc., Class A†#		25,190		693,733
Educational Software — 1.6%
2U, Inc.†#		51,671		1,806,935
Electronic Components - Semiconductors — 3.3%
Cavium, Inc.†		16,296		1,108,454
Inphi Corp.†		54,707		1,298,744
Monolithic Power Systems, Inc.		26,596		1,279,002
				3,686,200
Electronic Measurement Instruments — 0.4%
Fitbit, Inc., Class A†#		12,160		419,398
Energy - Alternate Sources — 0.9%
SolarCity Corp.†#		8,110		391,551
Sunrun, Inc.†		46,300		550,044
				941,595
Enterprise Software/Service — 5.2%
Benefitfocus, Inc.†#		15,757		577,967
Evolent Health, Inc., Class A†#		33,390		567,630
Guidewire Software, Inc.†		32,203		1,800,470
Proofpoint, Inc.†		23,517		1,324,948
Veeva Systems, Inc., Class A†#		57,464		1,488,317
				5,759,332
Finance - Investment Banker/Broker — 0.6%
Evercore Partners, Inc., Class A		12,850		673,083
Food - Misc./Diversified — 1.0%
Diamond Foods, Inc.†		35,505		1,071,186
Footwear & Related Apparel — 1.2%
Wolverine World Wide, Inc.		49,538		1,335,049
Healthcare Safety Devices — 0.4%
Unilife Corp.†#		373,392		455,538
Instruments - Scientific — 0.5%
Fluidigm Corp.†#		40,865		498,144
Insurance - Property/Casualty — 0.8%
AmTrust Financial Services, Inc.		15,424		896,906
Internet Application Software — 0.6%
Zendesk, Inc.†		34,050		704,154
Internet Connectivity Services — 0.5%
Boingo Wireless, Inc.†		66,882		504,959
Internet Incubators — 0.4%
HomeAway, Inc.†		16,054		460,589
Internet Security — 0.5%
Rapid7, Inc.†#		25,000		527,250
Internet Telephone — 0.9%
RingCentral, Inc., Class A†		59,687		1,027,213

68

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Companies — 0.6%
PennantPark Investment Corp.#		84,889	$	645,156
Investment Management/Advisor Services — 1.2%
Financial Engines, Inc.#		41,267		1,339,527
Lighting Products & Systems — 2.0%
Acuity Brands, Inc.		11,211		2,184,688
Machinery - General Industrial — 1.4%
Middleby Corp.†		13,692		1,486,267
Machinery - Pumps — 0.8%
Graco, Inc.		12,127		836,642
Medical Imaging Systems — 1.0%
Novadaq Technologies, Inc.†#		96,476		1,114,298
Medical Labs & Testing Services — 0.4%
Invitae Corp.†#		28,147		287,381
Teladoc, Inc.†#		5,400		138,996
				426,377
Medical Products — 1.5%
K2M Group Holdings, Inc.†		43,398		921,340
Syneron Medical, Ltd.†		81,850		772,664
				1,694,004
Medical - Biomedical/Gene — 6.2%
Acceleron Pharma, Inc.†		17,394		504,078
Bellicum Pharmaceuticals, Inc.†#		16,151		275,536
Coherus Biosciences, Inc.†		32,455		895,758
Exact Sciences Corp.†#		22,450		496,370
Halozyme Therapeutics, Inc.†		43,707		763,124
Insmed, Inc.†		46,109		1,126,904
Intrexon Corp.†#		11,515		512,417
Kite Pharma, Inc.†#		14,464		769,051
Puma Biotechnology, Inc.†		4,448		408,860
Sage Therapeutics, Inc.†		13,261		716,227
Versartis, Inc.†#		25,837		335,106
				6,803,431
Medical - Drugs — 5.3%
ACADIA Pharmaceuticals, Inc.†		24,410		894,138
Anacor Pharmaceuticals, Inc.†		2,880		375,581
Chimerix, Inc.†		19,132		936,320
FibroGen, Inc.†		24,820		608,090
Horizon Pharma PLC†		34,234		1,000,317
Ignyta, Inc.†#		43,259		591,783
Keryx Biopharmaceuticals, Inc.†#		46,890		289,780
NantKwest, Inc.†		6,980		119,498
Sagent Pharmaceuticals, Inc.†		29,509		589,590
TherapeuticsMD, Inc.†#		74,230		455,030
				5,860,127
Medical - HMO — 1.5%
WellCare Health Plans, Inc.†		18,479		1,675,491
Medical - Hospitals — 1.6%
Acadia Healthcare Co., Inc.†		24,563		1,793,836
MRI/Medical Diagnostic Imaging — 1.0%
Surgical Care Affiliates, Inc.†		30,827		1,126,727
Networking Products — 0.6%
Ruckus Wireless, Inc.†		58,452		661,677
Oil Companies - Exploration & Production — 0.5%
Laredo Petroleum, Inc.†#		51,363		523,389
Oil Field Machinery & Equipment — 1.2%
Dril-Quip, Inc.†		11,311		779,780

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment (continued)
Forum Energy Technologies, Inc.†		33,233	$	522,423
				1,302,203
Oil Refining & Marketing — 0.8%
Delek US Holdings, Inc.		26,968		829,536
Patient Monitoring Equipment — 1.0%
Insulet Corp.†		36,279		1,077,849
Real Estate Investment Trusts — 0.9%
CubeSmart		21,010		531,343
Highwoods Properties, Inc.		13,295		504,412
				1,035,755
Real Estate Management/Services — 0.9%
RE/MAX Holdings, Inc., Class A		27,139	��	995,459
Research & Development — 0.3%
Arrowhead Research Corp.†#		50,901		301,843
Resort/Theme Parks — 0.6%
Vail Resorts, Inc.		6,329		682,962
Retail - Apparel/Shoe — 1.9%
Kate Spade & Co.†		34,158		647,636
Men’s Wearhouse, Inc.		24,917		1,406,564
				2,054,200
Retail - Automobile — 3.2%
Lithia Motors, Inc., Class A		15,610		1,664,026
Penske Automotive Group, Inc.		18,005		911,053
Rush Enterprises, Inc., Class A†		36,310		926,631
				3,501,710
Retail - Discount — 0.4%
Ollie’s Bargain Outlet Holdings, Inc.†		24,150		432,043
Retail - Misc./Diversified — 0.7%
Container Store Group, Inc.†		47,717		806,894
Retail - Pet Food & Supplies — 0.8%
Freshpet, Inc.†#		65,195		846,883
Retail - Vitamins & Nutrition Supplements — 0.7%
Vitamin Shoppe, Inc.†		20,259		725,272
Savings & Loans/Thrifts — 1.1%
BofI Holding, Inc.†#		10,750		1,245,280
Semiconductor Components - Integrated Circuits — 1.0%
M/A-COM Technology Solutions Holdings, Inc†.		37,226		1,098,539
Semiconductor Equipment — 0.8%
MKS Instruments, Inc.		25,178		848,499
Steel Pipe & Tube — 0.7%
Advanced Drainage Systems, Inc.#		26,416		750,479
Telecom Equipment - Fiber Optics — 1.1%
Ciena Corp.†		52,971		1,184,432
Therapeutics — 2.0%
Axovant Sciences, Ltd.†#		22,320		268,286
Esperion Therapeutics, Inc.†#		3,270		156,797
Nevro Corp.†		14,548		655,096
Portola Pharmaceuticals, Inc.†		23,244		1,096,187
				2,176,366
Transport - Services — 0.5%
XPO Logistics, Inc.†#		16,988		596,279
Transport - Truck — 0.7%
Old Dominion Freight Line, Inc.†		12,363		822,016

69

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Web Hosting/Design — 0.8%
GoDaddy, Inc., Class A†#		35,131		$	881,085
Total Long-Term Investment Securities
(cost $96,256,115)					107,907,505
SHORT-TERM INVESTMENT SECURITIES — 21.4%
Registered Investment Companies — 19.1%
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(2)		21,019,855			21,019,855
Time Deposits — 2.3%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 09/01/2015	$	2,574,000			2,574,000
Total Short-Term Investment Securities
(cost $23,593,855)					23,593,855
TOTAL INVESTMENTS
(cost $119,849,970)(3)		119.5	%		131,501,360
Liabilities in excess of other assets		(19.5	)		(21,472,238	)
NET ASSETS		100.0	%	$	110,029,122

† Non-income producing security

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $19,953,510. This was secured by collateral of $21,019,855, which was received in cash and subsequently invested in short-term investments currently valued at $21,019,855 as reported in the Portfolio of Investments.

(2) The rate shown is the 7-day yield as of August 31, 2015.

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

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	107,907,505	$	—	$	—	$	107,907,505
Short-Term Investment Securities:
Registered Investment Companies		21,019,855		—		—		21,019,855
Time Deposits		—		2,574,000		—		2,574,000
Total Investments at Value	$	128,927,360	$	2,574,000	$	—	$	131,501,360

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

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

See Notes to Financial Statements

70

VALIC Company II Small Cap Value Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	13.1	%
Banks — Commercial	12.2
Registered Investment Companies	9.8
Oil Companies — Exploration & Production	4.0
Electric — Integrated	2.7
Retail — Apparel/Shoe	2.6
Human Resources	2.3
Repurchase Agreements	2.1
Insurance — Reinsurance	1.9
Machinery — General Industrial	1.8
Distribution/Wholesale	1.7
Insurance — Life/Health	1.6
Finance — Consumer Loans	1.6
Engineering/R&D Services	1.4
Electronic Components — Misc.	1.4
Investment Management/Advisor Services	1.2
Gas — Distribution	1.2
Medical — Biomedical/Gene	1.2
Resorts/Theme Parks	1.2
Oil Field Machinery & Equipment	1.1
Auction Houses/Art Dealers	1.1
Savings & Loans/Thrifts	1.1
Transport — Truck	1.1
Medical Products	1.0
Computer Services	1.0
Commercial Services — Finance	1.0
Food — Dairy Products	0.9
Beverages — Wine/Spirits	0.8
Finance — Mortgage Loan/Banker	0.8
Medical Instruments	0.8
Medical Sterilization Products	0.8
Oil — Field Services	0.8
Food — Misc./Diversified	0.7
Food — Flour & Grain	0.7
Hotels/Motels	0.7
Electronic Components — Semiconductors	0.7
Energy — Alternate Sources	0.7
Aerospace/Defense — Equipment	0.7
Real Estate Operations & Development	0.7
Diversified Manufacturing Operations	0.7
Housewares	0.7
Rubber — Tires	0.7
Entertainment Software	0.7
Environmental Consulting & Engineering	0.7
Medical — Outpatient/Home Medical	0.6
Containers — Metal/Glass	0.6
Consulting Services	0.6
Networking Products	0.6
Web Hosting/Design	0.6
Insurance — Property/Casualty	0.6
Retail — Home Furnishings	0.5
Finance — Investment Banker/Broker	0.5
Retail — Restaurants	0.5
Paper & Related Products	0.5
Computer Software	0.5
Tobacco	0.5
Computers	0.5
Food — Baking	0.5
Gambling (Non-Hotel)	0.5
Steel — Producers	0.5
Telecom Services	0.4
Retail — Discount	0.4
Retail — Regional Department Stores	0.4
Office Supplies & Forms	0.4
Wireless Equipment	0.4
Consumer Products — Misc.	0.4
Semiconductor Equipment	0.4
MRI/Medical Diagnostic Imaging	0.4
Transport — Services	0.4

Insurance — Multi-line	0.4
Semiconductor Components — Integrated Circuits	0.3
Containers — Paper/Plastic	0.3
Transport — Air Freight	0.3
Water	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Enterprise Software/Service	0.3
Telephone — Integrated	0.3
Medical — HMO	0.3
Retail — Hair Salons	0.3
Building — Residential/Commercial	0.3
Banks — Mortgage	0.2
Food — Wholesale/Distribution	0.2
Diagnostic Kits	0.2
Airlines	0.2
Chemicals — Specialty	0.2
Printing — Commercial	0.2
Building & Construction Products — Misc.	0.2
Data Processing/Management	0.2
Engines — Internal Combustion	0.2
Schools	0.2
Web Portals/ISP	0.2
Electric — Generation	0.2
Computer Aided Design	0.2
Machinery — Farming	0.2
Publishing — Periodicals	0.2
Chemicals — Diversified	0.2
Retail — Pawn Shops	0.2
Home Furnishings	0.2
Electric — Distribution	0.2
Machinery — Construction & Mining	0.2
Oil & Gas Drilling	0.2
Independent Power Producers	0.2
Telecommunication Equipment	0.2
Building & Construction — Misc.	0.1
Agricultural Chemicals	0.1
Lasers — System/Components	0.1
Footwear & Related Apparel	0.1
Travel Services	0.1
Medical — Drugs	0.1
Textile — Apparel	0.1
Therapeutics	0.1
Auto/Truck Parts & Equipment — Original	0.1
Internet Application Software	0.1
Food — Retail	0.1
Wire & Cable Products	0.1
Metal — Iron	0.1
Steel Pipe & Tube	0.1
Radio	0.1
Office Furnishings — Original	0.1
Athletic Equipment	0.1
Power Converter/Supply Equipment	0.1
Recreational Centers	0.1
Auto — Truck Trailers	0.1
Commercial Services	0.1
Finance — Other Services	0.1
Publishing — Books	0.1
Industrial Automated/Robotic	0.1
Respiratory Products	0.1
Security Services	0.1
Oil Refining & Marketing	0.1
Multimedia	0.1
Transport — Equipment & Leasing	0.1
Retail — Toy Stores	0.1
Building — Maintenance & Services	0.1
Electronic Parts Distribution	0.1
Satellite Telecom	0.1
Building Products — Light Fixtures	0.1
	109.3	%

* Calculated as a percentage of net assets

71

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Aerospace/Defense — 0.0%
National Presto Industries, Inc.		2,800	$	229,740
Aerospace/Defense - Equipment — 0.7%
AAR Corp.		103,900		2,527,887
Moog, Inc., Class A†		15,700		990,670
				3,518,557
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#		88,600		700,826
Airlines — 0.2%
Alaska Air Group, Inc.		15,200		1,137,872
Athletic Equipment — 0.1%
Nautilus, Inc.†		30,200		461,456
Auction Houses/Art Dealers — 1.1%
KAR Auction Services, Inc.		148,450		5,498,588
Audio/Video Products — 0.0%
VOXX International Corp.†		16,100		124,775
Auto - Truck Trailers — 0.1%
Wabash National Corp.†		33,700		412,151
Auto/Truck Parts & Equipment - Original — 0.1%
Accuride Corp.†		14,900		50,511
Dana Holding Corp.		28,000		491,120
				541,631
Auto/Truck Parts & Equipment - Replacement — 0.3%
Douglas Dynamics, Inc.		67,900		1,508,738
Banks - Commercial — 12.2%
1st Source Corp.		19,720		590,417
American National Bankshares, Inc.		1,100		25,993
BancFirst Corp.		11,740		709,918
BancorpSouth, Inc.		68,200		1,620,432
Bank of Hawaii Corp.		29,880		1,854,353
Banner Corp.		11,200		497,392
BBCN Bancorp, Inc.		64,520		938,766
Capital Bank Financial Corp., Class A†		42,400		1,304,648
Cascade Bancorp†		15,201		82,237
Cathay General Bancorp Class B		37,660		1,115,866
Central Pacific Financial Corp.		92,600		1,920,524
Century Bancorp, Inc., Class A		1,518		63,285
Chemical Financial Corp.		13,200		421,608
Citizens & Northern Corp.		3,500		69,930
City Holding Co.		26,400		1,257,168
CoBiz Financial, Inc.		17,800		229,264
Columbia Banking System, Inc.		9,973		302,282
Community Bank System, Inc.		24,780		883,655
Community Trust Bancorp, Inc.		22,318		783,362
Customers Bancorp, Inc.†		30,700		752,457
East West Bancorp, Inc.		2,273		91,852
Financial Institutions, Inc.		12,700		314,579
First BanCorp†		233,100		934,731
First Bancorp		5,500		93,610
First Busey Corp.		75,680		484,352
First Citizens BancShares, Inc., Class A		1,540		365,257
First Commonwealth Financial Corp.		232,300		2,055,855
First Community Bancshares, Inc.		8,400		148,764
First Financial Bancorp		20,698		381,671
First Financial Bankshares, Inc.#		13,860		431,600
First Interstate BancSystem, Inc.		16,900		450,892
FirstMerit Corp.		171,450		3,079,242
FNB Corp.		84,940		1,066,846
Fulton Financial Corp.		53,800		654,208
Glacier Bancorp, Inc.		38,700		1,006,587

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Great Southern Bancorp, Inc.		6,700	$	269,809
Guaranty Bancorp		4,800		76,992
Hancock Holding Co.		180,221		5,060,606
Heartland Financial USA, Inc.		9,840		357,881
Heritage Financial Corp.		4,439		78,659
Kearny Financial Corp.†		3,627		41,167
Lakeland Bancorp, Inc.		11,273		124,679
Lakeland Financial Corp.		5,080		208,737
MainSource Financial Group, Inc.		30,500		631,655
MB Financial, Inc.		21,820		718,751
Metro Bancorp, Inc.		10,700		306,448
National Penn Bancshares, Inc.		8,600		103,329
OFG Bancorp#		102,800		888,192
Pacific Continental Corp.		14,300		184,756
PacWest Bancorp		28,400		1,210,976
Preferred Bank		3,200		98,080
Republic Bancorp, Inc., Class A		3,600		89,964
S&T Bancorp, Inc.		3,980		119,082
Sierra Bancorp		3,120		53,040
Simmons First National Corp., Class A		13,720		601,896
Southside Bancshares, Inc.		3,182		82,859
Southwest Bancorp, Inc.		23,280		388,310
State Bank Financial Corp.		10,500		212,100
Stock Yards Bancorp, Inc.		2,300		81,052
Suffolk Bancorp		3,120		83,179
TCF Financial Corp.		80,440		1,248,429
Tompkins Financial Corp.		7,248		380,448
TriState Capital Holdings, Inc.†		3,600		45,108
Trustmark Corp.		26,300		605,689
UMB Financial Corp.		34,160		1,712,441
Umpqua Holdings Corp.		263,014		4,394,964
Union Bankshares Corp.		76,819		1,812,928
Valley National Bancorp		13,816		130,699
Washington Trust Bancorp, Inc.		6,980		269,498
Webster Financial Corp.		20,400		721,752
WesBanco, Inc.		2,791		85,935
West Bancorporation, Inc.		7,580		136,667
Westamerica Bancorporation#		67,224		3,034,491
Western Alliance Bancorp†		2,832		86,433
Wilshire Bancorp, Inc.		118,600		1,266,648
Zions Bancorporation		155,130		4,498,770
				59,486,702
Banks - Mortgage — 0.2%
Walker & Dunlop, Inc.†		49,200		1,197,036
Beverages - Wine/Spirits — 0.8%
Treasury Wine Estates, Ltd. ADR		962,150		4,079,516
Building & Construction Products-Misc. — 0.2%
Gibraltar Industries, Inc.†		61,480		1,007,657
Building & Construction-Misc. — 0.1%
Comfort Systems USA, Inc.		25,600		709,632
Building Products - Light Fixtures — 0.1%
LSI Industries, Inc.		25,700		243,893
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		8,700		278,487
Building - Residential/Commercial — 0.3%
KB Home#		35,600		521,540
MDC Holdings, Inc.		7,000		199,430
Ryland Group, Inc.		12,500		540,500
				1,261,470

72

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Casino Services — 0.0%
Scientific Games Corp., Class A†#		2,400	$	26,448
Chemicals - Diversified — 0.2%
Olin Corp.#		40,600		810,376
Chemicals - Specialty — 0.2%
KMG Chemicals, Inc.		3,100		62,620
Minerals Technologies, Inc.		3,160		169,976
OM Group, Inc.		23,700		793,950
				1,026,546
Coffee — 0.0%
Farmer Bros. Co.†		2,000		45,720
Commercial Services — 0.1%
RPX Corp.†		29,800		410,346
Commercial Services - Finance — 1.0%
Everi Holdings, Inc.†		11,120		57,490
EVERTEC, Inc.		243,800		4,412,780
MoneyGram International, Inc.†		40,800		356,592
				4,826,862
Computer Aided Design — 0.2%
Aspen Technology, Inc.†		23,000		871,010
Computer Services — 1.0%
Convergys Corp.		72,500		1,638,500
Insight Enterprises, Inc.†		56,902		1,440,190
Sykes Enterprises, Inc.†		22,700		570,905
Unisys Corp.†		94,200		1,240,614
				4,890,209
Computer Software — 0.5%
Avid Technology, Inc.†#		283,060		2,352,229
Computers — 0.5%
Wincor Nixdorf AG ADR		280,000		2,296,000
Consulting Services — 0.6%
CRA International, Inc.†		5,000		113,600
FTI Consulting, Inc.†		71,600		2,853,976
				2,967,576
Consumer Products - Misc. — 0.4%
Central Garden & Pet Co., Class A†		110,560		1,398,584
CSS Industries, Inc.		18,900		500,472
				1,899,056
Containers - Metal/Glass — 0.6%
Silgan Holdings, Inc.		57,000		2,984,520
Containers - Paper/Plastic — 0.3%
Graphic Packaging Holding Co.		115,010		1,621,641
Data Processing/Management — 0.2%
Fair Isaac Corp.		11,620		994,323
Diagnostic Equipment — 0.0%
Affymetrix, Inc.†		18,500		172,605
Diagnostic Kits — 0.2%
Meridian Bioscience, Inc.		24,400		466,772
Quidel Corp.†		34,400		708,296
				1,175,068
Distribution/Wholesale — 1.7%
Beacon Roofing Supply, Inc.†		90,000		3,262,500
Essendant, Inc.		140,700		4,854,150
				8,116,650

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations — 0.7%
Actuant Corp., Class A		134,500	$	2,883,680
Federal Signal Corp.		36,400		515,060
Tredegar Corp.		6,960		100,850
				3,499,590
Drug Delivery Systems — 0.0%
Revance Therapeutics, Inc.†#		4,700		142,222
Electric - Distribution — 0.2%
EnerNOC, Inc.†#		75,600		706,104
Spark Energy, Inc., Class A#		4,100		63,550
				769,654
Electric - Generation — 0.2%
Atlantic Power Corp.#		392,900		923,315
Electric - Integrated — 2.7%
Avista Corp.		62,780		1,970,664
El Paso Electric Co.		54,200		1,918,680
NorthWestern Corp.		39,318		2,030,382
PNM Resources, Inc.		25,900		663,299
Portland General Electric Co.		69,600		2,403,984
Unitil Corp.		9,400		338,494
Westar Energy, Inc.		97,940		3,579,707
				12,905,210
Electronic Components - Misc. — 1.4%
Benchmark Electronics, Inc.†		89,921		1,921,612
Jabil Circuit, Inc.		155,000		2,999,250
Sanmina Corp.†		50,400		969,696
Stoneridge, Inc.†		29,500		360,195
Vishay Intertechnology, Inc.		51,000		503,880
				6,754,633
Electronic Components - Semiconductors — 0.7%
Amkor Technology, Inc.†		142,600		770,040
Fairchild Semiconductor International, Inc.†		69,500		945,200
IXYS Corp.		12,000		141,480
Rovi Corp.†		154,100		1,705,887
				3,562,607
Electronic Parts Distribution — 0.1%
Tech Data Corp.†		3,900		254,436
Energy - Alternate Sources — 0.7%
First Solar, Inc.†		18,800		899,392
REX American Resources Corp.†#		49,100		2,632,742
				3,532,134
Engineering/R&D Services — 1.4%
Argan, Inc.		45,800		1,793,070
EMCOR Group, Inc.		98,498		4,539,773
VSE Corp.		12,400		513,112
				6,845,955
Engines - Internal Combustion — 0.2%
Briggs & Stratton Corp.		49,000		979,020
Enterprise Software/Service — 0.3%
Benefitfocus, Inc.†#		8,300		304,444
MedAssets, Inc.†		55,700		1,176,384
				1,480,828
Entertainment Software — 0.7%
Take-Two Interactive Software, Inc.†		108,900		3,172,257
Environmental Consulting & Engineering — 0.7%
Tetra Tech, Inc.		121,700		3,161,766

73

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Consumer Loans — 1.6%
Encore Capital Group, Inc.†#		69,900	$	2,840,037
Nelnet, Inc., Class A		20,100		756,765
Ocwen Financial Corp.†#		535,130		3,981,367
				7,578,169
Finance - Investment Banker/Broker — 0.5%
Cowen Group, Inc., Class A†		131,900		697,751
INTL. FCStone, Inc.†		4,100		108,486
Investment Technology Group, Inc.		55,300		908,026
Oppenheimer Holdings, Inc., Class A		10,200		203,490
Stifel Financial Corp.†		15,800		736,280
				2,654,033
Finance - Leasing Companies — 0.0%
Marlin Business Services Corp.		9,100		124,852
Finance - Mortgage Loan/Banker — 0.8%
Arlington Asset Investment Corp., Class A#		18,800		313,020
CoreLogic, Inc.†		97,400		3,696,330
				4,009,350
Finance - Other Services — 0.1%
BGC Partners, Inc., Class A		44,200		387,634
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.†		18,700		197,472
Food - Baking — 0.5%
Flowers Foods, Inc.		98,800		2,293,148
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		1,600		47,168
Food - Dairy Products — 0.9%
Dean Foods Co.		267,920		4,409,963
Food - Flour & Grain — 0.7%
Post Holdings, Inc.†		55,327		3,611,747
Food - Misc./Diversified — 0.7%
Blue Buffalo Pet Products, Inc.†		9,400		240,170
J&J Snack Foods Corp.		19,050		2,170,938
Pinnacle Foods, Inc.		27,500		1,233,100
				3,644,208
Food - Retail — 0.1%
Smart & Final Stores, Inc.†		33,100		539,530
Food - Wholesale/Distribution — 0.2%
Fresh Del Monte Produce, Inc.		18,800		744,292
SpartanNash Co.		15,400		435,820
				1,180,112
Footwear & Related Apparel — 0.1%
Iconix Brand Group, Inc.†#		48,000		666,720
Gambling (Non-Hotel) — 0.5%
Isle of Capri Casinos, Inc.†		122,980		2,270,211
Gas - Distribution — 1.2%
AGL Resources, Inc.		15,459		942,844
Chesapeake Utilities Corp.		5,600		275,912
Laclede Group, Inc.		32,400		1,715,256
Northwest Natural Gas Co.		26,100		1,147,878
Piedmont Natural Gas Co., Inc.		8,360		322,529
Southwest Gas Corp.		27,440		1,511,670
				5,916,089
Home Furnishings — 0.2%
Leggett & Platt, Inc.		17,398		772,819

Security Description	Shares		Value (Note 2)
Hotels/Motels — 0.7%
Interval Leisure Group, Inc.		179,370	$	3,598,162
Housewares — 0.7%
NACCO Industries, Inc., Class A		5,000		263,200
Tupperware Brands Corp.		60,050		3,076,362
				3,339,562
Human Resources — 2.3%
AMN Healthcare Services, Inc.†		95,721		3,216,226
Barrett Business Services, Inc.		28,000		998,200
Cross Country Healthcare, Inc.†		90,000		1,250,100
Korn/Ferry International		64,500		2,197,515
Monster Worldwide, Inc.†		69,400		504,538
Resources Connection, Inc.		193,500		3,036,015
				11,202,594
Identification Systems — 0.0%
Checkpoint Systems, Inc.		17,100		138,168
Independent Power Producers — 0.2%
Ormat Technologies, Inc.#		21,100		742,720
Industrial Automated/Robotic — 0.1%
Hurco Cos., Inc.		11,700		360,828
Instruments - Controls — 0.0%
Watts Water Technologies, Inc., Class A		3,760		206,236
Insurance - Life/Health — 1.6%
American Equity Investment Life Holding Co.		28,598		693,787
CNO Financial Group, Inc.		173,520		3,104,273
Primerica, Inc.		19,800		841,302
StanCorp Financial Group, Inc.		11,658		1,325,631
Symetra Financial Corp.		57,600		1,812,672
				7,777,665
Insurance - Multi-line — 0.4%
Horace Mann Educators Corp.		42,780		1,421,152
Kemper Corp.		7,100		251,482
United Fire Group, Inc.		3,100		102,920
				1,775,554
Insurance - Property/Casualty — 0.6%
Arch Capital Group, Ltd.†		6,226		425,111
Global Indemnity PLC†		2,100		56,364
Hallmark Financial Services, Inc.†		13,300		152,817
Navigators Group, Inc.†		6,500		494,325
ProAssurance Corp.		31,980		1,542,396
				2,671,013
Insurance - Reinsurance — 1.9%
Argo Group International Holdings, Ltd.		22,428		1,255,519
Endurance Specialty Holdings, Ltd.		55,350		3,528,563
Essent Group, Ltd.†		155,220		4,158,344
Maiden Holdings, Ltd.		16,700		239,311
				9,181,737
Internet Application Software — 0.1%
Bazaarvoice, Inc.†#		104,200		540,798
Internet Incubators — 0.0%
ModusLink Global Solutions, Inc.†#		9,700		30,555
Investment Management/Advisor Services — 1.2%
Artisan Partners Asset Management, Inc., Class A		63,243		2,584,741
Janus Capital Group, Inc.		12,160		180,941
Virtus Investment Partners, Inc.		28,400		3,267,704
				6,033,386

74

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Lasers - System/Components — 0.1%
Coherent, Inc.†		11,640	$	678,612
Machinery - Construction & Mining — 0.2%
Hyster-Yale Materials Handling, Inc.		12,560		763,146
Machinery - Farming — 0.2%
AGCO Corp.		17,360		851,334
Machinery - General Industrial — 1.8%
DXP Enterprises, Inc.†		9,500		282,625
IDEX Corp.		43,200		3,103,056
Kadant, Inc.		24,000		1,067,760
Manitowoc Co., Inc.#		248,450		4,243,526
				8,696,967
Medical Instruments — 0.8%
Integra LifeSciences Holdings Corp.†		51,000		3,058,980
SurModics, Inc.†		37,000		841,750
				3,900,730
Medical Products — 1.0%
Haemonetics Corp.†		98,350		3,551,418
Halyard Health, Inc.†		7,300		229,512
Orthofix International NV†		21,400		802,072
Rockwell Medical, Inc.†#		29,300		350,721
				4,933,723
Medical Sterilization Products — 0.8%
STERIS Corp.		60,650		3,884,633
Medical - Biomedical/Gene — 1.2%
Applied Genetic Technologies Corp.†		1,300		21,359
Ardelyx, Inc.†		6,200		117,676
Avalanche Biotechnologies, Inc.†		1,400		14,644
Bio-Rad Laboratories, Inc., Class A†		13,345		1,859,359
Charles River Laboratories International, Inc.†		23,800		1,639,582
Epizyme, Inc.†#		2,400		48,000
Idera Pharmaceuticals, Inc.†#		214,300		647,186
Insmed, Inc.†		8,100		197,964
Karyopharm Therapeutics, Inc.†#		1,100		15,246
Kite Pharma, Inc.†#		2,000		106,340
MacroGenics, Inc.†		2,700		71,145
Medicines Co.†		15,500		635,500
Sage Therapeutics, Inc.†		900		48,609
Ultragenyx Pharmaceutical, Inc.†		2,200		245,564
Verastem, Inc.†#		6,800		41,412
				5,709,586
Medical - Drugs — 0.1%
Dicerna Pharmaceuticals, Inc.†		3,200		35,104
Immune Design Corp.†#		2,700		43,038
Radius Health, Inc.†		8,100		492,966
ZS Pharma, Inc.†#		1,500		76,740
				647,848
Medical - Generic Drugs — 0.0%
Amphastar Pharmaceuticals, Inc.†#		15,500		199,485
Medical - HMO — 0.3%
Centene Corp.†		22,900		1,413,388
Medical - Hospitals — 0.0%
Select Medical Holdings Corp.		10,200		131,580
Medical - Outpatient/Home Medical — 0.6%
Addus HomeCare Corp.†		700		20,118
Amsurg Corp.†		38,450		3,015,249
				3,035,367

Security Description	Shares		Value (Note 2)
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc.#		124,300	$	493,471
MRI/Medical Diagnostic Imaging — 0.4%
Alliance HealthCare Services, Inc.†		8,500		121,720
Surgical Care Affiliates, Inc.†		45,900		1,677,645
				1,799,365
Multimedia — 0.1%
E.W. Scripps Co., Class A		17,978		314,975
Networking Products — 0.6%
Black Box Corp.		37,980		584,892
NETGEAR, Inc.†		29,100		884,058
Polycom, Inc.†		124,700		1,341,772
				2,810,722
Office Furnishings - Original — 0.1%
HNI Corp.		10,120		473,009
Office Supplies & Forms — 0.4%
ACCO Brands Corp.†		265,100		2,014,760
Oil & Gas Drilling — 0.2%
Atwood Oceanics, Inc.#		22,200		424,242
North Atlantic Drilling, Ltd.#		154,300		134,087
Parker Drilling Co.†		56,300		189,731
				748,060
Oil Companies - Exploration & Production — 4.0%
Approach Resources, Inc.†#		54,300		139,008
Bill Barrett Corp.†#		330,100		1,805,647
Cobalt International Energy, Inc.†		231,859		1,857,191
Diamondback Energy, Inc.†		59,500		4,063,255
Gastar Exploration, Inc.†#		68,000		112,200
Halcon Resources Corp.†#		376,000		432,400
Jones Energy, Inc., Class A†#		42,100		249,653
Laredo Petroleum, Inc.†#		269,113		2,742,261
Oasis Petroleum, Inc.†#		259,950		2,901,042
Penn Virginia Corp.†#		154,700		190,281
Rex Energy Corp.†#		166,700		575,115
RSP Permian, Inc.†		138,550		3,316,887
SandRidge Energy, Inc.†#		89,200		47,553
Stone Energy Corp.†		13,120		74,390
Unit Corp.†		48,400		735,680
W&T Offshore, Inc.#		50,300		179,571
				19,422,134
Oil Field Machinery & Equipment — 1.1%
Dril-Quip, Inc.†		44,930		3,097,474
Forum Energy Technologies, Inc.†		157,250		2,471,970
				5,569,444
Oil Refining & Marketing — 0.1%
Adams Resources & Energy, Inc.		800		36,488
Alon USA Energy, Inc.		16,700		309,618
				346,106
Oil-Field Services — 0.8%
Gulfmark Offshore, Inc., Class A#		38,700		349,461
Helix Energy Solutions Group, Inc.†		134,640		935,748
Key Energy Services, Inc.†		464,500		330,352
Pioneer Energy Services Corp.†		238,440		789,237
SEACOR Holdings, Inc.†		22,000		1,419,220
				3,824,018
Paper & Related Products — 0.5%
Domtar Corp.		23,040		926,438
P.H. Glatfelter Co.		3,100		55,986

75

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products (continued)
Schweitzer-Mauduit International, Inc.		39,800	$	1,406,134
				2,388,558
Poultry — 0.0%
Sanderson Farms, Inc.#		1,000		69,040
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†		18,416		446,956
Precious Metals — 0.0%
Coeur Mining, Inc.†#		48,900		164,304
Printing - Commercial — 0.2%
Ennis, Inc.		15,200		248,216
Quad/Graphics, Inc.		52,700		760,988
				1,009,204
Publishing - Books — 0.1%
Houghton Mifflin Harcourt Co.†		16,300		368,054
Publishing - Periodicals — 0.2%
Time, Inc.		39,800		826,646
Racetracks — 0.0%
Speedway Motorsports, Inc.		7,400		143,190
Radio — 0.1%
Entercom Communications Corp., Class A†		32,940		362,999
Saga Communications, Inc., Class A		1,666		58,160
Townsquare Media, Inc.†		4,600		52,854
				474,013
Real Estate Investment Trusts — 13.1%
American Assets Trust, Inc.		4,200		161,784
Anworth Mtg. Asset Corp.		433,040		2,178,191
Apartment Investment & Management Co., Class A		35,779		1,289,117
Ashford Hospitality Prime, Inc.		28,792		398,193
Ashford Hospitality Trust, Inc.		119,380		924,001
Capstead Mtg. Corp.		197,700		2,060,034
CBL & Associates Properties, Inc.		76,440		1,137,427
Cedar Realty Trust, Inc.		50,000		313,000
Chambers Street Properties		88,200		597,114
Chesapeake Lodging Trust		103,516		2,992,648
CoreSite Realty Corp.		52,500		2,556,225
CubeSmart		100,060		2,530,517
CyrusOne, Inc.		8,000		253,280
CYS Investments, Inc.		369,100		2,882,671
DCT Industrial Trust, Inc.		86,860		2,789,075
DiamondRock Hospitality Co.		58,034		682,480
DuPont Fabros Technology, Inc.		12,600		336,798
Education Realty Trust, Inc.		15,966		467,006
EPR Properties		13,700		697,193
Equity Commonwealth†		95,500		2,453,395
FelCor Lodging Trust, Inc.		129,300		1,043,451
First Industrial Realty Trust, Inc.		22,918		444,380
First Potomac Realty Trust		88,800		933,288
Franklin Street Properties Corp.		29,500		307,095
Getty Realty Corp.		26,400		416,064
Gladstone Commercial Corp.		13,300		191,520
Government Properties Income Trust#		62,400		988,416
Highwoods Properties, Inc.		10,600		402,164
Home Properties, Inc.		12,000		890,520
Hospitality Properties Trust		28,940		744,337
Ladder Capital Corp., Class A		163,500		2,547,330
LaSalle Hotel Properties		14,478		455,478
LTC Properties, Inc.		17,920		730,957
Mack-Cali Realty Corp.		163,890		3,069,660
Mid-America Apartment Communities, Inc.		2,577		202,526
New Residential Investment Corp.		213,000		3,016,080

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Parkway Properties, Inc.		249,000	$	3,944,160
Pebblebrook Hotel Trust		23,400		890,604
Pennsylvania Real Estate Investment Trust		54,580		1,082,867
PennyMac Mortgage Investment Trust		235,950		3,555,766
Potlatch Corp.		55,500		1,832,610
PS Business Parks, Inc.		6,500		474,240
QTS Realty Trust, Inc., Class A		5,700		229,083
RAIT Financial Trust		172,000		892,680
Redwood Trust, Inc.		267,130		3,897,427
Saul Centers, Inc.		2,200		108,548
Strategic Hotels & Resorts, Inc.†		13,800		186,162
Sunstone Hotel Investors, Inc.		79,508		1,099,596
Taubman Centers, Inc.		2,500		172,475
Urstadt Biddle Properties, Inc., Class A		14,200		254,606
Washington Real Estate Investment Trust#		44,500		1,094,700
WP GLIMCHER, Inc.		1,053		12,752
				63,811,691
Real Estate Operations & Development — 0.7%
Alexander & Baldwin, Inc.		37,300		1,261,859
Forestar Group, Inc.†		84,800		1,096,464
St. Joe Co.†#		65,500		1,142,975
				3,501,298
Recreational Centers — 0.1%
Steiner Leisure, Ltd.†		7,000		445,690
Recreational Vehicles — 0.0%
MCBC Holdings, Inc.†		11,300		168,370
Resorts/Theme Parks — 1.2%
SeaWorld Entertainment, Inc.#		226,400		4,029,920
Six Flags Entertainment Corp.		36,000		1,618,920
				5,648,840
Respiratory Products — 0.1%
Inogen, Inc.†		7,300		359,817
Retail - Apparel/Shoe — 2.6%
Abercrombie & Fitch Co., Class A#		84,500		1,678,170
Ascena Retail Group, Inc.†		237,490		2,866,504
Children’s Place, Inc.		49,400		2,960,048
DSW, Inc., Class A		142,890		4,242,404
Guess?, Inc.#		39,800		879,978
				12,627,104
Retail - Discount — 0.4%
Big Lots, Inc.		42,973		2,062,274
Ollie’s Bargain Outlet Holdings, Inc.†		3,900		69,771
				2,132,045
Retail - Hair Salons — 0.3%
Regis Corp.†		125,100		1,356,084
Retail - Home Furnishings — 0.5%
Pier 1 Imports, Inc.#		261,000		2,656,980
Retail - Leisure Products — 0.0%
Party City Holdco, Inc.†#		6,100		103,334
Retail - Pawn Shops — 0.2%
Cash America International, Inc.		28,500		786,600
Retail - Regional Department Stores — 0.4%
Dillard’s, Inc., Class A		22,640		2,094,426
Retail - Restaurants — 0.5%
Bob Evans Farms, Inc.		21,800		985,142
Bojangles’, Inc.†#		1,700		35,394
Dave & Buster’s Entertainment, Inc.†		10,600		365,064

76

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Fogo De Chao, Inc.†		2,200	$	42,284
Jack in the Box, Inc.		3,400		265,812
Ruby Tuesday, Inc.†		11,600		76,328
Ruth’s Hospitality Group, Inc.		49,672		798,726
				2,568,750
Retail - Toy Stores — 0.1%
Build-A-Bear Workshop, Inc.†		14,700		288,120
Rubber - Tires — 0.7%
Cooper Tire & Rubber Co.		84,400		3,257,840
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		13,958		199,041
Satellite Telecom — 0.1%
Intelsat SA†#		25,300		244,651
Savings & Loans/Thrifts — 1.1%
BankFinancial Corp.		4,400		54,120
Beneficial Bancorp, Inc.†		51,858		645,114
Brookline Bancorp, Inc.		13,700		144,535
Charter Financial Corp.		49,900		626,245
Flushing Financial Corp.		27,900		556,605
Fox Chase Bancorp, Inc.		4,900		84,574
Northfield Bancorp, Inc.		112,800		1,688,616
OceanFirst Financial Corp.		10,220		188,252
Oritani Financial Corp.		11,200		168,896
Sterling Bancorp		24,320		341,210
Territorial Bancorp, Inc.		2,900		75,284
United Financial Bancorp, Inc.		17,600		220,880
Waterstone Financial, Inc.		4,700		60,536
WSFS Financial Corp.		13,874		381,951
				5,236,818
Schools — 0.2%
K12, Inc.†		73,800		975,636
Security Services — 0.1%
Ascent Capital Group, Inc., Class A†		12,400		348,192
Semiconductor Components - Integrated Circuits — 0.3%
Cypress Semiconductor Corp.		151,922		1,519,220
Pericom Semiconductor Corp.		14,200		172,956
				1,692,176
Semiconductor Equipment — 0.4%
Cohu, Inc.		60,609		587,907
Ultra Clean Holdings, Inc.†		61,700		418,943
Xcerra Corp.†		128,700		805,662
				1,812,512
Steel Pipe & Tube — 0.1%
Mueller Water Products, Inc., Class A		53,640		480,078
Steel - Producers — 0.5%
Schnitzer Steel Industries, Inc., Class A		66,300		1,147,653
Worthington Industries, Inc.		42,540		1,088,599
				2,236,252
Telecom Equipment - Fiber Optics — 0.0%
Harmonic, Inc.†		22,200		128,094
Telecom Services — 0.4%
EarthLink Holdings Corp.		113,200		949,748
FairPoint Communications, Inc.†		14,000		229,040
Vonage Holdings Corp.†		158,300		878,565
West Corp.		3,368		81,977
				2,139,330

Security Description	Shares		Value (Note 2)
Telecommunication Equipment — 0.2%
Comtech Telecommunications Corp.		27,400	$	731,032
Telephone - Integrated — 0.3%
Cincinnati Bell, Inc.†		385,600		1,322,608
Windstream Holdings, Inc.#		16,400		117,916
				1,440,524
Textile - Apparel — 0.1%
Unifi, Inc.†		21,400		621,242
Therapeutics — 0.1%
Agios Pharmaceuticals, Inc.†#		3,700		319,680
Cara Therapeutics, Inc.†		7,600		144,096
Zafgen, Inc.†#		2,700		98,604
				562,380
Tobacco — 0.5%
Universal Corp.#		47,700		2,347,317
Transport - Air Freight — 0.3%
Atlas Air Worldwide Holdings, Inc.†		38,100		1,573,911
Transport - Equipment & Leasing — 0.1%
AMERCO		800		299,648
Transport - Marine — 0.0%
Frontline, Ltd.†#		38,800		103,208
Transport - Services — 0.4%
Matson, Inc.		47,500		1,789,800
Transport - Truck — 1.1%
ArcBest Corp.		39,220		1,132,673
Landstar System, Inc.		47,550		3,147,810
P.A.M. Transportation Services, Inc.†		9,082		350,838
USA Truck, Inc.†		29,200		576,700
				5,208,021
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		25,600		649,472
Water — 0.3%
American States Water Co.		29,400		1,109,850
California Water Service Group		20,260		417,964
				1,527,814
Web Hosting/Design — 0.6%
Endurance International Group Holdings, Inc.†#		180,000		2,752,200
Web Portals/ISP — 0.2%
Blucora, Inc.†		67,600		943,696
Wire & Cable Products — 0.1%
General Cable Corp.		34,100		496,155
Wireless Equipment — 0.4%
InterDigital, Inc.		40,300		1,993,640
Total Long-Term Investment Securities
(cost $452,987,986)				474,663,999
SHORT-TERM INVESTMENT SECURITIES — 9.8%
Registered Investment Companies — 9.8%
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(3) (cost $47,599,278)		47,599,278		47,599,278

77

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 08/31/2015, to be repurchased 09/01/2015 in the amount $10,426,000 collateralized by $10,425,000 of United States Treasury Notes, bearing interest at 2.00% due 06/30/2020 and having an approximate value of $10,641,996 (cost $10,426,000)	$	10,426,000		$	10,426,000
TOTAL INVESTMENTS
(cost $511,013,264)(2)		109.3	%		532,689,277
Liabilities in excess of other assets		(9.3	)		(45,532,363	)
NET ASSETS		100.0	%	$	487,156,914

† Non-income producing security

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $47,113,505. This was secured by collateral of $47,599,278, which was received in cash and subsequently invested in short-term investments currently valued at $47,599,278 as reported in the Portfolio of Investments.

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

(3) The rate shown is the 7-day yield as of August 31, 2015.

ADR—American Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of August 31, 2015		Unrealized Appreciation (Depreciation)
	65	Long	Russell 2000 E-Mini Index		September 2015	$	7,982,840	$	7,523,750	$	(459,090	)

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	474,663,999	$	—	$	—	$	474,663,999
Short-Term Investment Securities		47,599,278		—		—		47,599,278
Repurchase Agreements		—		10,426,000		—		10,426,000
Total Investments at Value	$	522,263,277	$	10,426,000	$	—	$	532,689,277
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	459,090	$	—	$	—	$	459,090

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

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

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

See Notes to Financial Statements

78

VALIC Company II Socially Responsible Fund

PORTFOLIO PROFILE — August 31, 2015 — (unaudited)

Industry Allocation*

Medical — Drugs	5.8	%
Web Portals/ISP	3.7
Medical — Biomedical/Gene	3.6
Real Estate Investment Trusts	3.3
Banks — Super Regional	3.2
Applications Software	3.0
U.S. Government Treasuries	2.5
Retail — Restaurants	2.5
Multimedia	2.4
Electronic Components — Semiconductors	2.4
Cosmetics & Toiletries	2.1
Repurchase Agreements	2.1
Commercial Services — Finance	2.1
Finance — Credit Card	2.0
Electric — Integrated	2.0
Beverages — Non-alcoholic	1.9
Food — Misc./Diversified	1.9
Medical — HMO	1.8
Insurance — Multi-line	1.8
Insurance — Reinsurance	1.7
Diversified Manufacturing Operations	1.7
Retail — Building Products	1.7
Pipelines	1.7
Cable/Satellite TV	1.7
E-Commerce/Products	1.5
Retail — Drug Store	1.5
Oil Companies — Exploration & Production	1.4
Retail — Discount	1.2
Internet Content — Entertainment	1.1
Medical — Generic Drugs	1.1
Networking Products	1.1
Semiconductor Components — Integrated Circuits	1.0
Enterprise Software/Service	1.0
Banks — Fiduciary	1.0
Transport — Services	1.0
Computers — Memory Devices	0.9
Medical — Wholesale Drug Distribution	0.9
Oil — Field Services	0.9
Investment Management/Advisor Services	0.9
Transport — Rail	0.8
Oil Refining & Marketing	0.8
Insurance — Life/Health	0.8
Gas — Distribution	0.8
Diagnostic Equipment	0.7
Chemicals — Diversified	0.7
E-Commerce/Services	0.7
Diversified Banking Institutions	0.7
Auto/Truck Parts & Equipment — Original	0.7
Banks — Commercial	0.7
Auto — Cars/Light Trucks	0.7
Computer Services	0.6
Food — Retail	0.6
Finance — Other Services	0.5
Telephone — Integrated	0.5
Chemicals — Specialty	0.5
Machinery — Construction & Mining	0.5
Registered Investment Companies	0.5
Consumer Products — Misc.	0.5
Data Processing/Management	0.5
Medical Products	0.5
Athletic Footwear	0.5
Electronic Components — Misc.	0.5
Pharmacy Services	0.5
Electric Products — Misc.	0.4
Industrial Gases	0.4
Oil Companies — Integrated	0.4
Instruments — Scientific	0.4
Non-Hazardous Waste Disposal	0.4
Computers	0.4

Retail — Major Department Stores	0.4
Machinery — Farming	0.3
Food — Wholesale/Distribution	0.3
Auto — Heavy Duty Trucks	0.3
Advertising Agencies	0.3
Insurance — Property/Casualty	0.3
Semiconductor Equipment	0.3
Finance — Investment Banker/Broker	0.3
Steel — Producers	0.3
Office Automation & Equipment	0.2
Electronic Forms	0.2
Agricultural Chemicals	0.2
Agricultural Operations	0.2
Retail — Regional Department Stores	0.2
Retail — Apparel/Shoe	0.2
Industrial Automated/Robotic	0.2
Oil Field Machinery & Equipment	0.2
Airlines	0.2
Tools — Hand Held	0.2
Medical — Hospitals	0.2
Television	0.2
Medical Instruments	0.2
Paper & Related Products	0.2
Engines — Internal Combustion	0.2
Coatings/Paint	0.2
Hotels/Motels	0.2
Apparel Manufacturers	0.1
Advertising Services	0.1
Distribution/Wholesale	0.1
Machinery — General Industrial	0.1
Internet Security	0.1
Home Decoration Products	0.1
Oil & Gas Drilling	0.1
Motorcycle/Motor Scooter	0.1
Appliances	0.1
Entertainment Software	0.1
Insurance Brokers	0.1
Medical Information Systems	0.1
Savings & Loans/Thrifts	0.1
Telecom Services	0.1
Cruise Lines	0.1
Retail — Office Supplies	0.1
Wireless Equipment	0.1
Electronic Measurement Instruments	0.1
Telecommunication Equipment	0.1
	100.4	%

* Calculated as a percentage of net assets

79

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.3%
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc.		12,204	$	230,411
Omnicom Group, Inc.		26,872		1,799,887
				2,030,298
Advertising Services — 0.1%
Nielsen Holdings PLC		22,844		1,033,234
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		11,405		654,419
Mosaic Co.		24,573		1,003,315
				1,657,734
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		35,463		1,595,480
Airlines — 0.2%
Delta Air Lines, Inc.		28,016		1,226,540
Southwest Airlines Co.		4,938		181,225
				1,407,765
Apparel Manufacturers — 0.1%
VF Corp.		14,829		1,074,064
Appliances — 0.1%
Whirlpool Corp.		4,351		731,403
Applications Software — 3.0%
Citrix Systems, Inc.†		3,558		242,336
Intuit, Inc.		19,219		1,648,029
Microsoft Corp.		397,894		17,316,347
Red Hat, Inc.†		1,310		94,595
Salesforce.com, Inc.†		30,739		2,132,057
				21,433,364
Athletic Footwear — 0.5%
NIKE, Inc., Class B		30,354		3,392,059
Audio/Video Products — 0.0%
Harman International Industries, Inc.		2,132		208,382
Auto - Cars/Light Trucks — 0.7%
Ford Motor Co.		341,193		4,732,347
Auto - Heavy Duty Trucks — 0.3%
PACCAR, Inc.		36,270		2,138,842
Auto/Truck Parts & Equipment - Original — 0.7%
BorgWarner, Inc.		18,620		812,577
Delphi Automotive PLC		29,597		2,235,165
Johnson Controls, Inc.		43,570		1,792,470
				4,840,212
Banks - Commercial — 0.7%
BB&T Corp.		65,206		2,407,406
M&T Bank Corp.		13,947		1,649,093
Regions Financial Corp.		74,610		715,510
				4,772,009
Banks - Fiduciary — 1.0%
Bank of New York Mellon Corp.		116,409		4,633,078
Northern Trust Corp.		18,835		1,315,436
State Street Corp.		17,379		1,249,898
				7,198,412
Banks - Super Regional — 3.2%
Capital One Financial Corp.		36,905		2,869,364
Comerica, Inc.		30,552		1,344,288
Fifth Third Bancorp		155,600		3,099,552
Huntington Bancshares, Inc.		42,795		466,894
KeyCorp		51,718		710,605

Security Description	Shares		Value (Note 2)
Banks - Super Regional (continued)
PNC Financial Services Group, Inc.		56,667	$	5,163,497
SunTrust Banks, Inc.		46,114		1,861,622
US Bancorp		189,458		8,023,546
				23,539,368
Beverages - Non-alcoholic — 1.9%
Coca-Cola Enterprises, Inc.		17,913		922,340
Dr Pepper Snapple Group, Inc.		15,893		1,219,470
Monster Beverage Corp.†		5,396		747,130
PepsiCo, Inc.		118,909		11,050,214
				13,939,154
Building Products - Cement — 0.0%
Vulcan Materials Co.		1,917		179,470
Building Products - Wood — 0.0%
Masco Corp.		12,078		316,806
Cable/Satellite TV — 1.7%
Comcast Corp., Class A		148,713		8,377,003
Time Warner Cable, Inc.		19,487		3,624,972
				12,001,975
Chemicals - Diversified — 0.7%
Eastman Chemical Co.		19,559		1,417,245
LyondellBasell Industries NV, Class A		17,200		1,468,536
PPG Industries, Inc.		23,186		2,209,394
				5,095,175
Chemicals - Specialty — 0.5%
Ecolab, Inc.		22,148		2,417,233
International Flavors & Fragrances, Inc.		8,059		882,863
Sigma-Aldrich Corp.		3,139		437,608
				3,737,704
Coatings/Paint — 0.2%
Sherwin-Williams Co.		4,657		1,191,307
Coffee — 0.0%
Keurig Green Mountain, Inc.		4,570		258,662
Commercial Services - Finance — 2.1%
Automatic Data Processing, Inc.		44,099		3,409,735
H&R Block, Inc.		2,355		80,117
MasterCard, Inc., Class A		57,145		5,278,484
McGraw Hill Financial, Inc.		16,048		1,556,495
Moody’s Corp.		9,373		958,952
PayPal Holdings, Inc.†		63,362		2,217,670
Western Union Co.#		88,478		1,631,534
				15,132,987
Computer Aided Design — 0.0%
Autodesk, Inc.†		4,946		231,226
Computer Services — 0.6%
Accenture PLC, Class A		28,857		2,720,349
Cognizant Technology Solutions Corp., Class A†		24,122		1,518,239
Teradata Corp.†		3,325		97,190
				4,335,778
Computer Software — 0.0%
Akamai Technologies, Inc.†		3,402		242,597
Computers — 0.4%
Hewlett-Packard Co.		106,712		2,994,339
Computers - Memory Devices — 0.9%
EMC Corp.		153,484		3,817,147
NetApp, Inc.		7,026		224,551
SanDisk Corp.		9,401		512,919

80

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Memory Devices (continued)
Seagate Technology PLC#		19,573	$	1,006,052
Western Digital Corp.		13,380		1,096,625
				6,657,294
Consumer Products - Misc. — 0.5%
Kimberly-Clark Corp.		33,770		3,597,518
Cosmetics & Toiletries — 2.1%
Colgate-Palmolive Co.		90,365		5,675,826
Procter & Gamble Co.		140,267		9,912,669
				15,588,495
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd.		5,489		483,910
Data Processing/Management — 0.5%
Fidelity National Information Services, Inc.		27,919		1,928,086
Fiserv, Inc.†		16,641		1,418,978
Paychex, Inc.		4,220		188,465
				3,535,529
Diagnostic Equipment — 0.7%
Danaher Corp.		61,390		5,342,158
Dialysis Centers — 0.0%
DaVita HealthCare Partners, Inc.†		3,620		273,817
Distribution/Wholesale — 0.1%
Fastenal Co.#		15,084		581,337
WW Grainger, Inc.		1,982		442,858
				1,024,195
Diversified Banking Institutions — 0.7%
Goldman Sachs Group, Inc.		25,999		4,903,411
Diversified Manufacturing Operations — 1.7%
3M Co.		47,331		6,727,629
Eaton Corp. PLC		41,717		2,380,372
Illinois Tool Works, Inc.		26,621		2,250,273
Parker-Hannifin Corp.		7,312		787,210
Pentair PLC		7,249		400,797
				12,546,281
E-Commerce/Products — 1.5%
Amazon.com, Inc.†		18,318		9,395,119
eBay, Inc.†		63,362		1,717,744
				11,112,863
E-Commerce/Services — 0.7%
Expedia, Inc.		2,780		319,672
Netflix, Inc.†		15,407		1,772,267
Priceline Group, Inc.†		2,304		2,876,867
				4,968,806
Electric Products - Misc. — 0.4%
AMETEK, Inc.		3,247		174,754
Emerson Electric Co.		64,491		3,077,510
				3,252,264
Electric - Integrated — 2.0%
AES Corp.		49,232		590,784
CMS Energy Corp.		58,662		1,922,940
Consolidated Edison, Inc.		93,693		5,894,227
Eversource Energy		74,663		3,527,080
Pepco Holdings, Inc.		8,769		201,512
TECO Energy, Inc.		20,371		429,217
WEC Energy Group, Inc.		38,347		1,827,234
				14,392,994

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. — 0.5%
Corning, Inc.		75,556	$	1,300,319
Garmin, Ltd.#		15,409		579,532
TE Connectivity, Ltd.		23,655		1,402,505
				3,282,356
Electronic Components - Semiconductors — 2.4%
Altera Corp.		14,621		709,849
Avago Technologies, Ltd.		14,259		1,796,206
Broadcom Corp., Class A		31,476		1,626,365
Intel Corp.		270,103		7,708,740
Microchip Technology, Inc.#		7,483		318,027
Micron Technology, Inc.†		39,222		643,633
NVIDIA Corp.		14,931		335,649
Texas Instruments, Inc.		86,464		4,136,438
				17,274,907
Electronic Forms — 0.2%
Adobe Systems, Inc.†		21,188		1,664,741
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		10,958		397,885
Engines - Internal Combustion — 0.2%
Cummins, Inc.		10,180		1,239,415
Enterprise Software/Service — 1.0%
CA, Inc.		27,903		761,473
Oracle Corp.		178,768		6,630,505
				7,391,978
Entertainment Software — 0.1%
Electronic Arts, Inc.†		10,628		703,042
Finance - Credit Card — 2.0%
Alliance Data Systems Corp.†		3,988		1,025,674
American Express Co.		57,742		4,429,966
Discover Financial Services		32,069		1,723,067
Visa, Inc., Class A		104,863		7,476,732
				14,655,439
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		62,836		1,908,958
Finance - Other Services — 0.5%
CME Group, Inc.		24,376		2,302,069
Intercontinental Exchange, Inc.		6,614		1,510,704
				3,812,773
Food - Misc./Diversified — 1.9%
Campbell Soup Co.#		1,778		85,326
ConAgra Foods, Inc.		12,812		534,004
General Mills, Inc.		81,087		4,602,498
Kellogg Co.		9,848		652,726
Kraft Heinz Co.		38,883		2,825,239
Mondelez International, Inc., Class A		120,559		5,106,879
				13,806,672
Food - Retail — 0.6%
Kroger Co.		105,180		3,628,710
Whole Foods Market, Inc.		13,342		437,084
				4,065,794
Food - Wholesale/Distribution — 0.3%
Sysco Corp.		59,026		2,353,367
Gas - Distribution — 0.8%
AGL Resources, Inc.		27,053		1,649,962
CenterPoint Energy, Inc.		22,382		416,753
NiSource, Inc.		36,845		618,628

81

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gas - Distribution (continued)
Sempra Energy		30,985	$	2,938,927
				5,624,270
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.		22,192		934,949
Hotels/Motels — 0.2%
Marriott International, Inc., Class A		6,919		488,897
Starwood Hotels & Resorts Worldwide, Inc.		8,905		636,440
				1,125,337
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		13,285		1,485,662
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.		19,598		2,734,509
Airgas, Inc.		5,209		502,773
				3,237,282
Instruments - Scientific — 0.4%
Thermo Fisher Scientific, Inc.		24,913		3,123,343
Insurance Brokers — 0.1%
Aon PLC		1,065		99,513
Marsh & McLennan Cos., Inc.		10,268		551,700
				651,213
Insurance - Life/Health — 0.8%
Aflac, Inc.		35,412		2,075,143
Principal Financial Group, Inc.		11,542		581,140
Prudential Financial, Inc.		36,920		2,979,444
				5,635,727
Insurance - Multi-line — 1.8%
ACE, Ltd.		27,968		2,857,211
Allstate Corp.		37,523		2,186,840
Cincinnati Financial Corp.		6,024		315,236
Hartford Financial Services Group, Inc.		20,221		929,155
Loews Corp.		55,265		2,014,409
MetLife, Inc.		84,849		4,250,935
XL Group PLC		4,633		172,765
				12,726,551
Insurance - Property/Casualty — 0.3%
Travelers Cos., Inc.		20,300		2,020,865
Insurance - Reinsurance — 1.7%
Berkshire Hathaway, Inc., Class B†		93,802		12,573,220
Internet Content - Entertainment — 1.1%
Facebook, Inc., Class A†		92,128		8,239,007
Internet Security — 0.1%
Symantec Corp.		45,635		935,061
Investment Management/Advisor Services — 0.9%
Ameriprise Financial, Inc.		12,211		1,375,813
BlackRock, Inc.		9,792		2,961,786
Franklin Resources, Inc.		20,511		832,337
Invesco, Ltd.		13,676		466,488
T. Rowe Price Group, Inc.		7,505		539,460
				6,175,884
Machinery - Construction & Mining — 0.5%
Caterpillar, Inc.		47,630		3,640,837
Machinery - Farming — 0.3%
Deere & Co.		30,086		2,460,433
Machinery - General Industrial — 0.1%
Roper Technologies, Inc.		6,157		997,988

Security Description	Shares		Value (Note 2)
Medical Information Systems — 0.1%
Cerner Corp.†		9,543	$	589,376
Medical Instruments — 0.2%
Boston Scientific Corp.†		9,723		162,763
Edwards Lifesciences Corp.†		2,108		296,975
Intuitive Surgical, Inc.†		889		454,235
St. Jude Medical, Inc.		6,253		442,775
				1,356,748
Medical Products — 0.5%
Baxter International, Inc.		31,938		1,228,016
Becton Dickinson and Co.		7,289		1,027,895
Stryker Corp.		12,524		1,235,492
				3,491,403
Medical - Biomedical/Gene — 3.6%
Alexion Pharmaceuticals, Inc.†		8,732		1,503,563
Amgen, Inc.		44,423		6,742,523
Biogen, Inc.†		10,724		3,188,245
Celgene Corp.†		37,522		4,430,598
Gilead Sciences, Inc.		68,865		7,235,646
Regeneron Pharmaceuticals, Inc.†		3,452		1,772,602
Vertex Pharmaceuticals, Inc.†		9,364		1,194,097
				26,067,274
Medical - Drugs — 5.8%
Abbott Laboratories		138,952		6,293,136
AbbVie, Inc.		171,651		10,712,739
Baxalta, Inc.		31,938		1,122,621
Bristol-Myers Squibb Co.		88,683		5,273,978
Endo International PLC†		6,372		490,644
Johnson & Johnson		176,549		16,592,075
Zoetis, Inc.		33,254		1,492,107
				41,977,300
Medical - Generic Drugs — 1.1%
Allergan PLC†		21,366		6,489,709
Mylan NV†		12,336		611,742
Perrigo Co. PLC		5,566		1,018,411
				8,119,862
Medical - HMO — 1.8%
Aetna, Inc.		14,848		1,700,393
Anthem, Inc.		10,810		1,524,751
Cigna Corp.		11,462		1,613,735
Humana, Inc.		7,755		1,417,536
UnitedHealth Group, Inc.		58,632		6,783,722
				13,040,137
Medical - Hospitals — 0.2%
HCA Holdings, Inc.†		16,244		1,407,055
Medical - Wholesale Drug Distribution — 0.9%
AmerisourceBergen Corp.		20,567		2,057,523
Cardinal Health, Inc.		20,920		1,721,088
McKesson Corp.		12,746		2,518,355
				6,296,966
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		13,181		738,795
Multimedia — 2.4%
Time Warner, Inc.		49,528		3,521,441
Twenty-First Century Fox, Inc., Class A		90,223		2,471,208
Viacom, Inc., Class B		32,225		1,313,813
Walt Disney Co.		100,359		10,224,575
				17,531,037

82

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 1.1%
Cisco Systems, Inc.		305,307	$	7,901,345
Non-Hazardous Waste Disposal — 0.4%
Republic Services, Inc.		42,928		1,759,189
Waste Management, Inc.		25,579		1,280,485
				3,039,674
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc.		13,968		276,706
Xerox Corp.		140,125		1,425,071
				1,701,777
Oil & Gas Drilling — 0.1%
Ensco PLC, Class A		48,960		886,666
Oil Companies - Exploration & Production — 1.4%
Anadarko Petroleum Corp.		28,974		2,073,959
Apache Corp.		38,248		1,730,340
Cabot Oil & Gas Corp.		11,446		270,927
Chesapeake Energy Corp.#		35,208		274,974
Devon Energy Corp.		34,331		1,464,560
EOG Resources, Inc.		30,897		2,419,544
EQT Corp.		7,872		612,599
Noble Energy, Inc.		7,726		258,126
Pioneer Natural Resources Co.		6,458		794,721
				9,899,750
Oil Companies - Integrated — 0.4%
Marathon Oil Corp.		108,246		1,871,573
Murphy Oil Corp.		41,807		1,296,017
				3,167,590
Oil Field Machinery & Equipment — 0.2%
National Oilwell Varco, Inc.		33,660		1,424,828
Oil Refining & Marketing — 0.8%
Marathon Petroleum Corp.		19,530		923,964
Phillips 66		42,027		3,323,075
Valero Energy Corp.		30,306		1,798,358
				6,045,397
Oil - Field Services — 0.9%
Baker Hughes, Inc.		18,793		1,052,408
Schlumberger, Ltd.		66,857		5,172,726
				6,225,134
Paper & Related Products — 0.2%
International Paper Co.		31,337		1,351,878
Pharmacy Services — 0.5%
Express Scripts Holding Co.†		39,140		3,272,104
Pipelines — 1.7%
Columbia Pipeline Group, Inc.		36,845		934,389
Kinder Morgan, Inc.		121,187		3,927,671
ONEOK, Inc.		25,861		931,255
Spectra Energy Corp.		125,039		3,634,884
Williams Cos., Inc.		54,892		2,645,794
				12,073,993
Publishing - Newspapers — 0.0%
News Corp., Class A†		11,319		154,278
Real Estate Investment Trusts — 3.3%
American Tower Corp.		34,884		3,215,956
AvalonBay Communities, Inc.		3,894		642,744
Boston Properties, Inc.		4,161		471,774
Crown Castle International Corp.		46,061		3,841,027
Equity Residential		31,050		2,212,312

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
General Growth Properties, Inc.		19,039	$	483,210
HCP, Inc.		44,743		1,658,176
Health Care REIT, Inc.		17,455		1,105,774
Host Hotels & Resorts, Inc.		48,343		857,121
Macerich Co.		4,196		319,651
Prologis, Inc.		21,297		809,286
Public Storage		5,377		1,082,229
Simon Property Group, Inc.		26,848		4,814,383
Ventas, Inc.		10,682		587,724
Vornado Realty Trust		12,768		1,113,242
Weyerhaeuser Co.		20,390		569,697
				23,784,306
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		2,702		86,518
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		2,286		158,488
Retail - Apparel/Shoe — 0.2%
Gap, Inc.		15,872		520,760
L Brands, Inc.		11,680		979,952
				1,500,712
Retail - Automobile — 0.0%
CarMax, Inc.†		3,681		224,541
Retail - Building Products — 1.7%
Home Depot, Inc.		78,570		9,150,262
Lowe’s Cos., Inc.		44,259		3,061,395
				12,211,657
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		7,266		266,953
Retail - Discount — 1.2%
Costco Wholesale Corp.		37,184		5,207,619
Target Corp.		45,281		3,518,787
				8,726,406
Retail - Drug Store — 1.5%
CVS Health Corp.		67,391		6,900,838
Walgreens Boots Alliance, Inc.		46,192		3,997,918
				10,898,756
Retail - Jewelry — 0.0%
Tiffany & Co.		1,850		152,163
Retail - Major Department Stores — 0.4%
TJX Cos., Inc.		39,846		2,801,971
Retail - Office Supplies — 0.1%
Staples, Inc.		30,753		437,000
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.		3,340		170,440
Macy’s, Inc.		23,549		1,380,207
				1,550,647
Retail - Restaurants — 2.5%
Chipotle Mexican Grill, Inc.†		725		514,757
Darden Restaurants, Inc.		6,709		456,279
McDonald’s Corp.		108,826		10,340,646
Starbucks Corp.		78,825		4,312,516
Yum! Brands, Inc.		29,101		2,321,387
				17,945,585
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.		4,867		144,891

83

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 0.1%
People’s United Financial, Inc.		33,927	$	525,869
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.		37,420		2,090,281
QUALCOMM, Inc.		93,801		5,307,261
				7,397,542
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		64,853		1,043,160
KLA-Tencor Corp.		17,343		869,058
				1,912,218
Steel - Producers — 0.3%
Nucor Corp.		41,655		1,803,245
Telecom Services — 0.1%
Level 3 Communications, Inc.†		10,841		484,918
Telecommunication Equipment — 0.1%
Juniper Networks, Inc.		13,654		351,044
Telephone - Integrated — 0.5%
AT&T, Inc.		59,878		1,987,949
CenturyLink, Inc.		46,675		1,262,092
Frontier Communications Corp.#		110,966		562,598
				3,812,639
Television — 0.2%
CBS Corp., Class B		30,146		1,363,805
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc.		13,862		1,407,270
Toys — 0.0%
Mattel, Inc.#		13,206		309,417
Transport - Rail — 0.8%
CSX Corp.		28,533		781,233
Norfolk Southern Corp.		10,465		815,328
Union Pacific Corp.		53,201		4,561,454
				6,158,015
Transport - Services — 1.0%
FedEx Corp.		10,442		1,572,670
United Parcel Service, Inc., Class B		56,811		5,547,594
				7,120,264
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co.		4,160		325,894
Web Portals/ISP — 3.7%
Google, Inc., Class A†		14,296		9,261,235
Google, Inc., Class C†		26,767		16,548,698
Yahoo!, Inc.†		40,009		1,289,890
				27,099,823

Security Description	Shares/ Principal Amount			Value (Note 2)
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		6,303		$	408,560
Total Long-Term Investment Securities
(cost $571,067,779)					692,398,128
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Registered Investment Companies — 0.5%
State Street Navigator Securities Lending Prime Portfolio 0.21%(1)(4)		3,600,710			3,600,710
U.S. Government Treasuries — 2.5%
United States Treasury Bills
0.03% due 09/03/2015	$	5,000,000			5,000,000
0.02% due 09/10/2015(2)		3,200,000			3,199,997
0.04% due 09/17/2015		10,000,000			10,000,010
					18,200,007
Total Short-Term Investment Securities
(cost $21,800,536)					21,800,717
REPURCHASE AGREEMENTS — 2.1%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $15,260,000)		15,260,000			15,260,000
TOTAL INVESTMENTS
(cost $608,128,315)(5)		100.4	%		729,458,845
Liabilities in excess of other assets		(0.4	)		(2,998,831	)
NET ASSETS		100.0	%	$	726,460,014

† Non-income producing security

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

(1) At August 31, 2015, the Fund had loaned securities with a total value of $4,095,900. This was secured by collateral of $3,600,710 which was received in cash and subsequently invested in short-term investments currently valued at $3,600,710 as reported in the Portfolio of Investments. Additional collateral of $574,978 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2015
United States Treasury Notes/Bonds	0.12% to 8.88%	11/15/2015 to 05/15/2044	$	574,978

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

(3) See Note 2 for details of Joint Repurchase Agreements.

(4) The rate shown is the 7-day yield as of August 31, 2015.

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

Futures Contracts

Number of Contracts

Type

Description

Expiration Month

Value at Trade Date

Value as of August 31, 2015

Unrealized Appreciation (Depreciation)

344

Long

S&P 500 E-Mini Index

September 2015

35,918,122

33,870,240

$

(2,047,882

)

84

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 (unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	692,398,128	$	—	$	—	$	692,398,128
Short-Term Investment Securities:
Registered Investment Companies		3,600,710		—		—		3,600,710
U.S. Government Treasuries		—		18,200,007		—		18,200,007
Repurchase Agreements		—		15,260,000		—		15,260,000
Total Investments at Value	$	695,998,838	$	33,460,007	$	—	$	729,458,845
LIABILITIES:
Other Financial Instruments:+
Open Futures Contracts	$	2,047,882	$	—	$	—	$	2,047,882

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

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

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

See Notes to Financial Statements

85

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited)

Industry Allocation*

United States Treasury Notes	10.0	%
Sovereign	10.0
Diversified Banking Institutions	5.9
Banks — Commercial	5.3
Registered Investment Companies	4.6
Time Deposits	3.9
Oil Companies — Exploration & Production	3.3
Federal National Mtg. Assoc.	2.7
Electric — Integrated	2.5
Telephone — Integrated	2.4
Pipelines	1.8
Medical — Drugs	1.6
Oil Companies — Integrated	1.5
Medical — Hospitals	1.3
Cellular Telecom	1.2
Real Estate Investment Trusts	1.2
Federal Home Loan Mtg. Corp.	1.2
Diversified Financial Services	1.1
Paper & Related Products	1.0
Telecom Services	0.9
Casino Hotels	0.9
United States Treasury Bonds	0.9
Cable/Satellite TV	0.9
Insurance — Multi-line	0.8
Auto — Cars/Light Trucks	0.8
Airlines	0.8
Diversified Manufacturing Operations	0.7
Printing — Commercial	0.6
Finance — Consumer Loans	0.6
Finance — Leasing Companies	0.6
Aerospace/Defense — Equipment	0.6
Banks — Money Center	0.6
Food — Retail	0.6
Publishing — Periodicals	0.6
Real Estate Operations & Development	0.6
Steel — Producers	0.5
Commercial Services — Finance	0.5
Banks — Super Regional	0.5
Insurance — Life/Health	0.5
Savings & Loans/Thrifts	0.5
Independent Power Producers	0.5
Investment Management/Advisor Services	0.5
Chemicals — Specialty	0.5
Internet Connectivity Services	0.5
Computers	0.5
Finance — Auto Loans	0.5
Oil Refining & Marketing	0.5
Distribution/Wholesale	0.4
Diversified Minerals	0.4
Containers — Metal/Glass	0.4
Aerospace/Defense	0.4
Retail — Restaurants	0.4
Publishing — Newspapers	0.4
Satellite Telecom	0.4
Finance — Other Services	0.4
Chemicals — Diversified	0.4
Electronic Components — Semiconductors	0.4
Building Products — Cement	0.4
Electric — Distribution	0.4
Disposable Medical Products	0.3
Food — Dairy Products	0.3
Auto/Truck Parts & Equipment — Original	0.3
Insurance — Mutual	0.3
Medical — Generic Drugs	0.3
Multimedia	0.3
Telecommunication Equipment	0.3
Gambling (Non-Hotel)	0.3
Municipal Bonds & Notes	0.2
Airport Development/Maintenance	0.3
Machinery — Farming	0.3

Government National Mtg. Assoc.	0.3
Medical Labs & Testing Services	0.3
Specified Purpose Acquisitions	0.3
Brewery	0.3
Agricultural Chemicals	0.3
Beverages — Wine/Spirits	0.3
Gold Mining	0.3
Wire & Cable Products	0.3
Theaters	0.3
Containers — Paper/Plastic	0.3
Retail — Appliances	0.3
Building Societies	0.3
Alternative Waste Technology	0.3
Oil & Gas Drilling	0.3
Coal	0.3
Food — Meat Products	0.3
E-Commerce/Services	0.2
Sovereign Agency	0.2
Banks — Special Purpose	0.2
Finance — Mortgage Loan/Banker	0.2
Music	0.2
Real Estate Management/Services	0.2
Finance — Commercial	0.2
Auto — Heavy Duty Trucks	0.2
Medical Products	0.2
Rental Auto/Equipment	0.2
SupraNational Banks	0.2
Food — Misc./Diversified	0.2
Metal — Iron	0.2
Finance — Credit Card	0.2
Machinery — General Industrial	0.2
Electric — Generation	0.2
Building — Residential/Commercial	0.2
Enterprise Software/Service	0.2
Batteries/Battery Systems	0.2
Insurance — Reinsurance	0.2
Retail — Computer Equipment	0.2
Retail — Regional Department Stores	0.2
Food — Wholesale/Distribution	0.2
Publishing — Books	0.2
Coatings/Paint	0.2
Banks — Fiduciary	0.2
Travel Services	0.2
Retail — Discount	0.2
Building & Construction — Misc.	0.2
Financial Guarantee Insurance	0.2
Cosmetics & Toiletries	0.2
Security Services	0.2
Dialysis Centers	0.2
Networking Products	0.2
Retail — Drug Store	0.2
Oil — Field Services	0.2
Semiconductor Components — Integrated Circuits	0.2
Petrochemicals	0.1
Transport — Rail	0.1
Cruise Lines	0.1
Broadcast Services/Program	0.1
Hotels/Motels	0.1
Food — Flour & Grain	0.1
Beverages — Non-alcoholic	0.1
Gas — Transportation	0.1
Energy — Alternate Sources	0.1
Tools — Hand Held	0.1
Electronic Components — Misc.	0.1
Medical — HMO	0.1
Advertising Services	0.1
Metal — Copper	0.1
Firearms & Ammunition	0.1
Radio	0.1

86

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE — August 31, 2015 (unaudited) — (continued)

Industry Allocation (continued)

Consumer Products — Misc.	0.1	%
Foreign Government Obligations	0.1
Steel Pipe & Tube	0.1
Building Products — Wood	0.1
Transport — Marine	0.1
Schools	0.1
Metal — Diversified	0.1
Computer Services	0.1
Steel — Specialty	0.1
Chemicals — Plastics	0.1
Building — Heavy Construction	0.1
Trucking/Leasing	0.1
Medical — Biomedical/Gene	0.1
Appliances	0.1
Retail — Major Department Stores	0.1
Machinery — Construction & Mining	0.1
Transport — Services	0.1
Finance — Investment Banker/Broker	0.1
Electric — Transmission	0.1
Tennessee Valley Authority	0.1
	103.8	%

Credit Quality†#

Aaa	18.3	%
Aa	3.7
A	13.2
Baa	18.9
Ba	15.8
B	19.9
Caa	6.1
Ca	0.1
Not Rated@	4.0
	100.0	%

† Source: Moody’s

# Calculated as a percentage of total debt issues.

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

87

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015

Security Description	Principal Amount(6)		Value (Note 2)
ASSET BACKED SECURITIES — 0.7%
Diversified Financial Services — 0.7%
American Express Credit Account Master Trust Series 2014-3, Class A 1.49% due 04/15/2020	$	100,000	$	100,684
AmeriCredit Automobile Receivables Trust Series 2013-3, Class D 3.00% due 07/08/2019		115,000		116,957
Applebee’s Funding LLC/IHOP Funding LLC Series 2014-1, Class A2 4.28% due 09/05/2044*		87,000		88,626
Asset Backed Securities Corp. Home Equity Loan Trust FRS Series 2004-HE7, Class M2 1.77% due 10/25/2034		160,452		149,912
B2R Mtg. Trust Series 2015-1,Class A1 2.52% due 05/15/2048*		108,104		106,974
BA Credit Card Trust Series 2015-A2,Class A 1.36% due 09/15/2020		134,000		133,766
CarMax Auto Owner Trust Series 2014-2, Class C 2.08% due 01/15/2020		54,000		54,124
Chase Issuance Trust FRS Series 2014-A5, Class A5 0.57% due 04/15/2021		241,000		241,070
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2 1.02% due 02/22/2019		174,000		173,920
Citigroup Commercial Mtg. Trust Series 2014-GC19, Class A2 2.79% due 03/10/2047(1)		226,000		231,224
Citigroup Commercial Mtg. Trust Series 2014-GC23, Class A2 2.85% due 07/10/2047(1)		172,000		176,118
Citigroup Commercial Mtg. Trust Series 2013-GC17, Class A2 2.96% due 11/10/2046(1)		619,000		637,015
Commercial Mtg. Trust Series 2014-UBS2, Class A2 2.82% due 03/10/2047(1)		298,000		305,159
Commercial Mtg. Trust Series 2015-DC1, Class A2 2.87% due 02/10/2048(1)		80,000		82,079
Core Industrial Trust Series 2015-1, Class A 3.04% due 02/10/2034*(1)		207,000		207,486
Countrywide Home Loan Mtg. Pass Through Trust Series 2005-6, Class 1A11 5.25% due 02/25/2026(2)		121,177		122,397
DB Master Finance LLC Series 2015-1A, Class A2II 3.98% due 02/20/2045*		67,660		67,703
Dell Equipment Finance Trust Series 2015-1,Class A3 1.30% due 03/23/2020*		134,000		133,491
First Franklin Mtg. Loan Trust FRS Series 2006-FF15, Class A5 0.36% due 11/25/2036		181,513		158,526
Ford Credit Auto Owner Trust Series 2014-C,Class B 1.97% due 04/15/2020		119,000		120,041
Ford Credit Auto Owner Trust Series 2015-2, Class A 2.44% due 01/15/2027*		120,000		120,843
Ford Credit Floorplan Master Owner Trust Series 2014-4, Class A1 1.40% due 08/15/2019		171,000		170,869

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Financial Services (continued)
GS Mtg. Securities Trust Series 2015-GC28, Class A2 2.90% due 02/10/2048(1)	$	75,000	$	76,796
JPMBB Commercial Mtg. Securities Trust Series 2013-C15, Class A2 2.98% due 11/15/2045(1)		365,000		375,554
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class A2 3.10% due 12/15/2047(1)		229,000		236,653
Nissan Auto Lease Trust Series 2014-A, Class A4 1.04% due 10/15/2019		295,000		295,117
Santander Drive Auto Receivables Trust Series 2014-5, Class C 2.46% due 06/15/2020		242,000		243,348
Sierra Timeshare Receivables Funding LLC Series 2014-2A, Class A 2.05% due 06/20/2031*		56,572		56,935
Sierra Timeshare Receivables Funding LLC Series 2015-2A, Class A 2.43% due 06/20/2032*		92,894		93,051
Wells Fargo Commercial Mtg. Trust Series BH3-C26, Class A2 2.66% due 02/15/2048(1)		200,000		202,880
Wendys Funding LLC Series 2015-1A, Class A2I 3.37% due 06/15/2045*		110,000		109,676
Wendys Funding LLC Series 2015-1A, Class A23 4.50% due 06/15/2045*		110,000		109,373
WF-RBS Commercial Mtg. Trust Series 2014-C21, Class A2 2.92% due 08/15/2047(1)		234,000		240,346
Total Asset Backed Securities
(cost $5,749,317)				5,738,713
U.S. CORPORATE BONDS & NOTES — 42.1%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		358,000		356,364
Advertising Services — 0.1%
Visant Corp. Company Guar. Notes 10.00% due 10/01/2017		1,145,000		933,175
Aerospace/Defense — 0.2%
BAE Systems Holdings, Inc. Company Guar. Notes 3.80% due 10/07/2024*		876,000		879,944
BAE Systems Holdings, Inc. Company Guar. Notes 4.75% due 10/07/2044*		134,000		132,198
Boeing Co. Senior Notes 0.95% due 05/15/2018		588,000		578,854
				1,590,996
Aerospace/Defense - Equipment — 0.6%
Harris Corp. Senior Notes 3.83% due 04/27/2025		161,000		155,721
Harris Corp. Senior Notes 4.85% due 04/27/2035		587,000		562,350

88

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense - Equipment (continued)
Harris Corp. Senior Notes 5.05% due 04/27/2045	$	556,000	$	527,153
Moog, Inc. Company Guar. Notes 5.25% due 12/01/2022*		1,488,000		1,502,880
Orbital ATK, Inc. Company Guar. Notes 5.25% due 10/01/2021		1,750,000		1,785,000
				4,533,104
Airlines — 0.5%
Allegiant Travel Co. Company Guar. Notes 5.50% due 07/15/2019		1,288,000		1,310,540
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class A-1 7.20% due 07/02/2020		26,974		27,379
Atlas Air, Inc. Pass Through Certs. Series 1999-1, Class B 7.63% due 07/02/2016(3)		57,228		57,800
United Airlines Pass Through Trust Pass Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		1,200,000		1,200,000
United Airlines Pass Through Trust Pass Through Certs. Series 2013-1, Class B 5.38% due 02/15/2023		1,256,211		1,287,616
				3,883,335
Alternative Waste Technology — 0.3%
ADS Waste Holdings, Inc. Company Guar. Notes 8.25% due 10/01/2020		1,899,000		1,965,465
Apparel Manufacturers — 0.0%
Quiksilver, Inc./QS Wholesale, Inc. Company Guar. Notes 10.00% due 08/01/2020(20)		1,121,000		269,040
Auto - Cars/Light Trucks — 0.4%
American Honda Finance Corp. Senior Notes 1.20% due 07/14/2017		898,000		894,782
Daimler Finance North America LLC Company Guar. Notes 2.45% due 05/18/2020*		994,000		987,070
Daimler Finance North America LLC Company Guar. Notes 2.63% due 09/15/2016*		344,000		348,923
Ford Motor Credit Co. LLC Senior Notes 1.50% due 01/17/2017		479,000		476,704
Toyota Motor Credit Corp. Senior Notes 1.55% due 07/13/2018		402,000		400,301
				3,107,780
Auto - Heavy Duty Trucks — 0.2%
JB Poindexter & Co., Inc. Senior Notes 9.00% due 04/01/2022*		1,675,000		1,817,375

Security Description	Principal Amount(6)		Value (Note 2)
Auto/Truck Parts & Equipment - Original — 0.2%
Affinia Group, Inc. Company Guar. Notes 7.75% due 05/01/2021	$	1,100,000	$	1,166,000
Omega US Sub LLC Senior Notes 8.75% due 07/15/2023*		834,000		763,110
				1,929,110
Banks - Commercial — 0.5%
Discover Bank Senior Notes 3.10% due 06/04/2020		268,000		267,566
First Tennessee Bank NA Senior Notes 2.95% due 12/01/2019		674,000		676,399
KeyBank NA Senior Notes 2.25% due 03/16/2020		783,000		775,265
PNC Bank NA Senior Notes 1.13% due 01/27/2017		792,000		789,023
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		937,000		1,171,055
Woori Bank Senior Note 4.75% due 04/30/2024		550,000		564,882
				4,244,190
Banks - Fiduciary — 0.1%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		842,000		849,956
Banks - Money Center — 0.0%
Comerica Bank Sub. Notes 4.00% due 07/27/2025		41,000		41,199
Banks - Super Regional — 0.3%
Bank of America NA Senior Notes 1.65% due 03/26/2018		503,000		500,548
Wells Fargo & Co. Senior Notes 1.40% due 09/08/2017		898,000		896,731
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026		372,000		373,815
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		518,000		526,616
				2,297,710
Batteries/Battery Systems — 0.2%
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		1,628,000		1,571,020
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 1.38% due 07/15/2017		1,644,000		1,648,465
Broadcast Services/Program — 0.1%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 6.50% due 11/15/2022		1,113,000		1,124,687

89

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building & Construction - Misc. — 0.2%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023	$	1,466,000	$	1,363,380
Building Products - Cement — 0.3%
Cemex Finance LLC Senior Sec. Notes 6.00% due 04/01/2024*#		1,674,000		1,590,300
Vulcan Materials Co. Senior Notes 4.50% due 04/01/2025		563,000		553,147
				2,143,447
Building Products - Wood — 0.1%
Masco Corp. Senior Notes 4.45% due 04/01/2025		789,000		788,913
Cable/Satellite TV — 0.6%
Cable One, Inc. Company Guar. Notes 5.75% due 06/15/2022*		1,191,000		1,202,910
CCO Safari II LLC Senior Sec. Notes 4.91% due 07/23/2025*		1,273,000		1,260,899
CCO Safari II LLC Senior Sec. Notes 6.38% due 10/23/2035*		328,000		334,129
CCO Safari II LLC Senior Sec. Notes 6.48% due 10/23/2045*		320,000		325,519
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		1,000,000		883,130
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		643,000		585,934
				4,592,521
Casino Hotels — 0.9%
Boyd Gaming Corp. Company Guar. Notes 6.88% due 05/15/2023		898,000		922,695
Caesars Entertainment Resort Properties LLC Senior Sec. Notes 8.00% due 10/01/2020(5)		1,361,000		1,343,988
Caesars Entertainment Resort Properties LLC Sec. Notes 11.00% due 10/01/2021#(5)		2,054,000		1,907,652
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 07/01/2019*		1,103,000		1,133,333
Golden Nugget Escrow, Inc. Senior Notes 8.50% due 12/01/2021*		1,441,000		1,480,627
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC Company Guar. Notes 5.88% due 05/15/2021*		600,000		595,500
				7,383,795
Cellular Telecom — 1.1%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		3,317,000		3,067,197

Security Description	Principal Amount(6)		Value (Note 2)
Cellular Telecom (continued)
Sprint Corp. Company Guar. Notes 7.25% due 09/15/2021	$	1,806,000	$	1,756,335
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		2,323,000		2,167,649
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		600,000		613,200
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024		1,050,000		1,078,875
				8,683,256
Chemicals - Diversified — 0.2%
Eco Services Operations LLC/Eco Finance Corp. Senior Notes 8.50% due 11/01/2022*		1,485,000		1,418,175
Chemicals - Specialty — 0.4%
Chemtura Corp. Company Guar. Notes 5.75% due 07/15/2021		1,565,000		1,568,912
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		319,000		399,102
Tronox Finance LLC Company Guar. Notes 7.50% due 03/15/2022*		1,584,000		1,275,120
				3,243,134
Coal — 0.2%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.38% due 02/01/2020*		1,349,000		1,224,218
Coatings/Paint — 0.2%
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		991,000		958,622
Sherwin-Williams Co. Senior Notes 4.55% due 08/01/2045		260,000		265,675
Valspar Corp. Senior Notes 3.95% due 01/15/2026		255,000		256,964
				1,481,261
Commercial Services - Finance — 0.5%
Global Cash Access, Inc. Senior Notes 10.00% due 01/15/2022*		1,481,000		1,399,545
Harland Clarke Holdings Corp. Senior Sec. Notes 6.88% due 03/01/2020*		946,000		872,685
Harland Clarke Holdings Corp. Senior Notes 9.25% due 03/01/2021*#		2,099,000		1,747,417
				4,019,647
Computer Services — 0.1%
Compiler Finance Sub, Inc. Senior Notes 7.00% due 05/01/2021*		713,000		481,275
Leidos, Inc. Company Guar. Notes 7.13% due 07/01/2032#		175,000		183,265	��
				664,540

90

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers — 0.5%
Apple, Inc. Senior Notes 2.85% due 05/06/2021	$	874,000	$	889,552
Apple, Inc. Senior Notes 3.45% due 02/09/2045		147,000		124,421
Dell, Inc. Senior Notes 4.63% due 04/01/2021#		618,000		604,095
Dell, Inc. Senior Notes 7.10% due 04/15/2028		705,000		705,000
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/2041		1,358,000		1,360,856
				3,683,924
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 1.85% due 03/01/2020		224,000		221,379
Containers - Metal/Glass — 0.4%
Ball Corp. Company Guar. Notes 5.00% due 03/15/2022		507,000		514,605
Crown Cork & Seal Co., Inc. Senior Notes 7.38% due 12/15/2026		2,457,000		2,721,127
				3,235,732
Containers - Paper/Plastic — 0.3%
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. Company Guar. Notes 10.13% due 07/15/2020*		1,406,000		1,223,220
Graphic Packaging International, Inc. Company Guar. Notes 4.88% due 11/15/2022		773,000		776,865
				2,000,085
Cosmetics & Toiletries — 0.2%
Colgate-Palmolive Co. FRS Senior Notes 0.21% due 05/14/2019	EUR	500,000		561,493
First Quality Finance Co., Inc. Senior Notes 4.63% due 05/15/2021*		822,000		772,680
				1,334,173
Data Processing/Management — 0.0%
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023#*		350,000		354,375
Decision Support Software — 0.0%
MSCI, Inc. Company Guar. Notes 5.75% due 08/15/2025*		373,000		380,460
Dialysis Centers — 0.2%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		1,325,000		1,319,203

Security Description	Principal Amount(6)		Value (Note 2)
Disposable Medical Products — 0.2%
Sterigenics-Nordion Holdings LLC Senior Notes 6.50% due 05/15/2023*	$	1,861,000	$	1,898,183
Distribution/Wholesale — 0.4%
H&E Equipment Services, Inc. Company Guar. Notes 7.00% due 09/01/2022#		1,786,000		1,777,070
LKQ Corp. Company Guar. Notes 4.75% due 05/15/2023		1,828,000		1,752,595
				3,529,665
Diversified Banking Institutions — 2.4%
Bank of America Corp. Senior Notes 2.50% due 07/27/2020	EUR	355,000		425,286
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		755,000		760,099
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		603,000		583,725
Bank of America Corp. Sub. Notes 4.25% due 10/22/2026		788,000		775,754
Bank of America Corp. Senior Notes 7.00% due 07/31/2028	GBP	200,000		411,706
Bank of America Corp. Sub. Notes 7.25% due 10/15/2025		49,000		59,797
Citigroup, Inc. Senior Notes 1.75% due 05/01/2018		1,330,000		1,317,648
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		244,000		235,770
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		675,000		678,825
Citigroup, Inc. Senior Notes 5.15% due 05/21/2026	GBP	60,000		106,120
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		344,000		391,148
Goldman Sachs Group, Inc. Senior Notes 2.55% due 10/23/2019		917,000		919,115
Goldman Sachs Group, Inc. Senior Notes 3.63% due 01/22/2023		713,000		716,748
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		421,000		416,185
Goldman Sachs Group, Inc. Senior Notes 6.13% due 02/15/2033		736,000		875,646
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		1,176,000		1,403,016
JPMorgan Chase & Co. Senior Notes 2.20% due 10/22/2019		1,020,000		1,011,745

91

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.25% due 09/23/2022	$	471,000	$	467,841
JPMorgan Chase & Co. Sub. Notes 4.13% due 12/15/2026		791,000		785,894
JPMorgan Chase & Co. Sub. Notes 4.95% due 06/01/2045		340,000		340,444
Merrill Lynch & Co., Inc. Sub. Notes 6.11% due 01/29/2037		748,000		849,418
Morgan Stanley Senior Notes 1.88% due 01/05/2018		701,000		701,076
Morgan Stanley Senior Notes 2.80% due 06/16/2020		368,000		369,323
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		975,000		978,696
Morgan Stanley Senior Notes 4.75% due 03/22/2017		1,722,000		1,806,638
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		629,000		662,200
Morgan Stanley Senior Notes 6.50% due 12/28/2018	EUR	500,000		665,942
				18,715,805
Diversified Financial Services — 0.4%
General Electric Capital Corp. Company Guar. Notes 1.25% due 05/15/2017		1,879,000		1,880,896
General Electric Capital Corp. Company Guar. Notes 4.88% due 09/18/2037	GBP	183,000		310,673
USAA Capital Corp. Senior Notes 2.13% due 06/03/2019*		721,000		721,068
				2,912,637
Diversified Manufacturing Operations — 0.5%
3M Co. FRS Senior Notes 0.21% due 05/15/2020	EUR	1,000,000		1,116,746
General Electric Co. Senior Notes 2.70% due 10/09/2022		644,000		629,647
Ingersoll-Rand Global Holding Co., Ltd. Company Guar. Notes 5.75% due 06/15/2043		802,000		877,592
Textron, Inc. Senior Notes 4.63% due 09/21/2016		630,000		650,236
Trinity Industries, Inc. Company Guar. Notes 4.55% due 10/01/2024		503,000		472,400
				3,746,621

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Operations — 0.0%
MUFG Americas Holdings Corp. Senior Notes 1.63% due 02/09/2018	$	332,000	$	330,984
E-Commerce/Services — 0.1%
Netflix, Inc. Senior Notes 5.38% due 02/01/2021		1,094,000		1,129,555
Electric - Generation — 0.2%
NRG REMA LLC Pass Through Certs. 9.24% due 07/02/2017		156,705		163,365
Terraform Global Operating LLC Company Guar. Notes 9.75% due 08/15/2022*		1,189,000		1,114,687
				1,278,052
Electric - Integrated — 1.7%
AES Corp. Senior Notes 4.88% due 05/15/2023		1,425,000		1,325,250
AES Corp. Senior Notes 5.50% due 03/15/2024		1,805,000		1,723,775
Arizona Public Service Co. Senior Notes 2.20% due 01/15/2020		352,000		351,693
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		901,000		964,620
Entergy Arkansas, Inc. 1st Mtg. Bonds 4.95% due 12/15/2044		544,000		545,847
Entergy Louisiana LLC 1st Mtg. Bonds 4.95% due 01/15/2045		491,000		495,372
Exelon Corp. Senior Notes 4.95% due 06/15/2035		278,000		280,002
Exelon Corp. Senior Notes 5.10% due 06/15/2045		285,000		284,030
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		477,000		477,956
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		543,000		649,933
Georgia Power Co. Senior Notes 3.00% due 04/15/2016		153,000		154,987
Mirant Mid Atlantic LLC Pass Through Trust Pass Through Certs. 9.13% due 06/30/2017		99,675		103,662
Mirant Mid Atlantic LLC Pass Through Trust Pass Through Certs. 10.06% due 12/30/2028		1,861,877		1,922,388
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		356,000		364,249
Southern California Edison Co. 1st Mtg. Bonds 1.13% due 05/01/2017		895,000		891,161

92

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Southern Co. Senior Notes 1.30% due 08/15/2017	$	769,000	$	763,006
Talen Energy Supply LLC Senior Notes 6.50% due 06/01/2025#*		1,600,000		1,484,000
Trans-Allegheny Interstate Line Co. Senior Notes 3.85% due 06/01/2025*		388,000		386,384
				13,168,315
Electronic Components - Misc. — 0.1%
Corning, Inc. Senior Notes 1.50% due 05/08/2018		392,000		390,375
Corning, Inc. Senior Notes 2.90% due 05/15/2022		392,000		390,358
				780,733
Electronic Components - Semiconductors — 0.4%
Intel Corp. Senior Notes 1.35% due 12/15/2017		1,403,000		1,400,956
Micron Technology, Inc. Senior Notes 5.63% due 01/15/2026*		1,500,000		1,361,250
				2,762,206
Electronics - Military — 0.0%
L-3 Communications Corp. Company Guar. Notes 3.95% due 05/28/2024		172,000		164,330
Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC Company Guar. Notes 5.88% due 02/01/2023*		1,039,000		987,050
Enterprise Software/Service — 0.2%
Infor US, Inc. Senior Sec. Notes 5.75% due 08/15/2020*		1,028,000		1,030,570
Oracle Corp. Senior Notes 3.90% due 05/15/2035		587,000		552,379
				1,582,949
Finance - Auto Loans — 0.5%
Ally Financial, Inc. Senior Notes 5.13% due 09/30/2024		1,724,000		1,741,240
Credit Acceptance Corp. Company Guar. Notes 7.38% due 03/15/2023*		1,850,000		1,896,250
				3,637,490
Finance - Commercial — 0.2%
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 6.88% due 04/15/2022*		1,403,000		1,317,417
Jefferies Finance LLC/JFIN Co-Issuer Corp. Senior Notes 7.38% due 04/01/2020*		513,000		501,560
				1,818,977

Security Description	Principal Amount(6)		Value (Note 2)
Finance - Consumer Loans — 0.6%
Enova International, Inc. Company Guar. Notes 9.75% due 06/01/2021#	$	2,643,000	$	2,193,690
OneMain Financial Holdings, Inc. Company Guar. Notes 6.75% due 12/15/2019*		1,898,000		1,983,410
Synchrony Financial Senior Notes 4.25% due 08/15/2024		698,000		687,278
				4,864,378
Finance - Credit Card — 0.2%
American Express Credit Corp. Senior Notes 1.55% due 09/22/2017		371,000		370,423
American Express Credit Corp. Senior Notes 2.38% due 05/26/2020		645,000		640,295
Discover Financial Services Senior Notes 3.75% due 03/04/2025		719,000		682,396
				1,693,114
Finance - Investment Banker/Broker — 0.1%
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		97,000		10,117
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(10)		111,000		11
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(10)		143,000		15
TD Ameritrade Holding Corp. Senior Notes 2.95% due 04/01/2022		460,000		457,072
				467,215
Finance - Mortgage Loan/Banker — 0.2%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		1,925,000		1,876,875
Finance - Other Services — 0.3%
National Rural Utilities Cooperative Finance Corp. Senior Notes 0.95% due 04/24/2017		327,000		325,972
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 1.10% due 01/27/2017		1,285,000		1,286,341
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.00% due 01/27/2020		656,000		643,055
				2,255,368
Firearms & Ammunition — 0.1%
FGI Operating Co. LLC/FGI Finance, Inc. Sec. Notes 7.88% due 05/01/2020		1,170,000		897,975
Food - Dairy Products — 0.1%
Dean Foods Co. Company Guar. Notes 6.50% due 03/15/2023*		900,000		909,000

93

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food - Flour & Grain — 0.1%
Post Holdings, Inc. Company Guar. Notes 7.75% due 03/15/2024*#	$	1,019,000	$	1,052,118
Food - Meat Products — 0.2%
JBS USA LLC/JBS USA Finance, Inc. Senior Notes 5.88% due 07/15/2024*		1,200,000		1,195,500
Food - Misc./Diversified — 0.2%
Darling Ingredients, Inc. Company Guar. Notes 5.38% due 01/15/2022		1,535,000		1,515,813
Food - Retail — 0.3%
SUPERVALU, Inc. Senior Notes 7.75% due 11/15/2022		1,949,000		2,017,215
Food - Wholesale/Distribution — 0.2%
C&S Group Enterprises LLC Senior Sec. Notes 5.38% due 07/15/2022*		1,619,000		1,497,575
Gambling (Non-Hotel) — 0.2%
Scientific Games International, Inc. Senior Sec. Notes 7.00% due 01/01/2022*		912,000		932,520
Scientific Games International, Inc. Company Guar. Notes 10.00% due 12/01/2022		892,000		818,410
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(3)(10)		271,413		2,660
				1,753,590
Gas-Distribution — 0.0%
Dominion Gas Holdings LLC Senior Notes 4.80% due 11/01/2043		312,000		310,120
Hotels/Motels — 0.1%
Interval Acquisition Corp. Company Guar. Notes 5.63% due 04/15/2023*		1,110,000		1,096,125
Independent Power Producers — 0.5%
Dynegy, Inc. Company Guar. Notes 7.38% due 11/01/2022		1,500,000		1,552,500
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/2018		1,253,000		1,204,446
NRG Energy, Inc. Company Guar. Notes 6.25% due 07/15/2022		1,262,000		1,230,450
				3,987,396
Industrial Gases — 0.0%
Airgas, Inc. Senior Notes 3.05% due 08/01/2020		202,000		202,499
Insurance - Life/Health — 0.2%
CNO Financial Group, Inc. Senior Notes 5.25% due 05/30/2025		734,000		756,938
Pacific LifeCorp Senior Notes 6.00% due 02/10/2020*		305,000		343,323

Security Description	Principal Amount(6)		Value (Note 2)
Insurance - Life/Health (continued)
Pricoa Global Funding I Senior Sec. Notes 1.35% due 08/18/2017*	$	784,000	$	782,626
				1,882,887
Insurance - Multi-line — 0.5%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		1,266,000		1,478,240
Metropolitan Life Global Funding I Sec. Notes 1.30% due 04/10/2017*		2,093,000		2,094,969
				3,573,209
Insurance - Mutual — 0.3%
Massachusetts Mutual Life Insurance Co. Sub. Notes 4.50% due 04/15/2065*		411,000		374,273
MassMutual Global Funding II Senior Sec. Notes 2.00% due 04/05/2017*		1,130,000		1,143,583
MassMutual Global Funding II Senior Sec. Notes 2.50% due 10/17/2022*		387,000		373,214
New York Life Global Funding Sec. Notes 1.65% due 05/15/2017*#		801,000		805,505
				2,696,575
Internet Connectivity Services — 0.5%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		2,046,000		1,979,505
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.00% due 04/01/2023*		1,813,000		1,810,643
				3,790,148
Investment Management/Advisor Services — 0.4%
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Senior Notes 5.00% due 08/01/2021*		1,645,000		1,607,987
National Financial Partners Corp. Senior Notes 9.00% due 07/15/2021*		1,821,000		1,784,580
				3,392,567
Machinery - Farming — 0.3%
John Deere Capital Corp. Senior Notes 1.13% due 06/12/2017		1,055,000		1,053,478
John Deere Capital Corp. Senior Notes 1.55% due 12/15/2017		1,193,000		1,198,836
				2,252,314
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 7.38% due 02/01/2019		329,000		330,645
Medical Labs & Testing Services — 0.3%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022		187,000		182,929

94

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Labs & Testing Services (continued)
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025	$	605,000	$	579,436
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		310,000		282,968
Roche Holdings, Inc. Company Guar. Notes 1.35% due 09/29/2017*		1,121,000		1,122,870
				2,168,203
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.13% due 11/08/2021		422,000		416,989
Universal Hospital Services, Inc. Sec. Notes 7.63% due 08/15/2020		1,413,000		1,362,662
				1,779,651
Medical - Biomedical/Gene — 0.1%
Celgene Corp. Senior Notes 5.00% due 08/15/2045		509,000		513,629
Medical - Drugs — 0.7%
Baxalta, Inc. Senior Notes 3.60% due 06/23/2022*		518,000		517,655
Baxalta, Inc. Senior Notes 4.00% due 06/23/2025*		281,000		279,367
Endo Finance LLC Company Guar. Notes 5.75% due 01/15/2022*		1,218,000		1,245,405
Forest Laboratories, Inc. Company Guar. Notes 4.88% due 02/15/2021*		702,000		750,126
Merck & Co., Inc. Senior Notes 1.88% due 10/15/2026	EUR	900,000		1,020,102
Quintiles Transnational Corp. Company Guar. Notes 4.88% due 05/15/2023*		1,600,000		1,632,000
				5,444,655
Medical - Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 5.40% due 11/29/2043		308,000		303,824
Medical - HMO — 0.1%
UnitedHealth Group, Inc. Senior Notes 1.40% due 12/15/2017		598,000		595,266
UnitedHealth Group, Inc. Senior Notes 3.35% due 07/15/2022		362,000		370,508
				965,774
Medical - Hospitals — 1.3%
Capella Healthcare, Inc. Company Guar. Notes 9.25% due 07/01/2017		500,000		513,750
HCA, Inc. Senior Sec. Notes 4.75% due 05/01/2023		850,000		861,679

Security Description	Principal Amount(6)		Value (Note 2)
Medical - Hospitals (continued)
HCA, Inc. Company Guar. Notes 7.19% due 11/15/2015	$	400,000	$	403,896
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		2,632,000		2,579,360
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.38% due 05/15/2019		1,625,000		1,684,134
Tenet Healthcare Corp. Senior Sec. Notes 4.75% due 06/01/2020		1,899,000		1,935,793
Tenet Healthcare Corp. Senior Notes 6.75% due 06/15/2023		1,079,000		1,111,370
Tenet Healthcare Corp. Senior Notes 6.88% due 11/15/2031		958,000		886,150
				9,976,132
Metal - Copper — 0.0%
Freeport-McMoRan, Inc. Company Guar. Notes 2.30% due 11/14/2017		393,000		365,490
Multimedia — 0.3%
21st Century Fox America, Inc. Company Guar. Notes 4.75% due 09/15/2044		363,000		348,171
Time Warner, Inc. Company Guar. Notes 3.60% due 07/15/2025		1,470,000		1,422,701
Viacom, Inc. Senior Notes 4.85% due 12/15/2034		288,000		242,252
Viacom, Inc. Senior Notes 5.25% due 04/01/2044		580,000		499,679
				2,512,803
Music — 0.2%
Gibson Brands, Inc. Senior Sec. Notes 8.88% due 08/01/2018*		342,000		324,900
WMG Acquisition Corp. Senior Sec. Notes 6.00% due 01/15/2021*		745,000		759,900
WMG Acquisition Corp. Company Guar. Notes 6.75% due 04/15/2022*		817,000		780,235
				1,865,035
Networking Products — 0.2%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		1,293,000		1,302,479
Oil & Gas Drilling — 0.1%
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		609,000		538,965
Oil Companies - Exploration & Production — 2.5%
Anadarko Petroleum Corp. Senior Notes 6.45% due 09/15/2036		1,452,000		1,634,362

95

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. Company Guar. Notes 7.75% due 01/15/2021	$	1,169,000	$	623,631
Carrizo Oil & Gas, Inc. Company Guar. Notes 6.25% due 04/15/2023		1,600,000		1,440,000
Chaparral Energy, Inc. Company Guar. Notes 8.25% due 09/01/2021		635,000		288,925
Denbury Resources, Inc. Company Guar. Notes 5.50% due 05/01/2022		1,625,000		1,157,812
EP Energy LLC/Everest Acquisition Finance, Inc. Company Guar. Notes 7.75% due 09/01/2022		875,000		805,000
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/2019		1,630,000		1,173,600
Halcon Resources Corp. Sec. Notes 8.63% due 02/01/2020*#		955,000		838,012
Halcon Resources Corp. Company Guar. Notes 9.75% due 07/15/2020#		1,000,000		365,000
Hess Corp. Senior Notes 5.60% due 02/15/2041		320,000		309,158
Hess Corp. Senior Notes 7.88% due 10/01/2029		230,000		275,959
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,179,000		1,019,953
Legacy Reserves LP/Legacy Reserves Finance Corp. Company Guar. Notes 6.63% due 12/01/2021		1,147,000		802,900
Memorial Production Partners LP/Memorial Production Finance Corp. Company Guar. Notes 7.63% due 05/01/2021		760,000		509,200
Newfield Exploration Co. Senior Notes 5.38% due 01/01/2026		1,588,000		1,476,840
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024		439,000		414,732
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		370,000		329,693
Northern Oil and Gas, Inc. Senior Notes 8.00% due 06/01/2020#		1,517,000		1,152,920
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 03/15/2022		900,000		747,000
Occidental Petroleum Corp. Senior Notes 3.50% due 06/15/2025		264,000		263,646
Penn Virginia Corp. Company Guar. Notes 7.25% due 04/15/2019#		1,010,000		260,075
Rex Energy Corp. Company Guar. Notes 6.25% due 08/01/2022		1,126,000		596,780

Security Description	Principal Amount(6)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023#	$	1,372,000	$	1,029,000
SM Energy Co. Senior Notes 5.63% due 06/01/2025		899,000		797,863
Southwestern Energy Co. Senior Notes 3.30% due 01/23/2018		187,000		186,432
Southwestern Energy Co. Senior Notes 4.95% due 01/23/2025#		871,000		800,176
				19,298,669
Oil Companies - Integrated — 0.3%
Chevron Corp. Senior Notes 1.37% due 03/02/2018		748,000		745,238
Chevron Corp. Senior Notes 1.96% due 03/03/2020		412,000		407,615
ConocoPhillips Co. Company Guar. Notes 1.50% due 05/15/2018		276,000		274,561
Exxon Mobil Corp. Senior Notes 1.31% due 03/06/2018		757,000		756,557
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		517,000		542,399
				2,726,370
Oil Refining & Marketing — 0.4%
Calumet Specialty Products Partner LP/ Calumet Finance Corp. Company Guar. Notes 6.50% due 04/15/2021		1,144,000		1,081,080
Murphy Oil USA, Inc. Company Guar. Notes 6.00% due 08/15/2023		1,168,000		1,203,040
Reliance Holdings USA, Inc. Company Guar. Notes 5.40% due 02/14/2022		500,000		542,514
				2,826,634
Oil - Field Services — 0.2%
Bristow Group, Inc. Company Guar. Notes 6.25% due 10/15/2022		698,000		614,240
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.63% due 05/01/2021		236,000		217,120
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. Company Guar. Notes 6.88% due 02/15/2023		392,000		351,820
				1,183,180
Paper & Related Products — 0.7%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		805,000		860,836
Georgia-Pacific LLC Senior Notes 3.60% due 03/01/2025*		1,443,000		1,422,867
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		1,569,000		1,583,865

96

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products (continued)
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*	$	447,000	$	499,991
PH Glatfelter Co. Company Guar. Notes 5.38% due 10/15/2020		917,000		928,462
				5,296,021
Pipelines — 1.7%
Columbia Pipeline Group, Inc. Company Guar. Notes 2.45% due 06/01/2018*		144,000		144,020
Columbia Pipeline Group, Inc. Company Guar. Notes 4.50% due 06/01/2025*		692,000		660,343
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/2020		1,105,000		1,183,753
Energy Transfer Partners LP Senior Notes 4.90% due 03/15/2035		674,000		572,511
Energy Transfer Partners LP Senior Notes 5.15% due 03/15/2045		254,000		214,056
Energy Transfer Partners LP Senior Notes 6.63% due 10/15/2036		1,048,000		1,051,904
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		342,000		286,105
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		937,000		838,615
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.75% due 02/15/2021		1,000,000		940,000
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		933,000		853,695
Kinder Morgan Energy Partners LP Company Guar. Notes 4.70% due 11/01/2042		270,000		201,263
Kinder Morgan Energy Partners LP Company Guar. Notes 6.50% due 04/01/2020		959,000		1,064,976
Kinder Morgan, Inc. Company Guar. Notes 5.00% due 02/15/2021*		860,000		887,525
Rose Rock Midstream LP/Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		1,174,000		1,068,340
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 04/15/2023(5)		825,000		801,281
Sabine Pass Liquefaction LLC Senior Sec. Notes 6.25% due 03/15/2022		737,000		740,685
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 5.88% due 10/01/2020		783,000		784,958
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 6.13% due 10/15/2021		1,077,000		1,079,693

Security Description	Principal Amount(6)		Value (Note 2)
Pipelines (continued)
Williams Partners LP Senior Notes 4.00% due 09/15/2025	$	250,000	$	223,264
				13,596,987
Printing - Commercial — 0.4%
Multi-Color Corp. Company Guar. Notes 6.13% due 12/01/2022*		1,767,000		1,800,131
Quad/Graphics, Inc. Company Guar. Notes 7.00% due 05/01/2022		1,725,000		1,604,250
				3,404,381
Publishing - Newspapers — 0.4%
Lee Enterprises, Inc. Senior Sec. Notes 9.50% due 03/15/2022*		1,537,000		1,479,362
McClatchy Co. Senior Sec. Notes 9.00% due 12/15/2022#		1,681,000		1,519,204
				2,998,566
Publishing - Periodicals — 0.6%
Expo Event Transco, Inc. Senior Notes 9.00% due 06/15/2021*		2,955,000		2,969,775
Time, Inc. Company Guar. Notes 5.75% due 04/15/2022*		1,420,000		1,356,100
				4,325,875
Radio — 0.1%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 04/15/2025*		908,000		896,650
Real Estate Investment Trusts — 1.2%
Communications Sales & Leasing, Inc. Company Guar. Notes 8.25% due 10/15/2023*		670,000		609,700
Communications Sales & Leasing, Inc./CSL Capital LLC Senior Sec. Notes 6.00% due 04/15/2023*		854,000		802,760
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.88% due 06/01/2021		1,344,000		1,360,800
DuPont Fabros Technology LP Company Guar. Notes 5.63% due 06/15/2023		1,400,000		1,379,000
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		1,601,000		1,552,970
iStar Financial, Inc. Senior Notes 5.00% due 07/01/2019		1,526,000		1,480,220
Omega Healthcare Investors, Inc. Company Guar. Notes 4.50% due 04/01/2027*		788,000		757,965
Omega Healthcare Investors, Inc. Company Guar. Notes 4.95% due 04/01/2024		676,000		696,342
RHP Hotel Properties LP/RHP Finance Corp. Company Guar. Notes 5.00% due 04/15/2023*		835,000		826,650
				9,466,407

97

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Management/Services — 0.2%
American Campus Communities Operating Partnership LP Company Guar. Notes 4.13% due 07/01/2024	$	458,000	$	455,508
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		1,406,000		1,368,038
				1,823,546
Real Estate Operations & Development — 0.3%
Greystar Real Estate Partners LLC Senior Sec. Notes 8.25% due 12/01/2022*		1,903,000		1,983,878
Rental Auto/Equipment — 0.2%
United Rentals North America, Inc. Senior Sec. Notes 4.63% due 07/15/2023		825,000		811,594
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		1,000,000		965,000
				1,776,594
Retail - Appliances — 0.3%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022#		2,105,000		1,999,982
Retail - Computer Equipment — 0.2%
GameStop Corp. Company Guar. Notes 5.50% due 10/01/2019*#		1,477,000		1,525,003
Retail-Discount — 0.2%
Costco Wholesale Corp. Senior Notes 2.25% due 02/15/2022		775,000		751,939
Dollar General Corp. Company Guar. Notes 4.13% due 07/15/2017		641,000		663,000
				1,414,939
Retail - Drug Store — 0.2%
CVS Pass-Through Trust Pass Through Certs. 4.70% due 01/10/2036*		370,492		384,662
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/10/2033*		238,018		269,507
CVS Pass-Through Trust Pass Through Certs. 5.93% due 01/10/2034*		505,935		567,277
				1,221,446
Retail - Regional Department Stores — 0.2%
Bon-Ton Department Stores, Inc. Sec. Notes 8.00% due 06/15/2021		1,790,000		1,163,500
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045#		371,000		350,761
				1,514,261
Retail - Restaurants — 0.4%
Landry’s, Inc. Company Guar. Notes 9.38% due 05/01/2020*		1,300,000		1,389,375

Security Description	Principal Amount(6)		Value (Note 2)
Retail - Restaurants (continued)
PF Chang’s China Bistro, Inc. Company Guar. Notes 10.25% due 06/30/2020*#	$	1,791,000	$	1,791,000
				3,180,375
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(3)(4)(10)(16)		25,000		0
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 7.63% due 06/15/2021		729,000		797,344
Savings & Loans/Thrifts — 0.5%
Astoria Financial Corp. Senior Notes 5.00% due 06/19/2017		799,000		834,825
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		1,512,000		1,667,246
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		1,358,000		1,522,921
				4,024,992
Schools — 0.1%
President and Fellows of Harvard College Notes 3.62% due 10/01/2037		233,000		226,010
University of Pennsylvania Senior Notes 4.67% due 09/01/2112		521,000		501,123
				727,133
Specified Purpose Acquisitions — 0.3%
Opal Acquisition, Inc. Senior Notes 8.88% due 12/15/2021*		2,152,000		2,108,960
Steel Pipe & Tube — 0.1%
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		905,000		798,089
Steel - Producers — 0.4%
AK Steel Corp. Company Guar. Notes 8.38% due 04/01/2022		1,649,000		1,030,625
AK Steel Corp. Senior Sec. Notes 8.75% due 12/01/2018#		1,000,000		1,000,000
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		1,214,000		1,190,327
				3,220,952
Steel - Specialty — 0.1%
Allegheny Technologies, Inc. Senior Notes 5.95% due 01/15/2021		499,000		454,090
Telecom Services — 0.2%
Altice US Finance I Corp Senior Sec. Notes 5.38% due 07/15/2023*		1,600,000		1,584,000

98

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecommunication Equipment — 0.3%
CommScope Technologies Finance LLC Senior Sec. Notes 6.00% due 06/15/2025*	$	1,400,000	$	1,361,500
Plantronics, Inc. Company Guar. Notes 5.50% due 05/31/2023*		1,000,000		1,005,000
				2,366,500
Telephone - Integrated — 1.6%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		1,274,000		1,223,392
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		359,000		342,122
AT&T, Inc. Senior Notes 4.35% due 06/15/2045		701,000		599,508
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		881,000		809,425
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		319,000		290,774
AT&T, Inc. Senior Notes 5.80% due 02/15/2019		310,000		343,056
Century Telephone Enterprise, Inc. Senior Notes 6.88% due 01/15/2028		536,000		479,720
CenturyLink, Inc. Senior Notes 5.63% due 04/01/2025*		1,570,000		1,402,010
CenturyLink, Inc. Senior Notes 5.80% due 03/15/2022		628,000		595,815
Consolidated Communications, Inc. Company Guar. Notes 6.50% due 10/01/2022*		1,046,000		967,550
Frontier Communications Corp. Senior Notes 8.13% due 10/01/2018		510,000		550,800
Frontier Communications Corp. Senior Notes 9.25% due 07/01/2021		574,000		589,785
Verizon Communications, Inc. Senior Notes 3.00% due 11/01/2021		764,000		753,051
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		313,000		288,631
Verizon Communications, Inc. Senior Notes 4.50% due 09/15/2020		85,000		91,311
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		1,326,000		1,149,002
Verizon Communications, Inc. Senior Notes 4.75% due 02/17/2034	GBP	550,000		883,671
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046		1,436,000		1,353,272

Security Description	Principal Amount(6)		Value (Note 2)
Telephone - Integrated (continued)
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033	$	51,000	$	58,481
				12,771,376
Theaters — 0.3%
Carmike Cinemas, Inc. Sec. Notes 6.00% due 06/15/2023*		800,000		818,000
National CineMedia LLC Senior Sec. Notes 6.00% due 04/15/2022		1,177,000		1,203,482
				2,021,482
Transport - Rail — 0.0%
Union Pacific Corp. Senior Notes 3.88% due 02/01/2055		430,000		373,903
Travel Services — 0.2%
Sabre GLBL, Inc. Senior Sec. Notes 5.38% due 04/15/2023*		1,484,000		1,454,320
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.05% due 01/09/2020*		536,000		537,272
Wire & Cable Products — 0.3%
General Cable Corp. Company Guar. Notes 5.75% due 10/01/2022		2,267,000		2,028,965
Total U.S. Corporate Bonds & Notes
(cost $346,977,711)				331,118,144
FOREIGN CORPORATE BONDS & NOTES — 22.2%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 4.13% due 06/08/2022	GBP	450,000		730,437
Agricultural Chemicals — 0.3%
Consolidated Energy Finance SA Company Guar. Notes 6.75% due 10/15/2019*		2,100,000		2,073,330
Airlines — 0.3%
Air Canada Senior Sec. Notes 6.75% due 10/01/2019*		1,410,000		1,487,550
Latam Airlines Group SA Senior Notes 7.25% due 06/09/2020*		600,000		586,200
				2,073,750
Airport Development/Maintenance — 0.3%
Heathrow Funding, Ltd. Senior Sec. Notes 1.88% due 05/23/2024	EUR	1,400,000		1,617,827
Heathrow Funding, Ltd. Senior Sec. Notes 6.75% due 12/03/2028	GBP	325,000		647,865
				2,265,692
Appliances — 0.1%
Arcelik AS Senior Notes 5.00% due 04/03/2023		550,000		507,971

99

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks — 0.4%
BMW Finance NV Company Guar. Notes 2.63% due 01/17/2024	EUR	735,000	$	911,902
BMW Finance NV Company Guar. Notes 3.38% due 12/14/2018	GBP	250,000		401,621
Daimler AG Senior Notes 2.75% due 12/04/2020	GBP	100,000		155,881
Hyundai Capital Services, Inc. Senior Notes 4.38% due 07/27/2016*		950,000		975,784
Volkswagen International Finance NV Company Guar. Notes 2.38% due 03/22/2017*		413,000		419,319
				2,864,507
Auto/Truck Parts & Equipment - Original — 0.1%
Tenedora Nemak SA de CV Senior Notes 5.50% due 02/28/2023#*		400,000		399,000
Tupy Overseas SA Company Guar. Notes 6.63% due 07/17/2024#		450,000		425,812
				824,812
Banks - Commercial — 4.5%
Abbey National Treasury Services PLC Company Guar. Notes 1.13% due 01/14/2022	EUR	950,000		1,044,705
Abbey National Treasury Services PLC Company Guar. Notes 1.38% due 03/13/2017		71,000		70,943
Abbey National Treasury Services PLC Company Guar. Notes 3.88% due 10/15/2029	GBP	150,000		239,128
ADCB Finance Cayman, Ltd. Company Guar. Notes 4.50% due 03/06/2023		500,000		508,125
ANZ New Zealand Int’l, Ltd. Company Guar. Notes 1.13% due 03/24/2016*		1,318,000		1,321,275
Banco ABC Brasil SA Senior Notes 8.50% due 03/28/2016*(10)	BRL	3,200,000		846,180
Banco de Bogota SA Sub. Notes 5.38% due 02/19/2023		500,000		501,250
Banco de Credito del Peru/Panama Senior Notes 5.38% due 09/16/2020		450,000		486,000
Bank of Ireland Senior Notes 2.75% due 06/05/2016	EUR	800,000		910,253
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 1.45% due 09/08/2017*		890,000		884,037
Banque Federative du Credit Mutuel SA Sub. Notes 5.00% due 09/30/2015	EUR	700,000		788,231
Barclays Bank PLC Senior Notes 2.13% due 02/24/2021	EUR	300,000		354,247
Barclays Bank PLC Senior Notes 2.25% due 06/10/2024	EUR	550,000		645,818

Security Description	Principal Amount(6)		Value (Note 2)
Banks - Commercial (continued)
BPCE SA Senior Notes 1.38% due 05/22/2019	EUR	600,000	$	688,664
BPCE SA Sub. Notes 4.50% due 03/15/2025*		740,000		718,089
BPCE SA Sub. Notes 4.63% due 07/18/2023	EUR	300,000		383,776
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Senior Notes 5.25% due 05/23/2041	GBP	190,000		352,053
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Senior Notes 4.55% due 08/30/2029	GBP	200,000		347,459
Credit Suisse Senior Notes 1.70% due 04/27/2018		653,000		648,632
Credit Suisse Sub. Notes 5.40% due 01/14/2020		1,418,000		1,565,566
Credit Suisse AG VRS Sub. Notes 5.75% due 09/18/2025	EUR	800,000		1,009,265
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 4.88% due 05/15/2045*		696,000		679,786
Credit Suisse New York Senior Notes 3.00% due 10/29/2021		377,000		375,190
DBS Group Holdings, Ltd. Senior Notes 2.25% due 07/16/2019*		998,000		1,000,392
Hana Bank Sub. Notes 4.38% due 09/30/2024*		235,000		239,484
HBOS PLC FRS Sub. Notes 4.50% due 03/18/2030	EUR	500,000		621,358
ICICI Bank, Ltd. Senior Notes 5.75% due 11/16/2020		350,000		389,856
ING Bank NV Senior Notes 4.00% due 03/15/2016*		585,000		594,495
ING Bank NV Senior Notes 5.38% due 04/15/2021	GBP	300,000		528,064
Intesa Sanpaolo SpA Senior Notes 2.00% due 06/18/2021	EUR	350,000		397,223
Intesa Sanpaolo SpA Senior Notes 3.50% due 01/17/2022	EUR	1,400,000		1,719,350
Intesa Sanpaolo SpA Sub. Notes 5.02% due 06/26/2024*		863,000		843,534
Kookmin Bank Senior Notes 1.63% due 07/14/2017*		1,239,000		1,233,333
Malayan Banking Bhd VRS Sub. Notes 3.25% due 09/20/2022		500,000		499,636

100

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
National Australia Bank, Ltd. Senior Notes 2.75% due 03/09/2017	$	540,000	$	552,875
National Australia Bank, Ltd. Senior Notes 2.75% due 08/08/2022	EUR	700,000		861,436
National Bank of Canada Company Guar. Notes 1.45% due 11/07/2017		1,085,000		1,080,090
Nordea Bank AB Senior Notes 2.13% due 11/13/2019	GBP	150,000		231,156
Oversea-Chinese Banking Corp., Ltd. VRS Sub. Notes 4.00% due 10/15/2024*		280,000		285,814
PKO Bank Polski SA Senior Notes 4.63% due 09/26/2022*		650,000		671,749
Rabobank Nederland Bank Guar. Notes 5.25% due 08/04/2045		308,000		315,997
Sberbank of Russia Via SB Capital SA Senior Notes 6.13% due 02/07/2022		650,000		625,073
Siam Commercial Bank PCL Senior Notes 3.50% due 04/07/2019*		200,000		204,194
Skandinaviska Enskilda Banken AB Senior Notes 1.88% due 11/14/2019	EUR	700,000		820,986
Standard Chartered Bank Sub. Notes 5.88% due 09/26/2017	EUR	850,000		1,047,936
Standard Chartered PLC Senior Notes 1.63% due 06/13/2021	EUR	900,000		1,020,454
Standard Chartered PLC Senior Notes 2.25% due 04/17/2020*		1,043,000		1,028,692
Standard Chartered PLC Senior Notes 3.20% due 04/17/2025*#		256,000		240,742
Standard Chartered PLC Sub. Notes 3.63% due 11/23/2022	EUR	800,000		918,759
Svenska Handelsbanken AB VRS Sub. Notes 2.66% due 01/15/2024	EUR	950,000		1,100,796
Svenska Handelsbanken AB Senior Notes 3.00% due 11/20/2020	GBP	375,000		595,701
Turkiye Is Bankasi Senior Notes 5.00% due 04/30/2020*		250,000		248,090
Zenith Bank PLC Senior Notes 6.25% due 04/22/2019*		450,000		407,250
				35,693,187
Banks - Money Center — 0.6%
ABN AMRO Bank NV Senior Notes 2.50% due 11/29/2023	EUR	375,000		452,763
ABN AMRO Bank NV Senior Notes 4.13% due 03/28/2022	EUR	600,000		792,637

Security Description	Principal Amount(6)		Value (Note 2)
Banks - Money Center (continued)
ABN AMRO Bank NV Sub. Notes 4.75% due 07/28/2025*	$	296,000	$	296,456
Bank of Scotland PLC Sub. Notes 6.38% due 08/16/2019	GBP	275,000		474,007
Lloyds Bank PLC Senior Notes 6.50% due 09/17/2040	GBP	230,000		490,237
Lloyds Bank PLC VRS Sub. Notes 11.88% due 12/16/2021	EUR	950,000		1,209,382
Mizuho Bank, Ltd. Company Guar. Notes 2.45% due 04/16/2019*		385,000		386,594
National Westminster Bank PLC Sub. Notes 7.88% due 09/09/2015	GBP	210,000		322,237
				4,424,313
Banks - Special Purpose — 0.2%
Bank Nederlandse Gemeenten NV Senior Notes 1.88% due 12/07/2018	GBP	350,000		545,314
Bank Nederlandse Gemeenten NV Senior Notes 2.63% due 09/01/2020	EUR	800,000		1,000,969
Burgan Finance No. 1 Jersey, Ltd. Company Guar. Notes 7.88% due 09/29/2020		350,000		352,625
				1,898,908
Beverages - Non-alcoholic — 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.38% due 11/26/2018		1,006,000		1,014,652
Beverages - Wine/Spirits — 0.3%
Diageo Capital PLC Company Guar. Notes 5.75% due 10/23/2017		823,000		894,244
Pernod Ricard SA Senior Notes 2.00% due 06/22/2020	EUR	1,000,000		1,167,508
				2,061,752
Brewery — 0.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS Senior Notes 3.38% due 11/01/2022		500,000		426,398
Building Products - Cement — 0.1%
West China Cement, Ltd. Company Guar. Notes 6.50% due 09/11/2019		480,000		471,606
Building Societies — 0.2%
Nationwide Building Society Sub. Notes 6.75% due 07/22/2020	EUR	1,100,000		1,510,214
Building - Heavy Construction — 0.1%
Alam Synergy Pte, Ltd. Company Guar. Notes 6.95% due 03/27/2020		470,000		404,200

101

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Building - Heavy Construction (continued)
Empresas ICA SAB de CV Company Guar. Notes 8.88% due 05/29/2024*	$	325,000	$	142,188
				546,388
Building - Residential/Commercial — 0.2%
Mattamy Group Corp. Senior Notes 6.50% due 11/15/2020*#		1,650,000		1,592,250
Cable/Satellite TV — 0.3%
Numericable Group SA Senior Sec. Notes 6.00% due 05/15/2022*		1,246,000		1,246,000
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH Senior Sec. Notes 5.00% due 01/15/2025*		900,000		879,750
				2,125,750
Cellular Telecom — 0.1%
Empresa Nacional de Telecomunicaciones SA Senior Notes 4.88% due 10/30/2024		700,000		692,768
Mobile Telesystems OJSC via MTS International Funding, Ltd. Senior Notes 5.00% due 05/30/2023		350,000		304,500
Mobile Telesystems OJSC via MTS International Funding, Ltd. Senior Notes 8.63% due 06/22/2020		200,000		211,394
				1,208,662
Chemicals - Diversified — 0.2%
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*		1,500,000		1,500,000
Chemicals - Plastics — 0.1%
Mexichem SAB de CV Company Guar. Notes 5.88% due 09/17/2044*		640,000		568,000
Chemicals - Specialty — 0.1%
OCP SA Senior Notes 4.50% due 10/22/2025*		600,000		564,900
Coal — 0.1%
Indo Energy Finance BV Senior Sec. Notes 7.00% due 05/07/2018		700,000		448,000
Commercial Services - Finance — 0.0%
Experian Finance PLC Company Guar. Notes 4.75% due 11/23/2018	GBP	200,000		332,964
Consumer Products - Misc. — 0.1%
Kimberly-Clark de Mexico SAB de CV Senior Notes 3.25% due 03/12/2025*		671,000		648,978
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd. Senior Notes 7.50% due 10/15/2027		65,000		75,400
Viking Cruises, Ltd. Senior Notes 6.25% due 05/15/2025*		1,100,000		1,083,500
				1,158,900

Security Description	Principal Amount(6)		Value (Note 2)
Diamonds/Precious Stones — 0.0%
Petra Diamonds US Treasury PLC Sec. Notes 8.25% due 05/31/2020*	$	200,000	$	198,500
Disposable Medical Products — 0.1%
ConvaTec Finance International SA Senior Notes 8.25% due 01/15/2019*(18)		1,100,000		1,083,500
Diversified Banking Institutions — 1.8%
BNP Paribas SA Senior Notes 2.88% due 09/26/2023	EUR	700,000		861,696
Credit Agricole SA Senior Notes 3.13% due 02/05/2026	EUR	900,000		1,126,078
Credit Agricole SA Sub. Notes 4.38% due 03/17/2025*		719,000		698,117
Credit Agricole SA Senior Notes 5.50% due 12/17/2021	GBP	400,000		712,122
Deutsche Bank AG Senior Notes 1.88% due 02/13/2018		2,160,000		2,149,416
Deutsche Bank AG Sub. Notes 4.50% due 04/01/2025		918,000		888,676
HSBC Holdings PLC Sub. Notes 4.25% due 08/18/2025		448,000		443,855
HSBC Holdings PLC Senior Notes 6.50% due 05/20/2024	GBP	250,000		474,415
Royal Bank of Scotland Group PLC Senior Notes 1.63% due 06/25/2019	EUR	1,150,000		1,294,342
Royal Bank of Scotland PLC Senior Notes 6.88% due 05/17/2025	GBP	100,000		195,571
Royal Bank of Scotland PLC VRS Sub. Notes 10.50% due 03/16/2022	EUR	1,175,000		1,493,134
Societe Generale SA Senior Notes 5.00% due 12/20/2018	GBP	395,000		664,310
UBS AG Senior Notes 1.80% due 03/26/2018		1,197,000		1,192,927
UBS AG VRS Sub. Notes 4.75% due 02/12/2026	EUR	1,000,000		1,200,785
UBS AG Sub. Notes 5.13% due 05/15/2024		453,000		453,000
UBS AG FRS Sub. Notes 5.25% due 06/21/2021	GBP	180,000		281,998
UBS AG Sub. Notes 7.63% due 08/17/2022		295,000		343,261
				14,473,703
Diversified Manufacturing Operations — 0.2%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.65% due 11/01/2044		293,000		273,623

102

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations (continued)
Siemens Financieringsmaatschappij NV Company Guar. Notes 4.40% due 05/27/2045*	$	965,000	$	965,878
				1,239,501
Diversified Minerals — 0.4%
Anglo American Capital PLC Company Guar. Notes 2.88% due 11/20/2020	EUR	700,000		779,517
Anglo American Capital PLC Company Guar. Notes 4.13% due 04/15/2021*#		367,000		342,203
Anglo American Capital PLC Company Guar. Notes 4.88% due 05/14/2025*		290,000		261,828
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 6.88% due 04/01/2022*#		1,194,000		740,280
FMG Resources August 2006 Pty, Ltd. Senior Sec. Notes 9.75% due 03/01/2022*#		554,000		506,218
Teck Resources, Ltd. Company Guar. Notes 2.50% due 02/01/2018		486,000		415,530
Volcan Cia Minera SAA Company Guar. Notes 5.38% due 02/02/2022*		460,000		415,794
				3,461,370
Diversified Operations — 0.0%
Hutchison Whampoa International 14, Ltd. Company Guar. Notes 3.63% due 10/31/2024*		300,000		294,575
Electric - Distribution — 0.1%
State Grid Overseas Investment 2014, Ltd. Company Guar. Notes 4.13% due 05/07/2024*		300,000		316,204
Vattenfall AB Senior Notes 6.88% due 04/15/2039	GBP	150,000		319,438
				635,642
Electric - Generation — 0.0%
Electricite de France SA Senior Notes 6.00% due 01/22/2114*		334,000		353,421
Electric - Integrated — 0.7%
Colbun SA Senior Notes 4.50% due 07/10/2024#		1,000,000		992,181
Empresas Publicas de Medellin ESP Senior Notes 8.38% due 02/01/2021	COP	294,000,000		100,098
Enel Finance International NV Company Guar. Notes 5.00% due 09/14/2022	EUR	1,400,000		1,933,281
Enel Finance International NV Company Guar. Notes 5.63% due 08/14/2024	GBP	175,000		310,276
GDF Suez Senior Notes 2.38% due 05/19/2026	EUR	1,100,000		1,315,173
Scottish Power UK PLC Senior Notes 8.38% due 02/20/2017	GBP	500,000		839,897

Security Description	Principal Amount(6)		Value (Note 2)
Electric - Integrated (continued)
SSE PLC Senior Notes 5.00% due 10/01/2018	GBP	150,000	$	250,060
				5,740,966
Electric - Transmission — 0.1%
National Grid Electricity Transmission PLC Senior Notes 6.50% due 07/27/2028	GBP	222,000		452,053
Electronic Components - Misc. — 0.0%
Flextronics International, Ltd. Company Guar. Notes 4.75% due 06/15/2025*		192,000		185,743
Engineering/R&D Services — 0.0%
ABB Finance BV Company Guar. Notes 2.63% due 03/26/2019	EUR	300,000		360,306
Finance - Leasing Companies — 0.6%
Aircastle, Ltd. Senior Notes 4.63% due 12/15/2018		328,000		337,020
Aircastle, Ltd. Senior Notes 5.50% due 02/15/2022		962,000		995,670
Aircastle, Ltd. Senior Notes 6.25% due 12/01/2019		1,146,000		1,243,410
Fly Leasing, Ltd. Senior Notes 6.75% due 12/15/2020		2,100,000		2,163,000
				4,739,100
Food - Meat Products — 0.1%
BRF SA Senior Notes 3.95% due 05/22/2023*		200,000		188,500
BRF SA Senior Notes 7.75% due 05/22/2018*(10)	BRL	1,000,000		234,376
				422,876
Food - Misc./Diversified — 0.0%
Nestle Finance International, Ltd. Company Guar. Notes 2.25% due 11/30/2023	GBP	135,000		204,237
Food - Retail — 0.3%
Carrefour SA Senior Notes 4.00% due 04/09/2020	EUR	700,000		893,798
Cencosud SA Company Guar. Notes 5.15% due 02/12/2025		600,000		599,567
Tesco PLC Senior Notes 5.88% due 09/12/2016	EUR	750,000		884,401
				2,377,766
Gambling (Non-Hotel) — 0.1%
International Game Technology PLC Senior Sec. Notes 6.50% due 02/15/2025*		578,000		547,655
Gas - Transportation — 0.1%
National Grid Gas PLC Senior Notes 6.00% due 06/07/2017	GBP	500,000		827,081

103

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gas - Transportation (continued)
National Grid Gas PLC Senior Notes 6.00% due 05/13/2038	GBP	90,000	$	183,976
				1,011,057
Gold Mining — 0.3%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/2020		525,000		489,562
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/2020		700,000		595,000
Goldcorp, Inc. Senior Notes 5.45% due 06/09/2044		490,000		432,513
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024		249,000		211,340
Polyus Gold International, Ltd. Company Guar. Notes 5.63% due 04/29/2020*		350,000		330,750
				2,059,165
Industrial Gases — 0.0%
Linde Finance BV Company Guar. Notes 5.88% due 04/24/2023	GBP	125,000		233,480
Insurance - Multi-line — 0.1%
XLIT, Ltd. Company Guar. Notes 4.45% due 03/31/2025		331,000		326,881
XLIT, Ltd. Company Guar. Notes 5.50% due 03/31/2045		742,000		690,201
				1,017,082
Investment Management/Advisor Services — 0.1%
China Cinda Finance 2015 I, Ltd. Company Guar. Notes 4.25% due 04/23/2025*		600,000		562,564
Machinery - Construction & Mining — 0.1%
Ferreycorp SAA Company Guar. Notes 4.88% due 04/26/2020		500,000		475,000
Machinery - General Industrial — 0.2%
Alstom SA Senior Notes 3.00% due 07/08/2019	EUR	700,000		832,955
ATS Automation Tooling Systems, Inc. Senior Notes 6.50% due 06/15/2023*		800,000		806,000
				1,638,955
Medical - Drugs — 0.9%
Bayer AG FRS Jr. Sub. Notes 2.38% due 04/02/2075	EUR	750,000		802,731
Endo Finance LLC Company Guar. Notes 6.00% due 07/15/2023*		966,000		1,004,640
Grifols Worldwide Operations, Ltd. Company Guar. Notes 5.25% due 04/01/2022		2,029,000		2,061,971

Security Description	Principal Amount(6)		Value (Note 2)
Medical - Drugs (continued)
Roche Finance Europe BV Company Guar. Notes 5.38% due 08/29/2023	GBP	225,000	$	419,784
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.63% due 12/01/2021*		568,000		577,940
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		2,120,000		2,162,400
				7,029,466
Medical - Generic Drugs — 0.3%
Actavis Funding SCS Company Guar. Notes 3.00% due 03/12/2020		654,000		651,264
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		433,000		419,049
Actavis Funding SCS Company Guar. Notes 3.85% due 06/15/2024		577,000		562,427
Perrigo Finance PLC Company Guar. Notes 3.50% due 12/15/2021		667,000		651,032
				2,283,772
Metal - Copper — 0.1%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 05/15/2022*#		769,000		536,378
Metal - Diversified — 0.1%
Glencore Finance Europe SA Company Guar. Notes 3.75% due 04/01/2026	EUR	650,000		695,030
Metal - Iron — 0.2%
OJSC Novolipetsk Steel via Steel Funding, Ltd. Senior Notes 4.45% due 02/19/2018		400,000		382,736
OJSC Novolipetsk Steel via Steel Funding, Ltd. Senior Notes 4.95% due 09/26/2019		500,000		472,500
Samarco Mineracao SA Senior Notes 4.13% due 11/01/2022*		300,000		256,875
Vale SA Senior Notes 4.38% due 03/24/2018	EUR	500,000		590,532
				1,702,643
Oil & Gas Drilling — 0.2%
Offshore Drilling Holding SA Senior Sec. Notes 8.63% due 09/20/2020(5)		450,000		355,500
Pacific Drilling SA Senior Sec. Notes 5.38% due 06/01/2020*		1,472,000		1,059,840
				1,415,340
Oil Companies - Exploration & Production — 0.8%
Anadarko Finance Co. Company Guar. Notes 7.50% due 05/01/2031		644,000		789,637
Baytex Energy Corp. Company Guar. Notes 5.13% due 06/01/2021*		1,163,000		990,876

104

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Gazprom OAO Via Gaz Capital SA Senior Notes 6.00% due 01/23/2021*	$	250,000	$	243,242
KazMunayGas National Co. JSC Senior Notes 6.38% due 04/09/2021		750,000		759,825
MEG Energy Corp. Company Guar. Notes 6.50% due 03/15/2021*		1,495,000		1,249,072
MIE Holdings Corp. Company Guar. Notes 7.50% due 04/25/2019*		660,000		376,200
Novatek OAO via Novatek Finance, Ltd. Senior Notes 6.60% due 02/03/2021		350,000		337,610
Pertamina Persero PT Senior Notes 4.88% due 05/03/2022*		600,000		581,280
Sinopec Group Overseas Development 2014, Ltd. Company Guar. Notes 4.38% due 04/10/2024*		450,000		469,314
Talisman Energy, Inc. Senior Notes 5.50% due 05/15/2042		951,000		800,477
				6,597,533
Oil Companies - Integrated — 1.1%
BP Capital Markets PLC Company Guar. Notes 1.38% due 11/06/2017		1,340,000		1,333,930
BP Capital Markets PLC Company Guar. Notes 2.97% due 02/27/2026	EUR	700,000		856,860
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		477,000		467,446
BP Capital Markets PLC Company Guar. Notes 4.33% due 12/10/2018	GBP	150,000		247,001
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021		410,000		448,961
Ecopetrol SA Senior Notes 4.13% due 01/16/2025		640,000		563,968
ENI Finance International SA Company Guar. Notes 5.00% due 01/27/2019	GBP	75,000		125,581
Pacific Rubiales Energy Corp. Company Guar. Notes 5.13% due 03/28/2023		600,000		300,000
Petrobras Global Finance BV Company Guar. Notes 5.38% due 01/27/2021		500,000		440,750
Petroleos de Venezuela SA Company Guar. Notes 5.38% due 04/12/2027		300,000		100,200
Petroleos de Venezuela SA Company Guar. Notes 8.50% due 11/02/2017		1,080,000		742,284
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		127,000		109,887

Security Description	Principal Amount(6)		Value (Note 2)
Oil Companies-Integrated (continued)
Petronas Capital, Ltd. Company Guar. Notes 3.50% due 03/18/2025	$	500,000	$	482,259
Petronas Capital, Ltd. Company Guar. Notes 5.25% due 08/12/2019		300,000		325,917
Sasol Financing International PLC Company Guar. Notes 4.50% due 11/14/2022		600,000		592,200
Shell International Finance BV Company Guar. Notes 2.13% due 05/11/2020		529,000		525,501
Total Capital International SA Company Guar. Notes 2.13% due 11/19/2021	EUR	500,000		596,156
Total Capital International SA Company Guar. Notes 2.25% due 12/17/2020	GBP	135,000		205,541
				8,464,442
Oil Refining & Marketing — 0.1%
Reliance Industries, Ltd. Senior Notes 4.13% due 01/28/2025*		250,000		243,607
Thai Oil PCL Senior Notes 3.63% due 01/23/2023*		200,000		195,776
				439,383
Paper & Related Products — 0.3%
Cascades, Inc. Senior Notes 5.75% due 07/15/2023*		1,600,000		1,548,000
Celulosa Arauco y Constitucion SA Senior Notes 4.50% due 08/01/2024		200,000		199,851
Inversiones CMPC SA Notes 4.38% due 05/15/2023		250,000		246,200
Inversiones CMPC SA Company Guar. Notes 4.50% due 04/25/2022		500,000		501,200
Klabin Finance SA Company Guar. Notes 5.25% due 07/16/2024*		200,000		188,900
				2,684,151
Petrochemicals — 0.1%
Alpek SAB de CV Company Guar. Notes 5.38% due 08/08/2023*		700,000		731,500
Braskem Finance, Ltd. Company Guar. Notes 5.75% due 04/15/2021		550,000		497,750
				1,229,250
Pipelines — 0.1%
Transportadora de Gas Internacional SA ESP Senior Notes 5.70% due 03/20/2022*		600,000		611,100
Printing - Commercial — 0.2%
Cimpress NV Company Guar. Notes 7.00% due 04/01/2022*		1,570,000		1,560,187

105

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Real Estate Operations & Development — 0.3%
China Overseas Finance Cayman VI, Ltd. Company Guar. Notes 4.25% due 05/08/2019	$	550,000	$	565,977
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.25% due 04/04/2021*		200,000		201,000
Country Garden Holdings Co., Ltd. Company Guar. Notes 7.50% due 01/10/2023*		200,000		197,000
Shimao Property Holdings, Ltd. Company Guar. Notes 6.63% due 01/14/2020		700,000		694,750
Yuzhou Properties Co., Ltd. Company Guar. Notes 8.63% due 01/24/2019		450,000		438,750
				2,097,477
Retail - Major Department Stores — 0.1%
LS Finance 2022, Ltd. Company Guar. Notes 4.25% due 10/16/2022		500,000		501,139
Satellite Telecom — 0.3%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		2,500,000		2,200,000
Security Services — 0.2%
Garda World Security Corp. Company Guar. Notes 7.25% due 11/15/2021*		1,423,000		1,330,505
Sovereign — 0.3%
Federal Republic of Germany Bonds 6.25% due 01/04/2030	EUR	1,200,000		2,275,519
Sovereign Agency — 0.2%
City of Kyiv Via Kyiv Finance PLC Senior Notes 9.38% due 07/11/2016*		780,000		530,400
Japan Bank for International Cooperation Government Guar. Notes 2.63% due 12/15/2020	GBP	375,000		596,052
				1,126,452
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA FRS Sub. Notes 6.26% due 01/15/2015*†(3)(4)(10)(17)		560,000		0
Steel-Producers — 0.1%
ArcelorMittal Senior Notes 7.00% due 02/25/2022#		1,162,000		1,159,095
Steel - Specialty — 0.0%
GTL Trade Finance, Inc. Company Guar. Notes 7.25% due 04/16/2044*		200,000		163,340
Sugar — 0.0%
Cosan Luxembourg SA Company Guar. Notes 9.50% due 03/14/2018*(10)	BRL	1,600,000		379,414
SupraNational Banks — 0.2%
European Investment Bank Senior Notes 2.63% due 03/15/2035	EUR	700,000		930,518

Security Description	Principal Amount(6)		Value (Note 2)
SupraNational Banks (continued)
European Investment Bank Senior Notes 4.63% due 10/12/2054	GBP	45,000	$	99,075
North American Development Bank Senior Notes 2.30% due 10/10/2018		711,000		723,621
				1,753,214
Telecom Services — 0.6%
Altice Financing SA Senior Sec. Notes 6.50% due 01/15/2022*		1,704,000		1,708,260
Altice SA Company Guar. Notes 7.75% due 05/15/2022*		1,582,000		1,542,450
Bharti Airtel International Netherlands BV Company Guar. Notes 5.35% due 05/20/2024		550,000		587,422
Bharti Airtel, Ltd. Senior Notes 4.38% due 06/10/2025*		450,000		448,137
Virgin Media Secured Finance PLC Senior Sec. Notes 5.25% due 01/15/2026*		850,000		824,500
				5,110,769
Telephone - Integrated — 0.6%
British Telecom PLC Senior Notes 6.63% due 06/23/2017	GBP	250,000		415,583
Empresa de Telecomunicaciones de Bogota Senior Notes 7.00% due 01/17/2023*	COP	640,000,000		192,758
Koninklijke KPN NV Senior Notes 5.75% due 09/17/2029	GBP	250,000		435,433
Oi SA Senior Notes 5.75% due 02/10/2022		600,000		432,000
Oi SA Senior Notes 9.75% due 09/15/2016*(10)	BRL	530,000		128,604
Orange SA Senior Notes 7.25% due 11/10/2020	GBP	75,000		140,751
Orange SA Senior Notes 8.00% due 12/20/2017	GBP	240,000		417,881
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		1,120,000		1,276,800
Telecom Italia SpA Senior Notes 3.25% due 01/16/2023	EUR	700,000		784,847
Telefonica Emisiones SAU Company Guar. Notes 4.69% due 11/11/2019	EUR	300,000		387,233
Telefonica Emisiones SAU Company Guar. Notes 4.75% due 02/07/2017	EUR	400,000		475,970
				5,087,860

106

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Television — 0.0%
Myriad International Holdings BV Company Guar. Notes 5.50% due 07/21/2025*	$	200,000	$	198,500
Transport - Marine — 0.1%
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		875,000		776,562
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 4.80% due 08/01/2045		231,000		232,185
Kazakhstan Temir Zholy Finance BV Company Guar. Notes 6.95% due 07/10/2042		670,000		579,215
				811,400
Transport - Services — 0.1%
Transnet SOC, Ltd. Senior Notes 4.00% due 07/26/2022*		500,000		469,000
Total Foreign Corporate Bonds & Notes
(cost $185,430,436)				173,993,459
FOREIGN GOVERNMENT OBLIGATIONS — 9.9%
Electric - Distribution — 0.1%
Hydro-Quebec Government Guar. Notes 1.38% due 06/19/2017		553,000		556,871
Foreign Government Obligations — 0.1%
Instituto de Credito Oficial Government Guar. Notes 4.88% due 02/01/2018 EUR		700,000		867,739
Sovereign — 9.6%
Commonwealth of Jamaica Senior Notes 8.00% due 06/24/2019		275,000		301,125
Commonwealth of Jamaica Senior Notes 8.00% due 03/15/2039		250,000		268,750
Dominican Republic Senior Bonds 5.50% due 01/27/2025*		1,420,000		1,405,800
Dominican Republic Senior Notes 5.88% due 04/18/2024*		390,000		395,850
Dominican Republic Senior Bonds 5.88% due 04/18/2024		495,000		502,425
Dominican Republic Senior Notes 6.60% due 01/28/2024*		309,000		325,223
Dominican Republic Senior Bonds 7.45% due 04/30/2044		600,000		636,000
Dominican Republic Senior Notes 7.50% due 05/06/2021		320,000		353,200
Dominican Republic Senior Notes 8.63% due 04/20/2027		600,000		712,500
Federal Republic of Germany Bonds 0.50% due 02/15/2025	EUR	1,125,000		1,234,798

Security Description	Principal Amount(6)		Value (Note 2)
Sovereign (continued)
Federal Republic of Germany Bonds 1.75% due 02/15/2024	EUR	1,100,000	$	1,354,581
Federal Republic of Germany Bonds 2.50% due 08/15/2046	EUR	170,000		237,847
Federative Republic of Brazil Senior Notes 4.88% due 01/22/2021		1,025,000		1,042,937
Federative Republic of Brazil Senior Notes 5.63% due 01/07/2041		417,000		371,130
Federative Republic of Brazil Senior Notes 7.13% due 01/20/2037		3,000		3,173
Federative Republic of Brazil Senior Notes 12.50% due 01/05/2016	BRL	1,200,000		326,218
Government of Canada Senior Notes 0.88% due 02/14/2017		553,000		554,367
Government of Romania Senior Notes 4.38% due 08/22/2023		1,400,000		1,459,220
Government of Romania Senior Notes 4.88% due 01/22/2024		1,100,000		1,186,625
Government of Romania Senior Notes 6.13% due 01/22/2044		590,000		688,471
Kingdom of Spain Senior Notes 5.25% due 04/06/2029	GBP	440,000		769,975
Lebanese Republic Senior Notes 4.00% due 12/31/2017		283,250		280,418
Lebanese Republic Senior Notes 5.00% due 10/12/2017		150,000		150,563
Lebanese Republic Senior Notes 6.60% due 11/27/2026		1,250,000		1,254,125
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050		1,230,000		1,126,987
Oriental Republic of Uruguay Senior Notes 7.88% due 01/15/2033		980,000		1,277,675
Plurinational State of Bolivia Senior Notes 5.95% due 08/22/2023*		340,000		351,900
Republic of Armenia Senior Notes 6.00% due 09/30/2020		1,250,000		1,191,125
Republic of Armenia Notes 7.15% due 03/26/2025*		720,000		688,464
Republic of Armenia Notes 7.15% due 03/26/2025		1,200,000		1,147,440
Republic of Costa Rica Senior Notes 7.16% due 03/12/2045 7.16% due 03/12/2045*		460,000		431,250

107

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Croatia Senior Notes 5.50% due 04/04/2023*	$	500,000	$	515,625
Republic of Croatia Senior Bonds 6.00% due 01/26/2024		600,000		640,128
Republic of Croatia Senior Notes 6.25% due 04/27/2017		1,210,000		1,270,655
Republic of El Salvador Senior Notes 5.88% due 01/30/2025		1,150,000		1,076,687
Republic of El Salvador Senior Notes 7.63% due 02/01/2041		1,120,000		1,060,080
Republic of Guatemala Senior Notes 4.88% due 02/13/2028		1,500,000		1,436,250
Republic of Hungary Senior Notes 4.00% due 03/25/2019		500,000		519,426
Republic of Hungary Senior Notes 5.75% due 11/22/2023		1,280,000		1,427,200
Republic of Hungary Senior Notes 7.63% due 03/29/2041		270,000		368,069
Republic of Indonesia Senior Notes 3.75% due 04/25/2022		400,000		383,520
Republic of Indonesia Senior Notes 5.25% due 01/17/2042		700,000		649,250
Republic of Indonesia Senior Notes 5.88% due 01/15/2024*		575,000		618,125
Republic of Indonesia Senior Notes 8.50% due 10/12/2035		560,000		721,700
Republic of Italy Senior Notes 5.25% due 12/07/2034	GBP	275,000		475,137
Republic of Italy Senior Notes 6.00% due 08/04/2028	GBP	135,000		250,852
Republic of Ivory Coast Senior Notes 5.38% due 07/23/2024		600,000		542,100
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		500,000		465,650
Republic of Kazakhstan Senior Notes 3.88% due 10/14/2024*		600,000		547,800
Republic of Kazakhstan Senior Notes 4.88% due 10/14/2044		1,420,000		1,144,861
Republic of Kazakhstan Notes 5.13% due 07/21/2025*		730,000		712,662
Republic of Kazakhstan 6.50% due 07/21/2045*		470,000		453,550
Republic of Kenya Senior Notes 6.88% due 06/24/2024*		1,370,000		1,325,064

Security Description	Principal Amount(6)		Value (Note 2)
Sovereign (continued)
Republic of Lithuania Senior Notes 5.13% due 09/14/2017	$	430,000	$	462,009
Republic of Lithuania Senior Notes 6.63% due 02/01/2022		1,000,000		1,202,626
Republic of Panama Senior Notes 6.70% due 01/26/2036		930,000		1,132,275
Republic of Paraguay Notes 6.10% due 08/11/2044*		600,000		603,000
Republic of Paraguay Notes 6.10% due 08/11/2044		1,250,000		1,256,250
Republic of Peru Senior Notes 4.13% due 08/25/2027		377,000		374,173
Republic of Peru Senior Notes 6.55% due 03/14/2037		1,000,000		1,190,000
Republic of Peru Senior Notes 7.35% due 07/21/2025		850,000		1,079,500
Republic of Peru Senior Notes 8.75% due 11/21/2033		740,000		1,078,550
Republic of Poland Senior Notes 3.00% due 03/17/2023		1,840,000		1,827,672
Republic of Poland Senior Notes 4.00% due 01/22/2024		2,300,000		2,419,609
Republic of Poland Senior Notes 5.00% due 03/23/2022		1,700,000		1,897,098
Republic of Senegal Bonds 6.25% due 07/30/2024		1,160,000		1,072,371
Republic of Serbia Senior Notes 7.25% due 09/28/2021		1,000,000		1,129,824
Republic of South Africa Senior Notes 5.38% due 07/24/2044		450,000		436,662
Republic of South Africa Senior Notes 5.88% due 09/16/2025		830,000		896,214
Republic of the Philippines Senior Notes 4.00% due 01/15/2021		1,325,000		1,429,344
Republic of the Philippines 4.20% due 01/21/2024		1,100,000		1,210,000
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		260,000		376,350
Republic of the Philippines Senior Notes 9.50% due 02/02/2030		740,000		1,202,500
Republic of Turkey Senior Notes 3.25% due 03/23/2023		1,730,000		1,575,805
Republic of Turkey Senior Notes 4.88% due 04/16/2043		580,000		509,646

108

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Turkey Senior Notes 11.88% due 01/15/2030	$	900,000	$	1,474,992
Republic of Venezuela Senior Notes 7.00% due 12/01/2018		650,000		247,650
Republic of Venezuela Senior Bonds 7.65% due 04/21/2025		55,000		19,415
Republic of Venezuela Senior Notes 9.00% due 05/07/2023		550,000		201,025
Republic of Venezuela Senior Notes 9.38% due 01/13/2034		420,000		155,190
Republic of Venezuela Senior Bonds 11.75% due 10/21/2026		820,000		339,070
Republic of Venezuela Senior Bonds 11.95% due 08/05/2031		655,000		271,170
Republic of Venezuela Senior Bonds 12.75% due 08/23/2022#		1,100,000		512,600
Republic of Zambia Notes 5.38% due 09/20/2022		390,000		311,875
Republic of Zambia Senior Notes 8.50% due 04/14/2024		1,200,000		1,097,256
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	425,000		857,202
United Mexican States Senior Notes 3.60% due 01/30/2025		1,767,000		1,731,660
United Mexican States Senior Notes 4.00% due 10/02/2023		1,780,000		1,806,700
United Mexican States Senior Bonds 4.75% due 03/08/2044		1,354,000		1,262,605
United Mexican States Senior Notes 5.63% due 01/15/2017		340,000		360,400
United Mexican States Senior Notes 6.05% due 01/11/2040		1,500,000		1,680,000
				75,324,841
Sovereign Agency — 0.1%
Republic of Mozambique Government Guar. Notes 6.31% due 09/11/2020		1,500,000		1,348,470
Total Foreign Government Obligations
(cost $82,644,780)				78,097,921
U.S. GOVERNMENT AGENCIES — 4.3%
Federal Home Loan Mtg. Corp. — 1.2%
1.89% due 02/01/2037 FRS		51,942		54,659
2.50% due 01/01/2028		346,719		355,406
2.50% due 04/01/2028		764,581		783,753
2.53% due 11/01/2037 FRS		334,358		358,651
3.00% due 04/01/2043		635,203		640,495
3.00% due 08/01/2043		862,028		866,096
3.00% due 07/01/2045		280,207		281,181
3.50% due 02/01/2042		564,683		585,207

Security Description	Principal Amount(6)		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
3.50% due 03/01/2042	$	428,446	$	445,453
3.50% due 04/01/2042		814,753		847,020
3.50% due 08/01/2042		773,688		804,873
3.50% due 09/01/2043		89,037		92,664
3.50% due 03/01/2045		981,897		1,017,673
3.50% due 07/01/2045		311,553		322,975
3.50% due 08/01/2045		379,461		394,166
4.00% due 09/01/2040		164,214		174,767
4.00% due 10/01/2043		45,710		48,540
4.50% due 02/01/2020		23,246		24,190
4.50% due 08/01/2020		13,640		14,172
4.50% due 03/01/2023		91,514		96,288
4.50% due 01/01/2039		28,300		30,654
4.50% due 12/01/2039		39,951		44,139
5.00% due 05/01/2034		126,285		139,812
5.50% due 06/01/2022		47,256		51,413
5.50% due 07/01/2035		35,643		39,825
6.00% due 03/01/2040		115,931		131,051
6.50% due 02/01/2036		17,734		20,382
Federal Home Loan Mtg. Corp. REMIC
Series 3964, Class MD 2.00% due 01/15/2041(2)		81,502		82,127
Series 3572, Class JS FRS 6.60% due 09/15/2039 (2)(7)(8)		386,747		63,431
Federal Home Loan Mtg. Corp.
Structured Agency Credit RiskFRS Series 2014-HQ1, Class M1 1.85% due 08/25/2024(2)		414,396		415,715
Series 2014-DN1, Class M2 2.40% due 02/25/2024(2)		167,000		168,099
				9,394,877
Federal National Mtg. Assoc. — 2.7%
1.91% due 09/01/2035 FRS		301,956		317,907
2.19% due 05/01/2037 FRS		87,337		92,428
2.32% due 05/01/2040 FRS		321,167		342,571
2.33% due 07/01/2039 FRS		230,754		243,612
2.40% due 06/01/2034 FRS		261,688		279,265
2.49% due 11/01/2036 FRS		150,472		161,156
2.50% due September 15 TBA		101,000		102,561
2.55% due 08/01/2035 FRS		188,731		202,345
2.97% due 10/01/2040 FRS		95,452		101,665
3.00% due 10/01/2027		417,837		434,788
3.00% due 12/01/2027		376,886		391,598
3.00% due 03/01/2042		644,268		651,018
3.00% due 12/01/2042		240,996		243,494
3.00% due 05/01/2043		508,994		513,864
3.00% due 02/01/2045		349,428		351,780
3.00% due September 15 TBA		900,000		934,253
3.00% due September 30 TBA		1,602,000		1,611,011
3.21% due 10/01/2040 FRS		189,916		202,695
3.50% due 09/01/2026		419,288		443,335
3.50% due 08/01/2027		156,065		164,706
3.50% due 10/01/2028		397,574		421,132
3.50% due 06/01/2042		334,182		347,404
3.50% due 07/01/2042		135,076		138,528
3.50% due 08/01/2042		1,225,045		1,265,127
3.50% due 09/01/2042		821,836		854,614
3.50% due September 30 TBA		257,000		266,579
4.00% due 11/01/2025		220,208		234,589
4.00% due 06/01/2039		479,540		518,694
4.00% due 09/01/2040		452,937		483,691
4.00% due 12/01/2040		60,142		64,290
4.00% due 11/01/2041		544,429		580,395
4.00% due 01/01/2042		427,993		456,919
4.00% due 10/01/2043		24,582		26,193

109

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 12/01/2043	$	427,992	$	461,907
4.00% due 10/01/2044		796,260		848,747
4.00% due 11/01/2044		268,452		286,155
4.00% due September 30 TBA		1,226,000		1,303,248
4.50% due 06/01/2019		22,440		23,370
4.50% due 01/01/2039		29,552		32,091
4.50% due 11/01/2040		114,084		124,007
4.50% due 05/01/2041		162,442		176,416
4.50% due 07/01/2041		100,315		109,069
4.50% due 03/01/2042		505,667		549,873
4.50% due September 30 TBA		1,200,000		1,300,500
5.00% due 03/15/2016		163,000		167,052
5.00% due 01/01/2023		80,294		86,736
5.00% due 04/01/2023		60,263		64,783
5.00% due 03/01/2037		16,761		18,470
5.00% due 05/01/2040		535,125		592,068
5.00% due 06/01/2040		130,567		144,321
5.00% due 07/01/2040		197,207		217,966
5.00% due September 30 TBA		200,000		220,605
5.50% due 08/01/2037		491,526		549,572
5.50% due 06/01/2038		70,360		79,474
6.00% due 02/01/2032		3,689		4,165
6.00% due 10/01/2034		145		164
6.00% due 10/01/2037		19,067		21,508
6.00% due 09/01/2038		128,476		145,387
6.00% due 11/01/2038		39,400		44,438
6.00% due 06/01/2040		33,412		37,775
6.50% due 11/01/2037		91,046		109,415
Fannie Mae Connecticut Avenue Securities FRS Series 2014-C01, Class M1 1.80% due 01/25/2024(2)		376,201		377,293
Federal National Mtg. Assoc. REMIC Series 2011-117, Class MA 2.00% due 08/25/2040(2)		184,313		184,782
				21,725,564
Government National Mtg. Assoc. — 0.3%
3.00% due 02/20/2045		388,082		394,371
3.00% due 05/20/2045		272,660		277,079
3.00% due September 30 TBA		281,000		285,133
3.50% due 03/20/2045		308,689		322,340
3.50% due 04/20/2045		446,581		466,331
3.50% due September 30 TBA		274,000		285,656
4.00% due 03/20/2044		157,038		166,779
				2,197,689
Tennessee Valley Authority — 0.1%
Tennessee Valley Authority 1.75% due 10/15/2018		395,000		401,211
Total U.S. Government Agencies
(cost $33,466,266)				33,719,341
U.S. GOVERNMENT TREASURIES — 10.9%
United States Treasury Bonds — 0.9%
3.00% due 11/15/2044		657,000		663,159
3.00% due 05/15/2045		706,000		714,163
3.13% due 11/15/2041		595,000		619,505
3.13% due 02/15/2043		1,486,000		1,536,849
3.13% due 08/15/2044		253,000		261,730
3.38% due 05/15/2044		50,000		54,220
4.50% due 02/15/2036		2,400,000		3,099,845
5.25% due 11/15/2028		67,000		88,454
				7,037,925

Security Description	Principal Amount(6)		Value (Note 2)
United States Treasury Notes — 10.0%
1.50% due 01/31/2022	$	191,000	$	186,633
0.13% due 04/15/2018 TIPS(9)		1,560,732		1,559,371
0.50% due 11/30/2016		8,000,000		7,997,184
0.50% due 01/31/2017		10,000,000		9,988,410
0.50% due 04/30/2017		8,000,000		7,979,584
0.50% due 07/31/2017		17,500,000		17,420,480
0.63% due 08/31/2017		21,759,000		21,708,563
0.75% due 01/15/2017		897,600		899,669
1.25% due 11/30/2018		2,936,000		2,942,882
1.38% due 07/31/2018		57,000		57,499
1.38% due 03/31/2020		1,737,000		1,728,225
1.38% due 04/30/2020		947,000		941,587
1.63% due 08/15/2022		191,000		187,008
1.75% due 03/31/2022		328,000		324,946
2.00% due 07/31/2022		282,000		283,377
2.00% due 02/15/2025		591,000		580,650
2.00% due 08/15/2025		937,000		920,285
2.13% due 12/31/2021		348,000		353,310
2.13% due 05/15/2025		713,000		707,401
2.38% due 08/15/2024		685,000		696,533
2.75% due 02/15/2024		650,000		682,517
3.63% due 08/15/2019		52,000		56,509
				78,202,623
Total U.S. Government Treasuries
(cost $85,051,185)				85,240,548
LOANS(11)(12) — 0.8%
Aerospace/Defense — 0.1%
Vencore Inc FRS BTL-1st Lien 10.00% due 11/23/2019		913,250		909,065
E-Commerce/Services — 0.1%
Rentpath, Inc. FRS BTL-2nd Lien 10.00% due 12/17/2022		1,202,597		1,134,950
Electric - Distribution — 0.2%
Cedar Bay Generating Co. LP FRS BTL 6.25% due 04/23/2020		1,265,622		1,270,368
Oil Companies - Exploration & Production — 0.0%
American Energy-Marcellus LLC FRS BTL-2nd Lien 8.50% due 08/04/2021		298,693		79,154
Publishing - Books — 0.2%
Cengage Learning Acquisitions, Inc. FRS BTL-1st Lien 8.25% due 03/31/2020		1,496,222		1,493,416
Semiconductor Components - Integrated Circuits — 0.2%
SunEdison Semiconductor, Ltd. FRS BTL-1st Lien 6.50% due 05/27/2019		1,159,024		1,156,127
Total Loans
(cost $6,260,917)				6,043,080

110

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Shares/ Principal Amount(6)		Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.2%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/2111	$	488,000	$	470,286
Port Authority of New York & New Jersey Revenue Bonds Series 168 4.93% due 10/01/2051		438,000		473,877
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		815,000		801,658
Total Municipal Bonds & Notes
(cost $1,736,094)				1,745,821
COMMON STOCKS — 0.0%
Power Converter/Supply Equipment — 0.0%
TPT Acquisition, Inc.†(3)(10)		14,640		0
Television — 0.0%
ION Media Networks, Inc.†(3)(10)		316		197,286
Total Common Stocks
(cost $219,603)				197,286
PREFERRED SECURITIES — 0.1%
Electric - Integrated — 0.0%
Entergy Louisiana LLC 4.70%#		14,575		341,638
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. FRS Series Z 8.38%#		5,100		25,041
Telecom Services — 0.1%
Qwest Corp. 6.13%#		28,275		704,330
Total Preferred Securities
(cost $1,149,917)				1,071,009
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.2%
Banks - Commercial — 0.3%
Danske Bank A/S FRS 5.56% due 03/13/2017(13)	GBP	150,000		232,910
Danske Bank A/S VRS 5.75% due 05/06/2020(13)	EUR	250,000		284,613
HSBC Bank Capital Funding LP FRS 5.84% due 03/30/2025(13)	GBP	350,000		585,922
Standard Chartered Bank VRS 8.10% due 05/11/2016(13)	GBP	275,000		431,482
Standard Chartered PLC VRS 6.50% due 04/02/2020*#(13)		719,000		705,128
				2,240,055
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp. FRS Series E 4.95% due 06/20/2020(13)		628,000		622,505
Banks - Super Regional — 0.2%
Capital One Financial Corp. FRS Series E 5.55% due 06/01/2020(13)		338,000		335,783
Fifth Third Bancorp FRS Series J 4.90% due 09/30/2019(13)		798,000		748,125
Wells Fargo & Co. FRS Series U 5.88% due 06/15/2025(13)		605,000		619,369

Security Description	Principal Amount(6)		Value (Note 2)
Banks - Super Regional (continued)
Wells Fargo Capital X 5.95% due 12/01/2086	$	276,000	$	277,380
				1,980,657
Building Societies — 0.1%
Nationwide Building Society VRS 6.88% due 06/20/2019(13)	GBP	315,000		482,062
Diversified Banking Institutions — 1.7%
Bank of America Corp. FRS Series AA 6.10% due 03/17/2025(13)		1,033,000		1,008,466
BNP Paribas SA VRS 7.38% due 08/19/2025*(13)		548,000		561,152
Citigroup, Inc. FRS Series N 5.80% due 11/15/2019(13)		1,011,000		1,001,830
Citigroup, Inc. FRS 5.95% due 05/15/2025(13)		1,238,000		1,183,838
Credit Agricole SA VRS 6.63% due 09/23/2019*#(13)		767,000		752,083
Credit Suisse Group AG VRS 6.25% due 12/18/2024*(13)		833,000		799,680
Credit Suisse Group AG VRS 7.50% due 12/11/2023*(13)		680,000		718,590
Deutsche Bank AG VRS 7.50% due 04/30/2025#(13)		1,600,000		1,574,000
Goldman Sachs Group, Inc. FRS Series M 5.38% due 05/10/2020(13)		355,000		347,678
HSBC Holdings PLC VRS 6.38% due 03/30/2025(13)		381,000		378,619
JPMorgan Chase & Co. FRS Series U 6.13% due 04/30/2024(13)		1,967,000		1,967,000
JPMorgan Chase & Co. FRS Series 1 7.90% due 04/30/2018(13)		484,000		508,200
Royal Bank of Scotland Group PLC VRS 8.00% due 08/10/2025(13)		245,000		250,206
Societe Generale SA VRS 6.00% due 01/27/2020*#(13)		1,111,000		1,048,560
Societe Generale SA FRS 7.00% due 12/19/2017(13)	EUR	500,000		617,183
UBS Group AG VRS 5.75% due 02/19/2022(13)	EUR	500,000		580,224
				13,297,309
Electric - Integrated — 0.1%
Dominion Resources, Inc. FRS 5.75% due 10/01/2054		462,000		476,784
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 5.86% due 11/30/2056(10)†		101,000		10
Finance-Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. FRS 4.75% due 04/30/2043		683,000		676,033
Financial Guarantee Insurance — 0.2%
Assured Guaranty Municipal Holdings, Inc. FRS 6.40% due 12/15/2066*#		1,835,000		1,353,313
Food-Dairy Products — 0.2%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,800,000		1,890,000

111

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Security Description	Principal Amount(6)			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Insurance - Life/Health — 0.3%
Prudential Financial, Inc. FRS 5.38% due 05/15/2045	$	227,000		$	224,517
Prudential Financial, Inc. FRS 5.63% due 06/15/2043		1,923,000			1,973,959
					2,198,476
Insurance - Multi-line — 0.2%
AXA SA VRS 3.88% due 10/08/2025(13)	EUR	600,000			659,488
MetLife Capital Trust IV 7.88% due 12/15/2067*		337,000			420,408
MetLife, Inc. 6.40% due 12/15/2066		755,000			829,556
					1,909,452
Insurance - Reinsurance — 0.2%
Muenchener Rueckversicherungs-Gesellschaft AG FRS 5.77% due 06/12/2017(13)	EUR	750,000			901,033
Muenchener Rueckversicherungs-Gesellschaft AG VRS 7.63% due 06/21/2028	GBP	375,000			647,208
					1,548,241
Oil Companies - Integrated — 0.1%
TOTAL SA VRS 2.25% due 02/26/2026(13)	EUR	625,000			680,935
Pipelines — 0.0%
TransCanada Trust FRS 5.63% due 05/20/2075		287,000			274,659
Telephone - Integrated — 0.2%
Orange SA VRS 4.25% due 02/07/2020(13)	EUR	700,000			823,995
Telefonica Europe BV VRS 4.20% due 12/14/2019(13)	EUR	500,000			569,913
Telefonica Europe BV VRS 6.75% due 11/26/2020(13)	GBP	200,000			322,920
					1,716,828
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. FRS 5.75% due 12/15/2053		909,000			973,767
Total Preferred Securities/Capital Securities
(cost $32,453,000)					32,321,086
Total Long-Term Investment Securities
(cost $781,139,226)					749,286,408
SHORT-TERM INVESTMENT SECURITIES — 8.5%
Registered Investment Companies — 4.6%
State Street Navigator Securities Lending Prime Portfolio 0.21%(14)(19)		35,855,363			35,855,363
Time Deposits — 3.9%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 09/01/2015		30,623,000			30,623,000
Total Short-Term Investment Securities
(cost $66,478,363)					66,478,363
TOTAL INVESTMENTS
(cost $847,617,589)(15)		103.8	%		815,764,771
Liabilities in excess of other assets		(3.8	)		(30,129,854	)
NET ASSETS		100.0	%	$	785,634,917

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2015, the aggregate value of these securities was $187,663,667 representing 23.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2.

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

(5) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

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

(7) Interest Only

(8) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at August 31, 2015.

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

(10) Illiquid security. At August 31, 2015, the aggregate value of these securities was $1,788,556 representing 0.2% of net assets.

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

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

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

(14) At August 31, 2015, the Fund had loaned securities with a total value of $35,051,653. This was secured by collateral of $35,855,363, which was received in cash and subsequently invested in short-term investments currently valued at $35,855,363 as reported in the Portfolio of Investments.

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

(16) Company has filed for Chapter 11 bankruptcy.

(17) Company has filed for bankruptcy protection in the country or issuance.

(18) “Payment-in-Kind” (PIK) security. Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(19) The rate shown is the 7-day yield as of August 31, 2015.

(20) Subsequent to August 31, 2015, security is in default of interest and company has filed for Chapter 11 bankruptcy protection.

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 and maturity date will be determined upon settlement date.

TIPS—Treasury Inflation Protected Security

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at August 31, 2015 and unless noted otherwise, the dates are the original maturity dates.

Currency Legend

BRL—Brazilian Real

COP—Columbian Peso

EUR—Euro

GBP—British Pound

112

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2015 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank N.A		EUR	31,400,000		USD	34,289,065		09/01/2015	$	–	$	(946,463	)
		EUR	23,950,000		USD	26,793,584		09/21/2015		–		(89,305	)
		EUR	27,900,000		USD	31,772,241		10/02/2015		450,569		–
		GBP	14,816,992		USD	23,103,480		09/01/2015		366,804		–
		GBP	15,088,755		USD	23,350,000		10/02/2015		200,225		–
		USD	1,967,944		EUR	1,760,000		09/01/2015		7,041		–
Net Unrealized Appreciation/(Depreciation)									$	1,024,639	$	(1,035,768	)

EUR—Euro Dollar

GBP—Pound Sterling

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2015 (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	$	—	$	5,738,713	$	—	$	5,738,713
U.S. Corporate Bonds & Notes:
Airlines		—		3,825,535		57,800		3,883,335
Gambling (Non-Hotel)		—		1,750,930		2,660		1,753,590
Rubber/Plastic Products		—		—		0		0
Other Industries		—		325,481,219		—		325,481,219
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		173,993,459		—		173,993,459
Foreign Government Obligations		—		78,097,921		—		78,097,921
U.S. Government Agencies		—		33,719,341		—		33,719,341
U.S. Government Treasuries		—		85,240,548		—		85,240,548
Loans		—		6,043,080		—		6,043,080
Municipal Bonds & Notes		—		1,745,821		—		1,745,821
Common Stocks		—		—		197,286		197,286
Preferred Securities		1,071,009		—		—		1,071,009
Preferred Securities/Capital Securities		—		32,321,086		—		32,321,086
Short-Term Investment Securities:
Registered Investment Companies		35,855,363		—		—		35,855,363
Time Deposits		—		30,623,000		—		30,623,000
Total Investments at Value	$	36,926,372	$	778,580,653	$	257,746	$	815,764,771
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	1,024,639	$	—	$	1,024,639
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	1,035,768	$	—	$	1,035,768

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

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

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

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

See Notes to Financial Statements

113

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — August 31, 2015

	AGGRESSIVE GROWTH LIFESTYLE FUND		CAPITAL APPRECIATION FUND		CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			HIGH YIELD BOND FUND
ASSETS:
Investments at value (unaffiliated)*†	$	–	$	83,112,043	$	–		$	1,126,893,193		$	466,976,573
Investments at value (affiliated)*		508,911,513		–		325,780,507			–			–
Repurchase agreements (cost approximates value)		–		–		–			–			26,536,000
Total investments		508,911,513		83,112,043		325,780,507			1,126,893,193			493,512,573
Cash		77,777		16		91,608			334			177
Foreign cash*		–		–		–			–			113,225
Due from broker		–		–		–			–			–
Receivable for:
Trust shares sold		69,015		5,049		231,154			221,751			55,810
Dividends and interest		–		68,631		–			7,103,804			7,851,473
Investments sold		510,582		416,138		–			11,523,028			730,744
Payments on swap contracts		–		–		–			–			104,256
Securities lending income		–		399		–			11,396			12,888
Prepaid expenses and other assets		11,080		8,850		8,274			21,606			15,719
Due from investment adviser for expense reimbursements/fee waivers		11,741		9,014		6,696			24,534			5,171
Unrealized appreciation on forward foreign currency contracts		–		–		–			–			139,087
Swap premiums paid		–		–		–			–			608,645
Unrealized appreciation on swap contracts		–		–		–			–			38,328
TOTAL ASSETS		509,591,708		83,620,140		326,118,239			1,145,799,646			503,188,096
LIABILITIES:
Payable for:
Trust shares reaquired		579,597		13,268		122,072			846,559			94,693
Investments purchased		–		722,803		109,082			59,840,396			–
Investment advisory and management fees		44,650		39,814		28,207			393,907			246,150
Shareholder services		–		18,097		–			227,613			99,908
Administrative service fees		–		4,886		–			61,455			26,975
Transfer agent fees and expenses		250		500		250			500			500
Trustees’ fees and expenses		9,058		4,431		6,056			18,812			12,479
Other accrued expenses		68,101		44,917		55,568			128,228			79,970
Variation margin on futures contracts		–		–		–			–			–
Accrued foreign tax on capital gains		–		–		–			–			–
Collateral upon return of securities loaned		–		810,693		–			18,479,285			33,550,848
Due to broker		–		–		–			–			105,820
Unrealized depreciation on forward foreign currency contracts		–		–		–			–			–
Unrealized depreciation on swap contracts		–		–		–			–			116,250
TOTAL LIABILITIES		701,656		1,659,409		321,235			79,996,755			34,333,593
NET ASSETS	$	508,890,052	$	81,960,731	$	325,797,004		$	1,065,802,891		$	468,854,503
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	477,068	$	50,142	$	272,701		$	974,895		$	633,316
Additional paid in capital		448,580,121		58,831,252		312,983,315			1,044,194,388			493,709,001
Accumulated undistributed net investment income (loss)		10,732,462		312,853		8,949,690			23,521,691			22,676,199
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, securities sold short, foreign exchange transactions and capital gain distributions from underlying funds		34,426,467		7,108,954		11,365,126			1,084,042			(32,464,654	)
Unrealized appreciation (depreciation) on investments		14,673,934		15,657,530		(7,773,828	)		(3,972,125	)		(15,760,936	)
Unrealized appreciation (depreciation) on swap, futures contracts and options contracts		–		–		–			–			(77,922	)
Unrealized foreign exchange gain (loss) on other assets and liabilities		–		–		–			–			139,499
Accrued capital gains tax on unrealized appreciation (depreciation)		–		–		–			–			–
NET ASSETS	$	508,890,052	$	81,960,731	$	325,797,004		$	1,065,802,891		$	468,854,503
		–		–		–			–			–
SHARES OF BENEFICIAL INTEREST:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		47,706,771		5,014,189		27,270,134			97,489,499			63,331,621
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.67	$	16.35	$	11.95		$	10.93		$	7.40
*   Cost
Investments (unaffiliated)	$	–	$	67,454,513	$	–		$	1,130,865,318		$	482,737,509
Investments (affiliated)	$	494,237,579	$	–	$	333,554,335		$	–		$	–
Foreign cash	$	–	$	–	$	–		$	–		$	112,952
†   Including securities on loan	$	–	$	796,494	$	–		$	18,089,256		$	34,137,917

See Notes to Financial Statements

114

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — August 31, 2015 — (continued)

	INTERNATIONAL OPPORTUNITIES FUND			LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND
ASSETS:
Investments at value (unaffiliated)*†	$	618,975,941		$	194,573,044		$	157,785,996		$	934,948,253		$	–
Investments at value (affiliated)*		–			–			–			–			798,491,872
Repurchase agreements (cost approximates value)		8,687,000			–			1,405,000			8,127,000			–
Total investments		627,662,941			194,573,044			159,190,996			943,075,253			798,491,872
Cash		3,045,151			1,246			632			984			88,955
Foreign cash*		1,582,244			–			–			229,148			–
Due from broker		–			–			–			–			–
Receivable for:
Trust shares sold		91,449			3,655			12,149			11,076			21,697
Dividends and interest		1,154,254			353,625			81,599			931,475			–
Investments sold		4,951,405			392,265			2,036,070			2,985,045			1,639,147
Payments on swap contracts		–			–			–			–			–
Securities lending income		15,908			414			3,126			4,499			–
Prepaid expenses and other assets		30,455			31,165			21,907			36,711			15,748
Due from investment adviser for expense reimbursements/fee waivers		87,468			7,548			37,507			18,634			18,025
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–
Swap premiums paid		–			–			–			–			–
Unrealized appreciation on swap contracts		–			–			–			–			–
TOTAL ASSETS		638,621,275			195,362,962			161,383,986			947,292,825			800,275,444
LIABILITIES:
Payable for:
Trust shares reaquired		125,238			62,563			391,721			587,197			1,660,845
Investments purchased		6,591,785			313,937			2,462,563			2,975,034			–
Investment advisory and management fees		429,958			85,809			101,962			564,186			69,781
Shareholder services		131,708			42,905			34,140			203,929			–
Administrative service fees		35,561			11,584			9,218			55,061			–
Transfer agent fees and expenses		377			374			438			561			250
Trustees’ fees and expenses		25,361			10,566			7,791			32,163			14,015
Other accrued expenses		108,434			56,256			49,109			107,781			86,474
Variation margin on futures contracts		–			–			–			–			–
Accrued foreign tax on capital gains		46,367			–			–			–			–
Collateral upon return of securities loaned		34,825,194			1,177,006			4,036,052			16,186,605			–
Due to broker		–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–
Unrealized depreciation on swap contracts		–			–			–			–			–
TOTAL LIABILITIES		42,319,983			1,761,000			7,092,994			20,712,517			1,831,365
NET ASSETS	$	596,301,292		$	193,601,962		$	154,290,992		$	926,580,308		$	798,444,079
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	395,480		$	113,334		$	175,074		$	424,601		$	566,551
Additional paid in capital		641,384,492			207,468,541			137,439,279			708,023,466			728,133,426
Accumulated undistributed net investment income (loss)		3,066,471			2,423,104			(441,272	)		2,691,890			18,164,593
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, securities sold short, foreign exchange transactions and capital gain distributions from underlying funds		(125,614,185	)		(28,682,666	)		7,968,521			125,513,782			41,077,204
Unrealized appreciation (depreciation) on investments		77,180,973			12,279,649			9,149,390			89,928,594			10,502,305
Unrealized appreciation (depreciation) on swap, futures contracts and options contracts		–			–			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(65,572	)		–			–			(2,025	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		(46,367	)		–			–			–			–
NET ASSETS	$	596,301,292		$	193,601,962		$	154,290,992		$	926,580,308		$	798,444,079
		–			–			–			–			–
SHARES OF BENEFICIAL INTEREST:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		39,547,983			11,333,382			17,507,359			42,460,082			56,655,073
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	15.08		$	17.08		$	8.81		$	21.82		$	14.09
*   Cost
Investments (unaffiliated)	$	541,794,968		$	182,293,395		$	148,636,606		$	845,019,659		$	–
Investments (affiliated)	$	–		$	–		$	–		$	–		$	787,989,567
Foreign cash	$	1,602,182		$	–		$	–		$	228,444		$	–
†Including securities on loan	$	33,176,743		$	1,130,458		$	3,921,108		$	15,860,302		$	–

See Notes to Financial Statements

115

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — August 31, 2015 — (continued)

	MONEY MARKET II FUND			SMALL CAP GROWTH FUND			SMALL CAP VALUE FUND			SOCIALLY RESPONSIBLE FUND			STRATEGIC BOND FUND
ASSETS:
Investments at value (unaffiliated)*†	$	161,677,748		$	131,501,360		$	522,263,277		$	714,198,845		$	815,764,771
Investments at value (affiliated)*		–			–			–			–			–
Repurchase agreements (cost approximates value)		2,464,000			–			10,426,000			15,260,000			–
Total investments		164,141,748			131,501,360			532,689,277			729,458,845			815,764,771
Cash		800			264			768			568			1,164,851
Foreign cash*		–			–			–			–			1,690,064
Due from broker		–			–			395,000			–			–
Receivable for:
Trust shares sold		44,879			3,549			10,104			91,950			6,343
Dividends and interest		24,426			32,419			412,351			1,438,210			10,535,409
Investments sold		–			342,638			4,293,853			–			4,661,986
Payments on swap contracts		–			–			–			–			–
Securities lending income		–			40,168			71,216			2,619			24,351
Prepaid expenses and other assets		16,759			8,887			24,414			32,278			23,473
Due from investment adviser for expense reimbursements/fee waivers		59,280			5,015			37,949			28,451			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			1,024,639
Swap premiums paid		–			–			–			–			–
Unrealized appreciation on swap contracts		–			–			–			–			–
TOTAL ASSETS		164,287,892			131,934,300			537,934,932			731,052,921			834,895,887
LIABILITIES:
Payable for:
Trust shares reaquired		238,431			181,345			197,389			154,848			221,594
Investments purchased		3,999,893			538,745			2,424,622			–			11,453,190
Investment advisory and management fees		33,890			82,854			279,662			161,184			341,167
Shareholder services		33,890			24,565			105,929			161,184			168,304
Administrative service fees		9,150			6,633			28,601			43,520			45,442
Transfer agent fees and expenses		188			500			438			249			685
Trustees’ fees and expenses		12,726			4,654			17,497			28,922			21,483
Other accrued expenses		54,354			46,027			82,352			89,690			117,974
Variation margin on futures contracts		–			–			42,250			352,600			–
Accrued foreign tax on capital gains		–			–			–			–			–
Collateral upon return of securities loaned		–			21,019,855			47,599,278			3,600,710			35,855,363
Due to broker		–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			1,035,768
Unrealized depreciation on swap contracts		–			–			–			–			–
TOTAL LIABILITIES		4,382,522			21,905,178			50,778,018			4,592,907			49,260,970
NET ASSETS	$	159,905,370		$	110,029,122		$	487,156,914		$	726,460,014		$	785,634,917
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	1,598,823		$	71,851		$	347,837		$	391,534		$	714,277
Additional paid in capital		158,312,735			89,078,841			406,396,943			550,042,639			790,332,275
Accumulated undistributed net investment income (loss)		(5,309	)		(146,258	)		5,782,520			9,947,965			31,439,551
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, securities sold short, foreign exchange transactions and capital gain distributions from underlying funds		(879	)		9,373,298			53,412,668			46,795,228			(4,288,175	)
Unrealized appreciation (depreciation) on investments		–			11,651,390			21,676,013			121,330,530			(31,852,818	)
Unrealized appreciation (depreciation) on swap, futures contracts and options contracts		–			–			(459,090	)		(2,047,882	)		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			23			–			(710,193	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–
NET ASSETS	$	159,905,370		$	110,029,122		$	487,156,914		$	726,460,014		$	785,634,917
		–			–			–			–			–
SHARES OF BENEFICIAL INTEREST:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		159,882,337			7,185,139			34,783,686			39,153,350			71,427,673
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	1.00		$	15.31		$	14.01		$	18.55		$	11.00
*   Cost
Investments (unaffiliated)	$	161,677,748		$	119,849,970		$	500,587,264		$	592,868,315		$	847,617,589
Investments (affiliated)	$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–		$	–		$	–		$	–		$	1,724,177
†Including securities on loan	$	–		$	19,953,510		$	47,113,505		$	4,095,900		$	35,051,653

See Notes to Financial Statements

116

VALIC Company II

STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2015

	AGGRESSIVE GROWTH LIFESTYLE FUND			CAPITAL APPRECIATION FUND			CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			HIGH YIELD BOND FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	1,037,473		$	–		$	105,871		$	312,063
Dividends (affiliated)		9,518,459			–			8,434,095			–			–
Securities lending income		–			2,277			–			115,422			280,441
Interest (unaffiliated)		–			93			–			28,863,813			25,305,464
Total investment income*		9,518,459			1,039,843			8,434,095			29,085,106			25,897,968
EXPENSES:
Investment advisory and management fees		526,620			473,992			331,237			4,404,726			2,683,023
Administrative service fee		–			58,172			–			684,235			293,403
Shareholder services fee		–			215,451			–			2,534,204			1,086,676
Transfer agent fees and expenses		1,527			3,055			1,527			3,055			3,055
Custodian and accounting fees		11,967			18,793			11,967			81,892			39,436
Reports to shareholders		71,570			11,476			44,678			136,666			57,764
Audit and tax fees		29,121			32,287			29,121			44,257			38,983
Legal fees		21,974			9,115			16,323			36,760			20,628
Trustees’ fees and expenses		43,631			7,171			27,423			82,887			35,742
Interest expense		–			4			–			–			–
Other expenses		12,968			13,676			12,482			26,103			20,811
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		719,378			843,192			474,758			8,034,785			4,279,521
Fees waived and expenses reimbursed by investment advisor (Note 3)		(192,758	)		(110,660	)		(143,523	)		(229,444	)		(106,683	)
Fees paid indirectly (Note 7)		–			(8,178	)		–			–			–
Net expenses		526,620			724,354			331,235			7,805,341			4,172,838
Net investment income (loss)		8,991,839			315,489			8,102,860			21,279,765			21,725,130
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		–			7,776,997			–			4,636,578			(6,186,294	)
Net realized gain (loss) on investments (affiliated)		21,614,246			–			8,507,162			–			–
Net realized gain (loss) from capital gain distributions from underlying funds (affiliated)		18,237,532			–			5,130,048			–			–
Net realized gain (loss) on futures and swap contracts		–			–			–			–			12,308
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			1,238,366
Net increase from payment by affiliates (Note 3)		–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		39,851,778			7,776,997			13,637,210			4,636,578			(4,935,620	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		–			(5,274,921	)		–			(20,905,735	)		(26,121,675	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		(65,046,407	)		–			(30,536,532	)		–			–
Change in unrealized appreciation (depreciation) on futures and swap contracts		–			–			–			–			(77,508	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			88,888
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(65,046,407	)		(5,274,921	)		(30,536,532	)		(20,905,735	)		(26,110,295	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(25,194,629	)		2,502,076			(16,899,322	)		(16,269,157	)		(31,045,915	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,202,790	)	$	2,817,565		$	(8,796,462	)	$	5,010,608		$	(9,320,785	)
*   Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	–		$	(1,352	)	$	1,665
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

117

VALIC Company II

STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2015 — (continued)

	INTERNATIONAL OPPORTUNITIES FUND			LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	11,651,752		$	4,033,239		$	924,269		$	12,511,294		$	–
Dividends (affiliated)		–			–			–			–			16,553,017
Securities lending income		246,720			5,544			18,366			94,327			–
Interest (unaffiliated)		930			2,393			–			37			–
Total investment income*		11,899,402			4,041,176			942,635			12,605,658			16,553,017
EXPENSES:
Investment advisory and management fees		4,807,761			1,052,249			1,186,799			6,563,495			817,442
Administrative service fee		397,217			142,054			107,209			640,055			–
Shareholder services fee		1,471,175			526,124			397,071			2,370,575			–
Transfer agent fees and expenses		2,293			2,387			2,673			3,469			1,527
Custodian and accounting fees		169,249			15,189			15,484			64,857			11,967
Reports to shareholders		78,636			27,963			21,005			182,183			110,141
Audit and tax fees		36,255			32,198			32,298			34,189			29,121
Legal fees		29,848			12,681			13,254			34,079			30,403
Trustees’ fees and expenses		49,007			17,768			13,215			79,267			67,722
Interest expense		139			406			–			–			–
Other expenses		99,118			17,384			16,528			37,401			17,164
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		7,140,698			1,846,403			1,805,536			10,009,570			1,085,487
Fees waived and expenses reimbursed by investment advisor (Note 3)		(1,255,810	)		(141,716	)		(455,490	)		(57,473	)		(268,046	)
Fees paid indirectly (Note 7)		(56,324	)		(24,537	)		(19,985	)		(3,036	)		–
Net expenses		5,828,564			1,680,150			1,330,061			9,949,061			817,441
Net investment income (loss)		6,070,838			2,361,026			(387,426	)		2,656,597			15,735,576
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(282,587	)		31,300,746			8,030,479			127,970,531			–
Net realized gain (loss) on investments (affiliated)		–			–			–			–			25,169,573
Net realized gain (loss) from capital gain distributions from underlying funds (affiliated)		–			–			–			–			21,634,471
Net realized gain (loss) on futures and swap contracts		–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(371,718	)		(266	)		–			(19,297	)		–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(654,305	)		31,300,480			8,030,479			127,951,234			46,804,044
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(12,843,571	)		(36,780,637	)		(5,236,025	)		(166,475,203	)		–
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			(84,010,113	)
Change in unrealized appreciation (depreciation) on futures and swap contracts		–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(51,726	)		–			–			(1,427	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		123,541			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(12,771,756	)		(36,780,637	)		(5,236,025	)		(166,476,630	)		(84,010,113	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(13,426,061	)		(5,480,157	)		2,794,454			(38,525,396	)		(37,206,069	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,355,223	)	$	(3,119,131	)	$	2,407,028		$	(35,868,799	)	$	(21,470,493	)
*   Net of foreign withholding taxes on interest and dividends of	$	820,679		$	18,317		$	604		$	134,074		$	–
** Net of foreign withholding taxes on capital gains of	$	54,475		$	–		$	–		$	–		$	–

See Notes to Financial Statements

118

VALIC Company II

STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2015 — (continued)

	MONEY MARKET II FUND			SMALL CAP GROWTH FUND			SMALL CAP VALUE FUND			SOCIALLY RESPONSIBLE FUND			STRATEGIC BOND FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	480,555		$	10,291,924		$	13,897,973		$	154,672
Dividends (affiliated)		–			–			–			–			–
Securities lending income		–			568,668			468,229			64,241			287,310
Interest (unaffiliated)		260,224			176			146			4,804			35,511,785
Total investment income*		260,224			1,049,399			10,760,299			13,967,018			35,953,767
EXPENSES:
Investment advisory and management fees		407,022			973,453			3,596,400			1,826,138			4,009,578
Administrative service fee		109,896			77,916			368,280			493,057			533,937
Shareholder services fee		407,022			288,579			1,364,000			1,826,138			1,977,544
Transfer agent fees and expenses		1,146			3,055			2,673			1,559			4,264
Custodian and accounting fees		12,663			16,188			62,055			25,516			109,910
Reports to shareholders		21,427			15,443			73,637			100,734			107,708
Audit and tax fees		38,156			32,383			33,040			32,996			44,255
Legal fees		12,366			9,998			22,283			28,764			29,790
Trustees’ fees and expenses		13,484			9,305			45,875			59,865			65,509
Interest expense		–			–			–			–			–
Other expenses		14,040			15,984			34,105			27,950			27,658
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,037,222			1,442,304			5,602,348			4,422,717			6,910,153
Fees waived and expenses reimbursed by investment advisor (Note 3)		(793,297	)		(103,294	)		(419,148	)		(332,169	)		–
Fees paid indirectly (Note 7)		–			(6,995	)		(18,972	)		–			–
Net expenses		243,925			1,332,015			5,164,228			4,090,548			6,910,153
Net investment income (loss)		16,299			(282,616	)		5,596,071			9,876,470			29,043,614
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		3,813			11,007,459			57,142,877			69,548,035			(8,990,726	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–
Net realized gain (loss) from capital gain distributions from underlying funds (affiliated)		–			–			–			–			–
Net realized gain (loss) on futures and swap contracts		–			–			217,017			3,479,829			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			(539	)		–			7,446,661
Net increase from payment by affiliates (Note 3)		273,451			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		277,264			11,007,459			57,359,355			73,027,864			(1,544,065	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		–			(4,864,720	)		(78,622,085	)		(74,589,608	)		(44,817,577	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures and swap contracts		–			–			(518,606	)		(2,708,171	)		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			12			–			(683,639	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		–			(4,864,720	)		(79,140,679	)		(77,297,779	)		(45,501,216	)
Net realized and unrealized gain (loss) on investments and foreign currencies		277,264			6,142,739			(21,781,324	)		(4,269,915	)		(47,045,281	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	293,563		$	5,860,123		$	(16,185,253	)	$	5,606,555		$	(18,001,667	)
*   Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	20,747		$	3,489		$	(1,094	)
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

119

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS

	AGGRESSIVE GROWTH LIFESTYLE FUND						CAPITAL APPRECIATION FUND						CONSERVATIVE GROWTH LIFESTYLE FUND						CORE BOND FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	8,991,839		$	7,266,347		$	315,489		$	255,143		$	8,102,860		$	6,625,902		$	21,279,765		$	19,972,850
Net realized gain (loss) on investments and foreign currencies		39,851,778			40,365,176			7,776,997			9,294,789			13,637,210			14,720,914			4,636,578			5,232,221
Net unrealized gain (loss) on investments and foreign currencies		(65,046,407	)		30,661,574			(5,274,921	)		7,595,048			(30,536,532	)		14,470,364			(20,905,735	)		30,471,351
Net increase (decrease) in net assets resulting from operations		(16,202,790	)		78,293,097			2,817,565			17,144,980			(8,796,462	)		35,817,180			5,010,608			55,676,422
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(8,425,229	)		(4,505,168	)		(272,960	)		(366,049	)		(7,273,159	)		(5,887,996	)		(21,848,211	)		(17,230,746	)
Net realized gain on securities		(37,983,763	)		(4,182,865	)		–			–			(14,630,677	)		(7,929,644	)		–			(6,638,175	)
Total distributions to shareholders		(46,408,992	)		(8,688,033	)		(272,960	)		(366,049	)		(21,903,836	)		(13,817,640	)		(21,848,211	)		(23,868,921	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		59,388,848			43,375,246			(7,797,869	)		340,301			33,733,531			38,403,796			135,941,613			142,107,878
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,222,934	)		112,980,310			(5,253,264	)		17,119,232			3,033,233			60,403,336			119,104,010			173,915,379
NET ASSETS:
Beginning of period		512,112,986			399,132,676			87,213,995			70,094,763			322,763,771			262,360,435			946,698,881			772,783,502
End of period†	$	508,890,052		$	512,112,986		$	81,960,731		$	87,213,995		$	325,797,004		$	322,763,771		$	1,065,802,891		$	946,698,881
†  Includes accumulated undistributed net investment income (loss) of	$	10,732,462		$	8,420,125		$	312,853		$	270,269		$	8,949,690		$	7,269,682		$	23,521,691		$	21,877,895

See Notes to Financial Statements

120

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	HIGH YIELD BOND FUND						INTERNATIONAL OPPORTUNITIES FUND						LARGE CAP VALUE FUND						MID CAP GROWTH FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	21,725,130		$	20,878,918		$	6,070,838		$	6,049,714		$	2,361,026		$	2,754,960		$	(387,426	)	$	(702,251	)
Net realized gain (loss) on investments and foreign currencies		(4,935,620	)		2,708,958			(654,305	)		52,160,268			31,300,480			24,613,024			8,030,479			24,004,493
Net unrealized gain (loss) on investments and foreign currencies		(26,110,295	)		10,455,035			(12,771,756	)		13,692,136			(36,780,637	)		14,546,846			(5,236,025	)		(4,477,511	)
Net increase (decrease) in net assets resulting from operations		(9,320,785	)		34,042,911			(7,355,223	)		71,902,118			(3,119,131	)		41,914,830			2,407,028			18,824,731
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(21,285,525	)		(19,808,145	)		(7,671,663	)		(7,277,253	)		(2,722,460	)		(2,408,346	)		–			(105,680	)
Net realized gain on securities		–			–			–			–			–			–			(23,091,400	)		(13,615,676	)
Total distributions to shareholders		(21,285,525	)		(19,808,145	)		(7,671,663	)		(7,277,253	)		(2,722,460	)		(2,408,346	)		(23,091,400	)		(13,721,356	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		79,002,086			64,473,241			24,697,553			(2,497,342	)		(22,009,185	)		(6,561,412	)		11,702,600			25,584,912
TOTAL INCREASE (DECREASE) IN NET ASSETS		48,395,776			78,708,007			9,670,667			62,127,523			(27,850,776	)		32,945,072			(8,981,772	)		30,688,287
NET ASSETS:
Beginning of period		420,458,727			341,750,720			586,630,625			524,503,102			221,452,738			188,507,666			163,272,764			132,584,477
End of period†	$	468,854,503		$	420,458,727		$	596,301,292		$	586,630,625		$	193,601,962		$	221,452,738		$	154,290,992		$	163,272,764
†   Includes accumulated undistributed net investment income (loss) of	$	22,676,199		$	21,045,526		$	3,066,471		$	4,866,863		$	2,423,104		$	2,784,804		$	(441,272	)	$	(581,977	)

See Notes to Financial Statements

121

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	MID CAP VALUE FUND						MODERATE GROWTH LIFESTYLE FUND						MONEY MARKET II FUND						SMALL CAP GROWTH FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,656,597		$	2,075,776		$	15,735,576		$	13,141,023		$	16,299		$	18,269		$	(282,616	)	$	(952,646	)
Net realized gain (loss) on investments and foreign currencies		127,951,234			93,532,985			46,804,044			49,550,508			277,264			3,813			11,007,459			12,662,998
Net unrealized gain (loss) on investments and foreign currencies		(166,476,630	)		103,385,564			(84,010,113	)		42,200,607			–			–			(4,864,720	)		(1,491,826	)
Net increase (decrease) in net assets resulting from operations		(35,868,799	)		198,994,325			(21,470,493	)		104,892,138			293,563			22,082			5,860,123			10,218,526
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,930,590	)		(2,838,127	)		(14,788,242	)		(9,639,062	)		(16,299	)		(18,269	)		–			–
Net realized gain on securities		(92,970,632	)		(56,626,113	)		(46,494,498	)		(18,691,684	)		–			–			(12,307,025	)		(9,287,508	)
Total distributions to shareholders		(94,901,222	)		(59,464,240	)		(61,282,740	)		(28,330,746	)		(16,299	)		(18,269	)		(12,307,025	)		(9,287,508	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		87,759,775			(29,550,216	)		82,676,287			115,774,643			(10,947,206	)		(15,238,959	)		2,568,967			10,950,877
TOTAL INCREASE (DECREASE) IN NET ASSETS		(43,010,246	)		109,979,869			(76,946	)		192,336,035			(10,669,942	)		(15,235,146	)		(3,877,935	)		11,881,895
NET ASSETS:
Beginning of period		969,590,554			859,610,685			798,521,025			606,184,990			170,575,312			185,810,458			113,907,057			102,025,162
End of period†	$	926,580,308		$	969,590,554		$	798,444,079		$	798,521,025		$	159,905,370		$	170,575,312		$	110,029,122		$	113,907,057
† Includes accumulated undistributed net investment income (loss) of	$	2,691,890		$	2,090,378		$	18,164,593		$	14,780,356		$	(5,309	)	$	(5,309	)	$	(146,258	)	$	(599,835	)

See Notes to Financial Statements

122

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP VALUE FUND						SOCIALLY RESPONSIBLE FUND						STRATEGIC BOND FUND
	For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014			For the Year Ended August 31, 2015			For the Year Ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,596,071		$	2,987,328		$	9,876,470		$	8,252,065		$	29,043,614		$	29,797,722
Net realized gain (loss) on investments and foreign currencies		57,359,355			70,154,050			73,027,864			59,138,385			(1,544,065	)		6,453,534
Net unrealized gain (loss) on investments and foreign currencies		(79,140,679	)		17,689,920			(77,297,779	)		82,346,790			(45,501,216	)		32,063,862
Net increase (decrease) in net assets resulting from operations		(16,185,253	)		90,831,298			5,606,555			149,737,240			(18,001,667	)		68,315,118
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,145,608	)		(5,081,303	)		(8,278,684	)		(8,877,502	)		(28,288,148	)		(27,105,883	)
Net realized gain on securities		(69,462,612	)		(54,119,437	)		–			–			(7,182,384	)		(7,156,730	)
Total distributions to shareholders		(72,608,220	)		(59,200,740	)		(8,278,684	)		(8,877,502	)		(35,470,532	)		(34,262,613	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		17,780,355			19,173,971			49,897,512			(40,997,190	)		84,015,260			31,636,802
TOTAL INCREASE (DECREASE) IN NET ASSETS		(71,013,118	)		50,804,529			47,225,383			99,862,548			30,543,061			65,689,307
NET ASSETS:
Beginning of period		558,170,032			507,365,503			679,234,631			579,372,083			755,091,856			689,402,549
End of period†	$	487,156,914		$	558,170,032		$	726,460,014		$	679,234,631		$	785,634,917		$	755,091,856
† Includes accumulated undistributed net investment income (loss) of	$	5,782,520		$	2,561,908		$	9,947,965		$	8,341,402		$	31,439,551		$	28,340,832

See Notes to Financial Statements

123

VALIC Company II

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company II (the “Series” or “VC II”) was organized as a Delaware business trust on May 6, 1998, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to VC II, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). VC II is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 15 separate mutual funds (collectively the “Funds” or each a “Fund”), each of which issues its own class of shares of beneficial interest:

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

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

Each Fund is diversified as defined by the 1940 Act.

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

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

A. Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (the “Board”) , etc.)

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

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

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

The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of August 31, 2015, is reported on a schedule following the 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.

124

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

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 review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Registered investment companies are generally categorized as Level 1.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter (“OTC”) market are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

For the Money Market II Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Money Market II Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market II Fund market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

B. Derivative Instruments

Forward Foreign Currency Contracts: Certain Funds may enter into forward contracts for various purposes, including to facilitate settlement of foreign currency denominated portfolio transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance total return. During the year ended August 31, 2015, the High Yield Bond Fund and Strategic Bond Fund used forward contracts to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates. As of August 31, 2015, the High Yield Bond Fund and Strategic Bond Fund had open forward contracts, which are reported on a schedule following each Fund’s Portfolio of Investments.

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.

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Risks to the Funds of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statements of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures: Certain Funds may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, to manage duration and yield curve positioning or to enhance income or total return. During the year ended August 31, 2015, the Small Cap Value Fund and Socially Responsible Fund used equity futures contracts to equitize cash, providing exposure to equity markets. As of August 31, 2015, the following Funds had open futures contracts: Small Cap Value Fund and Socially Responsible Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

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

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

At August 31, 2015, the amount shown in the Statements of Assets and Liabilities as due from broker for the Small Cap Value Fund includes an amount set aside for margin requirements for open futures contracts.

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, the Funds are 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 Statements of Assets and Liabilities as due from broker. Unlike a bilateral swap contract, for centrally cleared swaps, the Funds have no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily based upon quotations from market makers or are calculated using standard models and current market data. 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, the Funds will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. The Funds amortize upfront payments and receipts on the swap contracts on a daily basis. Net periodic payments made or received by the Funds are included as part of realized gain (loss).

Credit Default Swap Agreements: Certain Funds may enter into credit default swap agreements (“credit default swaps”) for various purposes, including managing credit risk (i.e., hedging), enhancing returns, a substitute for physical securities or speculation. During the year ended August 31, 2015, the High Yield Bond Fund used credit default swaps to manage credit risk (i.e., hedging). As of August 31, 2015, the High Yield Bond Fund had open credit default swaps, which are reported on a schedule following the Fund’s Portfolio of Investments.

Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its Fund because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Fund will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Fund for future potential losses as a result of a credit event on the reference bond or other asset. A Fund effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Fund is a buyer of protection and a credit event

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occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where a Fund owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer’s default.

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

Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a Fund of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are disclosed in the footnotes to the Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding as of August 31, 2015, for which a Fund is the seller of protection, if any, are disclosed on a schedule following the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Fund for the same referenced entity or entities.

At August 31, 2015, the due to broker amount as disclosed in the Statements of Assets and Liabilities for the High Yield Bond Fund includes amounts set aside as collateral for open swap contracts.

Risks of Entering into Swap Agreements: Risks to the Funds of entering into credit default swaps, equity swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, the Funds 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 the sub-adviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, the Fund may suffer a loss.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a

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Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause a Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to Financial Statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following tables represent the value of derivatives held as of August 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities and the effect of derivatives on the Statements of Operations for the year ended August 31, 2015. For a detailed presentation of derivatives held as of August 31, 2015, please refer to each Fund’s Portfolio of Investments.

	Asset Derivatives
	Equity Contracts		Credit Contracts		Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)(6)		Swap Contracts(2)		Foreign Forward Exchange Contracts(3)
High Yield Bond	$	—	$	38,328	$	139,087	$	177,415
Small Cap Value		—		—		—		—
Socially Responsible		—		—		—		—
Strategic Bond		—		—		1,024,639		1,024,639
	Liability Derivatives
	Equity Contracts		Credit Contracts		Foreign Exchange Contracts		Total
Fund	Futures Contracts(1)(6)		Swap Contracts(4)		Foreign Forward Exchange Contracts(5)
High Yield Bond	$	—	$	116,250	$	—	$	116,250
Small Cap Value		42,250		—		—		42,250
Socially Responsible		352,600		—		—		352,600
Strategic Bond		—		—		1,035,768		1,035,768

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Unrealized appreciation on forward foreign currency contracts

(4) Unrealized depreciation on swap contracts

(5) Unrealized depreciation on forward foreign currency contracts

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

Fund	Cumulative Appreciation (Depreciation)
Small Cap Value	$	(459,090	)
Socially Responsible		(2,047,882	)

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	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Equity Contracts			Credit Contracts			Foreign Exchange Contracts			Total
Fund	Futures Contracts(1)			Swap Contracts(1)			Foreign Forward Exchange Contracts(2)
High Yield Bond	$	—		$	12,308		$	1,309,251		$	1,321,559
Small Cap Value		217,017			—			—			217,017
Socially Responsible		3,479,829			—			—			3,479,829
Strategic Bond		—			—			8,575,038			8,575,038
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Equity Contracts			Credit Contracts			Foreign Exchange Contracts			Total
Fund	Futures Contracts(3)			Swap Contracts(3)			Foreign Forward Exchange Contracts(4)
High Yield Bond	$	—		$	(77,508	)	$	86,971		$	9,463
Small Cap Value		(518,606	)		—			—			(518,606	)
Socially Responsible		(2,708,171	)		—			—			(2,708,171	)
Strategic Bond		—			—			(11,129	)		(11,129	)

Statement of Operations Location:

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

(2) Net realized foreign exchange gain (loss) on other assets and liabilities

(3) Change in unrealized appreciation (depreciation) on futures and swap contracts

(4) Change in unrealized foreign exchange gain (loss) on other assets and liabilities

The following table represents the average monthly balances of derivatives held during the year ended August 31, 2015.

	Average Amount Outstanding During the Year
Fund	Futures Contracts(1)		Credit Swap Contracts(2)		Foreign Forward Exchange Contracts(2)		Total
High Yield Bond	$	—	$	10,516,671	$	8,016,515	$	18,533,186
Small Cap Value		6,702,330		—		—		6,702,330
Socially Responsible		41,407,048		—		—		41,407,048
Strategic Bond		—		—		85,217,586		85,217,586

(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 August 31, 2015. The repurchase agreements held by the Funds and securities on loan as of August 31, 2015, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments of each Fund and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

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	High Yield Bond Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount(3)
HSBC BankUSA	$	34,106	$	—	$	—	$	34,106	$	—	$	—	$	—	$	—	$	34,106	$	—	$	34,106
Morgan Stanley and Co. International PLC		34,514		—		—		34,514		—		—		—		—		34,514		—		34,514
Royal Bank of Scotland PLC		35,629		—		—		35,629		—		—		—		—		35,629		—		35,629
State Street Bank & Trust Company		34,838		—		—		34,838		—		—		—		—		34,838		—		34,838
Total		$139,087	$	—	$	—	$	139,087	$	—	$	—	$	—	$	—	$	139,087	$	—	$	139,087

(1) Gross amounts of recognized assets and liabilities not offset in the Statements of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the net amount 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.

C. Stripped Mortgage-Backed Securities

Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund‘s yield.

D. Mortgage-Backed Dollar Rolls

During the year ended August 31, 2015, the Core Bond Fund and the Strategic Bond Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. The Core Bond and the Strategic Bond Fund had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund‘s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund‘s obligation to repurchase the securities. The return earned by a Fund with the proceeds of the TBA Roll transaction may not exceed the transaction costs.

E. When-Issued Securities and Forward Commitments

Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the year ended August 31, 2015, the Core Bond Fund and the Strategic Bond Fund purchased and/or sold when-issued securities.

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NOTES TO FINANCIAL STATEMENTS — (continued)

F. Inflation-Indexed Bonds

Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statements of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statements of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

G. Repurchase Agreements

The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations.

In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Series’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

As of August 31, 2015, the following Funds held an undivided interest in the joint repurchase agreement with State Street Bank and Trust Co.:

Fund	Percentage Ownership			Principal Amount
Money Market II		0.89	%	$	2,464,000
Socially Responsible		5.54			15,260,000

As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

State Street Bank and Trust Co., dated August 31, 2015, bearing interest at a rate of 0.00% per annum, with a principal amount of $275,458,000, a repurchase price of $275,458,000 and maturity date of September 1, 2015. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		2.25	%		07/31/2021	$	146,460,000	$	150,948,267
U.S. Treasury Bonds		8.00			11/15/2021		44,305,000		61,654,971
U.S. Treasury Bonds		8.13			08/15/2021		50,000,000		68,364,150

H. Investment Securities Loaned

To realize additional income, a Fund, except for Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Moderate Growth Lifestyle Fund, and the Money Market II Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statements of Operations as securities lending income. Loans

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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.

I. Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders

Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Lifestyle Funds, distributions from income from the Underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by a Fund.

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

Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. For the Lifestyle Funds, the expenses included in the accompanying financial statements reflect the expenses of the Lifestyle Funds and do not include any expenses associated with the underlying Funds.

Dividends from net investment income, if any, are normally paid annually, except for the Money Market II Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2012 — 2014 or expected to be taken in each Fund’s 2015 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2012.

J. 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 and realized gains and losses on forward foreign currency contracts.

K. New Accounting Pronouncement

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2014. All required changes to accounting policies have been made in accordance with ASU No. 2014-11.

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NOTES TO FINANCIAL STATEMENTS — (continued)

L. Money Market Fund Regulatory Matters

Changes in the laws and regulations applicable to and governing money market funds, such as Rule 2a-7 under the Investment Company Act of 1940, as amended, can impact the Money Market II Fund. On July 23, 2014, the SEC voted to amend Rule 2a-7 and other rules and forms related to money market funds. These amendments will affect the manner in which the Fund and other money market funds are structured and operated, and may impact Fund expenses, returns and liquidity. The degree to which a money market fund will be impacted by the rule amendments will depend upon the fund’s portfolio composition and/or the shareholders who qualify to invest in the fund. The amendments have staggered compliance dates. The majority of the amendments take effect in 2016. As a result of these amendments, the Fund may be required to take certain steps that will impact and may adversely affect the Fund. The precise nature of such impact and effects have not yet been determined.

Note 3 — Advisory Fees and Other Transactions with Affiliates

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

Aggressive Growth Lifestyle Fund	0.10%
Capital Appreciation Fund	0.55% on first $1 billion
	0.525% on assets over $1 billion
Conservative Growth Lifestyle Fund	0.10%
Core Bond Fund	0.50% on the first $200 million
	0.45% on the next $300 million
	0.40% on assets over $500 million
High Yield Bond Fund	0.65% on the first $150 million
	0.60% on the next $350 million
	0.55% on assets over $500 million
International Opportunities Fund	0.90% on the first $100 million
	0.80% on the next $650 million
	0.75% on assets over $750 million
Large Cap Value Fund	0.50% on the first $500 million
	0.475% on assets over $500 million
Mid Cap Growth Fund	0.80% on the first $50 million
	0.75% on the next $50 million
	0.70% on the next $150 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Mid Cap Value Fund	0.75% on the first $100 million
	0.725% on the next $150 million
	0.70% on the next $250 million
	0.675% on the next $250 million
	0.65% on assets over $750 million
Moderate Growth Lifestyle Fund	0.10%
Money Market II Fund	0.25%
Small Cap Growth Fund	0.85% on the first $100 million
	0.80% on assets over $100 million
Small Cap Value Fund	0.75% on the first $50 million
	0.65% on assets over $50 million
Socially Responsible Fund	0.25% on the first $1 billion
	0.24% on assets over $1 billion
Strategic Bond Fund	0.60% on the first $200 million
	0.50% on the next $300 million
	0.45% on assets over $500 million

VALIC has entered into sub-advisory agreements with the following:

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

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

Metropolitan West Capital Management, LLC (“MetWest Capital”)—subadviser for a portion of the Small Cap Value Fund.

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

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

Robeco Investment Management, Inc. (“Robeco”)—subadviser for a portion of the Mid Cap Value Fund.

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VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

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

The Boston Company Asset Management, LLC (“The Boston Co.”)—subadviser for the Capital Appreciation Fund and a portion of the Large Cap Value Fund.

Tocqueville Asset Management LP (“Tocqueville”)—subadviser for a portion of the Mid Cap Value Fund.(1)

UBS Global Asset Management (Americas), Inc. (“UBS Global”)—subadviser for a portion of the International Opportunities Fund.

Wellington Management Company LLP—subadviser for the High Yield Bond Fund and a portion of the Mid Cap Value Fund.

Wells Capital Management, Inc. (“Wells Capital”)—subadviser for the Mid Cap Growth Fund.

(1) Effective March 13, 2015, Tocqueville is no longer a subadviser of the Mid Cap Value Fund.

The subadvisers are compensated for their services by VALIC.

VALIC has contractually agreed to waive fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below the following percentages of each Fund’s average daily net assets through December 31, 2016. For the purposes of waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, 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 a Fund’s business. The contractual expense waivers and fee reimbursements will continue until December 31, 2016, subject to termination by the Board, including a majority of the Trustees who are not deemed to be interested persons of the Fund or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Trustees”).

Fund	Maximum Expense Limitation
Aggressive Growth Lifestyle		0.10	%
Capital Appreciation		0.85	%
Conservative Growth Lifestyle		0.10	%
Core Bond		0.77	%
High Yield Bond		0.96	%
International Opportunities		1.00	%
Large Cap Value		0.81	%
Mid Cap Growth		0.85	%
Mid Cap Value		1.05	%
Moderate Growth Lifestyle		0.10	%
Money Market II		0.55	%
Small Cap Growth		1.16	%
Small Cap Value		0.95	%
Socially Responsible		0.56	%
Strategic Bond		0.89	%

For the year ended August 31, 2015, pursuant to the contractual expense limitations in the above table, VALIC waived fees and/or reimbursed expenses as follows:

Fund	Amount
Aggressive Growth Lifestyle	$	192,758
Capital Appreciation		110,660
Conservative Growth Lifestyle		143,523
Core Bond		229,444
High Yield Bond		106,683
International Opportunities		1,255,810
Large Cap Value		141,716
Mid Cap Growth`		455,490
Mid Cap Value		57,473
Moderate Growth Lifestyle		268,046
Money Market II		141,773
Small Cap Growth		103,294
Small Cap Value		419,148
Socially Responsible		332,169

VALIC may also voluntarily waive fees and/or reimburse expenses to avoid a negative yield on the Money Market II Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Money Market II Fund will be able to avoid a negative yield. For the year ended August 31, 2015, VALIC voluntarily waived fees and/or reimbursed expenses of $651,524 for the Money Market II Fund.

VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”), an affiliate of the Adviser. SunAmerica receives from each Fund in the Series and VCI, other than the Lifestyle Funds, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee†: 0.0075% on the first $75 billion; 0.0060% on the next $25 billion; and 0.0050% in excess of $100 billion. Pursuant to the

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NOTES TO FINANCIAL STATEMENTS — (continued)

Administrative Services Agreement, SunAmerica provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. For the year ended August 31, 2015, the Administrator earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

Effective September 1, 2014, VC II, on behalf of each Fund, entered into a Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC I an annual fee of $132,510, which is allocated to each Fund in the Series and VC I based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable [universal] 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. Prior to September 1, 2014, VALIC provided the aforementioned services to the Series and VC I under a substantially similar agreement for the same annual fee. For the year ended August 31, 2015, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into a Shareholder Services Agreement with VALIC. Under the agreement, VALIC provides record keeping, account maintenance, and other administrative and shareholder services for contract owners and participants. VALIC receives from each Fund, other than the Lifestyle Funds, an annual fee of 0.25% based on average daily net assets of the Fund. For the year ended August 31, 2015, VALIC earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent trustees who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferred payment was made in March of 2001. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred may be invested in up to three different affiliated mutual funds that are specified in the plan as selected by the trustees. Obligations under the deferred compensation plan represents unsecured claims against the general assets of the Funds. For the year ended August 31, 2015, VC II has deferred $19,400 of trustee compensation.

As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market II Fund, VALIC made capital contributions to the Money Market II Fund of $273,451 during the period ended August 31, 2015.

At August 31, 2015, VALIC, through its insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:

Fund	VALIC
Aggressive Growth Lifestyle		100.00	%
Capital Appreciation		100.00	%
Conservative Growth Lifestyle		100.00	%
Core Bond		100.00	%
High Yield Bond		99.97	%
International Opportunities		100.00	%
Large Cap Value		100.00	%
Mid Cap Growth		100.00	%
Mid Cap Value		99.76	%
Moderate Growth Lifestyle		100.00	%
Money Market II		100.00	%
Small Cap Growth		100.00	%
Small Cap Value		100.00	%
Socially Responsible		100.00	%
Strategic Bond		99.94	%

135

† 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.”

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

As disclosed in the Portfolio of Investments, certain Funds own shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended August 31, 2015, transactions in these securities were as follows:

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2014		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2015
VALIC Co. I Blue Chip Growth Fund	$	—	$	2,341,885	$	29,450,418	$	2,341,885	$	5,514,616	$	2,867,525		$	(3,374,597	)	$	25,770,615
VALIC Co. I Capital Conservation Fund		196,986		—		—		12,322,688		139,739		280			(98,449	)		12,084,780
VALIC Co. I Dividend Value Fund		205,138		623,659		24,064,385		828,797		17,538,537		4,854,236			(5,399,298	)		6,809,583
VALIC Co. I Emerging Economies Fund		293,247		—		26,219,503		293,247		13,660,338		5,083			(4,344,739	)		8,512,756
VALIC Co. I Foreign Value Fund		699,031		—		34,303,227		5,558,766		7,962,946		593,042			(7,436,277	)		25,055,812
VALIC Co. I Global Real Estate Fund		1,017,552		1,025,886		28,522,503		14,247,986		2,947,558		1,250,225			(3,984,770	)		37,088,386
VALIC Co. I Government Securities Fund		280,731		—		3,554,689		9,532,768		1,260,919		(79,835	)		(26,294	)		11,720,409
VALIC Co. I Inflation Protected Fund		244,629		24,350		1,235,949		12,062,523		6,610,235		(218,828	)		(322,180	)		6,147,229
VALIC Co. I International Equities Index Fund		1,530,714		—		31,812,058		26,517,353		—		—			(4,730,784	)		53,598,627
VALIC Co. I International Government Bond Fund		29,803		3,181		—		1,275,600		1,217,505		(58,095	)		—			—
VALIC Co. I International Growth Fund		397,637		176,322		21,927,119		6,214,755		—		—			(2,030,330	)		26,111,544
VALIC Co. I Mid Cap Index Fund		237,688		1,295,781		25,593,715		1,533,468		4,534,202		514,131			(2,282,947	)		20,824,165
VALIC Co. I Mid Cap Strategic Growth Fund		—		917,639		6,513,673		1,057,986		218,371		56,916			(1,129,131	)		6,281,073
VALIC Co. I Nasdaq-100 Index Fund		145,962		175,461		18,034,846		321,423		3,208,756		1,293,402			(696,603	)		15,744,312
VALIC Co. I Science & Technology Fund		—		1,322,854		18,497,800		1,322,854		5,838,922		2,953,666			(4,007,590	)		12,927,808
VALIC Co. I Small Cap Index Fund		162,855		838,980		19,731,706		11,769,627		4,604,001		822,434			(2,479,324	)		25,240,442
VALIC Co. I Small Cap Special Values Fund		75,187		597,057		8,708,436		672,245		867,423		327,163			(1,133,971	)		7,706,450
VALIC Co. I Stock Index Fund		592,406		1,332,886		61,608,422		33,022,648		73,094,258		5,002,038			(7,654,215	)		18,884,635
VALIC Co. I Value Fund		26,932		—		1,792,600		26,932		—		—			(67,821	)		1,751,711
VALIC Co. II Capital Appreciation Fund		50,685		—		16,032,354		50,685		1,013,833		640,696			(175,445	)		15,534,457
VALIC Co. II Core Bond Fund		927,519		—		29,046,205		24,352,804		8,446,459		(65,657	)		(786,562	)		44,100,331
VALIC Co. II High Yield Bond Fund		1,032,754		—		13,785,216		11,617,691		2,945,641		86,032			(1,509,827	)		21,033,471
VALIC Co. II International Opportunities Fund		127,379		—		7,252,270		2,998,859		—		—			(306,592	)		9,944,537
VALIC Co. II Large Cap Value Fund		87,077		—		7,047,372		87,077		694,931		228,169			(398,355	)		6,269,332
VALIC Co. II Mid Cap Growth Fund		—		1,189,362		7,688,350		1,189,362		33,475		8,303			(1,070,775	)		7,781,765
VALIC Co. II Mid Cap Value Fund		60,515		2,914,191		29,737,808		2,974,706		731,660		331,179			(4,363,414	)		27,948,619
VALIC Co. II Small Cap Growth Fund		—		1,176,390		7,598,566		3,788,012		88,412		20,012			(658,568	)		10,659,610
VALIC Co. II Small Cap Value Fund		91,777		2,026,667		16,694,674		2,118,445		976,841		183,546			(2,845,088	)		15,174,736
VALIC Co. II Strategic Bond Fund		1,004,255		254,981		15,674,422		14,522,052		258,278		(1,417	)		(1,732,461	)		28,204,318
	$	9,518,459	$	18,237,532	$	512,128,286	$	204,623,244	$	164,407,856	$	21,614,246		$	(65,046,407	)	$	508,911,513

136

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Conservative Growth Lifestyle Fund
Security	Income		Capital Gain Distribution Received		Value at 08/31/2014		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2015
VALIC Co. I Blue Chip Growth Fund	$	—	$	855,840	$	11,306,890	$	855,840	$	3,755,981	$	1,532,191		$	(1,697,281	)	$	8,241,659
VALIC Co. I Capital Conservation Fund		272,779		—		6,215,151		13,340,289		4,145,837		6,388			(147,104	)		15,268,887
VALIC Co. I Dividend Value Fund		32,532		98,904		4,716,328		227,128		4,892,824		1,013,095			(1,063,727	)		—
VALIC Co. I Emerging Economies Fund		78,843		—		9,985,987		78,843		5,699,019		(476,884	)		(1,122,175	)		2,766,752
VALIC Co. I Foreign Value Fund		331,020		—		12,256,224		6,615,723		3,789,558		201,732			(3,419,163	)		11,864,958
VALIC Co. I Global Real Estate Fund		300,641		303,104		8,869,435		4,707,905		1,775,410		308,550			(1,152,515	)		10,957,965
VALIC Co. I Government Securities Fund		177,264		—		5,834,309		2,414,155		855,320		(43,005	)		(8,957	)		7,341,182
VALIC Co. I Inflation Protected Fund		247,475		24,634		14,064,662		272,109		3,457,644		101,626			(934,911	)		10,045,842
VALIC Co. I International Equities Index Fund		870,698		—		11,456,813		19,772,162		—		—			(2,450,738	)		28,778,237
VALIC Co. I International Government Bond Fund		76,613		8,176		—		3,279,118		1,716,973		(113,009	)		(93,910	)		1,355,226
VALIC Co. I International Growth Fund		189,358		83,966		7,616,819		6,621,726		—		—			(991,615	)		13,246,930
VALIC Co. I Mid Cap Index Fund		41,333		225,331		11,192,240		266,663		7,988,848		1,223,982			(1,520,805	)		3,173,232
VALIC Co. I Mid Cap Strategic Growth Fund		—		278,140		2,036,364		377,995		185,162		5,909			(331,289	)		1,903,817
VALIC Co. I Nasdaq-100 Index Fund		38,416		46,180		4,362,899		84,597		1,213,932		483,900			(323,192	)		3,394,272
VALIC Co. I Science & Technology Fund		—		501,136		5,832,940		501,136		2,866,470		1,029,636			(1,342,773	)		3,154,469
VALIC Co. I Small Cap Index Fund		34,025		175,285		6,295,890		3,581,879		3,131,620		297,568			(714,113	)		6,329,604
VALIC Co. I Small Cap Special Values Fund		19,006		150,926		2,184,338		169,933		201,068		63,268			(268,405	)		1,948,066
VALIC Co. I Stock Index Fund		136,435		306,974		23,216,977		14,182,298		34,111,826		925,215			(1,580,517	)		2,632,147
VALIC Co. I Value Fund		2,405		—		160,119		2,405		—		—			(6,057	)		156,467
VALIC Co. II Capital Appreciation Fund		10,724		—		3,182,328		10,724		—		—			93,814			3,286,866
VALIC Co. II Core Bond Fund		1,458,530		—		69,802,743		23,895,090		22,473,468		152,476			(1,167,089	)		70,209,752
VALIC Co. II High Yield Bond Fund		1,676,641		—		28,007,537		11,562,408		3,071,805		224,008			(2,575,042	)		34,147,106
VALIC Co. II International Opportunities Fund		46,705		—		1,813,850		1,896,581		—		—			(64,112	)		3,646,319
VALIC Co. II Large Cap Value Fund		22,029		—		1,915,831		22,029		311,912		102,411			(142,291	)		1,586,068
VALIC Co. II Mid Cap Growth Fund		—		300,348		2,069,301		372,032		209,075		51,857			(318,999	)		1,965,116
VALIC Co. II Mid Cap Value Fund		13,914		670,055		10,182,224		683,969		3,510,047		1,351,554			(2,281,525	)		6,426,175
VALIC Co. II Small Cap Growth Fund		—		185,957		1,301,649		527,438		43,817		6,874			(107,133	)		1,685,011
VALIC Co. II Small Cap Value Fund		14,510		320,406		2,792,011		334,916		305,735		57,820			(479,962	)		2,399,050
VALIC Co. II Strategic Bond Fund		2,342,199		594,686		54,074,938		18,119,340		—		—			(4,324,946	)		67,869,332
	$	8,434,095	$	5,130,048	$	322,746,797	$	134,776,431	$	109,713,351	$	8,507,162		$	(30,536,532	)	$	325,780,507

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2014		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2015
VALIC Co. I Blue Chip Growth Fund	$	—	$	2,878,078	$	35,829,697	$	2,878,078	$	6,406,593	$	2,558,765		$	(3,188,950	)	$	31,670,997
VALIC Co. I Capital Conservation Fund		596,214		—		7,689,338		27,356,970		808,369		8,795			(486,842	)		33,759,892
VALIC Co. I Dividend Value Fund		199,088		605,267		23,494,727		804,355		16,224,287		4,538,403			(4,990,815	)		7,622,383
VALIC Co. I Emerging Economies Fund		283,333		—		32,678,889		283,333		19,141,681		(925,952	)		(4,296,922	)		8,597,667
VALIC Co. I Foreign Value Fund		824,532		—		43,812,815		2,672,287		8,934,050		671,120			(8,667,949	)		29,554,223
VALIC Co. I Global Real Estate Fund		1,162,535		1,172,056		33,320,496		23,278,388		4,459,945		1,563,661			(4,861,271	)		48,841,329
VALIC Co. I Government Securities Fund		436,983		—		10,286,451		10,064,401		2,092,585		(127,569	)		(12,817	)		18,117,881
VALIC Co. I Inflation Protected Fund		419,286		41,736		13,528,944		9,481,535		7,763,218		(6,928	)		(1,180,114	)		14,060,219
VALIC Co. I International Equities Index Fund		2,205,618		—		43,599,935		35,993,989		2,373,256		294,981			(6,364,460	)		71,151,189
VALIC Co. I International Government Bond Fund		93,278		9,955		—		3,992,403		2,065,481		(137,373	)		(116,049	)		1,673,500
VALIC Co. I International Growth Fund		472,079		209,332		24,623,586		12,894,661		—		—			(2,490,953	)		35,027,294
VALIC Co. I Mid Cap Index Fund		282,674		1,541,027		35,647,770		3,440,441		11,652,012		1,668,312			(3,866,892	)		25,237,619
VALIC Co. I Mid Cap Strategic Growth Fund		—		1,142,528		7,759,261		1,391,089		—		—			(1,329,957	)		7,820,393
VALIC Co. I Nasdaq-100 Index Fund		189,454		227,742		21,532,019		417,196		4,576,607		1,875,794			(1,108,916	)		18,139,486
VALIC Co. I Science & Technology Fund		—		1,646,316		23,871,246		1,646,314		12,680,910		6,203,065			(7,214,690	)		11,825,025
VALIC Co. I Small Cap Index Fund		227,683		1,172,955		25,065,962		19,669,592		5,484,716		977,284			(3,436,996	)		36,791,126
VALIC Co. I Small Cap Special Values Fund		86,159		684,184		9,604,265		770,343		614,144		206,239			(1,135,674	)		8,831,029
VALIC Co. I Stock Index Fund		598,533		1,346,673		77,469,900		40,966,440		99,632,579		4,701,518			(7,767,674	)		15,737,605
VALIC Co. I Value Fund		23,928		—		1,592,710		23,928		—		—			(60,257	)		1,556,381

137

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Moderate Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at 08/31/2014		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2015
VALIC Co. II Capital Appreciation Fund	$	59,189	$	—	$	18,201,444	$	59,189	$	646,950	$	396,117		$	131,301		$	18,141,101
VALIC Co. II Core Bond Fund		2,934,474		—		122,951,710		53,542,932		33,675,014		(350,756	)		(2,031,959	)		140,436,913
VALIC Co. II High Yield Bond Fund		1,870,925		—		38,747,948		5,980,662		3,961,316		271,378			(2,934,701	)		38,103,971
VALIC Co. II International Opportunities Fund		123,515		—		7,517,787		2,295,308		—		—			(170,218	)		9,642,877
VALIC Co. II Large Cap Value Fund		102,052		—		7,463,917		102,052		—		—			(218,459	)		7,347,510
VALIC Co. II Mid Cap Growth Fund		—		1,434,688		9,183,345		1,484,883		—		—			(1,281,346	)		9,386,882
VALIC Co. II Mid Cap Value Fund		81,366		3,918,325		40,025,573		3,999,692		1,024,307		454,438			(5,876,604	)		37,578,792
VALIC Co. II Small Cap Growth Fund		—		934,296		7,444,821		1,531,883		—		—			(510,771	)		8,465,933
VALIC Co. II Small Cap Value Fund		84,133		1,857,850		15,542,952		1,941,982		1,130,767		211,847			(2,655,305	)		13,910,709
VALIC Co. II Strategic Bond Fund		3,195,986		811,463		60,063,908		36,145,446		979,989		116,434			(5,883,853	)		89,461,946
	$	16,553,017	$	21,634,471	$	798,551,416	$	305,109,772	$	246,328,776	$	25,169,573		$	(84,010,113	)	$	798,491,872

† Includes reinvestment of distributions paid.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended August 31, 2015 were as follows:

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding  U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Aggressive Growth Lifestyle Fund	$	176,867,253	$	164,407,856	$	—	$	—
Capital Appreciation Fund		37,010,006		44,005,182		—		—
Conservative Growth Lifestyle Fund		121,212,288		109,713,351		—		—
Core Bond Fund		667,928,816		592,093,941		971,441,620		891,692,023
High Yield Bond Fund		218,180,071		145,572,738		—		—
International Opportunities Fund		366,304,802		338,125,426		—		—
Large Cap Value Fund		149,401,024		171,488,825		—		—
Mid Cap Growth Fund		160,721,090		172,840,030		—		—
Mid Cap Value Fund		548,156,040		510,370,840		—		—
Moderate Growth Lifestyle Fund		266,922,284		246,328,776		—		—
Money Market II Fund		—		—		—		—
Small Cap Growth Fund		54,893,414		64,339,227		—		—
Small Cap Value Fund		264,628,710		302,989,878		—		700,000
Socially Responsible Fund		256,714,699		213,611,263		—		—
Strategic Bond Fund		820,468,409		727,654,157		271,515,237		266,439,008

138

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, treatment of deferred compensation, late year ordinary losses, straddles, investments in partnerships, treatment of defaulted securities and derivative transactions.

The information in the following table is presented on the basis of cost for federal income tax purposes at August 31, 2015.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Aggressive Growth Lifesyle	$	496,673,667	$	31,895,093	$	(19,657,247	)	$	12,237,846
Capital Appreciation		67,454,607		17,940,960		(2,283,524	)		15,657,436
Conservative Growth Lifestyle		335,190,206		5,300,150		(14,709,849	)		(9,409,699	)
Core Bond		1,131,626,906		11,854,798		(16,588,511	)		(4,733,713	)
High Yield Bond		509,589,335		7,889,573		(23,966,335	)		(16,076,762	)
International Opportunities		554,906,584		105,762,494		(33,006,137	)		72,756,357
Large Cap Value		182,898,100		20,772,438		(9,097,494	)		11,674,944
Mid Cap Growth		150,069,063		14,717,064		(5,595,131	)		9,121,933
Mid Cap Value		854,673,698		123,700,468		(35,298,913	)		88,401,555
Moderate Growth Lifestyle		791,331,158		35,948,483		(28,787,769	)		7,160,714
Money Market		164,141,748		—		—			—
Small Cap Growth		120,381,400		19,466,582		(8,346,622	)		11,119,960
Small Cap Value		515,793,321		71,192,745		(54,296,789	)		16,895,956
Socially Responsible		609,368,233		148,338,232		(28,247,620	)		120,090,612
Strategic Bond		848,004,716		5,333,402		(37,573,347	)		(32,239,945	)

The tax character of distributions paid may differ from the Statement of Changes in Net Assets due to short-term gains treated as ordinary income distributions for tax purposes. The tax basis of distributable earnings at August 31, 2015 and the tax character of distributions paid during the year ended August 31, 2015 were as follows:

	Distributable Earnings								Tax Distributions
Fund	Ordinary Income		Long- Term Gains/ Capital and Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	13,270,729	$	34,330,762		$	12,237,846		$	10,015,465	$	36,393,527
Capital Appreciation		315,770		7,803,191			15,657,436			272,960		—
Conservative Growth Lifestyle		9,991,705		11,963,320			(9,409,699	)		12,368,253		9,535,583
Core Bond		26,673,576		—			(4,733,713	)		21,848,211		—
High Yield Bond		23,145,260		(25,316,663	)		(16,076,350	)		21,285,525		—
International Opportunities		6,570,283		(111,391,478	)		72,644,592			7,671,663		—
Large Cap Value		2,377,606		(28,025,879	)		11,674,944			2,722,460		—
Mid Cap Growth		—		9,306,137			9,121,933			5,454,990		17,636,410
Mid Cap Value		2,720,801		130,587,634			88,399,530			10,189,508		84,711,714
Moderate Growth Lifestyle		21,298,906		41,294,498			7,160,714			18,139,636		43,143,104
Money Market II		2,293		(879	)		—			16,299		—
Small Cap Growth		65,807		9,838,498			11,119,960			421,402		11,885,623
Small Cap Value		11,017,596		52,510,354			16,895,979			14,057,722		58,550,498
Socially Responsible		9,965,112		45,987,263			120,090,612			8,278,684		—
Strategic Bond		32,224,009		917,775			(32,280,498	)		33,663,602		1,806,930

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

139

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

The tax character of distributions paid during the year ended August 31, 2014 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	5,633,754	$	3,054,279
Capital Appreciation		366,049		—
Conservative Growth Lifestyle		9,716,705		4,100,935
Core Bond		20,149,056		3,719,865
High Yield Bond		19,808,145		—
International Opportunities		7,277,253		—
Large Cap Value		2,408,346		—
Mid Cap Growth		3,684,162		10,037,194
Mid Cap Value		3,091,142		56,373,098
Moderate Growth Lifestyle		16,065,393		12,265,353
Money Market II		18,269		—
Small Cap Growth		3,069,905		6,217,603
Small Cap Value		20,660,300		38,540,440
Socially Responsible		8,877,502		—
Strategic Bond		30,465,101		3,797,512

As of August 31, 2015, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Capital Loss Carryforward†				Unlimited†
Fund	2017		2018		ST		LT
Aggressive Growth Lifestyle	$	—	$	—	$	—	$	—
Capital Appreciation		—		—		—		—
Conservative Growth Lifestyle		—		—		—		—
Core Bond		—		—		—		—
High Yield Bond		—		25,316,663		—		—
International Opportunities		—		111,391,478		—		—
Large Cap Value		—		28,025,879		—		—
Mid Cap Growth		—		—		—		—
Mid Cap Value		—		—		—		—
Moderate Growth Lifestyle		—		—		—		—
Money Market II		879		—		—		—
Small Cap Growth		—		—		—		—
Small Cap Value		—		—		—		—
Socially Responsible		—		—		—		—
Strategic Bond		—		—		—		—

† On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

140

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year. Additionally, the Funds indicated the following capital loss carryforwards expired during the current year.

Fund	Capital Loss Carryforward Utilized
Aggressive Growth Lifestyle	$	—
Capital Appreciation		667,686
Conservative Growth Lifestyle		—
Core Bond		35,629
High Yield Bond		1,017,627
International Opportunities		13,367,277
Large Cap Value		31,264,117
Mid Cap Growth		—
Mid Cap Value		—
Moderate Growth Lifestyle		—
Money Market II		277,264
Small Cap Growth		—
Small Cap Value		—
Socially Responsible		23,868,603
Strategic Bond		—

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended August 31, 2015, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss		Deferred Post-October Long-Term Capital  Loss
Aggressive Growth Lifestyle	$	—	$	—	$	—
Capital Appreciation		—		694,142		—
Conservative Growth Lifestyle		—		—		—
Core Bond		—		—		1,293,043
High Yield Bond		—		5,228,467		1,658,483
International Opportunities		—		13,274,551		—
Large Cap Value		147		—		—
Mid Cap Growth		436,220		1,310,158		—
Mid Cap Value		—		3,555,225		—
Moderate Growth Lifestyle		—		—		—
Money Market II		—		—		—
Small Cap Growth		142,552		—		—
Small Cap Value		—		—		—
Socially Responsible		—		—		—
Strategic Bond		—		1,648,092		4,553,719

141

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

For the period ended August 31, 2015, the reclassifications to the components of net assets arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, non-deductible expenses, disposition of passive foreign investment companies securities, and foreign currency transactions as follows:

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Aggressive Growth Lifestyle	$	1,745,727		$	(1,745,727	)	$	—
Capital Appreciation		55			(55	)		—
Conservative Growth Lifestyle		850,307			(850,307	)		—
Core Bond		2,212,242			(2,212,242	)		—
High Yield Bond		1,191,068			(1,191,068	)		—
International Opportunities		(199,567	)		199,567			—
Large Cap Value		(266	)		266			—
Mid Cap Growth		528,131			(17	)		(528,114	)
Mid Cap Value		(124,495	)		124,495			—
Moderate Growth Lifestyle		2,436,903			(2,436,903	)		—
Money Market II		—			—			—
Small Cap Growth		736,193			(736,193	)		—
Small Cap Value		770,149			(770,149	)		—
Socially Responsible		8,777			(8,777	)		—
Strategic Bond		2,343,253			(2,343,253	)		—

Note 6 — Capital Share Transactions

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

	Aggressive Growth Lifestyle Fund												Capital Appreciation
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,203,033		$	49,369,747			5,312,915		$	60,672,814			121,463		$	2,010,124			530,162		$	7,936,110
Reinvested dividends		4,096,116			46,408,992			754,169			8,688,033			16,113			272,960			24,918			366,049
Shares redeemed		(3,138,018	)		(36,389,891	)		(2,276,432	)		(25,985,601	)		(614,048	)		(10,080,953	)		(533,978	)		(7,961,858	)
Net increase (decrease)		5,161,131		$	59,388,848			3,790,652		$	43,375,246			(476,472	)	$	(7,797,869	)		21,102		$	340,301
	Conservative Growth Lifestyle												Core Bond Fund
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,147,465		$	40,276,173			4,658,795		$	60,332,672			21,593,664		$	241,380,387			20,630,749		$	225,040,721
Reinvested dividends		1,760,759			21,903,836			1,086,292			13,817,640			1,989,819			21,848,211			2,187,802			23,868,921
Shares redeemed		(2,238,876	)		(28,446,478	)		(2,766,588	)		(35,746,516	)		(11,457,616	)		(127,286,985	)		(9,744,877	)		(106,801,764	)
Net increase (decrease)		2,669,348		$	33,733,531			2,978,499		$	38,403,796			12,125,867		$	135,941,613			13,073,674		$	142,107,878
	High Yield Bond												International Opportunities
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		14,049,866		$	108,511,346			9,347,766		$	73,669,111			6,282,779		$	93,309,500			2,815,032		$	43,705,488
Reinvested dividends		2,789,715			21,285,525			2,529,776			19,808,145			486,781			7,671,663			468,291			7,277,253
Shares redeemed		(6,525,984	)		(50,794,785	)		(3,660,135	)		(29,004,015	)		(5,072,832	)		(76,283,610	)		(3,495,458	)		(53,480,083	)
Net increase (decrease)		10,313,597		$	79,002,086			8,217,407		$	64,473,241			1,696,728		$	24,697,553			(212,135	)	$	(2,497,342	)

142

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

	Large Cap Value												Mid Cap Growth
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		690,649		$	12,355,120			676,522		$	10,912,016			1,428,370		$	14,011,065			2,692,078		$	28,583,502
Reinvested dividends		149,750			2,722,460			146,404			2,408,346			2,477,618			23,091,400			1,462,832			13,721,356
Shares redeemed		(2,103,773	)		(37,086,765	)		(1,221,278	)		(19,881,774	)		(2,516,951	)		(25,399,865	)		(1,622,168	)		(16,719,946	)
Net increase (decrease)		(1,263,374	)	$	(22,009,185	)		(398,352	)	$	(6,561,412	)		1,389,037		$	11,702,600			2,532,742		$	25,584,912
	Mid Cap Value												Moderate Growth Lifestyle
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,049,044		$	71,884,895			1,003,285		$	24,230,539			5,164,163		$	78,788,402			7,866,117		$	119,215,315
Reinvested dividends		4,081,773			94,901,222			2,490,127			59,464,240			4,137,930			61,282,740			1,884,947			28,330,746
Shares redeemed		(3,222,063	)		(79,026,342	)		(4,628,540	)		(113,244,995	)		(3,799,310	)		(57,394,855	)		(2,103,273	)		(31,771,418	)
Net increase (decrease)		3,908,754		$	87,759,775			(1,135,128	)	$	(29,550,216	)		5,502,783		$	82,676,287			7,647,791		$	115,774,643
	Money Market II												Small Cap Growth
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		64,201,569		$	64,201,569			66,853,797		$	66,853,797			801,542		$	13,419,432			1,505,200		$	26,235,149
Reinvested dividends		16,299			16,299			18,269			18,269			772,084			12,307,025			623,323			9,287,508
Shares redeemed		(75,165,074	)		(75,165,074	)		(82,111,024	)		(82,111,025	)		(1,389,764	)		(23,157,490	)		(1,460,726	)		(24,571,780	)
Net increase (decrease)		(10,947,206	)	$	(10,947,206	)		(15,238,958	)	$	(15,238,959	)		183,862		$	2,568,967			667,797		$	10,950,877
	Small Cap Value												Socially Responsible
	For the year ended August 31, 2015						For the year ended August 31, 2014						For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,479,534		$	40,547,760			1,002,396		$	17,183,239			5,383,674		$	103,811,338			712,133		$	11,918,108
Reinvested dividends		4,792,622			72,608,220			3,777,967			59,200,740			422,597			8,278,684			516,434			8,877,502
Shares redeemed		(6,004,887	)		(95,375,625	)		(3,308,871	)		(57,210,008	)		(3,257,382	)		(62,192,510	)		(3,663,969	)		(61,792,800	)
Net increase (decrease)		1,267,269		$	17,780,355			1,471,492		$	19,173,971			2,548,889		$	49,897,512			(2,435,402	)	$	(40,997,190	)
	Strategic Bond Fund
	For the year ended August 31, 2015						For the year ended August 31, 2014
	Shares			Amount			Shares			Amount
Shares sold		8,532,991		$	98,799,263			5,328,835		$	61,800,255
Reinvested dividends		3,147,341			35,470,532			2,971,606			34,262,613
Shares redeemed		(4,401,538	)		(50,254,535	)		(5,549,987	)		(64,426,066	)
Net increase (decrease)		7,278,794		$	84,015,260			2,750,454		$	31,636,802

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the year ended August 31, 2015, the amount of expense reductions received by each Fund used to offset non-affiliated expenses were as follows:

Fund	Amount
Capital Appreciation	$	8,178
International Opportunities		56,324
Large Cap Value		24,537
Mid Cap Growth		19,985
Mid Cap Value		3,036
Small Cap Growth		6,995
Small Cap Value		18,972

143

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 8 — Investment Concentration

The High Yield Bond Fund’s investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investments from the U.S. Government. As a result of the Core Bond Fund, Money Market II Fund and Strategic Bond Fund’s concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At August 31, 2015, the Funds had 29.3%, 59.6%, and 4.3%, respectively, of their net assets invested in such securities.

Some of the Funds may 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. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. 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 International Opportunities Fund. At August 31, 2015, the International Opportunities Fund had 23.6% and 20.0% of its net assets invested in equity securities domiciled in United Kingdom and Japan, respectively.

Each Fund, except the Money Market II Fund, the Lifestyle Funds and the Small Cap Value Fund, may invest in international bonds, which include U.S. dollar-denominated bonds issued by foreign corporations for which the primary trading market is in the United States (“Yankee Bonds”), or for which the primary trading market is abroad (“Euro Bonds”). International bonds may involve special risks and considerations not typically associated with investing in U.S. companies, including differences in accounting, auditing and financial reporting standards; generally higher commission rates on foreign portfolio transactions; the possibility of nationalization, expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency from a country); and political instability which could affect U.S. investments in foreign countries. As a result of the Strategic Bond Fund’s concentration in such investments, it may be subject to risks associated with the international bonds. At August 31, 2015, the Strategic Bond Fund had 32.1% of its net assets invested in such securities.

Note 9 — Line of Credit

VCII, along with certain other funds managed by the Adviser, has access to an $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, the Funds’ custodian. Prior to October 9, 2015, interest on the committed line of credit was payable at the higher of the Federal Funds Rate plus 125 basis points or the Overnight London Interbank Offered Rate plus 125 basis points. There was also a commitment fee of 15 basis points per annum on the daily unused portion of the committed line of credit and a one-time closing fee of 5 basis points on the uncommitted line of credit. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000.

Effective October 9, 2015, the interest payable under the committed line of credit is 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. In addition, the commitment fee on the daily unused portion of the committed line of credit increases to 20 basis points per annum.

For the year ended August 31, 2015, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Capital Appreciation		1	$	4	$	115,421		1.38	%
International Opportunities		4		139		925,316		1.35	%
Large Cap Value		36		406		296,397		1.37	%

At August 31, 2015, there were no borrowings outstanding.

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the year ended August 31, 2015, none of the Funds participated in this program.

144

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions.

For the year ended August 31, 2015, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/ Loss
International Opportunities	$	93,252	$	103,550	$	1,429

For the year ended August 31, 2015, the following Funds incurred brokerage commissions with affiliated brokers which are affiliates of a sub-advisor:

Affiliated Broker	International Opportunities		Large Cap Value		Small Cap Value
UBS AG	$	36,161	$	—	$	—
Pershing, LLC		—		209		—
J.P. Morgan Clearing Corp.		—		—		19,428
ConvergEx Execution Solutions LLC		—		65		—

145

VALIC Company II

FINANCIAL HIGHLIGHTS

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Aggressive Growth Lifestyle Fund															Capital Appreciation Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	12.04		$	10.30		$	9.22		$	8.44		$	7.41		$	15.88		$	12.82		$	10.92		$	9.37		$	8.01
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.18			0.11			0.14			0.19			0.06			0.05			0.07			0.05			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.52	)		1.77			1.10			0.79			1.02			0.46			3.08			1.88			1.55			1.35
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.32	)		1.95			1.21			0.93			1.21			0.52			3.13			1.95			1.60			1.40
Distributions from:
Net investment income		(0.19	)		(0.11	)		(0.13	)		(0.15	)		(0.18	)		(0.05	)		(0.07	)		(0.05	)		(0.05	)		(0.04	)
Net realized gain on securities		(0.86	)		(0.10	)		–			–			–			–			–			–			–			–
Total distributions		(1.05	)		(0.21	)		(0.13	)		(0.15	)		(0.18	)		(0.05	)		(0.07	)		(0.05	)		(0.05	)		(0.04	)
Net asset value at end of period	$	10.67		$	12.04		$	10.30		$	9.22		$	8.44		$	16.35		$	15.88		$	12.82		$	10.92		$	9.37
TOTAL RETURN(a)		(3.17	)%		19.03	%		13.21	%		11.15	%		16.33	%		3.28	%		24.43	%		17.93	%		17.13	%		17.41	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.14	%(e)		0.14	%(e)		0.15	%(e)		0.16	%(e)		0.18	%(e)		0.98	%		0.99	%		1.01	%		1.07	%		1.03	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.01	%		0.01	%		0.01	%		–
Ratio of net investment income (loss) to average net assets(b)		1.71	%(e)		1.56	%(e)		1.11	%(e)		1.62	%(e)		2.26	%(e)		0.36	%		0.31	%		0.58	%		0.53	%		0.48	%
Ratio of net investment income (loss) to average net assets(c)		1.67	%(e)		1.52	%(e)		1.06	%(e)		1.55	%(e)		2.18	%(e)		0.23	%		0.17	%		0.42	%		0.32	%		0.29	%
Portfolio turnover rate		31	%		32	%		41	%		44	%		62	%		44	%		44	%		44	%		119	%		52	%
Number of shares outstanding at end of period (000’s)		47,707			42,546			38,755			34,029			21,941			5,014			5,491			5,470			5,443			4,674
Net assets at the end of period (000’s)	$	508,890		$	512,113		$	399,133		$	313,655		$	185,211		$	81,961		$	87,214		$	70,095		$	59,413		$	43,798

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

^(e)  Does not include underlying fund expenses that the Fund bears indirectly.

See Notes to Financial Statements

146

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Conservative Growth Lifestyle Fund															Core Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	13.12		$	12.13		$	12.02		$	11.22		$	10.31		$	11.09		$	10.69		$	11.41		$	10.90		$	10.68
Income (loss) from investment operations:
Net investment income (loss)(d)		0.31			0.29			0.26			0.29			0.34			0.23			0.24			0.23			0.30			0.38
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.62	)		1.31			0.32			0.86			0.87			(0.16	)		0.44			(0.43	)		0.56			0.13
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.31	)		1.60			0.58			1.15			1.21			0.07			0.68			(0.20	)		0.86			0.51
Distributions from:
Net investment income		(0.29	)		(0.26	)		(0.24	)		(0.27	)		(0.30	)		(0.23	)		(0.20	)		(0.32	)		(0.30	)		(0.29	)
Net realized gain on securities		(0.57	)		(0.35	)		(0.23	)		(0.08	)		–			–			(0.08	)		(0.20	)		(0.05	)		–
Total distributions		(0.86	)		(0.61	)		(0.47	)		(0.35	)		(0.30	)		(0.23	)		(0.28	)		(0.52	)		(0.35	)		(0.29	)
Net asset value at end of period	$	11.95		$	13.12		$	12.13		$	12.02		$	11.22		$	10.93		$	11.09		$	10.69		$	11.41		$	10.90
TOTAL RETURN(a)		(2.65	)%		13.34	%		4.93	%		10.50	%		11.82	%		0.62	%		6.44	%		(1.95	)%		8.08	%		4.89	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.14	%(e)		0.15	%(e)		0.16	%(e)		0.18	%(e)		0.20	%(e)		0.79	%		0.80	%		0.84	%		0.86	%		0.88	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.45	%(e)		2.26	%(e)		2.12	%(e)		2.59	%(e)		3.05	%(e)		2.10	%		2.24	%		2.12	%		2.79	%		3.65	%
Ratio of net investment income (loss) to average net assets(c)		2.40	%(e)		2.22	%(e)		2.06	%(e)		2.51	%(e)		2.95	%(e)		2.08	%		2.21	%		2.05	%		2.70	%		3.53	%
Portfolio turnover rate		33	%		31	%		53	%		36	%		66	%		153	%		169	%		175	%		177	%		161	%
Number of shares outstanding at end of period (000’s)		27,270			24,601			21,622			16,819			10,665			97,489			85,364			72,290			55,895			39,745
Net assets at the end of period (000’s)	$	325,797		$	322,764		$	262,360		$	202,134		$	119,710		$	1,065,803		$	946,699		$	772,784		$	637,701		$	433,168

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

^(e)  Does not include underlying fund expenses that the Fund bears indirectly.

See Notes to Financial Statements

147

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	High Yield Bond Fund															International Opportunities Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	7.93		$	7.63		$	7.64		$	7.28		$	7.36		$	15.50		$	13.78		$	11.87		$	12.47		$	11.23
Income (loss) from investment operations:
Net investment income (loss)(d)		0.38			0.41			0.44			0.46			0.56			0.16			0.16			0.14			0.20			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.53	)		0.28			(0.03	)		0.45			(0.05	)		(0.38	)		1.75			2.04			(0.59	)		1.21
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.15	)		0.69			0.41			0.91			0.51			(0.22	)		1.91			2.18			(0.39	)		1.37
Distributions from:
Net investment income		(0.38	)		(0.39	)		(0.42	)		(0.55	)		(0.59	)		(0.20	)		(0.19	)		(0.27	)		(0.21	)		(0.13	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.38	)		(0.39	)		(0.42	)		(0.55	)		(0.59	)		(0.20	)		(0.19	)		(0.27	)		(0.21	)		(0.13	)
Net asset value at end of period	$	7.40		$	7.93		$	7.63		$	7.64		$	7.28		$	15.08		$	15.50		$	13.78		$	11.87		$	12.47
TOTAL RETURN(a)		(2.02	)%		9.10	%		5.46	%		13.18	%		7.00	%		(1.50	)%		13.88	%		18.58	%		(2.95	)%		12.14	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.98	%		0.99	%		1.01	%		1.02	%		1.03	%		1.21	%		1.21	%		1.31	%		1.31	%		1.28	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(b)		5.00	%		5.25	%		5.77	%		6.26	%		7.48	%		1.02	%		1.05	%		1.08	%		1.70	%		1.18	%
Ratio of net investment income (loss) to average net assets(c)		4.97	%		5.22	%		5.73	%		6.20	%		7.42	%		0.81	%		0.84	%		0.76	%		1.39	%		0.91	%
Portfolio turnover rate		36	%		37	%		34	%		38	%		47	%		59	%		72	%		62	%		164	%		66	%
Number of shares outstanding at end of period (000’s)		63,332			53,018			44,801			37,281			36,022			39,548			37,851			38,063			41,554			46,945
Net assets at the end of period (000’s)	$	468,855		$	420,459		$	341,751		$	284,818		$	262,380		$	596,301		$	586,631		$	524,503		$	493,207		$	585,357

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

148

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Large Cap Value Fund															Mid Cap Growth Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	17.58		$	14.51		$	11.67		$	10.41		$	9.26		$	10.13		$	9.76		$	8.45		$	7.93		$	6.28
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.22			0.19			0.15			0.11			(0.02	)		(0.05	)		0.00			0.00			(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.46	)		3.04			2.81			1.22			1.18			0.27			1.33			1.42			0.52			1.67
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.26	)		3.26			3.00			1.37			1.29			0.25			1.28			1.42			0.52			1.65
Distributions from:
Net investment income		(0.24	)		(0.19	)		(0.16	)		(0.11	)		(0.14	)		–			(0.01	)		(0.01	)		–			–
Net realized gain on securities		–			–			–			–			–			(1.57	)		(0.90	)		(0.10	)		–			–
Total distributions		(0.24	)		(0.19	)		(0.16	)		(0.11	)		(0.14	)		(1.57	)		(0.91	)		(0.11	)		–			–
Net asset value at end of period	$	17.08		$	17.58		$	14.51		$	11.67		$	10.41		$	8.81		$	10.13		$	9.76		$	8.45		$	7.93
TOTAL RETURN(a)		(1.56	)%		22.55	%		26.02	%		13.30	%		13.84	%		1.66	%		13.86	%		17.06	%		6.56	%		26.27	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.88	%		0.88	%		0.91	%		0.93	%		0.93	%		1.14	%		1.17	%		1.18	%		1.18	%		1.19	%
Ratio of expense reductions to average net assets		0.01	%		0.01	%		0.01	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		1.11	%		1.31	%		1.40	%		1.33	%		0.98	%		(0.26	)%		(0.47	)%		0.02	%		0.02	%		(0.32	)%
Ratio of net investment income (loss) to average net assets(c)		1.04	%		1.24	%		1.30	%		1.21	%		0.86	%		(0.54	)%		(0.79	)%		(0.30	)%		(0.31	)%		(0.66	)%
Portfolio turnover rate		72	%		54	%		53	%		62	%		65	%		102	%		175	%		112	%		131	%		206	%
Number of shares outstanding at end of period (000’s)		11,333			12,597			12,995			12,913			14,543			17,507			16,118			13,586			16,888			20,333
Net assets at the end of period (000’s)	$	193,602		$	221,453		$	188,508		$	150,682		$	151,360		$	154,291		$	163,273		$	132,584		$	142,785		$	161,271

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

149

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Mid Cap Value Fund															Moderate Growth Lifestyle Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	25.15		$	21.66		$	17.31		$	15.28		$	13.61		$	15.61		$	13.93		$	13.10		$	12.04		$	10.81
Income (loss) from investment operations:
Net investment income (loss)(d)		0.07			0.05			0.07			0.06			0.04			0.29			0.28			0.21			0.24			0.30
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.82	)		5.06			4.35			2.05			1.74			(0.65	)		1.99			1.04			1.06			1.23
Net increase from payments by affiliates		–			–			–			–			–			–			–			–			–			–
Total income (loss) from investment operations		(0.75	)		5.11			4.42			2.11			1.78			(0.36	)		2.27			1.25			1.30			1.53
Distributions from:
Net investment income		(0.05	)		(0.08	)		(0.07	)		(0.08	)		(0.11	)		(0.28	)		(0.20	)		(0.21	)		(0.24	)		(0.30	)
Net realized gain on securities		(2.53	)		(1.54	)		–			–			–			(0.88	)		(0.39	)		(0.21	)		–			–
Total distributions		(2.58	)		(1.62	)		(0.07	)		(0.08	)		(0.11	)		(1.16	)		(0.59	)		(0.42	)		(0.24	)		(0.30	)
Net asset value at end of period	$	21.82		$	25.15		$	21.66		$	17.31		$	15.28		$	14.09		$	15.61		$	13.93		$	13.10		$	12.04
TOTAL RETURN(a)		(3.61	)%		23.97	%		25.64	%		13.85	%		12.98	%		(2.68	)%		16.46	%		9.76	%		11.00	%		14.20	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)
Ratio of expenses to average net assets(c)		1.06	%		1.05	%		1.08	%		1.11	%		1.15	%		0.13	%(e)		0.13	%(e)		0.14	%(e)		0.16	%(e)		0.17	%(e)
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.01	%		0.02	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.28	%		0.22	%		0.37	%		0.39	%		0.23	%		1.92	%(e)		1.84	%(e)		1.55	%(e)		1.99	%(e)		2.47	%(e)
Ratio of net investment income (loss) to average net assets(c)		0.27	%		0.22	%		0.34	%		0.33	%		0.13	%		1.89	%(e)		1.81	%(e)		1.50	%(e)		1.93	%(e)		2.41	%(e)
Portfolio turnover rate		56	%		29	%		46	%		70	%		108	%		30	%		27	%		36	%		36	%		58	%
Number of shares outstanding at end of period (000’s)		42,460			38,551			39,686			40,101			40,315			56,655			51,152			43,504			34,532			23,286
Net assets at the end of period (000’s)	$	926,580		$	969,591		$	859,611		$	694,095		$	615,965		$	798,444		$	798,521		$	606,185		$	452,347		$	280,436

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

^(e)  Does not include underlying fund expenses that the Fund bears indirectly.

See Notes to Financial Statements

150

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Money Market II Fund															Small Cap Growth Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	16.27		$	16.11		$	13.47		$	12.87		$	10.20
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.00			0.00			0.00			0.00			(0.04	)		(0.14	)		(0.09	)		(0.07	)		(0.10	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.00			0.00			0.00			0.00			(0.00	)		0.97			1.68			3.92			1.66			2.77
Net increase from payments by affiliates		0.00			–			–			–			0.00			–			–			–			–			–
Total income (loss) from investment operations		0.00			0.00			0.00			0.00			0.00			0.93			1.54			3.83			1.59			2.67
Distributions from:
Net investment income		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		–			–			–			–			–
Net realized gain on securities		–			–			–			–			–			(1.89	)		(1.38	)		(1.19	)		(0.99	)		–
Total distributions		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(1.89	)		(1.38	)		(1.19	)		(0.99	)		–
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	15.31		$	16.27		$	16.11		$	13.47		$	12.87
TOTAL RETURN(a)		0.01	%(f)		0.01	%		0.01	%		0.01	%		0.01	%(e)		5.26	%		10.33	%		31.19	%		13.13	%		26.18	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.15	%		0.15	%		0.20	%		0.19	%		0.20	%		1.16	%		1.16	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.64	%		0.63	%		0.65	%		0.65	%		0.65	%		1.25	%		1.26	%		1.31	%		1.33	%		1.32	%
Ratio of expense reduction to average net assets		–			–			–			–			–			0.01	%		0.00	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		(0.25	)%		(0.83	)%		(0.65	)%		(0.52	)%		(0.76	)%
Ratio of net investment income (loss) to average net assets(c)		(0.48	)%		(0.47	)%		(0.44	)%		(0.45	)%		(0.44	)%		(0.34	)%		(0.93	)%		(0.80	)%		(0.69	)%		(0.92	)%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			49	%		63	%		68	%		63	%		79	%
Number of shares outstanding at end of period (000’s)		159,882			170,830			186,069			187,696			214,677			7,185			7,001			6,333			6,026			6,124
Net assets at the end of period (000’s)	$	159,905		$	170,575		$	185,810		$	187,430		$	214,407		$	110,029		$	113,907		$	102,025		$	81,161		$	78,839

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

^(f)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (See Note 3).

See Notes to Financial Statements

151

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Small Cap Value Fund															Socially Responsible Fund
	Year Ended August 31,															Year Ended August 31,
	2015			2014			2013			2012			2011			2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	16.65		$	15.83		$	12.68		$	12.41		$	10.27		$	18.56		$	14.84		$	12.53		$	10.92		$	9.34
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.09			0.13			0.07			0.04			0.26			0.22			0.21			0.16			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.56	)		2.70			3.33			0.71			2.23			(0.05	)		3.74			2.31			1.60			1.57
Net increase from payments by affiliates		–			–			–			0.00			–			–			–			–			–			–
Total income (loss) from investment operations		(0.39	)		2.79			3.46			0.78			2.27			0.21			3.96			2.52			1.76			1.70
Distributions from:
Net investment income		(0.10	)		(0.17	)		(0.07	)		(0.12	)		(0.13	)		(0.22	)		(0.24	)		(0.21	)		(0.15	)		(0.12	)
Net realized gain on securities		(2.15	)		(1.80	)		(0.24	)		(0.39	)		–			–			–			–			–			–
Total distributions		(2.25	)		(1.97	)		(0.31	)		(0.51	)		(0.13	)		(0.22	)		(0.24	)		(0.21	)		(0.15	)		(0.12	)
Net asset value at end of period	$	14.01		$	16.65		$	15.83		$	12.68		$	12.41		$	18.55		$	18.56		$	14.84		$	12.53		$	10.92
TOTAL RETURN(a)		(3.38	)%		18.39	%		27.78	%		6.58	%(f)		22.06	%		1.06	%		26.82	%		20.40	%		16.34	%		18.19	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.56	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		1.03	%		1.03	%		1.05	%		1.08	%		1.07	%		0.61	%		0.61	%		0.62	%		0.63	%		0.63	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.02	%		0.54	%		0.91	%		0.58	%		0.33	%		1.35	%		1.29	%		1.56	%		1.39	%		1.19	%
Ratio of net investment income (loss) to average net assets(c)		0.95	%		0.46	%		0.81	%		0.46	%		0.21	%		1.31	%		1.25	%		1.49	%		1.33	%		1.12	%
Portfolio turnover rate		50	%		47	%		81	%		96	%		116	%		31	%		26	%		39	%		44	%		81	%
Number of shares outstanding at end of period (000’s)		34,784			33,516			32,045			32,052			32,626			39,153			36,604			39,040			47,833			60,129
Net assets at the end of period (000’s)	$	487,157		$	558,170		$	507,366		$	406,471		$	404,748		$	726,460		$	679,235		$	579,372		$	599,500		$	656,395

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains realized on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was decreased by less than 0.01% from losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

152

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

Per share data is for a share of beneficial interest outstanding throughout the period. Total return includes reinvestment of distributions on the reinvestment date.

	Strategic Bond Fund
	Year Ended August 31,
	2015			2014			2013			2012			2011
PER SHARE DATA
Net asset value at beginning of period	$	11.77		$	11.23		$	11.78		$	11.31		$	11.22
Income (loss) from investment operations:
Net investment income (loss)(d)		0.42			0.48			0.46			0.49			0.60
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.68	)		0.62			(0.44	)		0.58			0.09
Net increase from payments by affiliates		–			–			–			–			–
Total income (loss) from investment operations		(0.26	)		1.10			0.02			1.07			0.69
Distributions from:
Net investment income		(0.41	)		(0.44	)		(0.46	)		(0.60	)		(0.60	)
Net realized gain on securities		(0.10	)		(0.12	)		(0.11	)		–			–
Total distributions		(0.51	)		(0.56	)		(0.57	)		(0.60	)		(0.60	)
Net asset value at end of period	$	11.00		$	11.77		$	11.23		$	11.78		$	11.31
TOTAL RETURN(a)		(2.32	)%		9.89	%		0.03	%		9.97	%		6.36	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets		0.87	%		0.88	%		0.89	%(b)		0.89	%(b)		0.89	%(b)
Ratio of expenses to average net assets		0.87	%		0.88	%		0.91	%(c)		0.93	%(c)		0.95	%(c)
Ratio of expense reductions to average net assets		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		3.67	%		4.11	%		4.00	%		4.39	%		5.33	%
Ratio of net investment income (loss) to average net assets(c)		3.67	%		4.11	%		3.98	%		4.35	%		5.27	%
Portfolio turnover rate		132	%		150	%		164	%		191	%		144	%
Number of shares outstanding at end of period (000’s)		71,428			64,149			61,398			53,061			44,277
Net assets at the end of period (000’s)	$	785,635		$	755,092		$	689,403		$	624,863		$	500,792

^(a)  Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

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

See Notes to Financial Statements

153

VALIC Company II

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of

VALIC Company II:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the fifteen funds constituting VALIC Company II (the “Series’’) at August 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian, transfer agent, and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion expressed above.

PricewaterhouseCoopers LLP

Houston, Texas

October 28, 2015

154

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

Approval at August 2015 meeting

At an in-person meeting held on August 3-4, 2015, the Board of Trustees (the “Board”) of VALIC Company II (“VC II”), including the Trustees that are not interested persons of VC II, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), approved the Investment Advisory Agreement with respect to each series of VC II (each a “Fund,” and collectively, the “Funds”) between The Variable Annuity Life Insurance Company (“VALIC”) and VC II (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC II (collectively, the “Sub-advisory Agreements”): Janus Capital Management, LLC (“Janus”), Perkins Investment Management, LLC (“Perkins”), J.P. Morgan Investment Management, Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Metropolitan West Capital Management, LLC (“Metropolitan West”), PineBridge Investments, LLC (“PineBridge”), Robeco Investment Management, Inc. (“Robeco”), SunAmerica Asset Management, LLC (“SAAMCo”), The Boston Company Asset Management, Inc. (“TBCAM”), UBS Global Asset Management (“UBS”), Wells Capital Management Incorporated (“Wells Capital”) and Wellington Management Company, LLP (“Wellington”) (collectively referred to as the “Sub-advisers”). The Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.” Prior to the August 3-4, 2015 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, 2015.

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

The Independent Trustees were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in an executive session at an in-person special meeting held on July 13, 2015 and executive sessions held during the August 2015 meeting during which such independent counsel provided guidance to the Independent Trustees. Following the July 13, 2015 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2015 meeting. The continuation of all Advisory Contracts were approved at the August 2015 meeting for a one-year term beginning September 1, 2015 and ending August 31, 2016.

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

The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC II, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.

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

The Board reviewed VALIC’s and SAAMCo’s compliance program and personnel. The Board noted that SAAMCo is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VALIC Company I and VC II Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.

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

155

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group/Universe and Subadvisory Expense Universe and, in some cases as noted below, the Subadvisory 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 Subadvisory 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 SAAMCo 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 each of the Funds.

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

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated February 28, 2015.

The Board received and reviewed information prepared by management and by an independent third-party regarding the Funds’ investment performance compared against their benchmarks and their respective Performance Groups/Universes. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2015, and that the benchmark information provided by management was for the period ended June 30, 2015. The Board also noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• Aggressive Growth Lifestyle Fund (sub-advised by PineBridge). The Fund’s total net expenses were equal to the medians of its Expense Group/Universe. The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

The Fund outperformed its Lipper index for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. In addition, the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and below the median of its Performance Group for the three-year period, and the Fund’s performance was above the median of its Performance Universe for the one-, three- and five-year periods.

• Capital Appreciation Fund (sub-advised by TBCAM). The Fund’s total net expenses were below the medians of is Expense Group/Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were below the medians of its Subadvisory Expense Group/Universe. The expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund underperformed its Lipper index and benchmark for the one-, three- and five-year periods. In addition, the Fund’s performance was below the median of its Performance Group for the one-year period, above the median of its Performance Group for the three-year period, and equal to the median of its Performance Group for the five-year period. The Fund’s performance was below the median of its Performance Universe for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.

• Conservative Growth Lifestyle Fund (sub-advised by PineBridge). The Fund’s total net expenses were equal to the median of its Expense Group and above the median of its Expense Universe. The Fund’s actual management fees were above the medians of the its Expense Group/Universe. The Fund’s sub-advisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and noted the expense limitation on total expenses was extended contractually through December 31, 2016.

The Fund outperformed its Lipper index for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-year period and outperformed its blended benchmark for the three- and five-year periods. In addition, the Fund’s performance was below the median of its Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year periods, and above the median of its Performance Universe for the one-, three- and five- year periods.

• Core Bond Fund (sub-advised by PineBridge). The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were above the medians of its Subadvisory Expense Group/Universe. The expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund outperformed its Lipper index for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods. In addition, the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods.

• High Yield Bond Fund (sub-advised by Wellington). The Fund’s total net expenses were above the medians of its Expense Group/Universe. The Fund’s actual management fees were below the median of its Expense Group and above the median of its Expense Universe. The Fund’s sub-advisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

156

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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 outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. In addition, the Fund’s performance equaled the median of the Performance Group for the one-year period and was below the median of the Performance Group for the three- and five-year periods, and the Fund’s performance was above the median of its Performance Universe for the one-year period and was below the median of its Performance Universe for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including management’s continued monitoring of the Fund. The Board also noted the Fund’s more recent improved performance.

• International Opportunities Fund (sub-advised by MFS and UBS). The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual management fees were equal to the median of its Expense Group and below the median of its Expense Universe. The Fund’s sub-advisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. In addition, the Fund’s performance was below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board took account of management’s discussion of the Fund’s performance.

• Large-Cap Value Fund (sub-advised by Janus/Perkins and TBCAM). The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were below the median of its Subadvisory Expense Universe. The Board noted that the expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. In addition, the Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Fund’s performance was above the median of its Performance Group for the one-, three- and five-year periods. In addition, the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and equal to the median for the five-year period.

• Mid-Cap Growth Fund (sub-advised by Wells Capital). The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were below the medians of its Subadvisory Expense Group/Universe. The Board noted that the expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Fund underperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board took into account that Wells Capital replaced the Fund’s previous sub-adviser in December 2013, and as a result, the Fund’s intermediate- and long-term performance in part reflects that of the Fund’s previous sub-adviser. The Board also took into account management’s discussion of the Fund’s performance.

• Mid-Cap Value Fund (sub-advised by Wellington and Robeco). The Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Fund’s performance was below the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including recent actions taken to improve the Fund’s performance and management’s continued monitoring of the Fund.

• Moderate Growth Lifestyle Fund (sub-advised by PineBridge). The Fund’s total net expenses were equal to the median of its Expense Group and below the median of its Expense Universe. The Fund’s actual management fees were equal to the median of the Fund’s Expense Group and above the median of its Expense Universe. The Fund’s sub-advisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-year period and outperformed its blended benchmark for the three- and five-year periods. In addition, the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods.

• Money Market II Fund (sub-advised by SAAMCo). The Fund’s total net expenses were above the median of its Expense Group and below the median of its Expense Universe. The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were below the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. In addition, the Fund’s performance was equal to the median of its Performance Group for the one-, three-, and five-year periods. The Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and equal to the median of its Performance Universe for the five-year period. The Board took into account management’s discussion of the Fund’s performance and noted the relatively narrow range of returns in the Performance Group/Universe.

• Small-Cap Growth Fund (sub-advised by JPMIM). The Fund’s total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Fund’s actual management fees were above the medians of the Fund’s Expense Group/Universe. The Fund’s sub-advisory fees were above the medians of

157

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

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

• Small-Cap Value Fund (sub-advised by JPMIM and Metropolitan West). The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. The Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. In addition, the Fund’s performance was above the median of its Performance Group for the one-year period and below the median of its Performance Group for the three- and five-year periods. The Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and below the median of its Performance Universe for the five-year period. The Board took into account management’s discussion of the Fund’s performance, including management’s continued monitoring of the Fund, and also noted that the Fund’s long-term performance, in part, reflects that of the Fund’s previous sub-adviser, which was replaced in December 2012.

• Socially Responsible Fund (sub-advised by SAAMCo). The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s sub-advisory fees were also below the medians of its Subadvisory Expense Group/Universe. The expense limitation on total expenses was also extended contractually through December 31, 2016.

The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund also outperformed its benchmark for the one-, three- and five-year periods. In addition, the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods.

• Strategic Bond Fund (sub-advised by PineBridge). The Fund’s total net expenses were equal to the medians of its Expense Group/Universe. The Fund’s actual management fees were below the medians of the Fund’s Expense Group/Universe. The Fund’s sub-advisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2016.

The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods. In addition, the Fund’s performance was above the medians of its Performance Group/Universe for the one-, three- and five-year periods.

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 further 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 daily net assets of the respective Fund.

The Board noted that VALIC reviewed a number of factors in determining appropriate fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such factors include review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) fund analysis; (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, will receive 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 considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided at cost, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also noted that VC II pays SAAMCo, 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 SAAMCo receives from the Funds, SAAMCo 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 SAAMCo receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VC II pays VALIC an annual fee of 0.25% on average daily net assets of each Fund (other than the Lifestyle Funds) pursuant to a Shareholder Services Agreement.

The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, it was 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. These benefits can be material.

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. The Board received and reviewed

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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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. In addition, the Board considered the profitability of SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was reasonable.

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

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

Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allow the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board 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 it was currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

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

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

159

VALIC Company II

TRUSTEES AND OFFICERS INFORMATION — August 31, 2015 (unaudited)

Name, Age and Address*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Trustee(3)
Independent Directors
Thomas J. Brown Age: 69	Trustee		2005- Present	Retired, Chief Compliance Officer & Chief Financial Officer, American General Asset Management, an investment adviser (since 2006).		49	Trustee, Virtus Series Fund (2011-Present).
Dr. Judith L. Craven Age: 69	Trustee		1998- Present	Retired Administrator, Proprietor JAE & Associates LLC, Physician Consulting since (2003); and President, United way, fundraiser (since 1998)		77	Director, A.G. Belo Corporation, (1992-2013); Director SYSCO Corporation, a food marketing and distribution company (1996-Present). Director, Luby’s Inc., a restaurant chain (1998-Present); Director, Hotel-Downtown (1998-2011).
William F. Devin Age: 76	Chairman and Trustee(5)		2001- Present	Retired, Executive Vice President, Fidelity Management Resources, a broker-dealer (since 1996).		77	Director, Boston Options Exchange (2001-2011).
Dr. Timothy J. Ebner Age: 65	Trustee		1998- Present	Professor and Head, Department of Neuroscience Medical School (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-2013); Scientific Director, Society for Research on the Cerabellum (2008-Present). President, Association of Medical School Neuroscience Department Chairpersons (2012-2014).		49	Trustee, Minnesota Medical Foundation (2003-Present).
Judge Gustavo E. Gonzales, Jr. Age: 74	Trustee		1998- Present	Semi-Retired Attorney At Law, Criminal Defense and General Practice (2004-2014). Retired Municipal Court Judge, Dallas, TX (since 2004).		49	None.
Kenneth J. Lavery Age: 65	Trustee		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		49	None.
Dr. John E. Maupin, Jr. Age: 68	Trustee		1998- Present	Retired, President Morehouse School of Medicine, Atlanta Georgia (2006-2014).		49	Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present).
Interested Directors
Peter A. Harbeck(1) Age: 61	Trustee		2001- Present	President (1995-Present), CEO and Director (1992-Present), SAAMCo (1997-Present); Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman (2004-Present), President and CEO, Advisor Group, Inc. (2013-Present)		137	None.
Officers
John T. Genoy Age: 46	President and Principal Executive Officer		2014- Present	Chief Financial Officer (2002-Present), Senior Vice President, (2003-Present) and Chief Operating Officer (2006-Present) and Director (2014-Present), SAAMCo.		N/A	N/A
John Packs Age: 59	Vice President and Senior Investment Officer		2001- Present	Senior Investment Officer, VALIC (2001-2013). Senior Vice President, SAAMCo (2008-Present).		N/A	N/A

160

VALIC Company II

TRUSTEES AND OFFICERS INFORMATION — August 31, 2015 (unaudited) — (continued)

Name, Age and Address*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Trustee(3)
Officers
Gregory R. Kingston Age: 49	Treasurer and Principal Financial Officer		2000- Present	Vice President (2001-2014) and Head of Mutual Fund Administration, SAAMCo (2014-Present).		N/A	N/A
Kathleen Fuentes Age: 46	Vice President, Chief Legal Officer and Secretary		2015- Present	Vice President and Deputy General Counsel, SAAMCo (2006-Present).		N/A	N/A
Gregory N. Bressler Age: 48	Vice President		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SAAMCo.		N/A	N/A
Katherine Stoner Age: 58	Vice President and Chief Compliance Officer		2011- Present	Vice President, SAAMCo (May 2011-Present); Vice President, The Variable Annuity Life Insurance Company (“VALIC”) and Western National Life Insurance Company (“WNL”) (2006-2011); Deputy General Counsel and Secretary, VALIC and WNL (2007-2011); Vice President, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company (2010-2011).		N/A	Director, American General Distributors, Inc. (2006-2011)
Matthew J. Hackethal Age: 43	Anti-Money Laundering (“AML”) Compliance Officer		2007- Present	Chief Compliance Officer (2007-Present) and Vice President (2011-Present), SAAMCo; AML Compliance Officer, SunAmerica Fund Complex (2006-Present).		N/A	N/A
Thomas M. Ward Age: 48	Vice President		2008- Present	Vice President (2009-2013), VALIC and VALIC Financial Advisers, Inc.		N/A	N/A
Shawn Parry Age: 43	Vice President and Assistant Treasurer		2014- Present	Vice President (2014-Present) and Assistant Vice President (2005-2014), SAAMCo; and Product Manager (2009- 2010), Invesco Advisers, Inc.		N/A	N/A
Donna McManus Age: 54	Vice President and Assistant Treasurer		2014- Present	Vice President, SAAMCo (2014-Present); Managing Director, BNY Mellon (2009- 2014).		N/A	N/A

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

(1) Interested Trustee, as defined within the Investment Company Act of 1940 (the “1940 Act”), because of current employment with SAAMCo, an affiliated company with VALIC.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the SunAmerica Specialty Series (7 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (20 portfolios), SunAmerica Series Trust (40 portfolios), VALIC Company I (34 funds) and VALIC Company II (15 funds).

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

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

(5) Effective July 27, 2005, Mr. Devin became Chairman of the Board.

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

161

VALIC Company II

SHAREHOLDERS TAX INFORMATION — August 31, 2015 (unaudited)

Certain tax information regarding the VALIC Company II is required to be provided to the shareholders based upon each Fund’s income and capital gain distributions for the taxable year ended August 31, 2015.

During the year ended August 31, 2015, the Funds paid the following long-term capital gains along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:

Fund	Net Long-Term Capital Gains		Foreign Tax Credit		Foreign Source  Income		Qualifing % for the 70% Dividends Received Deduction
Aggressive Growth Lifestyle*	$	36,393,527	$	183,957	$	2,993,550		28.50	%
Capital Appreciation		—		—		—		100.00
Conservative Growth Lifestyle*		9,535,583		77,326		1,291,041		7.37
Core Bond		—		—		—		0.13
High Yield Bond		—		—		—		—
International Opportunities*		—		490,553		10,516,346		0.11
Large Cap Value		—		—		—		100.00
Mid Cap Growth		17,636,410		—		—		8.43
Mid Cap Value		84,711,714		—		—		89.23
Moderate Growth Lifestyle*		43,143,104		219,334		3,674,473		18.82
Money Market II		—		—		—		—
Small Cap Growth		11,885,623		—		—		68.83
Small Cap Value		58,550,498		—		—		39.72
Socially Responsible		—		—		—		100.00
Strategic Bond		1,806,930		—		—		0.21

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

162

VALIC Company II

COMPARISONS: FUNDS VS. INDEXES (unaudited)

In the following pages, we have included graphs that compare each Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC II Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.

Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contracts or variable life insurance policies (collectively, the “Contracts”), qualifying employer-sponsored retirement plans (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

163

VALIC Company II Aggressive Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-month period ended August 31, 2015, the Aggressive Growth Lifestyle Fund returned -3.17%, compared to 0.48% for the S&P 500^® Index and -0.57% for the Fund’s Blended Index.**

The Aggressive Growth Lifestyle Fund allocates its assets among a combination of the Funds of VC II and VALIC Company I. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

Over the past twelve months, the Fund’s asset allocation was a negative contributor to performance. The Fund began the twelve month period with an overweight to US equities, a significant overweight to international equities, a large underweight to fixed income, and a modest underweight to global real estate. In late 2014, the Fund started reducing US equities exposure and increased exposure to both fixed income and global real estate. In the same period, international equities exposure was modestly reduced. As 2015 progressed, the US equities exposure was reduced to an underweight, as the international equities and fixed income exposure increased. The twelve month period closed with an underweight to US equities, a significant overweight to international equities, and modest underweights to both global real estate and fixed income. The cumulative impact of these asset allocation decisions resulted in underperformance versus both the S&P 500 and the Fund’s Blended Index.

Fund selection was also a detractor from performance. The Foreign Value Fund, Emerging Economies Fund and International Equities Fund were the top detractors. The top funds contributing to returns were the Blue Chip Growth Fund, Stock Index Fund and the NASDAQ-100 Fund.

164

VALIC Company II Aggressive Growth Lifestyle Fund

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

For the year ended August 31, 2015, the Aggressive Growth Lifestyle Fund returned -3.17% compared to 0.48% for the S&P 500^® Index and -0.57% for the Blended Index.

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

** The Fund’s Blended Index consists of the Russell 3000^® Index (54%), MSCI EAFE Index (net) (13%), the Barclays U.S. Aggregate Bond Index (25%) and the FTSE/EPRA NAREIT Developed Index (8%).

*** The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The Index consists of 22 developed market country indices. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

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

† The Russell 3000^® Index follows the 3,000 largest U.S. companies, based on total market capitalization.

†† The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-3.17%	11.03%	6.73%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

165

VALIC Company II Capital Appreciation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with The Boston Company Asset Management, LLC

The Capital Appreciation Fund posted a return of 3.28% for the twelve-month period ended August 31, 2015, compared to a return of 4.26% for the Russell 1000^® Growth Index.

The industrials and consumer discretionary sectors detracted most from relative results. Relative returns in the industrials sector were hurt by exposure to United Technologies Corp. In the commercial services & supplies segment, Tyco International PLC was a significant detractor.

Performance in the consumer discretionary sector was weighed by the internet & catalog retail and media segments, notably Netflix Inc. and CBS Corp.

The Fund benefited from stock selection in information technology. Visa, Inc. and Fortinet, a computer network security company, were among the top contributors.

Ulta Salon, a beauty retailer, and United Healthcare were among the individual top contributors overall.

For the year ended August 31, 2015, the Capital Appreciation Fund returned 3.28% compared to 4.26% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
3.28%	15.83%	6.67%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

166

VALIC Company II Conservative Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-month period ended August 31, 2015, the Conservative Growth Lifestyle Fund returned -2.65%, compared to 0.48% for the S&P 500^® Index and 0.51% for the Fund’s Blended Index.**

The Conservative Growth Lifestyle Fund allocates its assets among a combination of the Funds of VC II and VALIC Company I. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

Over the past twelve months, the Fund’s asset allocation was a negative contributor to performance. The Fund began the twelve month period with overweights to both US equities and international equities, an underweight to fixed income, and a benchmark weight to global real estate. In late 2014, the Fund started reducing US equities exposure and increased exposure to both international equities and global real estate. As 2015 progressed, the US equities exposure was reduced to an underweight, as the international equities and fixed income exposure increased. The twelve month period closed with an underweight to US equities, a significant overweight to international equities, an underweight to fixed income, and a benchmark weight to global real estate. The cumulative impact of these asset allocation decisions resulted in underperformance versus both the S&P 500 and the Fund’s Blended Index.

Fund selection was also a detractor from performance. The Foreign Value Fund, International Equities Fund and the Emerging Economies Fund were the top detractors. The top funds contributing to returns were the Blue Chip Growth Fund, Core Bond Fund and the Stock Index Fund.

167

VALIC Company II Conservative Growth Lifestyle Fund

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

For the year ended August 31, 2015, the Conservative Growth Lifestyle Fund returned -2.65% compared to 0.48% for the S&P 500^® Index and 0.51% for the Blended Index.

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

** The Fund’s Blended Index consists of the Russell 3000^® Index (24%), MSCI EAFE Index (net) (8%), the Barclays U.S. Aggregate Bond Index (65%) and the FTSE EPRA/NAREIT Developed Index (3%).

*** The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The Index consists of 22 developed market country indices. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

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

† The Russell 3000^® Index follows the 3,000 largest U.S. companies, based on total market capitalization.

†† The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-2.65%	7.42%	5.78%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

168

VALIC Company II Core Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Core Bond Fund posted a return of 0.62% for the twelve-month period ended August 31, 2015, compared to a return of 1.56% for the Barclays U.S. Aggregate Bond Index.

Sector selection hurt the portfolio over the course of the year. An underweight to Treasuries was among the largest detractors from excess returns. Overweight allocations to the energy, basic industry and communications sectors also detracted from performance.

Security selection benefited the Fund over the course of the year. Selections made in the banking and Agency MBS sectors were the largest contributors. In addition, the Fund’s longer duration position versus the benchmark and overweight to the longer end of the yield curve contributed to returns during the year as longer term interest rates declined.

At the individual security level the top 3 contributors were:

Quest Corp 6.13% due 5/25/2053, Medtronic Inc 4.63% due 3/15/2045 and DB Deutsche Bank 7.50% due 4/30/2025

The bottom 3 contributors were:

Energy Transfer Partners 6.63% due 10/15/2036, Sandridge Energy, Inc 7.50% due 2/15/2023 and Halcon Resources Corp. 9.75% due 7/15/2020

For the year ended August 31, 2015, the Core Bond Fund returned 0.62% compared to 1.56% for the Barclays U.S. Aggregate Bond Index.

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

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
0.62%	3.55%	4.49%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

169

VALIC Company II High Yield Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP

The High Yield Bond Fund posted a return of -2.02% for the twelve-month period ended August 31, 2015, compared to its benchmark, the Citigroup High-Yield Market Index, which returned -3.78%.

The credit spread (yield over treasuries) on the Citigroup High Yield Market Index widened during the twelve month period ended August 31, 2015. The best performing industries of the Citigroup High Yield Market Index were restaurants, retail – food and drug, and airlines. The worst performing industries were oil and gas producers, metals & mining, and oil equipment.

Both security selection and sector allocation contributed to relative performance of the fund over the 12-month period. Security selection was strong in the energy, technology, and financial services sectors. These results were partially offset by weak security selection in the environmental, utilities, and paper sectors. In terms of sector allocation, an underweight to the poor performing energy sector drove the majority of relative outperformance. Overweight allocations to health care and cable satellite also aided relative performance, while underweight allocations to the food & beverage, gaming, and packaging sectors partially offset this positive relative performance.

Not owning Linn Energy, Peabody Energy, and Samson Investment were the top contributors to relative performance during the period. Positions in Abengoa Greenfield, AK Steel Corp., and FMG Resources were the top detractors from relative performance.

The Fund held Canadian dollar and Euro currency forwards during the period to hedge Canadian dollar and Euro based holdings. These holdings contributed modestly to relative performance. Lastly, the Fund sold protection on a credit default swap and closed out the position during the period. The Fund also bought and sold protection on a credit default swap index to tactically manage credit exposure at the overall portfolio level. These positions did not have a material impact on performance.

For the year ended August 31, 2015, the High Yield Bond Fund returned -2.02% compared to -3.78% for the Citigroup High-Yield Market Index.

* The Citigroup High-Yield Market Index measures the performance of below investment grade debt issued by corporations domiciled in the U.S or Canada. All of the bonds in such index are publicly placed, have a fixed coupon, and are nonconvertible.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-2.02%	6.42%	5.14%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

170

VALIC Company II International Opportunities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Opportunities Fund posted a return of -1.50% for the twelve-month period ended August 31, 2015, compared to a return of -1.84% for the MSCI EAFE Small Cap Index (net).

A discussion with MFS Investment Management – regarding their portion of the Fund

For the twelve month period ended August 31, 2015, the Fund lagged the benchmark with stock selection being the greatest detractor. Looking at the impact of stock selection by sector, materials were the sole contributor, while financials was the leading detractor.

From a sector perspective, allocations to industrials, consumer staples and energy contributed while allocations to cash, autos and housing and leisure were the greatest detractors.

The top three individual contributors were residential property developer Bellway PLC funeral home operator Dignity PLC and Japanese technology company OBIC. The top three detractors were Gran Tierra Energy, airline company Copa Holdings and India’s Federal Bank, Ltd.

A discussion with UBS Global Asset Management – regarding their portion of the Fund

For the twelve month period ended August 31, 2015, the Fund outperformed the benchmark with stock selection within information technology and industrials contributed positively to performance over the time period. From a country perspective, Germany, Ireland and Australia were the largest contributors to performance, driven by both country allocation and stock selection. Stock selection within the United Kingdom and Japan also boosted performance. Key individual contributors included Alps Electric Co, Ltd., Bellway PLC and ICON PLC.

Stock selection within materials was the key detractor from performance from a sector perspective. On a country basis, allocations to Canada, Taiwan and Korea weighed on performance during the period. Key individual detractors included Parex Resources, Inc., Opera Software ASA., and Nippo Corp.

For the year ended August 31, 2015, the International Opportunities Fund returned -1.50% compared to -1.84% for the MSCI EAFE Small Cap Index (net).

* The MSCI EAFE Small Cap Index (net) is an unmanaged index considered representative of small-cap stocks of Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-1.50%	7.70%	4.22%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

171

VALIC Company II Large Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Large Cap Value Fund posted a return of -1.56% for the twelve-month period ended August 31, 2015, compared to a return of -3.48% for the Russell 1000^® Value Index.

A discussion with Janus Capital Management, LLC and Perkins Investment, LLC – regarding their portion of the Fund

Overall, sector allocation was the primary contributor to the Fund’s outperformance. The sector contributing the most overall was information technology, primarily due to stock selection. Energy holdings were also large relative contributors, due to a relative underweight. An overweight in healthcare was another large contributor, but that was mostly offset by negative stock selection in the sector.

In addition to the healthcare stock selection, stock selection in consumer discretionary and a sector underweight to financials were notable detractors.

Individually, Chubb Corporation, Pfizer, Inc., and CVS Corp. were leading contributors to returns. Royal Dutch Shell Petroleum, Whiting Petroleum Corp., and Anadarko Petroleum Corporation were large detractors from performance.

A discussion with The Boston Company Asset Management, LLC – regarding their portion of the Fund

The Fund’s outperformance came from positive results in both stock selection and sector allocation. On a sector basis, energy, materials, and consumer staples delivered the strongest relative results. Relative outperformance in all three of these sectors was fueled by stock selection. An overweight and positive stock selection in the strong healthcare sector resulted in further additions to relative performance.

Stock selection in utilities, telecommunication services, and financials detracted the most from relative performance.

Large individual contributions came from not owning energy firms Exxon Mobil Corp. and Chevron Corp., and owning a position in Vulcan Materials Co. Among the largest detractors were Occidental Petroleum Corp., Anadarko Petroleum Corp., and Schlumberger NV, all in the energy sector.

For the year ended August 31, 2015, the Large Cap Value Fund returned -1.56% as compared to -3.48% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-1.56%	14.44%	5.12%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

172

VALIC Company II Mid Cap Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Investment Management (WellsCap)

The Mid Cap Growth Fund posted a return of 1.66% for the twelve-month period ended August 31, 2015, compared to a return of 2.46% for the Russell Midcap ^® Growth Index.

Stock selection in healthcare and energy, in addition to an underweight in consumer staples contributed to the Fund’s underperformance. On the positive side, selection in the materials and consumer staples sectors, and an overweight to the strong healthcare sector added to relative performance.

Energy positions Nabors Industries, Ltd. and Antero Resources Corp. were top relative detractors, in addition to information technology holding Yelp, Inc. Strong individual contributors to the fund included BioMarin Pharmaceutical, Inc., information technology holding Palo Alto Networks, Inc., and consumer staples position Constellation Brands, Inc.

For the year ended August 31, 2015, the Mid Cap Growth Fund returned 1.66% compared to 2.46% for the Russell Midcap^® Growth Index.

* The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
1.66%	12.76%	6.10%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

173

VALIC Company II Mid Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Value Fund posted a return of -3.61% for the twelve-month period ended August 31, 2015, compared to a return of -2.54% for the Russell Midcap^® Value Index.

A discussion with Tocqueville Asset Management, LP – regarding their portion of the Fund - for the period beginning September 1, 2014 and ending March 16, 2015.

Stock selection in utilities, lack of exposure to the strong-performing health care sector, and overweighting the weak materials sector were significant contributors to the Fund’s underperformance versus the benchmark. An underweight to the utilities sector was a modest contribution to performance.

Significant individual detractors included industrials holding Harsco Corporation and materials positions Eastman Chemical Co. and Carpenter Technology Corp. Individual contributors included consumer discretionary holding Staples, Inc., materials holding Sealed Air Corp., and information technology position Fairchild Semiconductor International, Inc.

A discussion with Wellington Management Company LLP – regarding their portion of the Fund

Overall, stock selection was the primary contributor to the Fund’s outperformance versus the benchmark. Strong stock selection in the information technology, financials, and consumer discretionary sectors were significant factors contributing to the outperformance.

On the negative side, stock selection in materials and industrials were large detractors. Sector allocation detracted from relative results. The Fund’s underweight to health care, the top performing sector in the index, proved to be a significant detractor.

Top relative individual contributors included consumer discretionary holding Norwegian Cruise Lines, Ono Pharmaceutical, and financials position Extra Space Storage. Top relative detractors to performance included materials holding Methanex Corp. and energy positions Trican Well Services, Ltd. and QEP Resources.

A discussion with Robeco Investment Management, Inc. – regarding their portion of the Fund

The Fund was able to add value primarily through security selection, leading to outperformance versus the benchmark. Stock selection in the energy, basic industries, and technology sectors provided strong contributions to performance. Underexposure to the strong-performing health care sector was a large area of weakness for the period, along with stock selection in the finance and consumer durables sectors.

Important individual contributions included consumer non-durables holding Constellation Brands, Inc. Class A, a position in Avago Technologies, Ltd., and not holding weak-performing benchmark name Whiting Petroleum Corp.

Some individual detractors were capital goods position Flowserve Corp., and not holding strong benchmark performers Hartford Financial Services Group, Inc. and health care company Cigna Corp.

174

VALIC Company II Mid Cap Value Fund

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

For the year ended August 31, 2015, the Mid Cap Value Fund returned -3.61% compared to -2.54% for the Russell Midcap^® Value Index.

* The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-3.61%	14.07%	7.02%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

175

VALIC Company II Moderate Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

Management Overview

A discussion with PineBridge Investments, LLC

For the twelve-month period ended August 31, 2015, the Moderate Growth Lifestyle Fund returned -2.68%, compared to 0.48% for the S&P 500^® Index and 0.05% for the Fund’s Blended Index.**

The Moderate Growth Lifestyle Fund allocates its assets among a combination of the Funds of VCII and VALIC Company I. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

Over the past twelve months, the Fund’s asset allocation was a negative contributor to performance. The Fund began the twelve month period with an overweight to US equities, a significant overweight to international equities, a large underweight to fixed income, and a modest underweight to global real estate. In late 2014, the Fund started reducing US equities exposure and increased exposure to both fixed income and global real estate. In the same period, international equities exposure was modestly reduced. As 2015 progressed, the US equities exposure was reduced to an underweight, as the international equities and fixed income exposure increased. The twelve month period closed with an underweight to US equities, a significant overweight to international equities, an underweight to fixed income, and a modest overweight to global real estate. The cumulative impact of these asset allocation decisions resulted in underperformance versus both the S&P 500 and the Fund’s Blended Index.

Fund selection was also a detractor from performance. The Foreign Value Fund, the Emerging Economies Fund and International Equities Fund were the top detractors. The top funds contributing to returns were the Blue Chip Growth Fund, Stock Index Fund and the NASDAQ-100 Index Fund.

176

VALIC Company II Moderate Growth Lifestyle Fund

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

For the year ended August 31, 2015, the Moderate Growth Lifestyle Fund returned -2.68% compared to 0.48% for the S&P 500^® Index and 0.05% for the Blended Index.

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

** The Blended Index consists of the Russell 3000^® Index (40%), MSCI EAFE Index (net) (10%), the Barclays U.S. Aggregate Bond Index (45%) and the FTSE EPRA/NAREIT Developed Index (5%).

*** The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The Index consists of 22 developed market country indices. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties.

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

† The Russell 3000^® Index follows the 3,000 largest U.S. companies, based on total market capitalization.

†† The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-2.68%	9.54%	6.40%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

177

VALIC Company II Money Market II Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Money Market II Fund posted a return of 0.01% for the twelve-month period ended August 31, 2015, compared to a return of 0.02% for the Citigroup 3 Month Treasury Bill Index.

Fund performance was mostly affected by historically low interest rates that persisted during the fiscal period ended August 31, 2015. Yield on money market securities increased steadily throughout the twelve-month period, with one-month certificates of deposit (CDs) yielding approximately 0.17% on August 31, 2015, up from roughly 0.09% from the prior year.

The Fund’s investment strategy helped provide current income while seeking to provide liquidity, protection of capital and current income. Interest rate risk was navigated by adjusting the Fund’s weighted average maturity as market conditions shifted. Potential credit risk was mitigated by buying high quality, creditworthy names. Throughout the annual period, the Fund was focused primarily on investments in government agency securities and U.S. Treasury securities, with lesser allocations to shorter-term repurchase agreements, commercial paper and certificates of deposit.

Given the low yield environment that existed throughout the fiscal period, the Fund employed a barbell investment strategy, with greater weightings in fixed-rate securities at the short-term end of the yield curve and in longer-dated floating-rate securities at the long-term end of the yield curve. This strategy enabled us to provide a cushion of liquidity in the near term, i.e. one-to-seven days, and to garner the relatively higher yield available from investments with longer-dated maturities, i.e. greater than 30 days.

Throughout the annual period, the Fund maintained a weighted average maturity below the 60-day maximum mandated by the SEC. The Fund’s weighted average maturity was in a range between 38 to 59 days for most of the annual period. In the last months of the annual period, we kept constant the Fund’s weighted average maturity while maintaining the quality and liquidity of the portfolio. As of August 31, 2015, the Fund’s weighted average maturity stood at approximately 38 days.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
0.01%	0.01%	1.28%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

178

VALIC Company II Small Cap Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Small Cap Growth Fund posted a return of 5.26% for the twelve-month period ended August 31, 2015, compared to a return of 5.11% for the Russell 2000 Growth Index.

Stock selection was the primary driver of outperformance during the period. Selection in the materials and processing, technology, and energy sectors were large contributors to performance. Stock selection in the healthcare, consumer discretionary, and financial services sectors were large detractors from performance.

At the stock level, large contributors were healthcare holding Receptos, Inc., industrials holding Acuity Brands, Inc., and technology position 2U, Inc. Among the biggest detractors were energy holdings Oasis Petroleum and Forum Energy Technologies, and healthcare position Fluidigm Corporation.

For the year ended August 31, 2015, the Small Cap Growth Fund returned 5.26% compared to 5.11% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
5.26%	16.81%	6.99%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

179

VALIC Company II Small Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Value Fund posted a return of -3.38% for the twelve-month period ended August 31, 2015, compared to a return of -4.95% for the Russell 2000^® Value Index.

A discussion with J.P. Morgan Investment Management Inc. – regarding their portion of the Fund

Overall, stock selection was the primary contributor to the Fund’s outperformance versus the benchmark. Strong stock selection in the industrial cyclical, services and systems, and pharmaceutical sectors contributed the most to results. Alternatively, stock selection in the energy, finance, and software and services sectors were large detractors from performance.

At the individual stock level, positions in health services & systems holding Thoratec Corp., semiconductors holding Spansion, Inc., and Auspex Pharmaceuticals were large contributors to performance.

Larger individual detractors from performance included positions in consumer cyclical holding Iconix Brand Group, energy holding Penn Virginia Corp., and Cloud Peak Energy, Inc.

A discussion with Metropolitan West Capital Management, LLC. – regarding their portion of the Fund

During the period, security selection accounted for nearly all of the outperformance versus the benchmark. Stock selection in the industrials, health care, and materials sectors added the most value relative to the Russell 2000^® Value Index.

Security selection and an underweight in the financials sector subtracted the most value relative to the index. Additionally, an overweight to the weak energy sector was a large detractor.

AMN Healthcare Services, Inc., consumer discretionary holding Office Depot, Inc., and industrials holding KAR Auction Services, Inc. were among the top contributors to relative return.

Oasis Petroleum, Inc. and Energy XXI, Ltd. were among the largest detractors, along with Ocwen Financial Corp.

For the year ended August 31, 2015, the Small Cap Value Fund returned -3.38% compared to -4.95% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-3.38%	13.71%	5.90%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

180

VALIC Company II Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Socially Responsible Fund posted a return of 1.06% for the twelve-month period ended August 31, 2015, compared to its benchmark, the S&P 500 Index, which returned 0.48%.

The Socially Responsible Fund is passively managed to track the S&P 500 Index, while investing in socially compliant companies.

Allocation decisions were the primary source of outperformance during the period, particularly an underweight allocation to the energy sector. Positioning decisions among materials, financials, consumer discretionary, and healthcare companies also had a beneficial impact.

Gains were slightly offset, however, by security selection within the energy, financial, and consumer staples groups.

Among individual holdings, Apple, Inc., Amazon.com, Inc., Visa, Inc. Class A, UnitedHealth Group, Inc., and AbbVie, Inc. assisted the Fund’s performance the most during the fiscal period. Primary detractors included Apache Corp., Procter & Gamble Co., QUALCOMM, Inc., Intel Corp., and Murphy Oil Corp.

The Fund utilizes equity future contracts to keep its cash position fully exposed to the market. The exposure to these equity futures had a positive effect on total return.

For the year ended August 31, 2015, the Socially Responsible Fund returned 1.06% compared to 0.48% for the S&P 500^® Index.

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

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
1.06%	16.23%	7.50%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

181

VALIC Company II Strategic Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Strategic Bond Fund posted a return of -2.32% for the twelve-month period ended August 31, 2015, compared to its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 1.56%.

Sector selection detracted from performance versus that of the benchmark index during the year. Overweight allocations to energy, basic industry, communications and sovereign sectors were the largest detractors. An underweight allocation to US Treasuries also detracted from performance as credit spreads moved wider and interest rates moved lower. The Fund benefitted from overweight allocations to financials and cash.

Security selection detracted from performance versus that of the benchmark index during the year. The Fund benefitted from strong security selections among consumer non-cyclical, communications and banking names. However, this did not fully offset selections made among energy and technology names.

The Fund’s longer duration profile versus that of the benchmark contributed positively during the year as longer term interest rates declined.

The top three individual contributors were Escrow Leiner Health Products 5.50% due 4/4/2016, Paris Las Vegas Holding LLC 11.00% due 10/1/2021 and Universal Hospital Services 7.63% due 8/15/2020.

The largest individual detractors were Halcon Resources Corp. 9.75% due 7/15/2020, FMG Finance PTY Ltd 6.88% due 4/1/2022 and Penn Virginia Corp. 7.25% due 4/15/2019.

Currency forwards were the only derivatives utilized during this period. Currency forwards were only used to hedge non-dollar positions and not for speculative purposes and contributed positively to the Fund’s total return.

For the year ended August 31, 2015, the Strategic Bond Fund returned -2.32% compared to 1.56% for the Barclays U.S. Aggregate Bond Index.

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

Average Annual Total Return as of August 31, 2015
1 Year	5 Years	10 Years
-2.32%	4.66%	5.28%

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

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

182

VALIC Company II

BOARD OF TRUSTEES

Thomas J. Brown

Judith L. Craven

William F. Devin

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

Kenneth J. Lavery

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

225 Franklin Street

Boston, Massachusetts 02110

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUBADVISERS

J.P. Morgan Investment Management, Inc.

270 Park Avenue

New York, New York 10017

Janus Capital Management, LLC

151 Detroit Street

Denver, Colorado 80206

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, MA 02199

Metropolitan West Capital Management, LLC

610 Newport Center Drive, Suite 100

Newport Beach, CA 92660

PineBridge Investments, LLC

399 Park Avenue

New York, New York 10022

Robeco Investment Management, Inc.

909 Third Avenue, 32nd Floor

New York, New York 10022

SunAmerica Asset Management, LLC

Haborside Financial Center

3200 Plaza 5

Jersey City, New Jersey 07311

The Boston Company Asset Management, LLC

BNY Mellon Center

201 Washington St.

Boston, Massachusetts 02108

UBS Global Asset Management (Americas), Inc.

1285 Avenue of the Americas

New York, NY 10019

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

Wells Capital Management, Inc.

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1201 Louisiana Street, Suite 2900

Houston, Texas 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

VALIC Retirement

Services Company (VRSCO)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

John T. Genoy

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen Fuentes,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Katherine Stoner,

Vice President and Chief Compliance Officer

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Daniel Subea

Assistant Treasurer

Louis O. Ducote II,

Assistant Secretary

Shana L. Walker,

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering Compliance Officer

DISCLOSURE OF QUARTERLY FUND PORTFOLIO HOLDINGS

VC II is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. VC II’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

VOTING PROXIES ON VALIC COMPANY II PORTFOLIO SECURITIES

A description of the policies and procedures that VC II uses to determine how to vote proxies related to securities held in the Fund’s portfolios, which is available in VC II’s Statement of Additional Information, may be obtained without charge upon request, by calling 800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY II PORTFOLIO SECURITIES

Information regarding how VC II voted proxies relating to securities held in the VC II Funds portfolios during the most recent twelve month period ended June 30, is available, once filed with the U.S. Securities and Exchange Commission without charge, upon request, by calling 800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners investing in VC II. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

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VALIC.com — Account access

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.       Easy and secure   Sign up for PersonalDeliver- ^® today!   CLICK VALIC.com   CALL 1-800-448-2542   VISIT your VALIC financial advisor   Manage your account online!   >     Print and download account transaction confirmations and tax statements   >     View transaction history and download it to Quicken using Direct Connect^SM   >     Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts   >     Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more   With VALIC.com, you can initiate account transactions including:   >     Change allocation   >     Transfer money among investment options   >     Rebalance account to your desired allocation mix   >     Change contributions   Start exploring VALIC.com today!   >     Visit VALIC.com   >     Click “Register for online access”   >     Click “Register for individual access,” and follow the steps to create a security profile   PersonalDeliver- ^®   >     It’s easy to sign up   >     Simply visit VALIC.com today to get started   Please note:   Email delivery is not accessible to certain VALIC annuity contract owners.   Sign up today at VALIC.com   We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.   Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor.   Annuities issued by The Variable Annuity Life Insurance Company. Variable annuities distributed by its affiliate, AIG Capital Services, Inc., member FINRA.   Copyright © The Variable Annuity Life Insurance Company. All rights reserved.   VC 23800 (10/2015) J97033 EE

VALIC Company II P.O. Box 3206 Houston, TX 77253-3206 PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 11288 (08/2015) J74500

Item 2. Code of Ethics.

VALIC Company II (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year ended 2015, there were no reportable amendments, waivers, or implicit waivers to a provision of the Code of Ethics that applies to the registrant’s Principle Executive and Principal Accounting Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2014		2015
(a) Audit Fees	$	382,400	$	397,420
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2014		2015
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	370,415	$	236,770

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE16 report and Third Party Assurance report.

(e)    (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the

registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2014 and 2015 were $542,947 and $297,640, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company II
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: November 6, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: November 6, 2015

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: November 6, 2015